#UNDER C: DUBAI STAR, 45F Res, Plot L2 [Archive] - Page 2

Ahmed N

November 13th, 2009, 12:02 AM

This is the response I have received today with regards to Dubai Star, yet another delay, as follows:-

Thank you for your Email and your correspondences with Alternative Capital Invest.

Further to your Email sent on the 11th November 2009, I would like to request from you to correspond with us directly via Email either on the same address or customerservie@aci-dubai.net in order to receive correspondence more efficiently

Moreover, regarding your questions raised on the subject of construction of Dubaistar tower.

Please be advised that the project was delayed because of obtaining necessary approvals from 4-5 competent authorities. Also, the project completion dates are always estimated based on the actual progress of the work completed on the site. Hence, the dates given will be estimated completion dates and not precise. This point is also clearly covered in the reservation contract for your property.

Please bear in mind that the payment plan was devised and thus construction linked due to the delay. Also, The information pertaining to the delay was not readily available until the commencement of actual construction; consequently, we could not have communicated anything officially to our customers. However, the construction is now going on and we have completed up to the 22nd floor in the project.

The completion date of Dubaistar tower is the last quarter of 2010. However, please do comprehend that this depends on the government and the rules and regulation that developers have to be in line with.

Additionally, you had raised a question regarding RERA inspection of the site and I have inquired for the same from Director-Operations (Legal, DLD & RERA) and have been advised that the decision to inspect the site will be made by RERA.

Finally, we regret to inform you that your request to cancel your unit and get re-fund is not an option since the project is fully registered and is ongoing, additionally, your units have been registered with Dubai Land Department and OQOOD.

Please contact me if you require any further clarifications.

Thank you in advance.

Best regards,

Negin Delavar

Assistant to Head of Customer Services

cayman1

November 13th, 2009, 07:50 AM

May be the true but I ask why the othe project go on and hasn't ACI problem whith RERA inspection ?

MANUTD

November 13th, 2009, 07:07 PM

cayman1

November 14th, 2009, 07:49 AM

Anybody know if is necessary RERA inspection on each stage linked at payment 10th foor 20th 30th floor ecc ? to going on ?

Porcello

November 14th, 2009, 11:25 AM

The crane was moving this morning.

Imre

November 14th, 2009, 11:45 AM

yes, outside elevator as well.

I counted 10 workers there , hopefully they will start again.

cayman1

November 14th, 2009, 03:23 PM

IMRE you live in Dubai I don't ,do you know the answer at my question ?
Thx

Imre

November 14th, 2009, 03:32 PM

I dont know, I visited the RERA 3 times and I found only useless people there.Hopefully I wont be ever back.

cayman1

November 14th, 2009, 03:39 PM

OK I phone tomorrow

Ahmed N

November 14th, 2009, 05:01 PM

when I went to RERA office in August, they were totally ignorant, rude and were not at all helpfull. They are not representing us at all, this is all to show the world that the government is doing something, when it not in reality. I have sent an e-mail to RERA, not a reply, this is not the second week.

We have no hope!!!

MANUTD

November 15th, 2009, 10:29 PM

I dont know, I visited the RERA 3 times and I found only useless people there.Hopefully I wont be ever back.

And I was with you IMRE remember !---RERA is a waste of time

TMZ

November 15th, 2009, 10:37 PM

rera is more usless than camels dung, all they do is sit there collect a pay check for farting and than go and buy a Ferrari, what government, what law? there is no such thing in Dubai, the only people that seem to be doing anything in Dubai are the expat Indians slaving away there lives in construction, the gcc nationals dont do jack shit, just pretend to go to work, hire a couple of Russian prostitutes and than open sesame !

Ahmed N

November 16th, 2009, 10:27 AM

I have recieved this reply to my e-mail:-

"With reference to your email dated 11th November 2009, please be informed that the construction works are in continuous flow at the site. We had to acquire a permit for which it halted for 7 to 8days and works have been continued since Friday 13th November 2009.

Completion date is estimated by the Projects Department to be Third Quarter 2010.

For any clarifications, you may contact customerservice@aci-dubai.net

Best regards,

Esther Benjamin

Collection Officer"

MANUTD

November 17th, 2009, 11:41 PM

cayman1

November 19th, 2009, 08:43 AM

May be in Dubai need a permit for each floor

Ahmed N

November 23rd, 2009, 10:41 AM

Hi all, maybe a silly question, but who actually owns the project "Dubai Star", is it ACI or have they sold it to another developer. I have been told recently by 3rd person, that he had read and article, which stated ACI sold the whole project? Does anyone have any info on this?

cayman1

November 24th, 2009, 07:43 PM

ahmed N the account of ACI dubai star in which you have send money is the same or not by escrow account in RERA website dubai star ? because for another project is different

Imre

November 29th, 2009, 09:22 PM

29/November/2009

Dubai Star

http://i49.tinypic.com/2chknx4.jpg

http://i47.tinypic.com/11akifb.jpg

Ahmed N

November 29th, 2009, 10:25 PM

wow,great pictures Imre. are there any workers at the moment. Or has everyone left!!

Imre

December 10th, 2009, 12:51 PM

workers there:)

10/December/2009

Dubai Star

http://i46.tinypic.com/51ajav.jpg

http://i50.tinypic.com/o0w9hz.jpg

http://i50.tinypic.com/2cn7db9.jpg

http://i48.tinypic.com/2e3311s.jpg

cayman1

December 10th, 2009, 01:32 PM

December 6, 2009, 11:47 pm : DS Super-Structure Works

The core wall construction between the 23rd and 24th floors is in progress with the column and core wall concreting processes displayed.

I see no progress in 1 month it's arrived on 21 floor ,ACI said core wall 23 24 floor beware at ACI

Imre

December 10th, 2009, 03:07 PM

I took these pics today so maybe they removed few floors since 6th December ?:)

cayman1

December 10th, 2009, 03:20 PM

ACI asked instalment on 20th floor then there is slow work but there is not progress in 1 month despite aci website 23 24 floor !

Ahmed N

December 10th, 2009, 03:56 PM

From Imre's pictures I make out 20th floor, and the 21st being done. ACI are not being honest!!!!
Even the people working, or not!!! sitting around. I cannot see this project finishes at this rate. What I don't understand, is that ACI have had our money - why are they not providing the actions, getting on with the project, and completing it.

other developments such as arabco, or arabtec! are working day and night, why not ACI

cayman1

December 10th, 2009, 06:50 PM

I dont know if project will finish ,may be it will finish in 2 years whith slow work so ACI gain interst whith money in ACI account , NL tower ,Becker , Shumaker tower are on hold since 1 year, West Bay never start, other project are on hold ,i hope to wrong but the premises are very bad .
It's ACI

cayman1

December 10th, 2009, 07:11 PM

The worst thing is ACI say on web site wrong information

Imre

December 10th, 2009, 07:19 PM

:) :) :)

Very GOOD NEWS

In today's (30th Oct 2006) Gulf News - Main Section -
Full Page Ad' declaring that the

CONSTRUCTION HAS STARTED

:cheers: :cheers: :cheers:

Hope things go well &
by end 2008 DUBAI STAR will be standing tall

:lol: :lol: :lol:

:nuts::ohno:

cayman1

December 11th, 2009, 08:38 AM

Whith ACI the situation is this everyone think about to do legal action ecc.

cayman1

December 11th, 2009, 08:52 AM

On 13 -11 2009 ACI said at Ahmedn we arrived on 22 th floor .........

Ahmed N

December 18th, 2009, 01:25 PM

Hi, does anyone know a Legal Firm, who I could contact to see if they could act
on my behalf in persuing legal action against ACI!!!!

cayman1

December 18th, 2009, 01:30 PM

Ahmed n i give you phone of Saqer manager for D. Star 00971506548611 before legal action phone at him , he is not ACI

Ahmed N

December 19th, 2009, 10:32 AM

thanks cayman1, what update has he given you?

cayman1

December 19th, 2009, 12:50 PM

I asked for Sami Tower the contractor is the same i think the project manager is the same

mowy2611

December 23rd, 2009, 08:12 PM

Hi

I called ACI today and i told them that I dont see any workers at the site (it was around 5PM). They're like that cos the shift ends at 4, so I said how do u expect to complete the tower on time if ur working an 8 hr shift??? I told them all the other towers are working day and night. The receptionist said she will check with the project manager and get back to me. She called a few minutes later saying that starting Saturday they'll be working 24 hour shifts and the tower is due to complete on September 2010. She said that they're currently on the 23rd floor.

Let me if anyone had a similar update. I'll check on Sunday if the 24 hour shift story is true and i'll let u know

cayman1

December 24th, 2009, 07:42 AM

On 10 12 2009 DS. was on 21fl. ACI is using to say wrong thing . Check on sunday and count the floor . update on sunday

Ahmed N

December 24th, 2009, 11:17 AM

Hi Mowy2611, thanks for the update.

The problem is I am in the UK and cannot see whats going on. I called ACI last week, and no one was able to help me, and was promise a call back - still waiting!!!!

I really regret buying from ACI, and the issue I have is do I spend money in legal action!!!. Cost of flights only to find that Robin is not available, no one is able to answer any questions, RERA is not bothered....and so on

It would be interesting to hear anyones view.

Also, how can we set up a group!! of people to get together and get some answers?
Take this to a legal firm to act on our behalf.

saadanas

December 24th, 2009, 12:20 PM

:bash:salam every body
i just want to know if the 30% that still with us not anoth to finish constraction

cayman1

December 24th, 2009, 01:13 PM

I dont understand nothing

saadanas

December 24th, 2009, 02:05 PM

aci have big problem they need the money that still with buyers to finish constraction if this money not anough then :ohno:

cayman1

December 24th, 2009, 04:47 PM

Perhaps the buyers don't pay instalments

cayman1

December 24th, 2009, 04:52 PM

Where have you known that ACI have money problem ?

Ahmed N

December 24th, 2009, 05:28 PM

Dear Saadanas, where have you got the information from. I myself have already paid ACI 80%, and the balance 20% o completion. I assume everyone has paid almost the same, ACI have our money, why are they not completing the projects. We really to work together and take legal action, otherwise all our money will disappear.

saadanas

December 24th, 2009, 06:54 PM

http://7starsdubai.wordpress.com/dubai/michael-schumacher-dubai/

http://7starsdubai.wordpress.com/dubai/niki-lauda-duba/

http://7starsdubai.wordpress.com/dubai/aci-dubai/

cayman1

December 25th, 2009, 08:37 AM

I read this on june

saadanas

December 25th, 2009, 03:19 PM

if you read this in june why you are very surprised that aci have a big problem ????????

Loniegray

December 27th, 2009, 06:04 AM

Ahmed N

December 27th, 2009, 01:38 PM

Hi, has the work recommenced as per previous qoute from mowy2611. IMRE are you in a position to passby and check?

Loniegray

December 27th, 2009, 01:54 PM

Dear All,

I have been following your posts and I too have an apartment with ACI in Dubai Star. I agree with Ahmed N. We all need to get together and take some action. I personally have completed payment of 75% over a year and a half ago. And I am very disappointed at the outcome of this investment. ACI has obviously used our money for marketing campaigns and for buying other land plots that they never built. They are un professional and we are paying the price. They lack honesty and are always bluffing. I have lived in Dubai for 3 years and watched towers being built. At this rate no way before year 2012assuming they have the financial means to complete it. We need to stick together as we all have common interest. They need to know that we are very upset and that we will do something about it.

Thanks

Ahmed N

December 28th, 2009, 10:07 AM

Hi, is anybody able to confirm if works have commenced?. The comments from Loniegray, are correct - we need to take action NOW, and not leave things to carry on as they are. Any suggestions

Loniegray

December 28th, 2009, 12:06 PM

Well before taking legal action which is costly and the results are not certain how about we contact one of the papers 7 Days or Emirates today and report our situation. Perhaps, that will push them to speed things up.

