Dubai’s Falconcity of Wonders (FCW) recently hosted a group of Indian media members at its site, aimed at drumming up a new round of investment.
Indian nationals residing in the UAE account for a big share of FCW’s current portfolio of investors. The delegates met with Alharith bin Salem Almoosa, vice chairman and deputy general manager, FCW, who presented and explained the components of FCW via a full-scale model to clarify and emphasise key points on how FCW represents one of the most significant real estate projects in Dubai.
Alharith bin Salem Almoosa said: “Falconcity of Wonders is one of Dubai’s most significant real estate projects given its distinctive international concept and diverse offerings. The visit enabled us to enhance our communication channels and discuss the different investment opportunities we offer to India’s business community.”
Occupying more than 3.8 million square metres, Falconcity of Wonders is a residential, tourist, entertainment and recreational complex shaped in the form of a Falcon in tribute to the UAE’s emblem, cultural and heritage.
The much-delayed mega development, which was launched a decade ago, is due to include scale replicas of iconic buildings such as the Egyptian pyramids, the Eiffel Tower, London’s Big Ben and the Taj Mahal.
However, the developer recently admitted it had not yet been granted approval from Dubai authorities to build the replica structures.
According to The National newspaper, Almoosa admitted: “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.
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