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While Dubai has been associated with astonishing growth over the last decade, the economic crisis has hit the city-state hard.
In the last few months alone, most of its prisoners have been incarcerated for bounced checks, its lost the QE2, and the city has reduced its taxes to spur investment.
The latest chapter of Dubai’s crashing halt? The vast Dubailand amusement park twice the size of Walt Disney World (USA), the world’s biggest shopping mall and the first golf course designed by Tiger Woods has yet to break ground.
“At this point, it’s kind of hard to sell,” Bobby Sarkar, a real estate analyst at Al Mal Capital in Dubai, told The Associated Press. “Obviously it’s not feasible currently.”
The project was slated to sprawl across 259 square kilometers as a way to push the city’s tourism numbers higher and higher. The emirate had wanted to reach 15 million visitors by 2015.
Developer Tatweer has not commented publicly on the deal. Further complicating things, Tatweer might be bought by Emaar Properties, the builder behind the iconic Burj Dubai, which itself has experienced opening delays this year.
