Arab Today, arab today tameer towers set for legal battle despite new start date
Last Updated : GMT 17:22:12
Arab Today, arab today
Arab Today, arab today

Tameer Towers set for legal battle despite new start date

Arab Today, arab today

Arab Today, arab today Tameer Towers set for legal battle despite new start date

Abu Dhabi - Arabstoday

Investors in Abu Dhabi’s Tameer Towers plan to push ahead with legal action next month, despite the developer announcing work will restart by the first quarter of 2012. “Based on the current situation and information available, Tameer anticipates delivery of phase one of Tameer Towers to be in the fourth quarter of 2013. The anticipated construction phase one restart is planned for the first quarter of 2012,” a senior Tameer official told Arabian Business’ sister publication Construction Week on Sunday. Despite this, up to 65 buyers in the Al Reem Island project plan to push ahead with their plan to pursue arbitration against developer Tameer Holding Investment. “Next month we are going to start our legal case in the arbitration centre in Abu Dhabi,” Thabit Al Temimi, a legal adviser with the Abu Dhabi based law firm, House of Justice, whose clients have invested in the project, confirmed on Monday. The original delivery date for the towers was scheduled for June 2011, with a clause allowing a six month delay to December. With Tower A having reached only level 13 and Tower B at level 4, the December deadline will now be impossible to meet. “[By] December 2011, legally, Tameer should deliver the whole project… Even if they start construction, it means nothing. My clients on the 40th floor cannot live in their apartment if it doesn’t exist,” Al Temimi told Arabian Business last month. The Tameer official claimed the company was not at fault and the delay was due to an issue related to the project contractor. Al Reem Island is a residential and commercial project located 600m off the coast of Abu Dhabi. The $30bn project saw its first handovers to residents in April 2010. On completion, the island will eventually be home to around 200,000 people. The $1.9bn Tameer Towers development on Abu Dhabi’s Reem Island is the latest in a series of projects to be affected by a series of slowdowns in the Abu Dhabi construction market, which last month saw a delay to the planned Louvre and Guggenheim museums on Saadiyat Island. For developers, many of whom had banked on Abu Dhabi to offset the collapse of Dubai’s property market in late-2008, the stalling of projects in the UAE capital is a source of concern. Aldar Properties, Abu Dhabi’s biggest property developer, said last month it would slash its workforce by 24 percent as it seeks to match manpower to a scaled-back construction schedule. The developer was rescued by a $5.2bn bailout by the Abu Dhabi government this year, after it struggled to stay afloat in the wake of a recession that halved property prices across the UAE. Investment bank Arqaam Capital warned that Abu Dhabi was likely to see further scaling back of non-essential projects as the emirate moves to reschedule its construction aims. “I can envisage infrastructure - everything from civil and social infrastructure - being completed and handed over. Things like schools, hospitals, roads, contracts on that nature are likely to go through,” analyst Mohammad Kamal told Arabian Business. The bank described Abu Dhabi as “fast becoming the worst construction market in the GCC, after Dubai.”

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tameer towers set for legal battle despite new start date Arab Today, arab today tameer towers set for legal battle despite new start date

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tameer towers set for legal battle despite new start date Arab Today, arab today tameer towers set for legal battle despite new start date

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday