Meraas reviews $95bn Jumeirah Gardens

Meraas is currently reviewing the $95bn property project Jumeirah Gardens in the Satwa district. According to a spokesperson, Meraas is reviewing their business strategy, as well as the phasing and rollout of the Jumeirah Gardens. More details will be clarified at the start of next year, but this could mean that Meraas are reassesing their project due to the global financial crisis.

Jumeirah Gardens was officially launced at Cityscape Dubai in October this year, and has received huge interest from all over the world ever since. The project will consist of seven distinct areas, and originally scheduled to be completed within 12 years.

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Projects worth $800 billion(!) under way in the UAE

Despite caution over future projects, $800 billion (Dh2.9 trillion) of projects are currently under construction in the UAE, according to a survey by Proleads, the research partner of The Big 5.

Though the analysis covers all industries, civil construction developments continue to dominate projects under way topped by Jumeirah Gardens, Dubailand, Palm Deira, Yas Island, and White Bay Umm Al Quwain.

Proleads is currently tracking in excess of 5,200 individual projects worth in excess of $4trn across the Middle East. Its database lists more than 980 projects under some level of construction across all industries in the UAE.

“It is important to say that the $800bn of projects in this survey are all under construction,”

said Bernard Walsh, Managing Director of The Big 5 organisers dmg world media Dubai.

“Despite caution over future projects, it emphasises yet again that the huge projects under way in the UAE are increasingly at levels unmatched in other parts of the world as the economic slowdown affects markets worldwide.”

Emirates Business

Jumeirah Gardens close-up

Meraas Development on monday revealed their plans for Jumeirah Gardens, a Dh350bn (USD $95bn) mixed-use project. Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai’s main thoroughfare linking it to the emirate and UAE capital of Abu Dhabi, 150km to the south. Construction of the first phase of the project has already begun, and the first buildings are due for handover in the fourth quarter of 2011, the company said.

UAERush will follow this project closely, and we now present you with more images of this amazing development (click on image for large view).