DIB takes over $3.5b Plantation Holding |
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Monday, Nov 03, 2008
Gulf News
Dubai: Plantation HoldingPlantation Holding
, the $3.5 billion equestrian development in Dubailand, has been taken over by Dubai Islamic Bank (DIB)Dubai Islamic Bank (DIB), officials have confirmed.
In a statement to Gulf News on Sunday, Dubai's Real Estate Regulatory Authority (Rera)Real Estate Regulatory Authority (Rera), notified the public "not to deal with Mr Arthur Fitzwilliam", the previous owner of Plantation HoldingPlantation Holding.
"The registration of Arthur Fitzwilliam has been deleted from the developer's register as he failed to comply with laws and regulations of real estate development," ReraRera said.
This is good news for the Dubai real estate sector because it serves as a warning to all developers.
It is now clear that those developers who do not comply with ReraRera standards and regulations will be issued severe penalties and rooted out of the real industry.
Ehsan Ilahi, an official at DIBDIB, said it will take about one month for all the information, such as balance sheets for the project to be collected before any further decisions are made.
"At the moment, as far as I understand, the arrangement is that the project will go ahead according to plan," Ilahi told Gulf News.
Contact bank
Anyone who has bought units in the project has been asked to contact Dubai Islamic BankDubai Islamic Bank.
It is not clear how much of the project has been sold already. Tom Woolf, a director of PlantationPlantation and friend of Fitzwilliam, was not available for comment when contacted by Gulf News.
PlantationPlantation was due to hold its first international polo events next April.
However, the likelihood of this is now unclear as the future of the 20 million square foot development hangs in the balance.
© Gulf News 2008. All rights reserved.
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