Two decades ago, Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai, set out to make his country into an international entertainment and tourist attraction. It would have one of the most magnificent hotels on the planet, one of the tallest structures ever built and 300 manmade islands which, from space, would look like a map of the world.

The individual islands that make up 'The World' are now being bought by developers . . . and some celebrity billionaires such as Richard Branson . . .and remade into miniature, tropical versions of real cities such as New York and Paris, with 24-hour water taxis to ferry tourists from one to the other. The 225,000 square-foot island of Ireland is scheduled for completion at the end of 2010.

The island of Ireland will have an Irish bar, Irish architecture and a replica of the Giant's Causeway, fittingly positioned in the top-right corner. According to Raymond Norton of Larionovo, the inhabitants are mostly Irish too . . . "75% of the 44 properties sold on the island [out of a total of 119 units] have been sold to Irish investors".

The attempt to make the Dubai Ireland a good representation of the real country is stalled only by the 715,000 minimum price of property, which will limit the island's population to the wealthiest of elites.

The major use of the island, however, will not be as a summer getaway but as a resort destination for tourists. There will be a large hotel, spa and gym in addition to upscale Irish restaurants.

A profit-sharing system is being set up for investors so that 60% of the net returns from tourists are divided among property owners on the island.

This adds a little return on their investment for those who plan to use their Dubai home for only two or three weeks a year.

But with the Irish property market slowing, are people likely to be investing abroad?

"It's definitely a good time to invest abroad. We're seeing a huge amount of investments overseas, " said Nicola Quinn of PWC.

A Larionovo spokesman said the slowdown at home makes foreign investment more appealing: "the worse it gets in Ireland, the better it gets for us".