In the credit bubble heyday, Dubai was home to one of the world’s most absurd real estate bubbles. The filthy-rich Emirate has some monuments from the bubble, like the Burj Khalifa and Palm Jumeriah artificial islands. But more striking are the ambitious projects that failed.
Arabian Business recently profiled some of these imaginative and ambitious Dubai real estate projects that never opened.
Here are some of Dubai’s ill-fated construction projects:
The Nakheel Harbour and Tower
Photo: Courtesy of Nakheel Harbour
This tower would have dwarfed the Burj. The $32 billion dollar project enjoyed a star-studded opening party, but construction has been halted as of December 2009.
The Palm Deira
Photo: Courtesy of Nakheel
Au contraire, one gigantic palm-shaped artificial island that really sticks it to mother nature is not enough! Nakheel, Dubai’s state-sponsored developer planned another one several times the size of the Palm Jumeriah–half the size of Paris in fact.
Trump International Hotel and Tower
Photo: Courtesy of Trump Dubai
Trump and Dubai are a match made in heaven. This ambitious 62-story hotel was going to serve as an anchor to the existing Palm Jumeriah. According to Arabian Business, Nakheel’s chairman reportedly announced in February that the $2.9 billion hotel will not be built and it will be replaced with a more pedestrian shopping mall.
Michael Schumacher Business Avenue
Photo: Courtesy of ACI Dubai
ACI, the developers, boasted that this business district would be like Midtown or Ginza and home to “literally hundreds” of multinational corporations. Right now, it’s a dusty patch of undeveloped land.
The World Islands
This archipelago was intended as an exclusive retreat for the ultra-rich and celebrities (you can only reach the islands by boat, sea plane, and helicopter.) Construction of these artificial islands had to stop and erosion took over. The islands are falling into disrepair and actually sinking. Essentially, what is left is nothing more than a massive shipping hazard and a lasting monument to the Emirate’s famous hubris, a pile of muck just barely visible from the coast
The project’s website hasn’t shown any updates since 2008.
Business Insider Emails & Alerts
Site highlights each day to your inbox.