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    • 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 March 5th, 2009

Dubai – Only One in Seven Estate agents Know of Service Charge

Posted by 7starsdubai on March 5, 2009


5 March 2009
original published KhaleejTimes

city-talk-falconResearchers from PRD Nationwide posed as buyers
to test whether agents knew the service charges in different areas they were selling.

“For the Palm, some of them told us that we wouldn’t have to pay anything,” said Simon Earl, research manager at the company.

He added that Palm Jumeirah had the highest levels of service charges for villas in Dubai at Dh4 per sq ft.

The highest service charges for apartments were found in Downtown Burj Dubai at Dh22.5 per sq ft and JBR at Dh21.75 per sq ft.<o:p

Residents of JBR have seen a 129 per cent increase from 2008’s rate o
Dh9.5 per sq ft.

The report said that 31 per cent of developers
o not include a sinking fund in their service charges.

Sinking funds are set aside each year to pay for long-term maintenance to the building and the report states that a lack of a fund ‘exposes owners to potential special levies in the future’.

“Properties that do not have a reserve fund are probably accumulating insufficient funds,” the
report said. “The future outlook for some buildings appears very bleak.
“The likelihood is that building charges are likely to increase substantially when the Strata Law

takes effect
.”

Posted in Dubai | Comments Off on Dubai – Only One in Seven Estate agents Know of Service Charge

MGM and Dubai World failed to reach an agreeement with Deutsche Bank – MGN loan talks collapse

Posted by 7starsdubai on March 5, 2009


Last Updated: March 5, 2009 00:00 EST

original published Bloomberg

MGM Mirage (MGM) and Dubai World failed to reach an agreement with Deutsche Bank (DB), according to people close to the situation, and talks on a $1.2B loan to complete the Las Vegas CityCenter project have collapsed. Deutsche had been seeking equity and debt stakes in the $11.2B Las Vegas development. MGM Mirage and Dubai World are now said to be holding talks with other parties. Yesterday, MGM Mirage also warned it may breach its debt covenants this year if economic conditions worsen. Read the rest of this entry »

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Dominique Van Der Lienden was found dead in her car outsideDubai Ibn Battatu mall last Friday.

Posted by 7starsdubai on March 5, 2009


original pulished March, 05  2009   7days

The family of a Mauritius woman stabbed to death outside a shopping mall have arrived in Dubai to take her body home. Mum-of-two Dominique Van Der Lienden was found dead in her car outside Ibn Battatu mall last Friday. Family friend David Sleith described Dominique and her husband Rob, who is among those who have been questioned by police over her death, as a “wonderful, happy couple”. He added that Dominique was an outgoing and kind person. “We’re really in shock because I cannot imagine anyone wanting to do this. She was always such a nice woman, really a great friend to everyone,” he said. Read the rest of this entry »

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Al Fajer Properties Shahram Zadeh lawsuit

Posted by 7starsdubai on March 5, 2009


Iranian’s lawsuit reveals royals’ power in UAE

ABU DHABI — A member of the royal family in the United Arab Emirates has for the first time been sued by an Iranian executive on charges of fraud.

Shahram Abdullah Zadeh has sued the brother-in-law of the emir of Dubai in an unprecedented civil action in the UAE. The 37-year-old Iranian national has accused the brother-in-law, Hasher Maktoum Bin Juma’a Al Maktoum, of trying to take over Zadeh’s real estate firm.
“He thought he could do it all because he’s a sheik,” Zadeh said.

The suit has challenged the transparency of the justice system of Dubai, which requires foreign investors to take on a UAE partner. Zadeh said he reverted to a civil action when prosecutors refused to file criminal charges against Hasher.

Zadeh, a life-long resident of Dubai, said he selected Hasher as the required UAE partner in Al Fajer Properties, established in 2004 and now worth $2 billion. Zadeh said he and Hasher fell into a dispute amid delays in building a billion-dollar office tower.

The economic downturn in the UAE has harmed a range of partnerships with foreign investors. In Dubai, the commercial capital, police have detained nearly 20 executives on suspicion of fraud. None of the detainees was connected to the ruling Al Maktoum family.

“There is no room for corruption and the corrupt,” Dubai ruler Mohammed Al Maktoum said. “In all corruption cases, people are not only prosecuted and punished, administrative and legal holes that they exploited to commit their crimes are plugged. No one in the emirates is above the law and accountability.”

Zadeh said Hasher, who ignored two summonses, exploited his connections to the ruling family to have the Iranian arrested. In February 2008, Zadeh was imprisoned for 60 days and pressed to renounce links to Al Fajer.

As Zadeh languished in prison, Hasher was said to have taken over Al Fajer and appointed his son chief executive officer. By the time, he was released, Zadeh found that his office safe was ransacked and cleansed of any documents that linked him to the company.

At one point, Zadeh appealed to Dubai’s emir. He said the emir did not respond to the complaint against his brother-in-law.

“We understand that Al Fajer Properties is controlled by a powerful member of Dubai’s ruling family,” Moses Oye, who represents investors in another Al Fajer project, said.

