All Futtaim Group has put aspects of the development of Festival City on hold as it waits for construction costs to fall.

Al Futtaim Group Real Estate, the company developing Dubai Festival City, has postponed work on parts of the development in a bid to exploit falls in construction costs.

A spokesman said the company was being “prudent in reviewing” the Dh11 billion (US$2.99bn) residential, entertainment and business hub, which began construction in 2003 and is expected to be completed in phases over 20 years.

The National