7StarsDubai

Dubai UAE News from the Press Property Market Disaster and More

  • March 2008
    M T W T F S S
    « Feb   Apr »
     12
    3456789
    10111213141516
    17181920212223
    24252627282930
    31  
  • Middle East Unrest Update

  • Talk of the Town

    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
  • Top Rated Comments

  • Top Posts

  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
  • Top Rated Posts

    • 466,222 visitors 2010
  • Disclaimer 7 Stars Dubai

    This Website of the Blog 7starsdubai.wordpress.com and 7starsdubai.com content still existing media releases and comments from reputated press and websites only. The content of this Website focus to consumer protection for Investors of the Dubai Property market, the UAE and the Middle East. Press Article from the international Press who report about Fraud in relation with Property Investment and Real Estate Developer Investor Disputes in Dubai and the UAE as well reports from the Press about other criiminal acts and Civil Real Estate cases, Lawsuits before the Court in Dubai, the UAE or other countries. Furtheron we show reports about consumer protection and human rights in the Middle East. Actual Topics about the Unrest in Middle East. The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of this site does not constitute advice or a recommendation by us.Communications and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this Web site. We can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on this Web site nor do opinions of contributors necessarily reflect those of us.In no event shall we be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to this Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise. Comment Rules: Although the administrators and moderators of 7starsdubai.com will attempt to keep all objectionable comments off this Blog, it is impossible for us to review all comments . All messages express the views of the author, and neither the owners of this Blog, nor the administrator of this Blog will be held responsible for the content of any message, comment. By agreeing to these rules, you warrant that you will not post any messages that are obscene, vulgar, hateful, threatening, or otherwise violative of any laws. The adminstrator of this Blog reserve the right to remove, edit, move or close any comment (message) for any reason This Blog content still existing media releases and comments from websites only. The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of this site does not constitute advice or a recommendation by us.Communications and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this Blog. We can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on this Web site nor do opinions of contributors necessarily reflect those of us.In no event shall we be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to this Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise. Copyright: The copyright to the text of the blog is held by the author or link as source provided, where applicable. All images displayed are copyright their respective owners and are used either under licence or under the fair use provisions of international copyright law. The information contained in this Web site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this site. Accordingly, the information on this site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult the administrator of this website. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, 7starsdubai.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will 7starsdubai its related partnerships or corporations, or the partners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this site or for any consequential, special or similar damages, even if advised of the possibility of such damages. Certain links in the Web site connect to other sites maintained by third parties that may or may not be presented within a frame on the Web site. 7starsdubai.com has not verified the contents of such third party sites and does not endorse, warrant, promote or recommend any services or products, that may be provided or accessed through them or any person or body which may provide them. 7starsdubai.com has not issued or caused to be issued any advertisements which may appear on these Web sites. We do not review, monitor or endorse any third party web sites linked to Our Site and We are not responsible for the content of any web site linked to Our Site. Your access to any web site that links to Our Site is at your sole risk. We are not responsible for the information, material, products, or services contained on or accessible through such other web sites and will not be liable for any form of loss or damage arising as a result of or in connection with your visits to such web sites. Any links to other web sites are provided merely for the convenience of the users of this Site and the inclusion of these links does not imply an endorsement of the linked web sites or the content therein. In addition, you agree not to link your web site or any other third party web site to Our Site or frame Our Site as part of any other web site without Our express prior written consent. We reserve the right, at any time and for any reason not prohibited by law, to deny permission to anyone to link a web site to, or frame, Our Site. We reserve the right to withdraw Our consent at any time to a link to, or framing of, Our Site at Our sole discretion without notice. Your use of this Site and the operation of these Terms and Conditions shall be governed by and construed in accordance with the laws and regulations of and applicable in Germany You agree, acknowledge, and submit to the Court in Germany having non-exclusive jurisdiction over all and any dispute or difference between us arising out of or in connection with this Agreement. Please review these Terms and Conditions carefully before using this Site. Your use of this Site indicates your irrevocable agreement to be bound by these Terms and Conditions (as may be amended by Us from time to time). If you do not agree to be bound by these Terms and Conditions please stop accessing and using this Site immediately. Warning: We are aware that several times Cybercriminals mirrowed our Website and posted on several Forums, Website comments by misuse of our email adresses. These Cybercriminals registerd several similar looking Domains and installed several 1:1 mirrowed Websites which look like our Website 7starsdubai. We have already taken the necessary steps by filing criminal complaints against the Individuals behind this Identity theft an Cybercrime, by misusing fraudulently our Blog Identity 7starsdubai. In Search engines like Google, Yahoo, Bling and others you should always take a close view to the links. If this links do not originaly start with www.7starsdubai.com or http://7starsdubai.worpress.com/.... you will end on a faked mirrowed modificated Website. The genral Background of this Cybercriminals is a Stalking and Smear campaign, faking stories for their personal use, to discriminate Persons with the goal to destroy their reputation.
  • RSS ZDF Heute Germany

