03 September 2009
Awali Real Estate Investments, the master developer of the Dh20-billion Awali City in Ajman, does not have plans to give back land to the government and has started rescheduling payment plans of investors, a company executive said.
Awali Real Estate Investments, the master developer of the Dh20-billion Awali City in Ajman, does not have plans to give back land to the government and has started rescheduling payment plans of investors, a company executive said.
"We have not decided to give back any land to the government," said Abdul Latif Al Mohamed Ali, General Manager - Dubai, Awali Real Estate Investments.
The master developer is also in talks with Ajman Real Estate Regulatory Agency for opening registration and opening of escrow account. Ali said an announcement regarding the project will be made after Ramadan.
Awali City is being developed on 33 million square feet of land in Ajman along the Emirates Road.
By Parag Deulgaonkar
© Emirates Business 24/7 2009
