Real estate developer Deyaar has formally cancelled its Enclave project in Dubai after making a full refund to all investors.
The development was to have been the first residential development at Dubai’s International Media Production Zone (IMPZ) and would have included homes, retail space, large play areas and swimming pools, according to the company website.
“We had to cancel the Enclave. Although the project was good, it was launched at a very inopportune time. As a developer we had to be fair and so we returned 100 per cent of our investors’ money. We will be happy to review the decision if the market comes back,” CEO Markus Giebel said in comments published by Emirates Business on Wednesday.
Giebel also told the paper that the company has put on hold its deal in Saudi Arabia.
“We did investigate some land use in Saudi Arabia, but as the financial crisis went on we found that we could get some better deals. Although we had signed an MoU, we decided not to do the deal, as we believed it was overvalued,” he said.
According to Giebel, the company will, however, soon announce a large-scale project in Dubai, which will “tremendously” increase its rental income.
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