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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 the ‘Damac’ Category

Damac Palm Springs Dispute solved – Investors recieved full refund

Posted by 7starsdubai on January 30, 2012


Dubai Property buyers on the Palm Jebel Ali Damac Palm Springs  project, who have waited eight years for construction to begin, were previously offered a 70 percent refund of their deposits, or 25 percent immediately followed by a further 25 percent annually for the next three years.

Now the Investors in Dubai’s stalled Palm Springs project have reached a deal with Dubai developer Damac for a full, upfront refund on payments made for their uncompleted properties.

Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks, Arabian Business reported.

source Arabian Business

Posted in Damac, Damac Palm Springs Jebel Ali Palm, Dubai Property Investors, Dubai Real Estate Scandal | Tagged: , , , | Comments Off on Damac Palm Springs Dispute solved – Investors recieved full refund

European couple is crying foul over a substandard unit sold to them by Damac in Dubai

Posted by 7starsdubai on November 11, 2011


Gulf News Dubai reported that Wahida and her husband, Mustafa Alibhai, both Swedish citizens, said they bought at shop at Lakeview Tower at Jumeirah Lake Towers Area from Damac  for Dh1.2 million, only to realise it fell short of their expections. Literally. The height of the mezzanine floor shop is just 2.1 metres, considered “unfit” for human occupancy .

The couple, who were textile merchants in Stockholm before they moved to Dubai, planned on putting up an apparel or a coffee shop in the 622-square-foot unit. They completed the payment on time in July 2009.

Quote in Gulf News Niall McLoughlin, Senior Vice President, Damac Properties, said,

‘’You will understand that I cannot go into details on individual customers’ cases albeit to say that the unit in question is fit for purpose and compliant with all prerequisites and requirements as per the sales and purchase agreement. However, as a gesture of goodwill, our customer relationship team have been working very hard with this customer to offer an alternative solution. This has included other units within the same project and also a variety of other units in other projects.”

However, when the couple did not like any of the properties offered, they said they were told by Damac to “take it or leave it”

continue reading…….. source Gulf News

Posted in Damac | Tagged: , | Comments Off on European couple is crying foul over a substandard unit sold to them by Damac in Dubai

Dubai Property Investors from UK take action against Damac in London

Posted by 7starsdubai on July 27, 2011


Around 20 buyers of units in Damac’s stalled Palm Springs development plan to lobby outside the Qatar-owned store, where the developer has run a month-long promotion for its Versace-branded real estate project in Saudi Arabia.

The group will carry placards and plans to hand out leaflets to shoppers headlined ‘I would not buy from Damac again’, in a bid to embarrass the developer they claim has held their deposits for eight years.

“It is really trying to make our voices heard with Damac people who will be there, as much as we can and to hand out leaflets to anyone who is interested in hearing our story,” Craig Murray, a spokesperson for 100-strong Palm Springs Investors Group told Arabian Business.

source Arabian  Business…….continue readling

Posted in Damac, Damac Pal Springs Jebel Ali Dubai, Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal | Tagged: , , | Comments Off on Dubai Property Investors from UK take action against Damac in London

Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling

Posted by 7starsdubai on May 18, 2011


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 Red Sea resort of Gamsha Bay near Hurghada. Sajwani filed the arbitration claim before the International Centre for Settlement of Investment Disputes, based on an Egyptian treaty with the United Arab Emirates that protectsinvestments made by UAE nationals in Egypt, Damac said.
source Reuters …continue reading

Posted in Damac, Dubai corruption, Hussain Sajwani | Tagged: , | Comments Off on Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling

Damac facing corruption charges in Egypt

Posted by 7starsdubai on March 26, 2011


UAE – Egypt March 2011  source ahramonline Egypt

Six prominent businessmen facing corruption charges in Egypt have offered to make financial reparations totalling some LE2.375bn, with one pledging to return five million square metres of land on the country’s northern coast he is alleged to have gained illegally.

The men – Ahmed Ezz, Mounir Ghabbour, Hisham Al-Hathek, Hussein Sajwani, Mohamed Abul-Enein and UAE businessmen Omar Al-Futtaim – made these offers during investigations into their business activities carried out by Ali Hawary, the Attorney General for public fund prosecution.

