As reported by portal ArabianBusiness with reference to the UK newspaper, the company Al Murjan Real Estate appealed to the Court of the Emirate of Sharjah with an application for bankruptcy and the abolition of the construction project of residential and tourist complex White Bay in Umm Al Quwain, worth $ 3 billion, the Court has already appointed two court stewards for the liquidation of enterprises.
Related article: Application for the acquisition of foreign real estateFor investors, the project officially bankrupt company means to recover their investments, they can only proceed to trial on the issue of collecting receivables.
Project Director White Bay, Luke Barnett has confirmed the upcoming liquidation of enterprises and investors informed about the beginning of the trial.
Recall that the real estate market of the United Arab Emirates stronger than many others suffered from the financial crisis. By September 2009 the country was suspended or revoked 566 projects, and industry profits fell by 80% compared with the previous year. In November 2009, on the verge of bankruptcy turned out to be a major state investment company Dubai, Dubai World, but she managed to stay afloat through the financial support of the government of Abu Dhabi, which gave the company $ 17 billion