February272011
January212011
 Dubai’s World Is Sinking - ILLUME Magazine
If Dubai’s financial crisis was not enough of a problem now its world is falling down.Technically the state developed islands shaped like the countries of the world, off the coast of Dubai, are sinking back into the ocean.Now some of those involved with the man made islands marketed to millionaires are suing the state-run developer, Nakheel.Development  of the islands was stopped after Dubai was hit with $25 billion of  debt. Nakheel was bailed out of its debt in 2009 but construction has  not resumed.Still the company says despite its financial  troubles and about 30 percent of the islands left to sell, construction  will go on. The company denied that the islands are sinking at all.The  lawsuit was filed by Penguin Marine, the company who purchased the  right to provide transporation to the islands from Nakheel.Penguin  Marine claims in its suit that it cannot make money because the islands  are sinking and because of the slowed development.

Dubai’s World Is Sinking - ILLUME Magazine

If Dubai’s financial crisis was not enough of a problem now its world is falling down.

Technically the state developed islands shaped like the countries of the world, off the coast of Dubai, are sinking back into the ocean.

Now some of those involved with the man made islands marketed to millionaires are suing the state-run developer, Nakheel.

Development of the islands was stopped after Dubai was hit with $25 billion of debt. Nakheel was bailed out of its debt in 2009 but construction has not resumed.

Still the company says despite its financial troubles and about 30 percent of the islands left to sell, construction will go on. The company denied that the islands are sinking at all.

The lawsuit was filed by Penguin Marine, the company who purchased the right to provide transporation to the islands from Nakheel.

Penguin Marine claims in its suit that it cannot make money because the islands are sinking and because of the slowed development.

January42011
Fireworks explode over Burj Khalifa, the tallest building in the world, celebrating the new year in Dubai January 1, 2011. (REUTERS/Ahmed Jadallah) #

Fireworks explode over Burj Khalifa, the tallest building in the world, celebrating the new year in Dubai January 1, 2011. (REUTERS/Ahmed Jadallah) #

6PM

New Year in Dubai 2011

November82010
Sheikh Mohammed bin Rashid Al-Maktoum, ruler of  Dubai, shows actor Tom Cruise how to balance a falcon in Dubai on  Wednesday. The third sequel of action blockbuster “Mission Impossible”  starring Cruise will be partly filmed in Dubai. (Reuters)

Sheikh Mohammed bin Rashid Al-Maktoum, ruler of Dubai, shows actor Tom Cruise how to balance a falcon in Dubai on Wednesday. The third sequel of action blockbuster “Mission Impossible” starring Cruise will be partly filmed in Dubai. (Reuters)

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