    • Untitled
    • Schulz zieht mit "Ehe für alle"-Forderung in Wahlkampf
      Gleichstellung HomosexuellerDie SPD will mit der Forderung nach der Öffnung der Ehe für Homosexuelle in den Wahlkampf ziehen. Schwule und Lesben sollten nicht nur heiraten, sondern auch Kinder adoptieren können, heißt es aus dem Willy-Brandt-Haus. Auch Kanzlerkandidat Martin Schulz unterstützt die Forderung.Video Mutter, Mutter, Vater, KindVideo Maas will Sc […]
    • Sturm: Eine Tote in England - Stromausfälle in Irland
      LiveblogEin Orkantief zieht über Westeuropa. In Großbritannien starb eine Frau durch umherfliegende Trümmerteile. In Irland fiel zeitweise der Strom aus. In Deutschland wurden Karnevalsveranstaltungen abgesagt. Alles zum Sturm in unserem Liveblog.Video Orkantief zieht über Deutschland
    • Staatsüberschuss: Wohin mit dem Geld?
      BundeshaushaltGuter Arbeitsmarktlage, sprudelnde Steuereinnahmen und niedrige Zinsen: Mit 23,7 Milliarden Euro verbucht die Staatskasse den höchsten Überschuss seit der Wiedervereinigung. Das weckt Begehrlichkeiten. Die Verlockung ist groß, Wahlgeschenke zu machen. Was passiert nun mit den Milliarden.Video Schäuble schützt ÜberschüsseVideo Bund:Wachstum und […]
    • Terror-Pläne: Polizei nimmt 26-Jährigen fest
      Mutmaßlicher SalafistEr besorgte sich Chemikalien und Bauteile für einen Fernzünder: Ein in Südniedersachsen gefasster deutscher Islamist hat eingeräumt, dass er Polizisten oder Soldaten mit einem Sprengstoffanschlag töten wollte.Video Konzepte gegen GefährderVideo Erkenntnisse zur Salafisten-SzeneVideo Projekt gegen Salafismus
    • Staats-TV: Flughafen von Mossul erobert
      Kampf gegen den ISDie Großoffensive gegen die Terrormiliz Islamischer Staat schreitet voran: Nach Angaben des irakischen Staatsfernsehens haben Sicherheitskräfte den Flughafen von Mossul erobert. Ein strategisch wichtiges Ziel: Von dort soll der Westteil Mossuls erobert werden - die letzte Bastion des IS im Irak.Video Neue Offensive auf MossulVideo Erfolge b […]
    • Straßenschlachten und "No-go-Areas" in Schweden
      ZuwanderungAuf die Äußerungen von US-Präsident Trump zu Flüchtlings-Problemen in Schweden hatte das Land ironisch reagiert. Wenige Tage später wird die Diskussion ernster, denn Probleme gibt es tatsächlich. Mit den Flüchtlingen, die 2015 kamen, hat das aber nichts zu tun.Video Probleme mit Zuwanderung?Video Donald Trump vs. SchwedenVideo Schweden fordert Erk […]
    • "Wir haben verdammt viel zu verlieren"
      Kulturförderung in schwierigen ZeitenDocumenta und Osterode - zwei Seiten der Medaille, die die Kulturstiftung des Bundes seit 15 Jahren hin und her wendet. Mit fast 40 Millionen Euro fördert sie pro Jahr Veranstaltungen zwischen Leer und Kempten. Und über allem schwebt die Sorge in unruhigen Zeiten.Video Szymczyks documenta 14Video Hype um die Elbphilharmon […]
    • Paris und Berlin: Opel soll Opel bleiben
      Zypries trifft SapinArbeitsplätze, Bestandsgarantie und Eigenständigkeit: Rund um die geplante Opel-Übernahme gibt es einiges zu klären. Wirtschaftsministerin Brigitte Zypries ist deshalb in Paris, um ihren französischen Kollegen Michel Sapin zu treffen. Die gemeinsame Losung lautet: "Opel muss Opel bleiben."Video Ungewisse Zukunft für OpelanerVide […]
    • Verdächtiger Hacker in London verhaftet
      Nach Angriff auf Telekom-RouterIn London ist ein Verdächtiger im Zusammenhang mit einem Hackerangriff auf die Deutsche Telekom festgenommen worden. Bei dem Angriff Ende vergangenen Jahres hatten sich eine Million Internet-Router der Telekom abgeschaltet.Video Gefährliche SchadsoftwareVideo „Hauptziel Onlinebanking“Video Was sind Social Bots?
