Emaar Properties and Dubai Holding, a Property company owned by an emirate ruler, announced its joint partnership to resume work on the Lagoons, the project was firstly announced in 2008 but then put on hold after the Dubai Property Company crashed.
The development will feature a business districts, hotels and residential units, the property company said in a statement that was released on Monday.
The statement didn’t say how the project would be financed or when the project will be completed.
Meanwhile, state-owned real estate developers announced tens of billions of dollars worth of projects in over a year as Dubai picked-up from its real-estate fall all and corporate debt crises back in 2009-2010.
Invest Group Overseas announced on Monday that the company would launch a 2.1 billion dirham ($572 million) residential real estate project by 2014.
While a family-owned venture Al Habtoor Group revealed its $3 billion-worth project plan that would include hotels and residential units.
Analysts are still uncertain on whether the projects announced this year will finish before the deadline.
Analysts’ are also raising concerns over whether the real-estate sector is recovering faster than expected.
In 2009, Dubai property prices dropped lower than 50% but gained more than 22% in the past year, according to reports compiled by consultants Jones Lang LaSalle last week.