Ajman settles Dh1.4bn Al Helio claims

Ajman Real Estate Regulatory Agency (Arra) has settled claims worth Dh1.4 billion on Al Helio Downtown project - a move that is likely to bring cheers to many investors in stalled projects.

The move to settle claims was directed by Arra Chairman Sheikh Abdul Aziz Al Nuaimi, who emphasised on the need to “safeguard the rights of the investors".

According to Arra Executive-Director Yafea Eid Al Faraj, it took nearly eight months of hard work and co-ordination between various stakeholders to settle the claims.

“We had to overcome difficulties of communication with investors, a large number of them were based outside the country, identify their claims and try to overcome all the obstacles in the negotiations with the developer,” he added.

It was in April 2010 that Arra had moved to resolve claims of investors in Al Helio project. It had asked investors, customers and all those who have claims on the Helio Downtown project to refer to Arra office either personally, via e-mail or by registered post within 30 days, between April 1 and 30."

Al Helio Downtown, a Dh4-billion master development initiated by South Korean master developer, D'Seco, was launched in June 2008 and was scheduled for completion in 2013. The development was to cover an area of 115 acres and comprising 65 freehold plots – commercial, residential, and mixed use.

Arra has been working on a plan to help investors who have lost money to dodgy developers in the emirate and has been playing a significant role in resolving disputes. In October 2010, former Director-General Omar Al Barguthi had told this website that 98 out of 160 registered projects were under construction.

The agency was established in December 2008, according to the provisions of the Emiri Decree No8 of 2008, as amended by the Amiri Decree No11 and No12 of 2008.

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