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More of the Damac case

DUBAI — Here is more about the libel case that Damac properties had filed against Khaleej Times, which your favourite No. 1 daily won on Wednesday, when the Dubai Court of First Instance ruled in KT’s favour.

Khaleej Times had on November 11, 2003 reported that Damac Investment, the financial arm of Damac Real Estate and Catering was making efforts to cut out the losses it sustained as a result of IT or the so-called dotcom or electronic portals since the beginning of 2001.

The report said that Damac losses were not minor and that as a result, the company adopted a new course to create other investment brackets in different sectors, including real estate to make good the damages.

Given below is a second report that KT carried on February 9, 2004 that was also brought into the purview of the case. (We could not carry this on Thursday because of lack of space) Investors demand return of funds from Damac.

Company promised refunds in one year

“Dozens of investors of Damac Investment Company have demanded that their contributions paid to the company's portfolio in the US Stock Exchange be refunded to them. This plea came in the wake of the fall of the stock market, which consequently caused grave financial difficulties to a large number of companies in the Middle East region, mainly the Kingdom of Saudi Arabia and Egypt. Investors explained that their funds, or the remainder of their funds, were invested by Damac in the UAE real estate market, particularly in Dubai, in an attempt to earn swift profits to compensate the losses suffered. However, this attempt would not achieve the desired goal for the reason that the local market is flooded with investments, they say.