The brainchild behind the Lebanon Cedar Island says everything is full steam ahead:

The massive chunk of dredged seabed or transported earth — converted into an $8 billion paradise with luxury villas, apartments, shops, restaurants, white-sand beaches, parks, schools and hospitals — would nurture national pride, says Saleh, chairman of Noor International Holding.

Mohammed is preaching the “build it and they will come” philosophy where because its there, people will want it; which is exactly the same philosophy that built/damaged Dubai. Oh damn, they’ve made the comparison before I could:

It’s the kind of splashy megaproject that gave Arab boomtown Dubai its outsized profile but left it drowning in debt.

But wait, we are already drowning in debt, so what’s the harm in a little more?

Update – April 27, 2009: Beirut’s Cedar Island delayed | Source