For the past few weeks, a property broker called Salim Bandeali has been sending out e-mails to people across Dubai asking to buy up their "credit notes". He explained, and I quote, that "<span style="font-family: Arial; font-size: small;"><span style="font-size: 10pt; font-family: Arial;"> <strong><span style="font-weight: bold;">Nakheel & Emaar</span></strong> are issuing <strong><span style="font-weight: bold;"><span class="il">Credit</span> Notes</span></strong> for their delayed projects</span>" and that he had "few ready customers who are interested in buying it in discounted price". </span> When I asked Nakheel about this, a spokeswoman said on April 12: <span style="font-family: Arial; font-size: small;">And just now, Emaar Properties sent out a similar message: </span> <span style="font-family: Arial; font-size: small;">No projects launched by Emaar Properties are currently on hold. All the developments are progressing and in line with Emaar's strategy to complete all commenced projects. </span> <span style="font-family: Arial; font-size: small;">As part of our commitment to customers, we are currently offering several options including end-users having the option of transferring their purchases from projects that will be completed at a later stage to those in the advanced stages of development. </span> <span style="font-family: Arial; font-size: small;">Emaar has not issued or is planning any document that will enable customers to transfer their payment to others. </span> <span style="font-family: Arial; font-size: small;">Being a listed company, all matters of significance to the Company are made available in public domain on a timely basis to avoid any speculation. </span> <span style="font-family: Arial; font-size: small;">Any information in contradiction to the above relate to misrepresentation of the facts.</span> However, this seems to be contradicting statements made to Arabian Business last week by Naaman Attallah, chief operating officer of Emaar Dubai. <a href="http://www.arabianbusiness.com/553464-business-booms-in-emaar-credit-notes">Read that article here</a>. Emirates 24/7 Business also reported Mr Attallah<a href="http://www.business24-7.ae/articles/2009/4/pages/22042009/04232009_3bf40681636d4f9fa5c6240601b5e4e7.aspx"> admitting the use of credit notes </a>in a speech at the Dubai Property Society last week. These credit notes seem to be a tricky topic. Does anyone have some more clear evidence that they exist?