7StarsDubai

Dubai UAE News from the Press Property Market Disaster and More

  • Dubai 7 Stars
  • July 2018
    M T W T F S S
    « Dec    
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    3031  
  • Middle East Unrest Update

  • Talk of the Town

    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
  • Top Rated Comments

  • Top Posts

  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • 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 […]
  • Top Rated Posts

    • 478,486 visitors 2010
  • Disclaimer 7 Stars Dubai

    This Website of the Blog 7starsdubai.wordpress.com and 7starsdubai.com content still existing media releases and comments from reputated press and websites only. The content of this Website focus to consumer protection for Investors of the Dubai Property market, the UAE and the Middle East. Press Article from the international Press who report about Fraud in relation with Property Investment and Real Estate Developer Investor Disputes in Dubai and the UAE as well reports from the Press about other criiminal acts and Civil Real Estate cases, Lawsuits before the Court in Dubai, the UAE or other countries. Furtheron we show reports about consumer protection and human rights in the Middle East. Actual Topics about the Unrest in Middle East. The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of this site does not constitute advice or a recommendation by us.Communications and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this Web site. We can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on this Web site nor do opinions of contributors necessarily reflect those of us.In no event shall we be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to this Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise. Comment Rules: Although the administrators and moderators of 7starsdubai.com will attempt to keep all objectionable comments off this Blog, it is impossible for us to review all comments . All messages express the views of the author, and neither the owners of this Blog, nor the administrator of this Blog will be held responsible for the content of any message, comment. By agreeing to these rules, you warrant that you will not post any messages that are obscene, vulgar, hateful, threatening, or otherwise violative of any laws. The adminstrator of this Blog reserve the right to remove, edit, move or close any comment (message) for any reason This Blog content still existing media releases and comments from websites only. The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of this site does not constitute advice or a recommendation by us.Communications and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this Blog. We can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on this Web site nor do opinions of contributors necessarily reflect those of us.In no event shall we be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to this Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise. Copyright: The copyright to the text of the blog is held by the author or link as source provided, where applicable. All images displayed are copyright their respective owners and are used either under licence or under the fair use provisions of international copyright law. The information contained in this Web site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this site. Accordingly, the information on this site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult the administrator of this website. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, 7starsdubai.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will 7starsdubai its related partnerships or corporations, or the partners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this site or for any consequential, special or similar damages, even if advised of the possibility of such damages. Certain links in the Web site connect to other sites maintained by third parties that may or may not be presented within a frame on the Web site. 7starsdubai.com has not verified the contents of such third party sites and does not endorse, warrant, promote or recommend any services or products, that may be provided or accessed through them or any person or body which may provide them. 7starsdubai.com has not issued or caused to be issued any advertisements which may appear on these Web sites. We do not review, monitor or endorse any third party web sites linked to Our Site and We are not responsible for the content of any web site linked to Our Site. Your access to any web site that links to Our Site is at your sole risk. We are not responsible for the information, material, products, or services contained on or accessible through such other web sites and will not be liable for any form of loss or damage arising as a result of or in connection with your visits to such web sites. Any links to other web sites are provided merely for the convenience of the users of this Site and the inclusion of these links does not imply an endorsement of the linked web sites or the content therein. In addition, you agree not to link your web site or any other third party web site to Our Site or frame Our Site as part of any other web site without Our express prior written consent. We reserve the right, at any time and for any reason not prohibited by law, to deny permission to anyone to link a web site to, or frame, Our Site. We reserve the right to withdraw Our consent at any time to a link to, or framing of, Our Site at Our sole discretion without notice. Your use of this Site and the operation of these Terms and Conditions shall be governed by and construed in accordance with the laws and regulations of and applicable in Germany You agree, acknowledge, and submit to the Court in Germany having non-exclusive jurisdiction over all and any dispute or difference between us arising out of or in connection with this Agreement. Please review these Terms and Conditions carefully before using this Site. Your use of this Site indicates your irrevocable agreement to be bound by these Terms and Conditions (as may be amended by Us from time to time). If you do not agree to be bound by these Terms and Conditions please stop accessing and using this Site immediately. Warning: We are aware that several times Cybercriminals mirrowed our Website and posted on several Forums, Website comments by misuse of our email adresses. These Cybercriminals registerd several similar looking Domains and installed several 1:1 mirrowed Websites which look like our Website 7starsdubai. We have already taken the necessary steps by filing criminal complaints against the Individuals behind this Identity theft an Cybercrime, by misusing fraudulently our Blog Identity 7starsdubai. In Search engines like Google, Yahoo, Bling and others you should always take a close view to the links. If this links do not originaly start with www.7starsdubai.com or http://7starsdubai.worpress.com/.... you will end on a faked mirrowed modificated Website. The genral Background of this Cybercriminals is a Stalking and Smear campaign, faking stories for their personal use, to discriminate Persons with the goal to destroy their reputation.
  • RSS ZDF Heute Germany

    • An error has occurred; the feed is probably down. Try again later.
  • Advertisements

Posts Tagged ‘Nakheel Dubai’

Matt Joyce and Marcus Lee UAE pending allegations of fraud proven false by Australian Supreme Court

Posted by 7starsdubai on June 11, 2012


Australian Courts rule in favour of two property developers presently under house arrest in Dubai

Sunland Waterfront (BVI) and Others v. Prudentia Investments Pty Ltd and Others
source Detainedindubai.org / Radha Stirling

Australian Courts Find Sunland Corporation mislead UAE Courtroom, leaving two businessmen Marcus Lee and Matt Jones stuck in Dubai under house arrest for three years so far, with a pending judgement and sentencing this month.