Also I suggest we start writing letters to RERA, all of us. That is cheap and easy. Send them letters and send it by courier telling them of our situation. If they receive like 15 different letters, it will make some noise and they might do something.

On the legal side, I suggest that we start taking names of people ready to take legal action, cause if we are 4 or 5 people it will be costly and perhaps wont be strong enough. Add to that many of us already dont live in Dubai so it will be really difficult. we need to know how many buyers ready to take legal action. If we reach lets say 10 or 15 names, then it will be feasible and we shall have a better chance.
Also we need to have someone get legal advice in Dubai on friendly basis and understand what our chances would in getting our money back if we decide to file a law suit. I am sure similar cases took place and the outcome is known.

What concerns me most is that they have squandered the money and even if we file a law suit we still wont get our money back. Dont know how to get info on that.
Just thinking out loud. Other suggestions?

mowy2611

January 3rd, 2010, 05:29 PM

Hi All, just passed by the construction site and guess what... NO WORK in progress. ACI is full of bullS***... also passed by yesterday and nothing going on.

I will call them tomorrow and check whats going on and what happened to the "24 hour shift" they were blabbing about.

We need to start considering an action plan, I saw a lot of posts talking about legal action it looks like this is going to be our only resort. Please let me know who lives in dubai and who lives abroad and we'll meet up in ACI offices one day and face them. I live in Dubai so any time will be convenient for me.

Ahmed N

January 4th, 2010, 09:57 AM

Dear Mowy2611, thanks for the note.

They are being very dishonest, and I am very angry. I have called and
e-mailed ACI for an update and have asked why there is no activity - guess what NO RESPONCE.

I like in the UK, and would make a trip to Dubai - if an specific date is organised and there is a number of us, not just 1 or 2. I say this because last year we visited Dubai there were 3 or 4 of us in the ACI offices, and could not make a noise loud enough and were told lie after lie????

Also, I have had alook another forum for another development, and the buyers went to RERA to make some noise, and RERA moved!!! got off there chairs!!! and then sat down again, but maybe we could think of something else other than just ACI!!!

So, please see how many we can get together and set a date. Count me in.

cayman1

January 4th, 2010, 03:42 PM

In aci web today there is update they arrived on 23 floor

cayman1

January 4th, 2010, 03:53 PM

I counted 1 floor in more than 10 12 2009 better than nothing

saadanas

January 4th, 2010, 06:39 PM

salam
count me too iam ready any time

Ahmed N

January 5th, 2010, 10:35 AM

Hi All,

This is an -mail I recieved this morning.............. from Jamil Jenidi from ACI

"We do not have problems related to the construction of the Dubai Star tower. There has been a few days delay during the heavy winds where crane operations were affected and the rain has put some hindrance to the steel works and supply. Of course there are some more complications in operations of construction due to the global crisis which is effecting the supply of construction goods on time. Other than that we are under construction. In 2 to 3 days it is scheduled to pour the concrete for the 24th floor. There are two shifts of workers on site doing both the interior and structural works.

I wish you and your family a happy new year as well."

cayman1

January 5th, 2010, 02:00 PM

I think no problem untill 30 floor , than there is instalment , but last 12 floor will be built whithout problem , i think . For this tower should go well , the other tower we will see

Ahmed N

January 13th, 2010, 04:38 PM

Hi, does anyone have any updates/ pictures - able to count how many workers on site!!!

cayman1

January 29th, 2010, 07:46 AM

27 1 2010
25 floor according to website.

Imre

January 29th, 2010, 12:52 PM

29/January/2010

Dubai Star

http://i50.tinypic.com/sfvwph.jpg

http://i50.tinypic.com/33l1o4p.jpg

http://i45.tinypic.com/20z8g8p.jpg

http://i49.tinypic.com/zkae.jpg

cayman1

February 8th, 2010, 03:39 PM

Arrive on 26 floor , seems only aci project going on , lucky buiers

bazz780

February 21st, 2010, 11:56 PM

hi guys, i just read all the posts from when i last made an entry, i took my money back from junior gas in 2007 and have never looked back since,

There seems to be good progress from when i was panicked about the situation in 2006 when no construction began. ACI nor junior gas were helpful and i was not even notified of the sale to ACI, i had to find out myself!

Hope it works out well for all investors..

can anyone advise if prices are the same or risen? it would be interesting to know as in 2004 i bought at 247,000dhs for a studio on the 23rd floor.

Also: if this does get built, will you have access as the whole JLT site is a construction site until all towers are built?

thanks

234sale

February 22nd, 2010, 04:48 PM

^^ No investment discussion in threads.

Please read the rules

cayman1

March 5th, 2010, 08:11 AM

Any update ? Is going on ?

Imre

March 5th, 2010, 09:27 AM

U/C but very slow, JBC 6 already rising and will overtake this one after few months.

05/March/2010

Dubai Star

http://i47.tinypic.com/10xeuzl.jpg

http://i46.tinypic.com/33e07pd.jpg

http://i46.tinypic.com/2el6seq.jpg

mowy2611

March 14th, 2010, 06:36 AM

Hi everyone, unfortunately again no work is being done on this tower. I've passed by multiple times during the day and during the night and no activity. Is anyone talking to ACI?? Work has been stopped for almost 4 weeks now.

Loniegray

March 15th, 2010, 12:02 AM

i called them and they said that they are working on the inside of the tower. Of course this is not convincing. Why cant they work inside and outside. This is the most frustrating project i have seen in Dubai. I cannot believe how unprofessional they are. They dont care for the losses we are all incurring from their delay. It is unbelievable. If they ever finish this it wont be before 2 years at best. That means they will be 3 years late in this nightmare project. Any opinions?

cayman1

March 15th, 2010, 09:09 AM

i dont know if it's true or not but ACI has an excuses for all problems . Contact a lawjer is better.

bister

March 15th, 2010, 10:04 AM

i dont know if it's true or not but ACI has an excuses for all problems . Contact a lawjer is better.

I can only agree, with ACI court is the only viable option

Ahmed N

March 15th, 2010, 02:00 PM

Hi, what is going on? why are they messing around. I have also e-mail them, NO REPLY! why have they stopped again? I live in the UK, and cannot pop into the offices. Does any one live in Dubai, can we please find out whats going on???? this is costing me more and more money paying interest monthly, with no hope of this project ever being completed whilst I am alive!!!

cayman1

March 16th, 2010, 04:45 PM

today at ACI web D. star

The works such as plastering, block work, aluminum works, and electro mechanical works are in process.

true or false ? they have always excuses ready .

cayman1

March 16th, 2010, 05:11 PM

Company like this would have to be cancelled !

Loniegray

March 18th, 2010, 06:02 PM

thatc could be a picture taken weeks ago. I suggest we all send seperate letters complaining about ACI and explaining our losses from being involved with this developer. This letter to be addressed to RERA (i dont know if other authorities could be involved) and to be sent in the same time.
it should be something like

Dear RERA,

I, owner of flat no. in Dubai Star tower in Jumeirah lake towers project developed by ACI would like to express my frustration and anger towards the progress of that project.

In the contract with ACI it is written that the expected date of completion is December 2008. I have been paying installments since 2006 (or whatever the case maybe)

Now it has been more than 15 months since the promised date of completion and the project is not even half completed. Furthermore, the project shows no sign of progress whatsover and the outer structure seems at a stand still for over a month.

Unfortunately, ACI is not providing me or other investors with useful or credible information. I have checked their site and it seems that all of their other projects are also on a stand still which makes me even more concerned.

I would like to ask for your assistance in investigating the status of this project as I am incurring heavy losses from this delay. Your immediate intervention would be very appreciated.

Ok guys this is my proposed letter. But we need all to send in the same time. The more the better. Let that be our first organized move and take it from there. It will not cost us anything. Just a letter and courier service.

Any suggestions /

cayman1

March 18th, 2010, 08:47 PM

Loniegray

March 21st, 2010, 10:46 PM

YES AND YOU? HOW ABOUT OTHERS?

cayman1

March 22nd, 2010, 09:37 AM

Mee too , can we ask our $ back ? after 15 month in delay ?

Loniegray

March 26th, 2010, 07:42 PM

I understand that you cannot request your money back because ACI has already registered the project units with RERA and DUBAI LAND. I believe in other projects some investors have managed to do that.
We need to pressure them in anyway. I was hoping to receive more replies and suggestions.

Unfortunately I too am not living in Dubai. So I cannot really visit them and try to pressure them. Let me know if you or anyone would like to take some group action. I have seen other members who were very encouraged to take action , but everyone seemed to have calmed down.

cayman1

March 27th, 2010, 08:47 AM

cayman1

March 29th, 2010, 01:27 PM

I phoned today and nobody answer at phone , anybody knows if aci is still in dubai ?

234sale

March 31st, 2010, 01:27 PM

http://i41.tinypic.com/kcyno1.jpg (http://www.skyscraperlist.com/forum/showthread.php?295)

video update of every project in JLT

91BF_qrWA2g

bazz780

April 2nd, 2010, 05:40 PM

great video update!! thanks

it might be possible to take money back as thats what i did 2 years ago, looks like the JLT project is getting there but no idea how long before its fully complete and functional,

nice to see some life, looks like roads are opening up and people are staying in towers that are ready?

Imre

April 20th, 2010, 12:27 PM

20/April/2010

Dubai Star

http://i44.tinypic.com/551d2o.jpg

http://i42.tinypic.com/ff39yt.jpg

cayman1

June 7th, 2010, 08:30 PM

imre or other an update of dubai star , please:okay:

Ahmed N

June 11th, 2010, 10:48 AM

Hi, things have gone quite again. I have e-mail ACI again, 4 different people, not even 1 has botherd to reply!!! does any one have any apdates. The website has an update and they are still on 27th floor, no movement for the last 2/3 months.

Tony 90

July 8th, 2010, 03:49 PM

27th floor slab cast last week.

http://img341.imageshack.us/img341/5016/dubaistar3.jpg (http://img341.imageshack.us/i/dubaistar3.jpg/)

http://img155.imageshack.us/img155/74/dubaistar2.jpg (http://img155.imageshack.us/i/dubaistar2.jpg/)

http://img155.imageshack.us/img155/5606/dubaistar1.jpg (http://img155.imageshack.us/i/dubaistar1.jpg/)

Imre

July 9th, 2010, 02:25 PM

09/July/2010

Dubai Star

http://img682.imageshack.us/img682/2989/dubai95.jpg (http://img682.imageshack.us/i/dubai95.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

mowy2611

August 21st, 2010, 12:05 PM

R Malhotra

August 21st, 2010, 07:44 PM

Hey all.. I tried calling ACI and the phone is no longer in use.. tried emailing all the people in ACI that I received emails from in the past and all emails bounced back (users no longer available). It seems ACI has closed down!!!

Any ideas what we should do next? The project is registered under RERA I don't know if that will help?

ACI - is in the process of shifting office. I had been to the site today and i learnt that the work has stopped for the last 10 days. if you have any update, please let me know

Ahmed N

August 22nd, 2010, 01:04 PM

Hi, I am getting worried now, so decided to call some mobile numbers I have in my file. Like others I have rang the office, no answer and no one is replying to my e-mails. I managed to get through to one number, and was advised that both offices are closed, and moving to new offices in Jebell Ali, Intercom area near the race course. They will be opening next week, on Tuesday and I have been told to call them. I was also told that I should not worry (what a joke), and they are already on level 33!!!!!

I told him why is ACI website showing level 27 (and has been static since April), I was told no its on level 33. Can someone check.

So, tuesday next week it is.............

