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Thursday, December 4, 2008

Developer to review US$95b Dubai project

DUBAI: Dubai-based developer Meraas said it will review a recently launched US$95 billion (US$1 = RM3.64) property project, as more developers reassess and scale back work due to the global financial crisis.

The government-owned developer said it was reviewing the phasing and rollout of its Jumeirah Gardens project which was launched at a Dubai property exhibition in October.

There would be more clarity and details on the project's masterplan and the product rollout by the beginning of 2009, the statement said.

By Reuters


Anonymous said...

That would be a sensible thing to do at the moment. The US government is not willing to give its 3 major auto companies 15 billion USD and here the matter is 6 times the money. I would keep it in my pocket.

Anonymous said...

Times have changed so much in just one year that spending $95 billion right now would seem unthinkable.