Dubai real estate developer buys Great Britain

harryhound

Thought that might have you worried, given that our banks are now "penny share" companies, our money is becoming toilet paper and building plots are falling faster that lead balloons. It is a little worrying that the same developer has also bought Moscow. Perhaps he is creating an off shore haven for Bankers and Oligarchs escaping the wrath of the revolting proletariat ?
The World, ambitious artificial island project off the coast of Dubai by Nakheel real estate developer

SafMus Holdings, a Dubai-based real estate developer, has bought the 11-acre island of Great Britain on The World archipelago for $63.3 million to build a mix of residential, hotels and commercial projects that will reflect British architecture.
Safi Qurashi, one of the partners of SafMus Holdings said, "We are not looking to replicate any building from the UK. We want to take the inspiration from some of the designs of buildings. We want to do it more in a tasteful fashion."
The island is still in the very early stages of design and the real estate developer says this will be a long-term project taking 4-5 years. SafMus Holdings also owns the island Moscow on the man-made archipelago off the coast of Dubai.

BlondeHeadOn

Dubai isn't in such a great state itself - see link here:

http://news.bbc.co.uk/1/hi/business/7839347.stm

"Unlike its neighbour Abu Dhabi, Dubai does not have vast oil and gas reserves to fall back on.

In many, ways Dubai is a victim of its own success.
It has embraced globalization and aggressively diversified its economy into non-oil sectors such as financial services, tourism and real estate.
The Emirate is home to some of the most ambitious building projects on the planet.
It is building the world's tallest tower and has just opened the world's biggest shopping mall.
Not to mention the vast offshore islands off the city's coastline.
Struggling developers
But now financial forces have turned, it is exposed.
The announcement by the property developer Nakheel last week that it is delaying construction of a tower that is set to soar more than a kilometer high, is a sign of the times.
The real estate market is beginning to unravel.
"Developers have got serious cash flow problems," says Colin Foreman from Middle East Economic Digest.
"Their revenue was coming from selling properties which hadn't been built yet and they were supplementing this with financing.
"Banks aren't interested in lending them money and nobody is interested in buying property, so their two avenues for finance have gone. "At the same time they have got huge outgoings because they are building projects that they no longer have money to pay for."

I think even at the current knock-down price that could be asked for the real Britain, Dubai would struggle to find the dosh for the actual country!

BlondeHeadOn

harryhound wrote: »

Safi Qurashi, one of the partners of SafMus Holdings said, "We are not looking to replicate any building from the UK. We want to take the inspiration from some of the designs of buildings. We want to do it more in a tasteful fashion."

What - are they not looking to replicate all the new-build BTL pokey little town centre flats that were thrown up before the credit crunch bit? How can they even begin to suggest that these are not tasteful...?....

:rotfl: :rotfl: :rotfl: :rotfl:

Wookster

Dubai real estate developer buys Great Britain

DOH but the cheque bounced

Quietmanc

I thought Dubai was building all these resorts to diversify as and when oil runs out-but,when that happens,how are people going to get there?

mewbie_2

All that money and you can't even have sex on the beach.

StevieJ

mewbie wrote: »

All that money and you can't even have sex on the beach.

I wonder if they sell the drink?

scousethife

Why would anyone want to buy Great shltain?

bootman

If we can have their standards, respect and fantastic hotels I say bring it on!

Having gone there for the last 2 years on holiday, you really realize what a scummy place the UK is.

harryhound

Escaping the wrath of the revolting proletariat ?