Palm Springs Investors Group

Nakheel, the Master Developer building three palm-shaped islands off Dubai’s coast said it had informed investors of changes to The Palm Jebel Ali masterplan over 10 months ago. Nakheel also confirmed that it had “positive” correspondence with Damac as recently as February, in which Damac gave no indication that it would be shelving the project.

In a statement, Marwan Al Qamzi, the managing director of Nakheel said

“We are very surprised by the statements made by Damac suggesting that the reasons for the recent cancellation of its Palm Springs project are due to revisions in The Palm Jebel Ali masterplan.”

Our last interaction with Damac took place in February of this year and was one of positive engagement, which left us with the firm view that Damac was proceeding with the project.

From Nakheel’s perspective, Damac’s cancellation of the Palm Springs project must be linked to other development issues specifically related to the project.”

The Palm Springs Investors Group are hopeful that Damac will come up with a satisfactory resolution to the issue of investor compensation. One investor commented, “The Group does not wish to see the continued escalation of the bad publicity Damac is receiving in the media, we’d rather work with Damac as we have been doing for the last 4 to 5 years.”

Source: ArabianBusiness.com