Palm Springs Investors Group

Damac is to proceed with the Palm Springs development at Jebel Ali, and in keeping with the original investor contracts according to a report in Gulfnews today.

Bin Mejrin from Dubai Land Department said “Damac has undertaken to implement and accomplish the project according to the contracts with investors and has shown a keenness to abide by the laws and regulations of the department“.

ArabianBusiness.com reports that Hussain Sajwani, chairman of Damac Properties said in a statement emailed to them, “after extensive discussions, Damac Properties is pleased to announce that the Palm Springs project, located on Palm Jebel Ali has been re-instated and will be delivered to customers”.

As mentioned in an earlier post on this website, let’s hope there’s no ‘devil in the detail’ when Damac issues written confirmation to investors. Most investors, for instance, are of the opinion that the legal action should commence immediately if there is an unreasonable or unacceptable delay in the start of construction of the project.