30% of investors delay payments on $4.1bn Dubai Pearl

Up to 30 percent of investors on the $4.1bn Dubai Pearl mega-project have rescheduled their payments amid concerns over defaulting, Arabian Business can reveal.

In an interview, Dubai Pearl CEO Santhosh Joseph also admitted that only a fifth of residential units and half of the commercial space had been sold.

It is understood more than 150 of the 530 investors on the project have delayed payments – with Dubai Pearl now asking its shareholders for an advance capital injection of up to $500m to cover the spiralling rate of defaults. A further 32 investors have defaulted on their payments.