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The Shaikh Mohammed bin Raschid Al Maktoum gifted Schumi an Island in Dubai that costs around 4.5 Million Euro. The Island will be finished in 4 years.
Simon: Nils? You can close in now. Nils?
John McClane: [on the guard's phone] Attention! Attention! Nils is dead! I repeat, Nils is dead, ----head. So's his pal, and those four guys from the East German All-Stars, your boys at the bank? They're gonna be a little late.
Simon: [on the phone] John... in the back of the truck you're driving, there's $13 billon dollars worth in gold bullion. I wonder would a deal be out of the question?
John McClane: [on the phone] Yeah, I got a deal for you. Come out from that rock you're hiding under, and I'll drive this truck up your ass.
Yes it's a very famous project. The company is in fact a dedging company (of which 2 of the 5 largest companies are Belgian) and they make the islands by spitting up dirt from the bottom of the sea.
I've seen a documentary about it and it's amazing to see how it works.
One of these companies is http://www.jandenul.com/ who own the largest dredging boat in the world.
I think the Sheik sees at it more as a marketing tool than a good hearted gesture for a complete (albeit famous) stranger. Just imagine how many people would like to buy an island in the same area as Michael Schumacher. Now if he gave another island to Madonna and Elton John, he would sell out the rest of his archepeligo in a matter of weeks...