Struggling Dubai Shipbuilder Joins Underwater Hotel Project

Law360, New York (May 2, 2012, 3:31 PM EDT) -- Drydocks World, the debt-laden shipyard arm of United Arab Emirates-controlled Dubai World Corp., is partnering with Swiss consultancy Big InvestConsult AG to build an underwater hotel in the region, it said Wednesday.

The two companies have inked a memorandum of understanding that a Drydocks subsidiary will serve as the exclusive main contractor to build the first-of-its-kind luxury resort in the Middle East, which already boasts such unique projects as human-made islands shaped like the world's continents. Big Invest represents the Polish company Deep Ocean Technology, which...
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