Monday July 27 2009

Dubai: Tameer said its project Al Salam City in Umm Al Quwain (UAQ), could be worked on in the future, despite it being recently put on hold.

All investors in the project are being refunded 100 per cent of their money.

More than 70 per cent have been refunded so far, and everyone is expected to be refunded before the end of September, according to Federico Tauber, president of Tameer.

"It could be [worked on] in the future. There is a significant investment there but it is not our priority now.

"Our priority now, for Al Salam City, is to satisfy the customers and refund them and our main goal is to deliver the projects we have," Tauber told Gulf News.

The project was being developed by Tatweer and the Umm Al Quwain government.

With a long-overdue shift in management, the company is now committed to handing over its remaining eight projects, with a combined value of Dh20 billion, under the new guidance of Tauber.

"It's good news today, in this market. It is a major milestone in Tameer's history as it is the first major project to be delivered," Tauber said.

Tameer yesterday announced the delivery of its Dh500 million Palace Towers in Dubai Silicon Oasis which has a 25-storey commercial tower with 150 offices and a 22-storey residential tower with 424 apartments.

The company's project in Jordan, Al Majid City, will be handed over next month and an office tower in Business Bay will be completed in December.

Source: Gulf News