Dubai Holding’s $20bn Jumeirah Central project is being put on hold as the developer works on other projects, it announced on Sunday.
The developer said that it was “re-evaluating” plans for the mega development, which was announced at last year’s Cityscape, Arabian Business reported.
Dubai Holding decided to put the project on hold to focus on other schemes that would be ready in time for Expo 2020 Dubai, sources said.
In addition, Morgan Parker, chief operating officer of Jumeirah Central, who was recruited to lead its delivery, has resigned and is expected to leave the company by the end of this year.
Jumeirah Central was initially set to be built on a 47 million square foot site opposite Mall of the Emirates in prime central Dubai, which was originally pegged for the Mall of the World project before it was relocated to a site on Sheikh Mohammad bin Zayed Road.
A Dubai Holding spokesperson said: “Dubai Holding is prioritising projects that will be ready for Expo 2020 Dubai and those that will help draw tourists to the emirate. As a result, we are currently focusing our resources on projects such as Marsa Al Arab.
“We are still committed to Jumeirah Central but the project is currently being re-valuated to meet expected future market demand.
“This decision has resulted in an organisational restructuring that will see Morgan Parker stepping down from his role by the end of this year.”
Jumeirah Central was set to include 278 buildings, retail space, a commercial component, offices, 7,200 hotel rooms, 40 new entertainment attractions, 37 plazas, and 33 parks.
The project would have also been connected to the metro, tram, and bus lines, and have overhead 'gondolas' similar to cable cars linking to three central hubs.