Underwater Hydropolis Gets Competition
Hydropolis Dubai, once trumpeted as the world's first underwater hotel, is still very much on the table, its backers say – despite no concrete results four years after it was announced.
The proposed $550-million (Dh2 billion) project is being upstaged this week by an unrelated British firm which announced that its so-called offshore Butterfly Hotel is moving ahead in a Dh1.8-billion deal which will see a complex called Apeiron built off Dubai's coastline.
A Hydropolis spokesman countered the challenge, noting that his firm, Crescent Hydropolis Resorts, is optimistic their competing underwater complex will go ahead, but admitted it will take new investment and time.
Mansoor Ijaz, Hydropolis deputy chairman said financing was the chief hurdle. "Financing problems arose out of failure to get our design based on a large HydroTower with sufficient floor space and height approved by the government," Ijaz said.
The HydroTower complex will be the land-based gateway to an underwater tunnel leading to the underwater 220-suite, twin-domed Hydropolis hotel originally announced in August 2003.
The hotel is designed to resemble a sort of anchored submarine 20 metres deep and about 300 metres off the Jumeirah coast.
"The ball is in our court to prove we can finance the project, and if we can, we believe and hope the government would still like to bring this important project to life in Dubai," Ijaz said.
The company had earlier told shareholders it "will focus attention on concluding financing for the Qingdao project" in China.
Asked if Dubai has been downgraded, Ijaz said, "The China project will be the world's first Hydropolis project when it commences construction.
"Dubai, however, would still be the world's first shallow water Hydropolis project if we can raise finance in the near future."
550
Million dollars is the estimated cost of the hyrdopolis project.
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