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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 ‘Sultan Ahmed bin Sulayem’

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

Dubai – Sheikh Mohammed downgrades prominent figures

Posted by 7starsdubai on November 23, 2009


original Source Bloomberg

Nov. 22 (Bloomberg) — Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum consolidated his hold on the debt-laden emirate, downgrading powerful figures behind the city-state’s boom that turned to a bust.

Sheikh Mohammed on Nov. 20 sacked the governor of the Dubai International Financial Centre, Omar Bin Sulaiman, who had led efforts to transform Dubai into a Middle East finance hub. A day earlier, he dropped Mohammad al-Gergawi, Sultan Ahmed Bin Sulayem and Mohammed Ali Alabbar from the board of Dubai’s main holding company, the Investment Corporation of Dubai. The three were at the forefront of a construction drive that began in 2002 and collapsed last year after the global financial turmoil engulfed Dubai.

The announcement, which follows the replacement in May of Nasser al-Sheikh, former director of the emirate’s Department of Finance, heralds greater consolidation of so-called Dubai Inc., the web of competing, state-owned companies that Sheikh Mohammed used to accelerate the diversification of Dubai. Dubai is struggling under $80 billion of debt amassed in the process.

The replacement of the DIFC governor is part of efforts to improve the efficiency of government institutions and companies, and “consolidate the emirate’s growing importance as an international center for finance, business, trade, tourism and all services,” Mohammed Ibrahim Al Shaibani, director-general of the ruler’s court, said in an e-mailed statement on Nov. 20.

Transparency

This needs to be accompanied by greater transparency and better coordination between the various state-run companies, said Tristan Cooper, a Dubai-based Middle East sovereign analyst at Moody’s Investors Service.

“It’s difficult to read too much into the personnel changes at this stage, but it would be encouraging if it helped to improve coordination and information flow within Dubai’s large and disparate public sector,” Cooper said by e-mail.

The Dubai Financial Market General Index tumbled today to its lowest level in two months, losing 2.6 percent to 2,073.66. Abu Dhabi’s measure slipped 2 percent to its lowest since Sept. 2.

Bin Sulayem is chairman of Dubai World, a state-run holding company that has about $59 billion of debt and other liabilities. It controls property developer Nakheel PJSC, which has had to cancel plans for a new waterfront development the size of Hong Kong Island. Nakheel has to repay a $3.52 billion bond maturing in December.

Dubailand

Istithmar PJSC, the investment company controlled by Dubai World, may lose control of the W New York Union Square hotel in Manhattan at a foreclosure auction next month by holders of the mezzanine debt on the property. Dubai International Capital LLC, a private equity investor controlled by the emirate’s ruler, is said to be offering junior lenders a 40 percent stake in Almatis, a maker of alumina products, in a debt-for-equity swap.

Al-Gergawi is chairman of Dubai Holding, which owns developers including Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC. Tatweer has put on hold a project to build “Dubailand,” a Disneyland-style leisure park that would be three times the size of Manhattan. Alabbar is chairman of Emaar Properties PJSC, the largest developer in the U.A.E., which is building the world’s tallest tower.

Dubai’s real-estate market was the worst affected by the global financial crisis. Home prices have tumbled about 50 percent from their peak, and may drop another 20 percent this year, Deutsche Bank AG said in June.

Bond Issue

The emirate will study the viability of projects more closely in the future, Sheikh Mohammed said Sept. 9. “We’ll be more careful now,” he said.

The actions of Dubai’s ruler may also be aimed at helping him shore up his position with regard to the wealthier neighboring emirate, Abu Dhabi, said Jean-Francois Seznec, a professor at Georgetown University’s Center for Contemporary Arab Studies in Washington.

Abu Dhabi, which has 90 percent of oil in the U.A.E., holder of the world’s sixth-largest crude reserves, bailed out it’s fellow emirate in February with a $10 billion Dubai bond issue subscribed entirely by the U.A.E. central bank. Dubai is seeking to raise another $10 billion, a significant portion from the federal government in Abu Dhabi. The government is in the final stages of preparing the second half of the bond issue, Alabbar said on Nov. 20.

The cost of protecting Dubai bonds from default rose 3 percent to 313 basis points on Nov. 20, five-year credit-default swap prices show. The contracts, which get more expensive as perceptions of credit quality worsen, traded at 287 basis points on Oct. 20, the lowest in 12 months, Bloomberg data show.

Bankruptcy

Sheikh Mohammed is trying to salvage his business empire by merging assets, said Christopher Davidson, a professor at Durham University in the U.K. and author of the 2008 book “Dubai: The Vulnerability of Success.” “The ruler’s main government-backed companies are on the verge of bankruptcy and rapid centralization of these bits and pieces is needed to hold them above water,” he said by phone.

