The managing director of Meilenstein Developments, Jawad Azizi, who was arrested and detained by Dubai Police over a month ago, is set to be released next week as the company reopened its office in Business Bay today, a spokesperson for the Germany-based real estate developer said.
“Lawyers of Mr Jawad said he’ll be coming out [of jail], so we have opened the office from today. [They gave] no date [for his release], maybe next week… That’s the reason we opened the office today,” the spokesperson said.
He added that Meilenstein Developments “is taking concerns from clients and staff to solve the issues” but did not confirm whether the company will continue operating its Dubai office.
Meilenstein Developments’ website, which was taken down when Azizi was arrested, is still not functioning.
Azizi, whose father is one of Dubai’s biggest real estate players, announced his debut into the UAE’s real estate market in October last year, with plans for eight projects worth around AED1.2 billion ($327 million).
He told sister publication Construction Week last year that he will create his own holding company Jawad Holdings, under which Meilenstein Developments will fall, in November 2018 ahead of investing millions of dollars in Dubai real estate.
Sources told Arabian Business last week that Azizi’s case is with Dubai’s Public Prosecutor.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.
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.