R Malhotra

August 22nd, 2010, 09:04 PM

I had called on 0561464567 Evana (frm ACI), she mentioned that they are in the process of shifting their office to Tecom - Al barsha area, when asked for details of office location, she wasn't aware. I also asked for the Mangers number who is in charge for construction, she said that he and all other staff are on leave. At site there is not a single worker, the only person who is there is the security guard.

Ruslan Isin

August 23rd, 2010, 12:57 PM

Please inform: who knows a case, what ACI has returned money to investors of Dubai Star under the decision of Court or RERA?
Whether there is a sense it to be engaged? Somebody can employed lawyers?
I wished to suggest to unite on this question.

unhappyjohn

August 23rd, 2010, 02:26 PM

cayman1

August 23rd, 2010, 04:45 PM

Somebody who live in Dubai can see the project ? And if ACI still exist ?

Porcello

August 23rd, 2010, 05:34 PM

Somebody who live in Dubai can see the project ? And if ACI still exist ?

Yes, I'll check the activity tomorrow. This is not the first time they shift office, anyway, it already happened twice.

Ahmed N

August 24th, 2010, 09:52 AM

Hi, Its Tuesday, maybe someone living in Dubai can also visit the offices and get some answers. I think we really need to push pressure on ACI to deliver. They are not responding to emails and calls, and this is not good.

Also, why is there no activity on site? why are the construction company also doing nothing. If you go on there website there is no details and updates. Also is mentions 24month construction date!!!!

If someone can check, then I dont mind making a trip from the UK, so meet up as a group and all together we can put the pressure on.

R Malhotra

August 24th, 2010, 10:03 PM

I had called Evana who gave me the contact number of the project manager with whom I spoke and he mentioned that their contractor is facing some problems as on of their partners have left the country. He said that ACI was in talks with the existing 2 partners. Need to call after few days to check the exact status. They are shifting their office to Al Barsha area in Tecom.

You can reach them on customerservice@aci-dubai.net

cayman1

August 25th, 2010, 02:51 PM

Ahmed N

August 29th, 2010, 01:16 PM

Hi, I have for the last 4 days been calling ACI offices and also the mobile number I have on my file. The number for the office +971 4 407 9400, no one is answering and the line is going dead. The mobile numbers I have are all not in service expect one 050 501 8808, but there is no answer.

Please can anyone tell me is they have managed to go to the new offices and if you have an another number to call.

MANUTD

August 29th, 2010, 07:59 PM

cayman1

August 30th, 2010, 03:10 PM

Dear ACI Valued Client

We would like to inform you that our office will be temporarily closed from 1st-14th August 2010, as we are shifting from the current office to a new one. We will inform you shortly with the new office location and the new telephone and fax numbers.

We will resume back to work on Sunday August 15th. For emergency during this period, please feel free to contact us on 056- 146 4567

bister

August 30th, 2010, 03:30 PM

cayman1

August 31st, 2010, 01:37 PM

ACI Real Estate
P.O. Box 212049
Dubai , UAE

Address:
Office #2101 Al Shafar
TECOM Tower, Barsha Dubai, UAE

Tel . +971 4 447 - 8950

Fax. +971 4 447 - 8948

Email . sales@aci-dubai.net

Ahmed N

September 1st, 2010, 10:05 PM

Greetings from ACI!

Apologies for the delay, but we have been moving out of our old office to a new location and we haven’t been able to correspond with our clients in proper manner due to that reason. Our new office location map and new telephone lines are already updated on our website www.aci-dubai.net.

Further to your request below in regards to your investment in Dubai Star kindly note the following:

Our contractor had gone out of business recently and our Management Team are currently handling back and forth meetings with RERA in order to deal with the legality issues raised from the same matter.

We are currently looking into the option of finding and appointing a new contractor in order to proceed with the construction.

Please note that the procedure will require time and effort and we would kindly ask you to bare with us until we made any progress with the authorities.

Thanks & Regards

Customer Service Department

Tel: +971.4.4478950

Fax: +971.4.4478948

Email: customerservice@aci-dubai.net

fairouza

September 11th, 2010, 01:09 AM

source: http://www.nw-news.de/owl/regionale_wirtschaft/3745380_Dubai-Fondsgesellschaften_aus_Guetersloh_insolvent.html?em_index_page=1

Gütersloh/Bielefeld (dpa). Mehrere Gesellschaften für Immobilien-Fonds in Dubai unter dem Dach des Gütersloher Investment- Unternehmens ACI haben am Freitag Insolvenz angemeldet. Dabei handle es sich um die Gesellschaften der Fonds II bis V sowie die ACI IV Beteiligungs GmbH, teilte das Amtsgericht Bielefeld mit. Ein vorläufiger Verwalter werde wahrscheinlich am Montag bestimmt, hieß es. Aktenzeichen wurden noch nicht vergeben.

Das Unternehmen hatte die Insolvenz zuvor bereits angekündigt. Grund sei der Preisverfall bei Immobilien in Dubai, hatte ACI-Gründer Uwe Lohmann betont. "Unausweichliche bilanzielle Abschreibungen der Buchwerte der Projekte in Dubai" hätten dann zur Insolvenz geführt.

Google translation:

Several companies for real estate fund in Dubai, under the umbrella of the Gütersloh investment company ACI have registered on Friday for bankruptcy. In this act it is the companies of the Fund II to V and the ACI IV Beteiligungs GmbH, said the district court of Bielefeld. A temporary administrator will probably determined on Monday, it said. File number has not yet been awarded.

The company had previously announced bankruptcy. Reason is the falling price of real estate in Dubai, ACI-founder Uwe Lohmann had stressed. "Inevitable balance sheet write-downs of book values of the projects in Dubai" had then led to the bankruptcy.

Ahmed N

September 11th, 2010, 10:13 AM

So what now, how do we now if this links to Dubai Star and the other projects which funds do they come into?

Are we protected with the Escrow Law, is the office closed??? can anyone check. I will call them tomorrow, as they are normally closed Fridays and Saturdays.

cayman1

September 11th, 2010, 03:10 PM

In my opinion is a good news ,somebody will take projects and the towers will go on

ashram8

September 12th, 2010, 11:36 PM

http://gulfnews.com/news/gulf/uae/crime/directors-plead-not-guilty-to-abusing-nakheel-contact-1.676434

Ahmed N

September 13th, 2010, 12:30 PM

I have been calling ACI offices Sunday and all morning today. The line is either engaged, and when it does ring, it become a dead line. No one is answering. I have also been calling the mobile 050 501 8808, and again it just rings, and eventually become dead also.

Is there anyone who can visit the offices and find out whats going on.

W40arx

September 13th, 2010, 07:03 PM

Hi guys, my name is Waqar and I am new to this site. I am also one of the unfortunate investors of this farce of a company. My query to all investors of ACI, are any of you going to be in Dubai end of September or the beginning of October? I'm from London and will be visiting around the above mentioned dates. I think we should get together and have a round table discussion so that we can bang heads and form some conclusions on this serious matter. Kindest regards

mowy2611

September 14th, 2010, 06:51 AM

How is this good news? What about all the penalty money. Project has been delayed for 2 years now.

Has anyone been able to contact the ACI office?

Ahmed N

September 14th, 2010, 10:40 AM

Where are all the buyers, why is this communication forum so quite. I have been trying to call ACI offices and the line is not connecting. My other contact number, there is no answer.

I have rang RERA today and they are a waste of time, look on our website, fill in an enquiry form, I told them I did this 4 months ago, and I am still waiting for a response. They are unable to help, need to speak to a lawer.

Why has this communication forum gone quiet, we have to pull together and get some answers, does anyone live in Dubai, can you visit the offices......

Porcello

September 14th, 2010, 12:50 PM

W40arx

September 14th, 2010, 06:05 PM

Could all investors make themselves known so that we know how much of an audience we actually have....

R Malhotra

September 14th, 2010, 09:40 PM

ACI new landline number is +9714 4478950. this number is not working at present, hence no one can get through. i have spoken to Evana from ACI on +971561464567, but its of no use, as according to her there is no problem for Dubai Star investors.

i have a residential unit in dubai star and i stay in dubai.

i would suggest if every one on this forum can share their details, so that we can approach ACI as a group and find a solution.

Ruslan Isin

September 15th, 2010, 07:35 AM

I have a commercial space in Dubai Star.
I suggest investors of the project to unite and together to employ one general lawyer in Dubai. It will be cheaper, than everyone separately. Who wishes to join?

Ahmed N

September 15th, 2010, 08:00 AM

Hi, I have today booked ticket to visit Dubai 15th October 2010. We need someone to arrange for all of us to meet, and visit ACI offices.

Yesterday I spoke to N Lohmann (one of the family members on the Lohmann family!!!). She said that the file for Bankruptcy was for 2 funds in Germany, and Dubai is all OK.

They are having problems with the contractor, the last one went bust, why they don't give the constrution to Arabtec, they seem to me the only one out there doing any contruction.

She also said that the issue ACI have is that buyers are are not paying their respective payments, and without this they would struggle to continue building. I said that I have paid ALL my money upto date, and I am sure there are others who have kept to their contractual terms.

I then sent her an e-mail of which I received the following response.

"Greetings from ACI!

I have sent the below mail to your above mentioned address several times so far and I’m not aware how you were unable to receive the same. Hope you will do receive it this time. Please find attached the same for your kind reference.

Apologies for any inconvenience caused whatsoever, but we have been moving out of our old office to a new location and we haven’t been able to correspond with our clients in proper manner due to that reason. Our new office location map and new telephone lines are already updated on our website www.aci-dubai.net. Please find the same in the electronic signature as well.

Currently we are experiencing technical problem with our lines from DU side and we have already informed them in regards to that matter but we haven’t received any support yet. Alternatively you can contact us on 056 1464567.

Further to your request below in regards to your investment in Dubai Star Tower kindly note the following:

Our contractor had gone out of business recently and our Management Team are currently handling back and forth meetings with RERA in order to deal with the legality issues raised from the same matter.

We are currently looking into the option of finding and appointing a new contractor in order to proceed with the construction.

Please note that the procedure will require time and effort and we would kindly ask you to bare with us until we made any progress with the authorities.

Thanks & Regards

Customer Service Department

Tel: +971.4.4478950

Fax: +971.4.4478948

Email: customerservice@aci-dubai.net

Website: http://www.acigroup.ae"

R Malhotra

September 15th, 2010, 09:01 PM

I had visited ACI office today. I also met another 2 person's who know at least 12 more investors in Dubai Star. We are planning to visit the land department next week on Wednesday. Any one staying in Dubai who would like to join us is more than welcome. The more the better.

As per ACI, they are in the process of identifying a new contractor, which is going to take some time. With regards to the cash flow, they expect the new contractor to finish upto 30th floor, so that they can raise the demand letter for next instalment.

Think we need to collectively approach land department and ACI to get correct information.

Ahmed N

September 15th, 2010, 10:03 PM

Thanks for the information. Please tell me when you went to the ACI offices, was there much activity, receptionist, admin staff, etc. Who did you speak to and where they forthcoming.

It would be great if you could gather as many people as you can and visit the offices as you have indicated, will be waiting for your reponse.

W40arx

September 16th, 2010, 09:58 AM

Hi guys, I too would like to visit but I can't get there till mid October. If you all plan to go ahead then make sure all questions are asked. Thankyou, Waqar

bister

September 16th, 2010, 01:40 PM

Its important to separate the issues - press coverage quality is terrible in Dubai. At least in theory the bankruptcy filing of two ACI Investment Funds in Germany has NOTHING to do with ACI in Dubai. ACI in Dubai CAN be perfectly liquid and manage projects. What is the reality of ACI´s situation in UAE, well your guess is as good as mine. One must however assume that investors in Dubai stands a better chance of seeing finished projects or getting a refund than the poor souls having invested via a German Fund. They have to sue in Germany and then try and chase the money invested or just spent in UAE. Good luck - the only purpose of a suit in Germany is to put ACI to justice IF they have done something unlawful. Getting the money back is far fetched right now.

