Contractors and subcontractors affected
With financing for large-scale projects extremely scarce, developers are reassessing their plans. They face difficulty obtaining operating capital at manageable interest rates.
A high-level committee of the Dubai Government has been formed to evaluate and set priorities for projects in light of the financing crunch.
Global crisis forced Dubailand review, reported The National on Thursday. Dubailand, which was launched in Oct 2003, is one of the most complex and ambitious projects, involving dozens of developers and hundreds of subcontractors.
Meraas Holding said is reviewing plans for a massive 95-billion-dollar housing project it unveiled just two months ago, according The Associated Press. The mixed-use, freehold and leasehold development was planned be an integrated city within a city, with distinct neighborhoods linked by a diverse network of transportation options, and comprising low-, medium- and high-density areas with business, residential, retail, leisure and recreational components.
Dubaiâ€™s master developer, Nakheel, announced that it was scaling back work on some of its projects and that it has adjusted it staffing requirements accordingly to accommodate the current easing market conditions, reported the Emirates News Agency WAM.