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Holy land status leads to $68mln Dubai dispute involving Nakheel

Posted on 02 September 2011

Land designated for a mosque is at the centre of a US$68 million (Dh249.7m) dispute between a hotel developer and Nakheel, the Dubai property giant.Greenfield Trading paid Dh200m in June 2008 for a plot in Dubai Waterfront, the Nakheel development that would create a new business and resort district.

Greenfield planned to build a mixed use hotel and resort on the site. But two months after Greenfield bought the property, Nakheel disclosed that part of the parcel was classified as holy land and had served as a site for a mosque for 30 years, Greenfield alleges in a claim filed with the Dubai World Tribunal……………………………………….Full Article: Source

 
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