$4m. Imminent12 Oct 2016 09:28
The Dubai Land Department has requested the above before the funds in relation to the Disposal can be transferred to Tejoori. The funds were yesterday provided by SRG to the Dubai Land Department and are being held in escrow. Once the new certificate of incumbency has been provided to, and accepted by, the Dubai Land Department the Board expect the Disposal to complete and the net funds of US$3.57 million to be released by the Dubai Land Department to Tejoori.
The Board understand that the process for validation and attestation of the certificate of incumbency can take approximately 3 weeks. Based on these timings and the discussions held with the Dubai Land Department the Board anticipate that completion of the Disposal will now take place in early November 2016.