Revised plans for $95bn Satwa plan 'early in 2009'

DEMOLITION PLAN: The Satwa area of Dubai will be demolished to make way for the $95 billion Jumeirah Gardens project.

Meraas Development, the company behind a $95 billion redevelopment of the Satwa area of Dubai, said on Tuesday it would reveal revised plans for the mega-project in early 2009.

Company chiefs announced on Monday that Jumeirah Garden City, launched at Dubai's Cityscape real estate expo in October and billed as an "an integrated city within a city", would be delayed amid the current global economic crisis.

But in a statement issued to Arabian Business, a spokesman insisted it was committed to delivering the residential project.

It said: "By the beginning of 2009 there will be more clarity and details on the Jumeirah Gardens master-plan and the product roll-out."

A spokesman added: "In a worldwide economic downturn, any corporate must analyze 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.

"In performing this analysis, Meraas Development has identified a number of new opportunities.

"We have seen that investor demands have changed, and a developer such as Meraas needs to quickly respond to meet these market needs.

"We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeira Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs."

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 said on Sunday it was delaying parts of several of its flagship projects, including the Palm Jumeirah, Palm Jebel Ali, The Universe and Waterfront.

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