Financial Crisis: No Artificial Island for Monaco

In the wake of Dubai’s island projects, Prince Albert of Monaco had planned the construction of a man-made island on the coast of his tiny sized princedom for around five to nine billion euros. Among other things, a hotel and museum were to be built on the planned 15 hectares of newly won land. The world-famous architects Daniel Libeskind and Norman Foster competed for the bid on the architectural design of the island. Yet in December, Prince Albert stopped all further plans on the project due to the international financial and economic crisis. (eap)