W40arx

September 16th, 2010, 03:24 PM

Bister, are you also an investor in Dubai Star?

fairouza

September 16th, 2010, 06:18 PM

Sorry, who has told you that just 2 funds of ACI filed insolvency ????????

It`s a Mass exidus. Reference Court Bielefeld Germany ( see original below)

Das Amtsgericht Bielefeld hat am 13.09.2010 nunmehr über das Vermögen der

Alternative Capital Invest GmbH & Co. II. Dubai Tower KG ( AZ:43 IN 1127/10 ),

Alternative Capital Invest GmbH & Co. III. Dubai Tower KG, ( AZ:43 IN 1129/10)

Alternative Capital Invest GmbH & Co. IV. Dubai Tower KG,
( AZ: 43 IN 1130/10 ),

Alternative Capital Invest GmbH & Co. V. Dubai Tower KG,
( AZ:43 IN 1131/10 ),

das Insolvenzverfahren eröffnet

bister

September 16th, 2010, 07:05 PM

nope, but unfortunately in another ACI "development", one that will never come close to breaking ground. I am in Court with ACI, expect ruling in November.

cayman1

September 16th, 2010, 07:46 PM

Which development.? Have you received $ from aci. ?

Ahmed N

September 16th, 2010, 08:03 PM

Its getting worse. Fairouza which development did you buy, what and who did you contact to make a claim, as I think there are quite a number of others who need to do the same, being someone who does not know how these things work, my guess is that the more that make a claim, the better so we can get our money back.

I am hoping that RERA, escrow accounts etc etc are all there to protect us, and our money is somewhere in an account!

Ahmed N

September 16th, 2010, 08:23 PM

German property firm in Dubai hit by downturn
By Staff
Published Tuesday, September 14, 2010
A German real estate developer involved in several projects in Dubai has been hit by a financial crisis because of the sharp decline in property prices following the 2008 global fiscal distress, a UAE newspaper reported on Tuesday.

Alternative Capital Invest (ACI), based in Jumeirah, has filed for insolvency at a court in the German town of Bielefeld amidst growing concerns by local investors who have paid nearly 50 per cent of the projects, the Arabic language daily Alroya Aleqtisadiah said in an unsourced front page report.

Its founder, Uwe Lohmann has resigned as a CEO of the Company, blaming a sharp decline in its asset value for the company’s financial trouble, it said.
“ACI could not face the sharp fall in its asset value, which forced it to announce the bankruptcy of some of its projects in Dubai,” the paper said.

“The company has filed for insolvency in Bielefeld and told court the move was imperative because of the downturn in the real estate sector in Dubai…the Company said it had not yet completed its projects in the emirate.”

The report said ACI’s announcement had triggered concern and anger among local investors and quoted some of them as saying the Company had already received nearly 50 per cent of the payments.

“The German prosecutor has said that the Company has been under probe over the past few months following accusations of fraud by investors,” it said.

“Investors in Dubai expressed their resentment at the situation as they wondered how a company could announce the bankruptcy of some of its projects and the continuation of others…they also wondered whether a company with projects in the local market could declare bankruptcy abroad…”

Founded as a family entity, ACI is an affiliate of Alternative Capital Invest, one of Germany's most prominent providers of investment solutions

Ahmed N

September 16th, 2010, 08:28 PM

ENJOY!

ACI chiefs investigated after four funds declared bankrupt
David Crossland, foreign correspondent

Last Updated: September 14. 2010 9:26PM UAE / September 14. 2010 5:26PM GMT Berlin // German prosecutors have confirmed they are investigating the management of Alternative Capital Invest (ACI), the biggest German property investment fund in Dubai, amid allegations of fraud. The company had declared bankruptcy on four of its investment funds.

“An investigation has been launched against executives of the company ACI for alleged capital investment fraud and breach of trust,” Heinrich Rempe, a senior prosecutor in Bielefeld, western Germany, told The National last night.

“The company set up investment funds in Germany with the purpose of entering into investments in Dubai. The investigation is focusing on alleged false information given in the prospectus the company issued for its funds.”

Mr Rempe said ACI had a total of seven investment funds and that four of them, numbered II to V, had filed for insolvency. He said the investigation had been going on for several months.

“The probe is still at an early stage,” Mr Rempe added.

ACI declined to comment.

According to Handelsblatt, a leading German business newspaper, ACI had collected about €210 million (Dh1 billion) from about 6,000 investors in its various funds to invest in constructing high-rise developments in Dubai.

Handelsblatt said Bielefeld prosecutors were investigating the founder of ACI, Hanns-Uwe Lohmann, and his son Robin, and that ACI’s headquarter in the western German town of Guetersloh had been searched in June.

Mr Lohmann has denied the allegations. German media quoted him as saying the projects ACI had invested in were unfinished and the slump in Dubai property prices had forced the company to make “unavoidable balance sheet write-downs of the book values”.

Mr Lohmann has resigned as the chief executive of ACI.

ACI is engaged in several development and property projects in Dubai and was best known for its concept of “tower branding”.

The fund company was planning towers named after celebrities such as the Formula 1 drivers Michael Schumacher and Niki Lauda, and the tennis champion Boris Becker.

Huge advertisement campaigns ran throughout Dubai until 2008 before the property market reached its peak.

ACI told investors in a recent letter that while its Dubai Fonds II to V had declared bankruptcy, the latest funds Dubai Fonds VI and VII had not. Fonds I had been closed at an earlier date, and €13.5m had been paid out to investors.

Media reports said ACI had expected to realise projects worth more than €600m in Dubai before the financial situation deteriorated.

ACI developments include the Dubai Star tower in Jumeirah Lake Towers for which a new contractor is being sought, according to a statement by ACI Real Estate in Dubai.

The Q Sami tower and Victory Bay in Business Bay are also seeking new contractors. The PKS Residences and the Mayfield Gardens projects in Jumeirah Village have been put on hold, along with the Niki Lauda, Boris Becker and Michael Schumacher towers and the Wings of Arabia project in Dubailand.

Progress on the Ferretti and Pershing Beach Residences on Waterfront have also ground to a halt, although they were slated for completion by next year.

ACI claims that some of the projects have already been sold.

Earlier this year, ACI tried unsuccessfully to sell other assets as potential buyers cancelled deals. Mr Lohmann blamed this on “intrigues” by competitors and unfavourable reports in the media.

Ahmed N

September 16th, 2010, 08:32 PM

ACI investors fear their investments are gone
Angela Giuffrida

Last Updated: September 16. 2010 9:03PM UAE / September 16. 2010 5:03PM GMT Investors seeking millions of dollars of refunds from delayed projects planned by Alternative Capital Invest (ACI) in Dubai fear they will never get their money back after German authorities began an investigation into allegations of fraud at the company.

ACI, which launched the biggest German investment fund for properties in the emirate in 2004, last week declared bankruptcy on four of the seven funds. The company is thought to have collected about US$272 million (Dh999m) from 6,000 investors across the funds.

Heinrich Rempe, a senior prosecutor in Bielefeld, western Germany, told The National an investigation had been launched against the company’s management for “alleged capital investment fraud and breach of trust”.

Prosecutors were investigating the founder of ACI, Hanns-Uwe Lohmann, and his son Robin, the German press reported.

Mr Lohmann Sr, who has since resigned as the company’s chief executive, denied the allegations and blamed the unfinished projects on Dubai’s property slump.

Dozens of cases against ACI – which spent millions of dollars in 2007 and 2008 marketing and selling properties in buildings endorsed by the sporting celebrities Michael Schumacher, Boris Becker and Niki Lauda – are being pursued at the Dubai Property Court, although it is unclear whether any have been successful so far.

Ron Oakeley, a British businessman, filed a case against ACI two years ago and has since attended more than 15 hearings. Mr Oakeley is trying to recover more than Dh1.2m spent on two offices at the Niki Lauda Twin Towers in Business Bay in Dubai. The court has appointed an official to check progress on the project, which appears to be at a standstill, while Mr Oakeley’s next hearing has been scheduled for September 29.

“We’ve just got to wait to see what happens,” he said. “But meanwhile … I don’t know quite how we’re going to get [the money] back.”

Valeri Babak, a Russian property buyer, invested Dh2.9bn in a number of offices at Victory Bay, a project in Business Bay. Mr Babak said he was awaiting judgment from the court, which he was “sure we will get”.

Robin Lohmann headed up ACI’s office next to Dubai’s Jumeirah Beach, although none of the 11 projects advertised on the company’s website have been completed.

The Jumeirah Beach office was recently closed, with the company moving to offices in Al Barsha, a spokesman for the company confirmed yesterday, adding Mr Lohmann was in Germany “dealing with the crisis”.

The spokesman told The National in June that a failure among investors to keep up payments was the reason the projects were on hold. He claimed most of their deposits, which were mainly collected before the escrow law was introduced in the middle of 2007, had been spent on marketing new projects.

Ahmed N

September 16th, 2010, 08:44 PM

What I have picked up from the articles, is

"The spokesman told The National in June that a failure among investors to keep up payments was the reason the projects were on hold. He claimed most of their deposits, which were mainly collected before the escrow law was introduced in the middle of 2007, had been spent on marketing new projects."

so i paid most of my money to ACI before Escrow was introduce!!!! there goes all my money, I am going to be left with a debt of £100,000 which I have no way of repaying, what chance have I got"

ashram8

September 16th, 2010, 11:30 PM

Hello everyone, me and my father are stuck with 2 dubai star apartments. We completed 75% of the apartments value more than 2 years ago. i am sure many people on this forum have similar situations. i also know that the first 25-27 floors were bought out by one single investor as offices. And i remember moving all the apartments from the first 27 floors to the upper floors for the sake of this investor. So i have no idea how dare they say that installments are not being paid and thats why there is a major delay.

I live outside Dubai and hardly go there. But i am willing to go and attend any serious gathering and serious attempt to push this tower to complete. To be honest, I dont think getting our money back is possible. Their situation is grave and they obviously dont have this money. I see some people are going next wednesday to ACI and RERA. Please keep us posted what happened. We all need each other. I see others are going to meet on October 15th. I could very well try to meet this group. Please let us confirm with one another on these dates.

Good luck for all of us.

Ahmed N

September 16th, 2010, 11:53 PM

I think once the group has visited the offices next week, we maybe in a position to decide the next move. For those who are going to the offices next week, you are representing all of us, and wait your response. Thank you .

W40arx

September 17th, 2010, 01:06 AM

This is good that some investors are now coming forward... If there are any others that just view this site please just sign up and post your replies so that everyone is aware of how many people are in this situation.

I believe that the following actions need to be taken:

- visit the offices of RERA, ACI, Land Department, and the bank holding the ESCROW account (which I believe is the Bank of Abu Dhabi)

- all investors should take with them their original paperwork i.e. ACI Dubai Star contract accompanied by the OQOOD certificate that they pushed us so much for (which also cost a fair bit if I recall correctly), passports for identification purposes, and receipts/invoices of all monies paid to these incompetent b@&£#*ds!!!!!

Apologies for the language but this is very stressful for myself and extremely annoying above all so whoever is attending next week please ensure that you have all the necessary documentation so that no one gets refused a meeting/discussion. I will be doing this myself when I go next month InshAllah.

If you could all post your findings this would be a great help... And Mr Lohmann Snr or Jnr, sirs, I'm sure that you are both following this blog, please do not think to yourselves for one second that you have got away with all our HONEST HARD EARNED cash because we will be out to regain as much as we can!!!!!

