A US real estate developer is suing a quasi-governmental Dubai firm for $1bn in damages, claiming its investment in a project in the emirate’s property boom was unjustly cancelled amid a contractual dispute.
The developer, Capital Partners, had in July 2005 made what was planned to be one of the largest foreign investments in the region’s business hub, when it announced plans for River Walk, a mixed-use $1bn project in the busy internet business park located on prime land near the trunk of the reclaimed Palm Island.