    • Bart Somers ist der beste Bürgermeister der Welt
      "City-Mayors"-StiftungSeit 2001 ist der 52-jährige Bart Somers Bürgermeister der belgischen Stadt Mechelen. Die Londoner "City Mayors"-Stiftung hat ihn nun zum besten Bürgermeister der Welt gekürt. Im heute.de-Interview verrät er, was er anders macht.Video Integration in der KitaVideo Kühn: Burka hemmt IntegrationVideo Özoğuz: Integration […]
    • Russland feiert seine Streitkräfte
      "Tag des Vaterlandsverteidigers"Russland erinnert heute an die Gründung seiner Armee und feiert sich als militärische Supermacht. Internationale Spannungen, empfundene NATO-Bedrohungen und die schlechte Wirtschaftslage schreien wohl nach einem Stabilitätsanker. In Russland sind das die Streitkräfte.Video "Eliten denken nur an sich"Video W […]
    • Warum nicht alle für Obamacare sind
      GesundheitsreformEs war eines von Obamas wichtigsten Projekten: eine Krankenversicherung, die sich jeder leisten kann. Was hierzulande selbstverständlich ist, daran scheiden sich in den USA die Geister. Entsprechend unterschiedlich sind die Erwartungen an die neue Regierung unter Donald Trump.Video Erste Schritte gegen ObamacareVideo Republikaner kippen Obam […]
    • Warum viele von Veganern genervt sind
      Vegan contra FleischSeit das Limburger Glockenspiel auf Intervention einer Veganerin das Lied "Fuchs du hast die Gans gestohlen" nicht mehr anstimmen darf, ist die Diskussion über Veganismus neu entbrannt. Dabei sagen Experten: Es geht gar nicht so sehr um Feindbilder.Video Britischer Fußballclub wird veganVideo Ist vegane Ernährung Unsinn?Video Ge […]
    • Untitled
    • Dax schließt erneut unter 12.000 Punkten
      23.02.17 18:28 | Der Dax hat sich am Donnerstag erneut nicht lange über 12.000 Punkte halten können. Wie tags zuvor schwanden ihm nach dem Anstieg über die viel beachtete Schwelle schnell wieder die Kräfte. Von den US-Börsen kam kein Rückenwind. Zudem vermieste der erstarkende Euro den Anlegern die Stimmung. Im späten Handel rutschte der deutsche Leitindex a […]
    • Pellegrino Weltmeister im Sprint
      23.02.17 18:17 | Federico Pellegrino hat den Weltmeistertitel im Freistil-Sprint der Langläufer gewonnen. Er setzte sich am Donnerstag im Finale im finnischen Lahti in 3:13,8 Sekunden knapp vor Tour-de-Ski-Sieger Sergej Ustjugow durch, der eine Zehntelsekunde langsamer war. Dritter wurde der neue norwegischen Sprint-Star Johannes Kläbo, der 0,3 Sekunden lang […]
    • Ringen um Syrien-Lösung in Genf
      23.02.17 18:17 | Syriens Regierung lehnt Verhandlungen über eine Absetzung des Präsidenten al-Assad kategorisch ab. Die Delegation des Machthabers machte laut Diplomaten zum Auftakt der Syrien-Gespräche in Genf am Donnerstag klar, das Assads Position nicht Gegenstand eines Abkommens sein könne. Die Entfernung Assads aus dem Amt ist Kernforderung der Oppositi […]
    • Rebellen melden Einnahme von IS-Hochburg in Nord-Syrien
      23.02.17 17:52 | Protürkische Rebellen haben die Rückeroberung der Stadt Al-Bab im Norden Syriens von der Dschihadistenmiliz Islamischer Staat (IS) gemeldet. Der türkische Verteidigungsminister sagte, die Rebellen hätten "fast vollständige Kontrolle" über die Stadt. Die türkische Armee und verbündete syrische Rebellen hatten die Stadt über Wochen b […]
    • Ministerium warnt vor gepanschtem Wodka
      23.02.17 17:34 | Das nordrhein-westfälische Verbraucherschutzministerium hat vor gepanschtem Wodka gewarnt. Der Konsum des als "Diamond Vodka" vermutlich schwarz verkauften Getränks sei gesundheitsgefährdend, teilten das Ministerium und das Zollfahndungsamt Essen mit. Es wird dringend davon abgeraten, diesen Wodka zu trinken. Der erhöhte Methanolge […]

