Greenpeace called the islands a “visual scar”, clouding the once clear Persian Gulf with silt and burying coral reefs. In 2009, The New York Times reported that Nasa satellites had found that the Palm Jumeirah island was sinking at a rate of 0.20 inches per year, a claim that Nakheel denies.

The study showed the construction of a number of breakwaters in order to protect the coast from medium-high waves, in addition to the construction of sand barriers in order to stop coastal erosion and sediment transport and to preserve the coast.

Reporter: “Dubai has been hit by the global financial crisis. Especially in real-estate. Megaprojects like the artificial islands off the coast are in danger of collapse. Many construction sites are shut down.” Due to a declining demand, the price of the plots of land fell rapidly.

The extra ordinary plan was to build a city in that island. Shopping ,malls, restaurants, hotels, apartments and homes. The island was to host 22 luxurious hotels. Island could also be built from concrete, but to blend it with the surroundings, it was to be made from sand and gravels.

Hotels line the trunk of the palm tree, while villas and homes sit on the sixteen fronds of the island. Shutterstock In 2009, the New York Times reported that NASA satellites had found that the Palm Jumeirah island was sinking at a rate of 0.20 inches per year, a claim that Nakheel denies is true.

Oil was discovered in Dubai just over 50 years ago, but only accounts for one percent of its earnings. So, what makes the city of Dubai so rich? From the 1770s up until the late 1930s, the pearl industry was the main source of income in the Trucial States, which today make up the United Arab Emirates.

1. Majid Al Futtaim – Net worth: $6.1 Billion. With a net worth estimated by Forbes to be $6.1 billion, Majid Al Futtaim ranks as the richest person in Dubai.