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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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Posts Tagged ‘Emaar’

Property Investor won against Emaar before Dubai court

Posted by 7starsdubai on January 28, 2012

A Spanish Dubai property investor won a court order to seize the head offices of Emaar Properties, after its subsidiary failed to deliver an AED5.3m ($1.4m) villa on time, his lawyer has claimed.

The Dubai Court of Cassation issued an order on Nov 29 to allow representatives for Carlos Jose Periera to seize Emaar’s Dubai offices in an attempt to recoup AED3.4m, reflecting his villa payments to date and a sum of interest, said Fareya Azfar, partner at The Legal Group.

source Arabian Business continue reading…

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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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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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Debt Crisis Dubai World – Why is Dubai still causing concern ?

Posted by 7starsdubai on November 30, 2009

original source Guardian UK

Why is Dubai still causing concern?

Yesterday was the first day investors were able to trade in many Middle East markets since news broke on Wednesday that Dubai World, one of the region’s largest property companies, was unable to pay its debts. Many suspect the news was released before the holiday, Eid, to limit the global reaction; instead investors panicked even more due to a lack of information. Their worst fears were confirmed yesterday when the Dubai government finally issued a statement but refused to stand behind the company.

What about western markets?

European and US stockmarkets have calmed down since last week, but the episode has reignited fears that our financial system is not through the worst. British banks such as HSBC, Standard Chartered, RBS and Lloyds are most exposed, although they have told City regulators that their losses are manageable. Other countries with large international debts such as Greece, Ukraine and the UK have seen investors take fright, sparking fresh fears that the next phase of the crisis will move from companies to countries.

Has Dubai gone bust?

Technically, the crisis at Dubai World is a purely commercial matter, and should not count as a national or sovereign debt default. But the company is so intimately tied to the emirate and its ruling family that the government would have tried everything possible to protect it before resorting to this.

What help is Dubai getting from other Arab states?

Abu Dhabi, Dubai’s larger neighbour, yesterday offered to provide emergency funding for local and foreign banks, but pointedly declined to provide specific guarantees to Dubai World. What support is offered is likely to come with strings attached.

Will the IMF need to get involved?

Rumours swirled over the weekend that the International Monetary Fund was preparing an emergency bailout. This was downplayed in Washington, but officials called on local central banks to intervene and said they were monitoring the situation carefully.

Has the crisis been overblown?

The recovery in international markets has led some market commentators to argue that the Dubai World default was an isolated incident. However, both western banks and local politicians have a strong incentive to underestimate the losses. Independent analysts who have studied Dubai’s debt problem such as UBS and EFG-Hermes, a local investment bank, estimate it is much larger than the official $80bn – possibly rising to $120bn-$150bn.

Will it come closer to home?

Jitters over the creditworthiness of countries such as Greece could become self-fulfilling if they are unable to finance their debts using international investors. This would put enormous pressure on the eurozone, which may be forced to bail out weaker members or see the future of the single currency put in jeopardy. Countries outside the euro, such as the UK, may also see the cost of borrowing increase if the cost of insuring their debt continues to rise. But the more immediate worry is the exposure of British banks, which make up four of the six banks most heavily involved in Dubai World.

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Dubai Properties Chairman arrested on suspection of embezzlement

Posted by 7starsdubai on October 31, 2009

source Bloomberg October 30 2009

Oct. 30 (Bloomberg) — Hashim Al Dabal, chairman of Dubai Properties LLC has been arrested on suspicion of embezzlement at the state-owned company that’s in merger talks with Emaar Properties PJSC, the emirate’s attorney general said.

“Mr. Al Dabal is accused of abusing his position and earning millions in illegal profit,” Attorney General Essam Essa al-Humaidan said in a phone interview today. “We are questioning him almost daily and Mr. Al Dabal indicated he is ready to answer questions without having a lawyer present.”


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Dubai property owners treated like puppets – Loss off confidence swamps Real Estate Market

Posted by 7starsdubai on August 16, 2009

August 15. 2009 11:34AM GMT

DUBAI // Rashmey Seth paid Dh3.2 million for two luxury flats, furnished them and rented them out. That was nearly two years ago – but she is still not sure she actually owns the properties.