Ruslan Isin

September 17th, 2010, 09:00 AM

According newspapers article: ACI told investors in a recent letter that while its Dubai Fonds II to V had declared bankruptcy, the latest funds Dubai Fonds VI and VII had not. Fonds I had been closed at an earlier date, and €13.5m had been paid out to investors.

As Dubai Star the earliest project ACI in Dubai, I think that it is included in one of those funds from II to V which go to bankrupt.
It strongly irritates me.

fairouza

September 17th, 2010, 04:19 PM

The Website of ACI Funds ( in German)
told this Investors already in 2006, that the complete Tower was sold by ACI to a single Investor !

( Deutschlands erster Dubai-Fonds – mit einem Eigenkapital von mehr als 10 Mio. EURO und einem Gesamtinvestitionsvolumen von mehr als 60 Mio. EURO -, wurde Ende April 2005 erfolgreich platziert und der gesamte Tower nur 5 Monate nach Fondsschließung an einen Großinvestor verkauft.

Mit dem vollständigen Verkauf des Towers ist zum heutigen Zeitpunkt bereits die prospektierte Rendite sichergestellt. Die zweite Vorabausschüttung in Höhe von 12% erfolgte in 2006.)

link:
http://www.alternative-capital-invest.com/dubai-fonds/dubai-lake-tower-kg.html

mowy2611

September 17th, 2010, 05:28 PM

Hi All,
I'm with you to visit ACI offices on Wednesday. I heard they moved to Barsha/Tecom Area, can anyone give us more accurate directions. I suggest that one of us lead this, if he or she can share their mobile# and everyone who wishes to support us in this matter can SMS him/her their contacts and which apartment/office they invested in Dubai Star.

mowy2611

September 17th, 2010, 05:45 PM

Hi Guys, I already have some ppl who sent me a private message on this forum with their details. I dont mind putting the list together in an excel sheet and sharing it with everyone. Please provide me with you full name, Mobile #, Email, Dubai Star Unit you invested in, whether you're living in the UAE or not and if you can visit ACI and RERA with us on Wednesday 22nd of September. Once I start the email thread with everyones email we'll be able to communicate, team up and get what we want.

Thanks,

Axl38

September 18th, 2010, 10:01 AM

Hi, my name is Francesco. I bought some units in Pershing Tower Boubai Water Front. I spoke with SGE Studio Giuridico Economico. This law firm rappresents a group of italian investors that would like to make a legal action against ACI. The more we are better it is. For any information please address to mariangela_sacca@hotmail.it

Ahmed N

September 19th, 2010, 10:22 AM

Can anyone give me a contact number for ACI. The number for the office - no one is answering and goes dead, and the mobiles number I have are disconnected. I want to call them and try and speak to some senior.

Ruslan Isin

September 20th, 2010, 09:21 AM

Mon, 20-Sep-2010
Information from web site: The German company Alternative Capital Invest (ACI), taking part in several projects in Dubai (United Arab Emirates) has seriously suffered from an economic crisis which has caused sharp reduction of prices on the real estate in 2008. Company ACI, has registered the bankruptcy in court of the city of Bilefeld in Germany.
Let's remind, that seven funds of ACI has been based in 2004, on money of investors. On funds of the first fund the object in Jumeirah Lake Towers in Dubai has been constructed. Funds 2 and 3 have been used for project City of Arabia, funds 4 and 5 have been directed on building of projects in areas Business Bay and Victory Bay. The sixth and seventh funds have been intended for development of projects Michael Schumacher and Nikki Lauder.

Who can explain what object in Jumeira Lake Towers have been constructed on money of Fund I? Dubai Star?
Who have the information what Fund is connected with Dubai Star?

234sale

September 20th, 2010, 11:37 AM

Please we are not a investment forum and cannot be drawn into legal issues.

Do not PM personal details to one another as you can trust no one.

Ahmed N

September 20th, 2010, 08:22 PM

ACI Dubai Funds filed bankruptcy in Germany

--------------------------------------------------------------------------------

Gütersloh / Bielefeld, Germany (dpa).
Several companies from real estate funds in Dubai, under the umbrella of the Gütersloh investment company ACI have registered on Friday for bankruptcy. In this act it is the companies of the Fund II to V and the ACI IV Beteiligungs GmbH, said the district court of Bielefeld. A temporary administrator will probably determined on Monday, it said. File number has not yet been awarded.
The company had previously announced bankruptcy. ACI-founder Uwe Lohmann had stressed that the reason is the falling price of real estate in Dubai.
continue reading original text in german ....

Full report update source The National
Berlin // German prosecutors have confirmed they are investigating the management of Alternative Capital Invest (ACI), the biggest German property investment fund in Dubai, amid allegations of fraud. The company had declared bankruptcy on four of its investment funds. “An investigation has been launched against executives of the company ACI for alleged capital investment fraud and breach of trust,” Heinrich Rempe, a senior prosecutor in Bielefeld, western Germany, told The
National last night.“The company set up investment funds in Germany with the purpose of
entering into investments in Dubai. The investigation is focusing on alleged false information given in the prospectus the company issued for its funds.”

Mr Rempe said ACI had a total of seveninvestment funds and that four of them, numbered II to V, had filed for insolvency. He said the investigation had been going on for several months.“The probe is still at an early stage,” Mr Rempe added.ACI declined to comment.

According to Handelsblatt, a leading German business newspaper, ACI had collected about €210 million (Dh1 billion) from about 6,000 investors in its various funds to invest in constructing high-rise developments in Dubai.Handelsblatt said Bielefeld prosecutors were investigating the founder of ACI, Hanns-Uwe Lohmann, and his son Robin, and that ACI’s headquarter in the western German town of Guetersloh had been searched in June.Lohmann has denied the allegations. German media quoted him as saying the projects ACI had invested in were unfinished and the slump in Dubai property prices had forced the company to make “unavoidable balance sheet write-downs of the book values”.
Mr Lohmann has resigned as the chief executive of ACI. ACI is engaged in several development and property projects in Dubai and was best known for its concept of “tower branding”.The fund company was planning towers named after celebrities such as the Formula 1 drivers Michael Schumacher and Niki Lauda, and the tennis champion Boris Becker. Huge advertisement campaigns ran throughout Dubai until 2008 before the property market reached its peak.ACI told investors in a recent letter that while its Dubai Fonds II to V had declared bankruptcy, the latest funds Dubai Fonds VI and VII had not. Fonds I had been closed at an earlier date, and €13.5m had been paid out to investors.Media reports said ACI had expected to realise projects worth more than €600m in Dubai before the financial situation deteriorated.

ACI developments include the Dubai Star tower in Jumeirah Lake Towers for
which a new contractor is being sought, according to a statement by ACI
Real Estate in Dubai.The Q Sami tower and Victory Bay in Business Bay are also seeking new contractors. The PKS Residences and the Mayfield Gardens projects in Jumeirah Village have been put on hold, along with the Niki Lauda, Boris Becker and Michael Schumacher towers and the Wings of Arabia project in Dubailand.
Progress on the Ferretti and Pershing Beach Residences on Waterfront have also ground to a halt, although they were slated for completion by next year.

ACI claims that some of the projects have already been sold.
Earlier this year, ACI tried unsuccessfully to sell other assets as potential
buyers canceled deals. Mr Lohmann blamed this on “intrigues” by
competitors and unfavorable reports in the media.

W40arx

September 21st, 2010, 09:37 PM

Guys, if any investors view this blog and were paid back any monies that they had invested please speak up so that we can tell whether the claims in the media are true or not. I personally think that this a lie from ACI to ease tension from other investors!

W40arx

September 21st, 2010, 11:13 PM

Ahmed N

September 22nd, 2010, 08:48 AM

will this new rule only apply to funds paid into Escrow??? I have confirmation that the monies buyers paid (thats us) were all paid into Fund 1. This fund is for Dubai Star only. So not an escrow!!!

Ruslan Isin

September 22nd, 2010, 09:33 AM

Something I found on website: www.realtyna.com
---------------------------------------------------------------

Full refunds will be given to investors of real estate development projects that are officially cancelled by government property regulators under a pending law, XPRESS has learnt.
Under Law No 9 of 2009, Real Estate Regulatory Agency (Rera) has stipulated that if – after a thorough government review – a project is cancelled, all cash paid by buyers will be returned by developers upon termination of contract.

Effectiveness

Law No 9, which provides a sliding scale for refunds, has been signed and approved. The law however, only becomes official and legally binding once it gets published in Dubai’s official gazette.

*
Rera will apply the law and give directions to developers on what steps to take. Mohammad Kamal, Head of Real Estate

*
Rera officials couldn’t be reached for comment by press time. The new rules amend previous laws and will frame new procedures for “terminations of sale and purchase agreements for off-plan units and will set the damages payable to the developer depending on the progress of construction”, according to Lovells law firm.

Lovells stated that if a “developer’s project is cancelled by Rera” the “purchaser shall be refunded all monies paid to date”.

The changes may help unravel months of uncertainty by investors who have faithfully continued to pay instalments to developers who failed to begin any construction on projects to which buyers legally signed contracts.

“Law 9 will provide significant guidance to the real estate market and will clarify the uncertainty on terminations and damages,” said Lovells.

Mohammad Kamal, Lovells Head of Real Estate Middle East, said the final version of the new law contains the full refund provision for cancelled projects only.

Kamal was part of a Rera working group that helped draft the new rules.

“Rera will apply the law and give directions to developers on what steps to take,” Kamal said, noting that arbitration won’t be needed because “the disputes would be settled under the law”. Compensation rate

As previously reported by XPRESS, the new law contains a sliding scale that spells out the rate of investor compensation to be paid by developers based upon the amount of construction completed.

Roughly 875 projects are now being visited by government inspectors across Dubai to determine the progress of each development.

The new law, meanwhile, dictates that all terminations “must be served through the Dubai Land Department and the purchaser shall be given 30 days to rectify a breach”.

Sliding scale

The following is the percentage of refunds as provided for in Law No 9:

80 per cent completed: Buyer forfeits 100 per cent of cash he/she has paid to date
60 per cent completed: Buyer forfeits 40 per cent of purchase price
Less than 60 per cent completed: Buyer forfeits 25 per cent of purchase price
Construction hasn’t started: Buyer forfeits 30 per cent of cash he/she has paid to date
When project is officially cancelled by Rera: Buyer shall be refunded all cash he/she has paid to date.

I think it is incorrect information because Law #9 regulates events only when the Purchaser shall be in default, not Developer.

