Dubai Property Projects to Be Canceled, Arabian Business Says

Dubai will in 2011 complete the cancelation of property projects unlikely to ever be built, Arabian Business reported, citing the chief executive of Dubai’s real estate regulator.

Many projects will be cancelled next year, mainly those deemed unfeasible or those that won’t add any value to Dubai’s economy, the Dubai-based magazine said, citing Marwan Bin Ghalita, the head of the Real Estate Regulatory Agency.

Dubai’s RERA has already cancelled 115 projects on which construction never started, at a time investors in many other projects in various stages of development are awaiting official cancellations before they are able to pursue payments made to the developers, Arabian Business said.

Link to Arabian Business magazine: http://www.arabianbusiness.com/exclusive-you-ll-see-lot-of-canc ellations-in-2011-rera-boss-bin-ghalaita-365976.html

To contact the reporter on this story: Zainab Fattah in Dubai on zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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