Nakheel not impressed with Damac

Damac seems to have "disappointed" not only its investors but also the master developer of Palm Jebel Ali, Nakheel, after announcing its plans to cancel the Palm Springs project due to design changes made by Nakheel on the Palm Jebel Ali.

Damac seems to have "disappointed" not only its investors but also the master developer of Palm Jebel Ali, Nakheel, after announcing its plans to cancel the Palm Springs project due to design changes made by Nakheel on the Palm Jebel Ali.

In a statement to Construction Week, Marwan Al Qamzi, Nakheel managing director, The Palm Jebel Ali, said: "We are very surprised by the statements made by Damac suggesting that the reasons for the recent cancellation of its Palm Springs project are due to revisions in The Palm Jebel Ali masterplan communicated to investors over 10 months ago.

"Our last interaction with Damac took place in February of this year and was one of positive engagement, which left us with the firm view that Damac was proceeding with the project and we are extremely disappointed to have heard the news of the cancellation through the media.

"From Nakheel's perspective, Damac's cancellation of the Palm Springs project must be linked to other development issues specifically related to the project."

Along with losing the support of Nakheel, Damac Properties has been given till 11 April 2008 to respond to a letter from The Palm Springs Investors Group, failing which, the group will then begin legal proceedings against the developer.

The investors who have rejected Damac's offer of compensation are calling for the construction of the Palm Springs on the plot that has been reallocated to it by the master developer, Nakheel.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020