UPDATE 1-UAE's Al Zorah project downsized in face of real estate slowdown | Reuters:
Ambitions for the $60 billion Al Zorah real estate project have been scaled down as the United Arab Emirates experiences a widespread real estate slump, two executives involved in the project said on Tuesday.
Al Zorah, located along the coastline of the UAE emirate of Ajman, will aim to accommodate some 50,000 people, down from an original goal of 200,000, Oussama Kabbani, the chief operating officer of Lebanese developer Solidere International Ltd, said.
Solidere is building Al Zorah jointly with the government of Ajman, one of the smallest emirates of the seven-member UAE federation, which has been trying to catch up with more developed neighbours in Dubai and Abu Dhabi.
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