Dubai Billionaire's Children Plan to Revive Troubled World Islands [BNN Bloomberg (Canada)]
JARDINE MATHESON UNSP/ADR (JMHLY)
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Source: BNN Bloomberg
Ali Sajwani, 33, and his sister Amira, 29, plan to build 24 mansions, a beach club and two helipads along with dedicated berths for boats on a 1.2 million square-feet island they're calling Amali. Their father, Hussain Sajwani, is the founder of privately-held developer Damac Properties PJSC, with a net worth of $3.2 billion, according to the Bloomberg Billionaires Index. Read More: Dubai Ruler's Firm Refinances $8.2 Billion to Tap Property Boom State-owned Nakheel PJSC had finished creating “The World” archipelago of over 250 islands in the Persian Gulf for $13 billion in 2008. But the developer, which also created Dubai's famed palm tree-shaped islands, was forced to suspend work on all its projects once the credit crisis hit later that year. Tumbling prices and mounting debt at parent company Dubai World eventually led to a bailout from neighboring Abu Dhabi. Since then, the market's fortunes have reversed, and the emirate is now one of the world's best performing property m
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