Nakheel claims court victory against World's GB Island owner

Developer says Safi Qurashi has been ordered to pay $3m over Dubai Waterfront land dispute
Nakheel claims court victory against World's GB Island owner
By Staff writer
Fri 23 Jan 2015 02:44 AM

Dubai developer Nakheel said on Thursday that it has won a case against investors Safi Qurashi and his business associates relating to money owed on land in the Dubai Waterfront project.

In a statement, Nakheel said a Dubai Courts judgment ordered Qurashi, the founder and CEO of Dubai-based Q Group which is developing the Great Britain Island on Nakheel’s The World project, to pay AED11 million ($2.99 million).

Nakheel added in the statement that it has "obtained an attachment to recover the judgment debt".

But Quarashi responded in a statement: “I am surprised by today’s statement from Nakheel which is very misleading, and I would urge fair play from all parties in this matter.

“The facts are that in December 2013 the Dubai Courts ordered that I should receive AED31.3m ($8.6m) from a complainant, after clearing me of any criminal charges in a case of security cheques, which the courts ruled should never have been banked.

“The judgement referred to in the Nakheel statement relates to an attachment order by the court for some of the money still owed to me to be held pending the conclusion of a legal dispute I have with Nakheel.  This concerns a plot of land in the former Dubai Waterfront project. I am fully confident of a successful conclusion to this dispute in my favour.”

Qurashi, who paid $60m for the Great Britain island on Nakheel’s World Island development, was released from jail in 2012 after spending two and half years in jail for bouncing cheques.

He protested his innocence during a seven week hunger strike, which only ended when his case was reviewed by Dubai Attorney General.

Soon after he was released, he was rearrested on criminal charges filed by Nakheel refering to a plot of land Qurashi bought on the Dubai Waterfront development, a 1.4bn sqft project twice the size of Hong Kong, launched at the height of the Dubai property boom.

Expected to house an estimated population of 1.5 million people, the grandiose project was stalled in 2009, when developer Nakheel was hit hard and later forced to undergo a restructuring programme.

For all the latest GCC 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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.