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    Jo Hopworth on Justice For Natalie – Na…
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  • 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 […]
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Archive for November 12th, 2008

UAE prepares steps to boost confidence

Posted by 7starsdubai on November 12, 2008


UAE prepares steps to boost confidence

11 November 2008Dubai:

Greater transparency and better financial regulations will help overcome the current lack of confidence hurting investor sentiment in the UAE, the government said.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, urged a group of international business leaders and financial experts at the World Economic Forum to employ their expertise and fight malpractices of some financial and banking corporations and come up with a common approach to contain the current financial crunch and protect the world financial order and interests of the public.

“I am completely conscious of what is happening in the Middle East [as a result of] conflicts and rows which weigh negatively on the future of sustainable development,” he told the officials. Sultan Bin Saeed Al Mansouri, Minister of Economy, said in Abu Dhabi a new law on banking credit will soon be introduced in the UAE, and the government has finalised a new draft of the company law, which he expected to be introduced by next year.

He said 2009 is going to be a “testing year” for the UAE as far as the economy is concerned, just as it will be for some of the major world econ-omies, referring to the impact of the global credit crunch.
“I’ll not make any forecasts on the GDP until the end of 2008. We have to evaluate all the different economic sectors we have,” Al Mansouri said.

On the global credit crunch, Al Mansouri said there are lessons to be learnt from it. However, he added that the economies of the GCC, including that of the UAE, are still strong and protected.
Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank , said at a meeting in Fujairah: “The slowdown will be imposed on us … in everything we will see contractions. But I think we will still be growing in all directions in a very comfortable way.”

His comments echoed those of Mohammad Ali Al Abbar, chairman of Emaar Properties, who said the growth in the emirate’s real estate sector could slow to 9 per cent from 13 per cent due to the global downturn.

He said the government would “revisit their development pipeline to ensure that demand remains robust”.
The comments came on the same day as Eisa Mohammad Al Suwaidi, chairman of Abu Dhabi Commercial Bank , moved to assure customers the financial institution has not been affected by the global crisis.

“The bank benefited from the liquidity pumped by the Ministry of Finance [MoF] and the Central Bank to provide necessary cash to enhance credit and finance loans to government and private sectors and individuals,” Al Suwaidi said in a statement to WAM.

The developments come at the backdrop of a continued market slump. Dubai Financial Market index declined by 4 per cent while Abu Dhabi Exchange lost 1.9 per cent on panic selling.

By Gaurav Ghose, Financial Features Editor, and Himendra Mohan Kumar, Staff Reporter
© Gulf News 2008

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Speculators take $57 billion in hot money out of UAE

Posted by 7starsdubai on November 12, 2008


Speculators take $57 billion in hot money out of UAE

Global currency speculators withdrew nearly $57 billion (Dh209bn) in hot money from the UAE banks at the end of summer, but such funds have been offset by massive government cash injections, a key Saudi bank said yesterday.

Besides cash facilities by the Central BankCentral Bank and federal authorities, soaring government deposits with local banks would allow them to maintain a relatively strong lending ability, the Saudi American Bank (Samba) said.Samba in its recent economic bulletin said: “The blanket support to banks from the government should bolster confidence in the UAE financial sector, and there are signs of an easing in liquidity conditions.

These government actions will help alleviate banks’ constraints and support domestic credit growth, albeit at a substantially slower rate than the 40 per cent year on year recorded through June.”In particular, the placement of large government deposits with national banks would help offset the recent withdrawal of large amounts of hot money which had flowed in betting on a revaluation of the exchange rate… no official statistics are available on such flows, but foreigners are estimated to have held $57bn in deposits in June,” it said.”Government deposits with banks would also help them manage in the case of difficulties in securing funds from wholesale credit markets.”

Central BankCentral Bank Governor Sultan bin Nasser Al Suwaidi, confirmed recently that most of the “hot money” had exited the country as speculation about an appreciation of the dirham against the US dollar largely abated.Speculation had mounted in previous months that the UAE and its GCC partners would revalue their currencies following a sharp decline in dollar’s value.Such expectations had led to a sharp increase in foreign cash flow into GCC banks.

By Nadim Kawach
© Emirates Business 24/7 2008

Posted in Dubai | Comments Off on Speculators take $57 billion in hot money out of UAE

Investors complain about being ‘misguided’ over price and location of Emaar Emaar’s exclusive residential project

Posted by 7starsdubai on November 12, 2008


Warsan kicks up dust

Investors in the Warsan Estate project, one of the latest projects announced by leading property developer Emaar, are up in arms against the company for being ‘misinformed’ about the project.

