Have you ever heard of the World Islands in Dubai? These man-made islands are an engineering marvel and a popular tourist attraction.
However, many people are often left wondering who owns these islands. In this article, we will explore the answer to this question.
The World Islands
The World Islands is a collection of 300 man-made islands located off the coast of Dubai, UAE. The project was initiated in 2003 by Nakheel Properties, one of the largest real estate developers in Dubai. The islands are designed to resemble a world map from an aerial view and were created using sand dredged from the Persian Gulf.
Ownership
The ownership of the World Islands is a complex matter as each island is privately owned. Nakheel Properties initially sold off each island to private investors for development purposes. As per reports, the prices for these islands ranged from $15-50 million depending on their location and size.
Some of the high-profile owners of these islands include:
- Richard Branson – Owner of Necker Island and founder of Virgin Group
- Michael Schumacher – Formula One legend
- Safi Qurashi – British property developer
- Sheikh Mohammed bin Rashid Al Maktoum – Ruler of Dubai and Vice President of UAE
It’s important to note that ownership does not guarantee development as many island owners have yet to start any construction on their properties.
Current Status
The World Islands project faced several challenges during its development including financial setbacks and environmental concerns. As a result, many investors pulled out leaving several islands vacant.
However, in recent years there has been renewed interest in the project with Nakheel Properties announcing plans for further development including luxury resorts, hotels, and entertainment venues on some of the islands.
Conclusion
In conclusion, each island on the World Islands in Dubai is privately owned with some high-profile owners including Richard Branson and Michael Schumacher. While there were several setbacks during the project’s development, there has been renewed interest in recent years for further development.
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