Law No (9) of 2009 Amending Certain Provisions of Law No (13) of 2008 Regulating the Interim Real Estate Register in the Emirate of Dubai

06.11.2009 We, Mohamed Bin Rashid Al Maktoum, the Ruler of Dubai,
Having perused Law No (8) of 2007 concerning Escrow Accounts of Real Estate Developments in the Emirate of Dubai;
Law No (16) of 2007 establishing the Real Estate Regulatory Agency; and
Law No (13) of 2008 regulating the Interim Real Estate Register in the Emirate of Dubai (hereinafter the “Original Law”)

Do hereby issue the following Law:
Article (1)
Articles (2) & (11) of the Original Law shall and are hereby replaced with the following texts:
Article (2)
Unless the context otherwise requires, each of the following words and expressions shall have the meaning set out opposite it:
“Emirate” : the Emirate of Dubai
“Department” : the Land Department
“Agency” : the Real Estate Regulatory Agency
“Real Estate Register” : the Real Estate Register maintained by the Department
“Interim Real Estate Register” : the set of document made or maintained in writing or electronically in the electronic register maintained by the Department in which the contracts of sale of properties and other off-plan legal transactions are recorded prior to moving the same to the Real Estate Register
“Property” : the land and the fixed establishment built thereon or any of them
“Real Estate Unit” : any designated section of the property including any designated section off-plan.
“Off-plan Sales” : the sale of designated real estate units whether off-plan or those the construction thereof has not completed
“Master Developer”: whoever is licensed to carry on the business of real estate development in the Emirate and sale of real estate units to third parties
“Sub-Developer” : whoever develops a part of a development belonging to a Master Developer under an agreement between them
“Broker” : whoever carries on the business of real estate brokerage in accordance with Regulation No (85) of 2006 concerning the Register of Real Estate Brokers in the Emirate of Dubai
“Concerned Authorities”: the authorities having competence to license or register real estate projects in the Emirate.
Article (11)

1. In the event the Purchaser shall be in default of any of the terms and conditions of the contract for the sale of a Real Estate Unit entered into with the Developer, the Developer must notify the Department of such default. Thereupon, the Department shall give the Purchaser, by hand, registered post or e-mail, a 30-day notice to fulfill his contractual obligations.
2. If at the end of the notice period stipulated in the preceding paragraph the Purchaser has not fulfilled his contractual obligations, the following provisions shall apply:
a. in case the Developer has completed at least 80% of the project, the Developer may keep the full amounts paid and request the Purchaser to settle the remaining amount of the contract price. If this was not possible, the Developer may request that the property be auctioned in order to collect the remaining amounts due to it.
b. in case the Developer has completed at least 60% of the project, the Developer may revoke the contract and deduct up to 40% of the purchase price of the Real Estate Unit stipulated in the contract.
c. in case of projects where construction commended but did not reach 60%, the Developer may revoke the contract and deduct up to 25% of the purchase price of the Real Estate Unit stipulated in the contract;
d. in case of projects whereat construction has not yet commenced for reasons beyond the Developer’s control without any negligence or omission on its part, the Developer may revoke the contract and deduct up to 30% of the total amounts paid by the Purchaser. For the purposes of paragraphs (c) and (d) of this clause 2, the term “Construction” shall refer to cases where the site of the project is handed over to the Contractor and the construction works have commenced in accordance with the designs approved by the Concerned Authorities.
4. For the purposes of paragraph (b), (c) and (d) of the foregoing clause, the Developer shall return the amounts due to the Purchaser within a period not exceeding one year from the date of revocation or within a period not exceeding sixty days from the date of resale of the Real Estate Unit, whichever comes first.
5. Notwithstanding the provisions of clauses 1 & 2 of this Article, the Agency may, following a grounded report, decide to cancel a real estate project, in which case the Developer must return to the Purchasers all the amounts paid by them in accordance with the provisions of Law No (8) of 2007 concerning Escrow Accounts of Real Estate Developments in the Emirate of Dubai.
6. The provisions contained in this Article shall not be applicable to contracts of sale of lands where sales were not made off-plan as they shall remain governed by the provisions contained in the contract entered into between the two parties thereto.
7. The provisions of this Article shall apply to all contracts entered into prior to the entry into force of this Law.
Article 3
This Law shall be published in the Official Gazette and shall take effect from the date of its publication.

Mohammed Bin Rashid Al Maktoum Ruler of Dubai

Issued in Dubai on 12 April 2009 Corresponding to 16 Rabi II 1430H

cayman1

September 22nd, 2010, 01:14 PM

will this new rule only apply to funds paid into Escrow??? I have confirmation that the monies buyers paid (thats us) were all paid into Fund 1. This fund is for Dubai Star only. So not an escrow!!!

Same for all other founds ?

rallyman

September 23rd, 2010, 10:01 AM

Guys,
i think you are confusing two things here ... the "fonds" in germany were an investment vehicle that germans paid into thinking they were investing in different projects here ..... the reality was they were not ...it was another part of the ponzi scheme where money from fond 2 was given to the fond 1 investors .... which is why the german fraud squad are now investigating and saying that fond 1 investors may be callled on to return the funds !!... this and the bankruptcy of the fonds should have no bearing on the propertys we have bought here . these were under local laws . our money should be in the escro account and if its not ACI have comitted a crime ...i am in court now trying to prove this , a case has been opened in the police station nr trade centre regarding the lack of money in the wings project escrow account.

Ruslan Isin

September 24th, 2010, 07:56 AM

http://gulfnews.com/business/property/uae/aci-investors-may-have-to-pay-back-early-profit-1.685410

ashram8

September 24th, 2010, 08:42 AM

Some people were supposed to be meeting on wednesday and visit the office of ACI and RERA. Can any of them tell us what happened. And if the office was still there operating. Have you met RERA. Please keep us posted.

W40arx

September 24th, 2010, 11:02 AM

Not many people are being vocal on their last mission!!!

Ahmed N

September 24th, 2010, 01:41 PM

I was wondering what happend on Wednesday...please please let us all know how it went.

mowy2611

September 24th, 2010, 09:09 PM

Hi, I didn't visit on Wednesday, I asked if anyone knows where is ACI's office exactly and no one replied. When i requested that anyone interested should send me a private message and only 3 people did and all of them live outside UAE. I'm travelling next week and i'll only be able to visit in mid October.

let me know your suggestions

W40arx

September 25th, 2010, 10:11 PM

People, my ticket has been booked for the 13th October for 10 days.... Who's ready?

Ahmed N

September 26th, 2010, 10:37 AM

I am also booked and due to arrive Dubai 15th October.

I beleive there is "open door" sessions at ACI Mondays and Thursdays. Buyers can walk into the offices and meet the staff.

So can I suggest the Monday 18th October!!! we meet at ACI offices in the morning.

ashram8

September 26th, 2010, 01:57 PM

I will do my best to be there for the October 18th visit. If not I will ask someone to go instead. Ahmed N, do you know what these Monday sessions are about? Have you been able to contact them. I am still hoping to hear from the people who went on wednesday.

Ahmed N

September 27th, 2010, 07:05 PM

This is what ACI have told me........

Dear Mr. Nazir,

Greetings from ACI-Dubai

We are still available in our new office located in Tcom, Al Shaafar tower office 2101, tel# 4478950, fax# 4478948, telephone line not yet working due to cable problem with DU

You are most welcome to visit our office any Monday or Thursday between 10-4 pm which we allocate for all our clients as open day with no appointment, first come first serve.

Best Regards

Mohamed El Shaarawy

Head of Real Estate External Relations

W40arx

September 27th, 2010, 11:48 PM

Nazir, salaams, let's try and get a few people together before the Monday so that everyone is clear on what needs to be asked.

Ahmed N

September 28th, 2010, 08:19 PM

Here is another reply I have received today....

"The problem of the contractor of Dubai Star hopefully it will be solved soon, we have implemented an executive meeting with RERA, Consultant and the nominated new contractor and thing are moving positively. We hope to announce the confirmed news before October 31st.

Best Regards

Mohamed El Shaarawy

Head of Real Estate External"

cayman1

September 29th, 2010, 07:57 AM

Ahmed N

September 29th, 2010, 10:25 AM

mohamed.elshaarawy@aci-dubai.net

ashram8

September 30th, 2010, 09:47 PM

Great effort Ahmed N for keeping us up with any replies from ACI. I agree with W40arx, lets try to meet before we go and have all questions be prepared.

Ahmed N

October 2nd, 2010, 09:24 AM

Please all lets get moving, and confirm a time and location to meet up. We can all be introduced to each other and then we can discuss a positive move forward.

From what information I have received Dubai star is moving forward, and will be completed some time in the future and we have to be patient and work with aci rather than going in aggressively.

I recommed that you all make contact with DMCC who are incharge of the whole JLT and if you look on skyscraper JLT forum, they have achieved the 50th tower completed....its good to see the comments also.

Whilst I also appreciate that there are other investors who hae purchased other projects, we need to all work together and meet up and then visit ACI to get some information on other projects also.

W40arx

October 7th, 2010, 06:43 PM

Guys, has anyone thought of a time and date to meet?

ashram8

October 9th, 2010, 08:09 PM

I will be in Dubai this week. Will you or anyone be around. Let me know please.

W40arx

October 9th, 2010, 08:24 PM

I fly in Thursday 14 October early hours of the morning... Will be free all day

Ahmed N

October 10th, 2010, 11:05 AM

I will be available from Friday 15th onwards.

ashram8

October 10th, 2010, 11:58 PM

Unfortunately I will be leaving on thursday afternoon, so we could meet or talk once you arrive.

W40arx

October 12th, 2010, 11:30 AM

Ashram8 - where do you want to meet

R Malhotra

October 12th, 2010, 05:05 PM

LETTER RECD FROM ACI

Dear ACI Valued Client,

As a prospector investor in Dubai Star Project we would like to give you the latest update which is as follows:

Construction:

• Currently the 28th floor slab is completed and Colum are almost done.

Contractor:

• On the 17th August 2010, Al Saqr Engineering and Contracting gone out of business and field their company for liquidation due to personal and unknown reasons to us, however for your knowledge we took all the legal aspects against them to protect ACI and Dubai Investors.

Action Taken from ACI side:

• ACI implemented a meeting with RERA-CEO and Head of Escrow Department and it has been confirmed and agreed that the project will be continued and handed over to end user.

• DMCC (JLT Master Developer) has met with RERA-CEO and DMCC has been given the same assurance from RERA side.

• An executives meeting took place in RERA with project consultant (M/S Adnan Safarini), ACI-Senior Management and nominated new contractors whom has been given the assurance by RERA by providing full support to ensure project completion and hand over.

• It is a well known fact that some more delay will occur till project hand over and delivery to end user, and this is a uncontrolled or un expected reason which fall under forcemaguer.

• RERA and ACI are working together to achieve the common objective of completion of the project.

• 3 nominated has been invited for a small bid to continue the project, all the 3 contractors has finished full site inspection and now they are preparing their final quote to choose the best, we expect to receive the final quote within 10 working days from now.

• Anticipated Construction completion in 13-15 months after recommencement of the project

• Recommencement could take anything from 60-80 days from now.

ACI New Office Location

Currently we shifted to a new office located in T-Com area, Al Barsha, Al Shaafar Tower (next to Byblos Hotel), Office 2101, office telephone:

04-4478950, Fax 04-4478948, we operate Sunday-Thursday from 09:00-18:00.

Meeting with ACI Executives (if require)

We are currently meeting our clients on Monday from 10:00 am till 13:30 and on Thursday from 10:00 am-16:00 hrs. If you would require to meet us please call Ivana on 04-4478950 for appointment schedule.

Thanks & Regards

Customer Service Department

Tel: +971.4.4478950

Fax: +971.4.4478948

Email: customerservice@aci-dubai.net

Website: http://www.acigroup.ae

W40arx

October 12th, 2010, 09:58 PM

Hi, when was this letter received?

R Malhotra

October 13th, 2010, 06:26 PM

Hi, when was this letter received?

around 7th Oct

W40arx

October 16th, 2010, 02:06 PM

Nazir - I'm trying to ring you but can't get through! Please contact me on

W40arx

October 17th, 2010, 06:58 PM

Very disappointed with all investors, I'm here and willing to meet all that want to get answers!

mowy2611

October 18th, 2010, 09:38 AM

I'm ready W40arx, tell me where and when you want to meet. When will you be in dubai?

W40arx

October 18th, 2010, 05:33 PM

I have an appointment with ACI on Thursday at 12 pm if you want to meet before then tell me your location and I can come to you...I'm currently staying in Bur Dubai.

R Malhotra

October 21st, 2010, 06:26 PM

Hi, did you manage to meet some one in ACI, what was the outcome of your meeting. can you please share the details.