Several investors who approached The Business Weekly said they were taken for granted on several counts. “Firstly, we were told that the project was coming up in the Mushrif Park area, but now we have learnt that the project was originally planned in proximity to the sewage treatment plant.
“Who wants to throw away hard-earned money on a project such as this,” fumed Arshad Hussain, business development director, RCI Middle East, who has already booked a unit in the project.

Though TBW tried to get the Emaar office to respond to investors’ complaints, no comment has been forthcoming. We are still awaiting their response to an e-mail sent both to the company offices as well as to its public relations agency.

Hussain said he has already approached company officials who acknowledged the fact that several investors were genuinely peeved with the project’s features.
Investors are furious that the price of about Dh2,600 per square foot quoted for the project is far higher than that of any other comparable project.

“There are properties available in much better locations at less than half the price charged on Warsan Estate by Emaar , which has built a reputation for itself through years of good work. It is painful to see a company with such a high international standing resorting to ways that do not bring about any goodwill,” said James Varghese, another investor who claims to have invested five per cent for the booking advance.

Emaar launched Warsan Estate in June or July this year. “

Investors, me included, were misled by Emaar‘s propaganda and false marketing. Investors were told that Warsan would be a top-class and up-market development and that townhouses would be built to the highest standards. Up to the time of the launch, they did not once mention the price,” Hussain added.

When pointed out that the responsibility of enquiring about the location and price remains with the investors, one of them explained that they had very little time in which to make a decision. “We were given only a few minutes before being told to put up the money and seal the deal,” he added.
There were rumours too that the tokens issued online for the off-plan booking of the project were downloaded and sold at a handsome price as there were ample takers for the project at the time of launch. The bookings were received at the EmaarEmaar sales office and at the office of Hamptons UAE, the official sales agent for the project.

Warsan Estate is a project of townhouses for which the average price could work out to Dh5 million and above. “This is massively overpriced compared with International City which is located just opposite this project,” James added.

Hussain said hundreds of emails were pouring into EmaarEmaar‘s office, asking for an extension of the deadline for payment of the second installment, which is fast approaching. Most of those writing in are however demanding that the company scrap the project itself. “None of the investors want to pay the second instalment of 15 per cent, which is due in January 2009,” Hussain told TBW.

However, he is optimistic that EmaarEmaar will take an appropriate decision on the contentious issue and resolve the concerns of hundreds of investors.

Emaar PropertiesEmaar Properties launched Warsan Estate in Dubai as an exclusive residential community on Al Awir Road. The development claims to offer 500 single family town-homes that would appeal to residents who value the privacy of living in a villa in an immaculately laid-out residential community.

By CL Jose

© The Business Weekly 2008

Posted in Dubai | Comments Off on Investors complain about being ‘misguided’ over price and location of Emaar Emaar’s exclusive residential project

Dubai’s off plan projects ‘on hold’ through lack of financing | Dubai Property

Posted by 7starsdubai on November 12, 2008


Dubai’s off plan projects ‘on hold’ through lack of financing Dubai Property

original published ameinfo.com

Dubai has been hit by two financial crises in the last six months, which have combined to bring the emirate’s real estate market to a crawl. As well as the current global credit crisis, Dubai has suffered from its own run on liquidity based around the hype surrounding the dropping of the dollar peg. Rumours of a possible revaluation caused a number of global investors to speculate on the pegs, bringing billions of dollars into the UAE and, in turn, creating an influx of liquidity and allowing banks to lend at very attractive rates, Ali Al Shihabi, CEO of Rasmala Investment Holdings told delegates at the monthly Dubai Property Society meeting.

When the central banks put an end to speculation by issuing repeated denials, these speculators pulled capital from the region. By July the market was suffering from a major lack of liquidity, causing tightening in lending criteria, and by August, the emirate was undergoing its own mini credit crisis. The global crisis being felt by countries across the world, has further compounded the problem by causing local markets to plummet and regional investors to question local stock – especially the real estate shares that prop up Dubai’s economy.

