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In October, Chinese businessman, Bin Hu, bought the Shanghai Island for $28m and said he would bid for another five that represent China (Macao, Beijing, Huainan, Nanjing, and Hong Kong). Chinese developers now own four of the World islands, including Beijing.
Reaching to "Nujoom"
Meaning 'Stars' in English, Nujoom was launched recently by the Saudi Al Hanoo Holding, to be the first of its kind in Sharjah. The three-phase project is located on the Hamriya Coastline in Sharjah covering an area of 60 million square feet.
The company says the project has to offer residential, commercial and tourist attraction with modern facilities, such as schools, hospitals, shopping malls, cinemas, theaters, gyms, entertainment centers, tourist lounges and hotels, besides a modern land and sea transportation network that will connect these islands with rest of the country.
When asked about the cost of the project, Fheid Al Shakra, CEO of Al Hanoo Holding, said that the cost of the first phase will be $4.9bn. The other two phases are under study.
The first phase, to be completed within five years from now, forms just over one third of the project and includes 70 residential and commercial towers, 350 town houses, 320 villas, one five star hotel, a mall, and other facilities.
The islands were designed by digging water canals in the desert and then circulating water into them, a different approach that of Nakheel's World, which is being done through land reclamation. Today, 79 per cent of the digging and land settlement work has been completed and according to Al Shakra. Once completed in few months, investors will be able to buy into the project.
See also:
Video: A world of islands
Dubai's Palm and World Islands - progress update
Darine Wehbi, Editor - Arabic
