Lifestyle

How mega-project costing $100,000,000,000,000 went from dream to abandoned ghost land

  • The Khazar Islands project in Azerbaijan was a $100 billion project
  • But things went downhill in 2015 when oil prices crashed
  • The place is a giant ghost town today

Published on Sep 27, 2024 at 12:09 PM (UTC+4)
by Daksh Chaudhary

Last updated on Sep 27, 2024 at 12:09 PM (UTC+4)
Edited by Tom Wood

The Khazar Islands project in Azerbaijan was supposed to be a massive $100 billion mega-project.

But unfortunately, what could have been a paradise and the greatest competitor to Dubai is nothing more than a giant ghost town today.

Azerbaijani businessman Ibrahim Ibrahimov launched the project in 2010, drawing inspiration from Dubai’s Palm Islands.

As planned, the construction began in 2011, and Ibrahim Ibrahimov’s vision was to put Azerbaijan on the global map and attract investors from around the world.

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$100 billion mega-project is now a ghost town

Everything went as planned – but not for long.

Things went downhill in 2015 when oil prices crashed, hitting the country’s economy drastically.

As a result, the construction of the project slowed down and was ultimately halted.

A similar thing happened in Malaysia when a $100 billion Forest City, which was once home to millions, was abandoned.

Khazar Islands project in Azerbaijan
Avesta Group

Initially, the Khazar Islands project was scheduled to be completed by 2023, but due to the economic downturn, the completion date was pushed to 2025.

By 2017, Ibrahimov claimed work would restart, but nothing changed.

Eventually, hopes for the Khazar Islands disappeared.

Amenities of the Khazar Islands project

With a plan to create 55 artificial islands connected by over 150 bridges, housing 1 million residents, 150 schools, 50 hospitals, parks, universities, and more, it was a dream project for the country.

Furthermore, the city project was supposed to include a Formula 1 racetrack, a yacht club, and an airport.

Abandoned ghost town
Avesta Group

The centerpiece of this grand design was the $2 billion Azerbaijan Tower, which was planned to be the tallest building in the world.

Today, the Khazar Islands remain unfinished, with empty buildings and incomplete infrastructure.

What was once a grand dream is now a ghost land – reminding us all that even the grandest plans can fail.

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Meet Daksh: Not your typical pro, but definitely a pro at being fascinated by supercars, tech, and all things futuristic. When he's not nose-deep in work, catch him glued to anime screens or lost in the pages of a good book.