An Irish business consortium has purchased the island of Ireland in 'The World' project off the coast of Dubai from real estate developer Nakheel Properties for AED 142 mln (EUR 29 mln). The announcement of the sale was timed to coincide with St Patrick's Day on 17 March.

An Irish business consortium has purchased the island of Ireland in 'The World' project off the coast of Dubai from real estate developer Nakheel Properties for AED 142 mln (EUR 29 mln). The announcement of the sale was timed to coincide with St Patrick's Day on 17 March.

The island project has been named 'Ireland in the Sun' and will provide almost 21,000 m2 of space for homes, apartments, restaurants and retail on the beaches, as well as boating and leisure activities. The consortium is made up of Irish developers John O Dolan, Noel Connellan, Ray Norton and Andrew Brett.

In keeping with the St Patrick's Day theme, O Dolan presented Hamza Mustafa, general manager of The World, with a bowl of shamrock during a ceremony on the island. 'We are delighted that Ireland will be developed with a distinct Irish theme reflecting the culture and heritage of Ireland. These are the type of developments we welcome on The World where people will one day be able to enjoy diverse experiences in one of the most fascinating destinations on the planet. Mustafa said.

The World consists of 300 islands, ranging from 14,000 m2 to 49,000 m2, in the shape of the continents located 4km off the coast of Dubai. Investors have the freedom to create their own personal vision on the islands for private or commercial use. The 'Ireland' transaction brings the total number of islands sold in The World development to 40%. Nakheel Properties, part of Dubai World, has also developed the iconic Palm Islands off the coast of Dubai.