Darvesh Group, a Dubai-based diversified company, has shelved its plans to invest $6 billion (Dh22bn) to construct 40 branded projects across different cities in the next five years.
"We have put on hold our plans to enter the real estate market as the sector has seen a worldwide decline. Besides, banks are also not interested in funding projects. So we are investing in technologies and stable cash flow industries," Ahsan Hassan Darvesh, Managing Director, Darvesh Group, told Emirates Business.
In February 2008, the company announced the launch of Le Diamond, a property concept that it said will span the Middle East and India, in partnership with Ivana Trump.
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