PHOTO
Image used for illustrative purposes. Workers in blue overalls are seen on a building site in Dubai Marina on December 5, 2006 in Dubai, United Arab Emirates. Construction in Dubai is on a massive scale and an estimated 20 percent of the world's cranes fill the skyline as the city establishes itself as one of the great tourist destinations of the world.
DUBAI- The Real Estate Regulatory Agency (RERA) at Dubai Land Department (DLD) affirmed that the Marina 101 project is in its final stages and close to completion, whereby RERA contacted investors and informed them of the most prominent and recent developments regarding the completion operations that took place at the site.
RERA prepared a report in this regard and shared it with target investors, informing them of the latest completion rates given that construction on the project is almost complete.
Marwan bin Ghalita, CEO of RERA, said, "Following the suspension of construction operations at the project, RERA addressed investors, in cooperation with the account trustee at Bank of Baroda, based on Article No. 15 of the law concerning escrow accounts for real estate development in Dubai which states that "In the event of any emergency situation where the Real Estate Development project is not completed, the Escrow Agent of that project must, after consultation with the Department, take the required measures to preserve the rights of depositors and ensure that the Real Estate Development project is completed or that depositors are refunded their payments."
"As a result, a new timeline was prepared for the project’s completion within the specified period," he added.