Finances available for ongoing projects
The lack of demand currently being felt in the market is a result of these factors; investors now hold back, fearing further drops in prices, and banks are refusing to lend. ‘Properties that have broken ground will continue to be [financially] supported,’ Al Shihabi said. ‘The top priority is meeting existing commitments, and the government has given money to the banks to continue existing projects.
The value of this sector will hold, after a slight drop, and you may see a limited amount of trading, possibly at a discount, by those that are in urgent need of realising their assets.’

‘Developments that are only on paper are still a huge chunk of the city’s projects, and that has died for the time being,’ Al Shihabi warned. ‘Even the big developers, the Emaars and Nakheels, will have huge problems getting financing, and what is offered will be very expensive. A lot of projects are going to be scaled down or stopped.’ Despite this Al Shihabi said that regional investors should not be unduly worried about the state of the property market.

The governments in the GCC have stockpiled cash reserves from oil revenues for the last five years, meaning that the economies are able to absorb any downturn. The problem is that this has not been properly publicised. ‘One of the reasons for investor confusion is because the political, financial and business leaders have not known how to correctly communicate the strength of the economy and the measures that have been taken to protect the market,’ Al Shihabi said.

The silver lining is that the slowdown has had the positive effect of cutting down on the rampant inflation levels, which had accelerated over the past two years.

The market was overheating and being ground down by constant increases in the prices of raw materials, labour and contracting costs. These should now return to stable levels.

Overly-hyped project launchesDubai has also been suffering from an excess of bad marketing decisions leading to overly hyped project launches.

Though the property market has stable foundations the impression being given was one of unrealistic expectations, which ended up damaging the sector’s image abroad. ‘Everything was the biggest, the tallest, the grandest, and people didn’t take the Dubai market seriously,’ said Al Shihabi.

The latest example was at Cityscape: Everyone knew that the world had changed but we came out and said ‘look two entire new cities, a one kilometre tower’, and the rest of the world either thought we were crazy or didn’t know what was going on. ‘You can’t keep coming out and saying that you’re launching a $90bn project because people will look at that and think you’re making it up.

You have to break it down and explain that it will grow to this amount over this number of years and this is the initial investment.’

See also:
Dubai developers feel the effects of price uncertainty

What does the global financial crisis mean for Dubai real estate? Nakheel denies Palm Deira stoppage rumours

Posted in Dubai | Comments Off on Dubai’s off plan projects ‘on hold’ through lack of financing | Dubai Property

Gulfnews: Aspire draws ire of property investors

Posted by 7starsdubai on November 12, 2008


Gulfnews: Aspire draws ire of property investors

By Suzanne Fenton, Staff ReporterPublished: November 12, 2008, 23:42
Dubai:

Investors are increasingly concerned about their investments in all developments of Aspire Real Estate, including Elements and Jehaan in Jumeirah Village South.

Investors are worried that their money has been used for personal use by the manager of Aspire, as they have been left with no money and no apartments.
The manager was recently sentenced to three years in jail for bounced cheques according to records from Dubai courts.

However, the case has now been taken to the appeal court and the next hearing is due on November 18.

The manager denied he had a case against him when speaking to Gulf News on Tuesday.
“There is one court case, but it is something we filed against High Rise Real Estate as they didn’t pay us what was due (Dh200 million),” the manager said.

Furious investors bought their apartments in Aspire’s Jehaan development in Jumeirah Village South since 2007.
Most of the investors have paid at least a 10 per cent deposit (Dh80,000), with one paying around 33 per cent, despite not having a contract. Investors were told Jehaan would be ready by January 2009 but construction hasn’t even started.
It also transpires that when Aspire was selling the units, they did not legally own the land.
The manager said originally the land was owned by offshore company Noorzak Investments, but one of the directors of Noorzak “went into his set of problems”.
Transfer process

“When we went to transfer the land, we realised that Noorzak had some problems with Nakheel with two other plots which they owned in JVS and hence Nakheel refused to make any transfer until the issue was sorted out,” the manager said in a statement online.

By the time this happened, an extra 25 per cent payment on the land was due and the transfer process was further delayed, the manager added. At this time, Rera and therefore the escrow account law were not yet in place in Dubai.

When investors contacted Dubai’s Real Estate Regulatory Authority (Rera) in April this year, senior legal officer Khowla Madani replied that Rera would look into the matter.
“I was informed that the plot has never been transferred to their name and as I can see from their email, there is too much misleading information.”

