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Meraas reviews $95bn property project
- United Arab Emirates: Wednesday, December 03 - 2008 at 13:18
Dubai-based developer Meraas said it will review a recently launched $95bn property project, Jumeirah Gardens, adding to the growing list of developers that are reassessing and scaling back work due to the global financial crisis. The government-owned developer said it was reviewing the phasing and rollout of the project, which was launched in October. '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.
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Jeff Florian, Senior ReporterWednesday, December 03 - 2008 at 13:18 UAE local time (GMT+4)
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