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Sama Dubai is offering investors in The Lagoons a chance to use their credit towards projects in Jumeirah Beach Residents and the Executive Towers.
September 30, 2009 12:28 by Dana El Baltaji
Chet Riley, an analyst at Nomura Securities in Dubai, said: “[Sama Dubai] are going through the projects and deciding what’s going to go ahead and what’s not going to go ahead. By offering a credit note, they are protecting their cash flow and consolidating projects.”
When contacted by the paper, the developer declined to comment on the trade-off: “We remain committed to The Lagoons and progress continues on the development,” a Dubai Properties Group spokesman said. “It is always our first priority to meet the needs of our customers and while we are in constant dialogue with our owners-investors it would not be appropriate to comment on these discussions.”
Sama Dubai, however, has shown signs of financial distress. Last week, Dubai Holding announced it will pay off Sama Dubai’s three-year $300 million loan that matured on September 27; the developer raised the loan in September 2006 to finance its real estate projects.
Furthermore, the company has reportedly shed approximately 650 employees since the crisis hit the region, bringing its staff count to 100.
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