Property buyers scrambling to get money back from stalled real estate projects across the United Arab Emirates fear a ripple effect after a bankruptcy filing by a developer in Umm al-Quwain, the smallest of the seven emirates.
The developer, Al Murjan Real Estate, which has a $3 billion development project, White Bay, filed for liquidation in Sharjah, a neighboring emirate, according to court documents.
According to lawyers, it is the first bankruptcy filing of a property developer to have taken place in the U.A.E. since the onset of the financial crisis in 2008, a move that may prompt other developers to do the same.
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