Phu Yen province asks for suspending UAE’s super project

The southcentral province of Phu Yen has officially submitted to the Party Politburo a proposal to suspend a US$250 billion project of Sama Dubai Group from the United Arabic Emirates (UAE).

Pham Dinh Cu, Chairman of the provincial People’s Committee, said on February 24 that this proposal was based on the fact that the group has not implemented their super project for many years, causing a negative impact on the province’s efforts to attract investment and develop its economy.

Sama Dubai has suffered losses due to the global economic meltdown, according to Mr. Cu.

It planned to invest US$250 billion in a special economic zone through a variety of scenery covering 3,000km2 or 60 percent of Phu Yen’s total acreage, and rent the land for a period of up to 210 years with a high autonomy.

Phu Yen authorities have already presented investment certificates to three subprojects inside the Special Zone.

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