Dubai's Union Properties is negotiating for a discount with at least five investors on outstanding payments for a delayed project, and is in talks with others, an executive told a television channel.

"We met with some investors along with the law firm which represents them and we reached that a friendly settlement is the desired way," the firm's general manager Khalid Al-Jarwan told Al Arabiya television, declining to give further details, but adding it was not considered a legal case.

More than 30 investors filed a breach of contract case against the developer for the non-delivery of homes on its Index Tower project, which is under construction in the Dubai Financial Centre, a local daily Emirates Business reported earlier on Monday.

Al-Jarwan said 99 percent of the tower's structure had been finished and that the project would be handed over in August this year. The project should have been completed two years ago, the suit claims, according to the newspaper.

"The respondents' continuing failure to deliver the units and the failure of the respondent to issue SPA (sale and purchase agreement) in a timely manner is a breach of its contractual obligations," according to documents seen by the newspaper.   

Earlier on Monday, Union Properties' chairman Khalid bin Kalban told Reuters he was unaware of the legal case. "There are complaints of course but management is dealing directly with them," he said. - Reuters