7StarsDubai

Dubai UAE News from the Press Property Market Disaster and More

  • Dubai 7 Stars
  • February 2009
    M T W T F S S
    « Jan   Mar »
     1
    2345678
    9101112131415
    16171819202122
    232425262728  
  • 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

    • 472,442 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
    • Barcelona-Terror: Polizei erschießt Hauptverdächtigen
      Mutmaßlicher AttentäterVier Tage war er auf der Flucht - jetzt hat die Polizei den 22-jährigen Marokkaner erschossen, der in Barcelona in die Menschenmenge gerast sein soll. Ebenfalls tot, das bestätigten die Ermittler, ist der mutmaßliche Kopf der spanischen Terrorzelle.Video Spanien: Attentäter erschossenVideo Barcelona nach dem AnschlagVideo Ripoll und di […]
    • Akhanli schockiert über Verhaftung in Europa
      Auslieferungsantrag der TürkeiDas Auswärtige Amt geht nicht davon aus, dass Spanien Schriftsteller Dogan Akhanli, wie von der Türkei gefordert, ausliefern wird. Für Akhanli wäre seine Auslieferung ein politischer und juristischer Skandal. "Dass ich in Europa nicht in Sicherheit bin, hat mich schockiert", sagte er.Video Akhanli: Kritik an TürkeiVide […]
    • Sie sind wieder da
      Piraten bei den LinkenJahrelang waren sie die Gesichter der Piratenpartei: Anke Domscheit-Berg, Julia Schramm, Martin Delius. Die prominenten Ex-Piraten haben für die Linke zehn Thesen zur Netzpolitik vorgestellt. Sie klingen radikal antikapitalistisch - und machen Parteichefin Kipping sichtlich stolz.Video Wagenknecht im SommerinterviewVideo Wähl mich! Link […]
    • Schulz: Mit Merkel-Attacken in den Wahlkampf
      BundestagswahlSeine Wahlkampftour für die Bundestagswahl hat SPD-Kanzlerkandidat Schulz mit Attacken auf Kanzlerin Merkel eröffnet. "Deutschland kann mehr, wenn ein Sozialdemokrat Bundeskanzler ist", sagte Schulz in der SPD-Hochburg Bremen.Video Illegale Wahlkampfhilfe?Video AfD will Mittelmeerroute schließen Video Tombola für Wahlhelfer
    • AfD: Flüchtlinge abfangen und zurückschicken
      AsylpolitikDie deutsche Flüchtlingspolitik? "Zutiefst inhuman", sagt die AfD, "weil sie das Schleppergeschäft in Afrika fördert." Um das zu ändern, will die Partei Flüchtlinge schon auf dem Mittelmeer abfangen und zurückschicken - ungeachtet lebensgefährlicher Risiken in Ländern wie Libyen.Bild Weidel und GaulandVideo Petry behält Direktm […]
    • Landtag in Niedersachsen beschließt Selbstauflösung
      NiedersachsenDer niedersächsische Landtag hat heute seine Selbstauflösung beschlossen. Damit ist der Weg frei für eine Neuwahl am 15. Oktober. Nach dem Wechsel der Grünen-Abgeordneten Twesten zur CDU hatte die SPD-geführte rot-grüne Regierungskoalition ihre Ein-Stimmen-Mehrheit verloren.Video Niedersachsens Landtag aufgelöstVideo Wahlkampf in NiedersachsenVi […]
    • Beben erschüttert Ferieninsel Ischia
      ItalienEinheimische und Touristen fliehen ins Freie, auf Bildern sind Schutt und zerstörte Häuser zu sehen: Ein Erdbeben hat die italienische Ferieninsel Ischia erschüttert. Das Ausmaß der Schäden ist noch unklar.
    • Dubioser U-Boot-Fall: Frauenleiche gefunden
      DänemarkWas geschah mit Kim Wall? Zunächst hatte der dänische U-Boot-Bauer Peter Madsen noch erklärt, er habe die Frau an Land abgesetzt. Jetzt sagt er, die schwedische Journalistin sei bei ihm an Bord gestorben und er habe sie in der Køge-Bucht bestattet. Taucher fanden dort nun eine Frauenleiche.Video Journalistin verschwunden
    • Die Welt bereisen mit Work & Travel
      WISO-TippKellnern in Melbourne, dann surfen vor der Küste Sydneys. Skilifte in den Rocky Mountains betreuen und dann Kanufahren auf dem Ontariosee in Kanada - das ist Work & Travel, Arbeiten und Reisen. ZDF WISO verrät, worauf man dabei achten muss.
