Fortune Group to use own equity to fund projects

Dubai-based developer, Fortune Group has said that due to defaults by customers the firm will use its own equity to complete the Fortune Executive Tower in Jumeirah Lake Towers, Emirates Business has reported. 'While the money keeps on rotating from one project to another, our payments are never made and the defaulters continue to hold on to the units as well. We have faced this problem with Fortune Executive Tower and have decided to pump in personal equity to complete the project.' Syed Mohammad Ali, CEO of Fortune Group said. The group's current investments in Dubai's real estate market are valued at over Dhs12bn across 21 commercial and residential projects. The developer confirmed that its Burj Al Alam project will be completed. More »