As of 2010, only a single island has any building on it, which is a show home - all the other projects having been cancelled or delayed due to the 2008 financial crisis.[2] While the developer and Dubai government deny it, a participant in a related law suit has alleged that the islands are also sinking back into the sea.[2]
Project
Islands in the archipelago range from 14,000 to 42,000 square metres (150,000 to 450,000 sq ft) in area.[1] Distances between islands average 100 metres (330 ft); they are constructed from 321 million cubic metres of sand and 31 million tons of rock.[1] The entire development is an area that covers 6 by 9 kilometres (3.7 by 5.6 mi) and is surrounded by an oval-shaped breakwater island. Roughly 232 km (144 mi) of shoreline was created.[1] The World's overall development costs were estimated at $14 billion USD in 2005.[1][3]
History
The project was unveiled in May 2003 by Sheikh Mohammed[3] and dredging began four months later in September 2003.[3] By January 2008, 60% of the islands were sold, 20 of which were bought in the first four months of 2007.[1][3] On 10 January 2008 the final stone on the breakwater was laid, completing development of the archipelago.[
Project difficulties
The Times Online reports in September 2009 that work on The World had been suspended due to the effects of the global financial crisis.[4][5] And in February 2010 the Daily Mail reported that the Islands have started sinking back into the sea.[6] This was later denied by Nakheel and independent technical reports as wholly inaccurate.[7] Despite the denial, The Daily Telegraph reported in January 2011 that an independent company, Penguin Marine, provided verification on the erosion of the islands and the silting of the passage ways between the islands.[8] Due to finance and technical problems Penguin Marine, the company contracted to provide transportation to the archipelago, is attempting to get out of the annual fees of $1.6 million paid to Nakheel properties.[8]As of early 2011, only one of the islands is occupied by a building (a show home) on it,[2] and commercial or residential properties are not currently being constructed on any of the other islands. Property prices in the emirate have fallen 58 percent from their peak in the fourth quarter of 2008.[9
