Sama Dubai is the latest Dubai-based developer to slow down its projects, as the impact of the credit crisis on the emirate’s real estate sector deepens.

It is understood that only a limited number of its projects are progressing as originally planned.

“The company is moving ahead on Dubai Towers in Doha, Salam Resort in Bahrain and parts of The Lagoons in Dubai,” says one source working with the developer. “The rest will be delayed.”

A Sama Dubai spokesman confirms that it is being forced to review its plans. “The global financial meltdown has impacted businesses around the world, and none of us are immune to the challenges this crisis brings with it,” he says. “Consequently, demand is slowing, while restricted sources of funding are forcing an activity slowdown.”

Sama Dubai, formerly Dubai International Properties, has a broad portfolio with projects in countries across the region including Qatar, Bahrain, Morocco, Oman and Tunisia.

“As an international developer operating in multiple real estate markets, we are reviewing our plans to adapt to the changing economic realities,” says the Sama Dubai spokesman.

Despite the slowdown in activity, Sama Dubai says none of its announced projects have been cancelled or put on hold.

“Sama Dubai strongly affirms that we have not cancelled nor put on hold any of our officially announced projects to date,” says the spokesman. “To date, Sama Dubai has announced, and therefore committed to, only eight real estate projects.”

However, it does have several projects in the early stages that have not been officially announ-ced, which are understood to have been put on hold.

One is the Jumeirah Hills development, which is planned for the site of the existing police academy next to interchange 4 on Sheikh Zayed road.

Three groups submitted bids for the first construction package on the scheme in late October, but the tender for the project has now been cancelled.

The bidders were two local firms - Al-Shafar Transport & Contracting Company and ETA-Ascon - as well as Hong Kong-based CSHK Dubai Contracting with the local Engineering Contracting Company (MEED 24:10:08).

The status of another unannounced project, Falcon island, which involves building a man-made island near the Burj al-Arab, is unclear.

Other Dubai-based developers have already scaled back project plans to take account of the difficult market conditions currently being experienced.

Nakheel has shelved reclamation works on two of its largest projects, Palm Deira and Dubai Waterfront, and other developers have started to review their business plans in light of recent economic events.

On 12 November, HSBC Global Research issued a report stating that real estate prices on the secondary market in Dubai fell by 4 per cent in October.