Dubai's Meraas reviews USD 95 billion project
05 December 2008
Dubai-based developer Meraas said it will review a recently launched USD 95 billion 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, AFP reports.
"We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeirah Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs," the company said in a statement.
There would be more clarity and details on the project's master-plan and the product rollout by the beginning of 2009, the statement said.