It's known as 'The World'. That's one of Dubai's most ambitious and extravagant real estate projects ever attempted. But, the project has lain largely derelict since the 2008 financial crisis hit. One property developer though, is trying to breath new life into this mega initiative with an ambitious project. Our Jacob Greaves explains.

Welcome to the so called Heart of Europe near Dubai. Six islands, 4 Kilometers off the city's coast, with themes ranging from Sweden to underwater floating accommodation. But the project itself has at times had a sinking feeling. The development is part of what's known as the World, 300 man-made islands shaped like a map of the globe. Imagined in the heyday of Dubai's property market, then the 2008 financial crisis hit.

JOSEF KLEINDIENST, CHAIRMAN KLEINDIENST GROUP "Heart of Europe was ready to start construction in September 2008, ten years ago, our masterplan was a mix of touristic and residential we changed this masterplan three times from 2008 till today and the project became much more rich in its offer and quality."

For developers Kleindienst that means climate controlled outdoor streets where it will snow and rain. All under the heat of Dubai's desert sun. And an ambitious timeframe.

JACOB GREAVES DUBAI "By 2020 the plan is to have 4000 units ready and available for use, we're told of those 1000 have already been sold but this project poses one distinct question, how much have the luxury travel and property markets changed in the ten years since the financial crash?"

Then aim is for this to become a second home market, as well as a luxury travel destination. With villas and palaces priced from 16-100 million dollars, they will need deep pockets. But the development is also banking on a boom from EXPO 2020. A world fair the UAE hopes will attract 25 million visitors.

MANIKA DHAMA, ASSOCIATE PARTNER CAVENDISH MAXWELL "With hospitality, there is always the 'what about Expo 2020?' And any spike that comes over 2019, 20 and the big thing of 2021 until the expo is there, we feel that is sort of going to be artificial in the sense that it will be as a result of the event. How that plays out right after (the Expo)? I don't think anyone has that crystal ball at the moment."

The original World project now lies largely derelict. To many a monument to the excess of the time. Kleindienst are betting on this being a whole new world.