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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 ‘Dubai World’ Category

Dubai World – Chairman Sultan Ahmed bin Sulayam replaced

Posted by 7starsdubai on December 13, 2010


Dubai ruler, H.H. Sheikh Mohammed bin Rashid Al Maktoum named Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline, as chairman of Dubai World a year after the company rocked global markets with plans to freeze loan payments.

Sheikh Ahmed replaces Sultan Ahmed bin Sulayem, who led Dubai World, one of the emirate’s three main state-owned holding companies, when property unit Nakheel built palm-shaped islands off the emirate’s coast. The company built up $40 billion in debt as he turned DP World Ltd. into the world’s fourth-biggest port operator and bought stakes in companies including the U.S. casino group MGM Mirage.

The new board includes Mohammed Ibrahim al-Shaibani, director-general of the Dubai ruler’s court and chief executive officer of Investment Corp. of Dubai; Ahmed Bin Humaid Al Tayer, governor of the Dubai International Financial Centre; and Abdulrahman Al Saleh, director-general of the department of finance. Sheikh Ahmed is also head of the Dubai Supreme Fiscal Committee.

Posted in Dubai World, Sheikh Mohammed bin Rashid Al Maktoum, Sultan Ahmed bin Sulayem | Tagged: , | Comments Off on Dubai World – Chairman Sultan Ahmed bin Sulayam replaced

Dubai World Debt Talks July 2010

Posted by 7starsdubai on July 25, 2010


source Wall Street Journal

Despite the support of Dubai World’s major creditors the mood of
bankers leaving the meeting was mixed. All one executive had to say was
that “the food was good”, while many others simply rolled their eyes and
frowned when asked if anything positive had come from the day.
Suresh Vaidyanathan, head of operations at Bahrain-based Alubaf Arab
International Bank, told reporters on leaving the session that he wasn’thappy with the terms of the proposal. “We are not happy,” he  said. “The pricing is low. The backing of the U.A.E. government
guarantee is not as per British law and anything can happen. We have to
depend on their cashflow coming correct.”…read more ..

Posted in Dubai, Dubai Debts, Dubai World, Nakheel | Tagged: | Comments Off on Dubai World Debt Talks July 2010

Nakheel Dubai starts Payment to Creditors

Posted by 7starsdubai on June 30, 2010


source businessweek

Nakheel PJSC began making payments to its biggest contractors as the Dubai World-owned property company seeks to alter terms on $10.5 billion of unpaid bills and loans amid falling property prices in the emirate.

Nakheel started making 40 percent cash payment to trade creditors, according to a company statement today. “The announcement marks significant progress in our recapitalization plan following on from the initial payments to trade creditors of 500,000 dirhams or less which commenced in March.”

Nakheel, the builder of palm-shaped islands off Dubai’s coast, said in March that trade creditors would be offered 100 percent recovery of their claims — 40 percent through a cash payment and 60 percent through a publicly tradable Islamic bond, paying 10 percent return annually. The Dubai government in March pledged to pump $8 billion into Nakheel and said it will take over its ownership from Dubai World after the restructuring. ….continue reading

Posted in Dubai Debts, Dubai World, Nakheel | Tagged: , , | Comments Off on Nakheel Dubai starts Payment to Creditors

Dubai Debt Agreement – Nakheel faces cancelled projects

Posted by 7starsdubai on May 22, 2010


original source Bloomberg Businessweek by Zainab Fattah and Anthony DiPaola

Dubai May 21 (Bloomberg) — Nakheel PJSC, the Dubai World construction unit that received state cash to pay contractors and suppliers, may face an even greater challenge in deciding which of its planned projects to cancel.

In March, the company said it was evaluating its portfolio to identify “essential projects.” Nakheel will decide what buildings will be completed at the end of the restructuring process, a spokeswoman who declined to be named said by telephone yesterday.

Nakheel, the builder of palm-shaped islands off Dubai’s coast, is restructuring $10.5 billion of debt and has asked trade creditors to wait five years to receive full payment after falling behind on its bills. The Dubai government in March pledged to pump $8 billion in cash into Nakheel to help it pay contractors and suppliers and complete developments. Its unrealized plans include residential islands shaped like a world map and a coastal development that would be twice the size of Hong Kong Island.

http://www.businessweek.com/news/2010-05-21/nakheel-faces-canceled-projects-after-debt-agreement-update1-.html“They have to finish the projects they started and probably the working capital support has already come from the government,” Saud Masud, a Dubai-based analyst at UBS AG, said of Nakheel’s development plans. “I’d be surprised if they didn’t postpone most of the large projects that haven’t started or downscale them significantly.”

If Nakheel’s capitalization plan is approved, it would lead to a “prompt completion” of projects that are close to being finished off, according to the developer’s website.

Dubai World, the state-owned holding company that includes Nakheel among its construction, hotel and shipping assets, yesterday reached an agreement with its main creditor group to restructure $23.5 billion of liabilities. The agreement includes extending repayment dates and converting loans into equity.
continue reading

read also from the Wall Street Journal: Dubai World Debt Deal sets example for dubai,Greece-Banker

Posted in Debts dubai, Dubai World, Nakheel | Tagged: , | Comments Off on Dubai Debt Agreement – Nakheel faces cancelled projects

Creditors reject Dubai World 1 % interest offer

Posted by 7starsdubai on April 17, 2010


original source Arabian Business

Sources told Reuters that Dubai World’s 1 percent rate offer on the new debt
was rejected by creditors, who countered the offer with one at market
rate, which they estimated to be around 5 percent.
continue reading

Posted in Dubai, Dubai World, Nakheel | Tagged: , | Comments Off on Creditors reject Dubai World 1 % interest offer

Dubai World`s Debt

Posted by 7starsdubai on February 15, 2010


original source The National

Top officials from the US and British governments are calling for
transparency in the settlement of Dubai World’s US$22 billion (Dh80.8bn)
debt restructuring, intensifying diplomatic pressure to conclude a deal
with creditors.

