The main developer of the Falcon City of Wonders has revealed the long-delayed project will gain new life this year with around $2bn in new investments.
The falcon-shaped projects, which is billed to include replics of The Pyramids and the Taj Mahal, has seen only a tenth of the 5,500 planned homes built since its launch in 2005.
Salem Ahmad Almoosa Enterprises, the conglomerate spearheading the project, said sub-developers in charge of attractions such as replicas of the Leaning Tower of Pisa and the Eiffel Tower are behind the development’s troubles.
Alharith Almoosa, vice-chairman of Falcon City of Wonders, said: “When we sold these we made it very clear, they had to start construction immediately and they kept on delaying.”
Speaking to Reuters at a property exhibition in Hong Kong, Almoosa said Falcon City has since retaken control of more than 10 of these sub-development which include a mix of residential units, retail, offices and hotels.
This was achieved via Dubai’s real estate regulations, arbitration or amicable agreement, he said.
Almoosa concluded that the overall project could still be completed by 2020 – with the company in talks with new investors.