Canadian entrepreneur Michael Henderson, Co-founder of Canadian Moon World Resorts company, seeks to build a simulated moon model, 274 meters high, on top of a 30-meter building in Dubai, Invest-Gate reports.

The Dubai Moon project is estimated at 5 bn. Dubai enjoys an active real estate market, funded by the rich who fled the restrictions imposed by their home countries during the pandemic.

Also, the Russians are looking for a place to turn to amid the Russian-Ukranian war.

Henderson believes that the project, funded by Moon World Resorts Inc., may take a lot of work, even though the previous period of the real estate boom-bust cycle saw the collapse of many major projects.

Henderson told the Associated Press, “We have the biggest brand in the world,” referring to the moon itself, the orb, as his trademark.

Henderson adds, “Eight billion people know our brand, and we haven’t even started yet.”

For his part, Lewis Allsopp, the CEO of Dubai real estate agency Allsopp & Allsopp, says, “Dubai is in a completely different world compared to 2009.” Allsopp adds, “Our newly launched products are sold out as soon as they are released.”

It is worth noting that Dubai witnessed 86,849 real estate sales last year, surpassing the previous record of 80,831 recorded in 2009. This is regardless of the rising inflation and interest rates worldwide that raised fears of a global recession.