Palm Springs Investors Group

I genuinely believe that Peter Riddoch and Hussain Sajwani are honourable and honest people. However, some of the 6000 Damac employees (some in senior positions), specially in their legal department, are very dodgy, to say the least. The legal advice given to the Senior Leadership in cancelling the Palm Springs Project has been seriously flawed and Damac Properties is on course to lose out “big time” financially and with their reputation if matters proceed to court.

Nakheel has already dismissed Damac’s misuse of force majeure as the reason for cancelling the project when it stated:

1 The plot purchased for Palm Springs has been delivered to Damac, in the revised Palm – it is in a premier location (better than before)

2 Nakheel communicated the revised master plan with Damac ten months ago

3 Damac Properties assured, Nakheel, in February, that Project would be completed

4 It is ludicrous to claim the enhancement of the Palm Jebel Ali as Force Majeure (an Act of God.) Modifications, revisions and alterations are already covered in clauses 13,1 and 13.2 on page 22 of the contract.

There is no shame in admitting a mistake, especially if it is made on a advice based on ignorance of Law of Tort.

Damac Leadership should correct this mistake by sacking their legal boffin and compensates its investors fairly and honourably, as a matter of urgency, before their so called $30 billion dollar portfolio disappears in the sands of Dubai, or is lost to its competitors and rivals in the Real Estate Industry