7StarsDubai

Dubai UAE News from the Press Property Market Disaster and More

  • December 2008
    M T W T F S S
    « Nov   Jan »
    1234567
    891011121314
    15161718192021
    22232425262728
    293031  
  • 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

    • 462,036 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
    • Italien stimmt über seine Zukunft ab - Europa zittert
      Verfassungsreform in ItalienNach wochenlangem Wahlkampfgetöse stimmen jetzt die Italiener über ihre Verfassung ab - und damit auch über die Regierung von Matteo Renzi. Sollte der zurücktreten, wären die Folgen über Italiens Grenzen hinaus spürbar. Die Angst vor den Populisten ist groß.Video Renzirendum: Si oder No? Video Populismus in EuropaVideo Merkel trif […]
    • #Renzirendum: Si oder No?
      VerfassungsreferendumUm 23 Uhr schließen in Italien die Wahllokale. Wie das Verfassungsreferendum ausgeht, ist aber noch ungewiss. Was geschieht, wenn das "Ja" gewinnt? Und was passiert nach einem "Nein" (Video)?
    • "Die Gemütlichkeit ist vorbei"
      Wahl in ÖsterreichFür Marlene Streeruwitz ist die Präsidentschaftswahl in Österreich mehr als nur eine Wahl: Es ist die Frage, ob die Menschen sich für oder gegen Demokratie entscheiden. Im heute.de-Interview spricht die Wiener Autorin über unkluge Politik und darüber, wie eine Rettung aussehen könnte.Video Präsidentenwahl gestartetVideo Österreich vor Wahl […]
    • Österreich: Warum die Wahl so wichtig ist
      PräsidentenamtRechtspopulist Hofer? Oder doch Ex-Grünen-Chef Van der Bellen? Wer auch immer in die Hofburg einzieht - es dürfte Auswirkungen auf das Ansehen und die Politik Österreichs haben. Warum die Präsidentschaftswahl so wichtig ist.Video Letztes TV-Duell in ÖsterreichVideo Österreich vor Wahl gespaltenVideo Österreicher Schlammschlacht
    • Gegenwind für Merkel im Osten
      FlüchtlingspolitikBesonders im Osten hadert man noch immer mit Merkels Flüchtlingspolitik, auf den Regionalkonferenzen der CDU schlägt ihr Unmut entgegen. Und in Sachsen gibt es erste Übertritte zur AfD, auch von CDU-Mandatsträgern (Video).
    • US-Grüne wenden sich an Bundesgericht
      Neuauszählung in PennsylvaniaDie Grünen-Präsidentschaftskandidatin Jill Stein hat ihren Antrag beim Staatsgericht auf eine Überprüfung des Wahlergebnisses in Pennsylvania aus Kostengründen zurückgezogen. Sie will die Neuauszählung nun beim Bundesgericht durchsetzen.Video Trump unter Druck?Video Trump und die Medien
    • Der letzte Abschied: "Adiós Comandante"
      Urne Fidel Castros wird beigesetztEinmal noch hat Fidel Castro sein Kuba durchreist - jetzt ist die die Urne mit der Asche des  Ex-Präsidenten angekommen. Heute soll die Beisetzung in Santiago de Cuba abgeschlossen werden.Video Vor Castros BeisetzungVideo Castro-Urne in SantiagoVideo Abschied von Fidel CastroVideo Castro - der Commandante
    • Kalifornien: Trauer im "Geisterschiff"
      Flammeninferno im LagerhausKünstler arbeiteten hier, Hausbesetzer hatten sich eingenistet: Das "Geisterschiff" war eine alte Lagerhalle in Oakland. Jetzt ist es bei einer illegalen Party ausgebrannt. Neun Leichen wurden geborgen - aber es könnten noch mehr Menschen in den verwinkelten Gängen und Räumen gestorben sein.
    • Hoher Preis für saubere Luft
      Kohlefabriken im WestjordanlandSeit Jahren schon beklagen sich Israelis über verpestete Luft, die aus dem Westjordanland zu ihnen herüberweht. Nun wurden einige der schmutzigsten Kohlefabriken geschlossen. Hunderte verzweifelte Palästinenser verlieren ihre Jobs.Video Großbrände in IsraelVideo Schulweg im Westjordanland
    • Rosberg: "Wird eine spannende Zeit"
      Nach dem RücktrittNach seinem Rücktritt aus der Formel 1 spricht der frischgebackene Weltmeister mit Jochen Breyer über die Gründe für seine überraschende Entscheidung. Geld habe sicher keine Rolle gespielt, so Rosberg. Nun freue er sich auf "coole neue Herausforderungen" (Video).
    • Dahlmeier schafft Platz zwei
      Wintersport im LivetickerLaura Dahlmeier hat zum Abschluss des Biathlon-Weltcups in Östersund als Verfolgungs-Zweite ihre Gesamtweltcup-Führung verteidigt. Die Männer starten um 13.20 Uhr. Der deutsche Kombinierer Eric Frenzel belegte in Lillehammer beim Ski-Springen Platz zwei, die Entscheidung folgt beim 10-km-Langlauf (14.15 Uhr).
    • Wenn Frauchen zur Arbeit geht
      Hundetagesstätten in HamburgIn Großstädten gibt es immer mehr Hunde. Doch was tun, wenn Herrchen oder Frauchen berufstätig ist? In Hamburg gibt es inzwischen rund ein Dutzend Hundetagesstätten, die Betreiber können sich vor Anfragen kaum retten (Video).
    • Untitled
    • Ossietzky-Medaille für Flüchtlingsretter und Dokumentarfotograf
      04.12.16 12:43 | Die Flüchtlings-Rettungsorganisation SOS Mediterranee und der Fotograf Kai Wiedenhöfer sind mit der Carl-von-Ossietzky-Medaille ausgezeichnet worden. Die Internationalen Liga für Menschenrechte würdigte damit den couragierten Einsatz für Menschenrechte und die Aufklärung über die Ursachen von Flucht. SOS Mediterranee hat den Angaben zufolge […]
    • CDU/CSU: Streit um Obergrenze
      04.12.16 12:18 | Die Schwesterparteien CDU und CSU streiten weiter über die CSU-Forderung nach einer Obergrenze für Flüchtlinge. Bundesfinanzminister Schäuble (CDU) hat die Forderung scharf zurückgewiesen. "Die Symboldebatte um eine Obergrenze braucht kein Mensch", sagte er der "Bild am Sonntag". Der Streit in der Union sei "vorüber […]
    • Österreich: Kandidaten zuversichtlich
      04.12.16 11:33 | Bei ihrer Stimmabgabe haben sich beide Präsidentschaftskandidaten in Österreich optimistisch gezeigt. "Ich bin ruhig und zuversichtlich", sagte der FPÖ-Kandidat Hofer in seinem Heimatort Pinkafeld. Er wiederholte seine Aussage, dass er keinen Öxit anstrebe. Ex-Grünen-Chef Van der Bellen ist nach eigenen Worten ebenfalls zuversichtl […]
    • Weimarer Herderkirche wieder eingeweiht
      04.12.16 11:23 | Die Weimarer Stadtkirche St. Peter und Paul -bekannt als Herderkirche- ist nach sechsjähriger Renovierungszeit mit einem Festgottesdienst wieder eingeweiht worden. Das Gebäude gehört zum UnescoWeltkulturerbe im Ensemble des klassischen Weimar. Es wurde zum 500. Reformationsjubiläum restauriert. Rund 3,47 Millionen Euro von Bund, Land und Kir […]
    • Unesco-Konferenz beschließt Schutz von Kulturgütern bei Konflikten
      04.12.16 10:37 | Die Mitgliedstaaten der UN-Kulturorganisation Unesco haben auf ihrer Konferenz in Abu Dhabi einen internationalen Schutzfonds und ein Netzwerk von Stätten zur Zwischenlagerung bedrohter Kulturschätze beschlossen. In der Abschlusserklärung hieß es, der Fonds diene dem Schutz des bedrohten Kulturerbes zu Zeiten bewaffneter Konflikte. Mit einem […]
    • Highlight
      Nebel, später oft Sonne - bis 6 Grad

