Investors in construction projects in Dubai in which developers are blaming delays on force majeure (an act of God) should withhold payments for the same reason, Marwan bin Ghalaita, CEO of Dubai real estate watchdog RERA, has said.
He added Dubai’s real estate sector was a lawyers’ market.
Asked if recession could be considered a force majeure, Bin Ghalaita said: “If I am an investor I will say ‘I am not paying because of force majeure’. I am not a judge. But my answer is: if I am an investor I will not pay because of force majeure. If they can use it, so can I. And this is my answer. If a developer can use it, why can’t I?”
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