Realty Firm Oger Dubai Confirms Fallout with Daman

A subsidiary of Saudi Oger Limited, Oger Dubai a Dubai property developer said that a termination notice from Daman Real Estate Capital Partners Ltd. has been received for “The Buildings by Daman” project. It is a multi-purpose project comprising of 65 floors and this mixed-use complex is ideally situated at the Dubai International Financial Centre. The Daman Investments statement was issued on Thursday followed by the announcement.

In the statement the reason for termination of Oger Dubai is also mentioned as a Dubai based private firm had said that this decision of termination was based on the “disappointing performance of the contractor”. For this project Oger Dubai was the main contractor and has refused to agree with the Daman’s position.

A statement from Oger Dubai has said, “Oger Dubai recognizes that the economic conditions for the real estate industry remain difficult. Oger Dubai does not accept that the decision of Daman Real Estate Capital Partners Ltd. was based on the alleged performance related issues, but notes many key factors surrounding the Project. Oger Dubai has performed the works to high standards and in accordance with its commitments.”

Moreover, they have further added, “As this is the first such case that the Oger Group has faced during its long history of operations, Oger Dubai will consider its position and reserves its rights. Oger Dubai will take all appropriate measures to protect its interests and market-leading reputation.”

Oger Dubai was opened by The Hariri family's Saudi Oger Group as a part of the expansion plan of their group. Currently this group operates eight offices in Saudi Arabia, Switzerland, France, Morocco, Jordan, UK and Lebanon.