There's A Fire Sale At Dubai's "The World" As Developers Pull Out

dubai world

Even some mega projects come back online in Dubai, it looks like “The World” will end in failure.

First there were reports last month that man-made islands were at risk of erosion due to lack of development.

Now UK-based Salya Developments is cancelling a planned $653 million investment in the islands and looking to sell its holdings for a loss, according to Arabian Business:

Finland, a 350,226.00sq ft island, was bought by UK-based Salya Developments, who planned to build a fashion-themed resort on the island. The island is now being offered for resale with a price tag of AED63.2m ($17.2m), a discount of 17 per cent on the original sale price.

The island of Sapporo is on sale for AED77.63m ($21.13m), an 11.4 per cent discount on its original sales price, the report said.

The third island up for grabs is Kathmandu, which is being offered for AED55.48m ($15.1m).

Tiger Wood’s Dubai golf course was also canceled last week.

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