Monaco aims to start work on Palm replica in 2011

The race is on to build a replica of Dubai's world famous Palm islands in the Mediterranean tax haven of Monaco.

Architecture giants Norman Foster and Daniel Libeskind are reportedly in the running after ruler Prince Albert II invited bids for the multi-billion-dollar artificial peninsula project, jutting out into the sea from below the Monte Carlo casino.

The Prince will choose the winner from the five bidders and the result is due to be announced by February next year, with work to begin by 2011 and expected to last 10 years.

A playground for the rich and famous, the plans underline the principality's determination not to be left in the shade by Dubai which is well advanced with its plans for three man-made islands, being built by developer Nakheel.

Estimated to cost up to $15 billion, the massive Monaco project would add 10 hectares to the principality's territory., according to media reports in France.

Monaco's prime minister, Jean-Paul Proust, is quoted as saying Britain's Foster and his US rival Libeskind stood out among the five shortlisted bids for their technical and environmental qualities and respect for the natural site.

But he stressed that no decision had been made and that Monaco authorities would review all bids in the light of the global economic crisis.