Emaar may take over Lagoons project

By Dylan Bowman
  • Wednesday, 1 October 2008 9:12 AM
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PROJECT DELAYS: An artist's impression of the Lagoons. (Supplied)

PROJECT DELAYS: An artist's impression of the Lagoons. (Supplied)

Emaar Properties may take over Sama Dubai's $17.7 billionLagoons development in the wake of delays to the project and the arrest of several senior Sama Dubai executives.

Sama Dubai, part of state-owned conglomerate Dubai Holding, is currently in talks with Emaar over "transferring some of the development responsibilities" for its flagship development, UAE daily The National reported on Wednesday, citing three sources familiar with the talks.

The Lagoons consists of seven manmade islands in Dubai Creek.

Four senior executives of Sama Dubai, including CEO of the Lagoons project Abdulsalam Almarri, were arrested in August over allegations of bribery and mistrust, newswire Zawya Dow Jones reported, the latest in a string of executives caught up in the Dubai government's crackdown on corporate corruption.

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