However, given the track record of the scheme’s decision-makers, with at least three major deals collapsing over the years and top UAE lawyer, Essam Al Tamimi, founder of Al Tamimi & Co, describing the project as “haunted”, there seems little reason to be hopeful.
At 22 million sq ft, Dubai Pearl was touted as one of the largest construction projects in the world when developer Omnix Holdings started work on it in 2004.
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It was yet another blow to hundreds of investors that have repeatedly tried and failed to extract information from the authorities on what is happening with the scheme and whether they will ever recoup the millions of dirhams they put into it.
Pearl was founded by three former i Pod engineers in 2014 and eventually recruited dozens more people from an Apple background.
The result was the Rear Vision, a 0 plate-mounted camera linked with i Phone and Android apps through a special car adapter.
One investor, Australian Lidija Stefanovski, tells Arabian Business: “I am just one of many unfortunate investors in this fallen project.
Frustration is a small word to describe our feelings when you consider what has been allowed to happen to those of us who paid a premium for luxury real estate but have been left hanging with no answer for what will happen next or how we can get our money back.” This publication has contacted the developer, free zone-incorporated Pearl Dubai FZ, on numerous occasions and been met with the same response, variations of: “We will not be able to provide you with in-depth information at this point.