Nakheel sells Ireland for $40m

20th Mar 2007

Nakheel has sold the island of Ireland in its iconic “The World” project to an Irish business consortium.Ireland was sold for AED 142 million and brings the total number of islands sold on The World to 40%.

The development titled “Ireland In The Sun” was unveiled last week by Irish developers John O Dolan, Noel Connellan, Ray Norton and Andrew Brett to coincide with St Patrick’s Day. When complete, the island of Ireland will be a 225,000 sq ft resort with a collection of homes, apartments, restaurants and retail amidst beaches, boating and leisure opportunities.

Hamza Mustafa, General Manager of The World, said, “We are delighted that Ireland will be developed with a distinct Irish theme reflecting the culture and heritage of Ireland. These are the type of developments we welcome on The World where people will one day be able to enjoy diverse experiences in one of the most fascinating destinations on the planet.”

In true Irish tradition, owner John O Dolan presented Hamza Mustafa with a bowl of shamrock, customary for Irish business people and diplomats.

“The World is one of the most innovative developments I have ever seen and I admire the vision that is behind this project. The islands are truly spectacular and we look forward to developing Ireland which will provide the Irish home owner with their very own place they can call home in the sun,” O Dolan stated.

CONTINUES BELOW

The World is a series of 300 man-made islands shaped to form the map of the world and is located 4km off the coast of Dubai. The entire project measures approximately 9 km in width by 7 km in length. The development covers over 9.5 million square metres and is visible to the naked eye from space.

The World, whose sales are by invitation only is now 92% reclaimed, with full reclamation for all islands and breakwater expected to conclude on schedule by 2008 end. Nine islands including Ireland have been sold so far this year.
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