The mystery of the $6 billion project: what happened with Dubai Pearl? (Part 2)
Reselling Dubai Pearl and trying to continue construction works
Even though all construction works of Dubai Pearl were suspended in 2006, investors were still receiving information and updates. They were told that works would have been restored. There were many attempts made and those attempts can be divided into several stages.
Reselling shares of Dubai Pearl
In 2007 Al Fahim Group bought an additional land, which was planned to use for financial projects of Al Fahim families. Dubai International Financial Centre was planned to invest an amount of $800 – $2000 million dollars.
First attempt to restart construction works happened in 2008. They hired new developer and it was Habtoor Leighton Group. But that was the time of severe crisis in the real estate market of Dubai. There was almost no activity in Dubai Pearl almost till the beginning of 2010. However, the developer managed to make almost nothing during the following three years.
Many international companies were interested to buy l starting from 2007, but none of the planned deals was executed.
In 2011 DIFC Investments invested only $13 million instead of promised minimum of $800. It turns out that they decided to quit the deal.
Hew hope appeared only in 2014. Chow Tai Fook from Hong Kong bought a share of $1,9 billion. They started some kind of construction works in the second quarter, but they were suspended too. The company faced new problems with financial resources. However, there were rumors that Dubai Pearl had to be ready by 2018. As a result, Chow Tai Fook decided to invest in new luxurious hotels: Baccarat, Bellagio, MGM Grand and Skylofts. Dubai Pearl became abandoned again.
New hope from Canada
After the previous failure with the “Chinese deal” Dubai Pearl got into the focus of Canada Business Holdings in November 2015. The company was planning to invest up to $6 billion dollars in Dubai real estate. However, there was no news published about that deal.
Dubai Pearl press attaché, Mister Joseph, declined all request from media concerning cooperation with Canada Business Holdings. When investors tried to find out anything, they were told that all information was private and disclosure of information was impossible.
At the very same time new rumors appeared, telling that Dubai Land Department made a notification of cancellation for Dubai Pearl.