Still, Al Fajer continues to operate. On April 15, Al Fajer and the Dubai Real Estate Regulatory Agency announced the first transfer of property using a new official online system. Hasher’s son, Maktoum, was identified as president of Al Fajer. Zadeh was not mentioned.

Foreign investors have demanded an investigation of another Al Fajer project, Ebony Ivory. The investors, alleging fraud, have called on the Dubai Real Estate Regulatory Agency to force Al Fajer to issue a refund.

“We have paid approximately $140 million and have a signed contract from Sheik Maktoum Bin Hasher Al Maktoum,” Oye, who represents investors from Britain, Canada, India, Iran, Pakistan and the United States, said. “Now, we want our money back.”

source

WORLD TRIBUNE ARTICLE

Posted in Al Fajer Properties, Dubai, Dubai court, Maktoum Hasher Maktoum | Comments Off on Al Fajer Properties Shahram Zadeh lawsuit

Al Fajer Properties – Comment of the day

Posted by 7starsdubai on March 5, 2009


dubai-2009-globus-small1I started with Al Fajer Properties from day 1 under Dr. Shahram and saw how he invested his money, dedicated his time 24/7 and created a brand out of Al Fajer. Sheikh Hasher Maktoum is an old fashioned 65 year old who loves gossip and whispers.

All the Al Fajer staff witnessed how Dr. Shahram fought with Al Ahmadiah (sheikh hasher’s contracting company that was building the towers for al fajer), because Al Ahmadiah was not doing anything on site. That was damaging Al fajer Properties name and Dr. Shahram felt responsible towards the investors and thats what triggered sheikh hasher maktoum’s aggressive behaviour towards Dr shahram.

The son, Sheikh Maktoum Hasher Al maktoum, was a nobody. Even Sheikh Hasher always told us not to let him in the office! I remember sheikh maktoum hasher used to call Dr. Shahram’s secretary or the receptionist and request to book the meeting room to bring his friends and show off!!!

When Dr Shahram disappeared, we were told by sheikh maktoum hasher that the state security has taken him and he is never coming back!!! That was the begining of a series of illegal activity by sheikh maktoum hasher in the company, including changing documents, illegal sales of properties, threatening many staff members with state security arrests,…etc

Everyone in Al Fajer knows that Dr. Shahram was & is the owner of Al Fajer Properties. Sheikh maktoum hasher always uses his “uncles” name Sheikh Mohammed Bin rashid, the dubai ruler to threaten people.

The rest of the world is not stupid, somebody is locked up for 60 days, tortured, passport confiscated for a year, no charges against him, his business has been stolen by the brother in law of dubai ruler, the case he filed at the public prosecution is closed without an explanation.

Is this the fair, just society that sheikh mohammed bin rashid has envisioned in his Dubai Strategy? So the government is actively helping criminals? Why nobody dares to talk?

Al Fajer Employee
22. February 2009

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Dubai payments dry up – Contractors hit

Posted by 7starsdubai on March 5, 2009


original published Financial Times

March 4 2009 22:00 | Last updated: March 4 2009 22:00

Not so long ago Dubai was an El Dorado for construction and property companies. Attracted by some of the world’s most ostentatious and expensive projects, contractors and subcontractors from around the world flooded in to help the ambitious emirate turn itself into a modern metropolis.

Now, in the latest sign of the slowdown enveloping the Gulf, contractors working in Dubai are facing severe cash flow problems as state-linked developers, hampered by blocked credit markets, -fleeing investors and a tumbling local property market, fail to meet their financial commitments.

Some contractors and consultants have not been paid for up to six months, and large Dubai-affiliated developers owe billions of dollars, according to contractors, lawyers and executives.

They say large government-controlled developers in the emirate, such as Nakheel and Emaar, are among those failing to pay.

Economists at National Commercial Bank, Saudi Arabia’s largest lender, estimate that $250bn (€199bn, £178bn) of projects have been cancelled or delayed in the seven-state United Arab Emirates – the majority in Dubai.

“The economy just stopped in the middle of November,” said Chris Cole, chief executive of WSP, a British design consultant active in the country.

Spending on two of WSP’s contracts, the Dubai World Trade Centre and Meraas Developments, has been reined in since last November and the company is estimated to have set aside more than £4m to cover bad debts in the emirate.

Justin Atkinson, chief executive of Keller, a UK-based foundations specialist, said the company was still waiting to be paid for sums outstanding on the Palm Deira, an artificial island development that was scaled back late last year.

“The official line from developers is that we will be paid, but probably not this year,” said the regional head of a large European property consulting firm. “That is hard to explain to headquarters. We have our own bills to pay.”

Neither of Dubai’s largest developers would confirm any delays in payment, saying that they would continue to honour contracts. “Payments for contractors and consultants are based on a credit cycle and set deliverables agreed with them,” said an Emaar spokesman. “All payments that meet the criteria have been honoured and will continue to be cleared, in line with our -contractual agreements.”

A Nakheel spokesman said that all contracts would be honoured but the -company was seeking to renegotiate some in light of falling material and -construction costs.

Read the rest of this entry »

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