If you're one of the Irish investors involved in the Palm Springs development which was promoted by Damac in Dubai some years ago you may be interested in some of the following links. These go through the actual decision by Damac to cancel the project, Nakheel's distancing themselves from the Damac decision and investors reaction to the cancellation. There is also a fair amount on what investor's consider a derisory offer from Damac, considering the huge values they consider they should have made on their properties.http://damaconcovered.wordpress.com/
http://www.gulfnews.com/business/Real_Estate_Property/10202845.html
http://www.ft.com/cms/s/0/d1c7fc18-0117-11dd-a0c5-000077b07658.html?nclick_check=1
http://www.kippreport.com/article.php?articleid=1105&day=5 http://www.arabianbusiness.com/515293-reason-for-axing-palm-springs-questioned
http://www.arabianbusiness.com/515467
http://www.arabianbusiness.com/515742-damac-hints-at-backtrack-on-palm-springs-axe?ln=en
UPDATE:
No sooner was this posted than the problem seems to have been resolved, or at least there is some hope that it will be. The following has been received from the Investor's group:
"This statement has come from RERA today,they are the Real Estate Regulatory Authority in the Emirates. Mounting media pressure and evidence against Damac have them under pressure to find a solution on their decision and we await good news!
Should this good news not develop The Palm Springs Investors group will proceed with legal action.
Senior Management from Damac have declared now that they will be in contact with a proposal no later than the 21st of April.
FURTHER UPDATE:
On mature reflection the Investors group have decided that this latest piece of news, which they've not received in writing, is merely a ruse by Damac to stop them protesting until after the launch of a new development by the company on April 13th. Hence, they state that their campaign of awareness raising will continue until they receive in writing confirmation that Damac are actually re-assessing their position on this matter.
SUCCESS:
It appears that the pressure put on Damac to change their minds about the cancellation of this project has reaped dividends as the company announced today (Thursday April 10th, 2008) that it would build the project as promised, but with some minor changes to the initial plan. You can read a report on the development here.
It would appear, therefore, that consumer pressure can exert change, even in the mighty Emirate of Dubai.
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