Dubai developer Nakheel confirmed on Thursday that it has won a case against investor Safi Qurashi relating to money owned on land at the Dubai Waterfront project.
In a short statement, it said: “Dubai Courts have issued a judgment in Nakheel’s favour against investors Safi Qurashi and his business associates in respect of money owing on land at Dubai Waterfront.
“Under the judgment, Qurashi has been ordered to pay Dhs11 million and Nakheel has obtained an attachment to recover the judgment debt.”
However, Safi Qurashi, the founder and CEO of Dubai-based Q Group – which is developing the Great Britain Island on Nakheel’s The World project, called the statement “misleading.”
“I am surprised by today’s statement from Nakheel which is very misleading, and I would urge fair play from all parties in this matter,” he stated in a response.
“The facts are that in December 2013 the Dubai Courts ordered that I should receive Dhs31.3 million ($8.6 million) from a complainant, after clearing me of any criminal charges in a case of security cheques, which the courts ruled should never have been banked.
“The judgement referred to in the Nakheel statement relates to an attachment order by the court for some of the money still owed to me to be held pending the conclusion of a legal dispute I have with Nakheel. This concerns a plot of land in the former Dubai Waterfront project. I am fully confident of a successful conclusion to this dispute in my favour.”
Qurashi has been embroiled in legal disputes with the developer ever since Dubai’s property crash in 2009.
He earlier served a two-and-a-half year jail sentence for issuing bounced cheques, and was released in 2012.
Soon after he was released, Nakheel slapped another case on him, accusing him of issuing bounced cheques worth Dhs6 million for a plot in Dubai Waterfront, its massive 1.4 billion sq ft project.
Intended to be the world’s largest beachfront development and the largest man-made development, Dubai Waterfront was planned as a conglomeration of canals and artificial islands.
Expected to house an estimated population of 1.5 million people, the grandiose project was stalled after Dubai’s property crisis in 2009, when developer Nakheel was hit hard and later forced to undergo a restructuring programme.
More recently, Nakheel again locked horns with Qurashi after he issued a statement in November, confirming that progress was being made on the Great Britain Island. Q Group announced that it had signed an agreement with Drydocks World to provide offshore marine and operational management solutions for the development.
The developer also said it is set to reveal plans for a luxury resort, private and water villas, hotel serviced apartments, an event and wedding venue, offshore restaurants and bars, and water-based experiences on the island.
Nakheel responded, calling the announcement “misleading and misguided.”
“We are surprised at and intrigued by the news, given that there are still considerable payments outstanding in relation to the purchase of the island.
“No design application will be accepted, nor will construction be permitted, until payment has been made,” it said.