Ritz Carlton and Limestone House at DIFC delayed

Union Properties has pushed back the completion date of Limestone House and Ritz Carlton Hotel at Dubai International Financial Centre to year-end, citing restricted assistance from banks, Emirates Business has learnt.

In a letter e-mailed to investors, the Dubai-listed developer said: "The overall effect of the financial crisis and difficulties facing Union Properties and those involved in the completion of our developments has resulted in a delay in the original anticipated completion date. Taking all things into consideration today, the expected completion date of Limestone House is now revised to the end of 2009. Moreover, at this stage we cannot guarantee this date, this is just our best estimate based on the present stage of completed works and the information we are getting from those involved.

"The position also affects the opening of the Ritz Carlton Hotel, which has also been delayed, which is most disappointing. This too is now expected around the end of the year."