Nakheel, the real estate arm of troubled conglomerate Dubai World, on Tuesday lost its attempt to raise AED41m in late fees from a buyer on the offshore World development in a landmark ruling by a Dubai tribunal.
The ruling requires Nakheel to finalise a ‘consolidation agreement’, and credit nearly AED30m in downpayments on two islands to a plot in Jumeirah Village, owned by one of the claimants, Diamond Developers.
Nakheel offered these credit swaps in the wake of Dubai’s real estate crash, to enable buyers to transfer cash from unfinished or halted developments to completed real estate.
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