Construction work on the Dubai Pearl project has started and will be completed by the end of 2010, developers of the multi-billion dirham project said.
The announcement follows advertisements in a section of the media about a court decision ordering the cancellation of the project.
A statement from the developers said the work on the project has already started and there will be no delays whatsoever.
Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group and developers of the Dh14 billion Dubai Pearl project, yesterday announced that the first phase of the construction work has started. With the completion of scaffolding and site hoarding and the obtaining of mobilisation permit from Tecom Investments, Pearl Dubai has begun recruiting contractors for the foundation works of the project.
Located opposite the Palm Jumeirah in the midst of Dubai Technology and Media Free Zone, the business cluster operated by Tecom will be home to global IT and media firms.
The Dh305 million contract was recently awarded to Al Habtoor STFA Soil Group (HSSG), to carry out enabling works on the project. HSSG will handle all aspects related to site grading, mobilisation shoring, earthwork, excavation, dewatering, piling work and testing.
Chairman Abdul Majeed Al Fahim said: "The awarding of the contract takes the project to its crucial stage, marking the onset of laying foundation works."
The Dubai Pearl project was unveiled by the Omnix Group in 2002 with a value of $800m. The project made little progress and was finally sold on to the Abu Dhabi's Al Fahim Group by Tecom Investments. The project was then re-launched as the Pearl Dubai.
A spokesperson for Dubai Pearl told Emirates Business that the previous developer had approached the court and Dubai Pearl had filed an affidavit against the previous developer.