Mega projects likely to face some delays |
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Monday, Dec 01, 2008
Gulf News
Dubai: Parts of the Dh350 billion Jumeirah Garden City, the Trump International Hotel and Tower on Palm Jumeirah and Nakheel's kilometre-tall tower are just three of Dubai's mega-developments that are delayed.
With Dubai's real estate sector undergoing a fundamental rationalisation and companies reviewing their projects, now is seemingly not the time for developers to be splashing their cash as many mega-developments are under review.
On hold
"The master plan (of Jumeirah Garden City) is being revisited and pockets of the development are delayed," a Meraas spokesperson told Gulf News.
Nakheel yesterday said that parts of Palm Jumeirah are delayed, including Frond N villas, Gateway Towers and Trump International Hotel and Tower. The kilometre-high tower is also on hold.
With liquidity decreasing and financing low, such projects are taking the brunt of the financial turmoil.
© Gulf News 2008. All rights reserved.
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Last month at a press conference Bin Sulayem was denying the rumours that the so-called one-kilometre tower will be postponed. He and his CEO were assuring the media that they have the cash flow!...
Many Dubai officials such as Al Abbar, Omar Bin Sulaiman and others are losing investors trust by being being non-transparent. Let us admit it, we are part of the world and if it is in a recession, how are we immune? [Report Abuse | Email to a Friend | Reply to this Comment]