Ambitions for the USD60bn Al Zorah real estate project were scaled down as the UAE experiences a widespread real estate slump, two executives involved in the project said 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 CEO of Lebanese developer Solidere International Ltd, said. Solidere is building Al Zorah jointly with the government of Ajman. The project’s CEO, Imad Dana, said the development is offering relaxed payment plans in response to tough market conditions and added that it will take at least 15 more years to complete the project, which was due to be finished by 2023.
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