Investors write to Ruler over stalled Palm project

25.11.2014
Seventy-four investors have written a letter to the office of Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, highlighting the uncertainly and negative impact of the delay in delivering Nakheel's Palm Jebel Ali project. A letter signed by 74 investors in Nakheel’s Palm Jebel Ali project has been sent to the office of Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, highlighting the uncertainly and negative impact the delay in delivering the project has had on the group.
Arabian Business reported that the letter, addressed to His Excellency Mohammed Al Shaibani, chief executive of Dubai Investment Corporation and director general of The Ruler’s Court, was also forwarded to management at Nakheel, the master developer behind the project.
“We purchased our homes on the Palm Jebel Ali between 2003 and 2008 because we are excited to be part of this world class development… Since 2003, we have all paid between 30 percent and 50 percent of the price of our homes to Nakheel and many of us have paid far more than this via the secondary market,” the letter, which was seen by Arabian Business, stated.
“The lack of certainty as to when our homes will be built has caused, and is causing, tremendous financial and emotional suffering for us and our families and many of us continue to endure on-going mortgage and rental costs whilst we are waiting. Many of us have invested our life savings into the Palm Jebel Ali,” it added.

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