Developers faces funds shortage in Dubai
Lack of funds and related financial factors in Dubai have added delay to the completion of the Fairmont Hotel and Resorts on Palm Jumeirah. Same is the case of Nakheel's iconic project in Dubai which has been facing acute shortage of funds.
Fairmont Hotels & Resorts, which was scheduled to be completed in 2008, is now unlikely to get completed until 2011. Earlier, Trump Tower and the Palm Kempinski postponed their scheduled opening given to the hard financial conditions and uncertainty of hotels market.
Others hotels including the Rotana and Crowne Plaza are staying idle despite completion of construction earlier in the month.
The Fairmont project is being developed by IFA Hotels & Resorts which is publicly-listed in Kuwait and South Africa. The company, having presence in Asia, Europe, the Middle East, Africa and North America, is known for its expertise in developing residential apartments and business establishments.
IFA Hotels & Resorts President Thomas Storey told, "The problem is our partners in the venture are having financing challenges just like everyone else. So it's hard to know when it will be built."
New Zealand News
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