Receipts from Nakheel confirm that she paid the state-backed developer in full for a three-bedroom flat on the Palm Jumeirah. Mrs Seth has similar paperwork for a one-bedroom unit in downtown Burj Dubai, purchased last year from Emaar, the Middle East’s largest developer.

What she has not received from either of the property giants are title deeds – the crucial documents that verify ownership.

It is a predicament shared by many, their status as lawful owners in limbo because of the absence of a piece of paper that, after properties are registered with the Dubai Land Department, should be handed to buyers.

The issue, says Mrs Seth, makes her wonder whether she has a legal right to sell her flats.

She is by no means the only property owner in Dubai worried about not having deeds to the flats she has paid for. Without deeds, it is unclear what would happen if the company they bought their property from went bankrupt.

There could also be problems with selling the property on: potential buyers could find it difficult to get a mortgage without formal proof of ownership.

In Mrs Seth’s case, her dilemma has shaken her confidence in Dubai’s freehold property laws, introduced three years ago to give foreigners the right of ownership.
“Why am I not getting the comfort that there’s a legal structure to support me, that makes me feel sure that I really own my property?” said Mrs Seth, 52, an Indian who has lived and worked in Dubai for 28 years.

Her fears are not unfounded. Law Number 7 of 2006 states that until flats are registered with the Land Department, which will then grant title deeds, buyers lack the rights of fully fledged owners.

In an email statement, Emaar did not specify how many of its property holders had not had units registered or lacked deeds.

Nakheel said the “majority of … purchasers who have taken handover have received their title deeds”.

Given the size of Nakheel’s development portfolio, that could still mean thousands have not received them.

There are indications that a substantial number of buyers across Dubai lack deeds. After posting a query on Crest of Dubai, a website used by residents of the Palm Jumeirah, The National received nearly two dozen complaints.

And Michael Aldendorff, a 39-year-old South African who is one of the leaders of an informal homeowners’ group in the Discovery Gardens development, reckoned that most buyers in the 26,000-apartment community lacked deeds.

“I don’t think that many people here have them at all,” he said.

That, however, has not stopped developers from asking purchasers to pay to get their deeds.
Mrs Seth said she was asked to hand over about Dh55,000 for flat-registration fees to Emaar and Nakheel. She said she had little choice but to comply; according to Land Department regulations, a buyer cannot register a property without the developer’s consent.

“They take these undated cheques from you, and they bank it at their will, so what can you do about it?” she said of Emaar and Nakheel.

“If there is a delay or something from the Land Department in getting the registration, or the documentation is not ready from the developer’s side, then why are they taking my money?”

Sabri Pozem, who owns a one-bedroom flat in Discovery Gardens, in which he has a tenant, wonders whether the authorities – or anyone apart from himself – have records of his purchase.

Mr Pozem, a 29-year-old from Turkey, is one of the owners in the development who complain about disorganisation among Tamweel, the mortgage lender, Nakheel, the master developer, and property companies which, after purchasing Discovery Gardens apartment buildings from Nakheel, have sold them as flats to individual buyers.

He said a salesperson with the company he bought his flat from entered the property last month and began showing it off to a prospective buyer. His tenant had just come out the shower and was wearing only a towel when she encountered the surprise visitors.

“The problem is, they are so disorganised they don’t even know who bought which apartment in the building,” said Mr Pozem, who said he had tried many times to obtain his deed and has had no success.

He fears that if he wanted to sell his flat, the records would show it was still owned by the property firm. “If they go bankrupt tomorrow, I’m basically out of luck; all my money’s gone because I don’t have a title deed.”

Mr Pozem is not the only owner worried that without deeds they might not be able to sell their units.

Anne, 37, a British national, bought two one-bedroom flats in the Dubai Marina’s Marina Promenade in August last year and two more in Green Lakes Towers in Jumeirah Lake Towers. Despite investing nearly Dh4m, she does not have a deed for any of them.

Anne, who asked that only her middle name be published, said her main concern was that banks would refuse a mortgage to prospective purchasers without a deed, an increasingly common requirement after the credit crunch.

She also said Emaar, the developer of Marina Promenade, and Asam Investment & Real Estate, the Green Lakes Towers developer, had been little help.

“I’ve been given exactly the same reasoning: ‘there’s a queue at the Land Department; expect to hear from us in September’.”

A senior administrator at Asam Investment & Real Estate, who gave his name only as Abraham, told The National that a backlog at the Land Department was responsible for the delay.

In Green Lakes Towers, he said, about 700 units in the three towers were still waiting to be registered.

“We cannot do them individually; we have to register the whole tower together,” he said. He added that he hoped the process could be completed within a month.
Humaid al Shamsi, the head of the transactions section at the Land Department, acknowledged the issue.

Eighty per cent of the buildings on the Palm Jumeirah have been registered, he said, but he did not have details of how many flats had been registered or title deeds granted.

At Jumeirah Lake Towers, he said, “the process has been started now.” He attributed any delay to “extra measurements” being done to the buildings.

Emaar declined to give reasons for delays in handing over deeds, but said in an email that it “works closely with the Dubai Land Department to assist its customers during the process, including having a representative from the Land Department available for assistance at the Emaar Property Handover office.”

However, Karim Nassif, a property lawyer at Habib al Mulla & Co, said the slowdown in the property market meant a logjam at the Land Department was an unlikely cause for the problem.

In most cases of undelivered title deeds, he said, “the developer should be held liable – 100 per cent – for it. They should be delivering their title deeds”.

And he had a warning for the worried owners: “If they don’t have the title deed, their transaction, according to the law, is voidable.”

original source The National

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Dubai Dream Villas show their ( not so old) age – Complaints of poor quality dream home owners

Posted by 7starsdubai on June 2, 2009

source The National UAE

DUBAI // Rama Hariharan wonders if her six-bedroom, Dh5 million (US$1.36m) dream home has begun succumbing to Mother Nature.

Sections of her villa, adorned with custom-made furniture from Indonesia, leak profusely when it rains, leaving behind permanent water stains. The walls in the stairwell leading to the second floor are crisscrossed with small cracks. So too is the building’s sun-baked facade.

“It’s a lovely place,” says Mrs Hariharan, 50, from India, as she gives a tour of her home in The Lakes. “But the construction quality, well, we’re a bit disappointed.”

Mrs Hariharan suspects that her three-year-old freehold villa may be prematurely ageing. She is not alone.

From The Greens and The Springs to The Lakes, homes in some of Dubai’s neighbourhoods built in the early stages of the construction boom have crumbling facades, peeling paint and sagging roofs.

As the nicks and cracks grow, residents’ concerns that their expenses will shoot up after their warranties – usually 10 years for a villa – expire are also on the rise.

Some blame poor craftsmanship, a consequence of rapidly building thousands of villas and apartments during a short time. Others point to poor maintenance standards. Mother Nature has also played a part, the extreme heat taking years off the lives of buildings, construction experts say. Most, however, agree the phenomenon is an eyesore.

“We’re not going to be living here forever, but you want a place that’s a better quality of living,” says Ahmed Ibrahim, 38, an Egyptian who lives with his family in a two-bedroom apartment in The Greens. The neglect “gives you the feeling that the area could be substandard, lower quality”.

He says his family enjoys the community-oriented design of The Greens, notably its swimming pools and barbecue pits.

But the ceiling in his apartment is crumbling away, and the development’s common areas are dotted with sheets of peeling paint. From the outside of the complex, entrances and tan-stuccoed walls appear to be in need of some tender loving care.

The culprit, Mr Ibrahim suspects, is neglect.

“To be fair, the community here, the facilities, they’re OK,” he says. “But from 2005 to today is just four years – that’s a short time to be experiencing these problems. When it comes to maintenance, to the quality of the buildings, there is room for improvement.”

In an e-mailed statement, Emaar, the master developer of these residential complexes, said its properties were “delivered to the strictest quality standards with appropriate warranties in place”.

Residents with maintenance issues can call Emaar’s hotline (800-EMAAR). “The normal signs of wear and tear in buildings,” the statement said, “are easily remedied via the planned preventive maintenance programmes and other remedial measures that are conducted on an annual basis based on the urgency of the requirement.”

But some residents, such as Nagham Hiraki, who with her husband rents a villa in The Springs 15, fear serious structural problems could cause certain parts of home to collapse.

“The place isn’t sound,” says Mrs Hiraki, 47, a Syrian national who says she has had difficulty getting her landlord and property management companies to address problems in the three-bedroom home. “For a while, I was afraid that the garage was going to fall.”

She estimates that she and her husband have paid Dh7,000 for repairs since they moved into their villa three years ago. That sum does not include a large crack that has gradually bisected her living room, or those that run along her stairwell.

The problems have convinced her to move, possibly to the Jumeirah Beach Residence apartment towers at Dubai Marina. “I wouldn’t want to live in this villa even if the rent was Dh10,000 a year,” she says.

In nearby areas, for example The Springs Four, residents also complain about a broad range of issues, including sinking driveways, sagging garages and shoddy plumbing.

In most cases, the structural integrity of villas and apartments in these residential areas is sound, says Martin Seaward-Case, a chartered surveyor who has observed construction in Dubai for the better part of a decade.

If there are issues, he says, they will probably be localised to certain sections of these communities. Because construction was delegated to hundreds of subcontractors with varying experience, it is possible that clusters of villas could have inferior build quality.

Between 150 and 300 subcontractor companies were involved in the building of these areas, he says, “so you’ll have sections that were just built better.” The Springs contains about 4,700 homes, according to the property research firm Landmark Advisory.

If anything, Mr Seaward-Case says, the “tenacious climate is more responsible than the actual build quality” for such issues as chipping paint and leaky roofs. Compared with structures in Europe, Dubai’s harsh weather probably reduces a typical villa’s life expectancy by a decade or more.

“Flat roofs are notoriously difficult to get right in this part of the world,” he says. “It only rains for two days a year, so for the other 363 days of the year it has got to deal with this incredible thermal shock that happens to it during the day.”

According to some property-management firms, the country’s unusually warm climate makes diligent upkeep all the more important.

But this is often neglected, Mick Dalton, general manager of Abu Dhabi-based Marafeq Facilities Management, says. “With the harsh environment here, it needs to be done on a regular basis.”

According to Adrian Quinn, chairman of Essential Community Management, unless the practice of property management in the UAE changes, it will be difficult to perform the necessary upkeep at residential areas.

In his native Australia, management typically repairs nicks and scratches within 24 hours, he says.

“The general philosophy here is that it sits there from month to month to month, until somebody says, ‘Oh, we’re going to repaint the building in another year, so let’s just wait and do it then’. And slowly the building degrades because they don’t have the budget to keep it looking new.”

Not until residents can form homeowners’ associations and vote on maintenance budgets and the awarding of maintenance contracts will the necessary incentives for proper property upkeep take hold, Mr Quinn says. Formal associations would grant them the authority to hire property management companies and collectively pool money to pay for expensive paint jobs and general property care. This would help relieve individuals of financial burdens, especially when home warranties expire.

“At the end of the day, for property, you must put money away for future maintenance,” he says, “because the owner will get hit with the cost of major capital works of repainting the building, caulking, waterproofing, etc.”


“It is a disgrace that these developers use the excuse of the weather, to cover their inadequacies . We all know what the weather is like here, they knew before they built the properties, therefore they should build to a standard that can withstand the heat that the UAE gets.
this is the norm all around the world, property is built to suit local weather conditions.

also the excuse of “hundreds of subcontractors were involved” is just not a real excuse they were the master developer, they are responsible for who they use as subcontractors therefore the master developers should stand up and accept their responsibilities instead of blaming others.

as for Mrs Hiraki, to move from a Crumbling Villa to a Crumbling Tower will not solve anything for you. JBR is another example of poor design/construction and greed..”

“Can’t have said it better myself. After having lived in this country for over 15 years, I’ve absolutely no desire to buy property knowing what the substandard quality (or complete absence thereof) of preventative maintenance is like.”

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Moody’s Investors Service downgraded the credit rating of Dubai’s Emaar Properties

Posted by 7starsdubai on April 2, 2009

source WallStreetJournal

Moody’s Investors Service downgraded the credit rating of Dubai’s Emaar Properties (EMAAR.AI), the Middle East largest developer,  to just above “junk” status due to its exposure to the emirate’s struggling property market.

Moody’s downgraded its ratings for Emaar and Dubai Holding Commercial Operations Group by one notch each, taking Emaar’s rating to Baa1 from A3, two notches above “junk”. The outlook for both companies is negative.

“The one-notch downgrade of both entities reflects the more severe fundamental strains facing their business models,” Philipp Lotter, Moody’s lead analyst for Gulf-based corporates, said in a statement.

