International credit crunch may postpone work on the Jumeirah Garden City development.
Time Out Duba staff
The planned $95 billion redevelopment of the ageing Satwa area of Dubai is being "revisited" with some parts of the project to be delayed in the wake of the global financial crisis and downturn in the local real estate market, the company behind the project has said.
"The master plan [of Jumeirah Garden City] is being revisited and pockets of the development are delayed," said a spokesperson for Meraas Development.
Jumeirah Garden City, launched at Dubai's Cityscape real estate expo in October, is billed as an "an integrated city within a city" that will stretch north of Sheikh Zayed Road, Dubai's main highway, 150 kilometres to the south. Jumeirah Garden City is the latest mega-project to be pushed back due to the financial crisis, which has hit demand from foreign investors and made borrowing much more difficult locally. Dubai-owned developer Nakheel also said that it was delaying parts of several of its flagship projects, including the Palm Jumeirah, Palm Jebel Ali, The Universe and Waterfront.