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Old November 17th, 2012, 08:42 PM   #101
AltinD
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Leave it here. It is an ongoing project, it is not cancelled
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Old November 18th, 2012, 12:23 AM   #102
z0rg
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Ok, thanks!
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Old February 28th, 2017, 06:31 PM   #103
kanye
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Quote:
Investors in Stalled Abu Dhabi Project Refuse to Settle
Abu Dhabi, United Arab Emirates – 27 February 2017

Investors who bought flats in an Abu Dhabi complex where development stalled said they were offered half the cash they were owed in exchange for dropping lawsuits against the developer.

Buyers who paid hundreds of thousands of dirhams have been trying to claw back their money since work on Tameer Towers on Reem Island halted in 2011. An estimated 70 buyers said Tameer Holdings, owned by the Al Rajhi Group of Saudi Arabia, owed them millions.

Several buyers have pursued the firm in the Abu Dhabi Commercial Court for the past five years. Some buyers, and a lawyer representing several parties, said the developer has now offered a settlement that fell far short of what they are owed. The developer would not comment on the offer, but said it was tendering a new contract and intended to restart construction in 2017.

One buyer, Oleg Pushin, won his court case against Tameer, but said he has yet to see any of the Dh1 million (USD$272,000) he paid for a two-bedroom flat. His court documents state that his money went through Tatweer, a subsidiary of the company. It is responsible for paying him, but the court found that its accounts are empty. "Because Tameer ran all the money transfers through a company which, according to the court papers, partially belongs to Tatweer, I am now not able to get my money back from Tameer," said Pushin.

The developer would not confirm or comment on the potential settlements, but stated, "Tameer is committed to the delivery of units to its customers and it has arranged for the project to restart…A tender for the construction is under way and it expects to see the project active this year [2017]."

For more on this story, go to The National.
http://www.ctbuh.org/GlobalNews/getArticle.php?id=4694#!
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Old February 28th, 2017, 07:16 PM   #104
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Sucks that people got swindled but glad this is getting back on track..
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