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It should come as no surprise to learn that one of the biggest purchases of 2007 was made in Dubai, and of course, it was on real estate - a private island. Chinese businessman Mr. Bin Hu paid a cool US$28m to secure "Shanghai" on Nakheel's The World Development in October.

Mr. Bin Hu, the new owner of the 322,000 sq ft island, has big plans for his first island purchase. Speaking exclusively to Arabian Business, shortly after buying Shanghai, Hu said he hoped to split the island into two parts, "The first [part] with a super luxury hotel and resort, and the second part with super luxury, palace-style villas."

The president of real estate developer Zhongzhou International Holding Group (ZIHG) said he wants to create a "mini-Shanghai" in terms of its shape, which includes the construction of an ‘S' shaped river like the Huangpo River that bisects Shanghai in China. Either side of the river, the island will represent the Puxi and Pudon districts of the province for which it is named. The two land masses will be connected by a tunnel which will also feature an extravagant "crystal palace" to host conferences and special events under the surface of the Arabian Gulf.

He isn't the only businessman to splash out on his own private island in the UAE this year. In September two UAE nationals announced they had become owners of Al Khayal or Fantasy Island in Ras Al Khaimah. Ahmed bin Ali Abdullah and Abdullah bin Mohammed Al Shaibani paid US$163m for the 220,000 sq m island which they plan to develop into a US$2.2bn tourist site.