A group of investors, claiming two-third majority, has twice petitioned Dubai's Real Estate Regulatory Agency (Rera) for cancelling Arabian Tower project in Jumeirah Village.
MF Khan, a spokesperson for the group, told Emirates Business that the group had met senior Rera officials on April 1 with a petition for cancellation of the project by Dubai-based AA Global.

The UAE real estate market may see further drop in prices as most properties are still overpriced and the occurrence of real recovery remains difficult to predict, industry analysts told Emirates Business.

"With regard to the UAE real estate market, it is possible that we will see a further drop in prices," said Chris Dommett, Chief Executive Officer of John Charcol Middle East.

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued a decree setting up a judicial committee to liquidate the assets of debtor Abid Al Boom, owner of Abid Al Boom Management and Development Properties.