Sao Paulo sues Nakheel over The World project

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Sao Paulo sues Nakheel over The World projectNakheel, the master developer that is a subsidiary of Dubai World, is facing charges that it did not complete its promises to Sao Paulo Development, which bought the Sao Paulo island on Nakheel’s The World project, which stalled after the real estate market in Dubai collapsed.  Sao Paulo claims that it was offered a stake in another Nakheel project, the Jumeirah Villages, but have yet to see the effect of their investment.  They are suing Nakheel in a special tribunal set up to mediate the many disputes surrounding Dubai World.

The Sao Paulo investors feel that they were deliberately misled by Nakheel’s hedging.  After spending an additional amount to ensure the new deal in the Jumeirah Village would go through, they still have not received a certificate of completion.  Diamond Developers, who was initially promised the plots in the Village, is also suing Nakheel.

 

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Nakheel, the master developer that is a subsidiary of Dubai World, is facing charges that it did not complete its promises to Sao Paulo Development, which bought the Sao Paulo island on Nakheel’s The World project, which stalled after the real estate market in Dubai collapsed.  Sao Paulo claims that it was offered a stake in another Nakheel project, the Jumeirah Villages, but have yet to see the effect of their investment.  They are suing Nakheel in a special tribunal set up to mediate the many disputes surrounding Dubai World. The Sao Paulo investors feel that they were deliberately misled...

Sao Paulo sues Nakheel over The World projectNakheel, the master developer that is a subsidiary of Dubai World, is facing charges that it did not complete its promises to Sao Paulo Development, which bought the Sao Paulo island on Nakheel’s The World project, which stalled after the real estate market in Dubai collapsed.  Sao Paulo claims that it was offered a stake in another Nakheel project, the Jumeirah Villages, but have yet to see the effect of their investment.  They are suing Nakheel in a special tribunal set up to mediate the many disputes surrounding Dubai World.

The Sao Paulo investors feel that they were deliberately misled by Nakheel’s hedging.  After spending an additional amount to ensure the new deal in the Jumeirah Village would go through, they still have not received a certificate of completion.  Diamond Developers, who was initially promised the plots in the Village, is also suing Nakheel.

 

Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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