The company board affirmed its support for legal action against the previous management
Last month, the UAE attorney general announced a “major” investigation into alleged financial violations at the company
The Public Prosecution is investigating allegations of financial violations committed by chairman Khalifa Hassan Al Hammadi as well as other senior executives
The MoU is valued at Dhs420m
The value of its assets increased 5 per cent from Dhs5.9bn to Dhs6.2bn
The board will continue to evaluate the acquisition of other real estate assets in the UAE
The company said its board will also discuss the acquisition of other investment real estate assets in the UAE
The Motor City Hills development will include 195 single-family homes, 490 townhouses and six commercial land plots
The claim is related to a project completed around a decade ago