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Dubai developer demands 88% extra from investors to cover construction costs
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Dubai developer asks buyers to cover construction costs
- United Arab Emirates: Wednesday, November 19 - 2008 at 12:41
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Property developer MiNC has sent a letter to investors in its Prodigy 1 project in Jumeirah Village, Dubai, asking them for up to 88% extra capital up front to cover construction costs. The move comes as banks in the emirate curtail project financing, leaving some firms with no access to liquidity. 'We either sit and wait this out, or we need to find another solution,' MiNC's director of operations told AME Info.
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Edward Poultney, Editor - EnglishWednesday, November 19 - 2008 at 12:41 UAE local time (GMT+4)
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