In June, Emaar said it was in talks to combine with Dubai Properties, Sama Dubai and Tatweer as it aims to control the supply of new buildings amid a glut of homes.

Alabbar shrugged off his removal from the board of the investment body. “As business goes on, all organizations restructure,” he said Nov. 20. Al-Gergawi didn’t pick up his mobile phone and Bin Sulaiman and Bin Sulayem didn’t respond to interview requests via their spokespeople.

Scapegoats

Ahmed Humaid al-Tayer, the new governor of the DIFC, which is home to regional offices of banks including Goldman Sachs Group Inc. and Deutsche Bank AG, said yesterday he would pursue the same strategy as his predecessor. Al-Tayer is also chairman of Emirates NBD PJSC, the U.A.E.’s biggest bank by assets, and remains a member of the ICD board along with Al Shaibani, the head of the ruler’s court. The other four board members are Sheikh Mohammed, two of his sons and his uncle.

The four sidelined Dubai powerbrokers have to some extent been made scapegoats, according to Simon Henderson, an expert on the Gulf monarchies at the Washington Institute for Near East Policy.

“They were given authority and access to capital and told to go out there and expand Dubai, they were given a license and latitude, and to that extent, they were obeying orders,” he said.

To contact the reporter on this story: Henry Meyer in Dubai at hmeyer4@bloomberg.net.

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Herve Jaubert fled Dubai dressed as a woman

Posted by 7starsdubai on August 18, 2009


source Arabian Business

A former French special agent who worked for Dubai World has spoken of his anger at being convicted in absence of defrauding the company out of millions of dirhams – a charge he strongly denies.

Herve Jaubert told Arabian Business of a carefully planned escape from Dubai aboard a rubber dingy and dressed in a burqa to evade police using skills he developed as a spy.

The former French naval officer, who is now living in the United States, said he is not worried about being tracked down to face his five-year prison sentence because he can prove his innocence.

“I deny everything,” he told Arabian Business during a telephone interview. “When I saw that I was convicted in absentia I was totally outraged.  But no matter what the truth is going to come out eventually.”

One way he hopes to be able to do this is through his book outlining the story of his escape, which is due to be published in October.

Jaubert told Arabian Business he decided to flee the country last year after his passport was confiscated by police and he was fired by Dubai World.

“In Dubai, if you don’t have a passport and you don’t have a job you cannot survive,” he said. “I found myself in this situation. So instead of fighting it, I told the auditors I would pay them back. I did not sign anything, but I played the game.”

Meanwhile he was planning his escape. Jaubert sent his wife and children back to Florida where they had all been living before moving to Dubai in 2004, and once they were gone he went into hiding.

“Once I was alone in Dubai then I turned to what I used to do before as an intelligence officer.

“A friend would rent a room for me in a hotel with his passport so my details would never show up. I would stay in the hotel for three days and then change.

“I bought a sail boat, and then I bought a rubber dingy and I escaped on the dingy. When I was a secret agent for my country I used to do that – go in and out of countries on a rubber dingy – because no one pays attention to a rubber dingy.”

Jaubert left from a beach in Fujairah early one morning after sabotaging the only coast guard boat in the area to make sure no one could follow him.

He spent six hours aboard the rubber dingy before meeting his friend, who had sailed his boat into international waters, and the pair headed to India on a journey that took eight days.

“I’m a naval officer, so at that point I knew what I was doing,” he said.

“When I was a secret agent I was a ghost, but here it was different, I was not a ghost anymore. I decided to disguise myself as a woman and then I became a ghost.

“When you are covered from head-to-toe in an abaya and veil nobody talks to you, nobody looks at you. Wearing the abaya nobody bothered me, it’s like I never existed.

“That’s the best disguise you can find because even a police officer can not talk to you.”

Jaubert was sentenced to five years in jail and fined AED14m by Dubai Criminal Court at a hearing in June at which he was not present.

The court was told that Jaubert’s company, Seahorse Submarines, had bought equipment worth AED11.8m for Exomos, the submarine division of Dubai World, but that it did not all arrive.

Jaubert had a contract with Dubai World to build two submarines, but prosecutors told the court that when the vessels were delivered they were incomplete and faulty. He wrote to Dubai World and agreed to settle the matter by paying an initial AED3m, but he fled the country before handing over any money.

My book is going to come out and people are going to know the true story and then I will put it behind me,” Jaubert said.

He is even confident that readers in Dubai will be able to get a copy.

“There’s no way this book is going to be available in Dubai in the open, but I’ve found a way. There will be some tricks, if you want. The book will be disguised. If you order the book you might receive a book on flowers or furniture, but it’s just a cover,” he said.

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