Stranded in the Desert of Dubai – Investors Dubai Marina

Posted by 7starsdubai on March 10, 2008


original published

Timesonline

http://property.timesonline.co.uk/tol/life_and_style/property/article720700.ece

March 2007

British investors are chasing a Dubai developer who has £2m of their money, reports John Arlidge. Britons who bought property in a flagship development in Dubai face losing more than £2m in deposits after the developer abandoned the scheme and fled the country. Some 40 Britons have paid deposits on “off-plan flats” in the Light House(pictured), a 15-storey block planned for Dubai Marina, one of the most popular developments in the emirate.Emad Ayoub, 52, who has dual British and Egyptian nationality, had sold the project on the basis that it would have been ready by last month. So far, however, only the foundations of the 94-flat block have been completed. Ayoub left Dubai last month, and work has stopped.

Buyers contacted by The Sunday Times said they did not know what had happened to the deposit money they had handed over and whether their properties would ever be built.

“We could lose our money, our flat, our future — everything,” says Roger Blakeley, 46, from Lancashire, who has put down £90,000. “We chose Dubai because Sheikh Mohammed (the emirate’s ruler) assured western investors their money would be safe. It’s time for Dubai to show that foreign buyers have rights and are protected when things go wrong.”

The “Light House Affair”, as it is known in Dubai, is the first such scandal to hit a country that has undergone a multi-billion-pound building boom since first allowing foreign investors to buy places there four years ago.

Problems have already emerged. Several projects are behind schedule and some buyers claim that, in the race to build tower blocks and villas, standards of workmanship are slipping. Prices, which have been rising by more than 10% a year, appear to be levelling off, amid concerns about oversupply, especially of flats.

Ayoub began marketing the block two years ago with a sales brochure promising prospective buyers that it would “add comfort, security and joy to your life”. About 90 local and overseas investors bought flats “off-plan” after seeing press advertisements. Nearly half were British.

Buyers visited the sales office in central Dubai, handed over downpayments of an average £50,000 per flat, sat back and waited to see their new homes soaring above the stylish marina. And waited. And waited.

In spring 2005, one year into construction, buyers living in Dubai reported the development was behind schedule. When contacted by investors, Ayoub conceded progress was slow and blamed unforeseen technical issues, but insisted the project was on course for completion last month.

By last summer, the foundations of the block were underway, but progress was still sluggish. Ayoub continued to assure buyers the building would be completed on time. By January, the foundations were largely completed, but it was clear that the block would not be completed by the April deadline. Then, two months ago, all work abruptly stopped.

The first most investors knew about the stoppage was when newspapers in Dubai reported that labourers had refused to turn up for work after not being paid. To add to their concerns, Lieutenant-Colonel Rashid Al Jumeiri, a senior official from Dubai’s Permanent Committee of Labour Affairs, was quoted by a Dubai newspaper as saying that Ayoub had fled after emptying his bank accounts.

When telephone calls to Ayoub’s office in central Dubai went unanswered, buyers contacted the police. Officers could not find the developer, and his office was sealed. A notice on the door of the company’s office announced that it was closed “by order of Dubai Court in favour of the Case No 361”.

Since March, the gates of the Light House site have been padlocked. The only person there during a recent visit was Abdul Wadoob, a security guard sitting in the 40C heat in a wooden hut with no water or air conditioning. Wadoob, who is employed by a private contractor, confirmed that work on the site had stopped two months ago, but didn’t know why.

The disgruntled buyers have hired Shahran Safai, an emirate lawyer, to put pressure on the Dubai authorities to sort out the mess. Buyers are also considering a criminal action against Ayoub for fraud.

Such legal manoeuvrings are the first test of Dubai’s investor-protection regulations and the outcome is being watched closely by people planning to invest in the United Arab Emirates. “There is no precedent,” says Safai. “No investors have found themselves in this situation before.”

If they do not achieve satisfaction in the courts, the group plans to approach Emaar, Dubai’s biggest property firm, and ask it to take over the site and finish the project. Emaar was “master developer” of Dubai Marina but had no direct responsibility for the Light House.Emaar last week denied any liability for the halt to the work at the site, but confirmed the company had held “meetings with the legal representatives of third-party investors … in the (Light House) project”.

The Sunday Times last week traced Ayoub to Earls Barton, a village in Northamptonshire. Ayoub admitted he had fled Dubai, but said he had done so because he feared he would be imprisoned after getting into financial difficulties.

The developer denied that he had deliberately emptied his bank accounts, but said he ran out of cash and stopped paying his workers in March after a local bank refused him further credit facilities. The £5m of investors’ money had been swallowed up by the unforeseen construction snags and delays, he said, claiming he had tried to complete work with £1m of his own money.

Ayoub said he sympathised with buyers and was still trying to negotiate with Dubai-based subcontractors to restart building; the remaining £5m money due from investors, together with the proceeds of selling commercial premises in the building, would be enough to finish construction.

He also vigorously denied claims that he had engaged in fraud. “Not one single dirham (the local currency) invested in the Light House has left my accounts in Dubai. It was all invested in the project,” he said.

Blakeley was not impressed. “Now that we know where Mr Ayoub is, we will take steps to pursue him in the British courts,” he said.

Source: Times Online

Advertisements

Sorry, the comment form is closed at this time.

 
%d bloggers like this: