7StarsDubai

Dubai UAE News from the Press Property Market Disaster and More

  • Dubai 7 Stars
  • May 2008
    M T W T F S S
    « Apr   Jun »
     1234
    567891011
    12131415161718
    19202122232425
    262728293031  
  • 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

    • 473,390 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
    • Kinder, Rente, Flüchtlinge: Die Themen beim Bäcker
      BundestagswahlDeutschland wählt - aber holt vorher noch schnell Brötchen: In Filialen der Bäckerei "Wahl" in Berlin und Brandenburg diskutieren die Kunden über Kitaplätze, die Rente - und Flüchtlinge. Erst danach gehen die meisten wählen - manche mit Wut im Bauch.Video Kampf um UnentschlosseneVideo Politbarometer: Letzte UmfrageVideo Koalitionen: W […]
    • Höhere Wahlbeteiligung zeichnet sich ab
      Liveblog zur BundestagswahlBei der Bundestagswahl zeichnet sich eine höhere Wahlbeteiligung ab. Vor allem in den Großstädten gaben bis zum Mittag mehr Menschen ihre Stimme ab als zum Vergleichszeitpunkt vor vier Jahren. Auf dem Land sieht es teilweise umgekehrt aus. Die Wahllokale sind bis 18 Uhr geöffnet. Alles zur Wahl im Liveblog.Interaktiv Wahl-O-MatInte […]
    • 61,5 Millionen Wähler, 4.828 Kandidaten, 42 Parteien
      Zahlen zur BundestagswahlSo viele Parteien wie noch nie im wiedervereinten Deutschland stehen am 24. September zur Wahl. Mehr als 60 Millionen Bürger dürfen entscheiden, wer das Rennen macht. Ein Überblick über die wichtigsten Zahlen rund um die Wahl.Video Richtig wählenVideo Junge Wähler wählen anders?
    • Sogar noch spannend - der Wahlkampf im Rückblick
      Bilanz des Bundestagswahlkampfs 2017Seit 8 Uhr haben die Wahllokale geöffnet - der Bundestagswahlkampf 2017 ist zu Ende. Was zeitweise wie ein gemütlicher Durchmarsch von Angela Merkel aussah, ist noch zu einem spannenden Showdown geworden. Und nicht nur, weil die AfD zur drittstärksten Kraft werden könnte.Video Eine Partei im SpagatVideo Hass auf PolitikerV […]
    • Brüssel: Fünf Fragen an Berlin
      Hauptstädte vor der BundestagswahlBrüssel blickt vor großen Entscheidungen oft in Richtung Berlin. Aber diese Bundestagswahl fällt für die EU in eine besonders entscheidende Phase. Selten wartete man in Brüssel so gespannt auf den Ausgang der deutschen Wahl. Fünf Fragen treiben Europa dabei um.Video Brüssel nach dem TV-DuellVideo Junckers Visionen für Europa […]
    • Kurden-Referendum "verstößt gegen Völkerrecht"
      Abstimmung im NordirakAm Montag wollen die Kurden im Nordirak über ihre Unabhängigkeit abstimmen - gegen den Widerstand der irakischen Regierung. Auch die USA, die Türkei und Iran warnten vor dem Referendum. Was den Kurden-Präsidenten Barsani antreibt, erklärt der Völkerrechtler Norman Paech im heute.de-Interview.Video Kurden vor Referendum im IrakVideo Erdo […]
    • Nordkorea hält Anti-USA-Kungebung ab
      Atom-Konflikt"Tod den amerikanischen Imperialisten": In der nordkoreanischen Hauptstadt Pjöngjang wird auf einer Protestkundgebung die "Zerstörung" der USA gefordert. Unterdessen heizt auch US-Präsident Donald Trump die Kriegsrhetorik weiter an.Video Nordkorea droht USA mit AngriffVideo Weitere SanktionenVideo Trumps Rede bei der UNO
    • Senatswahl: Dämpfer für Macron erwartet
      FrankreichIn Frankreich findet heute die Senatswahl statt. Bei der Teilwahl wird rund die Hälfte des französischen Oberhauses neu besetzt. Das konservative Lager dürfte seine Mehrheit verteidigen. Es wird erwartet, dass die Partei von Präsident Macron nach zwei triumphalen Wahlerfolgen einen Dämpfer erhält.Video Macron unter DruckVideo Macrons Arbeitsmarktre […]
    • Liveticker: Hannover 96 empfängt FC Köln
      Bundesliga: Der sechste SpieltagIm ersten Sonntagsspiel am 6. Spieltag ist der 1. FC Köln in Hannover zu Gast. Während die Niedersachsen mit einem Dreier bis auf den zweiten Tabellenplatz vorrücken können, sehnen sich die Kölner nach dem ersten Punktgewinn der Saison. Verpassen Sie nichts hier im Liveticker.
    • Live: Straßenrennen der Männer
      Rad-WM in BergenNur mit Außenseiterchancen geht das deutsche Team in das Straßenrennen der Männer bei der Rad-WM im norwegischen Bergen. Nach dem Ausfall von John Degenkolb gibt es keinen festen Kapitän. Großer Favorit auf den Sieg ist der Slowake Peter Sagan. Verfolgen Sie das Rennen über 267,5 Kilometer im Livestream!
    • Berliner entscheiden über Tegels Zukunft
      Volksentscheid zum FlughafenNicht nur für die Bundestagswahl dürfen um die 2,5 Millionen Berliner heute ihre Stimme abgeben. Sie können auch darüber entscheiden, ob sie ihren Stadtflughafen Tegel behalten wollen oder nicht. Mit der Abstimmung endet vorerst ein langer und hoch emotionaler Streit in der Stadt.Video Tegel wird attraktiverVideo Tegel-Volksentsch […]
    • Vom Betonklotz zum gläsernen Wohnturm
      Scheeren-Umbau in FrankfurtMit spektakulären Wolkenkratzern und Wohnkonzepten in Asien hat sich Ole Scheeren einen Namen gemacht. Erstmals bringt der Architekt seine Ideen nach Deutschland - mit einem Umbau in Frankfurt. Aus einem Betonklotz für Büros soll ein Wohnturm aus Glas werden.
    • Untitled
    • Nürnberg springt auf Platz zwei
      24.09.17 15:26 | Der 1.FC Nürnberg hat sich in der 2.Li- ga mit einem 3:1 bei Greuther Fürth auf Platz 2 verbessert. Nach den Toren von Ishak (9.) und Teuchert (58.) schien der Club einem sicheren Sieg entgegenzusteueren, doch nach Gjasulas Elfmetertor (79.) wurde es nochmal spannend. Behrens erzielte den Endstand (90.+4). Die Nürnberger profitierten auch vo […]
    • Bundeskanzlerin Merkel wählt - und schweigt
      24.09.17 15:20 | Bundeskanzlerin Angela Merkel (CDU) ist zusammen mit ihrem Mann Joachim Sauer zur Stimmabgabe bei der Bundestagswahl gegangen. In einem orangeroten Blazer und mit silberner Halskette gab Merkel unter großer Medienbeteiligung am Sonntagmittag im Wahllokal der Humboldt-Universität in Berlin-Mitte ihre Stimme ab - und schwieg. Sie gab kein Stat […]
    • Menschenrechtspreis für die Dokumentation syrischer Gefängnisfolter
      24.09.17 14:55 | Eine Gruppe um einen früheren syrischen Militärfotografen mit dem Decknamen "Caesar" ist mit dem Internationalen Nürnberger Menschenrechtspreis ausgezeichnet worden. Die Initiative hatte unzählige Fotos von in syrischen Gefängnissen zu Tode gefolterten Menschen veröffentlicht. Laudator Stephen Rapp, ehemaliger Chefankläger am Inter […]
    • Union Evangelischer Kirchen feiert 200-jähriges Bestehen
      24.09.17 14:25 | Mit einem Festgottesdienst im Berliner Dom hat die Union Evangelischer Kirchen (UEK) ihr 200-jähriges Bestehen gefeiert. In seiner Predigt betonte der Vorsitzende der UEK-Vollkonferenz, Christian Schad, die Bedeutung der Ökumene: "Es ist uns geschenkt, das 500-jährige Reformationsjubiläum gemeinsam, evangelisch-katholisch und mit Geschw […]
    • Rad-WM: Sagan vor Titelhattrick
      24.09.17 14:20 | Die deutschen Fahrer sind nur Außenseiter, Doppel-Weltmeister Peter Sagan könnte Historisches gelingen. Das Profi-Straßenrennen über fast 280 km dürfte heute (15.05 Uhr live auf zdfsport .de) krönender Abschluss einer stimmungsvollen WM in Bergen werden. Alleskönner Sagan soll zuletzt erkältet gewesen sein. An seinem Sonderstatus ändert das […]
    • Highlight
      Meist trocken, oft sonnig, bis 22 Grad

