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Message: <blockquote data-quote="lkdood" data-source="post: 9277621" data-attributes="member: 92282">It exemplified the booming property market and ambition of Dubai’s entrepreneurs.But  after the global financial crisis led to the collapse of the emirate’s  home-building market, a unique development known as ‘The World’ is  reportedly facing Armageddon.The  project, a man-made archipelago designed to resemble a map of the  planet, is facing disaster as its islands have begun sinking, a tribunal  heard  this week.The  development, which sits a mile and a half from the mainland, is all but  vacant after investors who bought up its ‘nations’ saw their finances  collapse after the economic crash.   <img src="http://i.dailymail.co.uk/i/pix/2011/01/22/article-1349532-00DFC4BE1000044C-582_634x326.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" /> A spokesman insisted the islands were not sinking. ‘Our  periodical monitoring survey over the past three years didn't observe  any substantial erosion that requires sand nourishment,’ a statement  said. Property prices in the emirate have fallen 58 per cent from their peak in the fourth quarter of 2008.  </blockquote>

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