Dubai's Drydocks World to build underwater hotels in the Middle East
A Dubai company that filed for insolvency protection just last month has announced it is to build underwater hotels in an attempt to stop it from going under.
The zany, futuristic hotels will be designed with disc-shaped buildings a few metres above water - and a full circular structure which is to plunge deep beneath the waves.
The move comes just a month after Drydocks World, part of Dubai World, filed for insolvency protection at the Dubai World Tribunal to push through a $2.2 billion (Dhs 8.8 billion) debt restructuring deal.
However, is not clear yet where the projects are to be specifically located, how they are to be financed or when they¹re set for the big splash.
Drydocks World chairman Khamis Juma Buamim said however that he was "extremely proud and delighted" with the new underwater venture.
"Our expertise lies in developing future strategies aimed at advancing the construction of technology-driven pioneering projects in the maritime sector," added Buamim, of the company usually associated with shipbuilding.
The unique deal has been inked alongside Swiss company BIG InvestConsult AG - with Drydocks World to become the sole Middle East construction contractor of the underwater pads.
The Swiss firm would only announce the developments are to be located in coastal off-shore areas but hope to offer new opportunities for underwater Ecosystems.
Bogdan Gutkowski, President of the investment group, said he'd like to see the project titled Water Discus Hotel also used as a "laboratory tool for oceans and seas environment protection and research."
This is not the first time underwater hotels have been planned in the region. A previously planned project for Dubai several years ago sunk without ever seeing the light of day.