Former secretary of the National Democratic Party Ahmed Ezz offered to pay LE1bn, representing the value of shares seized by his Suez Steel Company in violation of trading regulations.

UAE businessman Omar Al Futtaim suggested paying LE1bn to cover the difference between the sum he paid for a plot of land in a deal with the former Minster of Housing Ahmed Al-Maghrabi, and the actual market value of the land, which was much higher.

Hussein Sajwani, Chairman of DAMAC Properties, pledged to pay LE150m representing the value of land allocated to him by Zuhair Garana, Egypt’s former tourism minister. Hisham Al-Hathek offered to pay LE150m as reparation for his involvement in the same case.

Posted in Damac, Dubai corruption, Egypt | Tagged: , , , , , | Comments Off on Damac facing corruption charges in Egypt

Lawsuit filed against Damac before DIFC-Uptdate-German Investor Lothar Hardt

Posted by 7starsdubai on December 19, 2010


A judge has ruled part of an investor’s lawsuit filed against the Dubai developer Damac Properties may be heard by the Dubai International Financial Centre (DIFC) Courts.

Lothar Hardt’s closely watched suit against the developer is believed to be the largest filed against a developer in the emirate.

“I think this is very important for Dubai …” Mr Hardt said yesterday. “So far everything has been left in the dark.”

Mr Hardt claims he invested US$9.7 million (Dh35.6m) in five Damac projects: Park Towers at the DIFC; Water’s Edge and Lotus Residences at Business Bay; Wildflower at Jumeirah Golf Estates; and Ocean Heights at Dubai Marina.

His suit charges the developer with a range of alleged infractions including failing to deliver the projects on time, mismanaging escrow accounts and failing to register transactions with Dubai’s Land Department.

One of the developments, Lotus Residences, was built on land controlled by the UN, he alleges.

Mr Hardt, who was listed as a Damac “VIP investor”, is asking for the return of his $9.7m as well as damages.

A Damac spokesman declined to comment.

continue reading…..

source The National December 2010

Posted in Damac, Dubai Legal - Real Estate Lawsuits, Dubai Property Investors, Dubai Real Estate Scandal, Lawyer Dubai, Lothar Hardt, Ludmilla Yamalova, Property Court Dubai | Tagged: , , , | Comments Off on Lawsuit filed against Damac before DIFC-Uptdate-German Investor Lothar Hardt

Damac Properties has closed its London office – official message to customers

Posted by 7starsdubai on March 4, 2010


Dear Valued Customer

Re: Office Closure 

In light of the continued slowdown in the worldwide property market DAMAC Properties has closed its London office in Mayfair .

The
UK market, in line with worldwide trends, has seen a drastic reduction
in people investing in overseas properties. This has inevitably led
DAMAC to review its staffing levels and position itself in line with
the changing market conditions.

Customers
in the UK will continue to be served by the company’s dedicated
Customer Relationship Management team at DAMAC Properties’ headquarters
in Dubai and any queries should be directed to them on + 971 4 51…. or by email at crm@damac……….com

UK customers can be assured that all documents relating to their transactions will be transferred to the Dubai office.

The
CRM team in Dubai has the most up to date knowledge and experience of
the property market in the Middle East and will be working hard to
ensure that the UK office closure has no adverse affect on customers.

Should you have any queries pertaining to any aspect of your property purchase with DAMAC please do not hesitate to contact us.

Yours sincerely,

CRM Department.

Posted in Damac, Dubai | Tagged: , , | Comments Off on Damac Properties has closed its London office – official message to customers

German investor is suing Damac Properties Dubai – an interesting court case to watch in the coming weeks

Posted by 7starsdubai on January 29, 2010


source The National by Angela Giuffrida

Dubai, January 2010

German investor Lothar Hardt is suing Damac Properties for alleged breach of contract in what could be the largest lawsuit taken by an individual against a Dubai developer.

Lothar Hardt has filed his case against one of the region’s biggest developers and four of its executives at the Dubai International Financial Centre Courts.

Mr Hardt claims to have invested US$9.7 million (Dh35.6m) across five of Damac’s developments in Dubai, including one building on land he says is owned by the UN.

The dispute relates to a series of off-plan investments made since 2006 in projects including: Park Towers at DIFC; Water’s Edge and Lotus Residences at Business Bay; Wildflower at Jumeirah Golf Estates; and Ocean Heights at Dubai Marina.