Dubai property market beset by fraud claims

Posted by 7starsdubai on May 10, 2008


Malaysia Sun

Claims of scams, fraud, and embezzlement are hitting the real estate market in Dubai.

The multi-billion dollar construction craze which has attracted investors from all over the world, has seemingly brought in unsavoury types who have been preying on the never-ending appetites of locals and foreigners lining up to invest in the market.A UK company which claimed to have acquired a 900-apartment plot in the proposed Jumeriah Village project, has reportedly sold off apartments in the plot, with no prospect of them ever being built.
The company, Strategic Property Investment, and its associates, William Cowe and Mark Emlick, are being investigated by Dubai and UK authorities.

Dubai authorities are also investigating the mysterious Al Areifi Tower being constructed at Dubai Marina. As we reported several weeks ago, Khalid Saud Al-Areifi & Partner Co., of Riyadh Saudi Arabia, sold several hundred apartments in the project off-the-plan some years ago, taking full payment upfront.In recent weeks the owners of the apartments have been receiving telephone calls and faxes from Al Areifi representatives in Saudi Arabia advising them construction on the project had stopped and would not be resumed.

Investors say they have been offered their original cost, plus interest, back. We have sighted one of the letters sent which verifies the investors’ claims.When we visited the site two weeks ago we found construction in full swing. We contacted the builder on site who confirmed there had been no disruption to the construction and it was proceeding at ‘full steam.’Reports are now circulating that Al Areifi sold the site to the newly-formed, Abu Dhabi-based, Eskan Properties.

A report in Gulf News , however quotes a company spokesman as saying, ‘We sold the tower on again a week back.’
Having bought their apartments and paid for them in full, well before construction started, investors are now wondering how ‘their’ apartments could be on-sold, on two separate occasions since.

Several calls to Emaar Properties, the master developer of Dubai Marina, where the project is sited, have not been returned.

Meantime the investigation into the conduct of the former CEO of Dubai’s second largest property developer, Deyaar, has been widened.
According to Dubai’s Attorney General, Essam al-Humaidan, a second person, Ganesan Krishna Kumar, 49, has been arrested in connection with the investigation. Kumar, originally from India, was a co-founder, and is managing director, of the Dubai-based advertizing agency, Masterbrand (ME) Ltd.,Two other men have also been detained and questioned, but have since been released. Zack Shahin, Deyaar’s ex-CEO is being probed in relation to claims of possible embezzlement. Deyaar has more than 1,600 apartments, as well as retail, and office complexes, under construction in Dubai.

The glitz and glamour of Dubai’s red-hot property market must be feeling the heat of the latest troubles, coming on top of the debacle surrounding the Damac project on the Palm Jebel Ali.
Damac, which claims to be the largest private property developer in the Middle East, sold apartments off-the-plan in what it called the Palm Springs project, a luxury apartments and resort project on the Palm at Jebel Ali.

Four years after launching the project, Damac wrote to investors saying it had been abandoned as the master developer of the Palm had changed the plans and the project could not now fit the site.Within days the master developer, Nakheel, announced it was unaware of Damac’s claims, and that the changes which Damac referred to had been made ten months earlier, and Damac was happy with them.

A hastily convened meeting by the authorities, involving Damac and Nakheel, resolved the matter, with Damac agreeing to proceed with the project. That action averted a class-action lawsuit against Damac by at least sixty angry investors, most of whom were from the UK

Comments

Comments on this story

By adel, 04-26-08, 02:31 AM
An advice on Duabai real estate marketI want to give a little advice to prospective investors in Dubai. Ignore those fantastic property offerings, with incredibly low prices and very long-term and low-cost finance. Believe me guys, the price of cunstruction material and labour, rents, oil…etc have made such projects unviable. Such projects are not economically viable anymore and the little investor will, at the end, lose his or her investment. Watch out !

By Anonymous, 04-24-08, 10:03 PM

Dubai property market beset by fraud claimsI have an apartment in this project which I bought off the plan and paid for in full. As far as I am concerned I am the owner and here I read my apartment has been sold to somebody else, twice! What is going on here? And what about the mighty Emaar. They are overall responsible. Surely they can’t sell these plots off to fraudsters like this and not even answer the phone???? Investors like me just sit out here and get these scraps of information from the news media (thanks! I’m not having a go at you, without you I wouldn’t even know I was being pick-pocketed). Where are the authorities? They shouldn’t just be investigating Deyaar they should be investigating Al Areifi.

By Anonymous, 04-25-08, 05:07 PM

Dubai should act against scamsWhere there is a lot of money the smarties arrive to scam the punters. This al areifi crowd have really done a number on people. The Dubai government shouldn’t stand back and let them get away with it. Selling all the apartments to individuals and then selling the whole building to somebody else is just straight forward theft and fraud. The Saudi Arabian authorities should act as well because this is a Saudi company. What confidence can people have in these gulf markets when this sort of nonsense goes on?

By Anonymous, 04-25-08, 08:09 PM

Few bad apples doesn’t mean you throw out the whole caseYes there are scams and frauds in Dubai, just as there are everywhere. Mostly though I think investment in theis place is safe. The government needs to stamp out the bad guys because it affects how people perceive the market.

By Anonymous, 04-28-08, 01:50 PM

These thugs have to be stopped. Whilst these guys are living the lavish lifestyle, we are repaying our loans to pay for them to do so. I am still pursuing these people and find it a huge disappointment that UAE have no laws against this or protection for people who invest from abroad. It was particualrly enlightening that these guys are residing at one of the sheikhs hotels.. Does that mean he thinks all of this is ok?????

Advertisements

Sorry, the comment form is closed at this time.

 
%d bloggers like this: