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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’ Category

Dubai News International and UAE national Press Reports

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

Dubai and the Hamas murder case – Gen Tamim claimed the police could identify Israelis by physical features and the way they speak

Posted by 7starsdubai on March 2, 2010


original source The National

Gen Tamim said people travelling to the UAE who are suspected of having Israeli citizenship will not be allowed to enter the country regardless of what passport they hold. He said the police had previously allowed Israelis who held dual citizenship to enter the country using
their other passport.

If such a policy were implemented, it could affect people who have dual citizenship in Israel and another
western country and live in the UAE. It is often easier for such people to travel in the Middle East using their western passports.

Gen Tamim claimed the police could identify Israelis by physical features and the way they speak.

“It is easy for us to identify [Israelis], through their face or when they speak any other language, he said. “We used to respect them when they would come holding European passports; we regarded them as Europeans and never treated them badly. But from now on, anyone we suspect to have a dual citizenship, they willbe treated with great suspicion.”

continue reading

Posted in Dubai | Tagged: , , , , | Comments Off on Dubai and the Hamas murder case – Gen Tamim claimed the police could identify Israelis by physical features and the way they speak

Waterfront development Dubai – Court Disputes – Corruption – Investor Disappointments – Sunland, Omniyat, Defines Properties, ACI Real Estate and others

Posted by 7starsdubai on March 2, 2010


original source The National / reported by Bradley Hope
extract of the story


….The state of the Waterfront project is in some ways emblematic of the delays and disputes that have proliferated amid the decline of the property sector in Dubai during the global downturn, analysts say. It was the biggest project ever announced by one of Dubai’s biggest state-owned developers, an expression of the emirate’s ambitions. As Nakheel rethinks its largest projects and negotiates with banks over how it will repay money borrowed to finance such developments, much of the Waterfront is in a kind of limbo, Nakheel is struggling through its debt load, developers are in turn hesitant to build awaiting Nakheel’s fate, and investors are suing developers with dimming prospects for their investments.

Nakheel has made progress on two areas of the project, Veneto and Badrah, where the company was building villas. It has nearly finished a large canal that would form a central feature of the first phase, the Madinat al Arab. Individual plots of land facing the sea, where developers have said they would build high-rise luxury towers, are mostly undeveloped.

Investors who put their money with Omniyat Properties, a Dubai-based developer that bought land in the Waterfront and planned a project there, tell a common story. Attracted by Omniyat’s marketing machine – the company spent millions of dirhams advertising apartment buildings there – they poured money in during the run-up to the crisis, betting that Dubai’s soaring property market would keep rising. Now they are locked in a battle with the developer over how much construction it is contractually obliged to complete before demanding any more payments from them.

One of Omniyat’s projects, the Beachfront Living tower, sold more than 200 apartments and collected Dh314.7 million, according to an official review of the project’s escrow account by Caliber Middle East, a consultancy that advises Dubai’s Real Estate Regulatory Authority. Of that money and other funds Omniyat invested in the project, Caliber’s review shows, the company spent Dh237m on land payments and Dh101.6m on marketing expenses. Just Dh738,866 was spent on construction. The project has yet to move past the initial stages.
continue reading the full original report

Posted in Dubai, Nakheel, Real Estate Scandal Dubai | Tagged: , , , | Comments Off on Waterfront development Dubai – Court Disputes – Corruption – Investor Disappointments – Sunland, Omniyat, Defines Properties, ACI Real Estate and others

The big next question in Dubai – Layoff at Limittless and Nakheel

Posted by 7starsdubai on March 1, 2010


original source  Blog Crane Country The National by Bradley Hope

Dubai World property developers have undergone a new round of lay-offs, as chief restructuring advisor Aiden Birkett cuts the companies down to size and reduces costs.

Limitless has laid off about 20 per cent, or 55, of its staff. It currently has 220 employees, according to former staff. The company had about 500 staff at its peak.

“Limitless has reorganised and streamlined its operations as part of its ongoing strategy to reduce costs while continuing to maximise productivity,” a spokeswoman said. “Regrettably, this has impacted jobs.”

A Nakheel spokesperson said the company “continues to readjust its current business objectives and the resources to match as part of the restructuring process”. The company has previously let go of more than 1,000 people. It had 3,500 people at its peak.

The fate of these two property developers is the next big question in Dubai. They owe billions of dirhams in debt to banks and contractors. And they have giant, unfinished projects that need new capital to ever be complete. Nakheel’s Palm Jebel Ali – which is even larger than the finished Palm Jumeirah – comes to mind.

As does the Arabian Canal, which was a planned 75km waterway through the desert outside Dubai. A short visit to the site this weekend found it completely abandoned, although the company did impressively dig several kilometres of it. (Check out the original multimedia package The National did on the canal here.) More pictures of the current state of the canal here.

Some analysts believe they will be merged together after selling off some assets to become a new Dubai developer with a new brand. Others believe that at least one of them will simply be liquidated. Another optimistic camp believes they will be restructured and continue operating. Either way, there are major changes afoot.

Posted in Dubai, Nakheel, Real Estate Scandal Dubai | Tagged: , , , | Comments Off on The big next question in Dubai – Layoff at Limittless and Nakheel

Dubai police named 15 more suspects in Al Mabhouh killing

Posted by 7starsdubai on February 25, 2010


source The National

DUBAI // The number of people being hunted for the murder of a Hamas operative in Dubai rose to 26 yesterday when police named 15 more suspects.
Of the passports used by the 15 new suspects, six were British, three Irish, three French and three Australian. As with most of the 11 suspects first named last week, it is believed the assassination squad used identities stolen from innocent people with dual nationality, living in Israel.

continue reading…..

Flight movements of the suspects ( click on the image)

Posted in Dubai, Dubai Police, Hamas Dubai | Tagged: | Comments Off on Dubai police named 15 more suspects in Al Mabhouh killing

Damac Properties 140 Million Dollar suit under way at Dubai International Financial Centre Court

Posted by 7starsdubai on February 24, 2010


original source Emirates Business24-7

Lawyers representing a German investor, Dr Lothar Ludwig Hardt, said the developer allegedly used the money from other property projects to construct Park Towers, the only development that appears to be ongoing out of the five that Hardt had signed up in February 2007.

“These close links show the other four properties are connected to Park Towers… which should have been finished two years ago,” Ludmila Yamalova, legal consultant and partner at Al Sayyah Advocates and Legal Consultants, told Emirates Business. She said Hardt has invested $9.7 million on five properties which, in addition to Park Towers include the two cancelled projects – Lotus Residences and Wildflower; Ocean Heights, which was scheduled for completion eight months ago; and Water’s Edge, where construction hasn’t been started yet.

The German investor is thus demanding refund of $9.7m and is seeking damages and lost profits caused by the developers’ breach of contract and other violations of the UAE, Dubai and DIFC Courts. Yamalova estimates that damages, loss of profits plus all the legal fees could go up to $140m.

“As of today, defendants have not delivered any of the properties and have not complied with any of the contractual obligations to claimants,” a claim form seen by Emirates Business said.

Defendants have committed a series of violations of UAE, Dubai and DIFC Laws in connection with properties such as enticement and unfairness, illegal sale, failure to obtain necessary approvals, failure to commence construction timely, failure to timely register developer and obtain necessary license, mismanagement of escrow funds and violation of trust account regulations, unfair contracts of adhesion, fraud and deception… illegal competition, bribery, trickery, breach of trust, cheating in commercial transactions, money laundering and accomplice liability,” said the claim form.

…..continue reading

Posted in Damac Dubai, Dubai, Lawsuit Dubai, Lawyer Dubai, Ludmilla Yamalova | Tagged: , , , , | Comments Off on Damac Properties 140 Million Dollar suit under way at Dubai International Financial Centre Court

Dynasty Zarooni Executives charged with defrauding 25 Million

Posted by 7starsdubai on February 18, 2010


original published GulfNews

Gulf News obtained a copy of the arraignment sheet, in which K.M. was charged with offering the businessmen to multiply their money through a bogus investment portfolio. Records said the Indian told the businessmen to provide a monthly payment of Dh300,000 to be invested in real estate projects offering a monthly revenue of Dh1 million starting from the seventh month. KM allegedly got the claimants trust the feasibility of the portfolio by advertising in newspapers and the internet.

The Public Prosecution also charged M.H.Z. and R.Q. with aiding and abetting K.M. by confirming his claims, the act which allegedly resulted in cheating the claimants.

continue reading…..


Real estate fraud

Gulf News also learnt that prosecutors dismissed the charges of real estate fraud, worth hundreds of millions of dirhams, against the suspects for lack of crime.

Al Shaali appealed the dismissal of the real estate fraud charge.

An appeals judge is looking into this plea.

“The jury is only responsible for prosecuting the suspects on the charges of swindling and establishing a bogus investment portfolio … I will not accept any real estate fraud case or complaint,” concluded Presiding Judge Abdul Majid, who adjourned the case until March 10.

According to the charges sheet, K.M. told prosecutors that he bought the properties, which the businessmen described as bogus and non-existent, from developers and he was authorised to sell them. He presented contracts and documents to prove that he was authorised to do so.

Dynasty Zarouni’s chairman claimed in his statement to prosecutors: “Due to the global financial crisis, some of the businessmen’s cheques bounced and when he presented the bad cheques to the police, they complained against him.”

Posted in Al Fajer Properties, Dubai, Dubai law, Dubai Property Investors, Dubai Real Estate Scandal, Dynasty Zarooni, Fraud Dubai, Lawsuit Dubai | Tagged: , , , | Comments Off on Dynasty Zarooni Executives charged with defrauding 25 Million

Dubai Hamas Murder case :The chances of catching the killers were “zero to nil” – 11 people wanted for the murder of a Hamas leader in Dubai used false passports

Posted by 7starsdubai on February 17, 2010


original source The National and others

A foreign office spokesman in London said: “We are aware that the holders of six British passports have been named in this case. We believe the passports used were fraudulent.”

