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UAE property developer files for bankrupty

Posted on 25 November 2010

From Reuters: Al Murjan Real Estate, developer of a $3 billion housing project in the United Arab Emirates, has filed for bankruptcy after running into financial difficulties, according to a letter sent by liquidators to property buyers.
The developer filed for insolvency in the emirate of Sharjah and two liquidators have been appointed, the FT reported earlier on Wednesday, citing lawyers saying that it was the first court-mandated bankruptcy of a distressed property project in the emirates……………………………………….Full Article: Source


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