UAE: Delayed, Downsized or Scrapped!

Posted by 7starsdubai on December 10, 2008


UAE: Delayed, Downsized or Scrapped!

05 December 2008Dubai –

Several major construction projects in Dubai have been delayed while others could be cancelled altogether, as the credit crisis forces developers to reconsider budgets.

Announcements that Nakheel Trump International Hotel and Tower and Meraas’ Jumeirah Gardens project are to be postponed come after months of speculation about what effects the global recession would have on the construction industry.
“I think a number of development projects have been put on hold rather than cancelled altogether,” said Ronald Hinchey, resident partner at property consultants Cluttons.

“I think the authorities will take steps to inject liquidity into the market, which is what this problem has been caused by in the first place.”

Hinchley added that off-plan residential developments, especially in areas such as Jumeirah Lake Towers and the Marina, were especially vulnerable to cancellation.

Those which were in the process of being built stood a much greater chance of being completed, he pointed out. A government seminar will be hosted by Minister of Public Works Shaikh Hamdan bin Mubarak Al Nahyan on December 24 to discuss the implications of the financial crisis on the construction sector.

The industry accounts for 20 per cent of the UAE economy and represents the major thrust of the initiative to diversify the economy away from oil.

However, according to a report by Al Mal Capital, growth in the industry will slow from 20 per cent to 15 per cent next year, and 13 per cent by 2010.
But these problems may not have been unforeseen.

Shortly after the announcement of the Dh350 billion Jumeirah Gardens at Cityscape in October, investment bank EFG Hermes wrote in a briefing note: “While these projects received a lot of attention due to their scale, we believe their timing cannot be considered to be ideal given the reduced appetite for new projects as a result of the global crisis.

“Moreover, the tighter liquidity picture raises the question of funding, which was not particularly addressed.”

