“While officially the project has just been delayed, the islands are rapidly merging together and also appear to be sinking.”
I grant you the operative word here is “appear” to be sinking. However, considering the amount of work that the Dutch and the Italians have to do to keep their cities from disappearing under the swells, it would be surprising that Dubai would have less trouble. The difference of course is that Venice and the Netherlands are productive areas of human interest. Thus the efforts to keep them above water is, so far, less expensive than the return. Personally I don’t think the same rationale can or should (in anyone’s right mind) apply to such frivolous idiocy as The World or Palm Island.
What I wrote many years ago stands. As a self proclaimed wow destination, Dubai is doomed to outdo itself year in year out. A wow project is such because it is not economically viable. If that were not the case, then it would lose its wow factor because anyone could build it. Thus, the economics of wow projects are inherently and necessarily self defeating. If one wow project is uneconomic, then a whole bunch of wow projects are horrendously so. The more wow projects you embark upon, the more you eat into your bottom line profit… if, indeed, you have any profits to eat into. But if, as it is now becoming clear, you make up for the lack of profit with debt, then wow projects have by necessity an exponentially short life span.