In Dublin, a spokesman for the department of foreign affairs said: “We are unable to identify any of those three individuals as being genuine Irish citizens. Ireland has issued no passports in those names.”

One of the suspects was named by Dubai police on Monday as Melvyn Adam Mildiner. Yesterday Mr Mildiner, a British-born computer specialist who lives in Israel, said he had never been to Dubai and still had his passport. He added: “I’m looking into what I can do to try to sort things out and clear my name. I don’t know how this happened or who chose my name or why.”

continue reading….

Video: CCTV footage of Dubai murder suspects

Posted in Dubai, Hamas Dubai | Tagged: | Comments Off on Dubai Hamas Murder case :The chances of catching the killers were “zero to nil” – 11 people wanted for the murder of a Hamas leader in Dubai used false passports

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 Apartment prices will fall 20 per cent this year

Posted by 7starsdubai on February 10, 2010


10 February 2010 DUBAI

original source Khaleej Times UAE

Sale prices and rents for villas, apartments and offices in Dubai will continue to decline through the first quarter o
2010 because of supply glut, with apartment prices likely to take the biggest hit and falling as much as 20 per cent in the next 18 months, property consultants Landmark Advisory said on Tuesday.

Landmark said that Abu Dhabi’s residential property prices, in the first quarter of the year, are likel
to remain stable on average, with some upticks in select localities. But rents are likely to maintain a downtrend.

High-end units in Abu Dhabi saw their rents fall up to 15 per cent, but it was low-end units that fared the worst, Landmark said in its Q1
Real Estate Report.

The report said that after increasing in the third quarter last year, villa prices in Dubai stagnated with a marginal increase of 0.2 per cent in the fourth quarter. A price bifurcation is emerging with coastal villa communities (along Sheikh Zayed Road) stabilising, while inland villa communities experience further declines, it said.

continue reading…

Technorati-Tags: ,

Posted in Dubai, Real Estate Dubai, Rera Dubai | Tagged: | Comments Off on Dubai Apartment prices will fall 20 per cent this year

Hotels in Dubai tightened up security – Cameras in the reception area must directly record the faces of guests and visitors

Posted by 7starsdubai on February 10, 2010


original source Emirates Business 24-7

Dubai February 10, 2010

Hotel and hotel apartment operators in Dubai have tightened up security following the murder of Hamas leader Mahmoud Al Mabhouh at Al Bustan Rotana in Al Garhoud, Emirates Business has learnt.

And Dubai Police have ordered hotel security officers to follow guidelines issued by the force.

Industry sources said the security authorities recently held meetings with representatives of leading hotels and hotel apartment blocks and instructed them to follow the guidelines and carry out strict identity checks on guests and clients.

Hotels and hotel apartment operators are required to have CCTV recording systems and must give guest details to the law enforcement authorities. Cameras in the reception area must directly record the faces of guests and visitors.
continue reading….

Posted in Dubai | Tagged: , , | Comments Off on Hotels in Dubai tightened up security – Cameras in the reception area must directly record the faces of guests and visitors

Dubai legal System an Trial – German Investor filed five motions against Damac Properties

Posted by 7starsdubai on February 10, 2010


original source 7Days Dubai

DAMAC Properties has filed a motion to stop an investor’s lawsuit being heard in the Dubai International Financial Centre (DIFC) courts, and has also moved to strike the case entirely, the lawyer for the investor told 7DAYS yesterday.

German investor Lothar Hardt, who has invested in around dhs100 million worth of properties from Damac, filed a suit against the firm in December with the DIFC Courts, alleging breaches of contracts in the form of delays, misrepresentation of properties, fraud and improper use of funds, among other claims.

Hardt has invested in Lotus Residences and Water’s Edge in Business Bay, Park Towers at DIFC, Wildflower in Jumeirah Golf Estates and Ocean Heights in Dubai Marina.

He filed the suit with the DIFC Courts because Park Towers is located at DIFC and Damac is a DIFC-listed company.

Ludmila Yamalova, a partner at Al Sayyah Advocates and Legal Consultants, which is handling the suit, previously told 7DAYS that having the case heard at the DIFC Courts has a number of advantages over the Dubai Courts, including the fact that DIFC operates under British law, which has had more experience of property disputes in comparison with Dubai law.

Yamalova said yesterday that Damac was contesting the jurisdiction of the case and was also moving to strike out the case due to a lack of “reasonable grounds”.

However, she said Hardt had filed five motions in response to Damac, including a motion for judgement by default and an award of damages of over $132 million because Damac failed to support its motion with proper statements and failed to file its defence, and defences for individuals named in the case, on time.

The requested damages include actual damages of about $44 million  in lost profits and legal expenses, and punitive damages, which can be  up to three times the value of actual damages in the DIFC Courts.

The motions of both Hardte and Damac will be heard at DIFC Courts later this month.

Hardt told 7DAYS in January that if DIFC Courts decided jurisdiction belonged with the Dubai Courts, he would still pursue the suit.

“First I am hoping that I will regain my money and the second thing is, while I have been negotiating with Damac I’ve seen so many people in the situation where all the money they had was in one apartment and they stand to lose it all… so I see myself also as being the spearhead for these people,” he said.

Read also: An interesting case to watch – German Investor is suing Damac Properties

Posted in Dubai, Dubai Legal - Real Estate Lawsuits, Dubai Property legal, Lawsuit Dubai | Tagged: , , , , , | Comments Off on Dubai legal System an Trial – German Investor filed five motions against Damac Properties

Dubai-More than fith of construction projects have been put on hold or canceled

Posted by 7starsdubai on February 6, 2010


original source The National

DUBAI // As an amateur photographer and property investor, Imre Solt found himself visiting construction sites throughout Dubai to document the progress of the rising skyline of Dubai on a daily basis. Now he is lucky to find a significant change at a project once a month.

“Sometimes I don’t take any photos at all because there is no progress,” says the Hungarian-born Mr Solt, who has captured the city’s growth in what he estimates are 100,000 pictures taken from the tops of tall buildings, helicopters and even a biplane. “There are a few buildings that have made very good progress, but I think more projects are on hold than before. Sometimes, there are just a few workers there.”

The numbers bear him out. More than a fifth of construction projects in Dubai have been put on hold or cancelled in the past year, with the remainder severely delayed, said Proleads, a construction information provider. Proleads also estimates that the number of construction workers in Dubai has declined 45 per cent from the peak of the property boom in 2008 to last month, a further sign of the city’s post-boom state.The problems are not isolated to Dubai, with projects in Abu Dhabi, Ras al Khaimah and Ajman similarly stalled.

“You have this stalemate,” says Andrew Charlesworth, the head of capital markets at the property consultancy Jones Lang LaSalle. “We are not seeing any distressed sales come through. Banks are reluctant to foreclose. Buyers can’t make payments and developers can’t build.”

continue reading…..

Posted in Dubai, Dubai Legal - Real Estate Lawsuits, Rera Dubai | Tagged: , , , , | Comments Off on Dubai-More than fith of construction projects have been put on hold or canceled

ACI Dubai-Guetersloh-Bettelbriefe und das warten der Investoren auf ein Wunder

Posted by 7starsdubai on February 5, 2010


continue reading

Dokumente zum Thema  ( original source GoMoPa)
» Abstimmung II. Dubai Tower KG
» Abstimmung III. Dubai Tower KG
» Abstimmung IV. Dubai Tower KG
» Abstimmung V. Dubai Tower KG
» ACI-Bettelbrief für Ex-Fonds II
» ACI-Bettelbrief für Ex-Fonds III
» ACI-Bettelbrief für Ex-Fonds IV
» ACI-Bettelbrief für Ex-Fonds V
» ACI-Bericht an die Anleger vom 17.12.2009

Pressemitteilungen zum Thema
» ACI: Keine Sorge, Robin Lohmann bucht ab
» ACI-Dubai-Fonds: Wir zahlten nie aus Gewinnen
» Dubai-Fonds: ACI droht Anlegern mit Insolvenz
» Pressefreiheit endet am Geldhahn
» ACI: Der Boss ist erst zehn Jahre alt
» ACI-Chefs bestellten neue Identität in Panama
» ACI-Owners ordered new Indentities
» ACI-Dubai-Fonds: sechs neue Bentleys für den Chef
» ACI-Dubai: Dr. Schulte Anwälte prüfen Haftung von Boris Becker, Michael Schumacher & Niki Lauda
» ACI Dubai Fonds – inklusive Lear Jet für den Juniorchef
» Die Pleitetürme von Becker, Schumacher und Lauda
» Dubai: Jeder Depp wurde Spekulant
» Steuerparadies Dubai: Schluss mit lustig

Angaben aus dem Departement of Economic Development (DED) in Dubai
» YAMA und ACI
» ACI Consultancy
» ACI General Trading LLC
» ACI Investment Project LLC
» ACI Real Estate LLC
» YAMA LLC

Beiträge zum Thema
» ACI: Alternative Capital Invest Dubai Tower
» Bauboom in der Wüste
» Dubai Fonds Richtigstellung
» Kennt einer das hier
» Immobilienfonds Dubai, Libanon, Oman etc.
» Aussergewöhnliche Renditen
» ACI Holding Group Inc Development Unernehmen

Posted in ACI Immobilienfonds, Dubai, Robin Lohmann | Tagged: , , , | Comments Off on ACI Dubai-Guetersloh-Bettelbriefe und das warten der Investoren auf ein Wunder

Dubai Police will issue an arrest warrant against Benjamin Netanyahu if Mossad is behind Dubai killing

Posted by 7starsdubai on February 5, 2010


continue reading

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British rape victim back in UK after a four-week nightmare in Dubai

Posted by 7starsdubai on February 4, 2010


continue reading..

read also : Los Angeles Times
and ….. Huffingtonpost

Posted in Dubai, Dubai law | Tagged: , , , | Comments Off on British rape victim back in UK after a four-week nightmare in Dubai

Hamas commander murdered in Dubai played a central role in smuggling weapons

Posted by 7starsdubai on February 2, 2010


source abc News

February 1, 2010

Israeli officials say a senior Hamas commander who was murdered in Dubai played a central role in smuggling weapons from Iran to Gaza.

