Deyaar drops project with Ansal
Dubai’s realty firm Deyaar drops project with Ansal
DUBAI: Deyaar, a Dubai property developer at the centre of an investigation into alleged embezzlement, said it had agreed to drop plans to develop a real estate project in India. In November, Deyaar, Dubai's second-largest property developer by market value, said it expected to finalise a $5-billion agreement to build a township near Delhi with Ansal Properties and Infrastructure. An initial agreement with Ansal to work together had been cancelled by mutual consent, Deyaar said on Wednesday in a statement on the Dubai bourse website. It did not explain why. "Deyaar's strategic plan to participate in the attractive Indian real estate market remains on track, and discussions continue to progress with other potential partners," it said.
DUBAI: Deyaar, a Dubai property developer at the centre of an investigation into alleged embezzlement, said it had agreed to drop plans to develop a real estate project in India. In November, Deyaar, Dubai's second-largest property developer by market value, said it expected to finalise a $5-billion agreement to build a township near Delhi with Ansal Properties and Infrastructure. An initial agreement with Ansal to work together had been cancelled by mutual consent, Deyaar said on Wednesday in a statement on the Dubai bourse website. It did not explain why. "Deyaar's strategic plan to participate in the attractive Indian real estate market remains on track, and discussions continue to progress with other potential partners," it said.