Will Lebanese island become new Dubai?

1 May 2009

Beirut-based developer, Noor International Holding, plans to construct a 3.3sq k artificial island shaped like a cedar tree off the coast of Lebanon.

The proposed scheme, called Cedar Island, is expected to cost in the region of to £5.4bn to construct, and will feature a selection of luxurious villas, apartments, shops, restaurants, white-sand beaches, parks, schools and hospitals.

The megaproject, which has been likened to boomtown Dubai, which is now struggling in light of the global financial turmoil, has been heavily criticised from arrange of experts and described as foolish.

The chairman of Noor International Holding, Mr Saleh, believes that the Cedar Island is the kind of self-financed gamble that the nation needs to lure back wealthy Lebanese who moved abroad as they grew weary of the ongoing conflict of recent years.

See Also:   Lebanon