Meraas Development, a Dubai government-owned company, is reviewing the pace of its Dh350bn (US$95.28bn) Jumeirah Gardens City project in light of the global economic downturn, the company said today. The mega-project, which will see the Satwa district in Dubai razed to the ground to make way for a number of tall towers, a green area half the size of New York's Central Park and a canal system, was only launched at Dubai's Cityscape 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 worldwide economic downturn, any corporate must analyse the market and ensure its business strategy is aligned to make the most of new opportunities, as well as ensure risk management strategies take account of the new financial landscape with a focus on new market and investor demands."
The company said there would be more clarity and details on the project by the beginning of 2009. firstname.lastname@example.org