The term “junk” is used for all bonds for Standard & Poors’ ratings below BBB and/or Moody’s ratings below Baa.

“I don’t think the downgrades have come as much of a surprise to the markets,” said Fahd Iqbal, an analyst at investment bank EFG-Hermes. “The downgrade will serve more to confirm investors’ existing negative view on Dubai, given its tough economic outlook for this year and next.”

Real estate firms such as Emaar, which sits at the heart of the Gulf region’s building boom, have been hit by the impact of the financial crisis both at home and overseas.

Dubai’s once-booming property market has slowed in recent months and home financing has evaporated, impacting Emaar’s sales and property prices.

Last month, Emaar was downgraded by S&P to BBB+ from A- with a negative outlook, taking the developer almost below investment grade.

Shares in the company that is 31% owned by Dubai’s government according to Zawya.com, closed flat at AED2.20 on the Dubai Financial Market Wednesday. The stock lost 85% of its value last year.

“Both companies are real estate master developers with hospitality businesses and are thus more immediately exposed to the Dubai real estate market,” Moody’s said.

Amid the downturn in the property market, many large developers have been scaling back projects to survive the downturn.

In February, a report by investment bank Morgan Stanley (MS) said the United Arab Emirates is delaying or canceling real-estate projects worth more than $260 billion. An earlier HSBC (HBC) report said Dubai is delaying or canceling almost 60 projects worth $75 billion.


Moody’s said it held off from downgrading the companies further because of Dubai’s recently announced bond program.

“The severity of potential rating actions….was moderated as a result of the supportive action by the federal government,” said Moody’s Lotter.

“We thus balance a severe deterioration in the economic prospects of Dubai with a now explicit reliance on federal assistance,” he said.

Dubai announced a $20-billion bond program in February, and said the federal government of the U.A.E. had fully subscribed half of it. The move allayed some fears that Dubai and government-owned companies would struggle to refinance debt obligations this year.

Moody’s said that although the bond “provided greater assurances to the market that explicit financial support from the federal government is forthcoming”, it also highlighted the emirate’s “vulnerability in the current global economic environment given its reliance on volatile sectors such as real estate, trade, financial services and tourism, as well as its burgeoning debt and refinancing challenges.”

Moody’s Wednesday also confirmed its ratings for other key Dubai Inc. corporates including DP World, Dubai Electricity & Water Authority and DIFC Investments.

The ratings agency said the outlook for all firms is negative, “reflecting the prevailing uncertainty that exists within Dubai Inc., in particular the ongoing structural changes to some of Dubai’s core domestic sectors including real estate, and the potential for economic and market conditions to remain depressed over a longer period”.

By Stefania Bianchi, Dow Jones Newswires

Posted in Dubai | Tagged: , , | Comments Off on Moody’s Investors Service downgraded the credit rating of Dubai’s Emaar Properties

John Laing Homes, an American builder bought by Emaar Properties in 2006 for $1.05bn (Dh3.85bn), has filed for bankruptcy

Posted by 7starsdubai on February 20, 2009

John Laing Homes, an American builder bought by Emaar Properties in 2006 for $1.05bn (Dh3.85bn), has filed for bankruptcy.

The firm filed for protection in the US on Thursday under Chapter 11 bankruptcy laws, which shield companies from creditors as they restructure or sell off assets to repay debts. John Laing owes roughly $977m to banks and other creditors and has assets worth $1.3bn, court papers show.

Emaar’s purchase of John Laing in June 2006 was the cornerstone of its effort to expand into the US housing market. But Emaar, the Middle East’s largest developer, made the foray as the US housing market peaked.

With mortgage lending grinding to a standstill and US home prices down 25 per cent between June 2006 and last November, according to the Case-Shiller US Home Price Index, the 161-year-old John Laing has retrenched, laying off employees and scaling back operations.

The problems come just as Emaar confronts challenges of its own in the Middle East, where property prices have declined significantly and financing for projects has grown harder to come by amid tightening international credit markets.

