Unknown, Jumeirah Lake Towers
Dubai: Property investors in emirates outside of Dubai have lamented the financial losses they have incurred from delayed and cancelled projects, and some would like to see a panel set up to oversee the liquidation of cancelled projects.Last month, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued a decree to set up a judicial committee to liquidate cancelled real estate projects in Dubai. It will provide settlements, resolve grievances and address procedural issues.Investors in Ajman properties say the same scheme should come up for Ajman properties, said Hamsa Shetty, an investor from Ajman. In theory, a similar panel could be established in other emirates as they have the authority to do so, according to Nassif Bu Malhab, partner at international law firm Clyde and Co.Setting up a committee makes good sense. It allows people to deal with these things in an expeditious manner, Bu Malhab said.Rather than dealing with complaints on a case to case basis, [the panels] would deal with it on a project to project basis, he added.
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