Neal Wolin, the deputy secretary of the US
Treasury, said he would call on officials during his visit to Dubai
today to ensure openness in the restructuring of the emirate’s
companies.

“I think it’s important that, as they work through these
restructurings and these issues, that it be done in a way that is
transparent so that we can all understand what’s going on,” Mr Wolin
said.
continue reading…

Posted in Dubai, Dubai World | Tagged: , , , , | Comments Off on Dubai World`s Debt

Dubai World is expected to make a formal request for debt standstill

Posted by 7starsdubai on December 20, 2009


source Kippreport

Dubai World, a government-owned conglomerate, is expected to make a formal request for a debt standstill on $26 billion at a creditor’s meeting on Monday, reports Reuters. Bankers tell the news agency it could take over a month for the request to be approved.

“You can’t bet on it, because anything could happen; it could be anything from a complete write-off to 100 percent recovery,” a senior banker said.

The meeting is schedule for 12.30pm on Monday at the conglomerate’s headquarters.

“We’re going to pitch up, hear what they say, give our views, wait for the formal extension request and work on a restructuring,” a Dubai-based banker close to the talks said.

Read also from Reuters ” Scenarios – Creditors likley to agree Dubai World standstill “

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Posted in Dubai, Dubai Debts, Dubai World | Tagged: | Comments Off on Dubai World is expected to make a formal request for debt standstill

Herve Jaubert fled Dubai dressed as a woman

Posted by 7starsdubai on August 18, 2009


source Arabian Business

A former French special agent who worked for Dubai World has spoken of his anger at being convicted in absence of defrauding the company out of millions of dirhams – a charge he strongly denies.

Herve Jaubert told Arabian Business of a carefully planned escape from Dubai aboard a rubber dingy and dressed in a burqa to evade police using skills he developed as a spy.

The former French naval officer, who is now living in the United States, said he is not worried about being tracked down to face his five-year prison sentence because he can prove his innocence.

“I deny everything,” he told Arabian Business during a telephone interview. “When I saw that I was convicted in absentia I was totally outraged.  But no matter what the truth is going to come out eventually.”

One way he hopes to be able to do this is through his book outlining the story of his escape, which is due to be published in October.

Jaubert told Arabian Business he decided to flee the country last year after his passport was confiscated by police and he was fired by Dubai World.

“In Dubai, if you don’t have a passport and you don’t have a job you cannot survive,” he said. “I found myself in this situation. So instead of fighting it, I told the auditors I would pay them back. I did not sign anything, but I played the game.”

Meanwhile he was planning his escape. Jaubert sent his wife and children back to Florida where they had all been living before moving to Dubai in 2004, and once they were gone he went into hiding.

“Once I was alone in Dubai then I turned to what I used to do before as an intelligence officer.

“A friend would rent a room for me in a hotel with his passport so my details would never show up. I would stay in the hotel for three days and then change.

“I bought a sail boat, and then I bought a rubber dingy and I escaped on the dingy. When I was a secret agent for my country I used to do that – go in and out of countries on a rubber dingy – because no one pays attention to a rubber dingy.”

Jaubert left from a beach in Fujairah early one morning after sabotaging the only coast guard boat in the area to make sure no one could follow him.

He spent six hours aboard the rubber dingy before meeting his friend, who had sailed his boat into international waters, and the pair headed to India on a journey that took eight days.

“I’m a naval officer, so at that point I knew what I was doing,” he said.

“When I was a secret agent I was a ghost, but here it was different, I was not a ghost anymore. I decided to disguise myself as a woman and then I became a ghost.

“When you are covered from head-to-toe in an abaya and veil nobody talks to you, nobody looks at you. Wearing the abaya nobody bothered me, it’s like I never existed.

“That’s the best disguise you can find because even a police officer can not talk to you.”

Jaubert was sentenced to five years in jail and fined AED14m by Dubai Criminal Court at a hearing in June at which he was not present.

The court was told that Jaubert’s company, Seahorse Submarines, had bought equipment worth AED11.8m for Exomos, the submarine division of Dubai World, but that it did not all arrive.

Jaubert had a contract with Dubai World to build two submarines, but prosecutors told the court that when the vessels were delivered they were incomplete and faulty. He wrote to Dubai World and agreed to settle the matter by paying an initial AED3m, but he fled the country before handing over any money.

My book is going to come out and people are going to know the true story and then I will put it behind me,” Jaubert said.

He is even confident that readers in Dubai will be able to get a copy.

“There’s no way this book is going to be available in Dubai in the open, but I’ve found a way. There will be some tricks, if you want. The book will be disguised. If you order the book you might receive a book on flowers or furniture, but it’s just a cover,” he said.

Posted in CEO Nakheel, Dubai World, Herve Jaubert, Sultan Ahmed bin Sulayem | Tagged: , , , , , | Comments Off on Herve Jaubert fled Dubai dressed as a woman

 
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