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Emaar considering project cancellations

Dubai-based property developer Emaar mulls the cancellation or postponement of some of its projects as the property market experience a slowdown. (CRAIG SCARR) 

By Reuters

Emaar Properties will consider cancelling or postponing three of its projects after receiving a petition from investors as the financial crisis hits hard Dubai's property sector, it said on Thursday.

An Emaar spokeswoman confirmed to Reuters it had received a petition in connection to the Emaar Investor Group requesting the cancellation or postponement of the firm's Warsan, Asmaran and Maysan projects.

"Emaar Properties has received a petition from investors regarding some of its projects and will consider their proposals seriously," she said in a statement.

The largest listed Arab real estate developer made a loss of Dh1.77 billion in the fourth quarter due to writedowns in the US.

"Emaar is committed to upholding the interests of all our customers and stakeholders and appreciate their concerns, especially given the current economic conditions," the spokeswoman said.

Asmaran, Maysan and Warsan Estate projects were launched in May and June last year.

Arabtec, the region's largest contractor by market value, was awarded a Dh599-million contract by Emaar to build villas at the Warsan development in July 2008.

WHAT DO YOU THINK? How will Emaar's decision affect the investors? Have your say by posting a comment below, or emailing us at news@emirates247.com.