They have refused to say, however, whether Israel was behind his death.

Hamas leaders have accused Israel’s spy agency, Mossad, of killing Mahmoud al Mabhouh in a Dubai hotel.

Al Mabhouh was said to be passing through Dubai en route to another country.

He was wanted by Israel for his role in kidnapping and killing two Israeli soldiers 20 years ago.

Dubai police say they have identified several European passport holders as suspects, but say it is possible Mossad was behind his death.

Britain’s Times newspaper, citing unidentified sources, reported that al Mabhouh’s body was found by staff at the luxury Al Bustan Rotana Hotel in Dubai.

It claims a hit squad injected him with a drug that induced a heart attack, photographed all the documents in his briefcase, and left a “do not disturb” sign on the door.

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Davos World Economic Forum 2010 – Bill Gates Foundation

Posted by 7starsdubai on January 30, 2010


Davos World Economic Forum 2010

Watch live streaming video from worldeconomicforum03 at livestream.com

Technorati-Tags:

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Jumeirah Lake Towers Dubai

Posted by 7starsdubai on January 30, 2010


original source The National
DUBAI // Residents of Jumeirah Lakes Towers (JLT) face a six-month wait for relief from huge queues to leave the development each morning.

As the number of people living on the development has steadily risen over 18 months, the single access road to Sheikh Zayed Road has become choked with traffic, particularly during the morning and evening rush hours.

continue reading…

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ACI – Alternativ Capital Invest – droht Anlegern mit Insolvenz

Posted by 7starsdubai on January 30, 2010


Dubai – Gütersloh 29. January 2009
 original source GoMoPa

Die Alternative Capital Invest GmbH aus Gütersloh (NRW) hat gar keine Beteiligungs-Fonds mehr, und auch die 300 Millionen Euro Anlegergelder sind komplett in emiratischen Firmen versenkt, dennoch fordern die nun eigentlich arbeitslosen ACI-Chefs Robin Lohmann (34) und Vater Uwe Lohmann (64) in einem Bettelbrief für 2010 und die nächsten Jahre für eine so genannte Liquidationsphase von den Anlegern ein Gehalt von jährlich 1,1 Millionen Euro. Für jeden der vier Ex-Fonds (Kommanditgesellschaften II bis V) genau 266.560 Euro.

Die Anleger würden diese “freiwillige Umlage” kaum spüren, heißt es in dem von Geschäftsführer Uwe Lohmann unterschriebenen Brief vom 17. Dezember 2009. Lediglich 150 Euro seien pro 10.000 Euro Einlage nötig. Die Anleger bräuchten auch nichts zu tun. Das Geld werde automatisch von der ACI immer am 15. Januar eines jeden Jahres gleich für das ganze Jahr im Voraus abgebucht.

Betroffen sind 5.000 Anleger aus Deutschland, Österreich und der Schweiz. Offiziell ist es eine Gesellschafterbeschlussvorlage, über die die Anleger bis zum 17. Januar 2010 per Fax an das Gütersloher Büro der ACI abstimmen sollten. Wie die Abstimmung ausgegangen ist, darüber hüllt sich die ACI-Leitung bis heute in Schweigen.

Wörtlich heißt es im Schreiben von Geschäftsführer Uwe Lohmann vom 17. Dezember 2009 zu Fonds Nummer II (die Schreiben zu den anderen drei Fonds III, IV und V sind gleichlautend):

Robin Lohmanns Zwillingsschwester
Nadine (34) und Vater Uwe Lohmann (64)
Robin Lohmanns Zwillingsschwester
Nadine (34) und Vater Uwe Lohmann (64)

    Zitat:

    Honorar der Komplementärin / Kostenerstattung zur Abwicklung während der Liquidationsphase

    Da die Geschäftsführung – wie Sie auch – davon ausgegangen war, dass die Liquidationsphase der Gesellschaft angesichts des bereits abgeschlossenen Kaufvertrages mit der Firma YAMA allenfalls bis März/April 2009 anhält, hatte sich die Komplementärin mit einer Pauschalvergütung für die bevorstehende Abwicklung in 2009 in Höhe von 60.000 Euro (zuzüglich Mehrwertsteuer) unter Freistellung der Fondsgesellschaft von weiteren Kosten bereit erklärt.

    Da der Kaufvertrag nicht durchgeführt werden kann und nicht abzusehen ist, wie lange die Liquidationsphase noch anhält, ist die Geschäftsgrundlage für diese Vereinbarung entfallen. Die Komplementärin ist nicht in der Lage, ohne entsprechende Honorierung die Geschäftsführung nebst Übernahme der persönlichen Haftung weiterzuführen.

    a) Honorar für Geschäftsführung und Haftungsübernahme

    Die Geschäftsführung schlägt vor, der Komplementärin für die Zeit ab 1.1.2010 und für die Dauer des weiteren Liquidationsverfahrens ein Honorar von jährlich 120.000 Euro (zuzüglich Mehrwertsteuer), zurzeit also brutto = 142.800,00 Euro pro Jahr zu gewähren, und zwar für die Geschäftsführung und Übernahme der Haftung.

    Die Vergütung ist fällig jeweils jährlich im Voraus per 15.01. eines jeden Jahres, erstmals per 15.01.2010. Die vorgeschlagene Gesamtvergütung liegt weit unterhalb des prospektierten Honorars für die Geschäftsführung, obwohl der Arbeitsumfang und das Risiko während der Liquidationsphase erheblich gewachsen sind.

    Danach fallen jährlich folgende Kosten für die Komplementärgesellschaft ab 01.01.2010 an:

    Honorar für Geschäftsführung und Haftungsübernahme: 120.000 Euro zuzüglich Mehrwertsteuer, zur Zeit somit 142.800 Euro.

    b) Der sonstige Aufwand / Auslagen, die von der Gesellschaft an die Geschäftsführung zu erstatten sind,

    werden auf mindestens 100.000 Euro pro Jahr kalkuliert. Dazu gehören unter anderem:
    Treuhandkosten pro Jahr: 15.000 Euro
    Rechtsberatungskosten und Prozesskosten Deutschland: 12.000 Euro
    Steuerberatungskosten /Jahresabschlüsse: 40.000 Euro
    Rechtsberatungskosten Dubai 10.000 Euro
    Rundschreiben / Abstimmungsunterlagen / Protokolle: 10.000 Euro
    Kosten von Veranstaltungen / Raumkosten / Gastronom: 3.000 Euro
    Anteilige Kosten Gesamtbeirat (inklusive eventuelle Spesen): 1.000 Euro
    Notarkosten / Apostillen usw.: 1.000 Euro
    Sonstiges: 12.000 Euro
    Summe geschätzter sonstiger Aufwand / Auslagen pro Jahr: 104.000 Euro zuzüglich 19 Prozent Mehrwertsteuer 19.760 Euro
    Gesamt brutto Aufwand / Auslagen: 123.760 Euro

    c) Insgesamt fallen somit jährlich folgende Kosten bei Ihrer Beteiligungsgesellschaft an:

    Geschäftsführungshonorar, siehe oben a) ergibt 142.800 Euro
    Sonstiger Aufwand / Auslagen, siehe vorstehend b) 123.760 Euro

    Insgesamter Kostenaufwand für die Gesellschaft: 266.560 Euro

    Insoweit wird vorgeschlagen, zu beschließen, dass die Beteiligungsgesellschaft für die Dauer des Liquidationsverfahrens ab dem 01.01.2010 an die Komplementärin 120.000 Euro und weitere 104.000 Euro an sonstigem Aufwand, jeweils zuzüglich MWST, zahlt, fällig jeweils zum 15.01. des Jahres.

    d) Die Geschäftsführung wird versuchen, die vorstehenden Kosten durch eine freiwillige Umlage zu erheben, um die Ausschüttungen nicht zurück fordern zu müssen. Die Umlagebträge belasten den einzelnen Gesellschafter relativ gering (im Verhältnis zur gezeichneten Kommanditeinlage).

    Beispiel: Bei einem gezeichneten Netto-Kapitalbetrag von 10.000 Euro und einer jährlichen Umlage von 266.560 Euro macht dies bei der II. Dubai Tower Fonds KG folgende Belastung pro Jahr aus:

    (Gesamtkosten) 266.560 Euro: (Fondsvolumen) 17.144.500 Euro = 0,015 Euro x 10.000 Euro = 150 Euro.

    Auf je 10.000 Euro Kommanditbeteiligung fallen somit pro Jahr 150 Euro an Vergütung für die gesamte Geschäftsführung (inklusive Drittleistungen und sonstiger Aufwand) an. Den auf Ihre Beteiligung anfallenden Betragsanteil werden wir, damit für Sie kein zusätzlicher Arbeitsaufwand entsteht, je nach Beschlussfassung von Ihrem Konto einziehen.

    Es wird vorgeschlagen, entsprechende Beschlüsse zu fassen.

Möglicherweise endete die Abstimmung wieder einmal mit einer Watschen. Denn der Gehaltsbettel-Brief vom 17. Dezember 2009 ist schon der zweite. Der erste Bettelbrief vom September 2009 war am Wiederstand der Vertriebler gescheitert und fiel bei den Anlegern durch. Damals forderte die ACI-Führung einfach die Fortsetzung ihrer Bezahlung in Höhe von rund einer Million Euro pro Fonds, also insgesamt vier Millionen Euro pro Jahr.

