U.A.E. Bankruptcy Filing Worries Home Investors
It is heard that Property buyers are jumbling to get money back from delayed real estate projects transversely the United Arab Emirates because there is a fear that current effect after a bankruptcy filing by a developer in Umm al-Quwain. This is the smallest of the seven emirates.
According to court documents, the developer is Al Murjan Real Estate; it has a $3 billion development project, White Bay. It is filed for liquidation in Sharjah, a neighboring emirate.
The lawyers have said that it is the first bankruptcy filing of a property developer which has taken place in the U. A. E since the beginning of the fiscal emergency in the year 2008.
These documents were seen by the International Herald Tribune, the company recognized the filing to a not a success to obtain planning permission and a shortage of finance. This was because of a default rate of nearly 50 percent among investors.
Umm Al-Quwain’s deputy ruler, Sheik Abdullah bin Rashid Al Mualla, and Al Khalijia Investments are the owners of Al Murjan, a company which is in Sharjah.
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