Ajman: The Ajman Real Estate Regulatory Agency (Arera) has settled property claims worth Dh1.4 billion in the Al Helio Downtown project.
Shaikh Abdul Aziz Bin Humaid Al Nuaimi, Chairman of Arera, said that the move to settle the claims underscores the importance accorded to investors' rights and is in accordance with directives issued by His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman.
He added that Arera's board of directors approved recommendations regarding the completion of the second and third phase of the settlements before the end of the year.
Yafea Eid Al Faraj, executive director of Arera, said that he issued instructions to the settlement committee and emphasised the importance of resolving the disputes between parties. He said that it took nearly eight months of coordination and work between various stakeholders to settle the claims.
Al Faraj said that they had to overcome various difficulties facing the process, such as communicating with investors, a large number of whom were based abroad.
