The Damac Properties, a Dubai-based developer that has not been doing well in the face of the current global financial crisis, is caught in a new row involving its staggering real estate projects in Egypt after allegedly victimizing a number of investors in the Kingdom, Al-Madinah newspaper reported yesterday.
According to the daily, more than 170 Saudis and expatriates were recently discovered to have bought housing units in the company's defaulting Hydepark project in the Egyptian capital Cairo.
The newspaper said the victims of the Cairo project were in addition to those who invested money in the company's Al-Jawhara Tower project on the Jeddah Corniche.
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