How was the Palm Jumeirah funded?

laudie3a · #1 (**permalink**) 06-23-2009, 01:33 AM

Did most of the funding come from the oil industry, taxes, or something else? Was it a combination of different things? If so, what were those different things?

anjel_dream · #2 (**permalink**) 06-23-2009, 06:12 AM

It is not the money from government or oil. It is the money that came from the promoters of the project and the potential investors. This is the reason why Dubai is now totally dead and bankrupt. The so called tallest tower in the world is also not finished yet. The contracting company - Arabtech is heading for a closure.

tin m · #3 (**permalink**) 06-23-2009, 07:27 AM

anjel, The opening date for the tower you say is not finished yet is 09-09-09.

Palm like any mega real estate project sold their units ahead of time with promise of delivery at later date .They already had a lot of money / capital available so the project went on regardless of sales . But FYI every unit was sold (and re-sold by individual owners several times at %100 profit in some cases).