Construction of the 300 islands began in 2003, before halting due to the 2008 financial crisis. Though 60 percent of the islands were sold to private contractors in 2008, development on most of the islands has failed to initiate. As of July 2012, Lebanon Island was developed and was the only island that had so far been developed commercially, being used for private corporate events and public parties. As of late 2013, only two of the islands had been developed. In January 2014, Kleindienst Group announced the launch of "The Heart of Europe" project; by February 2014, one of Kleindienst Group's brands—JK Properties—announced in their monthly newsletter that the project was "well underway". The first of these series of islands will be Europe, Sweden and Germany with development led by Kleindienst Group.