W40arx

October 22nd, 2010, 11:30 AM

Met with them yesterday, they are all very confident that the project is to continue. They have to complete Dubai Star as per request from the land department and completion of the tower is ACIs/RERAs/Land Depts goal. The country is not happy with a half filled skyline and all that is up needs to complete especially when it is over 50%. RERA states that the project is 55% complete and is extremely confident about the towers completion. I feel it important to mention that if there are any investors that DO NOT keep up repayments they will have their contracts null and void and will have their units handed over to investors that had bought in ACIs other projects that have no hope in hell of starting!!!!!! This is not the actions of ACI but the governments I.e. RERA! Thanks

R Malhotra

October 24th, 2010, 07:21 PM

Thanks for your feedback

Ahmed N

October 25th, 2010, 03:25 PM

Hi All.

We have just returned back from Dubai. We had spent 4 solid days of fact finding and also met W40arx on couple of occasions, seemed like we were following this brother. Anyway, as per comments by W40arx above, it seems as though the Dubai Star will be completed - don’t know when “2” years “5” years we just going to have wait and wait….

RERA and Dubai Land department have taken over this project (Dubai Star) and ACI are out of the equation - that’s what we were told by an individual at RERA offices. He said both the developer and contractor have left the country!! When we said we met ACI the day before, he did not see why, as they have taken over the project and are dealing with the tenders etc. They are looking to get the new developer to build up to 30th floor, and then the payment as per schedule from buyers will be due, something like 29, million AED. With this money they will be looking to finish the project. He did not say when the construction will recommence, but the decisions will be up to RERA senior management. We showed him the e-mail from ACI which was recently sent to buyers and he said only some is true, I think that ACI has no say on this project as RERA and Dubai Land Government have taken control. ACI have also not paid the OQOOD logging account, to access the data, to me it seems as though RERA have blocked their access

Anyone who does not pay their instalments as mentioned will loose their unit and another buyer from another development within ACI will be allocated the unit.

As for the other projects, so our shock we found out that only recently ACI acquired the ownership of the land for one of the projects, which means they have taken money from buyers and the land as not even theirs to sell.

RERA were unable to give us any indication as to the other ACI projects, but with regards ACI Dubai Star, he said that if the construction was at the first stages, we could have filled it with sand and left it, but now that its 27 floors high we have so finish it, as the ruler would not like Dubai be left in half constructed buildings!!!

I could write more, but have to get back to work, but you are welcome to ask me any questions.

Please note that these are my findings and no one should rely on just the information I have passed to you. I have tried my best to find out as much as possible, and reading between the lines, I cannot trust anyone, and am going to leave it to Allah to sort this out, what ever the outcome.

whistler77

October 25th, 2010, 05:38 PM

Hi Ahmed,

these are bad news. unfortunately they are a lot of other projects of aci which can´t be solved by filling with sand (niki lauda, boris becker etc.). did you hear anything about them or the handling of the rera in general in the case aci ? maybe you can give me a pm.

greetings

W40arx

October 26th, 2010, 12:10 PM

Guys, from my understanding, Dubai Star is the only project ACI are going to complete unless there is a dramatic change in Dubai's fiscal policies, and let's face it, it is highly unlikely for at least the next 2 years!!!

For those that have not been recently, Dubai's skyline has many incomplete structures. There are still works going on in JLT, Jumeirah Islands, infrastructure works around the back of JLT leading to Emirates Hills is incomplete....there is a long way to go still, and I didn't see much of any construction workforce..few and far between to be precise!

We have been told that the completion of Dubai Star should be between 12-15 months from December 2010 which is when a new contractor is appointed! This timescale is NOT guaranteed so all we can do is hope and pray and INSHALLAH (God willing) we shall receive what we are owed.

W40arx

October 26th, 2010, 12:20 PM

....by the way, we still don't know how many investors are actually viewing this blog. If possible, please leave a note stating that you are an investor and in which property you have invested.

This is valuable information for us so that the people that are leaving notes know that their efforts are not wasted....I could easily privately communicate with investors as I have their personal contact details.... Using this blog shows our strategies to other parties, so if there are not enough investors viewing this info then it is pretty much giving our position away!

Androider

October 27th, 2010, 04:18 PM

Rakeshdxb

October 28th, 2010, 11:16 AM

Hi Guys

I'm an investor with Dubai Star as well.

Actually, all this information is fine but we need to get this in writing and we need to know the status of our Escrow Account and get a committment on the completion date.

The procedure for this is that the investor needs to file an application with the Real Estate Section of the Dubai Courts. For this application, we need to get our SPAs translated into Arabic. Now if each one of us gets the SPA translated on his own, it will be very expensive. Instead, since all the pages in SPA are standard except the first 2 pages maybe, we can all get 1 SPA translated by sharing costs and then translate the top pages individually.

Then we can all file this application with the Dubai Courts which will then issue a letter to RERA asking for the status of this project. The questions it will ask is:

1. What is the status of this project?
2. What is the extention given to the Developer?
3. What are the funds in the Escrow Account?
and so on...

All of us have an interest clause in our SPAs which can be claimed from ACI for delays except ForceMajure (whatever that is). As per RERA rules, delay due to such reasons also cannot exceed more than 1 year. So we have to get all of this in writing from RERA.

If a large group of investors apply, we can also get RERA to take this project seriously, if at all they are taking over construction. This is a story by ACI but we don't know whether it is the fact and what is the legality of it.

So I suggest, all investors in Dubai Star ACI, please try to find more investors and then when we have around 10 to 15 investors willing, we can start this process.

Let's take this seriously to ensure that the project does get completed and we don't lose our hard earned money by inaction.

Cheers,
Rakesh.

fairouza

October 29th, 2010, 12:53 AM

Forget RERA !!! Maybe there a some good guys at RERA .... but the the head there is a fellow of Robin and Co. and the local partners of ACI.
Forget to beg there. You waste your time.
When did they start with the selling of this Star Tower ?
2004 ? Right !
We are in 2010 ..... 10 years to finish this ??????????
The Tower of Babel was quicker.
This matter like others in Dubai ... this no matter of the so called financial crisis.

Ask the government to confiscate the Star Tower from ACI !!!
After this action the Government should provide a developer with a 100 % construction guarantee,, to finish this building within 14 month.

ACI and the local partner of them is playing on time.. as they did ever.
And they will do it with you as long as it works!
Good luck

Ruslan Isin

October 29th, 2010, 09:23 AM

I am an investor in Dubai Star too.
I agree with Rakesh and his road map. I think it is a true way and will help us to reduce expenses. I am ready to join and carry all expenses proportionally.
I ask Rakesh to organise these actions. I ask all real investors to join. It is impossible so to sleep and lose money.
I think that the offer of Fairouza is some aggressive, sorry, but offer of Rakesh cannot spoil anything.

Rakeshdxb

October 29th, 2010, 11:28 AM

Ok So All interested investors in the plan that I've given above, please PM me your contact and once I've got a bunch of 10, I'll co-ordinate to fix a meeting.

Please also leave whether you're in Dubai or Abu Dhabi or elsewhere so we can meet at a place where there are the maximum investors. Please try and find more investors in Dubai Star from your contacts. The more the better. I'm doing the same.

W40arx

November 2nd, 2010, 07:31 PM

Rakeshdxb, I don't know how long you have been viewing this blog for but some of the investors are from outside of Dubai so it is kind of you to let us know this info now but there were several of us who met up 2 weeks ago!!!!!

Rakeshdxb

November 3rd, 2010, 04:51 PM

Yes I just came to this page after your meeting. I understand all the conclusions that you got from your discussions with RERA and ACI but the process that I was suggesting is to get all the conclusions in written from RERA. That will just give a legal backing to the conclusions that you've arrived at from your verbal discussions.

Unfortunately, you're not in Dubai. But could you pass the contacts of the people you met or give them my contact to participate in this process. Thanks, Rakesh.

Tony 90

November 11th, 2010, 11:16 AM

http://a.imageshack.us/img210/7863/dubainov1st6th2010075.jpg (http://img210.imageshack.us/i/dubainov1st6th2010075.jpg/)

http://a.imageshack.us/img534/4852/dubainov1st6th2010076.jpg (http://img534.imageshack.us/i/dubainov1st6th2010076.jpg/)

W40arx

November 20th, 2010, 09:44 AM

not much activity happening here guys! i trust all is well and all are awaiting appointment of a new contractor in december?

Rakeshdxb

November 24th, 2010, 10:40 AM

No response from the developer yet. I have only 4 investors on board. I need more to make a group and approach RERA. Guys who ever has a unit, at least meet me and then you can decide if you want to come with me or not.

W40arx

November 25th, 2010, 10:58 AM

Unfortunately, I will be unable to attend until next year as I have already been over there 3 times this year!!!

mowy2611

November 27th, 2010, 06:04 AM

I'm in Dubai and i'll go with you, i'm an investor in dubai star

Rakeshdxb

November 27th, 2010, 05:34 PM

Ok Mowy, so including you, we are now 5. Please send me your contact number in private. I've send you a message as well.

Calling more investors in Dubai Star!!! At least we should be 8 to 10.

W40arx

December 3rd, 2010, 01:09 AM

Has anyone heard anything yet regarding the appointed contractors for completion of Dubai Star?

mowy2611

December 8th, 2010, 09:59 AM

nothing from my side? Are ACI's office still open in Tecom area?

TarunA

December 9th, 2010, 03:11 PM

Ok Mowy, so including you, we are now 5. Please send me your contact number in private. I've send you a message as well.

Calling more investors in Dubai Star!!! At least we should be 8 to 10.

Hi Rakesh,

I am an investor too and would like to meet up with the rest of the distressed investors. Please let me know when you all are planning to meet up. I am based in Abu Dhabi. My number is 0507894341.

Regards,

Tarun

M.A.K

December 13th, 2010, 06:33 AM

Hello people,

Im an investor from overseas and will be coming to Dubai within a week. From the posts that ive read, it seems that Mr. Rakesh is heading the assault against ACI ...... Please give me a contact number so I can join in when I come to Dubai and please update me on whatever action has been taken so far and is being planned.

mowy2611

December 15th, 2010, 09:29 AM

Hi all, I just spoke to ACI (Receptionist) she said that by next week they will finalize the contract with the new developer and they will send an email to all investors about the recommencement date, completion date...etc

Anyone else has more recent updates?

W40arx

December 25th, 2010, 02:58 PM

Hi guys, has anyone heard any more since the last post?

mowy2611

December 27th, 2010, 08:18 AM

I called them again last week they said it will be announced this week.. looks like its all BS!!! I suggest someone else calls them and sees what they will say=

M.A.K

December 27th, 2010, 10:53 AM

Any combined effort going on to solve this issue, which I can join ?? Let me know. I'll be in Dubai in a couple of days to confront ACI.

MANUTD

December 27th, 2010, 11:02 PM

Any combined effort going on to solve this issue, which I can join ?? Let me know. I'll be in Dubai in a couple of days to confront ACI.

Youre lucky you got this far -- Many have got just sand !!

mowy2611

December 28th, 2010, 09:48 AM

Guys, thought you'd find the below link interesting

http://gulfnews.com/uaessentials/ask-the-law/delayed-construction-1.735133

Rakeshdxb

December 29th, 2010, 05:42 AM

Hi Tarun & MAK

Including You two, I have total of 7 people. Of this 7, I do not have the contact details of Androider and MAK.

I suppose the 7 of us can try but the shared costs will be a little higher.

Do you know any more Investors?

MAK, I've send you my number in private but unfortunately, we haven't been able to proceed on the plan because of the lack of investors coming together at the same time.

Few investors did get together few months back and confronted ACI and they got assurances that the contractor will be appointed and construction should begin soon but nothing has happened as yet.

