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[Gene GeRue <genegerue AT ruralize.com>]

Own a Piece of the World in Dubai
                
By Cheryl Taylor

The Business, London

RISMEDIA, August 4 – (KRT) – The world has been buying up Dubai for two 
years, since the Crown Prince, Sheikh Mohammed bin Rashid Al Maktoum, 
opened the way to foreign ownership of freehold property. Now, thanks to 
another of the Sheikh's schemes, the world is up for sale in Dubai. The 
World, in this case, is a collection of 250 to 300 private islands being 
built two miles off the coast, each in the shape of a nation.

Dreams of global domination are only a few megabucks away: once you've 
bought your island-country for about £3.67m and bagged your territory, 
you're free to build anything you desire. The World, which should fully 
emerge from the waves by 2008, is part of Dubai's multi-billion pound plan 
to attract foreign property investors and increase tourism, so the 
Emirate's wealth doesn't dry up with the oil.

Dubai's ruling family is the driving force behind other projects, including 
the Palm islands -- the largest man-made islands in the world, built in the 
shape of palm trees, where half the England football team own villas. The 
first two Palm islands are nearing completion and will have 4,000 beachside 
villas and 5,000 apartments along 70 miles of coastline. The third and 
largest island will be the size of Greater London and have 240 miles of 
coastline, the setting for 8,000 seaside villas and townhouses.

The third Palm island was launched in November as a direct result of the 
foreign property buying boom in Dubai. Sultan Ahmed Bin Sulayam, chairman 
of the government-owned development company, Nakheel, says: "We have 
continued to be inundated with requests from investors all over the world, 
and in response, a new palm island -- similar in shape to those being 
constructed in Jumeirah and Jebel Ali -- will be built on the Deira Corniche."

The factors fuelling the rush to Dubai include year-round sunshine with 
average temperatures ranging from 24°C in winter to about 45°C in July, 
soft, white sand beaches lapped by a clear blue sea, low crime and a 
relatively westernised culture. English is spoken everywhere. Women can 
drive and walk unaccompanied. Alcohol can be drunk at home, in hotels and 
on licensed premises.

Twenty first century Dubai also woos the world with its space age 
architecture and out of this world tax-free shopping malls, like the Burj 
Dubai: a swanky urban development centred on the world's tallest tower -- 
the Sheikh's dream child.

The biggest leisure project on the drawing board is DubaiLand, the Middle 
East's answer to Disneyland. The 2.5bn square feet development consists of 
45 projects, including the world's biggest shopping centre, a range of 
themed attractions and the $2bn Dubai Sports City, a joint venture with 
First Islamic Investment Bank.

The world's first purpose built, integrated sports city will have an 
18-hole championship golf course, cricket, football, rugby, hockey and 
athletics stadiums, a Manchester United soccer school, David Lloyd tennis 
complex, two hotels, cinema, country club and health spa and 8,000 luxury 
homes.

Victory Heights is the 25m sq. ft. first phase of the gated residential 
development being built around the 18-hole golf course at Sports City, 
designed by golfing super star Ernie Els, which is due to be completed in 
2007. Large, opulent, villas overlooking the fairways are selling from plan 
priced from £350,000 for three bedrooms, rising to £495,000 for four bedrooms.

There are no taxes in Dubai, so there's no local tax to pay when you buy or 
sell.

The rest of the story is at:
http://www.rismedia.com/index.php/article/articleview/11288/1/1/