DUBAI: A property developer has started building a huge resort complex on a man-made archipelago off Dubai's coast as the emirate revives tourism and real estate projects suspended after its property market crash in 2008.
The "Heart of Europe" project, a complex of luxury hotels and villas stretching across six small islands, is expected to be completed at the end of 2016, the Kleind ienst Group said on Monday.
Lying about 5 kilometers (3.1 miles) off mainland Dubai in the Gulf, it will feature classic Italian, Spanish and German architecture as well as landscaped gardens and streets that in some cases will be lined with artificial snow, the company said.
Kleindienst, an international developer based in Dubai, declined to reveal how much the project would cost or how it would be funded, saying an announcement on this would be made next month. Local press reports have put the cost at over $800 million.
The 60-square-km archipelago, comprising over 200 islands laid out in the shape of a world map, was created from millions of tons of sand and rock. It was completed in 2008 as a way to expand Dubai's supply of beachfront property.
Until recently it looked like a costly white elephant. Most of the islands were sold to investors but Dubai's financial crisis of 2008-2010 then put plans to develop them on hold. All but a handful remain empty, baking in the sun.
Over the last couple of years, however, a flood of foreign money into Dubai has revived the real estate market and begun to repair developers' balance sheets, allowing projects to proceed.
As the first big project to go ahead in the archipelago, the Heart of Europe could encourage the development of more islands. In May 2013, Kleindienst cleared an obstacle to the project by agreeing to pay $169 million to resolve a dispute with state-owned firm Nakheel, the original builder of the archipelago.
Dubai starts work on ‘Heart of Europe’ project
Dubai starts work on ‘Heart of Europe’ project
RLC Global Forum 2026 opens, leading the agenda for transformation in retail industry
RIYADH: The RLC Global Forum 2026 opened in Riyadh on Feb. 3, aiming to shape the future of retail and consumer-facing industries by bringing together the most influential leaders from across the sector.
Addressing the opening session, Panos Linardos, chairman of RLC Global Forum, said: “We meet at a moment that feels fundamentally different from just a few years ago. Growth today is no longer linear. It is no longer evenly distributed. And it is no longer guaranteed.
“We find ourselves at what we call a growth crossroads, a moment where traditional models are under pressure, geopolitical dynamics are reshaping trade and investment, and leadership choices carry longer-lasting consequences.”
He added that at the 2025 event, the discussions were focused on trust and collaboration in a time of disruption.
“This year, the environment is more fragmented, more volatile, and more urgent,” he said, explaining that supply chains are shifting, consumer expectations are moving faster than organizations, and capital is more selective.
Linardos also stated that the boundaries between retail, real estate, technology, policy, and culture “are increasingly blurred.”
At a growth crossroads, progress is a shared responsibility requiring clarity, coordination, and balanced leadership, he said adding over the next two days, the forum will bring together global CEOs, retailers, and real estate leaders, as well as policymakers, academics, investors, and innovators.
“The purpose is clear: to examine how growth is being rebuilt, where it is being redefined, and what leadership looks like in this new context,” the forum chairman said.
Linardos set out details of the NextGen retail challenge, which is developed with the Innovation and Entrepreneurship Center at Princess Nourah bint Abdulrahman University and Monsha’at.
Vice Minister of Economy and Planning Ammar Nagadi used his opening remarks to put his perspective on how economic choices translate into competitiveness and long-term value is especially timely for the discussions ahead.
The 2026 forum is exploring six defining themes that capture the transformation reshaping global trade, consumption, and leadership: Growth in a Reordered World, AI and the Power of Multipliers, Global South as Growth Engine, Experience as Growth Infrastructure, Future Consumer Order, and Leadership Beyond Resilience.
