General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister has unveiled the first 3D model of The World project.
Positioned to be Dubai’s most exclusive property development yet, The World project will consist of 250 islands strategically positioned to form the shape of the world map. According to the Dubai-based developers Nakheel, construction of The World officially commenced last month.
Sheikh Mohammed said, “This project is part of our strategy and vision for the future of Dubai in the coming years. It is also in line with our continued efforts to boost the tourism sector, which we hope will play a major role as part of our policy to diversify sources of income away from oil. This is the first time in the world that an island project of this size and magnitude has been undertaken and I expect it will be a strongly sought after investment”.
The two-stage reclamation and infrastructure development worth $1.8 billion will be located four kilometres offshore from Dubai, at a point halfway between The Palm, Jumeirah and Port Rashid.
“We are very proud to announce that this vision is already becoming a reality, with the reclamation of the 250 islands having already commenced”, said Sultan Ahmed Bin Sulayem, Chairman of Nakheel. “The construction of the islands is expected to take two years and then the infrastructure will be put into place, before Nakheel hands the land over to the investors to develop to their individual requirements, under Nakheel’s supervision.”
Bin Sulayem added, “With only 250 plots of land available for sale we will be offering them to a selected group of investors only. These investors can then choose to utilize the island for private or commercial use.”
According to Nakheel the land and infrastructure only will be sold to investors and then it will be their responsibility to construct the buildings as they require on their islands. It is thought that many investors will choose to develop their island in a theme reflecting the actual country that the island’s shape is based on.
Each island will range between 250,000 to 900,000 sq ft and there will be approximately 50 to 100m of water between each island.
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