An underwater hotel that had been planned for Dubai has been thrown into doubt after a key investor from the project withdrew, according to a report.

The Water Discus Hotel was unveiled three years ago when it received the backing of Dubai Drydocks World, said The National report.

According to plans, it would comprise two saucer-shaped components – one above the water and one below – with a shaft running through the centre, it said.

“The design would make the hotel very popular among tourists. However, we are still looking for an investor to built it,” Lech Rowinski, the co-founder of the Polish company behind the project, Deep Ocean Technology, was quoted as saying.

The hotel would cost €40 million or so (Dh159.7 million/$43.8 million) to build, he said.

The problems started last year when the key financial backer who had signed a deal with Drydocks World, Swiss firm Big Invest, parted ways with Deep Ocean Technology, said the report.

Then, earlier this year, Khamis Buamim, the Drydocks World chairman, who had overseen the previous agreement, resigned.

“We were in contact with Dubai World but after the change of chairmanship, the talks have ceased for a while. We have sent them some designs but have had no response yet,” Rowinski was quoted as saying.

With the withdrawal of the investors to build the hotel, he revealed that there were talks ongoing with a potential investor to instead build the saucer-shaped design project in the Maldives.