Marmooka City on a precipice

Nathalie Gillet caps a series of stories on the Marmooka City project in Ajman with this dispatch (full story comes out tomorrow). It turns out there are two options and neither one is pretty: The project will either be scaled back or cancelled altogether by the master developer Real Estate Investment Establishment. Either way, it's a dramatic reversal of fortunes for the planned forest of 200 towers along Emirates Road. See previous stories here, here, here and here. The National's deputy business editor, Tom Ashby, said in a recent column that the plans the Emirate had for property development would have been a huge task even in the boom times, much less in these challenging conditions.