- 0% FURIOUS
If Dubai's financial crisis was not enough of a problem now its world is falling down.
Technically the state developed islands shaped like the countries of the world, off the coast of Dubai, are sinking back into the ocean.
Now some of those involved with the man made islands marketed to millionaires are suing the state-run developer, Nakheel.
Development of the islands was stopped after Dubai was hit with $25 billion of debt. Nakheel was bailed out of its debt in 2009 but construction has not resumed.
Still the company says despite its financial troubles and about 30 percent of the islands left to sell, construction will go on. The company denied that the islands are sinking at all.
The lawsuit was filed by Penguin Marine, the company who purchased the right to provide transporation to the islands from Nakheel.
Penguin Marine claims in its suit that it cannot make money because the islands are sinking and because of the slowed development.