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Developers To Refund All Al Salam City Investors
Apr 27, 2012
The developers of Al Salam City project in Umm Al Quwain city have shown their consent to refund all the investors of the project. The US$ 8.16 billion project was started seven years ago and has been left incomplete ever since. Of the total estimated cost of the project, the board of directors of Umm Al Quwain Real Estate Development LLC has already refunded over US$ 109 m to over twenty three hundred investors.
The developers of Al Salam City had launched the project in partnership with Ahmed Bin Salaiman Al Rajhi and Tameer Holding back in July 2005. In hopes of lending a hand to Umm Al Quwain Real Estate Development Company in building the city, all partners were to build around one thousand buildings each in order to accommodate around five hundred thousand residents.
Three years later however, the project fell victim to a dispute, which erupted between the government of Umm Al Quwain and Tameer Holding where both parties ended up putting the onus of delay on each other. While both the parties denied the reports pertaining to the cancellation of the project, Tameer Holding began refunding the investors, claiming that the project was on hold. As per Tameer, it has already refunded about 70% of the investors and hopes to complete the process by September 2012.