    • Totale Sonnenfinsternis fasziniert Millionen
      USAOb live, am Fernseher oder via Internet: Millionen Menschen weltweit haben die totale Sonnenfinsternis in den USA bestaunt. Die "Große Amerikanische Finsternis" verdunkelte kurzzeitig Teile des Landes.Video Spektakel am US-HimmelVideo Sofi bestätigt EinsteinVideo Die totale Sonnenfinsternis
    • Der Big Ben verstummt - das Geschrei ist groß
      Sanierungsbedarf in LondonDer Big Ben ist eines der Wahrzeichen von London. Der Elizabeth Tower, wie der Turm richtig heißt, gehört für Touristen zum Pflichtprogramm - samt weltberühmtem Glockenspiel. Doch nun ist Big Ben erst einmal wegen Renovierung verstummt. Das sorgt für mächtig Diskussionen.Video Big Ben verstummtVideo Big Ben: Der letzte Glockenschlag […]
    • Störche vor dem Abflug
      BrandenburgDer Sommer neigt sich dem Ende zu, die Störche bereiten sich auf den Abflug in wärmere Gefilde vor - erst die Jungstörche, dann die Eltern. Mit den Störchen verschwinden auch die Touristen im brandenburgischen Rühstädt, wo besonders viele der klappernden Tiere brüten. Dann wird alles fürs nächste Jahr vorbereitet. (Video)
    • Untitled
    • Mindestens eine Tote bei Erdbeben auf italienischer Urlaubsinsel Ischia
      22.08.17 00:30 | Bei einem Erdbeben auf der italienischen Urlaubsinsel Ischia ist örtlichen Medienberichten zufolge mindestens eine Frau ums Leben gekommen. Die Frau sei in Casamicciola im Nordosten der vor Neapel gelegenen Insel getötet worden, als Trümmer von einer Kirche herabgestürzt seien, berichteten italienische Medien am Montagabend. Im selben Ort we […]
    • Zugverkehr auf drei Hauptrouten gestört
      22.08.17 00:15 | Zwischen Hannover und Berlin, auf der Rheintalbahn und der Strecke nach Wuppertal - gleich auf mehreren Verbindungen kämpft die Bahn mit Problemen. Reisende müssen mancherorts Zeit und Geduld mitbringen. Ab morgen soll sich zumindest ein Problem erledigt haben. Nach zwei Brandanschlägen gab es auch am Montag Probleme auf der Strecke Berlin-H […]
    • Bundesregierung: Auslieferung Akhanlis kommt nicht in Betracht
      21.08.17 23:43 | Die Bundesregierung hält eine Auslieferung des Kölner Schriftstellers Dogan Akhanli von Spanien an die Türkei für sehr unwahrscheinlich. "Wir können uns beim besten Willen nicht vorstellen, dass unter diesen Umständen (...) eine Auslieferung eines deutschen Staatsangehörigen in die Türkei in Betracht kommt", sagte der Sprecher des […]
    • Erdbeben auf italienischer Urlaubsinsel Ischia
      21.08.17 23:09 | Ein Erdbeben hat die italienische Urlaubsinsel Ischia erschüttert. Der Erdstoß der Stärke 3,6 habe die Insel vor Neapel am Montagabend gegen 21 Uhr getroffen, teilte die italienische Erdbebenwarte INGV mit. Das Zentrum lag demnach in zehn Kilometer Tiefe. Die Feuerwehr teilte mit, einige Gebäude seien eingestürzt und beschädigt worden. Derze […]
    • Alle Todesopfer von Spanien-Anschlag identifiziert
      21.08.17 22:39 | Nach dem Anschlag von Barcelona sind alle 15 Todesopfer identifiziert. Darunter sind keine Deutschen. Unter den Toten seien sechs Spanier, drei Italiener, zwei Portugiesen, eine Belgierin, ein US-Amerikaner, ein Kanadier und ein Kind mit australisch-britischer Nationalität, erklärte das katalanische Justizministerium. Sieben Frauen und acht […]
    • Highlight
      Im Norden teils wolkig, im Süden Sonne, bis 26 Grad

Laid-Off Foreigners Flee as Dubai Spirals Down – Mass of abandoned cars in Dubai. One report said 3,000 cars were sitting abandoned at the Dubai Airport.

