Dubai Courts rule in favour of Nakheel against Q Group
Safi Qurashi ordered to pay AED11 million ($3 million), Dubai developer says
Nakheel has released a statement regarding a court decision made in its favour against Safi Qurashi, CEO and founder of Q Group, ordering the latter to settle outstanding payments due to the developer.
“Nakheel today confirmed that the 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, Mr Qurashi has been ordered to pay AED11 million ($3 million) and Nakheel has obtained an attachment to recover the judgment debt,” the statement read.
Two months ago, Nakheel reacted swiftly to an announcement made by Q Group regarding the Great Britain Island at The World. Q Group, the developer of the island at Nakheel’s The World project, had said that it had signed an agreement with Drydocks World to provide offshore marine and operational management services for the island. Q Group had also revealed other plans for the island, including the development of a luxury resort, villas, and serviced apartments.
“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,” Nakheel had said.
