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Mon 17 Feb 2014 11:56 AM

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Damac ordered to remove Saudi ad

Ministry of Commerce and Industry ruled the ad for the Damac by Akoya development was ‘misleading’

Damac ordered to remove Saudi ad
CONSTRUCTION CONTRACT: Dubais Damac Properties has awarded the main construction contract for the first phase of New Cairos Park Avenue project. (Getty Images)

Saudi authorities have demanded Dubai-based developer Damac withdraw a misleading advertisement for its new master development in Riyadh.

The advertisement for apartments and villas at the Akoya by Damac project stated the deposit price rather than the total value, with an explanation in the terms and conditions printed at the bottom, which the Ministry of Commerce and Industry deemed to be misleading.

Minister for Commerce and Industry Tawfiq Al Rabiah revealed the decision in a tweet and the ad was immediately removed from the Damac website.

A Damac spokesman said the wording would be changed and the ad re-released soon.

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Billy 6 years ago

Why would anyone trust Damac with even $1 of their money?

Solly 6 years ago

Indeed Billy you're right. I just find it so funny (in a black way) that it didn't take the KSA authorities long to spot the Damac advertising "style" (for want of a more frank word) but they're still churning it out in UAE.

Omar Ali 6 years ago

Did someone say speculative bubble??????