The UAE has been under the spotlight recently for judicial failings, in particular the imprisonment of British entrepreneurs Safi Qarash, Peter Margetts and Belgian Olivier Loeb, imprisoned for bounced cheques.  American Zack Shahin has been held without charge for 4 years so far, breaching standard human rights agreements.  These four men, amongst many others have been on hunger strike to protest against the lack of due process.

Meanwhile, Australian property developers Matt Joyce and Marcus Lee have been on bail but trapped in the UAE pending allegations of fraud, now proven false in the Australian Supreme Court.

continue reading …..original source detainedindubai.org

and

Related Articles:

 

http://afr.com/p/national/court_ruling_backs_dubai_detainees_Lw78SJUqAzf2ww7ZMi9zhP

http://www.theage.com.au/business/dubai-cloud-darkens-sunland-20120608-201gm.html

http://www.theaustralian.com.au/business/property/sunland-to-face-asic-over-dubai-criminal-probe-role/story-fn9656lz-1226389527569

http://www.afr.com/Page/Uuid/fec91b4e-b102-11e1-a4c5-4500d66dcdb7#

http://www.theaustralian.com.au/business/companies/judge-asks-asic-to-probe-sunland/story-fn91v9q3-1226389066089

http://www.pmflegal.com/blog/index.php/2012/06/08/judge-asks-asic-to-probe-sunland/

http://www.businessspectator.com.au/bs.nsf/Article/Court-asks-ASIC-to-look-into-Sunland-pd20120608-V34B7?OpenDocument&src=hp7

 

Advertisements

Posted in Dubai Criminal Court, Dubai Developer, Dubai Government, Matt Joyce Dubai | Tagged: , , , | Comments Off on Matt Joyce and Marcus Lee UAE pending allegations of fraud proven false by Australian Supreme Court

Nakheel Ex CEO Chris O´Donnell wins at Dubai Court

Posted by 7starsdubai on February 9, 2012


Dubai Court Ruling

Nakheel former CEO Chris O’Donnell who left Nakheel last June after five years, has won a $3 million claim against the Dubai real estate developer for breach of contract, the Dubai World Tribunal ruled Thursday.

Chris O’Donnell was awarded $ 3 million in bonus compensation in the  judgement.

Judge Anthony Evans made the award at the Dubai World Tribunal held at the DIFC Courts.

Posted in Chris O Donnell CEO Nakheel Dubai, Dubai court, Dubai Justice, Dubai Legal, Nakheel | Tagged: , , , , | Comments Off on Nakheel Ex CEO Chris O´Donnell wins at Dubai Court

Dubai Developer Nakheel threatens defaulters with arrest

Posted by 7starsdubai on December 21, 2011


Nakheel denied 1,386 Palm Jumeirah Residents  access to beach clubs

Nakheel on Sunday banned more than 1,300 residents on its flagship Palm Jumeirah project from using the beaches, pools and gyms in the first stage of a controversial plan to charge for the use of facilities.

Owners or tenants living in these properties have now been denied access to any facilities, and were warned they could be arrested if they attempted to enter the pool and gym areas.

source …..continue reading ….Arabian Business and Emirates 247

Posted in Nakheel, Palm Jumeirah Dubai, Real Estate Scandal Dubai, Rera Dubai | Tagged: , | Comments Off on Dubai Developer Nakheel threatens defaulters with arrest

Dubai Investors wish to get answers: We don’t want our cash back we want Nakheel to build Jebel Ali Palm

Posted by 7starsdubai on May 24, 2010


Dubai
source Arabian Business
Investors who bought homes on a delayed project by troubled Dubai developer Nakheel are hiring a law firm to represent them as they seek negotiations with the company, a spokeswoman said on Thursday.

“Nakheel have recently informed owners of further delays of at least five to 10 years,” said Aarti Chana, spokeswoman for Palm Jebel Ali Homeowners.

“The owners voiced major concern over the fact that Nakheel’s statement has broken key terms in our contract without seeking owners agreement,” she said.

