A group of German and Austrian investors
(ACI), the developer of the
towers in Dubai, Nathalie Gillet reports in The National. The group paid about €150 million (Dh779.7m) to ACI as an investment that would be paid back with capital gains, but it looks like the company is having trouble selling assets to pay them back.
, Anjana Kumar reports in Emirates Business 24/7. The project was originally launched last year and was scheduled to be finished in 2010. Khaled Kalban, managing director and chief executive of the development's parent company
, said the project was cancelled because investors could not pay for their purchases.