I think we can all agree that it may be tough, during an economic downturn, to sell luxury islands shaped like the world’s countries, especially if they are only accessible by yacht or motor boat. It is. Now it’s even tougher to sell the islands that make up Dubai World, because they are sinking.
Penguin Marine entered into an exclusive contract with Nakheel, the Dubai World’s developer, for the right to ferry travelers from Dubai to the Islands. Nakheel is also responsible for Dubai’s other island development shaped like a palm. Penguin is trying to get out of the contract, with requires them to pay £1 million per year for the right to provide boat travel.
Nakheel fell into debt in 2009 and The Dubai World Tribunal was established to
“decide the disputes related to the settlement of the financial of Dubai World and its subsidiaries”
Penguin Marine is using this venue to get out of their contract. As part of Penguin Marine’s case, they are claiming that Dubai World is sinking and the channels between the islands are filling with silt. In photos published by the Daily Mail in early 2010, the islands that make up Dubai World appear to be merging together.
Slightly ironically, there is only one island currently inhabited, Greenland, which in real world is the least densely populated..
Feature Image: Bryan Allison/Flickr