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Posted in Dubai, Emaar Dubai | Tagged: , , | Comments Off on John Laing Homes, an American builder bought by Emaar Properties in 2006 for $1.05bn (Dh3.85bn), has filed for bankruptcy

Mehr als riskant – Immobilienerwerb in Dubai

Posted by 7starsdubai on February 13, 2008

Wer in Dubai seinen Platz an der Sonne sucht, liegt klimatisch richtig.

Weniger sonnig sind die Vertragsbedingungen in Dubai, die der Immobilienkäufer unterzeichnen muss. Meist weht ihm ein arktischer Orkan ins Gesicht, der schon manchen an den Rand des Ruins getrieben hat. In der Presse und im TV stellen sich die grossen wie Nakheel und Co. mit farbenfrohen Luxusbildern gern als die zuverlässigen Macher dar, doch der Schein trügt. Das die Käufer dieser angeblichen Luxusobjekte reihenweise vorgeführt werden wird in den Medien natürlich nicht gezeigt.

Oft geht der Albtraum schon nach der sogenannten Reservierung für das Traumferienhaus oder das Apartment los. Inzwischen liebgewonnene Praxis auch sogenannter renomierter Bauträger in Dubai ist eine kurios anmutende Hinhaltetaktik. Nachdem ein Käufer seine Anzahlung Kraft des unterzeichneten Reservierungsvertrages geleistet hat wartet er oft vergeblich auf den zugesagten Vertrag. Die in dem Reservierungsvetrag ausgemachten weiteren Raten möchte man dann aber schon fristgemäß haben. Nakheel, so haben wir erfahren spielt dieses Spiel gern.

Briefe werden nicht beantwortet, die vereinbarten Ratenzahlungen jedoch verlangt. Die angegebenen Fertigstellungsangaben sind oft reine Fantasie.  Sobald sich ein Käufer erlaubt einen Anwalt zu nehmen , in der Hoffnung auf rechtlichem Weg zu einer Antwort auf seine Frage zu kommen, wird auch dieser Versuch oftmals scheitern. Dieses Hinhaltetaktik Spiel wird genüsslich von so vielen – auch den sogenannten renomierten – Developern betrieben.

Zu guter letzt bringt man es in Dubai sogar fertig dem Käufer zu drohen, und zwar in massiver Weise, wenn er nicht Ruhe gibt. Das sind die wahren Machenschaften von Nakheel und Co. wie Emaar , Al Fajer Properties und wie sie so alle heisen, die grossen renomierten die sich gern auf gigantischen Messeständen und in den Medien als die vertrauenwürdigen von Dubai darstellen.

Bezeichnend daher auch der Satz am Ende der Rede von Sheikh Mohammed bin Rashid als Maktoum and der FU Berlin: Many Leaders promise – we deliver.

Wenn man annehmen könnte, der Mann wisse nicht was in seinen eigenen Firmen wie Nakheel und der seiner Verwandten wie AL FajerProperties in Sachen Kundenfreundlichkeit von statten geht, dann könnte man ihm glauben.
Natürlich ist auch diesem Mann bekannt was tagtäglich in Dubai internationalen Immobilienkäufern mit unglaublicher Kaltschnäuzigkeit widerfährt und das tausenden eben nicht – delivered weerden wird …was ge-promised wurde.

Da fragt man sich natürlich: Warum läßt es dieser Mann zu, das auf diesem Weg das einst so PR reich aufgebaute Image vom Dubai Immobilienmarkt wie ein Kartenhaus zusammen brechen wird, das in Firmen wie Nakheel einstmals euphorische Kunden derart behandelt werden – damit der einstmalige Vertrauensbonus den die Kunden diesem Unternehmen entgegenbrachten – von Tag zu Tag auf Null sinkt ?
Teilweise haben Käufer mehr als 50 % der Kaufpreises gezahlt und warten seit Jahren darauf das auf der Baustelle mit den Arbeiten begonnen wird. Im schlechtesten Fall erhalten diese dann einen schlichten Brief mit dem Inhalt: Projekt gestrichen – Geld zurück, aber ohne Zinsen oder Entschädigung.  Nach dem Motto: So wie es uns gefällt – nach dem Grund fragt man besser nicht – denn eine Antwort wird man nach der 100ersten Anfrage so oder so nicht bekommen.
Hinhaltetaktik, ein Flipping Spiel …..nichts sagen, nichts schreiben ist besser als jede weitere Ausrede die dann vielleicht noch zur Lüge motiert, besser Hoffnung und Geduld suggerieren , das funktioniert anscheinend.

