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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 ‘financial crisis dubai’

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

Empty office space in Dubai totals 10 million sq ft

Posted by 7starsdubai on December 1, 2009


original source Arabian Business Monday 30 November 2009

About 40 percent of Dubai’s office space is lying empty after the emirate’s construction boom outpaced demand, broker Knight Frank LLP has said.

Empty office space totals 10 million sq ft (929,030 sq m) in Dubai, the firm said in a note on Monday, reported by Bloomberg news agency.

The vacancy rate for office space in the UAE capital Abu Dhabi is six percent, the broker said.
read the full report

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Dubai Debt crisis and the Media Blackout for Sunday London Times in UAE

Posted by 7starsdubai on November 30, 2009


original sourche WallStreetJournal


DUBAI — The Sunday London Times newspaper was removed by authorities from shelves in the United Arab Emirates on Sunday amid intensive reporting of Dubai’s debt problems, an executive at the paper said.

The National Media Council ordered the paper blocked by distributors without providing a reason, an executive at the paper in Dubai told Zawya Dow Jones.

The Sunday Times edition available in the U.A.E. on Nov. 29 featured a double-page spread graphic illustrating Dubai’s ruler Sheik Mohammed bin Rashid Al Maktoum sinking in a sea of debt. The Times wasn’t given a reason for the block, or a timeframe when it will be lifted, the executive said.

A government official in Abu Dhabi, the capital of the U.A.E., said that the picture of Sheik Mohammed, which accompanied a story entitled: The sinking of Dubai’s dream, was “offensive.”

Under the U.A.E.’s media code, publications are prohibited from criticizing the sheikdom’s rulers.

Local media and government officials have criticized international press coverage of Dubai’s debt crisis.

Markets around the world fell last week after the government requested a debt standstill for one of its biggest conglomerates.

Earlier this month Dubai’s Sheik Mohammed told reporters gathered at an investment conference in the city to “shut up” and stop criticizing the emirate and its crucial relationship with Abu Dhabi.

Dubai is struggling to deal with it debts estimated to exceed $80 billion.

The Sunday Times is part of News International, a unit of News Corp., owner of Dow Jones & Co. The Times and The Sunday Times are published in the U.A.E. through a local partner SAB Media.

Write to Andrew Critchlow at andrew.critchlow@dowjones.com

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Nakheel Dubai Government controlled developer presses buyers for cash

Posted by 7starsdubai on August 21, 2009


source The National    20. August 2009



Nakheel is asking investors using credit transfers for property purchases to top up their payments with cash, as it seeks to raise funds ahead of a mid-December due date for a Dh3.5 billion (US$953 million) bond.

According to brokers, the Dubai Government-controlled developer allows investors in delayed projects to sell their downpayments to other investors who have already invested in other Nakheel developments.

But now the company is no longer allowing customers to use credit transfers alone to fund instalments, and is demanding that part of the payments are made in cash, brokers say.

“For example, when a buyer has Dh1m to pay, Nakheel would say you need to pay 30 per cent in cash, which makes Dh300,000,” said one broker, Farid Ahmad Hussein.

“They will accept a credit transfer of Dh700,000 from somebody else. The investor can get this Dh700,000 maybe at 40 per cent discount now in the market from another investor. In total he has saved Dh280,000.”

Nakheel needs to pay back a Dh3.5bn bond on December 14, in what is being seen by international lenders and rating agencies as a litmus test of the Dubai Government’s willingness to support its affiliated companies facing financial difficulties.

So called “credit consolidations” were triggered by the collapse in property prices last autumn, which saw scores of developments either cancelled or delayed and effectively ended the “off-plan” property market.

Investors in stalled projects have been able to sell their downpayments, usually at a loss, to other customers of the same developer, and then those downpayments can be used on continuing projects. These credits can only be transferred between buyers that have already made downpayments and are not available on the secondary market.

