"We now admit CityCaucus Dubai was a mistake," says Fontaine on behalf of unnamed corporate leadership
Impressive Dubai project (artist rendering above) is now officially canceled
While we rail against sprawl, corruption and government ineptitude in all its forms here on CityCaucus.com, a considerable mea culpa must come from our corporate leadership who now admit building a fantastic glass & steel bobble in the desert was ill-advised.
We regularly get inquiries from our readers, as well as our anxious investors about the CityCaucus Dubai project. We can now state publicly that the development is officially canceled.
Our Uzbekistan-based engineering firm and approximately 6500 workers imported from Bangladesh were given the bad news over the weekend. With expiring work permits, most will have little other option than to find their way home.
There are also some long faces here at Vancouver's CityCaucus Tower. Many of the underpaid scamps here looked forward to cashing in once they were transferred to the Dubai headquarters.
It was back in January when CityCaucus International announced that economic conditions were not favourable enough to move forward with the plans for the Dubai offices. Without secure financing in place, and costs mounting to retain our workers (we were burning through $55K per day alone for the Bangladesh crew) it was the decision of our corporate leadership to pull the plug.
There has been some concern that the debt load of the Dubai project would result in layoffs at CityCaucus Tower. We've assured staff that any staff reductions would be conducted through normal attrition. We lose many of our researchers and media monitors through better paying positions as baristas.
Dubai has been in the news lately since the Emirate's development company announced it wanted to delay payments on its $59 billion debt. It has been described by some, including this Globe and Mail writer, as a "ponzi scheme" or as "Disney in the Desert". Commenters on the Globe article with firsthand experience of the emirate describe restaurants full of wealthy patrons, but middle and lower classes struggling as investment cash dries up.
Dubai has been described as an "ecological disaster" and unsustainable on several levels by UK architect Thomas Mayne. A fellow architect hailed Mayne's comments, adding that 'star-chitects' have pandered to the vanity of their Dubai hosts, while getting paid enormous sums. Part of the city's aesthetic was drawn from the urban style known as "Vancouverism".
CityCaucus Dubai was going to be a world centre for education and dialogue on sustainable urban development.