Sama Dubai responds to 'signature project' story

Sama Dubai, the real estate investment and development arm of Dubai Holding, refutes misleading imputations and insinuations.

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On Oct 1 The National published a story in the business section under the headline: "Sama in talks over signature project". Below we print a letter to The National by Sama responding to the story. Sama Dubai, the international real estate investment and development arm of Dubai Holding, refutes misleading imputations and insinuations contained in the article entitled "Sama in talks over signature project" published in The National on Oct 1 2008.

Although Sama Dubai has complete faith in the professionalism and integrity of The National and its reporters, it remains disappointed that The National was misled by some rumours and unverifiable sources claiming to have inside knowledge of Sama Dubai's decision making, and chose to lead that article outside the official statement from the authorised representative of Sama Dubai, who has actual knowledge of Sama Dubai's decision making and business strategies.

Sama Dubai confirms that it continues and will continue to retain the master development rights for the entire 70 million square foot area of the Lagoons project, situated on the Dubai Creek adjacent to the Ras al Khor wildlife sanctuary. As a master developer, Sama Dubai pursues an overarching strategy to develop its projects locally and internationally through different forms of partnerships with select local and international prime contracting companies and property developers.

The Lagoons, its flagship project in Dubai, is no exception. The Lagoons development comprises a total of 350 plots, of which around 100 plots have already been sold to subdevelopers. Sama Dubai continues and will continue to identify potential strategic alliances and relationships with leading local and international industry leaders, and is considering and will continue to consider different opportunities for developing the remaining plots for The Lagoons project, including sale to sub-developers, joint ventures with other developers, and retention of plots for inhouse development. It is Sama Dubai's policy not to comment on any potential alliances until final agreement is reached.

Sama Dubai has already made substantial progress with The Lagoons project, with 95 per cent of construction for the seven man-made islands on the Creek being completed and further construction work proceeding on schedule. Sama Dubai will ensure that it, and its select partners, continue to strive towards realisation of The Lagoons and Sama Dubai's many other world-class projects.