Local media this week reported that the $6.8 billion joint venture with the government of UAQ has been scrapped
Dubai-based Sobha Group has refused to confirm or deny media reports that the company has shelved plans for the $6.8 billion (AED25bn) Firdaus Sobha joint venture with the Umm Al Quwain government, saying only that an announcement would come “soon”.
On Tuesday, Zawya quoted Sobha chairman PNC Menon as saying the company “decided not to proceed” on the project, which was first announced in 2016.
“Decisions are very dynamic…we decided that for the time being, Sobha should not continue with the project,” he is quoted as saying.
“It was beautiful land, but at the end of the day, decisions have to be taken purely on the reality.”
When contacted by Arabian Business, Sobha president Jyotsna Hedge refused to confirm or deny the report, stating only that a Sobha and the UAQ government would make a joint statement “soon.”
Firdous Sobha was originally envisioned as a 53 million sq ft luxury seafront villa community, with hotels, resorts, apartments, boutique shops, an 18-hole golf course, a water sports centre and a wellness spa.
At the time, Sobha stated that the development was intended to kickstart the emirate’s emergence of a commercial and tourist attraction.
Sobha Group is currently working on the $4 billion Sobha Hartland and the $8.5 billion District One, both in Dubai.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.