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- Dubai 04:24 05:43 12:19 15:46 18:51 20:09
The insolvency case is filed in Sharjah. (SUPPLIED)
Al Murjan Real Estate, developer of a $3 billion housing project in Umm Al Quwain, has filed for bankruptcy after running into financial difficulties, the Financial Times reported on Wednesday.
The company filed for insolvency in Sharjah and two liquidators have been appointed, the FT reported, citing documents it had obtained, and cited lawyers saying that it was the first court-mandated bankruptcy of a distressed property project in the emirates.
Property buyers would likely find it difficult to recover downpayments they made on homes in the 8,000 home White Bay development, which Al Murjan had started to build in another emirate, Umm Al Quwain, the newspaper said
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