A big property developers in the UAE Al Murjan Real Estate failed to overcome their financial crisis and has filed a bankruptcy. Al Murjan Real Estate is a housing project developer for $ 3 billion in United Arab Emirates.
One cause of bankruptcy is a slump in property prices up to 60 percent since 2008 and the majority of buyers do not take care of payment. Buyers are difficult to recover down payments they made for a home in the 8,000 home White Bay development.
The project is a collaboration between Sheikh Abdullah bin Rashid al-Mualla, deputy ruler of Umm al-Quwain, and Sheikh Tariq bin Faisal al-Qassimi Sharjah Emirates-based investment group. Al Murjan have filed bankruptcy in the Emirate of Sharjah and the next two liquidators had been appointed. The court-mandated bankruptcy was the first due to distressed property project in the Emirates.
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