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Sun 23 Nov 2014 01:38 PM

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Work on Dubai Pearl to restart in December - CEO

Completion date for $6bn megaproject 'by 2018', two more hotel partners to sign up in 2015

Work on Dubai Pearl to restart in December - CEO

Work on the Dubai Pearl will restart in December, with the $6 billion megaproject set to be completed “by 2018”, the developer’s chief executive has said.

The project has been beset by a series of delays and management changes since it was originally announced in 2003. The company in charge of the Dubai Pearl is Pearl Dubai FZ LLC, a consortium of investors led by the UAE’s Al Fahim Group.

Overlooking the Palm Jumeirah, the Pearl Dubai masterplan involves four towers based around a large podium, complete with 1,490 apartments, seven five-star hotels, over 60 restaurants and a 1,600-seat theatre.

After stalling as a result of the property crash in Dubai, Hong Kong’s Chow Tai Fook Endowment Industry Investment Development (CTFE) took a $1.9bn stake in the project earlier this year. Reports at the time claimed that construction work would restart on site in the second quarter, although this never materialised.

“Construction will begin in December 2014 and accelerate by March 2015,” Dubai Pearl FZ LLC chief executive Santhosh Joseph said, in an emailed response to questions from Arabian Business.

Joseph added that “delivery of the project [would take place] by 2018” and that there had been no design changes to the overall masterplan since the investment by CTFE.

“It is purely a pre-sale agreed [sic] of certain assets and has not resulted in any design changes,” he said.

Three hotel companies – Bellagio, MGM Grand (both part of MGM Resorts) and Baccarat – have already signed up to operate properties in the Dubai Pearl.

In April this year, MGM Resorts and Abu Dhabi’s Hakkasan Group formed a joint venture hotel management firm, MGM Hakkasan Hospitality.

“We plan to sign two more partners in 2015,” Joseph said.

Habtoor Leighton Group (HLG), the project’s main contractor, declined to comment when approached by Arabian Business.

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Martin Halbmeyer 5 years ago

It would be interesting to know how and when Dubai Pearl FZ LLC intends to settle the multiple court ordered claims which have accumulated during their protracted period of hibernation. We have heard statements like this before followed be deafening silence and very little activity on site. Having said that everyone wishes this project to rise from the ashes, on our side we just want to a Supreme Court verdict to be respected and I am sure investors would like to be associated with a developer that does just that.

AAA 5 years ago

A clear copy of the Marina Bay Sands in Singapore.

Kumar 4 years ago

"Work on Dubai Pearl to restart in December - CEO"

Has work started? Or is it one more interview over-promising and NOT delivering?

Mike 4 years ago

Is there anyone in Dubai to confirm that? Dubai Pearl need to cancel this project since they cannot deliver and give the investors thier money back, this project take investors money and did not deliver for years, this is not acceptable.

MRS KHAN 4 years ago

this project has been a nightmare for us. still no light at the end of the tunnel. money is sitting with developer last 7 years
i hope that something saves us from this disaster

Lidija 3 years ago

Hi Martin

I am investor in same project. Do you have any information about the project. Maybe all investors need to action collecting money As a group, individually i have tried many times but has been a dead end until now. I am in search of finding solution for the finances to be returned from this very sad project!!!

Regards
Lidija