Sama Contracting, the JV between Sama Dubai and the UK firm Murray Roberts, has been shutdown as of this morning. Sama was the name behind the much delayed Lagoons development in Dubai. Meanwhile, the developer behind the Lagoon project "....has said the local real estate market "badly needed" a correction in prices. Tahir Schön, chairman of Schon Properties said he was "unworried" about the downturn in the sector." (ArabianBusiness.com)
Mr Schön stands alone as the only person in the UAE unworried by the downturn.
In further developments, Arabtec (UAE's largest contractor) is pursuing the government owned Meydan Group for payments following the termination of the JV contract to build the new Nad al Sheba racecourse. The other JV partner, Malaysia's WCT Bhd, are reported to be poised to claim $84 million in compensation after the termination.
What's that Polish curse "May you live in interesting times"? We're certainly living in them!