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.

Believe It Or Not...Holidays Of The Future

If you think the Hydropolis is amazing, here are some more (either planned, under construction, or concepts, for now) to blow your imagination away.

  • Commercial Space Station Skywalker The inflatable space hotel (Accessible by 2015).
    Solar cells will power the inhabitable complex made of various sections that will inflate to take their real form in space. The sections or rooms of the CSS will allow rockets to dock.
  • Galactic Suite (Prototype ready)
    The Galactic Suite will have around 22 rooms, free of straight lines or angles and huge windows. It is termed as the first global project of its kind. Different capsules will act as bars, restaurants, reception and more.
  • Aeroscraft (Prototype under development)
    The gigantic 400-ton blimp is designed to carry 250 passengers. Flying 8,000 feet up in the air, the flying hotel with an area equal to two football fields will provide tourists amenities including casino, restaurants and staterooms.
  • The Lunatic Hotel (By 2050/The Moon)
    The hotel is all set be built on…you guessed it, the Moon! It will allow tourists to indulge in low-gravity games with the help of two 160-metre high slanting towers equipped with teardrop-shaped ‘habitation capsules'.
  • The Poseidon Undersea Resort (September 2008/Fiji)
    Imagine a futuristic vacation that brings you to the bottom of the sea floor to experience luxury and stunning views. Taking reservations now, it is possible to be one of the first to sleep, eat and play under the sea off the coast of Fiji.
  • Waterworld (concept/Songjiang, China)
    Set in a spectacular water-filled quarry, the 400-bed resort hotel is uniquely constructed. Underwater public areas and guest rooms add to the uniqueness, with cafés, restaurants and sporting facilities to keep you occupied.
  • Foldable Hotel Pods (concept)
    These foldable and fully transportable concept abodes will come with ‘active' walls and floors where guests can focus images of their choice and a disposable unit to take care of all waste.
  • The Apeiron Island Hotel (concept/Dubai)
    This seven-star hotel stands 185 metres high and boasts over 350 luxury apartment suites with its own private lagoon, beaches, restaurants, cinemas, retail shopping, art gallery, spas and conference facilities.