Dubai real estate executive Jawad Azizi was arrested and detained by Dubai Police more than a month ago, sources told Arabian Business.
The case is currently with Dubai’s Public Prosecutor and lawyers are hoping a court hearing will be scheduled within the next week, a source said.
Jawad Azizi is the managing director of Meilenstein Developments, a Germany-based real estate developer which last October announced its debut into the UAE’s real estate market, with plans for eight projects worth around AED1.2 billion ($327 million).
“We are going to invest a further AED2 billion in developing projects in 2018 and 2019 and the numbers will then go up once we start building the projects and selling the properties. Meilenstein Developments is entering in the UAE market at a time when the real estate sector achieved a high level of maturity backed up with a regulatory environment that protects property buyers, investors, developers and brokers and with a high level of transparency and accountability,” Jawad Azizi, was quoted as saying at the time.
Arabian Business has contacted the Public Prosecutor’s office for comment.For all the latest business 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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