Khaleej Times took a closer look at a few of the major projects here which have been delayed, downsized or could be cancelled amid the new climate.
Construction Company Could Lay Off 5,000 Workers

DUBAI – Up to 5,000 jobs could be cut in a Dubai-based construction firm, a senior source in the company said.

In addition, at least three major projects run by the company have been cancelled, as well as a number of other smaller projects. The job cut would reflect a 10 per cent cut in the companyís staff which, as one of the Middle Eastís largest construction companies, has nearly 50,000 workers.

The senior official, who spoke on condition of anonymity, said that uncertainty had gripped the workforce.

Up to 150 jobs have already been lost in one project, and the work force is also being reduced in the other projects, the source said.
A new wave of job cuts was expected around December 10, he added.
“I’ve been working for the company for less than a year and it could be a case of last in, first out”, he said, adding that both senior and lower levels of the workforce were being affected.

“Banks are tightening lending, so some developers are unable to pay for the construction costs and jobs are being cancelled,” he said.

An official spokesman for the company was unavailable for comment at the time of going to the Press.

Jumeirah Gardens Announced at September’s Cityscape exhibition, Jumeirah Gardens promised to be one of the largest developments in Dubai’s history with a cost-estimate of Dh350 billion.
The timing of the development, which covers residential districts as well as the kilometre-high ‘One Dubai’ tower, was questioned shortly after its announcement.
Despite doing away with some of the streets in Satwa, unconfirmed reports suggest that the project may have already been scrapped.
Several senior staff at project developer Meraas have been laid off.

“In a worldwide economic downturn, any corporate must analyse the market and ensure that its business strategy is aligned to make the most of new opportunities,” an official spokesman for the company said.

Porto Dubai It was announced as a residential offshore development that would offer direct views of the Burj Al Arab from the villas built on ‘tiers’ cut into the island. However, the current design of Porto Dubai is already a smaller one from that originally conceived by consultants two years ago.
Asteco Property Management acted as an adviser on the initial stage of the project but stopped work after it ‘changed size and shape’, a source said.

Industry insiders claim that construction at the site may have halted altogether and that 200 staff have been cut from the parent group.

However, the CEO of Zabeel Properties, Robert Norton, who spoke to Khaleej Times denied both accusations, adding that views of construction site have just been obscured by a huge mound of sand.The Palms Nakheel’s Palm Deira is the largest of the three Palm developments and is expected to house one million people. However last month, the developer announced that dredging work was to be scaled back on the project.

Frank Jeuniaux, area manager, of Belgium-based Dredging International, said he expects contracts to be much less readily available in future.

Infrastructural work on parts of Palm Jebel Ali which are not due to be populated until 2011 and 2012 will also be scaled back.

Delays would also occur on Palm Jumeirah at Frond N villas and Gateway Towers.
A spokeswoman for Nakheel said: “Work on Palm Deira is currently being directed to complete reclamation in areas closest to the shore, so that once these areas are complete we can undertake progressive land sales and development.”Trump International Hotel and Towers Located on the trunk of the Palm Jumeirah, the 62-floor, split tower development was expected to offer access to a private beach and yacht club. However last week officials announced that the joint project between the Trump Organisation and Nakheelhad been delayed.

Bloomberg reported on Monday that Nakheel had promised to cover all costs for the Al Habtoor Leighton , whose subsidiary Al Habtoor Engineering is building the project.

Nakheel is delaying long-dated infrastructure work on some of our projects in order to ensure that our business model is aligned to meet market demand,” a spokesman for the company said. “We have the responsibility to adjust our short term business plans to accommodate the current global environment.”

Hydropolis Originally billed to be completed in 2009, the Jules Verne-inspired underwater hotel was about being as extravagant as they come.
The architectural marvel included a giant retracting roof that would enable open sky events to take place in the main ballroom.

The project, which is the brainchild of developer Crescent Hydropolis, was several years ago valued at Dh1.6 billion and construction began in the summer of 2005.
However, a source at SIBC Industrial Building Consultants, who were initially charge of managing the project, said that the company had not heard anything from the developer for a while.
“I’m pretty sure it won’t be completed by 2009,” he said.

CEO of Crescent Hydropolis, Uwe Hohmann said: “I cannot disclose anything at present. We will meet with our shareholders next week and a decision will be made then.”Arabian Canal Billed as the world’s longest man-made canal, the Limitless project is anticipated to stretch 80km from Dubai Marina to Palm Jebel Ali and includes a variety of residential and commercial developments.

However, the Dubai World company announced that it was reviewing the pace of development of the project with respect to market conditions. The project is a two-stage development expected to be completed by 2025, and a spokeswoman for the company said the first stage is continuing at a ‘torrid’ pace.
It is believed that any delay would be over when subsequent stages would be completed.

Reports have suggested that the company had put on hold the selling of property that would come as a result of the development, but a spokeswoman denied that anything had been formally put up for sale.

martin@khaleejtimes.com

By Martin Croucher
© Khaleej Times 2008

Sorry, the comment form is closed at this time.

 
%d bloggers like this: