Despite adjustments because of the worldwide economic downturn, the $5 billion Dubai development called the City of Arabia, is still on track for a phased opening by the end of 2010. Residential buyers have shown strong interest, and the project developers still consider it a good offering for investors. See the following article from Property Wire, for more.
The $5bn City of Arabia development is on schedule for a phased opening starting from the end of 2010.
The world economic downturn has led to adjustments being made to the initial overall development plan.
The four key elements, however – Mall of Arabia, Restless Planet, Wadi Walk and Elite Towers – remain unchanged.
Alex Vacha, deputy director for projects at City of Arabia, said that 80% of homes had already been sold.
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‘The remaining residential properties and retail space is purposefully being held back and will be released nearer to the opening of the project,’ he said.
‘With a project as large as City of Arabia some delays in the course of construction are inevitable. However, works on all major elements of the project are progressing,’ Vacha added.
Despite the global downturn Vacha viewed Dubai as still ‘a strong option for investors’.
He thought that investors were still available but would almost certainly be more selective in the future.
He added that the company also saw potential in the UAE, and additionally viewed Qatar, Bahrain and Saudi Arabia as ‘undoubtedly strong growth markets.’
This article has been republished from Proeprty Wire. You can also view this article at Property Wire, an international real estate news site.