Investors petition Emaar to cancel schemes

Emaar Properties is considering cancelling three of its projects after receiving a petition from investors.

An Emaar spokeswoman told Reuters the firm had received a petition in connection to the Emaar Investor Group requesting the cancellation or postponement of its Asmaran, Maysan and Warsan schemes.

“Emaar Properties has received a petition from investors regarding some of its projects and will consider their proposals seriously,” she said in a statement. “Emaar is committed to upholding the interests of all our customers and stakeholders and appreciate their concerns, especially given the current economic conditions.”

The Asmaran, Maysan and Warsan projects were launched in May and June 2008.

Contractor Arabtec won the 599m dirham deal to build villas at the Warsan development in July 2008.