Dubai - Mubasher: Dubai-based real estate company Sobha Group has declined to confirm or deny any media reports on shelved plans for the $6.8 billion (AED 25 billion) Firdaus Sobha joint venture with the government of Umm Al Quwain (UAQ), one of the UAE's seven emirates.
The property developer said it will make an announcement regarding the matter “soon”, local business platform Arabian Business reported.
On Tuesday, chairman of Sobha P. N. C. Menon revealed that the group “decided not to proceed” on the project, which was first announced in 2016, according to Zawya.
“Decisions are very dynamic…we decided that for the time being, Sobha should not continue with the project,” Menon said.
“It was beautiful land, but at the end of the day, decisions have to be taken purely on the reality,” he added.
On the other hand, Sobha president Jyotsna Hedge refused to comment on the recent reports when contacted by Arabian Business, stating that the group and the UAQ government would make a joint statement soon.
Firdous Sobha was firstly announced to span over a 53 million square feet luxury seafront villa community, with hotels, resorts, apartments, boutique shops, an 18-hole golf course, a water sports centre, and a wellness spa.
In 2016, Sobha claimed that the project would spur the emergence of a commercial and tourist attraction Dubai.
It is worth noting that Sobha Group is currently working on two projects in Dubai, including the $4 billion Sobha Hartland and District One with $8.5 billion in investments.
