offshore project development
TAKING ON THE WORLD
After a high profile launch, and not much action above the waterline since, The World islands project is finally undergoing advanced groundworks for a massive tourist resort. Oliver Ephgrave takes a boat to ‘Germany’ to meet the man behind the Heart of Europe
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Nakheel’s audacious archipelago project, The World, has succeeding in gained the attention of the international media. Yet the vast majority of coverage will hardly have been to the developer’s liking. Confidence dampening stories include the suicide of the debt-plagued owner of ‘Ireland’ and a UK tabloid newspaper report which suggested the islands are sinking – an allegation that has been vigorously denied by Nakheel. But one fact remains painfully true; it’s now two-and-a-half years since the 300 islands were completed and only one – Sheikh Mohammed’s ‘Greenland’ – contains any kind of permanent structure. Given the lack of activity, it is perhaps sur-
prising that a sub-developer is pouring a large chunk of its finances into developing a six-island tourist resort which covers an area the size of Dubai’s Madinat Jumeirah complex. Yet the com- pany’s Austrian CEO and founder, Josef Klein- dienst, exudes confidence in his project and has the gait of a man on the brink of success.
30 /
/jun-sep 2010
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