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Dubai Famous Developer Nakheel Lost Two Court Cases Last Week

The developer of the Palm and World Islands, Nakheel lost in two cases this week. This lost will cost the company a $23m. The former CEO of this building company, Chris O’ Donnell was awarded $3m for his damage for breaching a contract between him and the company. After working with the company for 5 years, he left it last summer and sued a case of $3.7m for his loss in incentives, entitlement loss, and salary and exchange rates losses.

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New Breathe Of Life For Dubai Real Estate With Increase In Transactions

Dubai real estate’s scenario seems to be changing with increase in transaction ratio. Major changes are evident due to this transformed scene in the real estate sector of Dubai. In the beginning of last year, 2011, many of the prestigious projects were completed and many new ones were introduced in the realty market of Dubai. And, the end of last year witnessed amazing 20% increase in business as a whole.

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