A Nakheel spokeswoman declined to comment, when reached by Reuters by telephone.
continue reading…

Posted in Dubai, Dubai Property dispute, Dubai Property legal, Nakheel, Property Investor Dubai | Tagged: , , | Comments Off on Dubai Investors wish to get answers: We don’t want our cash back we want Nakheel to build Jebel Ali Palm

Dubai – The result for many buyers of Nakheel Jumeirah Village properties

Posted by 7starsdubai on May 24, 2010


Uninhabitable structures and financial exhaustion !
Frustrating wait for a Villa in Jumeirah Village

source The National May 24. 2010

DUBAI // Buyers of villas in an upmarket development claim they have been thrown into limbo by stalled construction and what they say is a lack of communication from their site developer.

Hundreds of villas and townhouses in Jumeirah Village, a sprawling development on the outskirts of Dubai, were nearing completion in 2008 as the global recession began, which affected the developer, Nakheel, and caused work on the project to be held up. A handful of residences have since been finished and occupied.

Nakheel has acknowledged that the restructuring of its heavily-indebted parent company, Dubai World, affected progress on the community. The result for many buyers of Jumeirah Village properties has been uninhabitable structures and financial exhaustion.

“We’ve paid Dh3 million (US$816,000). It’s gone,” said Mumtaz Desai, a 35-year-old Briton, referring to the two-bedroom Mediterranean style-villa she thought she would be living in with her husband and 14-year-old daughter.

That plan has turned into a money trap for Ms Desai and her family. Promised a handover date of December 2008, repeated delays have forced them to live in a rented apartment in the Jumeirah Lake Towers to save money.

“We’re all squeezing into a little one-bedroom apartment,” she said. “It’s me, my husband and my daughter. She’s always had her own bedroom. We’re like: ‘You’ll just have to suffer a little longer’. But two months of delays has become six, and now it’s nearly three years.”
continue reading…..

Posted in Dubai Property dispute, Nakheel, Real Estate Scandal Dubai | Tagged: , , | Comments Off on Dubai – The result for many buyers of Nakheel Jumeirah Village properties

Dubai – Ali Rashid Ahmed Lootah new chairman of Nakheel

Posted by 7starsdubai on March 31, 2010


source Wall Street Journal
The government here replaced Sultan Ahmed bin Sulayem as chairman of
Nakheel, the property developer that the city-state is restructuring
along with its one-time parent Dubai World.
continue reading…

Posted in Dubai, Nakheel | Tagged: , , , , | Comments Off on Dubai – Ali Rashid Ahmed Lootah new chairman of Nakheel

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”.

, ,

Posted in Dubai | Tagged: , , , | Comments Off on Nakheel Dubai Government controlled developer presses buyers for cash

Dubai angry Damac Investors launched Website Damacuncovered

Posted by 7starsdubai on April 10, 2008


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

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

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

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

source Timesonline UK continue reading……

The Website of the Damac Investors is here…….

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

Dubai Nakheel takes legal action against PalmInvest

Posted by 7starsdubai on February 18, 2008


Nakheel takes legal action against PalmInvest

By Suzzanne FentonStaff Reporter
Published: GulfNews January 22, 2008, 22:13

Dubai: Dubai’s master developer Nakheel, which has more than $60 billion worth of projects in its portfolio, has taken legal action against PalmInvest – an unscrupulous real estate investment broker based in the Netherlands for fraudulently selling bonds with a nine per cent interest rate for property on Palm Jumeirah in Dubai.

Although PalmInvest is not an officially registered company in Dubai, the PR Manager for Nakheel, master developer of the Palm, told Gulf News, “Yes, I’ve heard of them. In fact, we’ve taken legal action against them in the past to stop them using our projects and our name in their marketing and advertising.

“They’ve no connection or affiliation with Nakheel.”

According to an employee of the company, PalmInvest is owned by Dutchman Remy Bal and is based in Hilversum in the Netherlands. However, neither the General Manager nor the Press Officer of PalmInvest was available for comment.

On the company website, PalmInvest invites prospective buyers to ‘invest in the Palm Dubai’ and promises that it is ‘in all respects legal and fiscally responsible’.

It also states that Dubai is ‘the right breeding ground for safe investments’.

PalmInvest is selling bonds guaranteeing a nine per cent interest rate per year over a three-year period to investors willing to pay a minimum of Dh266,385 ($72,525).

Marwan bin Galita, chief executive of the Real Estate Regulatory Agency (Rera), on Monday highlighted the importance of investing safely within the new framework put in place by Rera, “No transactions can be processed outside the land department system, improving confidence and security in the market.”

Dutch authorities arrested five on suspicion of fraud on Tuesday. The Netherlands’ financial prosecutor said in a statement that documents and luxury goods were seized during raids on eight offices and five homes in the Netherlands and one in Monaco.

A research associate at Jones Lang LaSalle, said, “The new Escrow Account Law put in place by Rera now ensures this kind of fraud doesn’t happen. There is full consumer protection in play. So now the developer can’t take any money before he’s got something to show for it.”

Posted in Dubai | Tagged: , | Comments Off on Dubai Nakheel takes legal action against PalmInvest

 
%d bloggers like this: