By Staff writer
Dubai developer says that commercial outlets on six islands in Nakheel project will create “authentic experience”
Hotels, restaurants and shops on a group of islands in Dubai’s The World manmade archipelago will only accept European currency, the project’s developer has said.
Josef Kleindienst, who is building the 6 million square foot ‘The Heart of Europe’ project on the islands, told 7DAYS newspaper that commercial outlets would carry out transactions using euros.
“We want to create an authentic experience, like you are actually visiting Europe,” he told the newspaper.
The Heart of Europe consists of the Monaco, Germany, Switzerland, St Petersburg and Sweden islands on the project. Only two islands, Greenland and Lebanon, have so far been developed.
Kleindienst also said that work on the first island in the $850 million project, Germany, would be completed by the end of 2016, and that plans to create snowfall on the site were well under way.
The 300 manmade islands project, about 4 kilometres off the coast of Dubai, was launched by Dubai developer Nakheel at the height of the emirate’s property boom and celebrities, business people and developers worldwide invested in the company’s ambitious vision.
But work on the islands stalled during the real estate crash in 2008-09.
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What an amazingly stupid idea that will only benefit those taking a spread on the foreign exchange and is in all likelihood illegal; property developers don't decide what legal tender is, Central Banks do. To make it even more moronic, a vast number of stores in Europe accept AED these days. I wonder how many other authentic central Europeans things they have planned; drunks in the street who can't be arrested because that's also an authentic European experience? Pickpockets? Red light districts? Casinos - surely Monaco isn't Monaco without the casino?
Surely this is a joke?! What an unnecessary extra expense to a (likely) already overpriced concept. I also fail to see how spending Euros in Sweden, Switzerland or St Petersburg resembles an authentic experience....
Switzerland doesn't use euro. Probably cheaper to just go to Europe to get the authentic experience!
A less than smart idea.
And of course manage the developer's currency risk - no need to edge when you can get the idiots who believe the authentic experience garbage do it for you.
Good one Joseph, you have managed to create attention and attract spot lights on your project by giving such statement. This is nothing more than a marketing trick that will create some buzz around DXB about the euro currency usage, but very few people will realize that in fact they will talk about the project on the world also, and that is the main idea and key goal behind this statement. All in all every person with descent educational background will tell you that such idea (foreign currency only usage) cannot happen due to many reasons, and in bottom line it underestimates the sovereignty of UAE. So in my opinion AB should not even publish such rubbish statements and keep some pro level after all these years of work.
I really don't know why AB continue to publish the press reports from this 'developer'. There is seemingly nothing that HOE marketing department will not say to get in the press.
Press releases about their plans to do this, and their plans to do that. Very few press releases of actually doing or achieving anything. This project has been around for years (decades?) and from what I can tell is going nowhere fast.
Remember environmental control so it snows and rains? Oh really? How exactly? Very little detail here - perhaps the technology will come from little green men?
I expect ever more ambitious press releases soon, to be vociferously regurgitated by this website. How about the HOE anti gravity machine, or the HOE space-time continuum?
What's that old resort developer saying, "any news is good news?" Except in this case it's not. Let's see something built first, then let's see people going to the site - then you can pump out all the silly media puff pieces you want. Next week, "all Euros used on the island will be chilled to exactly -21 degrees for a more authentic user experience."
This is illegal as per UAE Laws