Dubai puts $20 bln Jumeirah Central project on hold

Dubai Holding has suspended plans to develop its $20 billion Jumeirah Central development, and reallocated resources to other ongoing projects ahead of the Expo 2020 exhibition.

The developer is “prioritizing projects that will be ready for Expo 2020 Dubai and those that will help draw tourists to the emirate,” a spokesperson said in an emailed statement.

“As a result, we are currently focusing our resources on projects such as Marsa Al Arab. We are still committed to Jumeirah Central but the project is currently being revaluated to meet expected future market demand.”

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum last year launched Jumeirah Central, a 47 million square-feet mixed-use city district located on Dubai’s Sheikh Zayed Road.

The decision to delay the project’s delivery has resulted in a reshuffle in Dubai Holding’s senior management, with operating officer Morgan Parker to step down from his role by the end of the year, the spokesperson said.

Located close to some of Dubai's prominent landmarks like Palm Jumeirah and Mall of the Emirates, Jumeirah Central was to include 4.1 million square meters of office, retail, hospitality and residential space, according to Dubai Holding's website.

The project is the third that was planned for the Police Academy site in Dubai’s Umm Suqeim district. The two earlier ones were Mall of the World and Jumeirah Hills, MEED reported.

In May, Dubai Holding announced plans to build the Marsa Al Arab, an AED 6.3 billion ($1.7 billion) tourist resort on two man-made islands to be built on either side of the Burj Al Arab hotel.

It will cover an area of about 370,000 square metres and will add 2.2 kilometres of beach.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com