Aber damit sich das nicht wiederholt, haben die ACI-Chefs Druck aufgebaut. Sie drohen den Anlegern im neuen Schreiben unverhohlen mit Insolvenz und mit horrenden Zahlungen, die die Anleger als Gesellschafter der Fonds-Kommanditgesellschaften dann zu leisten hätten.

Und die 300 Millionen Euro, die die Anleger insgesamt eingezahlt hätten, seien im Insolvenzfall für immer verloren. Zur Bekräftigung veröffentlichten die Lohmanns auf der ACI-Webseite einen Brief eines Wirtschaftsanalysten, der mal eben klar stellte, dass es zwecklos sei, in Dubai versickertes Geld zurückholen zu wollen.

» ACI-Bettelbrief für Ex-Fonds II
» ACI-Bettelbrief für Ex-Fonds III
» ACI-Bettelbrief für Ex-Fonds IV
» ACI-Bettelbrief für Ex-Fonds V
» ACI-Bericht an die Anleger vom 17.12.2009

Posted in ACI Immobilienfonds, Dubai, Immobilienbetrug Dubai, Robin Lohmann | Tagged: , , | Comments Off on ACI – Alternativ Capital Invest – droht Anlegern mit Insolvenz

Scheich Ahmed Bin Saeed Al Maktoum – Dubai Royal`s secret bride flees to Britain

Posted by 7starsdubai on January 30, 2010


original source HalloDubai.com
and TimesOnline  ….Nivin el-Gamal flees to Britain

Scheich Ahmed Bin Saeed Al Maktoum, inzwischen 51 Jahre alt, ist der Onkel von Dubais Herrscher und den meisten Menschen weltweit als Vorstand der Emirates Fluggesellschaft bekannt. Es ist auch kein Geheimnis, daß Scheich Ahmed seit seiner Jugend ein sehr begehrter Junggeselle war und daß wir alle paar Monate wieder neue Skandalgeschichten über seine Liebschaften zu Ohren bekamen. Im Juni 2008 hat er dem Druck seiner Familie nachgegeben  und ganz traditionell seine Cousine, Scheicha Mona, geheiratet.

Seine Heirat zu seiner Cousine kam überraschend, vorallem im Hinblick darauf, daß zwei Monate vor seiner Hochzeit zahlreiche Fotos im Internet die Runde machten, von seinem neugeborenen Sohn mit einer “anderen unbekannten” Frau, die das Baby in den USA zur Welt brachte.
Nivin el-Gamal, die 33jährige Mutter des kleinen Sohnes Saeed, packt nun aus mit der ganzen Story. Zahlreiche Medien berichten jetzt über ihr Asylgesuch in England, da sie um ihr Leben fürchte.  Die Aegypterin war in einer siebenjährigen Beziehung mit Scheich Ahmed Bin Saeed und sagt, daß sie keinen Kontakt mehr zu ihm habe, seit er erfuhr, daß sie schwanger war. Scheich Ahmed habe sie in einer geheimen islamischen Zeremonie in seiner Wohnung in London geheiratet.
Der Sohn, der Scheich Ahmed wie aus dem Gesicht geschnitten ist, braucht nun medizinische Pflege und da sie den Vater nicht mehr erreichen kann, ist sie mit der ganzen Story zur Presse gegangen.
Lest die ganze Story mit Fotos hier auf the TIMES.

Als ihr Sohn gerade mal zwei Monate war, konnte sie am Fernsehen die ihr bis dahin nicht angekündigte Hochzeit von Scheich Ahmed zu seiner Cousine verfolgen, was sicherlich ein traumatisches Erlebnis war.

Diese Story ist deshalb sehr interessant und von Bedeutung, weil es kein Einzelfall ist. Leider. Aber Respekt vor der Frau, die nun die Wahrheit ans Licht bringt und nicht mit Geld zum Schweigen gebracht werden konnte. Bravo.
Die Geschichte erinnert mich leider auch fest an die Marokkanerin Bushra, die sich am Ende des Aschenbrödel-Märchens mit ihrem Maktoum-Mann, das Leben genommen hat.
Fakt ist leider, daß es viele “geheime” Frauen gibt in den VAE und außerhalb, die von Mitgliedern der Herrscherfamilien Kinder zur Welt gebracht haben. Diese Kinder sind nicht offiziell anerkannt, tragen keinen Herrschertitel und lernen ihre Väter leider oft gar nie kennen. Traurig aber wahr.

Nun kommt die Ironie der Geschichte. Die Ironie ist die, daß Scheich Ahmeds Vater (der damalige Herrscher von Dubai), selber eine Zweitfrau geheiratat hat, die ihm einen Sohn geboren hat (Scheich Ahmed). Scheich Ahmed ist der einzige Sohn seines Vaters und dieser Zweitfrau. Sein Vater ist leider im selben Jahr gestorben, als er geboren war. Die Oeffentlichkeit wusste nichts davon, daß der Herrscher nochmals einen Sohn hatte mit einer “anderen” Frau. Als Scheich Ahmed nach seinem USA Studium in die VAE zurück kehrte und hier die Leitung von Emirates Airlines in Angriff nahm, haben die meisten Leute ihren Ohren nicht trauen können….Scheich wer? Scheich Ahmed bin Saeed? Scheich Saeed hatte einen Sohn mit einer Zweitfrau? Ironie des Lebens…..
Ach ja……in den lokalen Medien bisher KEIN WORT zu diesem Fall. Warum bin ich nicht überrascht? Die internationalen Medien schreiben Zitat:
“The Dubai government media office said on Sunday it was unable to comment on Sheikh Ahmed’s behalf.” Kein Kommentar.

English from Times Online:

AN Arab socialite who had a “secret marriage” with a billionaire Middle Eastern prince in London is applying for asylum in Britain, saying she fears for her life.

Nivin el-Gamal, an interior designer and model, has also called in Scotland Yard over claims that her phone is being monitored and that she is being followed and photographed by private detectives.

Gamal revealed last week she has a one-year-old son by Sheikh Ahmed bin Saeed al-Maktoum, a billionaire member of the ruling family of Dubai. One of the world’s richest men, he is chairman of the Emirates airline, sponsor of Arsenal football club.

The asylum claim — in which Gamal discloses full details of their sometimes fiery relationship — poses a political dilemma for the Home Office.

continue reading..

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Hamas Official Murdered in Dubai Hotel Room

Posted by 7starsdubai on January 30, 2010


Dubai, 30 January 2010

A senior Hamas official was murdered in a Dubai hotel room last week, the Palestinian militant group said on Friday. Hamas accused Israel of the killing and vowed to retaliate.

 The official, Mahmoud al-Mabhouh, 50, lived in Syria and was a founder of Hamas’s military wing, which has carried out hundreds of deadly attacks against Israel since the 1980s, Hamas officials said. He had survived several previous assassination attempts, relatives said, including one three months ago that left him in a coma for 24 hours.

The Dubai police issued a statement saying that Mr. Mabhouh was killed hours after arriving in the city on Jan. 19 by a “professional criminal gang” that left Dubai before the body was discovered. The killers had been tracking him since before his arrival in Dubai, and most of them traveled on European passports, the statement said.

There were conflicting reports about how Mr. Mabhouh was killed, with some relatives saying Hamas officials told them he was electrocuted and others saying he was poisoned or suffocated. Osama Hamdan, a Hamas spokesman in Lebanon, said “we will not talk about the details until we have put all the pieces of the puzzle together.”

Israeli officials declined to comment.

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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

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Dubai Sheikh Mohammed bin Rashid Al Maktoum will not be attending the annual World Economic Forum in Davos Switzerland

Posted by 7starsdubai on January 27, 2010


source Wall Street Journal

DUBAI–Dubai’s sheiks will be largely absent at this year’s annual meeting of the World Economic Forum in Davos, Switzerland, as negotiations with banks to freeze $22 billion of debt owed by part of the emirate’s tarnished corporate empire reach a critical juncture.

A government official told Zawya Dow Jones that no senior representatives from the emirate would attend this year’s corporate jamboree in the Swiss alpine resort.

Notable absentees are likely to include regulars at the forum’s annual meetings, Mohammed Gergawi, chairman of Dubai Holding and Sultan bin Sulayem, head of Dubai World. A spokesman for Dubai World didn’t respond to requests for comment on whether officials from the company, once seen as a jewel in Dubai’s corporate crown, would attend the Davos meetings. A spokeswoman at DP World, Dubai World’s largest business unit, said that none of its senior executives would attend the meetings this year. The spokeswoman didn’t provide a reason for their absence.

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Emiratis could account for just 13.3 percent of population in 2010

Posted by 7starsdubai on January 26, 2010


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Human rights UAE – Sheikh Issa Al Nahyan

Posted by 7starsdubai on January 26, 2010


source Financial Times

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New Law – Protection for Dubai Property Investors

Posted by 7starsdubai on January 24, 2010


New Dubai Land Law – Property refunds
original source The National / by Bradley Hope

Property investors in Dubai will be eligible for refunds or replacement property if they fall victim to unscrupulous or failing developers, under laws planned for this year.

And developers will face new financial penalties if the buildings they promise are not delivered on time, or to agreed specifications.

Details of the proposed laws were revealed in a newsletter from the law firm Al Tamimi and Company, which ran a dialogue between Lisa Dale, the head of the firm’s property practice, and Emad Eldin Farouq, a senior legal adviser at the Dubai Land Department.

“There are lessons to be learnt from the crisis and we are emerging with a new legal regime,” said Mr Farouq. “Loopholes in laws are being dealt with and things will become more organised in 2010.”

As more buyers default on their payment plans and developers fail to deliver buildings on time, legal disputes are expected to remain a dominant theme in the UAE this year, lawyers say.

“2010 is still the year of fighting,” said Michael Lunjevich, the head of the property practice at Hadef and Partners. “It will be about consolidations, legal claims, liquidations and insolvencies. The market needs to clean itself out.”

