Dear Owner

It is with much regret that we inform you that we have recently been advised by the master developer of Business Bay that the completion of the permanent infrastructure for Business Bay (namely the roads, electricity, chilled water, sewage and water supply) has been delayed, and that this infrastructure will take at least twenty four (24) months to complete.

We have been aware of the possibility of some infrastructure delay for several months, but we had hoped that such delays would not materially impact on our delivery of the Project. Unfortunately, it is now confirmed that the delivery dates for the most essential permanent infrastructure elements are much later than anyone could have anticipated and that such delays will have a material impact on our delivery of the Project. Accordingly, this will now also delay the anticipated completion date for your unit(s) pursuant to your sale and purchase agreement (“Agreement”).

In light of this disappointing news, we have no alternative but to suspend construction work on the Project for an anticipated period of five (5) months and to reconcile the anticipated completion date to be consistent with the master developer’s permanent infrastructure delivery dates.

This has been a difficult decision for us to make, but we have taken this decision to protect your interest and investment. It is not feasible to handover your unit(s) in the Project without essential permanent infrastructure being available in any event. We have disclosed this disappointing news to Screampoint, who are the company appointed by the Real Estate Regulatory Agency (RERA) to audit construction progress. They will be updating their records accordingly.

If an event of Force Majeure occurs (as such term is defined by your Agreement), as the case is here, we are entitled to rely on Clause 16 to delay the anticipated completion date of the Project. Upon serving notice, such amendment will be deemed to be a valid, binding and integral part of your Agreement. Kindly accept this letter as notification pursuant to your Agreement that the anticipated completion date for the Project has now been delayed due to reasons beyond our control. Please disregard any other anticipated completion date that we have advised you of earlier. Once we have obtained more detail from the master developer and have visibility on infrastructure completion dates, we will re-commence the project and advise you of our new anticipated completion date together with your revised payment plan.

Although this delay is the result of events which are completely beyond our control (and we share your frustration in this regard), we confirm that we remain fully committed to completing the Project to the highest standards and to keeping our investors as fully informed as possible. We appreciate your patience and understanding in this matter and in the meantime, we thank you for your investment and your continued support on this quality development.

Should you have any questions please do not hesitate to contact a member of the Customer Relations Team on +971 4 511 5500 or customerrelations@omniyat.com.

Yours sincerely,

Cornelia Montgomery
Customer Relations Director
For and behalf of Binary Development Ltd