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Realty Firm Oger Dubai Confirms Fallout with Daman
DUBAI - Real Estate developer Oger Dubai, a subsidiary of Saudi Oger Limited, said on Saturday that it has received a termination notice from Daman Real Estate Capital Partners Ltd.
for “The Buildings by Daman” Project, a 65-floor multi-purpose mixed-use complex located at the Dubai International Financial Centre.
The announcement follows Daman Investments’ statement issued on Thursday in which the Dubai-based private investment firm had said that the decision to terminate Oger Dubai was based on “disappointing performance of the contractor”. Oger Dubai, which was the main contractor of the project, said it does not agree with Daman’s position.
“Oger Dubai recognises that the economic conditions for the real estate industry remain difficult. Oger Dubai does not accept that the decision of Daman Real Estate Capital Partners Ltd. was based on the alleged performance related issues, but notes many key factors surrounding the Project. Oger Dubai has performed the works to high standards and in accordance with its commitments,” the statement from Oger Dubai said.
“As this is the first such case that the Oger Group has faced during its long history of operations, Oger Dubai will consider its position and reserves its rights. Oger Dubai will take all appropriate measures to protect its interests and market-leading reputation.”
business@khaleejtimes.com
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