“If the same were confirmed, strict legal action shall be taken against Aspire Real Estate and this email shall be forwarded to management of Rera to decide the proper action,” Madani writes.
The manager told Gulf News the project “is definitely going ahead” and when asked if investors would get refunds if requested, he replied, “Yes, 100 per cent.”

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UAE prepares steps to boost confidence

Posted by 7starsdubai on November 12, 2008


UAE prepares steps to boost confidence

11 November 2008Dubai:

Greater transparency and better financial regulations will help overcome the current lack of confidence hurting investor sentiment in the UAE, the government said.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, urged a group of international business leaders and financial experts at the World Economic Forum to employ their expertise and fight malpractices of some financial and banking corporations and come up with a common approach to contain the current financial crunch and protect the world financial order and interests of the public.

“I am completely conscious of what is happening in the Middle East [as a result of] conflicts and rows which weigh negatively on the future of sustainable development,” he told the officials. Sultan Bin Saeed Al Mansouri, Minister of Economy, said in Abu Dhabi a new law on banking credit will soon be introduced in the UAE, and the government has finalised a new draft of the company law, which he expected to be introduced by next year.

He said 2009 is going to be a “testing year” for the UAE as far as the economy is concerned, just as it will be for some of the major world econ-omies, referring to the impact of the global credit crunch.
“I’ll not make any forecasts on the GDP until the end of 2008. We have to evaluate all the different economic sectors we have,” Al Mansouri said.

On the global credit crunch, Al Mansouri said there are lessons to be learnt from it. However, he added that the economies of the GCC, including that of the UAE, are still strong and protected.
Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank , said at a meeting in Fujairah: “The slowdown will be imposed on us … in everything we will see contractions. But I think we will still be growing in all directions in a very comfortable way.”

His comments echoed those of Mohammad Ali Al Abbar, chairman of Emaar Properties, who said the growth in the emirate’s real estate sector could slow to 9 per cent from 13 per cent due to the global downturn.

He said the government would “revisit their development pipeline to ensure that demand remains robust”.
The comments came on the same day as Eisa Mohammad Al Suwaidi, chairman of Abu Dhabi Commercial Bank , moved to assure customers the financial institution has not been affected by the global crisis.

“The bank benefited from the liquidity pumped by the Ministry of Finance [MoF] and the Central Bank to provide necessary cash to enhance credit and finance loans to government and private sectors and individuals,” Al Suwaidi said in a statement to WAM.

The developments come at the backdrop of a continued market slump. Dubai Financial Market index declined by 4 per cent while Abu Dhabi Exchange lost 1.9 per cent on panic selling.

By Gaurav Ghose, Financial Features Editor, and Himendra Mohan Kumar, Staff Reporter
© Gulf News 2008

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Speculators take $57 billion in hot money out of UAE

Posted by 7starsdubai on November 12, 2008


Speculators take $57 billion in hot money out of UAE

Global currency speculators withdrew nearly $57 billion (Dh209bn) in hot money from the UAE banks at the end of summer, but such funds have been offset by massive government cash injections, a key Saudi bank said yesterday.

Besides cash facilities by the Central BankCentral Bank and federal authorities, soaring government deposits with local banks would allow them to maintain a relatively strong lending ability, the Saudi American Bank (Samba) said.Samba in its recent economic bulletin said: “The blanket support to banks from the government should bolster confidence in the UAE financial sector, and there are signs of an easing in liquidity conditions.

These government actions will help alleviate banks’ constraints and support domestic credit growth, albeit at a substantially slower rate than the 40 per cent year on year recorded through June.”In particular, the placement of large government deposits with national banks would help offset the recent withdrawal of large amounts of hot money which had flowed in betting on a revaluation of the exchange rate… no official statistics are available on such flows, but foreigners are estimated to have held $57bn in deposits in June,” it said.”Government deposits with banks would also help them manage in the case of difficulties in securing funds from wholesale credit markets.”

Central BankCentral Bank Governor Sultan bin Nasser Al Suwaidi, confirmed recently that most of the “hot money” had exited the country as speculation about an appreciation of the dirham against the US dollar largely abated.Speculation had mounted in previous months that the UAE and its GCC partners would revalue their currencies following a sharp decline in dollar’s value.Such expectations had led to a sharp increase in foreign cash flow into GCC banks.

By Nadim Kawach
© Emirates Business 24/7 2008

Posted in Dubai | Comments Off on Speculators take $57 billion in hot money out of UAE

 
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