The most significant elements of the proposed legislation in Dubai relate to the protection of property investors, including the refund or replacement property for buyers where the developer delivers a defective property, and financial penalties for late delivery.

The laws would also establish the grounds on which a purchaser can demand cancellation of the contract if, for instance, the developer refuses to link payment plans with construction milestones.

“The investor protection law is being proposed to deal with some specific issues identified last year, where investors needed further assistance in dealing with errant developers,” Ms Dale said.

Another element of the legislation would allow Emiratis with land granted to them by the Government to convert it to a freehold title, allowing them to sell it to another Emirati or GCC national, or mortgage the property, she said.

“The granted land system is a tradition in the UAE, enabling nationals to have access to lands for the purpose of building their home or business premises,” Ms Dale said.

“However, the system is quite limiting, as there are restrictions on transacting with such land. If you upgrade your title from granted to freehold, you can sell the property to other UAE or GCC nationals, or you can put it into a property fund or mortgage it. It becomes a much more flexible asset.”

The Dubai Land Department also plans to begin regulating property valuers and conveyancers by requiring them to obtain licences, and to create a law to oversee property brokers who handle trust accounts for property deals, Ms Dale said.

The department has created a draft law that would provide a regulated structure for establishing and managing property funds, which would “potentially provide a boost to the Dubai real estate market by generating an increased level of collective investment activity”, she said.

Mr Farouq said in an interview yesterday that the Dubai Land Department was seeking to raise its number of lawyers to 15 from 10, and bring on board more property experts to help deal with the overflow of cases that have arisen from the slowdown in the property sector.

Planned laws welcomed, b4

But the wider problem for clearing the system of legal disputes is the relatively uncertain nature of property legislation in Dubai.

Last year, the authorities announced Law No. 9 as a definitive system for determining what happens in the event of a buyer default, but the regulations spelling out the specifics of the law have yet to come out.

Alexis Waller, the head of the property practice at Clyde and Company, said developers and investors in Dubai faced a “change-of-law risk”.

“You could do something today that could be impacted by a new law later,” Ms Waller said. “We are operating in a jurisdiction where there are a lot of grey areas.”

Posted in Dubai, Dubai law, Dubai Legal - Real Estate Lawsuits, Dubai Property legal | Tagged: , , , | Comments Off on New Law – Protection for Dubai Property Investors

Dubai house prices could fall a further 30 percent

Posted by 7starsdubai on January 23, 2010


original source Arabian Business


House prices in Dubai could fall a further 30 percent from current levels and up to 150,000 homes could be lying empty by the end of 2011, UBS has said.

“We reiterate our view that by end of 2011 Dubai property oversupply on residential and commercial properties may reach roughly 40-50 percent and house prices may decline another 30 percent from current levels,” analyst Saud Masud said in a research note.

“We estimate total Dubai housing supply by end of 2011 to be roughly 360,000 with oversupply potentially at 150,000 residential units,” he added.
read more….

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Dubai Immobilien – Zwangsvollstreckungen – Barclays Plc gewinnt in Gerichtsverfahren

Posted by 7starsdubai on January 12, 2010


original Wirtschaftsblatt at

Die Bank Barclays Plc hat vor einem Gericht des Emirats die ersten Gerichtsverfahren für eine Zwangsvollstreckung gewonnen. Damit ist der Weg frei für die Gläubiger von Eigenheimkrediten im Volumen von rund 16 Mrd. Dollar (11 Mrd. Euro), bei säumigen Schuldnern entsprechende Maßnahmen zu ergreifen. Die größte Hypothekenbank des Emirats, Tamweel PJSC, hat mehrere Zwangsvollstreckungsklagen laufen und schätzt den Anteil der notleidenden Hypothekendarlehen im Portfolio auf drei Prozent.
mehr....

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Sheikh Mohammed issued tough penalties for fraud – bringing confidence back to Dubai

Posted by 7starsdubai on December 30, 2009


original source sheikhmohammed.com

The law is effective immidiately and will be published in the official gazette.

more:  www.sheikhmohammed.com
read also: KhaleejTimesOnline   “Anti-fraud Law Made Tougher”
read also Gulf News
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Terror suspect airline bomber studied in Dubai

Posted by 7starsdubai on December 27, 2009


original source CNN

Tee man charged with attempting to destroy a U.S. airliner on Friday is
the son of prominent Nigerian banker and had been a college student in
Britain before moving to Dubai, according to family and official
sources.
read more

further reports:

Washington Post

New York Times

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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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Dubai – Abu Dhabi Last Minute Agreement

Posted by 7starsdubai on December 15, 2009


source Zawya

For more than two weeks there was little word from Abu Dhabi, even as fears over Dubai’s debt travails wiped billions of dollars off regional stock markets and bankers warned about the contagion effect.

Yet many investors had bet on the United Arab Emirates’ oil-rich capital being Dubai’s lender of last resort. Abu Dhabi’s silence exacerbated the uncertainty as the clock ticked down on the deadline for Nakheel, Dubai’s troubled real estate developer, to repay its $3.52bn Islamic bond.

It also placed the relationship between the UAE’s most important and competitive city states under the spotlight.

Yesterday’s news that Abu Dhabi is lending $10bn (€6.8bn, £6.2bn) to help dig Dubai out of its immediate hole will help soothe nerves. But the nature of what many bankers interpret as a last-minute agreement will do little to assuage concerns.

In the end, many observers believe Abu Dhabi felt it had little choice but to act as it witnessed the dramatic fall-out from the decision by Dubai World
     
‘s parent, to ask for its debt repayments to be delayed.

Now the question on many minds is: what price will Dubai pay for Abu Dhabi’s support? At the very least, experts believe that Abu Dhabi will have oversight on how the $10bn is spent – and the funding is conditional on Dubai World succeeding in negotiating a standstill with its creditors. Some predict wider consequences.

“We believe Abu Dhabi has and will attach political conditions to its financial rescue, including possibly seeking strategic equity stakes in Dubai assets and reining in Dubai’s independence in foreign policy,” says John Sfakianakis, chief economist at BSF-Crédit Agricole Group.

When the UAE central bank subscribed to the first $10bn of a $20bn bond programme issued by Dubai earlier this year, it was seen as thinly veiled intervention from Abu Dhabi. Two Abu Dhabi-controlled banks last month subscribed to a further $5bn. But the capital was apparently kept in the dark about Dubai World’s request for a credit standstill on November 25.

Talks between the two governments and central bank officials began in “earnest” two weeks ago, observers say.

“Lot of loose ends were tied up in the last 48 hours, but the basis of what we have been talking about – the structure and the pieces and the elements – we have been working on for the past two weeks,” says a source close to the Dubai government.

Another source, however, says a senior official with Dubai World was still preparing creditors for the worst on Sunday.

Abu Dhabi has always insisted that it would not allow another member of the UAE to fail. But officials have also made clear there would be no blank cheque and Dubai would have to rein in the excesses that fuelled its problems.

The source close to the Dubai government says: “What I can tell you will happen in the future is: future decisions will be closely co-ordinated with the two governments.”

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Outlook in concrete- Dubai World `s obligations and Debts

Posted by 7starsdubai on December 14, 2009


original source Blogs The National by Wayne Arnold

In response to queries, I’m revisiting an earlier post: “Reports of my debt have been greatly exaggerated,” in which I posted estimates of Dubai World’s real debts after its revelation that it had $59 billion in consolidated liabilities. This terrifying number sparked some to wonder if the treadworn estimates of Dubai Inc.’s $80 billion in debts might actually be higher or that Dubai World’s debts may somehow account for half of the total.

The grand total for Dubai World and its units appears to be $36.49bn, of which $26bn is subject to restructuring.

Strictly speaking, no one knows for sure. Dubai and its subsidiary companies do not publish official debt tallies or debt repayment schedules. But thanks to the diligent work of analysts at EFG-Hermes, Deutsche Bank and Standard & Poor’s, just to name a few, here’s what we know, or at least think we know:

Dubai World has
$59.3bn in consolidated liabilities,
according to its own statements, which includes all debt and non-debt obligations at the conglomerate, its 12 subsidiaries and the 78 other units they own or control.

Of this, the group owes an estimated
$10.52bn in bonds and
$13.3bn in loans, for a total of
$23.82bn, according to Deutsche Bank.

But clearly this leaves out significant portions of the Group’s overall debts, because Dubai World has announced that the restructuring will affect $26bn in debt, $20bn at Dubai World and Limitless, and $6bn at Nakheel.

Deutsche bank has been able to track down only a portion of these.
Dubai World, it estimates, owes
$5.5bn in outstanding loans
EFG-Hermes has put the loan figure at $6.7bn.

Nakheel owes
$5.23bn in bonds and
$1.85bn in loans for a total of debt of
$7.08bn.

Limitless owes
$1.2bn in loans

That only adds up to $13.78bn, leaving $12.22bn in debt unaccounted for.

If we assume that the total debts at Dubai World, Nakheel and Limitless are $26bn and add Deutsche Bank’s estimates for the other Dubai World units, we come up with a total group debt of $36.49bn.

Here’s a schedule of maturies for the Dubai World group debts we know about:
Dec. 14: Nakheel’s $3.52bn sukuk is due, though Dubai World has said it plans to ask creditors for a six-month extension.
March 31, 2010: Limitless due to repay $1.2bn loan
May 13: Nakheel due to pay Dh3.6bn in bonds
[May14: if it wins an extension on its 12/14/09 bonds, Nakheel would have its $3.52bn sukuk to repay this day.]
June 23: Dubai World due to pay $2.1bn loan
Nov. 1: Nakheel due to pay Dh367.35mn loan
Jan. 11, 2011: Nakheel due to pay $1.2bn loan
Jan. 16, 2011: Nakheel due to pay $750mn bond
Feb. 23, 2011: DP World due to pay $6.3bn loan
Feb. 23, 2011: DP World due to pay $200mn loan
March 22, 2011: Ports Customs and Free Zones due to repay $6.8bn loan (unclear whether this is still a Dubai World liability)
April 12, 2011: DP World due to pay $400mn loan
April 12, 2011: DP World due to pay $6.8bn loan
June 20, 2011: Dubai World due to repay $450mn loan
June 24, 2011: Dubai World due to repay $1.95bn loan
July 10, 2011: Ports Customs and Free Zones due to repay $1.003bn loan
Aug. 10, 2011: Dubai Drydocks due to pay $1.7bn loan
Sept. 29, 2011: Ports & Free Zone World due to pay $150.027mn loan
Sept. 29, 2011: Ports & Free Zone World due to pay $853mn loan
Sept. 30, 2011: Dubai Drydocks due to repay $2.2bn loan
Oct. 21, 2011: Dubai Drydocks due to repay $1.7bn loan

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D-day for Nakheel Dubai – December 28 is the final cut off point

Posted by 7starsdubai on December 13, 2009


original published by Reuters

DUBAI (Reuters) – Heavy rain pounded Dubai on Sunday adding to the gloom of the emirate’s debt woes a day before the deadline of the $3.52 billion bond by state-owned developer Nakheel, with no word on how it will be handled.

Dubai’s stock market did soar for a second consecutive session on Sunday as traders reacted to a surge in Nakheel’s bond price last week on mounting speculation it will repay.

The Islamic bonds, or sukuk, had been trading around 110 cents to the dollar before the government shocked investors on November 25 with a request for a six-month standstill on the debt of state-linked Dubai World.

The announcement sent the sukuk down to mid-40 lows, but closed on Friday at about 54 cents to the dollar.

Fund managers and bankers regard Monday’s outcome as the litmus test for Dubai World’s planned $26 billion restructuring and Dubai as a whole for resolving its debt burden.

But the odds of Nakheel, the developer of palm-shaped islands, repaying are low.

“It’s very hopeful people (speculating),” says a Dubai-based fund manager. “It seems very strange that if Dubai World intended to pay they would have gone through the last two weeks of pain.”

A sudden u-turn and repayment would placate disappointed and confused investors in the immediate term. Dubai’s handling of the situation has tarnished its reputation.

Dubai’s finance chief on Thursday tried to reassure investors saying its actions were more important than its public image. But, Dubai World has few options.

“The key thing is the lack of clarity,” said Nish Popat, ING’s head of fixed income in the Middle East. “What’s needed more than anything else is some sort of information to understand what the plans are going forward and how they are progressing.”

Reflecting rising repayment hopes, five-year credit default swaps for Dubai fell more than 30 basis points on Friday to 533 basis points, according to CDS monitor CMA DataVision, compared with a peak of almost 700 bps at the end of November.

The level is still high given the CDS was quoted at about 300 bps before the November 25 announcement.

“The CDS spreads are better, and news of a hedge fund buying into Nakheel – this is all positive … even if you buy Nakheel at 50, and they pay out 70, you’re still making good money,” said a banker from a Dubai government-controlled lender.

If Nakheel does not pay on Monday, it would technically be in default, but it would still give its restructuring team a two-week grace period to reach an agreement with creditors.

December 28 is the final cut off point. After that a cross default clause in its original prospectus will be triggered that covers Nakheel and its guarantor Dubai World, adding to the overall debt burden.

Regional markets have been struggling for weeks under the issue.

“Prices are so distorted right now,” said Haissam Arabi chief executive at Gulfmena Alternative Investments. “Tomorrow is a big day, until we get some clarity (about Dubai’s debt) there will be no real trend. The main catalyst we are waiting for is Nakheel news.”

STRIKING A DEAL

Analysts have speculated Nakheel could repay its bond at 70 cents to a dollar and issue new debt for the remainder.

“Such an outcome would be beneficial for both parties involved,” EFG Hermes analyst Fahd Iqbal

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Emirates Airlines debt touches 9,9 Billion US Dollar

Posted by 7starsdubai on December 13, 2009


original source Zawya from GulfNews
Friday, Dec 11, 2009

Dubai Emirates airline’s gross debt stood at $9.9 billion (Dh36.3 billion) while its net debt as of yesterday rose to $8.2 billion (Dh30 billion) as it raised a further $1.13 billion (Dh4.1 billion) to finance six Airbus A380s, out of 53 ordered.

“At present we have 141 aircraft in our fleet and another 151 on order. Gross debt is $9.9 billion and net debt is $8.2 billion. Our debt is paid over a long term,” President Tim Clark told Gulf News yesterday.

Emirates, the largest Arab carrier, yesterday said it has raised $1.13 billion (Dh4.1 billion) for Airbus A380 deliveries, in what is perceived to be a very difficult credit condition where loans are hard to come by.

Schedule

“Reflecting the airline’s robust delivery schedule, Emirates will receive the first of these aircraft early next week, with a second arriving in late December and the remaining four A380s due for handover in 2010,” the airline said in an e-mailed statement.

These six aircraft will form part of the 53 Airbus A380 aircraft that Emirates currently has on firm order. Prices of A380s start from $275 million, depending on specifications and deal size.

The carrier’s current order book is worth $58 billion in book value. The company has a cash flow of $3 billion — enough to fund future acquisitions, Maurice Flanagan, Emirates Group Vice-Chairman, told Gulf News recently, as the airline expects more than 20 per cent growth in profits in the current financial year ending March 2010.

The financing for these six aircraft was arranged and funded under two separate finance agreements. The first agreement, covering three A380s, has been undertaken with Citibank, backed by a guarantee from the European Export Credit Agencies.

A second financing agreement has been arranged through Doric Asset Finance and covers the remaining three A380 aircraft.

Clark said: “Emirates remains in a secure financial position despite the global financial crisis. We have never encountered difficulties in obtaining finance for our aircraft acquisition programme, with both international and regional banks comfortable with our financial stability.

“As one of the world’s most profitable airlines, Emirates has always honoured its financial commitments and we continue to progress with our rigorous fleet and network expansion plans.”

Emirates will deploy the A380s on the Seoul route from December 14. Emirates will also receive its seventh A380 this month, scheduled to service the Dubai-Paris route three times a week from Dec-ember 29, becoming daily from January 17, 2010.

Although global credit conditions remain tight, the global aviation industry remains on growth mode.

The International Air Transport Association reported scheduled traffic results for October 2009 showing improving conditions.

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Abu Dhabi – Sheikh Issa Al Nahyan put on trial

Posted by 7starsdubai on December 11, 2009


original source Zawya – original reported bySimeon Kerr Financial Times

Friday, Dec 11, 2009Abu Dhabi authorities have put on trial Sheikh Issa bin Zayed al-Nahyan, a member of the ruling family caught on tape apparently torturing an Afghan business associate, the Financial Times can reveal.

Sheikh Issa, one of 19 sons of Sheikh Zayed, the founding father of the United Arab Emirates and Abu Dhabi’s late ruler, is charged with causing harm and endangering life.

This unprecedented trial, held away from the public eye, will be seen as a barometer for the rule of law in Abu Dhabi, where the lines between the government and ruling families are blurred.

A former aide, Bassam Nabulsi, leaked a video this year that appeared to show Sheikh Issa brutally torturing an Afghan commodities trader, Mohammed Shah Poor, in 2004.

read the full article Zawya

Update 13 December 2009
Afghan Torture Video man filed a criminal lawsuit claims 100.000 Dhs damages, accusing the former business partner of deformation ( emotional and moral damages he claims to have after the video`s broadcast on television.
read more Gulf News December 13. 2009

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Emaar Dubai – no economic sense in merging with Dubai Holding

Posted by 7starsdubai on December 11, 2009


original source Financial Times

Dubai Holding, the conglomerate owned by the emirate’s ruler, received a blow yesterday when Emaar Properties blocked a proposed merger with its real estate arms. Emaar’s decision appeared to be a bid to protect itself from the continuing fallout of Dubai’s debt problems.

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Dubai`s finance chief blamed the media for spreading “blind panic”

Posted by 7starsdubai on December 11, 2009


original source maktoob

DUBAI – Dubai’s finance chief blamed the media on Thursday for spreading “blind panic” about the emirate’s financial problems as it struggles to deal with more than $80 billion of government and corporate debt.

In a speech to the Dubai School of Government, Abdulrahman Al Saleh, director of Dubai’s Department of Finance, said the emirate’s debt problems were a “hiccup-damaging for Dubai’s credibility and lacking broader significance of exaggerated media campaigns.”

Al Saleh accused the international press of creating “blind panic” about Dubai’s economic troubles after it asked bankers to freeze $26 billion worth of debt owed by one of its largest government owned companies, Dubai World.

Dubai’s benchmark stock index has fallen about 30% since the government shocked investors by seeking a standstill on Dubai World’s debt late last month.

Read also: They still dont get it ….guardian uk

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Dubai Schulden Albtraum-Szenario – Dubai World – Nakheel – Dewa

Posted by 7starsdubai on December 10, 2009


original source Handelsblatt Germany

“Viele Kreditverträge haben eine Klausel über reziproken Verzug: Wenn ein Gläubiger in einem Fall zahlungsunfähig wird, kann er bei all seinen anderen Kredit-Verpflichtungen ebenfalls in die Zahlungsunfähigkeit abrutschen”, sagte Jawad Ali von der Anwaltskanzlei King & Spalding. Im Klartext: Sollte Nakheel seine Außenstände nicht begleichen, muss die Mutter Dubai World einkalkulieren, dass alle Gläubiger plötzlich ihre Ansprüche geltend machen.

Die Details hingen von der Formulierung des jeweiligen Vertrags ab. “Das ist ein Albtraum-Szenario, das Dubai World mit dem Schulden-Moratorium verhindern möchte”, so Ali.

read the full article Auf Dubai rollt nächste Schuldenlawine zu (bei Handelsblatt.com am 10.12.2009 veröffentlicht)

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Debt problems for Dubai may swell

Posted by 7starsdubai on December 8, 2009


original source Bloomberg

Dec. 8 (Bloomberg) — Debt restructuring by Dubai state-run companies may almost double to $46.7 billion as more of the emirate’s businesses could need help making payments, Morgan Stanley said.

Dubai Holding LLC, Dubai Holding Commercial Operations Group LLC, Borse Dubai Ltd. and Dubai Sukuk Center Ltd. may join Dubai World in restructuring debt, Morgan Stanley analysts Mohamed W. Jaber and Paolo Batori wrote in a report. Government- controlled Dubai World said last week that it’s in talks to renegotiate $26 billion of loans.

It’s likely that other state companies will “announce debt restructuring plans over the near term,” Jaber and Batori wrote. “We believe that a haircut on the external debt at risk in the area of 40-50 percent is necessary to have a notable long-term favorable impact on public debt dynamics.”

Islamic bonds issued by Nakheel PJSC, Dubai World’s property unit, that mature Dec. 14 fell to 51.5 cents on the dollar from 53 cents yesterday, heading for the lowest closing price on record, according to Citigroup Inc. prices.

read more….

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Dubai Index slumps again

Posted by 7starsdubai on December 8, 2009


original source Bloomberg
Dec. 8 , 2009 — Dubai shares tumbled, erasing almost all of this year’s gains, on investor concern that Dubai World is struggling to restructure debt.

Emaar Properties PJSC, the United Arab Emirates’ biggest real-estate developer, slumped 9.8 percent and Emirates NBD PJSC retreated to the lowest since Sept. 3. The DFM General Index plunged 6.1 percent to 1,638.05. The measure, which closed at the lowest since July 13, has tumbled 22 percent since Dubai said on Nov. 25 that it was seeking a “standstill” agreement on Dubai World’s debt.

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Dubai Holding seen at risk

Posted by 7starsdubai on December 4, 2009


original source Zawya / Financial TimesThursday, Dec 03, 2009
Thursday, Dec 03, 2009

Thursday, Dec 03, 2009

With Dubai World cut adrift from implicit government support, there are concerns about potential defaults by other state-related entities. The name mentioned most by bankers and investors in the region is that of Dubai Holding, the personal investment vehicle of the ruler, Sheikh Mohammed bin Rashid al-Maktoum.

“Dubai’s actions have introduced the risk that restructuring of other corporates could follow,” Barclays Capital said in a report this week. “We would focus on those with weak fundamentals and upcoming maturities and we view Dubai Holding as being most at risk.”

Dubai Holding’s Commercial Operations Group’s debt was yesterday downgraded to below investment grade by Standard & Poor’s, the ratings agency, along with four other government related companies. The cost of insuring $10m (€6.7m, £6m) for five years against default ballooned to $1.1435m a year on Tuesday, making it the riskiest Dubai corporate bond according to the market.

A Dubai Holding spokesman yesterday said: “I am very doubtful that we will face any problems paying the debt. Dubai Holding is confident that it is on track with all payments.”

Formed in 2004, its investment arms led the emirate’s international buying spree to recycle funds generated by developing swaths of Dubai desert. The group leveraged profits to build debts of $10bn, with maturities in 2010 of $2bn, according to Barclays Capital.

Bankers say because of its connection to the ruler the conglomerate enjoys stronger political standing than Dubai World

It appears to have a stronger financial position. Analysts say it has a greater ability to service its debts thanks to a number of cash-generating businesses. It is believed to have received cash injections from the government in recent months. The company has never confirmed this.

Still, bankers say its investment arms, Dubai International Capital and Dubai Group could face more financial problems than its commercial wing, which spans hospitality, business parks and real estate. “Dubai Holding is not going to acknowledge problems right now. But there is a contagion effect in every Dubai entity , this is just the beginning,” a senior banker said.

Dubai International Capital is believed to be looking to sell assets but has enough money ringfenced by the holding company to keep afloat its buy-out businesses in Europe and the Middle East, according to those familiar with the company. These people say its public equities portfolio, which includes stakes in EADS, Sony and ICICI Bank in India, may be sold. DIC is also winding down its emerging markets private equity unit, Middle East venture capital portfolio and interests in other private equity funds.

Dubai HoldingDubai ‘s commercial arm includes profitable businesses, such as flagship hotels company Jumeirah Group. The group has slimmed down faster than the troubled Dubai World conglomerate. DICand Dubai Group, for example, have merged their back-office operations and Dubai Holdings’ developers have merged and been folded into Dubai ‘s leading developer, Emaar Properties, much to the alarm of minority shareholders who fear dilution and say they are being forced to bail out other companies.

The restructuring already under way at Dubai Holding is so deep that analysts are raising the possibility that, like Dubai World
, it could be broken up and its best businesses – notably Jumeirah – moved into other parts of Dubai Inc., such as Investment Corporation of Dubai , which is emerging as the emirate’s “good bank” of assets.

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Sheikh Mohammed al-Maktoum : “They do not understand anything.”

Posted by 7starsdubai on December 3, 2009


original source The Independent

Headline: Sheikh attacks investors for global fallout of Dubai debt

The ruler of Dubai hit out at international investors yesterday as his government’s impecunious investment vehicle revealed plans to restructure $26bn of its debts.

Sheikh Mohammed al-Maktoum said: “They do not understand anything.”

After days of uncertainty that sent shudders throughout the world’s stock markets, Dubai World finally unveiled plans to address the liabilities of its two property ventures – Nakheel and Limitless – after midnight on Monday night.

The timing of Dubai’s request for a debt standstill, on the eve of the four-day Eid holiday, drew criticism from financial communities across the globe.

But in his first public comments since the crisis broke, Sheikh Mohammed had harsh words for investors and remained bullish about Dubai’s economy. “We are strong and persistent,” he said. “It is the fruit-bearing tree that becomes the target of [stone] throwers.”

more… The Independet

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Nakheel and its parent will be a test case for Dubai

Posted by 7starsdubai on December 3, 2009


original source Business Standard

Dubai World’s guarantee to bondholders could prove worthless. The emirate’s holding company, which is seeking a six-month standstill from creditors, pledged to repay a $3.5 billion Islamic bond issued by its now troubled property subsidiary Nakheel. Yet with local creditors effectively calling the shots, foreign lenders might find enforcing that guarantee impossible.

Nakheel has asked for trading in all three of its listed Islamic bonds to be suspended. Only the first, which was issued in 2006 and is due to mature December 14, was guaranteed by parent Dubai World. The liability on the subsequent two bonds, which have a total face value of $1.7 billion and mature in 2010 and 2011, appears to be limited to Nakheel itself.

The Dubai property developer’s 2008 accounts show $41.5 billion of assets and $17.5 billion of liabilities — a net asset value of $24 billion. But real estate prices in the emirate have fallen around 50 per cent in 2009.

That means Nakheel, which funded some of the emirate’s most outlandish projects, could easily now have a negative equity value of $5.5 billion.

The equity value at parent Dubai World, which had liabilities of $59 billion at the end of 2008, is also likely to be negative. Its portfolio of 10 companies looks mostly troubled. However, Dubai World does hold 77 per cent of publicly-listed ports operator DP World. That was worth $5.1 billion on November 25, just before Dubai World announced its intention to restructure.

Nakheel’s foreign creditors shouldn’t get excited about their recovery prospects.

To get a lawsuit against Dubai World off the ground, 75 per cent of Nakheel’s bondholders have to agree. But the majority of creditors are local banks, which are likely to accede to any request to roll over Nakheel’s debt — even if the capital structure remains unsustainable, according to one ratings analyst. And even if local lenders joined in, Dubai’s law might not support a claim that forced the sale of the assets of government-related entities.

Lawyers agree the restructuring of Nakheel and its parent will be a test case. That makes Dubai World’s guarantee look less than solid.

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If Nakheel Dubai defaults, it will be the largest-ever sukuk default in the world

Posted by 7starsdubai on December 3, 2009


original source Wall Street Journal

The price drop in bonds related to Dubai World’s real-estate subsidiary has posed a question for investors: Does the discounted debt represent an attractive buying opportunity or an ill-advised journey into the uncharted world of debt restructurings of this size in the Persian Gulf?

Bonds of real-estate subsidiary Nakheel dropped in value after the Gulf city-state said last week that it was delaying payment of state-run Dubai World’s debt.

The conglomerate said Tuesday that it was seeking to restructure $26 billion in debt, of which about $6 billion is related to Nakheel, and would ask for a six-month standstill on debt payments. 

But with no precedent in the United Arab Emirates for a restructuring of this size, and its government ownership, creditors are in the dark as to how the process may work. As a result, investors will be watching events related to the Nakheel bonds for a road map for future restructurings in the region.

Prices of the roughly $3.5 billion of Islamic bonds, called sukuk, from Nakheel had traded at about 110 cents on the dollar before the Nov. 25 announcement of a delay in Dubai World’s debt payments. Prices had fallen to as low as about 40 cents, but by late Wednesday had rebounded to about 60 cents.

Investors buying the bonds, on which Dubai World is due to pay a principal amount of about 116 cents on the dollar on Dec. 14, are betting that the guarantee and the underlying assets will be worth more than the prices at which the bonds have been trading.

But there remains uncertainty because Dubai World has provided few details about what the restructuring plan would entail.

Moreover, bondholders are unsure of their options if they don’t want to accept the offer.

It isn’t clear that Dubai courts would enforce any rights that holders may have to seize Dubai World’s assets, either land used to secure the Nakheel sukuk or other property the parent company owns, as Western courts might.

Dubai’s legal system is “untested” for a restructuring of this size and international scope, given Dubai World’s overseas assets, said Jawad Ali, a partner at law firm King & Spaulding based in Dubai. “There isn’t a mechanism in place that is laid out clearly,” he said.

