Dubai will cancel next year several projects that look unlikely to ever be finished, the head of the emirate's real estate watchdog was quoted as saying on Tuesday.
"You will see a lot of cancellations (in 2011) for projects that have no benefit for Dubai or for the investor," Marwan bin Ghalaita, chief exeutive of the Real Estate Regulatory Authority (RERA), told Arabian Business.
Ghalaita said RERA had cancelled 115 projects that existed only as architects' drawings since the financial downturn, but "less than ten" projects upon which construction had started.
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