Deyaar Development, the Dubai-based real estate developer, has formally cancelled its Enclave project after making a full refund to all investors. CEO Markus Giebel told Emirates Business: "We had to cancel the Enclave. Although the project was good, it was launched at a very inopportune time. As a developer we had to be fair and so we returned 100 per cent of our investors' money. We will be happy to review the decision if the market comes back." Enclave was to be built in the International Media Production Zone consisting of nine residential buildings. According to Giebel, the company will, however, soon announce a large-scale project in Dubai, which will "tremendously" increase its rental income. "We haven't sold a single unit… it is marked as an income-producing asset. It will increase our income tremendously even if rents in some areas may have come down a little bit," he said. Meanwhile, Giebel also told this newspaper that the company has put on hold its deal in Saudi Arabia. "We did investigate some land use in Saudi Arabia, but as the financial crisis went on we found that we could get some better deals. Although we had signed an MoU, we decided not to do the deal, as we believed it was overvalued," he said. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .