Dubai-based real estate agent and property developer Kleindienst Group is looking for joint venture (JV) partners in order to start construction at The World in Dubai.
Kleindienst owns 50 of the 300 man-made islands located around 4km off the coast of Dubai, reported Arabian Business.
The project was launched by Dubai-based developer Nakheel during the country’s economic boom, however work on the project was halted due to the real estate crash between 2008 and 2009.
With the growth of the real estate market, Kleindienst now plans to commence the construction of a permanent resort at The World, covering at least six of the islands.
Kleindienst Group CEO Josef Kleindienst told the news agency: "There are approximately 50 islands [where] if they could find the right joint venture partner they would go ahead [with construction] now.
"We are in discussion with most of the island owners and we understand their position: most of them, if they’re in the real estate business, then they are quite busy with projects in Dubai, which means that The World…is not their focus.
"It’s the same [for] Nakheel; its quite busy with a lot of other master developments, so the focus is not there yet."
Meanwhile, Nakheel is planning to build a road link to the islands, which may boost development interest.
Kleindienst said: "If I was the master developer I would not be bothered if this is sooner or later because this project has its location, its quality, its vision and it doesn’t go away, which means it’s 300 islands sitting out here and clients will come.
"If you look at time, the Palm Jumeirah started construction somewhere in 2004, so that means ten years later it’s still not completed, so let it take 20 years to complete The World."
Image: An ariel view of The World in Dubai, UAE. Photo: courtesy of J. Patrick Fischer.