Dubai-based developer Meraas said it will review a recently launched $95 billion property project, as more developers reassess and scale back work due to the
global financial crisis.

The government-owned developer said it was reviewing the phasing and rollout of its Jumeirah Gardens project which was launched at a Dubai property exhibition in October.

'We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeirah Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs,' the company said in a statement.

There would be more clarity and details on the project's master-plan and the product rollout by the beginning of 2009, the statement said.
 
The firm's chief executive Sina al-Kazim told Reuters in October that Meraas aimed to have the project's first phase, which includes about 82 hectares of space, completed and handed over to tenants in late 2011.

Meraas Development, part of the holdings group that purchased a stake in the General Motors building in Manhattan, aims to build apartments, shopping malls and offices in some of Dubai's older districts over the next 12 years, he said.

Dubai government-owned Nakheel, developer of man-made palm tree-shaped islands, said on Sunday it had cut 500 jobs and was scaling back on some of its projects due to current market conditions.-Reuters