A Dubai property company, Cirrus Developments, has offered investors at one development the opportunity to help determine their fate by becoming shareholders in a new company to run the project.

The offer for buyers in Aquarius Gate, a Dh3 billion (US$817m) commercial and residential development at Nakheel’s Waterfront, is a response to the growing risk of default and legal disputes among the 108 investors who have bought units in the two-tower project.

Benham Eshragh, the chairman and chief executive of Cirrus Developments, said the solution would create a 'win-win situation' for the company and its customers, who would have to agree to the proposal by a majority before it goes ahead.

The National