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Dubai test case for developer
07:59 | 01.02.08
A US real estate developer is suing a quasi-governmental Dubai firm for $1bn in damages, claiming its investment in a project in the emirate’s property boom was unjustly cancelled amid a contractual dispute. Financial Times
Capital Partners had in July 2005 made what was planned to be one of the largest foreign investments in the region’s business hub, when it announced plans for River Walk, a mixed-use $1bn project in the busy internet business park located on prime land near the trunk of the reclaimed Palm Island.
But the deal soon turned sour amid recriminations over the legal title of the plot on which the US developer planned to build apartments, hotels and offices.
The dispute is now before the Dubai International Arbitration Centre – a test case for foreign investors seeking to resolve contractual disputes under the centre’s new regulations passed last year to create a level legal playing field for foreign businesses in conflict with local interests.
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