Developers facilitate the transfer of credit between investors in different projects to generate funds needed to complete some developments, while also making it easier for them to abandon others. External brokers help to match buyers.

Unlike other developers, Nakheel requires the transfer of ownership between investors to be completed before credit is moved between properties.

“Investors in projects that have been deferred have the option of consolidation if they own other properties within the Nakheel portfolio. The advantage to the investor is that Nakheel is able to hand over property to the owner sooner than it might on a deferred project and help investors reduce their financial exposure,” Nakheel said in a statement. The developer declined to comment on whether cash payments were also required to complete property consolidations.

Nakheel has shortened the time it takes to complete such transactions to about a month, from three or four months previously, according to brokers.

Nakheel, the developer of The Palm Dubai, has spent billions of dirhams on projects that are still under construction, while adding further offshore island developments including The World and The Universe.

But development on such a massive scale has come at a high price for the company, which is now struggling to repay debts accumulated during the six-year building boom.

The trade in credit notes on stalled projects is helping revive activity in the property sector, according to Rajesh Sony, a director of Bluechip Real Estate. The firm, he said, generates 90 per cent of its turnover from matching buyers and sellers of credits.

“This is a win-win situation between the developer and investors. If all the investors of one project transfer the money elsewhere, the developer may call off the project without having to refund the money to investors. At the same time, investors can get out of the market without losing all the money, and other investors in ongoing projects can pay their instalments at a cheaper rate,” he said.

The exchange of Nakheel credit, or consolidations, began in February on projects that include the Dh4.4bn Dubai Promenade, and the Dh2.9bn Trump Tower, the centrepiece of Dubai’s original Palm Island development, according to Mohammad Mujtaba Vakil, a broker from Linkage Real Estate.

He said that while cash components were not requested on earlier transfers, Nakheel now “would not accept anything less than 30 per cent”.

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Nakheel will pay only 65 percent of its debts

Posted by 7starsdubai on May 14, 2009


source KippReport

May 14, 2009
 
Dubai-based property developer Nakheel is offering consultants and contractors only 65 percent of what they are due, the New Civil Engineer reports.

“One of the offers on the table is for firms to get 65 percent of their consultancy fees, with the understanding that in doing so, they waive their legal rights [to further payment],” said Nelson Ogunshakin, CEO Association for Consultancy and Engineering.

Nakheel received an undisclosed cash injection from the Dubai government in early May, as part of Dubai’s $20 billion bailout plan.

According to the publication, Nakheel refused to comment on the issue.

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Nakheel confirms receiving funds

Posted by 7starsdubai on May 13, 2009


source Business24/7

Nakheel has started receiving funds from Dubai Government, confirmed its Chief Executive Officer (CEO) Chris O’Donnell in an exclusive interview with Emirates Business. However when asked if the figure stood at Dh2 billion, the chief executive said: “The actual figure is confidential and so are all the other details. But yes, Nakheel is receiving funds.”

The developer is also talking to its contractors and re-negotiating payments plans and contracts. “Yes, we are trying to help them and ourselves through our current situation. We are at the stage of commercial settlements and negotiations. Rather than detail on percentages, it is a true statement to say that construction costs are falling and there is definitely a reduction,” said O’Donnell.

“Part of our obligation to our customers is to ensure that we get them the best buildings. Hence, we are talking to our contractors to get cost-effective solutions.”

O’Donnell said the developer does not issue credit notes and warned investors against any such fraud. “When the market recovers, the focus will be on people buying serviced land. Hence, the built form in Nakheel’s projects is definitely going to be linked to the provisions of infrastructure, which will be on an incremental basis,” he added. Speaking about the latest on the status of Nakheel projects, O’Donnel said that work on Palm Jebel Ali has slowed down while the Palm Deira and the Universe projects are on hold.

However, construction on Jumeirah Village and Al Furjan is progressing, he said.

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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.

Read the rest of this entry »

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