Dubai's Deyaar said on Tuesday it is returning the management of a residential project to its owner National Bonds, the national saving scheme of the United Arab Emirates.
The Gulf emirate's second-largest developer by market value said that its board had agreed to return the management of Skycourts to state-owned National Bonds Corp, but did not provide further details in a statement on Dubai's bourse website.
The developer added that its fees to Ernst & Young were AED550,000 ($149,700) for 2010.
Skycourts is a residential development in Dubailand, a multi-billion dollar theme project in the Gulf emirate.
National Bonds transferred the development and management rights of real estate projects Skycourts and Flamingo Creek to Deyaar in 2008.
The state Investment Corporation of Dubai (ICD) owns 50 percent of National Bonds Corp with each of its local shareholders comprising developer Emaar Properties, Dubai Holding and Dubai Bank, holding 16.6 percent ownership according to the company website. (Reuters)For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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