Julian Lim, a bond analyst at Nomura Holdings in London, said bond holders are in a weak legal position. As a result, Mr. Lim said bondholders potentially could recoup less than 50 cents on the dollar.

Bondholders representing about a quarter of the nominal value of the $3.5 billion sukuk have formed a group and have appointed London law firm Ashurst LLP to represent them in negotiations.

An added complexity is that bondholders will be in competition with the more than 80 bank creditors of Dubai World.

The banks on Wednesday began formulating a plan for negotiating a restructuring of the conglomerate’s debt to lenders and bond holders. KPMG LLP is expected to be appointed this week to advise the interests of the lenders, said people familiar with the situation.

All creditors must agree to the standstill in order for it to be valid, according to restructuring professionals from two law firms who have seen Dubai World’s sukuk documentation.

If the standstill isn’t agreed to by Dec. 14, when Nakheel’s sukuk is due, Dubai World will technically be in default. If Nakheel defaults, it will be the largest-ever sukuk default in the world and the first sukuk default in the United Arab Emirates.

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Dubai is down, but fighting for its place in the sun

Posted by 7starsdubai on December 2, 2009


original source Wall Street Journal

Dubai 2 December 2009

Finally, a chink of light. Dubai World has belatedly provided some of details on its planned debt restructuring.

But for investors the situation still resembles a darkened room, where the outlines of the furniture are now visible but little else. And for Dubai itself, there is more than just the future of $26 billion of debt at stake. The emirate’s credibility as a financial center and its ability to continue financing good businesses, such as ports operator DP World, will hinge on its handling of the crisis.

Tuesday brought some good news. The $26 billion of debt affected is less than the $60 billion feared last week. Even so, questions linger. The restructuring process will include Dubai World itself and property developers Nakheel World and Limitless World. Analysts at Barclays Capital have identified $8.5 billion of debt at Nakheel, $5.5 billion at Dubai World and $1.2 billion at Limitless. That still leaves $10 billion unaccounted for. It may be in bilateral bank loans where there is no public disclosure. But it still leaves creditors unsure of their position.

It is also encouraging that Dubai World intends to adopt a policy of regular communication, though again the process lacks detail. For example, it is unclear whether the six-month standstill requested from creditors is voluntary or enforced. Given the looming Nakheel maturity — just two weeks away — it will be a challenge to secure creditor agreement in advance. If some lenders reject a stand-still it could trigger another bout of uncertainty and bondholders are organizing themselves for battle: a group holding 25% of the Nakheel bonds has hired Ashurst as a legal adviser.

Dubai’s strategy relies on ringfencing certain key businesses from the general restructuring — possible because of the lack of cross guarantees in the Dubai World group. For example, Ports & Free Zone World, which includes port operator DP World and P&O Ferries, is now clearly excluded from the process. But the initial lack of clarity on this issue has already cost Dubai Inc. a swathe of ratings downgrades. Of Moody’s six ratings on Dubai companies, four are now junk.

The history of debt restructurings suggests that investors will not be scared off Dubai forever. Russia, for example, returned as an oil-fuelled darling of international investors even after its sovereign default in 1998 and amid continuing corporate governance and transparency problems.

If Dubai handles the painful process sensibly, it will emerge chastened from the experience, but not necessarily a spent force. The infrastructure built during the bubble will not vanish. The emirate now has to prove its status as one of the most western-friendly places to do business in a region still attractive for its massive oil wealth. If it can do so, Dubai will be down, not out.

Write to Richard Barley at richard.barley@dowjones.com

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Project Maritim Hotel Dubai Land – DUBAI 1000 Hotel Fund – Arrest Warrant against Georg Recker

Posted by 7starsdubai on December 1, 2009


DUBAI 1000 Hotel Fund – Warrant of Arrest against Georg Recker

Based on research by German newspaper “Westfälischen Allgemeine”, since a couple of weeks a warrant of arrest has been issued by Dortmund Court of Justice (Germany) against German Georg Recker (36), initiator of “Dubai 1000 Hotel Fund”.

For Recker an international quest is conducted, assuming that he is staying since longer time now in Dubai. Recker is under suspect of embezzling from German investors an amount of approx. 25 Million Euros.
State Attorney Dr. Ina Holznagel from Dortmund Public Prosecution did reject on request any information since when the warrant is already issued. But she confirmed that prosecution against Gerog Recker is ongoing since early 2008.

Meanwhile prosecutors have been able to freeze five bank accounts in Germany with deposits in the amount of roughly 1Million Euros. A drip on hot stone with view to approx.
25 Million Euros collected
by Recker from more than 900 investors.

Up till now, just 2 claimants took seizing action against these accounts: one investor and one former employee. “For us it will always remain indistinct, how lame especially German investors are acting if they face fraud and embezzlement with regards to their own moneys,” says Martin Kraeter, Principal of KLP Group Emirates.

Law firm KWAG from Germany represents just 50 out of 900 investors with claims of approx. 1Million Euros. They try to seize blocked funds now, as long as there are remaining funds on the accounts.
All other investors seem to preferably follow Recker’s lawyer Mr. Eckehart Heberlein from Munich: Heberlein seriously states frequently that the investment object of the fund – a MARITIM Hotel in Dubai Land – will soon be built and that there is constant progress on the construction site . . .

Recker‘s “Group of Companies” in Hamm (Germany) already has been restructured in October 2009: New CEO of “Travel-Dubai AG” is now since 22.10.2009 Mr. Ben Neuendorf (45). He is seen as Recker’s right-hand – by this prosecution is also running against him.
Recker himself is not reachable, of course. Remaining employees in his „Enterprise Group“ back in Germany are advised not to give any kind of relevant information.
Source (in German language)

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Happy Birthday Burj Al Arab – Global Icon marks its 10th year

Posted by 7starsdubai on December 1, 2009


original source The National

The Burj al Arab hotel, identified the world over as the symbol of Dubai, is 10 years old today. As it celebrates its first decade in business, Leah Oatway looks at the history and significance of the stunning structure on its own manmade island off Jumeirah Beach

Dubai // They were asked to create an icon for the nation, a building to capture the imagination of the world and represent the hospitality, vision and history of the UAE.

Today that building, the Burj al Arab hotel, celebrates its 10 years in business
read the full story in The National

Website BurjAlArab Jumeirah

PS:
Personal Greetings to the Staff of the Majlis Al Bahar, Burj Al Arab Beach. From the beginning, the openening of the Burj Al Arab 1999 all our holidays in the past 10 years have been great – thanks to your excellent service.
Keep on in Quality – and enjoy this special Birthday

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Dubai Crisis : This is why investors are nervous. It’s not the lack of money

Posted by 7starsdubai on December 1, 2009


original source Wall Street Journal

Dubai’s troubles offer a warning of the perils of investing in places where leaders–whether of governments or companies–have limited accountability.

In fact, it raises questions about other investment destinations: China, for example.

One reason why markets continue to be jittery over last week’s news of a standstill on property conglomerate Dubai World’s debt is the lack of transparency surrounding it. That’s a direct function of a closed political system that is not conducive to foreign investment.

The announcement of the restructuring has been handled abysmally. Even with Dubai World divulging long-awaited details Monday, information has been spotty and contradictory.

It’s still not clear which creditors will be hit, and there are still big questions over how much of a guarantee oil-rich sister emirate Abu Dhabi is willing to give to back up Dubai’s debt.

Investors have been left to speculate over political motives.

One theory holds that Abu Dhabi ruler Sheik Khalifa bin Zayed Al Nahyan is withholding his support–despite the financial risks of not doing so–because he’s angered by his Dubai counterpart’s close ties to Iran.

Alternatively, others say that the naturally more conservative Abu Dhabi is simply reluctant to stoke moral hazard by bailing out Dubai’s risky property investments.

Either way, because they can’t divine what’s going on in either of these two billionaire monarchs’ heads is the essence of investors’ problems. In an information vacuum, many have imagined the worst and have felt compelled to sell their Dubai debt positions, which in turn creates problems for banks with exposures there and, by extension, for global stock and credit markets.

This all stems from the overarching political system in place.

In the absence of democratic institutions, the UAE’s sheikhs are not required to explain themselves.

And as the majority owners of many of the biggest companies, they face no checks and balances from minority shareholders. Meanwhile, contract law is fraught with the uncertainty of a legal system that’s low on judicial independence.

This is why investors are nervous. It’s not the lack of money.

After all, Abu Dhabi, with a sovereign wealth fund worth anywhere from $300 billion to $900 billion, has plenty of that.

The bigger lesson in all this is that investors need to be doubly careful of investing in countries with closed political systems.

With the spectacular failure of U.S. financial markets last year, it has become fashionable to laud the top-down central planning of countries like China, which was able to more quickly put its giant fiscal stimulus to work this year.

But if and when China faces a crisis, investors will have a more difficult time interpreting the actions of government officials and of the managers of its state-run corporations than they would in more openly governed countries.

To be sure, the Chinese Communist Party functions with more consensus than monarchy like Dubai. And for now, China’s capital controls make it nearly impossible for foreigners to make portfolio investments there.

Nonetheless, direct foreign investment in China is soaring, as is broader exposure to its boom via assets in neighboring countries. If nothing else, Dubai’s crisis is a reminder that those investments carry political risks that are absent from more transparent markets.

—Michael Casey writes a regular column on fixed income markets for Dow Jones Newswires. Previously he was Newswires’ Buenos Aires bureau chief and before that, assistant managing editor for the U.S. economy, Treasurys and foreign-exchange group in New York.

Write to Michael Casey at michael.j.casey@dowjones.com

Further Stories

read also: Dubai Debt Follows String of Troubles for Its Ruler  by Margaret Coker WSJ

read also from BBC : What is Dubai and who runs it ?

read also from BBC: Dubai shares see biggest fall this year


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