commenced on the first phase of Madinat Al Arab. Construction of the 8.0 kilometer Palm Cove Canal, which runs parallel to the coastline, began in February 2007 and was more than 65 per cent complete before the project was suspended. The first phase of Madinat Al Arab (30%) was unveiled to private property and investment institutions from the United Arab Emirates and Cooperation Council for the Arab States of the Gulf in July 2005. Within five days, it had been completely sold out, for over 13 billion AED. Suspension The Waterfront project stalled with the onset of the global financial crisis and Dubai World's debt crisis in 2009. Nakheel was forced to restructure over $11bn of debt and scale back many of its projects. In December 2011 Nakheel advertised for sale 13 unused construction cranes intended for use in the Waterfront project. Nakheel has announced its intention to develop the first phase of the Veneto and Badrah neighbourhoods and associated infrastructure of certain phases of the Madinat Al Arab in the near-term, while other parts of the waterfront have been suspended until demand improves. See also Dubai Marina Tourism in Dubai The World The Universe Arabian Canal References External links Dubai Waterfront pictures Nakheel Properties Buildings and structures under construction in Dubai Artificial islands of Dubai