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11 projects under hearing at Dubai's Cancelled Real Estate Projects Committee

Two projects liquidated and money distributed among investors: Dubai Courts

Wednesday, April 01, 2015

Eleven projects are currently under hearing at the Cancelled Real Estate Projects Committee, according to an update by Dubai Courts.

The latest update states that two projects by Khyool Investment – Abjar Tower and Faras 2 – have been liquidated and money has been distributed among investors.

Dubai Court states there is no specific time period for the judgment to be passed in projects that are under consideration and all investors are being informed of the final judgment using different ways of communication listed in advance on its website.

It adds that the judgments, orders and decisions issued by the committee shall be final, peremptory and not appealable by all means of a regular appeal and shall be executed by the implement department of the court.

The projects names are:

# Ahmed Abdul Rahim Al Attar Properties
Toronto
Vancouver

# Azizi Investments
Al Masa Ii

# Fortune Serene Limited
Fortune Serene

# 32 Group Properties Limited
Paris Residence

# Sama Emirates Estate Development
The Sama World Tower

# Alternative Capital Invest Gmbh
Victory Bay Tower
Sami Q Tower

# Sungwon (Fze)
Santeview
Hydra Properties
Hydra Towers

# Khalifa Alabbar Real Estate Development
Spark

Submission of the above projects closed on March 31, 2015.

In January 2015, Emirates 24|7 published the cancellation list of 166 projects issued by the Dubai Courts with 17 projects (Reliance 1 to 16) under hearing by the committee (No details given on it).

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