Dubai Holding, the emirate’s government-owned investment corp, appears to have acquired the Dubai Pearl site.
It was previously rumoured that the holding company took on the site after its demolition began in January 2023. An updated information board outside the project now lists Dubai Holding as the client. It is unclear when the sign was updated.
Consultants are listed as AECOM – a major global construction consulting firm, involved in many of Saudi Arabia’s giga-projects. Contractors are down as Al Areesh Wrecking and Demolition Works – suggesting the structure remains destined for continued demolition.
In early 2023, The Financial Times, along with other media, reported rumours Dubai Holding had the winning bid for the failed project, said to be working with First Abu Dhabi Bank (FAB) on new plans.
Dubai Pearl is an on-again-off-again US$10 billion mega-project that was first unveiled in 2002. The brakes were first slammed on in 2006 before being bought by Abu Dhabi-based Al Fahim Group from Qatar’s Omnix Group in 2007. Then, in 2008, it came to an end once more.
The Pearl Dubai masterplan involved four towers based around a large podium, complete with 1,490 apartments, seven five-star hotels, over 60 restaurants and a 1,600-seat theatre.
The scheme was to be financed by off-plan sales and funds provided by the Al Fahim family and others. In 2008, the investment arm of Dubai International Financial Centre (DIFC) promised to buy US$800m of space within the project but quickly backed out.
Source: Hotelier Middle East