(MENAFN) The firm responsible for the Dubai Lagoon said that the project will be completed in 2016, Arabian Business reported
A company spokesperson told Construction Week Online: "We have finalised funding for the project and the project will be built on a funding and off-plan sales model.
Dubai Lagoon was one of many real estate projects that were impacted by funding issues after the property crisis in 2008
It suffered delays due to hundreds of investors defaulting on payments during the crisis
"After the previous crash, we will not rely solely on off-plan sales going forward to build the development, and have arranged partial funding for completion of the project," the spokesperson said
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