Käufer warten Jahre hoffnungsvoll auf ihr Haus oder Apartment für das sie bereits die geforderten Raten gezahlt haben und finden dann nach Jahren Nichts oder etwas vor was so nicht gekauft wurde, was in den Hochglanzbroschüren und selbst in Verträgen so nicht angegeben war.  Auch hier, ganz einfach nach Dubai Art. Wenn s dem Käufer nicht passt: Geld ohne Zinsen oder sogar nur einen Teil des gezahlten Gelde zurück… und tschüss.

Der letzte Hit um angebliches Vertrauen zu schaffen:

Der Gesetzgeber hatte nun ein Einsehen und erließ Vorschriften, die die Entwicklungsgesellschaften zwingen, den Kaufpreis bis zur Fertigstellung einer Immobilie auf einem Treuhandkonto anzulegen. Dort sind sie vor dem Zugriff der Gläubiger sicher.

Doch Achtung, auch diese könnte reiner Kulissenzauber sein.

In den Vereinigten Arabischen Emiraten gibt es in der Regel keine “Häuslebauer”, die ihre eigenen vier Wände nach Maß errichten lassen. In der Praxis werden vor allem Ausländer Immobilien zunächst von einer der großen Projektentwicklungsgesellschaften erwerben. Dabei handelt es sich meist um halbstaatliche Firmen wie Emaar, Dubai Properties, Nakheel (Dubai), Mubadala, TDIC (Abu Dhabi), Tameer (Sharjah) oder RAK Properties (Ras Al Khaimah), um nur die größten zu nennen. Diese Megagesellschaften treten zwar in privatrechtlich organisierter Form auf – in der Regel als Aktiengesellschaften oder Holdings – befinden sich aber zum Großteil in Hand des Staates beziehungsweise in Händen der Entscheidungsträger in Staat und Gesellschaft. Von ihnen erwirbt der Käufer dann Eigentum, Nießbrauch oder ein ähnliches Nutzungsrecht – was Ausländern ohnehin nur in besonders ausgewiesenen Gebieten möglich ist.

Harsche Bedingungen für Erwerber

Im Normalfall sind die Verträge nicht aushandelbar, der Käufer wird vor die Wahl gestellt “friss oder stirb”, und das letztere ist beinahe wörtlich zu nehmen – bedenkt man das finanzielle Risiko, das dem vertraglichen Ungleichgewicht in der Regel anhaftet. So verwendet zum Beispiel Emaar eine Allgemeine Geschäftsbedingung, nach der bei Verzug einer einzigen Kaufpreisrate der Verkäufer – also Emaar – zur Kündigung des Vertrags berechtigt ist und die bereits angezahlten Raten nicht rückerstatten muss, sofern eine Mahnung erfolglos geblieben ist. Unabhängig von ihrer bereits geleisteten Höhe verfällt dann die gesamte Anzahlung – eine mehr als harsche Konsequenz für den Käufer.

Umgekehrt kann es passieren, dass der Käufer den Kaufpreis beinahe abgestottert hat und das Projekt – aus welchen Gründen auch immer – nicht oder nicht ordnungsgemäß fertig gestellt wird. In der Praxis ist es gang und gäbe, Apartments sofort nach der Planung zu verkaufen. Eigentum oder Nutzungsrechte kann der Käufer erst nach Fertigstellung eintragen lassen. Zuvor muss er alle Raten gezahlt haben. Sicherheiten hat er keine – sieht man einmal von der Quasi-Vormerkung ab, die Art. 24 Abs. 2 Dubai Land Registration Law (Gesetz Nr. 7/2006) normiert. Entspricht das Apartment nicht dem Kaufvertrag oder wird es nie fertig gestellt, dann nützt dem Käufer auch eine Vormerkung wenig. Er muss in langwierigen Prozessen versuchen, an sein Geld zu kommen. Fällt die Entwicklungsgesellschaft in Konkurs, sieht er im schlimmsten Fall keinen Dirhem wieder.

Genau hier setzt der Gesetzgeber den Hebel an. Das Dubai-Gesetz Nr. 8/2007 über Sicherheitskonten für Immobilienentwicklungsprojekte bedient sich einer doppelten Strategie – Einrichtung von Sicherheitskonten und höhere gewerberechtliche Anforderungen an Entwicklungsgesellschaften.


