Dubai developers repossess some units

UAE-based developers Bonyan International and Cayan Development have said they have started repossessing some 120 units from defaulting investors after having given grace periods of between six months and one year, Emirates Business has reported. "Since the customers showed no signs of paying up and in order to ensure the continuity of the project, and keeping in mind the recession, we have terminated the contracts of those investors. We have gone through the entire process as regulated by Real Estate Regulatory Agency (Rera) to repossess the units," Kareem Derbas, CEO of Cayan said.