Dubai Pearl faces two-year delay - engineer

Posted by: Uwe Wednesday, 13 March 2013 2:46 PM[UAE] - UAE

I was in the Pearl office in Jan 2013 and they told me that they are waiting for a 1b $ loan to extend the contrctuion. Hopefully they get it.

Posted by: Anonymous Thursday, 14 February 2013 4:02 PM[UAE] - UAE

I have invested in this project in 2008 and have paid 10% of a 7 million dirham apartment. I belive i desrve some compensation for this, i am pretty sure DIFC did not loose out on 10% of the 29 floors they bought. Does any one have an idea on whether there is a class action suit against the Dubai Pearl. There certainly should be one!!

Posted by: Wildwine Thursday, 14 February 2013 5:00 PM[UAE] - UAE

What were you expecting when you parted 700K in 2008 (in the height of the crisis)?
Sorry to be cynical, but if we are not careful about where we invest hard earned money, it is pointless blaming anybody when the deal goes bad.
I am not saying Dubai Pearl is right; but you would have saved your money had you done your homework.
Good Luck!

Posted by: Anon Thursday, 14 February 2013 12:35 PM[UAE] - France

Lack of finance and nobody lining up to lease or buy = dead project.

Posted by: Red Snappa Thursday, 14 February 2013 11:45 AM[UAE] - Ireland

This project has been an utter disaster, it was taken over from the Qatari company company that first launched it by TECOM, because of little progress and it was becoming an eyesore in the heart of Media City. It was then transfered to a consortium, Pearl FZ LLC led by Al Fahim Group, the original structure which had stood like broken teeth on the skyline was eventually torn down and reconstruction started in 2008, we of course all know what happened next! Residential buyers, then began to backpedal from what were exhorbitant prices, and the whole thing got bogged down in economics. DIFC Investments pulled out of a pledge to buy 29 floors of the East Tower f0r AED3 bn in mid-2011.

However, what is now such a long-term unfinished project is entirely bad for Dubai's progressive image, and another 2 years as a building site presents a daunting prospect. One could say that anybody who has had to wait 7 years for a property, has every right to sue for breach of contract. Preposterous!

Posted by: MDJ Thursday, 14 February 2013 10:45 AM[UAE] - UK

and why is the construction work slow I wonder? And by 'slow' I assume you mean ' stopped for over a year'.