source Arabian Business
Dubai's battered real estate sector will start to emerge from the impact of the global economic crisis in the first quarter of 2010, the boss of the company behind the $4bn Dubai Pearl project said on Monday.
Santhosh Joseph, president and CEO of Pearl Dubai, added that the mixed-use luxury development was on track for completion in 2011, despite the downturn.
He said: “We are pleased to announce that the project is progressing well. We are forging ahead despite the current economic climate and are well poised to shape a development that will transform the landscape of the TECOM area and Dubai Marina. We would like to thank all our investors for the continued faith in the project and its promise."
Related: 30% of investors delay payments on $4.1bn Dubai Pearl
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He added: “We believe the future of Dubai is secure as a global destination of business, commerce, tourism and hospitality.
"The signals coming out of the markets are optimistic and we are confident the first quarter of next year will bring in more positive news about the real estate markets in the region."
Located opposite the Palm Jumeirah island, Dubai Pearl will include commercial, retail, residential, hospitality and leisure components. It will also feature a 2,000-seater performing arts theatre.
The main construction is being undertaken by the Al Habtoor Leighton Group, which was awarded the construction work at the end of 2008.
On Monday, the company announced that excavation of the four towers had been completed in eight months and Unibeton Ready Mix had undertaken the first major pour of the project involved 10 mobile concrete pumps with 42 metre long booms and 105 transit mixer trucks that placed the concrete into the foundation, which comprised 2100 tonnes of steel reinforcements.
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