Gulf News reported that Dubai Meraas Development will award infrastructure contracts for the Pearl Jumeirah island development project as early as December.

Mr Sina Al Kazim chief business development officer Meraas said that “We’ve issued contracts for the reclamation work and the usual activities associated with island development like hydraulic studies, environmental studies and coastal protection. Future contracts include the building of roads and other infrastructure and the power sub station. We prefer not to discuss financial terms.

Mr Al Kazim said while asking f the overall Jumeirah Gardens master plan had been scaled back from its original size of 820,000 square meters and value of AED 350 billion that “At this point in time, Meraas does have the land bank available but does not wish to proceed with the original plan as the market does not require it. As the market changes, Meraas will fit in to that requirement.”

He said that Meraas will always react to what the market requires. We will also always support the government in what it wants us to do. Land handover on Pearl Jumeirah is on course for the Q4r of this year. We envisage infrastructure handover by the first quarter of 2012.

He added that future development on the island will depend on the investors who have bought the land, who are not speculators and not people who plan to build to rent. Meraas will exhibit a detailed model of Pearl Jumeirah at the Cityscape exhibition in Dubai next month.

(Sourced from Gulf News)