Tameer Towers’ investors push ahead with legal action over delays

  • Share via facebook
  • Tweet this
  • Bookmark and Share
The initial delivery date of the project was May 2011

The initial delivery date of the project was May 2011

A group of 75 investors in the stalled Tameer Towers project in Abu Dhabi are pushing ahead with legal action against its developer in a bid to reclaim their original investments.

Investors in the $1.9bn Tameer Towers development claimed they are entitled to the compensation after the developer, Tameer Holding Investment, missed its completion date by nearly a year.

“It was supposed to be delivered by was the end of 2011. As per the contract, this gives us the right to cancel the contract and request our money back,” investor Haitham Hassan told Arabian Business.

“We have already started legal action. If we don’t hear back from Tameer within the allocated time we will plan to file an arbitration case. We don’t believe that this project will be delivered in a timely manner or in the same quality that it was supposed to be,” he added.

The original delivery date for the towers on the Al Reem Island project was scheduled for June 2011, with a clause allowing a six month delay to December.

The Dubai-based developer has to date only completed 13 levels in Tower A and four in Tower B. Tameer has said it is not at fault and claimed the delay is due to an issue related to the contractor.

The firm was not available for comment when contacted by Arabian Business. Tameer on February 26 issued a statement confirming it had completed 21 percent of Tower A and B. Recommencement of works are scheduled for May 2012 with phase A of the development due for completion by the fourth quarter of 2013, the company said.

“Tameer remains committed to the delivery of the project and confirms that the Tameer Towers development on Al Reem Island, Abu Dhabi, remains an active and important focus for the group,” it added.

Several stalled construction projects in Abu Dhabi have been resumed in recent months. Abu Dhabi’s Executive Council in January approved a raft of projects in the capital including the delayed branches of the Louvre and Guggenheim museums after a review of development plans.

The Executive Council, chaired by Crown Prince Sheikh Mohammed bin Zayed al-Nahayan, also approved two projects for the redesigning and building of a new national museum and the cultural Hilli site in the city of Al Ain.

Related:

Market Performance

Tameer Real Estate Investment Company
37.0
-0.5 -1.33 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: lina saldanha

what about the Dubai Lagoon projects. over due by 4years. no sign of completion yet. what do we do about it. will somebody enlighten us please.

Posted by: Mohammad Reza Daliri

Address of lawyer that follows two groups case vs Tameer in Tameer Towers long delay

House of Justice Law Firm

Office : +971-2-6261115
Fax : +971-2-6275545
P.O Box : 33817
Abu Dhabi, UAE.
www.hojuae.com

Posted by: imtiaz hussain

I am trying to approach Tameer Tower Management but
not positive reply. Am tired and sick with such attitude of the
managements, why not they come out and make a clear
explaination what going on, the authority in Abu Dhabi
should take appropriate action as Country name at stake,
due to such attitude by the builders, taking money from the
investors and fail to delivered. If anyone know the update
kindly inform.

Posted by: Antonio

There is still no update from Tameer they just finished there towers in Dubai, elite and princess towers and downgraded moving there nice offices from SZR.we expected contractor to proceed during Q4 2012 still nothing going ahead as per there investor relations UAE court of arbitration is the only way forward from this point!

Posted by: Imtiaz

Recently I met with CEO of Tameer and he assured me
that within next 3 weeks they will announce new contractor
and work will commence by May 2012 and completion
in 2013. let hope for the best this is for Tower A and B.

Imtiaz

Posted by: habiba


Dear Imtiaz

did you hear from Tameer management any update
am waiting to hear any good news about the construction
start up.

Posted by: Tired of waiting

Can someone publish the contact details for the lawyers for those 75 investors, since like me, many more would like to join them.
Tameer completion date keeps going back so they cannot be trusted.

Posted by: Bugra Dagtas

Did you get the contact details of the lawyer. I had invested in the time Towers project and the completion date is overdue by two years.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

3
Most Popular
Most Discussed