The developer hoping to build a replica of the Egyptian pyramids and other attractions in Dubai has yet to be granted approval from the authorities, it has emerged.
A decade after the ambitious Falconcity of Wonders project was launched to investors, the developer is still awaiting consent to recreate world wonders including the Pyramids, Eiffel Tower and Taj Mahal.
Falconcity was exhibiting at last week’s Cityscape conference in Dubai and, according to a statement on its website, intended to give investors and media an update on the plans.
According to the National newspaper, Alharith Bin Salem Al Moosa, vice-chairman of Falconcity, said: “The designs for the pyramids are with Dubai Municipality.
“However, with such complicated buildings and the drawing still not approved from the municipality it will be 36 months, at least, before we see them.”
The original plan was for the area to house 75,000 people by 2021 – as well as the proposed attractions. So far, around 400 villas at the mixed use scheme have been built and around 2,000 residents have moved in, according to the report.
But the development was hit by the global recession and has struggled to get off the ground.
Matthew Green, head of research at CBRE, was quoted as saying: “I feel 75,000 residents is unrealistic.
“[The developer has had relative success with the functional villas, but I think Dubai has moved on from rebuilding the Leaning Tower of Pisa.”
On July 8, Falconcity announced a new “smart” online customer service website where prospective and existing residents can make requests for title deeds, maintenance, mortage credit and other services.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.