Damac's Business Bay tower back on track

Property developer Damac, which had attempted to cancel Haz Tower in Dubai property Business Bay , stated that the project is back on track due to complaints by investors who had invested in Dh60 million since July 2007.

Around 10 riley investors met officials at the Land Department to complain against the company.

Though, Niall McLoughlin, senior vice-president of corporate communications at Damac, Dubai property said that the Haz Tower is "definitely going ahead".

The issue appears just a week after Damac came under fire for canceling the Palm Springs project on the Palm Jebel Ali.

The Haz Tower was begun July 8, 2007, with a project worth of around Dh240 million. The tower value is now estimated Dh660 million.

Damac, the largest private sector developer in the UAE property, has launched 80 projects but handed over only two so far.