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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

2 comments:

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.