Are Dubai’s World Islands making a comeback? Samana thinks so, betting big with a Dhs4bn development
Samana Developers is betting on a revival of Dubai’s World Islands with a Dhs4bn-plus residential project, despite a sharp slowdown in the emirate’s property market
16 October, 2026
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One of Dubai’s largest off-plan property developers is betting on a revival of The World Islands, unveiling a residential project worth more than Dhs4bn on an offshore archipelago that has struggled to fulfil its original ambitions for more than two decades.
Samana Developers, which has launched 54 projects in Dubai and ranks among the emirate’s top 10 developers by registered sales volume, announced on Thursday plans to build 849 residences at The World Islands, including 840 branded apartments, seven floating villas and two tree villas.
The project, which has a gross development value exceeding Dhs4bn, marks the launch of Samana Collecta, a new premium property brand established by the company as it expands beyond its traditional residential portfolio into larger, lifestyle-focused destinations.
Speaking at the launch in Dubai, Samana CEO Imran Farooq said the development was intended to establish a permanent residential community on The World Islands, rather than another luxury destination catering primarily to tourists and occasional visitors.
“The opportunity now is to make island living work for everyday life — not only as somewhere to visit, but as somewhere people can genuinely call home,” Farooq said.
The company has acquired approximately six island plots at The World Islands, with plans for further developments beyond the initial project.

Farooq said the flagship development would have a contractual delivery period of four years from the start of construction, although Samana is targeting completion in approximately 39 months.
Residences are expected to start at below Dhs2m, with the development offering studios and one-, two-, three- and four-bedroom apartments, alongside the floating and tree villas.
The project will feature multiple beaches, a lagoon, swimming pools, a beach club, restaurants, spas, gyms, co-working facilities and retail outlets. Regular yacht shuttle services are planned to connect the island with mainland Dubai at 30-minute intervals.

Why develop on The World Islands now?
The announcement represents another significant chapter for one of Dubai’s most recognisable, but historically challenging, real estate ventures.
Originally launched by Nakheel in 2003, The World Islands comprise approximately 300 artificial islands arranged in the shape of a world map, several kilometres off Dubai’s coastline.
Much of the land reclamation was completed by early 2008, shortly before the global financial crisis triggered a severe downturn in Dubai’s property market and brought development activity across much of the archipelago to a standstill.
Progress subsequently resumed in stages, most notably through Kleindienst Group’s Heart of Europe development, which has introduced hotels, luxury residences and other hospitality facilities.
However, much of the wider archipelago has yet to fulfil the ambitions associated with its original launch.
Samana’s project represents a different proposition in terms of scale and target market, combining hundreds of residential units with the infrastructure and facilities required to support year-round occupation.
Farooq said the company had purchased its island plots in 2025, recognising that it would need to take responsibility for significant elements of the infrastructure required to make the development viable.
These include electricity, water, sewerage, waste management and marine transportation, with Samana effectively taking on master developer responsibilities for its islands.
The proposed starting price below Dhs2m also represents an attempt to reach buyers beyond the ultra-wealthy clientele traditionally associated with private-island property.
Farooq was bullish about the potential for capital appreciation, although he stressed that Samana did not guarantee investment returns.
“I think this has to become the most expensive real estate of Dubai,” he said, suggesting that island properties could eventually command a premium of 50 to 60 per cent over conventional Dubai homes.
Dubai property sales decline sharply
The investment comes at a challenging time for Dubai’s wider real estate market, with transaction volumes declining amid regional geopolitical uncertainty.
According to an analysis of Dubai Land Department (DLD) data by Argaam, the emirate recorded approximately 122,900 property sales worth Dhs378.6bn during the first nine months of 2026.
That represented a 21.8 per cent decline in the number of sales transactions and a 23.5 per cent fall in their value compared with the corresponding period last year.
September was particularly challenging, with approximately 11,430 sales worth Dhs29.7bn. Transaction volumes fell 43.8 per cent year-on-year, while their total value declined 45.6 per cent.
While the figures point to a slowdown in market activity, falling transaction volumes do not necessarily translate into equivalent declines in property prices.
Against this backdrop, Farooq acknowledged that Samana had experienced a drop in sales following the escalation of regional tensions earlier this year.
He said the company’s sales had fallen by 52 per cent during the disruption, but argued that the continued willingness of buyers to commit to property purchases demonstrated underlying confidence in Dubai.
Farooq also highlighted a significant shift in the profile of buyers supporting the market.
“There is a shift in Dubai,” he said, explaining that approximately 60 per cent of Samana’s business in 2024 came from residents already living in the emirate. By 2025, international buyers accounted for an estimated 65 to 70 per cent of sales.
That trend has since reversed.
Today, he said, close to 90 per cent of the company’s sales are coming from UAE-based residents, with overseas buyers accounting for approximately 10 to 12 per cent.
“When the strait opens up, the situation settles down, and tourists are back, we expect international to get activated also,” he said, referring to the disruption affecting regional shipping and travel.
Construction costs rise 11 per cent
Samana is also navigating higher construction costs, which Farooq said had risen by approximately 11 per cent because of supply-chain disruption and increased material prices.
While some developers had slowed construction activity in response to higher costs, Farooq said Samana was maintaining its delivery programme, viewing the additional expenditure as an investment in its reputation and long-term customer confidence.
“We don’t intend to pass any cost to our customer,” he said, explaining that the company would absorb the additional expenditure on existing projects.
“We are taking it as a goodwill cost and we are comfortable with it,” he added.
He said material availability was not the main problem, but rather the higher prices being charged, particularly for steel and other construction inputs.
Farooq expects some of the cost pressures to ease as regional shipping and supply chains normalise.
Despite the challenging conditions, he said customer instalment collections were running at approximately 97 per cent of their pre-February levels, which he cited as evidence of the company’s financial resilience.
Samana rules out immediate IPO or bond issuance
The developer is also not planning an immediate initial public offering or bond issuance, with Farooq arguing that current capital-market conditions make either option unattractive.
“We don’t feel that this is the time to hit the capital market,” he said.
Farooq argued that borrowing through the bond market could prove expensive, while an IPO could require a substantial discount to the company’s valuation because of the way international investors currently perceive regional risks.
He estimated that an IPO under current conditions could require a valuation discount of approximately 30 to 35 per cent, while bond financing could cost close to 10 per cent.
He put Samana’s debt-to-asset ratio at approximately 9 per cent and said the developer remained comfortable financing its expansion primarily through customer payments and existing cash flows.
“We are a debt shy company. We don’t like to over borrow,” he said.
The company would reconsider capital-market options once conditions improved, he added.
Despite the broader slowdown, Farooq remains confident about Dubai’s long-term property prospects, arguing that a recovery in international buyer demand could create another phase of growth once regional uncertainty eases.



















