By Andy Sambidge
Meraas Development says new details on Jumeirah Gardens project revealed soon.
Meraas Development, the company behind a $95 billion redevelopment of the Satwa area of Dubai, said on Tuesday it would reveal revised plans for the mega-project in early 2009.
Company chiefs announced on Monday that Jumeirah Garden City, launched at Dubai's Cityscape real estate expo in October and billed as an "an integrated city within a city", would be delayed amid the current global economic crisis.
But in a statement issued to Arabian Business, a spokesman insisted it was committed to delivering the residential project.
It said: "By the beginning of 2009 there will be more clarity and details on the Jumeirah Gardens master-plan and the product roll-out."
A spokesman added: "In a worldwide economic downturn, any corporate must analyze the market and ensure its business strategy is aligned to make the most of new opportunities, as well as ensure risk management strategies take account of the new financial landscape with a focus on new market and investor demands.
"In performing this analysis, Meraas Development has identified a number of new opportunities.
"We have seen that investor demands have changed, and a developer such as Meraas needs to quickly respond to meet these market needs.
"We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeira Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs."
Jumeirah Garden City is the latest mega-project to be pushed back due to the financial crisis, which has hit demand from foreign investors and made borrowing much more difficult locally.
Dubai-owned developer Nakheel said on Sunday it was delaying parts of several of its flagship projects, including the Palm Jumeirah, Palm Jebel Ali, The Universe and Waterfront.
While poor labourers were being moved from their homes and pushed into oblivion, nobody thought that the world financial crisis will deal such a heavy blow to the underlying cause of the evictions. it will be nice to retain some of the old Dubai; where people sweated, enjoyed and thrived....
satwafan, you're right. Satwa has its share of Dubai's history, too. In this place dwelt the emirate's builders, who've invested part of their lives in making Dubai what it is today, who've sacrificed their family ties, only to know that what they will earn will only go back to landowners and landlords, reducing them to industrial serfs. Dubai still has a lot of desert space to develop, where there is much less building expense (no structures to remove), and much less heartbreak and distress brought to people. Long live Satwa!
This is a curse on those who want to bring down Satwa/Safa areas of Dubai. Keep off, you capitalists. Get a heart!
As someone who lived in Dubai for 13 years, I was appalled to learn of the plans to demolish Satwa. It is one of the vibrant hearts of Dubai (along with Karama and Bur Dubai). If the rulers of the Emirate have any sense (and that is clearly open to question), they would realise that these areas should be protected and enhanced, not demolished and re-developed.
I wonder what Meraas is talking about. I am certain, there has never been investor demand for this development in the first place. Maybe by speculators/flippers but certainly not by long term investors. Just the same as the Palm JA/Deira or the Universe by Nakheel. Who needed these in the first place?? I am glad that the developers are finally getting back their sense for reality, even though this must be a painful experience for them.