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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 ‘Sheikh Mohammed Rashid Al Maktoum’

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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Posted in Crime, Dubai, Dubai law, Fraud Dubai, Sheikh Mohammed bin Rashid Al Maktoum | Tagged: , , | Comments Off on Sheikh Mohammed issued tough penalties for fraud – bringing confidence back to Dubai

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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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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Gambles Dubai with its financial reputation ?

Posted by 7starsdubai on November 30, 2009


original source Zawya

When you start building a third island shaped like a palm tree, intending it to be as big and crowded as Manhattan, you are crying out for a sober voice to bark: “Stop!”

But when that island is just one atoll in an artificial archipelago that would reconfigure the Persian Gulf coast into a thicket of trees, a map of the world, a whirling galaxy, a scythe and a sun that looks like a spider, what you need is some corporate restructuring. That, we learnt on Wednesday, was exactly what holding company Dubai World, the parent of Dubai’s chief coastal developer Nakheel, would get.

Last year, Robert Lee, one of Nakheel’s executives, showed me a map of the future Dubai Waterfront as his company put the finishing touches on the more modest Palm Jumeirah, the skyscraper- and villa-crammed island that started the trend.
“That’s crazy!” I said.  “Bold,” countered Mr Lee.
Bold is probably not the word that the number-crunchers at Deloitte are muttering as they pore over the company’s books.

The Dubai government’s decision to postpone repayments on $3.5bn in Dubai World debts – seen by investors as the litmus test of the emirate’s creditworthiness – is the clearest sign yet of the dire state of its economy. Dubai’s fanciful island reclamation, a doubtful investment in an era of rising sea levels, was just one of the gambits that ushered this tiny emirate into the world’s consciousness.

Thankfully, many of these ideas wound up on the scrapheap. There is the cancelled Snowdome (although the city’s indoor ski slope lives on), part of a gargantuan amusement district that was to be larger than the city of Orlando it intended to rival. Also scrubbed is the $11bn Arabian Canal, a 75km moat that would have ringed the city. Enough of these sorts of schemes were built to make Dubai and the United Arab Emirates the holder of the world’s largest percapita environmental footprint.

Until Wednesday, investors were largely content to give Dubai the benefit of the doubt, given that ruler Sheikh Mohammed bin Rashid al-Maktoum had assured the world that his emirate was good for its debts.

In a region where a man’s word already carries outsized weight, the blunt-spoken sheikh’s charisma had been built on the credibility of his pronouncements. It must be painful indeed for him to be seen as backtracking.

Sheikh Mohammed, whose family has run the emirate with astonishing stability since 1833, faces an acute test of his leadership and the clearest threat yet to his dreams for the city.
The ambitious sheikh wants Dubai to become the financial centre for a quarter of the globe, the under-served and fast-growing markets between Singapore and Frankfurt.

Wednesday’s announcement makes that goal less likely, damaging Dubai’s reputation among the investors and financiers it has worked so assiduously to court. “Naturally they are not amused,” says Eckart Woertz, chief economist at the Dubai-based Gulf Research Centre. “It will be a case of once bitten, twice shy should Dubai try to tap international markets again.”

In the longer term, the news could make Dubai’s rivals more attractive, persuading international companies to decamp to, say, Doha or Abu Dhabi. Unlike Dubai, those cities have sound, energy-based economies.
But for now they do not offer the same level of western lifestyle, nor can they match Dubai’s services in shipping, logistics, banking and air travel.

The emirate’s inability to repay also casts a shadow on the Maktoum family’s vital relations with its cousins who rule Abu Dhabi, the al-Nahyans, who seem to be letting their poorer kin sweat it out in public.
One wondered what price Abu Dhabi might demand for a full bail-out.

One plausible option was a tighter union among the seven UAE states, with maverick Dubai forced to trim its embarrassing ties with Iran and Israel. Dubai might also have been asked to merge its independent customs service into the federal bureaucracy.

Sheikh Mohammed may be calculating that Dubai’s foreign policy freedom is more valuable than its financial reputation.

There is logic in this.

The bankers in London and New York have been important in nurturing Dubai’s growth.

But the emirate’s ties with the region – Karachi, Mumbai, Riyadh and Tehran – are those that will make or break this city.

The writer is the author of City of Gold: Dubai and the Dream of Capitalism
By Jim Krane

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