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Venice sinks in Saudi
- Saudi Arabia: Saturday, March 17 - 2007 at 13:00
The Saudi Arabian government has pulled the plug on the Islands of Venice real estate project due to financial and administrative irregularities suggesting possible fraud, reported the Saudi Gazette. The developer, the Saleh Abdul Rahman Al Dribi Group, managed to obtain hundreds of thousands of dollars from around 15,000 investors for the scheme which was meant to create artificial islands in the Red Sea.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, March 17 - 2007 at 13:00 UAE local time (GMT+4)
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This article was updated on Sat Apr 14 2007.
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