Union Properties (UP) said on Sunday it will proceed with its ongoing projects, underlining that there are currently no plans for new developments on the back of the global financial crunch, Arabian Business reported.
“Amid the current tough conditions, the real estate developer has no current plans to announce new ventures,” CMO Michael Jackson told Reuters on Sunday.
Al-Khaleej newspaper had quoted CFO Zaid Ghoul as saying that the firm planned to launch AED 25 billion ($6.81 billion), worth of projects soon.
Earlier, Ghoul had announced that UP targeted to double its land plots in Dubai from 55 million sq ft (5.1 million sq m) over two years.
The company is undertaking several developments, such as MotorCity, Index; an 80 storey multi-purpose tower, and Limestone House â€“set to be finalized and delivered in FY09, he added.
UP is one of the UAEâ€™s leading property developers. Its portfolio includes landmark commercial, residential and leisure developments in the country.