Business | Construction
Palm Springs project is back on track
Damac's Palm Springs project on Palm Jebel Ali is back on track following mediation by Dubai's Land Department.
- By Suzanne Fenton, Staff Reporter
- Published: 00:15 April 17, 2008
Dubai: Damac's Palm Springs project on Palm Jebel Ali is back on track following mediation by Dubai's Land Department.
The Land Department has successfully mediated between Damac and the Palm Springs investors to put an end to the dispute, according to Sultan Bin Butti Bin Mejrin, director general of the Land Department.
Bin Mejrin said the Land Department intervened to protect both investors' interests and Dubai's global reputation as a thriving property market.
The Palm Springs project is now due to go ahead five years after its launch.
It will be developed in keeping with the original investor contracts and Damac's contract with Nakheel, master-developer of the Palm Jebel Ali.
More from Construction
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