So to pursue the option that I suggested in my posts earlier, we should be at least 8 to 10 investors so that the costs are reasonable.

mowy2611

December 29th, 2010, 08:52 AM

Hi Rakesh,

Whats the plan here? Do you want to start legal action against them? What costs are we talking about?

Please share your ideas...

On another note, I'm currently out of town returning on Friday. can someone try calling ACI and getting an update on appointing the new contractor.. ACI's # is +97144478950

Ahmed N

January 5th, 2011, 04:02 PM

Hi, I sent an e-mail to ACI, and received a reply - stating that a communication will be sent out in a couple of days to all buyers.
They have finalised and chosen a contractor to finish the whole project and are in the process of signing the legal documents - fingures cross!

whistler77

January 6th, 2011, 08:01 AM

i ask, who will sign the documents. RL isn´t able to enter dubai. my informations say, that RL is wanted because of cheque fraud. who managed the business for ACI ???

Ahmed N

January 10th, 2011, 01:17 PM

Still no news, chased it again today and was told to be patient!!!

I have been told the delay is due to RERA, they have not yet confirmed. I am 100% sure now its in the hands of RERA and ACI are just fronting the project, but ultimatley its RERA making the decisions.
I have been told to contact Mr Kaled Al Moutawie - he is in charge of the project.

maybe someone in Dubai can chase him, find out more and maybe also make an appt to see him. I am in the UK so its difficult, and I have tried calling twice but he not there.

Rakeshdxb

January 11th, 2011, 06:01 AM

Hi Mowy

I'd posted the way forward in a link earlier. I've reproduced it here:

Actually, all the information that we are getting about the contractor being finalised and RERA being responsible for the project is fine but we need to get this in writing and we need to know the status of our Escrow Account and get a committment on the completion date.

The procedure for this is that the investor needs to file an application with the Real Estate Section of the Dubai Courts. For this application, we need to get our SPAs translated into Arabic. Now if each one of us gets the SPA translated on his own, it will be very expensive. Instead, since all the pages in SPA are standard except the first 2 pages maybe, we can all get 1 SPA translated by sharing costs and then translate the top pages individually.

Thus, in this way we can save costs depending on the number of investors we have together.

Then we can all file this application with the Dubai Courts which will then issue a letter to RERA asking for the status of this project. Filing an application is not expensive. I think it is free but I'll check. Even if there is a charge, it is nominal. I know because one of my friends has gone through this entire process. The questions it will ask is:

1. What is the status of this project?
2. What is the extention given to the Developer?
3. What are the funds in the Escrow Account?
and so on...

All of us have an interest clause in our SPAs which can be claimed from ACI for delays except ForceMajure (whatever that is). As per RERA rules, delay due to such reasons also cannot exceed more than 1 year. So we have to get all of this in writing from RERA.

If a large group of investors apply, we can also get RERA to take this project seriously, if at all they are taking over construction. This is a story by ACI but we don't know whether it is the fact and what is the legality of it.

So I suggest, all investors in Dubai Star ACI, please try to find more investors and then when we have around 10 to 15 investors willing, we can start this process.

Let's take this seriously to ensure that the project does get completed and we don't lose our hard earned money by inaction.

Cheers,
Rakesh.

mowy2611

January 11th, 2011, 08:14 AM

Hi Rashed,

I'm with your approach, if by SPA you mean in the contract then yes like you said 95% should be common between all of us if not more. I suggest we meet up over the weekend or over a conference call and discuss this approach. Do you know a translator?

lets get this moving and protect the money we spent over all these years

Rakeshdxb

January 12th, 2011, 07:59 AM

Ok Mowy.

I get our office translation done from 1 of these approved translators. I'll check the price with him for translation of the SPA and co-ordinate with all whose mobile number I have.

Regards,

Ahmed N

January 12th, 2011, 06:35 PM

Hi, been chasing RERA, no response. I have e-mailed ACi again no response. What are the cost involved Rakesh! I think another approached is definately needed.

Rakeshdxb

January 13th, 2011, 05:28 AM

I'll let you all know the costs shortly.

W40arx

January 24th, 2011, 01:18 PM

Hi guys, I've just spoken to Ivana at ACI and I have been told that the delay is now resting with RERA as the contract between ACI and the Builders has to be approved by them before any works can commence! Investors will be getting some communication from ACI as soon as approvals have been given. If anyone has the direct contact for getting answers at RERA then please contact them and update this site. Many regards.

Rakeshdxb

January 24th, 2011, 01:59 PM

I've got the translation costs estimate - AED 60 per page. The contract has around 33 pages of which 27 are common while 6 are individual. So we need to share the common page costs which will be a total of AED 1,620 and then an additional individual cost of AED 360.

I think it is time for all of us to meet over a weekend to put this in action.

cayman1

January 24th, 2011, 07:32 PM

cayman1

January 25th, 2011, 01:24 PM

I 'm follow by a lawyer , he said aci germany and aci dubai are 2 different things , money and funds are in aci germany , aci dubai is empty of money , in dubai doesn't exist bankrupt , recoup $ is impossible ,
dubai is like burundi , dubai is whitout law for investors, dubai is died

Ahmed N

January 25th, 2011, 07:20 PM

Hi, I have already stated previously, that from my last visit I met Mr Rahim @ RERA offices and he confirmed that ACI are not involved with Dubai Star, and he does not know why they are still in Dubai and have an office!!!, we are at the mercy of RERA so see the project through.

The person in charge of Dubai Star project is Mr Kaled Al Moutawie. I have tried calling RERA, and he is never available. So if someone lives in Dubai, can you please make a visit to RERA offices or atleast keep on top of leaving messages and be able to get some information.

The Dubai Star project will be completed, dont know when, but Dubai Ruler does not want to see half constructed buildings everywhere, never mind us, having to pay mortgage on investment that may never complete.

Ahmed N

January 26th, 2011, 10:41 PM

Important reading, only 13 towers remaining. so lets hope Dubai Star completes under the authority of RERA. Can someone please call RERA and find out any progress.

The contractor has been chosen, agreements have been signed so whats the delay now.

http://gulfnews.com/business/propert...ourse-1.752060

W40arx

January 29th, 2011, 11:20 AM

FYI

http://translate.google.co.uk/translate?hl=en&sl=de&u=http://www.kapital-rechtinfo.de/kapital-rechtinfo/archiv/projekte/projekte_a/2009071059553368_ACI_Alternative_Capital_Invest_Krise_oder_nicht_Krise.shtml&ei=dF1BTf3gGYrU4gbvuNzoDw&sa=X&oi=translate&ct=result&resnum=3&ved=0CCIQ7gEwAg&prev=/search%3Fq%3Drechtinfo%2Baci%26hl%3Den%26client%3Dsafari%26prmd%3Divns

Ahmed N

February 4th, 2011, 03:53 PM

Here is what ACI had to say when I contacted DMCC direct to find out more information on the Dubai Star Project.

"I am really disappointed from your attitude in approaching DMCC specially that you always send ACI emails and the latest update was sent to you on Tuesday February 1st. I don’t get your logic for being so pushy and demanding.

Please keep in mind that whenever you approached ACI we always respond to your request and your inquiries always repeating itself, it seems that this is your personality and it is your right. However ACI is the only source which you need to communicate with for your investment and seize any kind of disturbance to any other party. You may visit RERA for any further inquiries or disputes with ACI.

Best Regards

Mohamed El Shaarawy
Head of Real Estate External Relations"

So, we are not allowed to find out information from other sources, dont they realise we are paying interest on borrowings, worried sick about our investment /money, and cannot get straight answers from ACI on what is going on. We were told that communication will be sent out in December 2010, and contruction in January 2011 - its now February and nothing!!!

I recived an e-mail from RERA and they advised me that ACI are seeking finance!!! who is going to lend a company money who's MD is under investigation for Fraud and a company who have filed for Bankrupcy.......

Has anyone got any news!

I

W40arx

February 5th, 2011, 01:20 AM

Ahmed N, please put that idiots contact details on this blog so that we all email this inconsiderate "head of real estate external relations" joke! He must think that we are fools with that response that he gave you and I hope you gave him a peace of your mind as I would not have anyone respond to me in such manor! We should all bombard this company with letters within this next week so that he knows we are on his case intensly!
Regards

cayman1

February 5th, 2011, 08:11 AM

aci is in bankrupt , in Germany has begun process for liquidation of 4 funds about sami tower victory bay and wings of arabia , but not dubai star i think money is gone for this project .

Ahmed N

February 5th, 2011, 02:36 PM

With pleasure

"mohamed.elshaarawy@aci-dubai.net"

fairouza

February 8th, 2011, 01:39 AM

aci is in bankrupt , in Germany has begun process for liquidation of 4 funds about sami tower victory bay and wings of arabia , but not dubai star i think money is gone for this project .

contact the german group of ACI Victims, maybe they can help you or give you more informations

http://www.aci-anleger.de/

whistler77

February 8th, 2011, 07:41 AM

@ fairouza

what information do you need ? ;-)

Ahmed N

February 8th, 2011, 06:45 PM

@ fairouza

what information do you need ? ;-)

The link youhave sent is in German, any idea how I can get it translated, tries goole translate, but there are too many boxes on the page.

W40arx

February 9th, 2011, 02:28 PM

Dear Mr. Waqar
*
Pleasant talking to you earlier.
*
As I informed you during our conversation, everything has been finalized in regards to Dubai Star. The contractor is ready to start any time after we receive the approved contract from RERA and sign. Unfortunately when third parties are involved especially the Government you cannot control the situation and the time frame, since RERA hasn't given us time limit as when we can collect the contract. The contract has even been discussed on several meetings in RERA along with the contractor and the consultant and it's currently a matter of a formal procedure.
In regards to the insolvency proceeding for the funds in Germany, please note that Dubai Star is not affected whatsoever nor the Dubai Company.
The escrow account is controlled by the Government and we are not allowed to draw any money without their approval, moreover the payments for the suppliers, contractor, consultants etc are paid directly to them from escrow and not through us.
*
Once we sign the contract, you will be informed by e-mail along with all Dubai Star investors, where we also gonna reveal the contractor details, handover date etc.
*
Please don't hesitate to contact me in case you need any further clarification.
*
*
Thanks* & Regards,

Customer Service Department

Tel:** +971.4.4478950

Fax:* +971.4.4478948

Email:*** customerservice@aci-dubai.net

Website: http://www.acigroup.ae
*
*
Sent: Wednesday, February 09, 2011 3:14 PM
To: customerservice@aci-dubai.net
Subject: Fwd: ***URGENT*** Dubai Star unit 4008
*
Ms Ivana,
*
As per our telephone conversation earlier today, please see forwarded email that I'm still waiting response of!

Kindest Regards
*
Mr Waqar

Begin forwarded message:

Date: 7 February 2011 15:19:11 GMT
To: "mohamed.elshaarawy@aci-dubai.net" <mohamed.elshaarawy@aci-dubai.net>
Subject: ***URGENT*** Dubai Star unit 4008

Mr Elshaarawy,

Investors of Dubai Star are very concerned about the situation at hand as you are fully aware. I have bought unit 4008 and have made several trips to Dubai visiting your offices at every occasion. My last visit was in October 2010 where I had an appointment with yourself but unfortunately you had been taken ill and went home!

I had met a lady in your place, sadly I forget her name, and was advised that a bid was out to tender and by December a contractor would be chosen and work would commence in January. I was also told that all investors would be informed of this by way of letter or email but still there is nothing!

Forgive me for asking silly questions, but what is happening? Why have investors not been informed of procedures? What is RERAs and DMCC view and procedures on this matter? What is the position of ACI in Dubai? Who is accountable for all of our hard earned money that we have paid your company either direct or into ESCROW? *

This situation is getting very tedious now and is sparking a lot of anger between investors and ACI, so I suggest that you respond to this communication asap.

Kindest Regards