A 55 billion U.A.E. dirham ($15 billion) property development that was to have been built in Iraqi Kurdistan by Dubai-based developer Damac Properties has been cancelled, reports Abu Dhabi-based newspaper The National on Thursday.
The Tarin Hills project was to be a mixed-use development including luxury villas, two five-star hotels, a theme park, golf course, shops and business parks, on 1,580 hectares of land outside Erbil, the capital, according to the report.
The project, the first phase of which was worth $6 billion, was announced two years ago, just before the global financial crisis.
"The Damac project was cancelled because they did not start the project in time," said Hayder Mustafa Saaid, a director general at the Kurdistan regional government's investment board, adding the board had cancelled the licence for the project. The board would be interesting in working with Damac in the future, perhaps on a smaller project.
"Based on the legal constitution in Kurdistan and the timelines associated with the initial licence granted to Tarin Hills, the construction licence has been cancelled without affecting rights of both parties," said Niall McLoughlin, a spokesman for Damac, the paper reports. He said the decision was "amicable".
(Source: The National)