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Dubai Holding puts $20B mixed-use project on hold

Dubai Holding LLC is re-evaluating the development of its $20 billion Jumeirah Central office, retail and residential project in Dubai as it wants to focus on the projects that need to be ready in time for Expo 2020, Reuters reported, citing the company.

The company is now looking to complete its 6.3 billion-United-Arab-Emirates-dirham Marsa Al Arab tourist resort in the city to attract tourists to the emirate. The project, spanning 4 million square feet, will comprise two islands on both sides of Burj Al Arab Jumeirah, with one island offering entertainment and tourism attractions, while the other will feature a luxury resort, according to Dubai Holding's website. The resort will also include a private yacht marina and a yacht club, 400 new food and beverage outlets, and recreational attractions.

The decision to put the Jumeirah Central project on hold comes after the company reorganized its leadership team earlier in 2017, with Abdulla al-Habbai, chairman of real estate developer Meraas Holding, taking over as chairman of Dubai Holding. The restructuring also saw the departure of COO Morgan Parker.

Dubai Holding, however, added that it is still committed to the Jumeirah Central project and is reviewing it to meet expected future market demand. The company noted that it will update the market about the project in due course.

Plans for the mixed-use development call for 4.1 million square meters of office, retail, hospitality and residential space, according to the company's website.

As of Oct. 16, US$1 was equivalent to 3.67 United Arab Emirates dirhams.