How a developer ‘rescued’ troubled project in Dubai


The project has positioned the group as a key player in this niche segment dedicated to the rescue of distressed projects. Says Preatoni, “From where we stand, we hope that we’ll be able to replicate the model on other projects. Despite having had many difficulties, we believe there are still opportunities in the market for us to develop. Of course, to do so you need a specific kind of knowhow and a willingness to put yourself in a very management-intensive, complicated kind of situation. I don’t know how many more we’ll do, but I hope we’ll help deliver other units to the market, thus saving other people’s investments, turning a nice profit for ourselves with little margins of risk, and helping the city of Dubai in further developing its skyline.”

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