|Study shows Dubai World’s Palm island is sinking|
|Thursday, 10 December 2009 12:35|
A leading European ground survey company is claiming that Dubai World’s US$12 billion man-made island, the Palm Jumeirah is literally sinking.
According to a report by CNBC, Fugro NPA has found that the island, which was dredged from the seabed and shaped into a palm, is sinking by five milimetres a year.
“We’re seeing across the island, at a number of locations, ground is moving downwards,” the report quoted Adam Thomas, a project manager at Fugro, as saying.
The expert added that the island housing luxury beach front apartments would face rising sea levels.
Dubai World’s parent company, Nakheel, said that the reports were false.
“Speculative reports suggesting Palm Jumeirah is sinking and vulnerable to flooding are wholly inaccurate,” the company said. Nakheel said that the findings, which are reportedly gained from satellite research, must be flawed.
In late November, Dubai World stunned markets around the world with its request for a six-month freeze on its US$59 billion debt. It seems that if you are a arrogant as Dubai and Nakheel were on the way up, there are plenty of people who will be happy to kick you on the way down.
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