Mr Hardt alleges the developer failed to deliver the projects on time, mismanaged escrow accounts relating to some of the projects and did not register the transactions with Dubai’s Land Department, court documents show.

Damac is also accused of selling property in Water’s Edge, Lotus Residences and Wildflower to Mr Hardt without owning the land or obtaining construction permits.

The land on which Lotus Residences is planned is owned by the UN, the court documents claim.

Mr Hardt, considered one of Damac’s “VIP investors”, is also suing for additional loss of income after he claimed to have signed agreements with retail outlets that were going to rent the commercial units he bought from Damac.

“Through my experience with Damac I have been very frustrated,” he said. “I think this has to be fought in public. When I pursue something, I will really pursue it until the end. This is a young country but I’m confident in the new laws here.”

Now Mr Hardt is demanding a refund of the $9.7m he has invested in Damac projects, in addition to damages and lost profits.

Damac has acknowledged the case against it and four of its executives: Hussain Sajwani, the company chairman; Faisal Sajwani; Sofyan Khatib; and Peter Riddoch, a former chief executive.

But the company is contesting that the case be heard at DIFC, where it is registered and where one of the projects, Park Towers, is located.

It has until February 4 to declare its reasons for contesting the DIFC’s jurisdiction, which follows English common law and, unlike the main Dubai courts system, allows foreign lawyers to represent clients and cases to be heard in English.

Damac declined to comment yesterday.

If all or part of the case takes place at DIFC, it will be the first major dispute against a property developer to be heard at the court since it was set up in 2004, said Ludmila Yamalova, a partner at Al Sayyah Advocates and Legal Consultants, which is pursuing the case on behalf of Mr Hardt.

“We think at least part of the case has to be heard at DIFC, such as the part that relates to projects located there, like Park Towers,” said Ms Yamalova. “Damac is also a DIFC-registered entity.”

If Damac’s bid to have the case heard elsewhere is granted, then the rest of the dispute would have to go through the main Dubai courts system, which is more costly for complainants as they have to pay separately for each contract dispute, rather than take a class action.

“Right now, investors think there is no justice or no recourse, but at DIFC we do have a world-class institution that can deal with these issues at an international level … this is what DIFC has aimed to represent,” added Ms Yamalova.

“If DIFC steps up to the plate and starts looking at these cases, it will give people confidence.”

Read also……from The National …Legislation lifts investor outlook

Posted in Damac, Dubai, Lawsuit Dubai, Lothar Hardt | Tagged: , , , , | Comments Off on German investor is suing Damac Properties Dubai – an interesting court case to watch in the coming weeks

Dubai angry Damac Investors launched Website Damacuncovered

Posted by 7starsdubai on April 10, 2008


When Damac Properties unveiled its slick new sales office in central Dublin on Valentine’s Day, it tried to sweeten up Irish property lovers by promising a free Bentley for every apartment they bought in Dubai. They were even entered in a draw to win an island in the Caribbean and a private jet.

But it was all too late: the Irish love affair with overseas property was already over. Damac, which predicted in February that it would book €100m in sales in Ireland this year, closed its doors last week with none of the fanfare that signalled its arrival.

The Middle East’s largest private developer — a purveyor of glitzy skyscrapers overlooking Dubai’s gold-plated shopping malls, golf resorts and beaches — made its foray into Dublin after seeing interest from Irish investors double every year between 2004 and 2007. Peter Riddoch, Damac’s chief executive, claimed that 99% of customers were so confident about the region that they never even made the trip to Dubai to view their acquisitions.

Richard Spence, director of myoverseasproperty.ie, said: “You should never sign anything and buy off plans until you’ve been to the country and walked on the site, but unfortunately a lot of Irish people did. Back in the heyday, just three years ago, inexperienced Irish investors were so swayed by what they read about overseas property in the press and by their neighbours buying abroad that they didn’t do their research.”

source Timesonline UK continue reading……

The Website of the Damac Investors is here…….

Posted in Damac, Damac Palm Springs Jebel Ali Palm, Dubai Property dispute, Dubai Real Estate Scandal, Nakheel, Palm Jebel Ali Dubai | Tagged: , , | Comments Off on Dubai angry Damac Investors launched Website Damacuncovered

 
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