Zum einen sind die Entwicklungsgesellschaften gehalten, Treuhandkonten einzurichten, auf die die Zahlungen der Käufer eingehen. Darüber hinaus sind Darlehen Dritter, die mit dem Projekt dinglich abgesichert werden – etwa im Wege einer Hypothek – auf das Konto einzuzahlen. Dort ist es der Verfügungsgewalt der Entwicklungsgesellschaft entzogen. Erst nach Bescheinigung der Fertigstellung (arab. schahâda al-indschâz), also nach Abnahme, sind 95% der Beträge frei gegeben. Die Gelder sind jedoch zweckgebunden und dürfen ausschließlich dafür verwendet werden, Ausgaben des Projekts zu decken. Eine Stufenabnahme ist denkbar, so dass nach jedem Bauabschnitt über die Freigabe der Gelder zu entscheiden ist. Die Verfügungsgewalt über die restlichen 5% bekommt das Unternehmen erst, nachdem ein Jahr verstrichen ist, seit die Erwerber als Eigentümer oder Nutzungsberechtigte in das Grundbuch eingetragen sind. Dadurch wird das Unternehmen zur zügigen Umschreibung der Eigentums-/ Nutzungsrechte und der Beseitigung von Mängeln, die dieser entgegenstehen, angehalten.

Für jedes Immobilienprojekt ist ein solches Konto zu eröffnen (Art. 9 Abs. 2). Eine Entwicklungsgesellschaft richtet also so viele Konten ein, wie sie Projekte hat, wobei ein Projekt auch aus mehreren Gebäuden bestehen kann, sofern diese einen “Komplex” bilden. Das Gesetz definiert nämlich die “Entwicklung” (arab. tatwîr) als ein Projekt für mehrstöckige Gebäude oder einen “Komplex” (arab. mudschamma’ât) für Zwecke des Wohnens oder der Ausübung eines Handelsgewerbes (Art. 2).

Gläubiger der Entwicklungsgesellschaft haben keinen Zugriff auf das Geld. Sie können die Sonderkonten nicht pfänden (Art. 9 Abs. 1).

Spezielle Registrierungs- und Lizenzierungspflichten

Zum anderen dreht der Gesetzgeber an der gewerberechtlichen Schraube und verschärft die Anforderungen an Projektentwicklungsgesellschaften. Diese müssen sich nun in ein spezielles Register beim Dubai Land Department, das unter anderem die Funktion eines Grundbuchamtes wahrnimmt, registrieren lassen (Art. 4). Zuvor müssen sie eine Lizenz des Dubai Department of Economic Development einholen. Sie dürfen kein Marketing mehr betreiben ohne schriftliche Genehmigung des Land Departments (Art. 5). Auch der Verkauf einer noch nicht fertig gestellten Immobilien bedarf einer Sondergenehmigung. Wird mit der Bauausführung nicht innerhalb einer Frist von sechs Monaten nach Erteilung der Genehmigung begonnen, löscht das Land Department die Gesellschaft aus dem Register (Art. 17). Bereits bestehende Unternehmen haben bis zum 28.12.07 Zeit, den neuen Anforderungen nachzukommen (Art. 18) – wobei das Land Department diese Frist nach seinem Ermessen verlängern darf. Die Behörde hat bereits angekündigt, Projekte, die zu mehr als 80% fertig gestellt sind, von der Pflicht zur Einrichtung eines Sicherheitskontos auszunehmen.

Zur Klarstellung: Das Gesetz gilt nur im Emirat Dubai. Andere Emirate haben bislang keine entsprechenden Regeln getroffen. Das Gesetz ist im Amtsblatt von Dubai Nr. 323 vom 28.6.07 auf den Seiten 5 – 11 verkündet worden. Es trat am gleichen Tag in Kraft. Eine englische Übersetzung stellt das Land Department unter http://www.dubailand.gov.ae/ld_website/PDFS/trust_law_eng.pdf zur Verfügung.

Posted in Dubai, Dubai Developer, Jumeirah Business Centre, Nakheel | Tagged: , , , , , , | Comments Off on Mehr als riskant – Immobilienerwerb in Dubai

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