Posted by 7starsdubai on February 12, 2009


 One report said 3,000 cars were sitting abandoned at the Dubai Airport.

http://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html?_r=2

NewYork Times February 2009

 takeoffdubaiSofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.

Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.

Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.

Last month, local newspapers reported that Dubai was canceling 1,500 work visas every day, citing unnamed government officials. Asked about the number, Humaid bin Dimas, a spokesman for Dubai’s Labor Ministry, said he would not confirm or deny it and refused to comment further. Some say the true figure is much higher.

“At the moment there is a readiness to believe the worst,” said Simon Williams, HSBC bank’s chief economist in Dubai. “And the limits on data make it difficult to counter the rumors.”

Some things are clear: real estate prices, which rose dramatically during Dubai’s six-year boom, have dropped 30 percent or more over the past two or three months in some parts of the city. Last week, Moody’s Investor’s Service announced that it might downgrade its ratings on six of Dubai’s most prominent state-owned companies, citing a deterioration in the economic outlook. So many used luxury cars are for sale , they are sometimes sold for 40 percent less than the asking price two months ago, car dealers say. Dubai’s roads, usually thick with traffic at this time of year, are now mostly clear.

Some analysts say the crisis is likely to have long-lasting effects on the seven-member emirates federation, where Dubai has long played rebellious younger brother to oil-rich and more conservative Abu Dhabi. Dubai officials, swallowing their pride, have made clear that they would be open to a bailout, but so far Abu Dhabi has offered assistance only to its own banks.

Why is Abu Dhabi allowing its neighbor to have its international reputation trashed, when it could bail out Dubai’s banks and restore confidence?” said Christopher M. Davidson, who predicted the current crisis in “Dubai: The Vulnerability of Success,” a book published last year. “Perhaps the plan is to centralize the U.A.E.” under Abu Dhabi’s control, he mused, in a move that would sharply curtail Dubai’s independence and perhaps change its signature freewheeling style.

For many foreigners, Dubai had seemed at first to be a refuge, relatively insulated from the panic that began hitting the rest of the world last autumn. The Persian Gulf is cushioned by vast oil and gas wealth, and some who lost jobs in New York and London began applying here.

But Dubai, unlike Abu Dhabi or nearby Qatar and Saudi Arabia, does not have its own oil, and had built its reputation on real estate, finance and tourism. Now, many expatriates here talk about Dubai as though it were a con game all along. Lurid rumors spread quickly: the Palm Jumeira, an artificial island that is one of this city’s trademark developments, is said to be sinking, and when you turn the faucets in the hotels built atop it, only cockroaches come out.

“Is it going to get better? They tell you that, but I don’t know what to believe anymore,” said Sofia, who still hopes to find a job before her time runs out. “People are really panicking quickly.”

Hamza Thiab, a 27-year-old Iraqi who moved here from Baghdad in 2005, lost his job with an engineering firm six weeks ago. He has until the end of February to find a job, or he must leave. “I’ve been looking for a new job for three months, and I’ve only had two interviews,” he said. “Before, you used to open up the papers here and see dozens of jobs. The minimum for a civil engineer with four years’ experience used to be 15,000 dirhams a month. Now, the maximum you’ll get is 8,000,” or about $2,000.

Mr. Thiab was sitting in a Costa Coffee Shop in the Ibn Battuta mall, where most of the customers seemed to be single men sitting alone, dolefully drinking coffee at midday. If he fails to find a job, he will have to go to Jordan, where he has family members — Iraq is still too dangerous, he says — though the situation is no better there. Before that, he will have to borrow money from his father to pay off the more than $12,000 he still owes on a bank loan for his Honda Civic. Iraqi friends bought fancier cars and are now, with no job, struggling to sell them.

“Before, so many of us were living a good life here,” Mr. Thiab said. “Now we cannot pay our loans. We are all just sleeping, smoking, drinking coffee and having headaches because of the situation.”

Advertisements

Sorry, the comment form is closed at this time.

 
%d bloggers like this: