you are a very funny guy ,it's a forum to have interesting discussions

Thats very good news but words have not been a great foundation for this project :bash:

We have 80,000 square feet in JLT, and even more in BB- we are now learning to follow actions not the sales pitch

Commercial will reward handsomely in trading and income revenue- but these delays are of course costly :banana:

No idea why it displays one post for me :cheers:

ay, 01:01 PM #6708
rohitD
Registered User

Join Date: Aug 2008
Location: Delhi
Posts: 1

I recently booked an office with Dynasty Zarooni in the highly advertised Ebony Tower.

I have been baffled ever since I bought it because my office space as per my contract is 14,664 sq ft and

I came across a shocking document of MoU signed between DZ and Al Fajer Properties along with the spreadsheet of sales and floor plans which clearly states the floor size to be 11,300 sq ft.

This difference roughly amounts to be 30% and is an indigestible difference.

Transparent calculations have shown that DZ has already or in some cases is currently receiving premiums from the contract.

The part that sends a shiver down my spine is that DZ does not have an escrow account

With the kind of scams going around these days, I have a series of questions starting....

What happens if Al Fajer is telling the truth about the floor space and DZ isn’t
How do we get re imbursed... blah blah... especially if there is no escrow
Who is Hilal Zarooni and Kabir Mulchandani
Why is Gulf News mis representing the facts. Isnt it a very credible news source?
What is the procedure for taking legal action!

Alot of things don’t make sense here and I hope I can find some answers

There is a big “IF” attached to my presumably new office set up i.e if DZ is not a total hoax

In one case, I m losing quite alot and in the second one I stand to lose everything.

Confusion!
Last edited by rohitD; Today at 01:49 PM.
rohitD está en línea ahora Report Post Reply With Quote

Ebony and Ivory are in fact jumeirah business center 7 and 8. DZ bought the two towers, changed the name and resale them with the gross area and not the net area. It's why they seem cheaper than JBC. But Al Fajer is the developper of these 2 towers and they build them

Froms what I know this will all hit the main stream press, UK etc... inevitably it always does IF it is a scandal... if not it ends pronto- as it should.^^

published: www.dubai7stars.blogspot.com
http://dubai7stars.blogspot.com/2008...riah-lake.html


Thursday, August 21, 2008
Whats going on with Projects Al Fajer Properties Jumeriah Lake Towers - Scandal ? - Dynasty Zarooni
posted to 7starsDubai by:

Rohit said...
I have recently bought an office in the ebony tower through dynasty zarooni.

They have been advertising heavily in Gulf News recently.

I want to warn all my fellow investors to beware of the contract that they are signing with DZ. If you check the website of Al fajer Properties, floor plans of their typical floors does not exceed 11,300 square feet, as per the spreadsheet attached to the MOU of sales between Dynasty & Al fajer where clearly sellable area has been mentioned. however Dynasty without any legal grounds and any such permission is adding 30% to the area and are currently selling and advertising even on the web for the floor area to be 14,664 sqft.

So on handover of the property the buyers will be in for a shock and dynasty is no where to take responsibility because they take their premiums out of the contract long before.

I have made enquiries neither the developer Al Fajer Properties nor DZ has an escrow account, please advise what legal action can I take at this stage?

Rohit said...
I recently booked an office with Dynasty Zarouni in the highly advertised Ebony Tower.

I have been baffled ever since I bought it because my office space as per my contract is 14,664 sq ft and I came across a shocking document of MoU signed between DZ and Al Fajer Properties along with the spreadsheet of sales and floor plans which clearly states the floor size to be 11,300 sq ft. This difference roughly amounts to be 30% and is an indigestible difference.

Transparent calculations have shown that DZ has already or in some cases is currently receiving premiums from the contract.

The part that sends a shiver down my spine is that DZ does not have an escrow account

With the kind of scams going around these days, I have a series of questions starting....1)

What happens if Al Fajer is telling the truth about the floor space and DZ isn’t2)

How do we get re imbursed... blah blah... especially if there is no escrow3)

Who is Hilal Zarouni and Kabir Moolchandani4)

Why is Gulf News mis representing the facts. Isnt it a very credible news source? 5)

What is the procedure for taking legal action! Alot of things don’t make sense here and I hope I can find some answersThere is a big “IF” attached to my presumably new office set up i.e if DZ is not a total hoaxIn one case, I m losing quite alot and in the second one I stand to lose everything.

Confusion!


13 August, 2008 10:38

read more:
http://dynastyzarooni.blogspot.com/

Another Post to 7starsDubai 21.August 2008

Comment:
Please check dynasty zarroni for me....I booked a masive office with them and all they do is make me run around...

I have paid my agent to get the story straight.
They published fake pictures in gulf news.

Please check my company's blog listed below:

www.dynastyzarooniscam.wordpress.com

I need help.







send 8/21/2008 0 comments

Labels: Al Fajer Properties, Jumeirah Lake Towers, Property scandals Dubai, Rera property laws Dubai


Tuesday, August 19, 2008
Having an invested interest - Banking & Finance - ArabianBusiness.com
Having an invested interest - Banking & Finance - ArabianBusiness.com:

"Jones Lang LaSalle Hotels chief executive Arthur de Haast looks at the region's hotel investment opportunities and explains why greater transparency is essential for the sector to progress.

Who is investing in the Middle East hotel sector at the moment, and where?

The main players are from within the region, and within the region the UAE remains a significant source of capital, so not only are they investing significantly within the UAE but also right across the region - they are the major players. We don't see much change in that in the hotel sector for the foreseeable future."

I think at the moment it's very much a developer's market, so it's the developers who are investing to develop the product.

Now some of those developers are going to reach a point over the next 12 to 24 months where they're going to think, ‘I've done my development, I want to sell out now and move onto my next project rather than be a long-term holder', although there will obviously also be developers who will hold assets for quite some time.
But at the moment one of the challenges regarding the investment market here is that there's actually very little investment market product; there's lots of development activity but very little investment product - i.e. completed hotels - on the market that investors could buy.
So in a sense it's hard to know where the market's going, because without the availability of investment opportunities it's hard to know who is going to be a future investor.

But looking as we do at the global market and the trends in the market, I expect it will continue to be dominated by the region, so if investment product does come up for sale I think it will still be acquired by Gulf investors or North African investors.

I think the ripple will go out over time - I think the next wave of investment is likely to be drawn from markets such as Turkey, Russia, the CIS, and the Indian subcontinent.

So do I see a lot of US investment coming in here?
No, not in the near future.

Do I see Australians investing here? No, not in the near future.

I think that the market will have to develop and evolve further, so the first wave of investment is likely to be from countries that are relatively close.How do you see Africa's investment situation progressing?

I don't see Africa being a major player in terms of outbound investment; I think you're already seeing quite a presence in the market here from South Africa, from an operational perspective: you've got Southern Sun, Protea and so on operating here.

So from an operational perspective they're definitely active - from an investment perspective, not so.There's not a lot of capital in the sub-Saharan African continent that's likely to [come into the Middle East]; they've got a lot of opportunities in their own market, so I think they'll focus more on that for the time being.

North Africa I think is a little different; you've got some different dynamics there.
Libya for example, has a strongly oil-based economy and therefore has investment capital available and indeed has been an investor in hotels in the past.
So there are pockets of investment activity in the Northern African market.But no, there won't be any major surge of investment from them in the near future, not in the way we're seeing coming out of the Gulf.

What future impact will the US ‘credit crunch' have on regional investment in hotels in the Middle East?

I don't think it's going to have an impact on the pace of development and the level of investment going into new developments in the region; most of that is being funded within the region, those investors are not dependent on a high-leverage model.

I think a much bigger challenge for the region is the cost inflation, particularly with things like steel and construction materials, and the issue of labour, which is a challenge for both the hospitality and the construction industry.

I think that another area the region could suffer from is if there is a significant slow-down in demand.

Although a high proportion of demand is from the region, this is still a market that is heavily dependent on the inbound traveller, particularly from Europe.

And if there is a significant slow-down from the UK, Germany and so on, that could impact the demand side.

Al Fajer needs to sort itself out here.

While it may be reliant on intermediaries to sell its units, it is a UAE company (with Hasher now at its head) that is going to be here for a long time.

UK press are going to run on this and they are doing nothing to help themselves- its crazy considering the current scandals.


On another note -construction updates- JBC 2 is still working on the 8th floor, but it does seem there is a start/stop thing going on here.

Almost doing just enough to pls investors.

I think the government is clamping down on scandals, and slackers, should be good for investors in the long run

Dynasty Zarooni gets clean chit
By Saifur Rahman, Business Editor
Published Gulf News: August 25, 2008, 23:12


Dubai: Dynasty Al Zarooni Real Estate is considering legal action against some Indian publications and those behind an alleged 'smear campaign' to malign its reputation, officials said.

The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged 'wrongdoing', Gulf News has learnt.

Two Indian publications ran reports referring to some investors' complaint that "he [Mulchandani] had misled them by showing a different property and selling them another".

One of the reports said "Dubai's Real Estate Regulatory Authority [Rera] is probing Mulchandani's operations after nearly 30 NRIs from India, Russia and UK complained online".


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


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


Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.

"Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers," the company said in an e-mailed statement

The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.

Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.

The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. "To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly," the statement said.

Meanwhile, the Rera has given Dynasty Zarooni a clean chit.

"Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008," Rera said in a letter yesterday, a copy of which was obtained by Gulf News.

Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, "We are pursuing legal action against those who are behind this campaign that is damaging our reputation.

"These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice." he said.

I was in their office, they say JBC2 will be ready 2nd quarter 2009. The project manager says that they will finish 20 floors in 2 months;for the moment, we are at the 7th or 8th floor; they go very fast now


Ok this was written on the 6th August 2008 and they were working on floors 7 and 8.

Today they are working on floors 8 and 9 thats 20 days to move up one floor.

Three week per floor- ramadans is now come.

Project manager claimed 20 floors in 2 months- but the current rate (being generous) is 3 floors every 2 months.

WE WILL HIT floor 20 in April/May 2009






Lets stop these outrageous claims by them- its pointless, misleading and is insulting......:ohno:

At the current pace we would be crossing floor 40 and seeing the tower in skeleton forms ...

in 21 months- or June/July 2010 :nuts:



Lets add 6-8 months for final fittings and the extra few floors (this tower is more then 40 floors)

We're in 2011 :bash:

and I;ll be 50 years old- I wonder if I'll be any wiser.

In reflection to this statement of Dynasty Al Zarooni, G3 is named Ivory 1 Tower .
Seldome that such a Tower name is not listed at the original website of jlt.ae nor listed at RERA Dubai !
__________________________________________________________________

1. The “Ebony & Ivory” buildings were purchased by Dynasty Zarooni Inc from Al Fajer Properties LLC. The reference details of these projects are as follows:
Ivory 1 : Also known as Jumeriah Business Center – Plot G3-JBC8
Ivory2 : Also known as Jumeriah Business Center – Plot H1-JBC7
Ebony 1 : Also known as Jumeriah Business Center – Plot H3-JBC9

2. A 20% payment has been made to Al Fajer Properties LLC.

3. The project is Escrow compliant

4. This project has been sold onto Dynasty Zarooni Inc purchasers, who in turn, were assisted by Dynasty Zarooni Inc in the capacity of providing them with a 6 months time period to pay this 20% payment, without charge of any interest. Dynasty Zarooni Inc has already signed unit SPA’s (Sale & Purchase Agreement) with Al Fajer Properties LLC for every unit in the above aforementioned Towers. On receipt of this 20% payment, Dynasty Zarooni shall assign the unit SPA’s to the purchaser of the relevant unit.

5. With reference to the point relating to Area Differentials, it is clearly stated on the Dynasty Zarooni Inc Receipts’ provided to all purchasers, that a typical floor within this aforementioned Tower has the following clearly defined area designation:
Gross Area : 14,690 sq ft
Net Area : 11,314 sq ft
Thus, no purchaser of the Ebony1 (Project: H3-JBC9) will be surprised by this information as it remains entirely transparent to the purchaser throughout the purchase process.

Our records indicate that the blogger (rohitd – Member aka. Mr Rohit Dadakar.) is NOT a purchaser of any Ebony 1 unit in his own name (also known as Jumeriah Business Center – H3-JBC9 ) and thus the blog statement made by this person is wholly unfounded. We would ask Mr Rohit Dadakar to communicate his complete contact details, including passport details, correspondence information so that our Lawyers may take up this matter directly.

We would appreciate that any such queries regarding our companies projects be directed to us in the first instance and we would to happy to address any such genuine queries in order to avoid any misrepresentation in future being aired on the Internet in such blog channels, which are wholly incorrect in fact and furthermore clarify our companies’ standpoint. In future we would kindly request that the Moderator or Active Member within this on-line community, kindly verify that all facts are clearly confirmed in order to avoid future instances of erroneous statements.

N. Vishram
CEO
Dynasty Al Zarooni Real Estate LLC
Dubai; UAE

20th August 2008.

Its time to open also a threat for Plot H3 ! ... former Falcon Tower

Ok this was written on the 6th August 2008 and they were working on floors 7 and 8.

Today they are working on floors 8 and 9 thats 20 days to move up one floor.

Three week per floor- ramadans is now come.

Project manager claimed 20 floors in 2 months- but the current rate (being generous) is 3 floors every 2 months.

WE WILL HIT floor 20 in April/May 2009

ohno:

Photographs taken while driving past about ten days ago. These were around Aug20th.

http://i455.photobucket.com/albums/qq278/dubainamo/DSC03013.jpg


http://i455.photobucket.com/albums/qq278/dubainamo/DSC03012.jpg


http://i455.photobucket.com/albums/qq278/dubainamo/DSC03008.jpg


:bash:

Photographs taken while driving past about ten days ago. These were around Aug20th.

http://i455.photobucket.com/albums/qq278/dubainamo/DSC03013.jpg


http://i455.photobucket.com/albums/qq278/dubainamo/DSC03012.jpg


http://i455.photobucket.com/albums/qq278/dubainamo/DSC03008.jpg


:bash:


Thats is not good,

So our money ended up funding the broker and developer for a few years.

Maybe they are paying for the building off the interest :lol: ?

Our story-

Got to Dubai in 2002, great believers in the potentials end product of Dubai but not in the short term speculations.

We signed our contracts in 2005 with an early 2008 delivery.

Al Fajer advertised up and down the Sheikh Zayed road, in taxi's, all over JAFZA.

They advertised Guaranteed completion dates.


People got clever. Funds were being collected as per the contract.

Interest was being made on funds.

Somewhere the sellers felt the Clause on delays meant they could probably get out of any late delivery penalties.

Interest was being made on accumulated funds.


Ahhh easy monies for effectively nothing.

Any body want to meet for a chai when we hit floor ten. :lol:



DubaiInv who was the projek manager you spoke with? Is it Moahamed















:banana:

I don't know his name,he's a lebanese.Normally,they do one floor each week,the floors will be finished in 6 months(february) I think

I don't know his name,he's a lebanese.Normally,they do one floor each week,the floors will be finished in 6 months(february) I think

You really can't make a definite statement like that if they have managed to go from floors 7 & 8 to floors 8 & 9 in one month.


Also can you get the name of the project manager- if possible would really appreciate.


This project really is much further away then that- its obvious unless of course the camera lies... which 'apparently' it never does.

Can you explain why you are so certain.

29/Aug/2008

L1

JBC

http://img156.imageshack.us/img156/5449/imresolt191fw0.jpg (http://imageshack.us)

http://img156.imageshack.us/img156/9369/imresolt192oe8.jpg (http://imageshack.us)

more JBC

http://img156.imageshack.us/img156/9369/imresolt192oe8.jpg (http://imageshack.us)

http://img83.imageshack.us/img83/4562/imresolt320lz6.jpg (http://imageshack.us)

http://img83.imageshack.us/img83/4562/imresolt320lz6.jpg (http://imageshack.us)

http://img413.imageshack.us/img413/8805/imresolt041py3.jpg (http://imageshack.us)

http://img156.imageshack.us/img156/898/imresolt119tg0.jpg (http://imageshack.us)

http://img413.imageshack.us/img413/5307/imresolt122mt1.jpg (http://imageshack.us)

These pictures are great.

JBC 2 will not be handed over before 2011.

There is no way- :bash:

original published 09 September 2008
The National

http://www.thenational.ae/article/20080908/BUSINESS/984362566/1005

Untangling a web of discontent

Overseas investors in off-plan properties in Dubai are turning to the internet to monitor their ventures – and to air their grievances against developers.

The proliferation of online property forums is giving foreign homebuyers unprecedented access to fellow investors, as well as to the latest information on their properties.

The property blogs are also being used to air grievances, albeit anonymously, with some websites, such as www.dubai7stars.com, geared specifically towards complaints against projects and developers.

The number of web forums created by groups of investors who have shared bad experiences with a particular project is also on the rise.

One example is a site set up by investors in the long-delayed Ivory Tower, a 20-storey residential project in Dubai’s International media Production Zone, which is being developed by the Saudi Arabian firm Sokook Investment Group.

With no sign of the project starting construction three years after it was launched, and with little information from the developer, the site was the only way for home buyers to gauge what was happening with their investment, as well as for those unfamiliar with the Dubai market to exchange knowledge on what their legal rights might be.

“As an isolated investor, the site has been an immense help to me in finding other aggrieved investors, particularly those living in Dubai,” said Richard Moore, a UK-based investor in Ivory Tower.

“It also allowed us to share legal knowledge and ideas on how to proceed – we have delegated different jobs to different people so we can work as a more effective and collective group. If it wasn’t for the website, I would have been completely at the mercy of the developer, as my estate agent had washed his hands of the situation.”

But as the blog gathered momentum and attracted the media’s attention to the saga, it was mysteriously closed down.

Complaints about Ivory Tower posted on www.skyscrapercity.com – a global forum for building enthusiasts – were also culled by the site’s mediator, under the premise that “skyscrapercity.com is not the place to vent anger against developers”.

“I can only suspect that individuals who the content was harming had this done,” Mr Moore said.

While the internet has become a crucial means of communication for overseas property buyers, it has also been used to start vendettas against some developers.

Kabir Mulchandani, the chairman of the property investment firm Dynasty Zarooni, recently became the online target of an alleged smear campaign when anonymous bloggers accused him of fraudulently selling property in a Dubai project to investors in his home country of India.

The campaign reached such a wide audience that newspapers in India – where Mr Mulchandani was involved in a high-profile case of tax evasion in the late 1990s – reported the story. One newspaper quoted a source at the Dubai Real Estate and Regulatory Authority (Rera) as saying it was going to question Mr Mulchandani about the fraud allegations. Rera later denied giving the newspaper a quote.

Still, because of the allegations, Rera examined the case and cleared Mr Mulchandani and his company of any wrongdoing. Mr Mulchandani believes a former employee was behind the online campaign.

“Financially, we have grown very quickly, and when you grow very quickly you make a lot of enemies. This was a clear campaign to damage us,” he said.

Mr Mulchandani said that his past was also used against him.

“I did have some issues in India regarding taxation. I was a very high-profile businessman and had a business that ran into trouble. We went to litigation and won that litigation. I have made mistakes in the past and have paid my dues,” he said.

Dynasty Zarooni made the unusual move of responding to the accusations on the website in an effort to defend itself.

Mr Mulchandani said: “The people writing on blogs should reveal their identity. I believe if you have something to say then say it with your name on it. If these people were genuine investors they should have contacted us with their problem and we would have solved it. We can’t keep responding to them online, it’s humanly impossible.”

The web accusations were particularly upsetting to Hilal al Zarooni, the local partner and president of Dynasty Zarooni.

“My family has been in real estate here for 50 years and we’re very well-known people,” he said.

“It is not good for our company, or for Dubai, for false things to be made on the internet. I think there should be some sort of regulation on this, because today, genuine businesses and a genuine project can be seriously damaged by blogs.”

While there are no defamation laws in Dubai specifically governing online content, an online author found guilty of making false accusations against an individual or company faces similar penalties to those charged with defamation using other forms of media. “The penalties for such crimes are imprisonment of between one and six months and/or a fine of up to Dh5,000,” said Miriam McGregor, an associate at the law firm Clyde & Co.

Marwan bin Ghalita, the chief executive of Rera, said the authority was not planning to ban online property blogs, but a developer had the right to sue anyone who published false information about it online.

“These blogs aren’t helping anybody, and most of the information on them aren’t true,” Mr Ghalita said.“There is freedom of speech and you can’t keep people quiet, but if they have a complaint they should go through the proper channels.”

Alexander McNabb, a group account director at Spot On Public Relations, said property developers should embrace the internet as a way of communicating with customers and use it to update them on a project’s progress.

“The trouble with property companies in Dubai is that they’ve traditionally got away with running hyperbolic advertisements making claims about properties, but never actually having a dialogue to follow it up with the people who have bought in,” he said.

“The internet is a symptom of a consumer-driven market, so if you’ve been criticised online you either fix what you’ve been criticised for or you get online and take part in that dialogue. You don’t just have the site shut down.”

Mr McNabb said that many investors in property, particularly those who lived overseas, would appreciate online communication with developers.

“Property companies have to learn to communicate with their customers,” he said.

“Most people online will appreciate the dialogue rather than silence. And if you’ve got unhappy customers, how long can you afford to simply ignore them?

“Developers need to learn about online communities and maybe start up their own online communities where customers can go to a specialised site and monitor the progress of the project.”

agiuffrida@thenational.ae

^^ Most of them. However this website is the most upto date, comprehensive and complete database for projects in Dubai. I haven't seen anything come even close to beating SSC. I remember when gowealthy won a prize for construction updates. :hahaha:
They're not going to block SSC anyway since this gives them free advertising :yes:

:D

P.S even a post for free !

If you take this forum as an example its been very useful to see the reality of a projects status.

Look at JBC 2.

5 weeks ago we were told we would be on the 20th flr in 2 months.

They actually only added 2 or 3 floors so far

so they are either going to build 10 floors in 3 weeks or we were lies to.

The point is we would have had to take the project managers word on this without a blog/site/forum.

Getting access to information like this may actually give us small timers more confidence in the market.... think about it...:lol:

While it is negative it paints a true picture with which you can make far more educated investment calls.

If you don't agree, follow the project manager's advice and cancel all your office leases for June09 because obviously you'll be moving in to your brand new JBC 2 office! :ohno:

It is today (august 12th) on Floor 10 -

It is today (august 12th) on Floor 10 -

WRONG 12th or 13th floor, I can see it from my balcony (JBC2)

Sorry I did mean September the 12th, and it was on the tenth floor- was on site myself.

I took a photo- I'll get them posted, and DubaiInv- I have absolutely no interest in making this stuff up- thanks :)

Sorry I did mean September the 12th, and it was on the tenth floor- was on site myself.

I took a photo- I'll get them posted, and DubaiInv- I have absolutely no interest in making this stuff up- thanks :)

10th or 12th is the same, they have so much delay that I'm not in a good mood

xx

xx

Photo taken 14th September

http://img227.imageshack.us/img227/5457/img0605iz5.jpg

guys i am looking to buy a studio in JLT. if anyone has anything please get in touch with me on aulhuq@hotmail.com. thanks

JBC 2 is probably the only tower in JLT that is still less than 1,000 a foot. i cant see it clearing that mark...

Any news from Plot H3 , G3 - Al Fajer Properties Jumeirah Business Centre 7,8,9 - now called Ebony and Ivory Towers in refelction to this:

FOR FURTHER INFORMATION, PLEASE VISIT SOME OF THE UNDER MENTIONED BLOGS:

http://dynastyzaroonifraud.wordpress.com/

http://dynastyzarooniscam.wordpress.com/

http://dynastyzarooniscandal.wordpress.com/

http://zaroonidynasty.wordpress.com/

http://zaroonidynastyfiasco.wordpress.com/

http://zaroonidynastyscam.wordpress.com/

http://dubaiscams.wordpress.com/

http://dubaiscandals.wordpress.com/

http://kabirmulchandani.wordpress.com/

http://masterofscams.wordpress.com/

http://uaefraud.wordpress.com/

http://dynastycom.wordpress.com/

http://dynastyinfo.wordpress.com/

http://dynastyzaroonirealestate.wordpress.com/

http://dynastyzaroonijumeirah.wordpress.com/

http://dynastyzarooniivory.wordpress.com/

http://dynastyzarooni.blogspot.com/

xx

xx

looks like their build rate is actually between 4 to 6 floors every 2 months.

That would mean topping out in about 8 months, say June 2009.

As we know you have to add 6-12 months for finishing and glass. so Mid 2010 handover for JBC2 looks best case.

They building 1 floor for 2 weeks.

Tower has another 26 floors to be builded.

that will be 52 weeks i.e. 1 years and then all interior organisations.

October 09 structures readies. and October 2010 to Jan 2011 for handovers.

Thats a reality check :)

xx

Does anybody have any information on JBC9 - plot H3.
Much appreciated.

Ask Al Fajer Properties and Dynasty Zarooni, plot H3 has a long History and Tragedy. Good Luck
Remember:
Falcon Tower Plot H3 JLT by Nakheel
Section: Jumeirah Lakre Towers - Never Built

AHHHHHHHHHHHAAAAAAA........seems to be A "FLIPPER" Connection...good friends of ACI

original published:

http://www.dc-epaper.com/dc/dch/2008/08/25/ArticleHtmls/25_08_2008_101_009.shtml
S anjay Chimnani, one of the partners in Bottles and Chimneys, a popular pub in Hyderabad, can do without help from his mentor Kabir Mulchandani, owner of Baron International, the company that pioneered colour TVs and music systems under the brand names Aiwa and Akai. After that shut shop, Mulchandani started doing real estate business in the Gulf.
Now, Dubai’s Real Estate Regulatory Authority (RERA) is probing Mulchandani’s operations after nearly 30 NRIs from India, Russia and the UK complained online that he had misled them by showing a different property and selling them another. He is reportedly accused of having done other fraudulent deals. You may wonder what the connection is with Sanjay Chimnani. Well, Chimnani worked closely with Kabir Mulchandani in Mumbai after which he came to Hyderabad for a few years to market the Aiwa products. Though this venture started off with a bang, it vanished without a whimper.

Next one heard that Sanjay Chimnani was launching B&C in a grand way. He put his heart and soul into pro moting it. But within a short span, he left it all to his partner Sanjay Batla to do real estate business in the Gulf. It was alleged that Sanjay had joined Mulchandani’s real estate company, Dynasty Zarouni.

Now with Mulchandani being probed, Chimnani is back in the focus. “He has no links whatsoever with Mulchandani any more, he moved away to be part of a German company,” said Sanjay Batla, Chimnani’s partner at B&C and Global Properties, the first Indian franchisee of ACI Real Estate, an affiliate of German investment company Alternative Capital Invest GmbH.

Said to be in Italy now, Chimnani started looking for other options after supposed differences cropped up with Mulchandani with regard to his style of work. Chimnani is associated with ACI Real Estate as its joint managing director.

Interestingly, ACI boasts of a portfolio which includes residential, commercial, leisure and retail developments in prime locations in Dubai, Abu Dhabi, Ajman and other emerging cities across the UAE.

“It is impossible that someone can indulge in such kind of malpractices in the real estate business,” Batla said, defending Mulchandani, while he vehemently denied Sanjay Chimnani having anything to do with Mulchandani.

Repeated attempts to contact Sanjay Chimnani failed. But he is expected to be back in Hyderabad next month to concentrate on real estate business developments here

Its time to open also a threat for Plot H3 ! ... former Falcon Tower

PLease let me know if you have started this thread... Also if you have any pics.

Thank you

It`s so silent around this 9 towers - whats the reason for ????

Thousand and more investors of AL Fajer waiting for a positive sign - a condrete signal - the truth and not only a lot of stories : completion 2008 , completion 2009, completion 2010 , completion 2011 !!!!!!!!!!!

Different contracts, different payment plans, cancellations of contracts, no escrow account, ......

why new names for H3, H1 + G3: Now superb named Ebony - Ivory...but at RERA registered as: JBC 7, JBC8, JBC 9... also at DMCCA named still JBC 7, JBC 8, JBC 9

And: Can you please decide finally: Residential, Mixed USE or Commercial.

Why Al Fajer Properties al this confusions around this Towers ???????????

It`s so silent around this 9 towers - whats the reason for ????

Thousand and more investors of AL Fajer waiting for a positive sign - a condrete signal - the truth and not only a lot of stories : completion 2008 , completion 2009, completion 2010 , completion 2011 !!!!!!!!!!!

Different contracts, different payment plans, cancellations of contracts, no escrow account, ......

why new names for H3, H1 + G3: Now superb named Ebony - Ivory...but at RERA registered as: JBC 7, JBC8, JBC 9... also at DMCCA named still JBC 7, JBC 8, JBC 9

And: Can you please decide finally: Residential, Mixed USE or Commercial.

Why Al Fajer Properties al this confusions around this Towers ???????????

Hi,
Does anyone have pictures or an update of the progress of JBC6. Additionally has anyone been paid compensation from Al Fajer because their contract completion date has elapsed. Thanks

Al Fajer - Compensation ???????????:bash:

RERA - and AL Fajer -...........Phhhhhhh ...what a joke. :bash:

Read this:

Today I was trying to sell 2 floors to a potential buyer in the Ivory Ebony towers…. by Al fajer on plots H3, & G3… wow…the buyer came back and told me there is nobody on site despite seeing advertisements as construction on advanced stages…. why is it that Al Fajer does not have contractors on site. Anyhow I even offered him with minus 2% of the original price I bought from Dynasty Zarooni… no thanks but thanks is what I got. Its people like dynasty zarooni who have damaged the dubai real estate market.
I know sheikh hasher al maktoum is a royal family member in dubai, but why is he taking our money and not doing anything on site? We bought it begining of april, after 7 months still nobody on site what kinfd of deal is this. To make things worse we went to RERA and they said because sheikh maktoum hasher the son of sheikh hasher is the new president of al fajer they can not do anything…. can anyone help me, what I can do to protect my investments

http://dynastyzarooniscam.wordpress.com/2008/10/04/tid-this-is-dubai-i-must-be-clinically-insane-not-to-see-the-deal-dz-is-offering-its-clientsread-the-disclaimer/#comments

^^Firstly stop posting your personel details that you have 2 floors etc etc.

Dont mess around with influential people in dubai.


If you are in dubai . Break your floors into units and sell them off.This way its easier.

However if you can hold on till end it will give you good returns.

Rera has approx 2500 cases pending. And if you want to complain about a local forget it. Dont waste your time doing that.

All the best:)

^^ Mavekris, what is your take on H3. Just curious to know your opinion.
Thanks

WHO ARE ? - The "influential people in dubai" ?????????


^^Firstly stop posting your personel details that you have 2 floors etc etc.

Dont mess around with influential people in dubai.


If you are in dubai . Break your floors into units and sell them off.This way its easier.

However if you can hold on till end it will give you good returns.

Rera has approx 2500 cases pending. And if you want to complain about a local forget it. Dont waste your time doing that.

All the best:)

GOOD TO HEAR: "And if you want to complain about a local forget it. Dont waste your time doing that"

So the final result should be: NOBODY should ever invest with AL FAJER PROPERTIES - if you have a complaint you will have no chance to protect your legal rights!

NICE TO HERA : THATS DUBAI

^^Firstly stop posting your personel details that you have 2 floors etc etc.

Dont mess around with influential people in dubai.


If you are in dubai . Break your floors into units and sell them off.This way its easier.

However if you can hold on till end it will give you good returns.

Rera has approx 2500 cases pending. And if you want to complain about a local forget it. Dont waste your time doing that.

All the best:)

any update !?

can anyone at least say what to call the projects at Plot G3, H1 and H3...

Jumeirah Business Center Or Ebony Ivory Towers !?

You can call them like you want:

H3-FalconTower - Jumeirah Business Centre 8 - or Ebony Tower
G3 Flamingo Tower - Jumeirah Business Centre 9 - Ivory Tower I or II
H1 Manchester Star Tower - Jumeirah Business Centre 7 - Ivory Tower I or II

If you ask the official Project name list of RERA Dubai better call them further on:
Jumeirah Business Centre 7,8,9

Maybe a bif Tower Name or Plot Raffle made by Al Fajer Properties and Dynasty Zarooni ???
From Birds - to Business Centre - To Horse Stables or Chess Pieces.
Yes : Chess

Why Ebony and Ivory named ????????????...maybe to get confusion...but if they named like this in the contracts...no idea. Two horses black and white...same idea like:

...... ebony and ivory towers in IMPZ ... same name but never built with big trouble

:ohno:

Has anybody heard anything about the ebony or ivory towers. If anybody body has any info on JCB 9 or H3 or Ebony Tower, please let me know.

Thanks

xx

xx

Hi Legal Eagle

If you are passing by are you able to take and post any pics of JBC6.
It would be much appreciated.

Thanks :cheers:

thank u legal eye

If possible please, take a pic of Plot H3, or JCB 9. Thanks:)

xx

xx

xx

xx

xx

xx

xx

JBC 7 , 8 , 9 ....... just take a look for 7 an 8 on Cluster H. Concorder Tower = H2 is ready so why can you not find them left and right of Concorde.

JBC 9 is also easy to find, just in the neighbourhood of Concorde on Plot G3 and direct beside of JBC 1.

But I think there ic still nothing ... so the pic will show the truth !!!!!!!!!:bash:

JBC 6..... just ask for the promonent ACI development on L2 ...and mayby you will be lucky to see somthing beside from Al Fajer Properties on L1:banana:

xx

Thanks Legal Eagle for your efforts so far. It's greatly appreciated:)

Can somebody please explain the architacitial difference of all this Towers !

They are looking very simiular - 9 equal towers - not realy a good idea.

Launched in 2004 and not a single of them completed - thats realy markable !

How many units in 9 Towers - how many investors - how much money lost since that time ?

By all of this it would be better Al Fajer Properties return this project to teh government of Dubai - maybe they can manage it better - an complete what was promised end users !

Al Fajer Proeprties shoul not use teh ctual crisis as argument now - the cirsis for this 9 Towers starts long before !

28/November/2008

JBC's

http://img241.imageshack.us/img241/7127/imresolt145wy9.jpg (http://imageshack.us)

http://img241.imageshack.us/img241/5633/imresolt152hw9.jpg (http://imageshack.us)

http://img518.imageshack.us/img518/2825/imresolt162mr4.jpg (http://imageshack.us)

http://img241.imageshack.us/img241/3994/imresolt178nq1.jpg (http://imageshack.us)

http://img518.imageshack.us/img518/3406/imresolt257zj8.jpg (http://imageshack.us)

http://img514.imageshack.us/img514/7430/imresolt367sw5.jpg (http://imageshack.us)

http://img514.imageshack.us/img514/6610/imresolt368na7.jpg (http://imageshack.us)

Hi Legaleagle
I am new to this Forum. I invested in Dubai Property 3 years ago and up to now it has been good. I invest in JBC3 in July 2008. I bought office space to hopefully rent ou whenever it it is finished. The last photo's you posted there was no JBC3 is it still progressing well?
Any idea what the rents will be for this so called Hi End office space when completed

xx

xx

xx

Legaleagle

Thanks for the pictures. That's perfect. Well at least its happening.
Anyone know much about what the rentals might be on these office spaces when completion?

Thanks

Dyansty Zarooni :H3 Ebony Tower ( Jumeirah Business Centre 8, Plot H3), plot G3 Ivory Tower ( Jumeirah Business Centre 9), Ivory Tower II Plot H1 ( Jumeirah Business Centre 7)


Buisiness Partner of Al Fajer Properties, Dynasty Zarooni Chairman arrestet !


06. Jan. 2008

http://www.zawya.com/story.cfm/sidZW20090106000081/Dynasty%20Zarooni%20Chmn%20Arrested%20In%20Dubai

DUBAI (Zawya Dow Jones)–Kabir Mulchandani, chairman of Dubai property company , has been held this week by Dubai police, an official at Dubai’s Public Prosecution told Zawya Dow Jones Tuesday.

The official confirmed that a case has been filed against Indian businessman Mulchandani in Dubai for an alleged liquor related offense and bouncing a cheque for an undisclosed amount, which is an offense in the United Arab Emirates.

Jaydeep Anand, Dynasty Zaroonis chief operating officer, was unable to confirm the arrest when called by Zawya Dow Jones.

“I have no information,” he said.

The Public Prosecution official said that Mulchandani has been questioned but was unable to provide further information.

Earlier this year, Dubai’s Real Estate Regulatory Authority cleared Dynasty Zarooni of any wrongdoing after two Indian publications ran reports that some investors had complained that Mulchandani had misled them by showing one property and selling them another.

The developer was created in September 2007 with the merger of the Hilal Al Zarooni Group and Dynasty Enterprises Inc and a net equity of 1.35 billion U.A.E. dirhams ($367.5 million).

-By Majdoline Hatoum and Stefania Bianchi, Dow Jones Newswires; +9714 364 4964; majdoline.hatoum@dowjones.com

Copyright (c) 2007 Dow Jones & Company, Inc.

(END) Dow Jones Newswires

06-01-09 1041GMT

^^
http://www.bi-me.com/main.php?id=29498&t=1&c=33&cg=4&mset=

Its confirmed again: Business Partner of Al Fajer Properties Dubai - Dynasty Zarooni Chairman arrested !!!!!!!!!!

08.Jan. 2009

Zawya

http://zawya.com/Story.cfm/sidZW20090108000104/Dynasty%20Zarooni%20Chmn%20Arrested,%20Police%20Says%20-%20Report/


Dubai Police has arrested Kabir Mulchandani for fraud and bouncing checks' accusations, and he is currently under investigation," Al Bayan cites Colonel Khalil Al Mansouri, head of criminal investigations unit at Dubai Police, as saying

read also:

http://www.7starsdubai.wordpress.com

^^I hope they make an example out of this guy. Lets see if Dubai's Bite is as big as its bark.

It`S now double cinfirmed: Business Partner of Al Fajer Properties ( JBC Tower Plot H3 , G3 , H1 - solf for Flip Flop to Dynasty Zarooni by Al Fajer Properties)
.............. Dynasty Zarooni Chairman and CEO arrested

http://www.khaleejtimes.com/DisplayA...section=theuae

DUBAI - 10, January 2009

Dubai Police have arrested a syndicate of tricksters of India origin, who have been operating in pretext of being real estate developers.





The Indian national arrested are Kabir Mulcandani, a UAE national Hilal Al Zarouni and two other employees of ‘Dynasty Zarouni’ a company located in Jebel Ali for issuing bouncing cheques to different nationalities mainly Indians.

Colonel Khalil Al Mansouri, Director of General Department of Criminal Investigation confirmed the arrest to Khaleej Times on Thursday. The officer said the fraudsters are in police custody and assisting in investigations, adding that they will then be referred to the Dubai Public prosecution for further action.

Police sources said that they had received more than forty complains of different fraud cases against the suspects at various police stations and all cases were then referred to the General Department of Criminal investigation. Rajish and Alkopatra used to work as Finance Managers for the company.

While Mulchandani and his accomplice used to convince ‘potential’ investors that they were licensed to invest money and were a real estate developers. They called on people to invest Dh 300, 000 every month and after paying 6 installments, the investor would get Dh1 million in return.

However, after the investors paid all the installments, Kabir did not show up but went into hiding, until police smashed the racket upon their arrest.

Salim Al Sha’ali, a lawyer for the suspects, told Khaleej Times that in order to convince their victims, the company announced massive media advertisements and introduced websites stating that they had successfully invested in development of real estate projects in the UAE.

The company claimed that their total investments reached Dh40 million realizing a revenue of Dh2.8 billion.

amira@khaleejtimes.com

all related stories , including, "RERA is giving Dynasty Zarooni clean chit"
on:
www.7starsdubai.wordpress.com

how many times will you post again and again this rubbish?:)

so where is he?

xx

09/January/2009


http://img237.imageshack.us/img237/1812/imresolt004bb9.jpg (http://imageshack.us)

xx

I think they have bought 2 towers from the Al Fajer, G3,H3 and after renamed Ebony and Ivory Towers.Thats all what I know.

xx

how many times will you post again and again this rubbish?:)

so where is he?


Would you please tell me why you call a very serious news "Rubish" .... and also... this is not double posted...it was the latest and by this now double confirmed report.

Too this , there are not only those investors from Dynasty Zarooni hit - who aold this renamed Towers Ebony and Ivory with false information to them, there are also investors left from the former Falcon and Flamingo Towers.
And: Al Fajer Properties is "Directly" involved with unbelievable acts taken against those Investors.

Also you know that since the Plots H3 , G3, H1 transfered to Al Fajer Properties in 2007 there is no sign of any construction on Plot H3, G3, H1

Why please have you never put them on hold ?

good news, cladding starts soon


Al Fajer orders Dh245m worth of aluminium, glass
Staff Report
Published: January 10, 2009, 23:35


Dubai: Al Fajer Properties (AFP) on Saturday announced orders worth Dh245 million ($66.8 million) for aluminium and glass for its world class Jumeirah Business Centre towers projects.

JBC, situated within a free-zone, offers high end commercial properties attracting both large local companies and multi-national organisations from around the world.

Work is well underway on its Phase 1 projects with aluminium and glass materials expected to arrive early February allowing cladding to start immediately.

For Phase 2 the excavation, dewatering, shoring and piling has been completed and the green consultant has recently been appointed to ensure all requirements of the Environment, Health and Safety department are met.

AFP has placed a contract value of about Dh154 million with Shenyang Yuanda Aluminium Industry Engineering Co Ltd (Dubai Branch) for six of its nine towers.
(Gulfnews)

xx

Would you please tell me why you call a very serious news "Rubish" .... and also... this is not double posted...it was the latest and by this now double confirmed report.

Too this , there are not only those investors from Dynasty Zarooni hit - who aold this renamed Towers Ebony and Ivory with false information to them, there are also investors left from the former Falcon and Flamingo Towers.
And: Al Fajer Properties is "Directly" involved with unbelievable acts taken against those Investors.

Also you know that since the Plots H3 , G3, H1 transfered to Al Fajer Properties in 2007 there is no sign of any construction on Plot H3, G3, H1

Why please have you never put them on hold ?


I know Dynasty is involved with JBC2 also just to be clear

Hi Imre

Have you invested here as it seems you want to keep a positive spin on old Al fajer?


I didnt buy anything there and I have nothing with the developer, just posted the article from the GN.

Anyway I see the progress of JBC's every day, I think not too bad.

Yes , nice good news - but why now ? ever seen a developer who had announce all over the press: We have ordererd so and so ..... glass and what ever for our towers ?

Open PR: For Al Fajer Properties:

Buchanan Communications für Al Fajer Properties
Bobby Morse
Tel.: +44 (0)20 7466 5000
E-Mail: bobbym@buchanan.uk.com


http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090109005709&newsLang=de

we should merge this thread with the JBC's

http://www.skyscrapercity.com/showthread.php?t=290912&page=17

this is correct?

JBC1 ,G2
JBC2 ,V1
JBC3 ,Y1
JBC4 ,N3
JBC5 ,W1
JBC6 ,L1
JBC7 ,H1 (Ivory 2)
JBC8, G3 (Ivory 1)
JBC9, H3 (Ebony)

I know Dynasty is involved with JBC2 also just to be clear

..

Imre,
Are you able to take photo's of JBC6 if you get a chance or pass on an update. I've asked Al Fajer but they wouldn't come foward with photos.
Thanks for your time Imre:)

I know you are tired in my "rubbish" News .... but there will be more complaints at Dubai Police .....in the next days... also against Al Fajer !!!

First complaint Dubai Police Al Fajer Properties


http://www.ft.com/cms/s/0/2af58370-e013-11dd-9ee9-000077b07658.html?nclick_check=1
Financial Times 11. Jan. 2009


Lawyers say more than 100 other investors are preparing cases against Dynasty Zarooni over misrepresentation during the sale of its real estate projects.

One aggrieved investor, who in May placed a 20 per cent deposit on an apartment in Ebony Tower 1, opposite the Dubai Marina, for Dh650,000, yesterday lodged a complaint with the police against Dynasty Zarooni and their development partners, Al Fajer Properties, for allegedly misleading him about the progress made on the building’s construction, thereby raising the supposed value of the property. ”I have been cheated and am very distressed,” he said.

......

http://zawya.com/Story.cfm/sidZW20090111000081/%3D%20UPDATE:%20Dubai%20Ppty%20Tycoon%20Mulchandani%20Held%3B%20$123M%20Scam%20Alleged/



...He was later released on bail for AED46 million, but was re-arrested Thursday afternoon after further cases relating to the Ebony and Ivory development were brought against him by investors, according to Salem Al Shaali, a lawyer at Al Shaali & Co.
Al Shaali said Mulchandani's bail has now been raised to AED76 million


......The second case involves the selling of property at the AED2 billion Ebony and Ivory development in Dubai's Jumeirah Lake Towers district. According to Salem Al Shaali, the lawyer handling the case at Dubai-based Al Shaali & Co., Mulchandani took deposits for 20% of the property but failed to deliver the project

everything what you post just Dynasty Zarooni , that is real estate company.

Developer here the Al Fajer!

^^ payments have been made to Dynasti Zarooni. They are the ones who have mislead people.

Does any body have any update of the case??

What do you guys think are the chances of investors getting their money??:ohno:

15/January/2009

JBC 2

preparing of the cladding just begun

http://img181.imageshack.us/img181/6324/imresolt34af2.jpg (http://imageshack.us)

http://img181.imageshack.us/img181/5349/imresolt35vu9.jpg (http://imageshack.us)

http://img181.imageshack.us/img181/8038/imresolt36kl9.jpg (http://imageshack.us)

xx

Hi

Has anyone managed to go through the process of making a deal with ADCB who are said to funding any of the JBC's?

25/January/2009

JBC 2

http://img165.imageshack.us/img165/1680/imresolt54vi5.jpg (http://imageshack.us)

http://img255.imageshack.us/img255/2852/imresolt55bk6.jpg (http://imageshack.us)

Any news about H1, H3 and G3?
I would imagine these three towers will delay the filling of Al Mas East lake as they are all in the first stages... :down:

They didnt start construction in the past 3 years - why should they do ever.
Has been so successful to sell them to so many investors again and again - maybe they will start this game again.
But first they must look after all the money - Dynasty Zarooni - who bought all units in H1, H3, G3 - good luck:ohno:
Oh sorry --- what a wonder all JBC `s have got overnight the classic escrow account numbers. But maybe only account numbers ..... all the money . who ever know ????

Al Fajer sells land worth Dh800m in revamp exercise



Dubai: Al Fajer Properties, based in Dubai, said on Tuesday that it sold land worth Dh800 million as part of a restructuring process of the company.

It, however, did not reveal the period of time these sales were made.

The company said it also had begun implementing new policies and procedures to bring them in line with Dubai's Real Estate Regulatory Authority (Rera) rules ensuring more market transparency.

"We have taken immediate remedial action (in early 2008) which has significantly strengthened the position of Al Fajer Properties and I am very pleased with the outcome," said Shaikh Maktoum Hasher Al Maktoum, the company's president.

Al Fajer said its new strategy involved "liquidating the company's substantial land bank valued at Dh800 million and generating additional sales from existing inventory of Dh2.4 billion, bringing the total value of mitigated risk down by Dh3.2 billion for the company."

The company said it saw an accelerated construction plan through by delivering a seven-day cycle per floor for phase one of its five commercial towers in the Jumeirah Lakes Towers community.

Phase one is due for completion in the last quarter of this year.

http://www.gulfnews.com/business/Real_Estate_Property/10281871.html

Bad new :ohno::ohno:
completion date is now 31/12/2009 :bash::bash:

G3 - no work going on here in the last months

http://img223.imageshack.us/img223/5118/p2060320nh2.jpg (http://img223.imageshack.us/my.php?image=p2060320nh2.jpg)

G2

http://img517.imageshack.us/img517/2069/p2060303pr6.jpg (http://img517.imageshack.us/my.php?image=p2060303pr6.jpg)

Bad new :ohno::ohno:
completion date is now 31/12/2009 :bash::bash:

honestly, nothing will be ready in this year, earliest is 2010.

thanks for AndyH

G3 - no work going on here in the last months

http://img223.imageshack.us/img223/5118/p2060320nh2.jpg (http://img223.imageshack.us/my.php?image=p2060320nh2.jpg)

Al Fajer sells land worth Dh800m in revamp exercise



Dubai: Al Fajer Properties, based in Dubai, said on Tuesday that it sold land worth Dh800 million as part of a restructuring process of the company.

It, however, did not reveal the period of time these sales were made.

The company said it also had begun implementing new policies and procedures to bring them in line with Dubai's Real Estate Regulatory Authority (Rera) rules ensuring more market transparency.

"We have taken immediate remedial action (in early 2008) which has significantly strengthened the position of Al Fajer Properties and I am very pleased with the outcome," said Shaikh Maktoum Hasher Al Maktoum, the company's president.

Al Fajer said its new strategy involved "liquidating the company's substantial land bank valued at Dh800 million and generating additional sales from existing inventory of Dh2.4 billion, bringing the total value of mitigated risk down by Dh3.2 billion for the company."

The company said it saw an accelerated construction plan through by delivering a seven-day cycle per floor for phase one of its five commercial towers in the Jumeirah Lakes Towers community.

Phase one is due for completion in the last quarter of this year.

http://www.gulfnews.com/business/Real_Estate_Property/10281871.html


You forgot to give the news about Phase 2 !!!!!!!!!!!!!!

And also about the new Management !!!!!!!!!!!!!!

Nice statement of Maktoum Hasher about the new Management !!!!!!!!

The rumour is that CEO has been kicked off in September October 2008 - since that time nobody knows what happen to him !!!!!!!!!!!!!:ohno:

And why selling land ???????????? ...any serious problems:ohno:

GulfNews :cheers:


Dubai. Al Fajer Properties (AFP) has announced the successful completion of its restructuring plan for the company, which commenced in early 2008.

Under the leadership of its newly appointed president, Sheikh Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted, whereby the previous management was disbanded and a new management team and strategy put into place.

The company saw an accelerated construction plan delivering a 7-day cycle per floor, which had never been achieved before for phase 1 (towers 1 – 5 of its 9 commercial towers) within the Jumeirah Lakes Towers (JLT) community. Phase 1 is due for completion in the last quarter of 2009 and phase 2 (towers 6 – 9) scheduled to be online on or about the same time the following year.

08/February/2009

JBC 2

cladding started today

http://img168.imageshack.us/img168/735/imresolt268rm7.jpg (http://imageshack.us)

http://img442.imageshack.us/img442/1856/imresolt269py3.jpg (http://imageshack.us)

http://img168.imageshack.us/img168/7276/imresolt270xl6.jpg (http://imageshack.us)

http://img442.imageshack.us/img442/1992/imresolt272oc0.jpg (http://imageshack.us)

http://img168.imageshack.us/img168/8070/imresolt273uq1.jpg (http://imageshack.us)

http://img261.imageshack.us/img261/126/imresolt274ym3.jpg (http://imageshack.us)

Not bad cladding at all .

render is different, JBC 2

http://i1.tinypic.com/ml5752.jpg

^^In this situation , let's hope that black cross-lines is only a protective Sheets :D

True, very good progress especially on JBC 2 even though a friend and investor just told me that the Al Maktoum family had to step in financially to ensure the continuation of the project.
After all, what counts is the project to be finished one day!

My friend, who invested in JBC got this on feb. 4th:
http://i41.tinypic.com/2hgzjup.jpg

lastest PR from Al Fajer Properties over 7days.ae

http://www.7days.ae/storydetails.php?id=73328%20%20%20%20&page=local%20news&title=Riding%20out

Latest interview , February 2009,with the project Manager , construction company, for Al Fajer Properties:

o3. Feb. 2009 7days.ae

………“[The atmosphere in construction] is a bit depressed, but I think Dubai and the UAE in general is much better off in general than the rest of the world,” said Andre van Schalkwyk of Al Ahmadiah Contracting and Trading (AAC), who is site manager of Al Fajer Properties’ Jumeirah Business Centre.

He added however, that his workers are more confident of their position, as he believes AAC will outlive the downturn.

“The workers are not anxious, AAC has a very stable working environment and we tend not to over extend ourselves, which makes it much easier to get through downturns, particularly of this magnitude. I think we’re a lot better off than a lot of other companies,” he said.
Van Schalkwyk has been working in construction in Dubai for six years and has always found it challenging.
“[Challenges] are very simple - usually time and Dubai has a knack for changing things very suddenly!”
“It’s the changing environment that is your biggest challenge in the whole construction industry,” he said.

His current development with Al Fajer Properties is the largest he has been involved with since coming to Dubai, although he has been part of big projects such as Ibn Battuta Mall.

Jumeirah Business Centre is a group of five high-rise office buildings in the Jumeirah Lakes Towers development, which are scheduled to be delivered this September.

True, very good progress especially on JBC 2 even though a friend and investor just told me that the Al Maktoum family had to step in financially to ensure the continuation of the project.
After all, what counts is the project to be finished one day!

My friend, who invested in JBC got this on feb. 4th:
http://i41.tinypic.com/2hgzjup.jpg


Dear,

what will you tell us by saying a frined of mine has got this......... and that it
is a good sign that NOW the MAKTOUM FAMILY has taken Responsibilty about ????? .... in Al Fajer Properties:ohno:

WHO was all the TIME the OWNER of Al Fajer Properties since.........?????????
NOT Hhe Father of the named Person in this mass letter, ylou show here ?????? An dthe son was never involved since the Beginning in ????????

THE MAKTOUM FAMILY - you can believe me - will not take any responsibilty for what a part of this family has caused here the investors.

That Al FAjer Properties is now chossing again the reputation of the Name MAKTOUM - to cover everything - is again a Scandal.

And:

Why do a part of this threat - forum Member now so massive promote the progress of JBC 2 and a few other JBC`s ( as we now all know over 7days... the DELIVERY will BE in SEPTEMBER 2009:nuts:) - but not showing the super progress of the now so called Phase 2 ( H3,G3,H1 and JBC6) ???????????.....even somebody like IMRE are able to show also pic`s of this ?????????????????
Any special agreement with AFP not to show this ????????????

And yes ....... we all know ..... those who are real Investors....... that the ARREST of the Chairman Dynasty Zarooni has nothing to do with the HIGH reputated Developer Al Fajer Properties:nuts:

For whom do you writng here ? For seeking some new stupid Investors for JBC`S ? Or also you are not willing to show transparence about whats going on really in this case Jumeriah Business Centres ?

ebony 007! Can you advise what your issue is with Al Fajar?????

ebony 007! Can you advise what your issue is with Al Fajar?????

http://online.wsj.com/article/SB123457503562586691.html

DUBAI -- Amid the movers and shakers of this glittering city, Shahram Abdullah Zadeh cut a wide swathe. He cruised around town in a white Bentley and dined with royalty as his company developed one of the emirate's premier office complexes.

But last February, a phone call from Dubai's state security effectively ended it all

Hauled in and locked up for 60 days, Mr. Zadeh says he was interrogated about his role in Dubai's freewheeling real-estate sector and his business relationship with the brother-in-law of Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. When released, Mr. Zadeh says he had been frozen out of the real-estate company he had helped start.


Mr. Zadeh's experience, compiled though court and company documents, offers a rare window into the murky business world that helped transform this city from an empty coastline into a metropolis. It also may offer a cautionary tale for investors lured to the city, which bills itself as the modern face of a new Middle East. Dubai is one of seven semi-autonomous emirates that make up the United Arab Emirates.

The U.S. government and human-rights groups have long criticized the judicial system in the U.A.E for a lack of independence and oversight. In the good times, investors didn't fret much about these shortcomings. Now, some of the same deals that helped build Dubai are coming undone -- in particular, a tradition of off-the-book business partnerships between Emirati citizens and elite expatriates like Mr. Zadeh, who was born in Iran.

Mr. Zadeh claims his detention came after a business dispute with his partner at Al Fajer Properties, Sheikh Hasher bin Juma'a Al Maktoum and his son, Sheikh Maktoum bin Hasher al Maktoum. Both men are members of the extended family of Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. Mr. Zadeh alleges the two men took control of the firm while he was in custody, according to a lawsuit he filed with Dubai's public prosecution office last year.

Mr. Zadeh has not been charged with a crime. But for the past year, authorities have held onto his passport, making it impossible for him to travel or find work.

"I used to believe in the miracle of Dubai. But now I see it all as a mirage," said Mr. Zadeh, 37.


Sheikh Hasher denies any wrongdoing.


He says he was not responsible for Mr. Zadeh's jailing and that he removed him from the company because Dubai authorities said he had offered bribes, an allegation Mr. Zadeh denies.

"I don't need to defend my reputation. He does," Sheikh Hasher said in a telephone interview. "This man is crazy. He is a crook with a sweet tongue."

Some of Mr. Zadeh's claims are impossible to verify independently.


His only copy of the real-estate partnership agreement is missing, and official company documents show the Sheikh Hasher as sole owner. Dubai's security services, the public prosecutors' office and the Dubai ruler's court all either declined to comment or didn't respond to repeated requests for comment.

Last fall, the Emirates' Human Rights Association, a government body, wrote to authorities asking for an explanation about why Mr. Zadeh's passport was being held. The group did not receive any response, according to his lawyers.

Mr. Zadeh grew up in Dubai, attending school with the children of some of the city's top families. He managed his family's hotel and retail holdings and decided to go into business himself in 2000. Real-estate development was off limits to foreigners, even longtime residents like himself. So, he turned to a common practice -- a silent partnership with a U.A.E. citizen.

Typically, such partnerships involve an Emirati acquiring a business license and then granting his foreign partner management control. The foreigner either pays an annual fee to the Emirati or the two share profits. The terms are set forth in a parallel set of documents, separate from those submitted to the government. Such contracts are so common that courts here have upheld them in disputes, according to commercial lawyers here.

In 2004, an old friend of Mr. Zadeh's father brokered an introduction with Sheikh Hasher.


The sheikh owns Al Fajer Enterprises, a conglomerate that includes a large construction and contracting arm.



In affidavits filed with Dubai's prosecution office, Mr. Zadeh contends that he and Sheikh Hasher verbally agreed to a partnership, signing a contract on Feb. 1, 2006.


The partnership, Mr. Zadeh says, established the two men as co-owners of Al Fajer Properties.


The men would split profits equally and would invest equal amounts of capital. The contract named Mr. Zadeh as chief executive.

Mr. Zadeh provided $335,000 in start-up capital, and he invested another approximately $30 million in the company, according to bank documents reviewed by The Wall Street Journal.


Mr. Zadeh's affidavits contend Sheikh Hasher didn't contribute any capital. Sheikh Hasher denies the equity partnership ever existed.

Business took off quickly.


One of Al Fajer's biggest projects was a planned $750-million development of five office towers, set just inland from Dubai's man-made, palm-tree-shaped island.


Mr. Zadeh bought three of the five plots for the 40-story towers with his own money, according to financial documents.


With investors lined up for units, he then awarded $215 million worth of contracts to the construction arm of Sheikh Hasher's Al Fajer Enterprises, according to company documents.

But by late 2007, the contractors were behind schedule, according to company documents and former employees. Al Fajer Properties was facing fines for the delays, and buyers were starting to complain.


Sheikh Hasher wanted payments to continue to his companies, but Mr. Zadeh claims he said no.


The sheikh complained in a series of text messages that unless Mr. Zadeh released more cash, his contracting companies would go bankrupt.

On Feb. 21, 2008, Mr. Zadeh claims, he received an unusual phone call from State Security, asking him to come in that evening for a talk. When he arrived, , he claims that police blindfolded him, put him into a sport-utility vehicle and drove him to a detention center.

In the eight weeks he was jailed, Mr. Zadeh says he was never accused of a specific crime or shown an arrest warrant. Instead, he says, he was repeatedly interrogated about his personal life and Al Fajer's operations, and gave his interrogators the combination to the company's safe after they asked for it. "They told me that if I did not cooperate that they would ruin me," Mr. Zadeh said.

Mr. Zadeh contends the only copy of his partnership agreement with Sheikh Hasher was in the safe. Former employees of Al Fajer say the company safe was emptied while Mr. Zadeh was jailed.

On March 6, Sheikh Hasher's son, Sheikh Maktoum, was named the new chief executive of Al Fajer Properties.

Sheikh Hasher hired international accountants to audit Al Fajer's books, according to former employees.

He then presented the findings to employees and select clients, accusing Mr. Zadeh of embezzling funds.

Phone calls and emails sent to lawyers and accountants of Al Fajer Properties were not returned.

Sheikh Hasher says Mr. Zadeh stole money from him, but did not provide evidence, or the audit, to back his claim. Mr. Zadeh denies it.

Prosecutors refused to investigate the case, citing an order from Dubai's attorney general, an official appointed by the ruler.

In November, Mr. Zadeh tried one last option. He approached the ruler's diwan, or court administration, and asked for mediation from Sheikh Mohammed himself.

So far, there has been no reply.

H1,H3 ON HOLD

15/February/2009

H3, JBC9

http://img6.imageshack.us/img6/6135/imresolt01ay4.jpg (http://imageshack.us)

http://img13.imageshack.us/img13/2033/imresolt02hj3.jpg (http://imageshack.us)

http://img4.imageshack.us/img4/3355/imresolt03ay6.jpg (http://imageshack.us)

http://img13.imageshack.us/img13/566/imresolt04by3.jpg (http://imageshack.us)

15/February/2009

H1-JBC 7

http://img4.imageshack.us/img4/8440/imresolt13fb9.jpg (http://imageshack.us)

http://img294.imageshack.us/img294/448/imresolt14pj4.jpg (http://imageshack.us)

http://img294.imageshack.us/img294/3233/imresolt15pg8.jpg (http://imageshack.us)

15/February/2009

G2-JBC1

http://img294.imageshack.us/img294/9495/imresolt05pc2.jpg (http://imageshack.us)

the board is next to the H1 plot

http://img11.imageshack.us/img11/3250/imresolt10hh8.jpg (http://imageshack.us)

15/February/2009

V1-JBC2

http://img502.imageshack.us/img502/5678/imresolt82wb2.jpg (http://imageshack.us)

:badnews::


Thank you IMRE for showing us the reality:okay:

So, JBC 6-7-8-9 ON HOLD (L1-H1-G3-H3) , this is the Phase 2 and the developer promised end 2010 ?

Hopefully they will have main contractor soon.( or maybe same as the Phase 1, AL AHMADIA will be the contractor? )

thank u imre :banana:

xx

xx

xx

JBC 5 cladding also started but same as the JBC 2.

All JBC will be the same?

10 March 2009

JBC4

http://i424.photobucket.com/albums/pp325/baboonfez/JLT_100309/jbc4.jpg

JBC 5 cladding also started but same as the JBC 2.

All JBC will be the same?

JBC 3 cladding started as well.

black one :)

I think 2-3 more months and the Phase 1 ( JBC 1-5) is TOPPED OUT.

problem is who will rent out all these offices once done - surely they will be an oversupply

JLT is still ok but what about the Business Bay? :)

JBC 3 cladding started as well.

black one :)

I think 2-3 more months and the Phase 1 ( JBC 1-5) is TOPPED OUT.

Maybe you could take pictures from JBC 1-5 !

Also a board picture of JBC 8 would be great !!! Thx in advance !!

REUTERS (http://www.tradearabia.com/news/newsdetails.asp?Sn=LAW&artid=157871)

A Dubai court began a hearing against three members of the emirate's ruling family after businessman sought $1.9 billion in compensation for the alleged seizure of his firm.

The claimant, Shahram Abdullah Zadeh, a Dubai-based Iranian businessman and property owner, filed the civil suit, alleging that his business had been taken over by Sheikh Hasher Maktoum Al-Maktoum, according to case documents obtained by Reuters.

The court handling the case against Al Fajer Real Estate and members of the Dubai ruling family began the trial but adjourned to April 8 after defendants did not attend.

'We attended the session but the defendant did not attend and the session was adjourned to April 8,' Salem Al Shaali, Zadeh's lawyer from Al Shaali & Co, told Reuters by telephone.

Sheikh Hasher had sponsored Zadeh in line with the United Arab Emirates law which requires foreigners to have a UAE national as a partner or sponsor to carry out business activities, the documents showed.

Sheikh Hasher declined to comment by telephone or respond through email. His son and daughter could not be reached by telephone.

The suit is likely to draw wide attention as a test case for Dubai, home to many Western banks and a regional business hub.

Dubai has fashioned itself as a tourist destination and business-friendly centre for many international firms, and captured global attention by building palm-shaped islands in the sea and the world's tallest building.

Last year, as Dubai's booming real estate market reached dizzying heights, the emirate launched a high-profile anti-corruption campaign that saw the arrest of several well-known business figures.

But the prolonged detention of several Dubai property executives as part of the probe has been criticised by groups such as Amnesty International.

Zadeh accuses Al Fajer company, Sheikh Hasher, his son and his daughter, of involvement in the case, according to case documents. The case names the daughter, Sheikha Meryam, as a partner of the firm, and the son, Sheikh Maktoum, as a manager.

Zadeh alleged that Sheikh Hasher and Sheikha Meryam have 'seized all the company has from cash monies, movables, properties, and others' in March last year, according to case documentation.

The seizure of the company occurred while Zadeh was held in custody of Dubai police, according to Zadeh.

'I was arrested for 60 days on February 21, 2008 and until this day I don't know what law I have broken, and I have not been charged with anything. I still don't know why they have kept my passport for over one year,' Zadeh told Reuters.

The chief of Dubai police, major general Dahi Khalfan Tamim, confirmed the arrest to Reuters by telephone and said that Zadeh was held on charges of bribery on order of the public prosecutor, charges that Zadeh denies. The public prosecutor could not be reached for comment.

Abdullah Zadeh's lawyer, Salem Al Shaali, said he expected the case to be decided on its merits.

'We haven't yet seen anyone, whether from the ruling family or other, escaping the rule of law,' he told Reuters.

Essam Al Tamimi, lawyer at Al Tamimi & Co. told Reuters by telephone that the judicial system in the UAE 'is very independent from the government and the ruling family'.

'Anyone can sue anyone, whether they are from the ruling family or not,' Tamimi said.-Reuters

:ohno: and By all of this - dont forget - also the case "DYNASTY AL ZAROONI" for Plot H3, G3 and H1 ist still PENDING !!!!!

What a big SCANDAL in DUBAI around Jumeriah Business Centre 1 - 9:bash:

Essam Al Tamimi, lawyer at Al Tamimi & Co. told Reuters by telephone that the judicial system in the UAE 'is very independent from the government and the ruling family'.

'Anyone can sue anyone, whether they are from the ruling family or not,' Tamimi said.-Reuters




:ohno:

source GulfNews 17. March 2009 (http://dubai7stars.blogspot.com/search/label/Al%20Fajer%20Properties)

An arrest warrant has been issued against the senior executive of a well known real estate company, a senior public prosecutor told Gulf News on Monday.

Hilal Al Zarooni of Dynasty Zarooni Real Estate is "wanted and it's a matter of time before the law enforcement officers bring him in for questioning," the public prosecution official said. He didn't say when exactly the warrant was processed.

Ayman Merdas, of Al Sharif Advocates and Legal Consultants, the law firm representing Hilal Al Zarooni and the company's chairman, Kabir Mulchandani, said the investigation is ongoing but declined to comment whether Hilal Al Zarooni has been detained upon the arrest warrant or not.

Salem Al Sha'ali, the legal representative of a number of investors, said "My clients have lodged nearly 30 complaints worth around Dh300 million against the suspects& we have officially requested the public prosecution to arrest and question H.A.Z."

"We also asked the public prosecution to question a number of developers to testify to the fact whether Kabri Mulchandani was authorised to sell their properties... ."

Earlier, both executives told Gulf News they were both "in the clear" and blamed the case of "nervous investors."

^^

Ps:
Dynasty Zarooni sold for Al Fajer Properties Jumeirah Business Centre 7 - 9,
Plotz H3, G3 amd H1

xx

xx

Cladding on JBC under way

http://www.business24-7.ae/SiteLists/ArticlesEditedPhotos12009/3_31_2009/ArtclDtaPg_f995a62413ca4231b92cf631a44f8c85_0.2.jpg

on Wednesday, April 01, 2009

Ninety days after announcing aluminium and glass orders worth Dh245 million, cladding is under way for Al Fajer Properties' Jumeirah Business Center (JBC) flagship project in Dubai, it was revealed yesterday.

With the aggressive Dh3.2 billion restructuring initiated under the new management in early 2008 prior to the credit crunch, the company said today it enjoys a remarkable balance sheet strength, which has enabled it to accelerate construction and achieve results in record time. In some projects, the developer has reached an average of a four-day cycle per floor on some of its towers.

Cladding on Towers 2, 3, 4 and 5 has already begun, with Tower 2 being the first of the five towers within phase one to receive panes of the speciality glass. On JBC 2, one wall of glass is partly up to the fifth floor with the overall building superstructure reaching 34 floors.

The double-glazed glass with low E-coating reflects a significant amount of radiant heat, thus lowering the total heat within the building along with a reduction in noise pollution. Shenyang Yuanda Aluminum Industry Engineering Co Ltd and Reem Emirates Aluminium are the cladding suppliers.

http://business24-7.ae/Articles/2009/4/Pages/31032009/04012009_c48a844989c3451e9f7f044ca0fdcea6.aspx

03/April/2009

JBC2

http://i39.tinypic.com/2s67wi9.jpg

05/April/2009

JBC2

http://i44.tinypic.com/1zqr3hh.jpg

http://i43.tinypic.com/2mw9jt1.jpg

http://i42.tinypic.com/1237fww.jpg

http://i44.tinypic.com/e66m9d.jpg

http://i39.tinypic.com/2lcj91.jpg

Dubai - April 8, 2009
A Dubai court postponed on Wednesday a 1.9 billion dollar lawsuit by Shahram Abdulla Zadeh ( Iranian) gainst members of the ruling family over an allegedly lost property investment to give the defence time to prepare.

Lawyer Hussein al-Jaziri asked for a “long period of time to respond to the case,” but the judge set May 4 as the date for the next hearing.

No one represented the defence during the first hearing, on March 11.

Iranian Shahram Abdullah Zadeh claims he invested the 1.9 billion dollars as the sole capital of a company, Al-Fajer Properties

Under United Arab Emirates law, only UAE and Gulf citizens may register property firms, and ruling family member Sheikh Hasher Maktoum bin Jumaa al-Maktoum is listed as the owner.

“I was the sole investor. Al-Fajer Propertiesis my company. Sheikh Hasher’s only contribution has been the real estate licence as a sponsor,” he said in March.

Zadeh, who was sacked as company president last year, is demanding the “recovery of all material assets of Al-Fajer Properties,” according to legal documents obtained by AFP.

These include liquid assets and property, which are estimated at seven billion dirhams (1.9 billion dollars), and nine percent interest since the suit was filed.

“We have enough documents to prove he was the sole investor,” Zadeh’s lawyer Salem al-Shaali told AFP after the first hearing.

Sheikh Hasher is a brother-in-law of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Also named in the suit are his daughter, Sheikha Maryam, a partner in the company, and son Sheikh Maktoum, who was made president of Al-Fajer after Zadeh was sacked.

source (http://7starsdubai.wordpress.com/tag/al-fajer-properties-dubai/)
Their names were only made public on Wednesday.

Zadeh said he was detained by Dubai police at the time he was dismissed last year and held without charge for 60 days, and that his passport was confiscated and is still being held without explanation.

The case comes as several executives from high-profile Dubai firms are held on suspicion of embezzlement and as the once-booming regional business and tourism hub struggles to stave off the impact of the global economic slowdown.

ak/al

:lurker::lurker::lurker::lurker::lurker:

More about the case Al Fajer Properties (http://7starsdubai.wordpress.com/tag/al-fajer-properties-dubai/)
which must be seen also in relation to the pending case Dynasty Zarooni (http://7starsdubai.wordpress.com/tag/dynasty-zarooni/)

Al Fajer awards JBC contract to Al Ahmadiah


Dubai: Al Fajer Properties (AFP) on Sunday announced a Dh1.2 billion contract for phase 2 of its Jumeirah Business Centre (JBC) Project within the Jumeirah Lake Towers (JLT) to Al Ahmadiah Contracting & Trading LLC. Phase 2 consists of Towers JBC 6 as well as the Ebony and Ivory Towers.

The company announced a Dh3.2 billion restructuring in February this year. Ensuring compliance with Dubai's green building code and JAFZA regulations, a green consultant was appointed in early January to the project.

The President of Al Fajer Properties, Shaikh Maktoum Bin Hasher Al Maktoum, was quoted as saying, "We are happy that we are in our final stages of concluding the green design features mandated by JAFZA, which will be beneficial to the environment and will also translate into a reduction in operating costs to our end users."

The company's 9 towers, situated within a free zone, once completed will offer high-end commercial properties attracting both large local companies and multinational organisations from around the world.

The unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totalling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across all 9 towers.

"We are delighted to have won the contract for Phase 2. With the experience gained from phase 1, we are confident that the pace of our construction will proceed in record time, as our construction team is already familiar with this design.

"We are expecting to reach the 10th floor early next year as all shoring and piling works have already been completed on these plots. S.K Joshi, CEO of Al Ahmadiah Contracting said building approvals are in final stages.

http://www.gulfnews.com/business/Real_Estate_Property/10303907.html

we should merge this thread with the JBC's

http://www.skyscrapercity.com/showthread.php?t=290912&page=17

Al Fajer awards JBC contract to Al Ahmadiah


Dubai: Al Fajer Properties (AFP) on Sunday announced a Dh1.2 billion contract for phase 2 of its Jumeirah Business Centre (JBC) Project within the Jumeirah Lake Towers (JLT) to Al Ahmadiah Contracting & Trading LLC. Phase 2 consists of Towers JBC 6 as well as the Ebony and Ivory Towers.

The company announced a Dh3.2 billion restructuring in February this year. Ensuring compliance with Dubai's green building code and JAFZA regulations, a green consultant was appointed in early January to the project.

The President of Al Fajer Properties, Shaikh Maktoum Bin Hasher Al Maktoum, was quoted as saying, "We are happy that we are in our final stages of concluding the green design features mandated by JAFZA, which will be beneficial to the environment and will also translate into a reduction in operating costs to our end users."

The company's 9 towers, situated within a free zone, once completed will offer high-end commercial properties attracting both large local companies and multinational organisations from around the world.

The unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totalling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across all 9 towers.

"We are delighted to have won the contract for Phase 2. With the experience gained from phase 1, we are confident that the pace of our construction will proceed in record time, as our construction team is already familiar with this design.

"We are expecting to reach the 10th floor early next year as all shoring and piling works have already been completed on these plots. S.K Joshi, CEO of Al Ahmadiah Contracting said building approvals are in final stages.

http://www.gulfnews.com/business/Real_Estate_Property/10303907.html

From MEED:

Al-Fajer awards Jumeirah Business Centre phase 2
Published: 13 April 2009 14:10 GMT Author: Peter Salisbury More by this Author Last Updated: 13 April 2009 14:17
The UAE's al-Fajer Properties (AFP) has awarded the construction contract for the second phase of its Jumeirah Business Centre, part of the Jumeirah Lakes Towers development, to the local Al-Ahmadiah Contracting & Trading.
The second phase of the development covers three towers, named JBC 6, Ebony, and Ivory.

Al-Ahmadiah also won the contract for the first phase of the development, and said in a 12 April statement that it believed its experience to date would allow the development to be completed "in record time".

The company expects to have constructed ten floors within twelve months, and said in the statement that shoring and piling works on the site had already been completed.

AFP said in the same statement that a "green consultant" was appointed to the project in early January 2009 to ensure compliance with Dubai building regulations.

Author: Peter Salisbury. Gulf Correspondent
London

14/April/2009

JBC4

http://i41.tinypic.com/5ec1no.jpg

http://i40.tinypic.com/2myuutc.jpg

http://i43.tinypic.com/28cmrev.jpg

01/May/2009

JBC

http://i42.tinypic.com/6z25qa.jpg

http://i44.tinypic.com/2wqfuv8.jpg

nice looking of back claddin with good progress !

01/May/2009

JBC

http://i42.tinypic.com/6z25qa.jpg

http://i44.tinypic.com/2wqfuv8.jpg


Dear Imre

Do you have any up to date pictures on JBC3?

Thanks

Has any work started on Ebony Ivory ? Or has anyone got any updates ?
Could always turn that huge hole into a green park... gets my vote.

Dear Imre

Do you have any up to date pictures on JBC3?

Thanks

no new pics but I saw today and JBC 3 and JBC 2 "TOPPED OUT"

Is there any demand for shops in JLT? :) Are they selling and at what price??

shops are there but ppl are asking crazy prices.. from 140 dhs per sq ft to 252 this is for rentals

shops are there but ppl are asking crazy prices.. from 140 dhs per sq ft to 252 this is for rentals

Is it easy to start up a shop?

15/May/2009

JBC's

http://i39.tinypic.com/2n829mv.jpg

http://i43.tinypic.com/25klair.jpg

http://i43.tinypic.com/2eqcbw1.jpg

http://i40.tinypic.com/t6401e.jpg

http://i40.tinypic.com/30dkva1.jpg

http://i43.tinypic.com/2hf1eol.jpg

http://i40.tinypic.com/2zt9dw6.jpg

http://i40.tinypic.com/wu4f4g.jpg

Al Fajer Properties wraps up five towers' superstructure


Staff Report
Published: May 15, 2009, 22:58


Dubai: Al Fajer Properties (AFP) on Friday said it has completed the superstructures for Phase 1 - five of its nine towers - in record time, a move that could help boost investor confidence.

The five Jumeirah Business Centre (JBC) towers, once handed over, will add two million square feet of office space and an additional 83,000 square feet of retail space within the Jumeirah Lakes Towers (JLT) Community.

This achievement comes within the last 12 months since disbanding the old management team coupled with an extensive restructuring of the company.

The strengthening of the company's balance sheet by Dh3.2 billion well before the global financial crisis makes AFP today one of the strongest developers in the local market owing purely to its decisive course of action, implemented within the first 90 days of the new management team coming on board.

"We have achieved our most significant milestone to date and I am extremely pleased with the results. Our results are testimony to what proper management and a Tier-I construction company can achieve in record time," Shaikh Maktoum Bin Hasher Al Maktoum, President of Al Fajer Properties, said in a statement.

Even though AFP felt the impact of the well known national cement shortage, the extraordinary efforts by Al Ahamadiah Contracting, AFP's main contractor, enabled the project to achieve a rate of a 4-day cycle per floor for Phase 1, which today has resulted in five towers being built in a span of 12 months.

Two of the superstructures in Phase 1 are currently in the process of having their construction cranes dismantled. All construction cranes are to be removed across the five towers by the end of the month.

Phase 1 is due for hand over in the last quarter of 2009 with deployment of Phase 2 - JBC 6 and Ebony/Ivory towers, well underway.

Andre Van Schalkwyk, Project Director of Al Ahmadiah, was quoted as saying: "This could only have been achieved through the streamlined processes and standards created by the new management team along with effective decision making and timely execution. We are proud to be part of such a great achievement."

AFP is the premier developer in the Jumeirah Lakes Towers (JLT) community and is the only developer to include a five-floor atrium within the lobbies of its towers.

Its nine towers, situated within a freezone, once completed will offer high-end commercial properties attracting both large local companies and multi-national organisations from around the world.

The facilities of the JBC Towers cumulatively offer exclusive freehold offices totalling a leaseable area of 3.6 million square feet.

http://www.gulfnews.com/business/Construction/10313992.html

Is it easy to start up a shop?

nothing is easy to start here in dubai.. but you can go to DMCCA office in Almast tower on 50th floor, or call them information its a good time to open a super market as there are non in the area..

Dubai: Dubai Public Prosecution has granted bail to a senior executive of a real estate company who is being interrogated over alleged financial irregularities, Gulf News has learnt.

“The Dubai Public Prosecution granted bail to Dynasty Zarooni Real Estate’s Chairman Kabir Mulchandani. yesterday, but the interrogation continues over his alleged fraud and swindling charges,” a senior public prosecutor told Gulf News on Thursday.

Lawyer Eisa Bin Haider confirmed that his client was released on bail on Thursday.

The Case Dynasty Zarooni – Al Fajer Properties
Jumeirah Business Centre 7,8,9 -
Ebony Ivory Towers – Jumeirah Lake Towers (http://7starsdubai.wordpress.com/?s=Al+Fajer+Properties)

The Public Prosecution has been questioning Kabir Mulchandani., an Indian, and the firm’s president, an Emirati national, Hilal Al Zarooni, over alleged fraudulent charges.

Salem Al Sha’ali, the legal representative of investors who were reportedly swindled, said earlier some of his clients lodged nearly 30 complaints worth millions of dirhams against the suspects.

More about this case Dynasty Zarooni (http://7starsdubai.wordpress.com/?s=Dynasty+Zarooni)- Al Fajer Properties (http://7starsdubai.wordpress.com/?s=Al+Fajer+Properties) ( Jumeirah Business Centre – complaining investors) from the past

Al Fajer to spend Dh274m on Dh1.8b project

Staff Report
Published: May 22, 2009, 23:39


Dubai: Al Fajer Properties (AFP) said, it has deployed Dh274 million of capital on phase 2 of its Dh1.8 billion Jumeirah Business Centre (JBC) project.

Phase 2 consists of four commercial buildings, three of which are called the Ebony and Ivory towers.

"All four towers will be conforming to the highest green building codes complementing the green mandate set out by the Dubai Government.

"Once handed over, they will add an additional 1.6 million sq ft of office space and 66,000 sq ft of retail space within the Jumeirah Lakes Towers (JLT) community," a company statement said.

Given the tremendous progress on phase 1 which is due to be handed over by the end of this year, Shaikh Maktoum Bin Hasher, president of AFP, was quoted as saying, "Our continued investment within Dubai is a strong indication of our belief in the sustainability of the city and the country as a whole and that capital is starting to flow back into the economy once again. We look forward to delivering on our commitments to our customers in record time."

AFP is a premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a five-floor atrium within the lobbies of its towers.

Its nine towers in the free zone, once completed, will offer high-end commercial properties for both large local companies and multi-national organisations from around the world.

The state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totalling a leasable area of 3.6 million sq ft and an additional 150,000 sq ft dedicated to retail across nine towers.

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of Al Fajer Group. Since then the company has built up a significant land bank of note.

The company is currently in the process of developing its flagship project consisting nine commercial towers located in the Jumeirah Lake Towers Community.

http://www.gulfnews.com/business/Construction/10316090.html

:tiasd::tiasd::tiasd:

source Zawya (http://www.zawya.com/story.cfm/sidANA20090504T123746ZDDN01/Dubai%20Sheikh%27s%20Lawyer%20Rejects%20Lawsuit%20As%20Baseless) and 7StarsDubai (http://7starsdubai.wordpress.com/)
The defence lawyer( Samir Jaafar) for a Dubai Sheikh ( Hasher Maktoum bin Juma Al Matoum, brother in law of H.H. Sheikh Mohammed bin Rashid Al Maktoum) being sued by an Iranian businessman over $1.9 billion property investments on Monday rejected the lawsuit as baseless.

“All his allegations and the sums that he claims to have pumped into the company are unfounded,” lawyer Samir Jaafar told news agency AFP after the third hearing in the case.

Shahram Abdullah Zadeh has filed the $1.9 billion case against Sheikh Hasher Maktoum bin Jumaa Al-Maktoum and the Dubai-based real estate developer Al-Fajer Properties.

Zadeh insists he was the real owner and sole investor in Al-Fajer, which is registered under the name of Sheikh Hasher, a brother-in-law of Dubai’s ruler, Sheikh Mohammad bin Rashid al-Maktoum.

“There are surprises in the documents that we have presented to the court which will turn the case upside down,” Sheikh Hasher’s lawyer Samir Jaafar said, declining to elaborate.

“We believe that the lawsuit will be rejected after the court goes through the documents that we have presented,” Jaafar added.

Legal sources close to the case, asking not to be named, said the defence has charged that the sums which Zadeh says he invested in the company were in fact the “company’s money that he misused to appear as if it was his own”.

Zadeh, for his part, demands the “recovery of all material assets of Al-Fajer Properties“, according to legal documents obtained by AFP.

These include liquid assets and property, which are estimated at 7 billion dirhams ($1.9 billion), and 9 percent interest since the suit was filed.

His lawyer Salim al-Shaali, who asked the judge for time to study the defence document, said that at the next hearing on May 25 he will ask for an auditor to be appointed to look into the company’s accounts.

“The expert would decide who pumped capital into the company and … whether the defendants paid any money,” he told AFP.

Zadeh charges Sheikh Hasher made no investment in Al-Fajer and that he acquired the licence under the sheikh’s name only because Emirati law does not allow non-Gulf citizens to register real estate firms under their own names.

“For every dirham that Sheikh Hasher can show the court he has invested in Al-Fajer Properties, will give him the company and an extra $10 million bonus,” Shahram Zadeh told AFP after the latest hearing, which he did not attend

Shahram Zadeh said he started up the company from scratch, pumping in cash “as and when the company needed”, and that he only withdrew part of his initial investments after the company expanded from property sales.

“The Sheikhs claim I was an employee,” said Zadeh.

“My question to the court is what employee (can be) the sole investor, work for four years with absolute single authority signing billions of dirhams on cheques, contracts … but work without a salary or an employment contract?”

In addition to Sheikh Hasher, Zadeh is suing his daughter, Sheikha Maryam, a partner in the company, and son Sheikh Maktoum bin Hasher Juma Al Maktoum, who was made president of Al-Fajer after Zadeh was sacked in February.

Zadeh said he was detained by Dubai police after he was sacked and then held without charge for 60 days, and that his passport was confiscated and is still being held.

“I still don’t know why I was arrested,” he said.

The case comes as several executives from high-profile Dubai firms are being held on suspicion of embezzlement and as the once-booming regional business and tourism hub struggles to stave off the impact of the global economic crisis.

Plot H3, G3, H1 = Ebony Ivory Towers or JBC 7,8,9, and JBC 6 by Al Fajer Properties and Dynasty Zarooni :


From CITY TV Broadcast Report 22. May 2009 (http://7starsdubai.wordpress.com/2009/05/24/2593/)

Al Fajer Properties offering discounted but an accelerated payment plan, reducing the price per sq. ft. to around 1050. Just got a letter today.

ragga, on which development? on all? more details plz

first crane of the JBC 2 going down

Situation Plot H3, May 2009 (http://www.independent.co.uk/news/world/middle-east/dubai-property-scandal-claim-emerges-amid-media-blackout-1691537.html?action=Popup&ino=4)

Plot H3, where the" six storey under-construction Ebony tower" :ohno: appears to have vanished


actual Situation Plot G3 (http://www.independent.co.uk/news/world/middle-east/dubai-property-scandal-claim-emerges-amid-media-blackout-1691537.html?action=Popup&ino=3)

Plot G3, where the Ivory 1 tower should be rising, is nothing more than an empty hole in the ground

actual Situation Plot H1 (http://www.independent.co.uk/news/world/middle-east/dubai-property-scandal-claim-emerges-amid-media-blackout-1691537.html?action=Popup&ino=5)

There is no more action at plot H1, site of the proposed Ivory 2 tower

http://www3.snapfish.co.uk/slideshow/AlbumID=560720011/PictureID=16964504011/a=605420011_605420011/otsc=SHR/otsi=SPIClink/COBRAND_NAME=snapfishuk/

maybe the shame will get something built to save face, good for Arch aswell

May 28 2009 from The Independent UK (http://www.independent.co.uk/news/world/middle-east/dubai-property-scandal-claim-emerges-amid-media-blackout-1691537.html)

Fake pictures allegations and a member of the ruling family linked to a 429 pound million Dubai property row that has touched nerves across the city.

“Fake” pictures are at the heart of a property scandal that could harm the reputation of the once-booming real estate market in Dubai.

A major property development firm with links to the ruling family of the UAE city-state, and the firm’s marketing agency, are accused by investors, many of whom are UK citizens, of obtaining millions of pounds through the use of false construction photographs.

On Thursday, after local and regional media had been alerted to the situation by angry investors, news agencies across the city said they were silenced by senior representatives of the Government of Dubai, as orders were issued for reports of the storm to be pulled.

Around 500 property buyers of varying nationalities collectively purchased three planned tower blocks named Ebony 1, Ivory 1 and Ivory 2 in the Jumeirah Lakes Towers area of the Gulf city last year from property development firm Al Fajer Properties, at a total cost of £428 million.

The firm is part of the Al Fajer Group, ran by company president Sheikh Maktoum bin Hasher Al Maktoum, brother-in-law to the supreme ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.

But at the weekend it was claimed that Al Fajer Properties and its marketing agent Dynasty Zarooni misled their customers into parting with millions of pounds by presenting photographs showing construction of three buildings, purported to be Ebony 1, Ivory 1 and Ivory 2, up to the sixth storey.

In fact the photographs were of buildings on neighbouring plots. Today, the plots on which Ebony 1, Ivory 1 and Ivory 2 are to be built, are empty holes in the ground, as our photographs show.

“I only handed over my money because I was shown property under construction,” said UK-based Ebony and Ivory Investor’s group spokesperson Moses Oye. “That’s my simple gripe. It’s a black and white issue.”

Mr Oye, who has parted with a little over £1 million – 20% of his total purchase price – had made the seven-hour flight from London to Dubai specifically to chair a press conference to raise awareness of the mess, after official government channels failed to take action.

“We have not sought legal representation as yet,” My Oye said, “because we have tried to square this correctly. The next step will be to go legal.”

However, the press conference was cancelled at the last minute by the hotel where it was to be held, citing “health and safety reasons.” The hotel, Dubai’s Mina A’Salam, is owned by Dubai Holdings, a Dubai government-controlled holding company.

“I asked for the reason to be put in writing, but the hotel refused,” Mr Oye said. “So I asked for a suite. But they said they did not have anything. I personally believe that the powers that be cancelled the meeting.” When contacted, Mina A’Salam management did not respond.

The conference was called to highlight a petition signed by the 500-strong investor’s group urging the Dubai Real Estate Regulatory Agency (Rera), the government body which oversees the Dubai property market, to force Al Fajer Properties to refund the £86 million that has to date been collected by the firm from investors in the three towers.

After the meeting was axed, news agencies were called to a

neighbouring hotel to be told of the escalating situation. But

when reports began to surface on news websites, news

agencies received phonecalls from senior Dubai

government figures ordering them to be pulled.

“I had written half of the article when I was told by my editor to stop,” said a Dubai-based national newspaper reporter who attempted to cover the story. “The investor’s group have records of payment, and it’s obvious that they have been shafted, but we can’t write about it.”

The lack of progress on the three towers is a source of deep concern for the investors. Many real estate projects across Dubai were put on hold or cancelled as the torrent of easy credit that fuelled rampant development in the city ran dry with the onset of the global financial crisis.

“Whether Al Fajer are still going to construct or not is neither here nor there,” Mr Oye said. “They would not have got my money if they had not shown me fraudulent pictures.” Al Fajer Properties also declined to comment.

Fellow investor’s group spokesperson Atul Patel, who has parted with £600,000 added: “A lot of people would not have bought had they not thought the project was in an advanced stage of construction.”

The pictures also appeared in an advertising campaign in a Dubai-based national newspaper last July, with the caption, “Shot at location on 10th June 2008. Ebony & Ivory – Jumeirah Lakes Towers.” The two page spread included the seals of Dynasty Zaronni and Al Fajer Properties. Dynasty Zarooni also neglected to comment.

The news will further dampen the spirits of the once-booming Dubai real estate market – a vital facet of the city’s economy. Last year a number of senior executives from major property developers across the city were arrested in a high-profile fraud clampdown as the government sought to clean up the property sector.

With it, the global recession has brought a host of new problems. Many construction firms operating in the city, some of which are UK-based, are owed millions of pounds by Dubai property developers struggling with a lack of liquidity.

Among them is UK engineering giant WSP. The firm’s finance director Peter Gill revealed that the firm is owed £28 million by Dubai-based developers, some controlled by the city’s government.

Dubai’s property market has been likened by some to a giant ponzi scheme, where bigger and more grandiose projects were announced in a bid to keep investment rolling in until the financial crisis tamed the city’s galloping development.

At Cityscape Dubai, a major property exhibition held last October, government-controlled developer Nakheel, responsible for the giant palm tree shaped islands off the coast of Dubai, announced it was to build the world’s first 1km high tower. The Nakheel Tower – if ever built – will eclipse the current world’s tallest building, Dubai’s own Burj Dubai.

Meanwhile, state-owned developer Meraas unveiled a mammoth £16.3 billion development called Jumeirah Gardens, to be built in place of an existing residential area in the city.

Today, the plot where the world’s new tallest tower should be under construction is little more than a sun-baked stretch of desert. Work on the Nakheel Tower was halted in January, and work on vast swathes of Jumeirah Gardens has also run aground.

The national media blackout over the Al Fajer case is unusual even in a country gripped by a harsh media law, and a pending new law, that has already drawn criticism for its prohibition of free speech.

A report by the US-based Human Rights Watch group into the UAE’s pending media law, Just the Good News, Please, was published last month. “(The pending law) includes troubling content-based restrictions on speech, draconian fines, and harsh registration requirements,” the report said.

It highlighted a number of the new law’s provisions, branding them: “Not only unlawful intrusions by the government into the right of journalists in the UAE to freely express their thoughts and opinions on any subject of their choosing, but also an unjustified attempt to control the independence of the media.”

Words that will do little to inspire confidence in Mr Oye. “This is going to define my faith in the country,” he said. “If I’m dealt with correctly, great. But at the moment, it’s not going that way. We’re in the witching hour now.”

Heerkani Chohan is the pseudonym of a journalist living and working in Dubai.

31/May/2009

JBC 2

http://i40.tinypic.com/167w940.jpg

http://i39.tinypic.com/2mh67tt.jpg

http://i44.tinypic.com/2qmov0l.jpg

http://i41.tinypic.com/144a99g.jpg

http://i42.tinypic.com/2qius1s.jpg

31/May/2009

JBC 2

http://i40.tinypic.com/2v30zf9.jpg

http://i604.photobucket.com/albums/tt128/dubai7stars/PloH3May2009.jpg

http://i604.photobucket.com/albums/tt128/dubai7stars/PlotG3May2009.jpg

http://i604.photobucket.com/albums/tt128/dubai7stars/PlotH1May2009.jpg

Any thoughts around the offer presented by Al Fajer on the discounted early payment for the last installments?
Do you guys really think the towers would be handed over by Sept-Dec 09???
cheers...

Al Fajer Properties projects are on track

Staff Report
Published: June 07, 2009, 23:21


Dubai: Al Fajer Properties announced yesterday the company is on schedule with the construction of all its projects.

The company recently underwent a voluntary construction audit carried out by a Rera (Real Estate Regulatory Agency) approved independent third party.

The results confirm that work on Phase 1 has neared 80 per cent completion and 15 per cent of construction has been completed on Phase 2 (including the Ebony and Ivory Towers) with work continuing.

Progress on the project will be available on the Rera website shortly. The audit affirms that Al Fajer Properties have attained the highest level of transparency and is in full compliance with all Rera rules and regulations, the company said in a statement. The turnaround of the company started with an aggressive managerial restructuring that set a new direction for itself in early 2008.

This was followed by financial restructuring that resulted in a strengthening of the balance sheet by Dh3.2 billion. The restructuring involved removal of inefficiencies and strengthening of the company's operational capabilities culminating in a four day construction cycle per floor and the building of Phase 1 in record time. Phase 1 is due for hand over in the last quarter of this year.

"Often times in the past, a minority of companies in the sector, were led by brokers and sales agents who did not adhere to sound business methodologies as it was very easy to sell real estate due to the excessive demand. However, today Dubai like any developed economy is returning to fundamentals," said Shaikh Maktoum Bin Hasher Al Maktoum, President of Al Fajer properties.

"I believe those companies with a strong focus on management and performance as their core competencies will be able to excel in the current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication," he said.

He said: "We applaud Rera in helping to further boost investor confidence. We believe that the Dubai market has matured and is best positioned to take advantage of any market recovery even though we may still face difficult times for the remainder of this year. We believe that we have passed the bottom in terms of bargain property prices for completed projects and projects under construction.

"With the introduction of third party construction auditors by Rera and publication of their results, Rera is in mid stream of changing Dubai's real estate market to a factual and rational one, maintaining the highest level of transparency."

http://www.gulfnews.com/business/Real_Estate_Property/10320727.html

http://i604.photobucket.com/albums/tt128/dubai7stars/snypshotpetitionzawyaEbonyIvory.jpgDUBAI, United Arab Emirates, 2nd of June 2009 -[ME NewsWire]

Ebony Ivory Investors Group, 500 international property buyers and investors, have signed a petition requesting Dubai’s Real Estate Regulatory Authority (RERA)
and the Dubai Ruler’s Court to investigate the Jumeirah Lakes Towers Ebony Ivory Towers project, involving Al Fajer Properties and its marketing agent Dynasty Zarooni

The petitioners have asked RERA to cancel the Ebony Ivory project and require Al Fajer Properties to provide a full refund, alleging legal violations by the developer, including fake construction photographs and misleading press releases.
http://i604.photobucket.com/albums/tt128/dubai7stars/June2008advertisementshowingAlFajer.jpg

“We have paid approximately $140 million and have a signed contract from Sheikh Maktoum Bin Hasher Al Maktoum,” said Moses Oye, spokesperson for the affected investors from the US, Canada, UK, Russia, India, Iran, Pakistan and other nations. “Now, we want our money back.”

The investor group said it is essential for RERA to conduct a comprehensive and transparent investigation to resolve the matter quickly because of the potential damage it may cause to overall investor confidence in Dubai. “We understand that Al Fajer Properties is controlled by a powerful member of Dubai’s ruling family,” added Oye. “However, if our complaints are not treated as per the rule of law, that will damage the reputation of the Dubai government, which we believe has always stood for transparency, accountability and implementation of the rule of law for all.”

Advertisement June 2008 with false construction status

In its complaint, the investor group cited advertisements in a local daily newspaper published in July, 2008 that show construction cranes with Al Fajer Properties logo and a structure rising six floors above ground. The caption read: “Shot on location on 10th June 2008, Ebony Ivory, Jumeirah Lakes Towers.

However, independent media reports have confirmed that the photographs actually showed Al Fajer’s other project, Jumeirah Business Centre Towers.

In reality, the site for Ebony Ivory Towers is merely a hole on the ground with no workers or machinery on site.

http://i604.photobucket.com/albums/tt128/dubai7stars/June2009EboyIvory.jpg

The investor group has sought for an explanation from Al Fajer Properties and has raised the issue with RERA on a number of occasions, without receiving a response for the past six months.

Now the investor group is ready to seek further legal action against Al Fajer Properties and Dynasty Zarooni.

-Ends-

Contacts
For Ebony Ivory Investors Group:
Moses Oye, +447956289390
Fax: +442084590202
ebonyivoryinvestorsgroup@yahoo.com

Any news about the Dynasty Zarooni ?

good progress here :

12/June/2009

Jumeirah Business Centre's (phase 1 )

http://i39.tinypic.com/xkn1qq.jpg

http://i43.tinypic.com/rt0qs8.jpg

http://i41.tinypic.com/35iy92h.jpg

http://i39.tinypic.com/dmzpu0.jpg

http://i43.tinypic.com/o586d0.jpg

and good news here, board up (with the old contractor , it would be changing soon, new contractor is the Al Ahmediah, same as the Phase 1) , mobilisation has begun

12/June/2009

Jumeirah Business Centre's (phase 2 )

H1

http://i42.tinypic.com/20tkv46.jpg

http://i41.tinypic.com/5odzqr.jpg

http://i39.tinypic.com/15rfhax.jpg

hs anyone managed to consolidate into another property from this one?

The New pics of H1 - This should be 15 % - like mentioned by Al Fajer June 7 ?1........15 per cent of construction has been completed on Phase 2 (including the Ebony and Ivory Towers) with work continuing. ?:ohno::ohno::ohno::ohno::ohno:

Al Fajer Properties projects are on track

Staff Report
Published: June 07, 2009, 23:21


Dubai: Al Fajer Properties announced yesterday the company is on schedule with the construction of all its projects.

The company recently underwent a voluntary construction audit carried out by a Rera (Real Estate Regulatory Agency) approved independent third party.

The results confirm that work on Phase 1 has neared 80 per cent completion and 15 per cent of construction has been completed on Phase 2 (including the Ebony and Ivory Towers) with work continuing.

Progress on the project will be available on the Rera website shortly. The audit affirms that Al Fajer Properties have attained the highest level of transparency and is in full compliance with all Rera rules and regulations, the company said in a statement. The turnaround of the company started with an aggressive managerial restructuring that set a new direction for itself in early 2008.

This was followed by financial restructuring that resulted in a strengthening of the balance sheet by Dh3.2 billion. The restructuring involved removal of inefficiencies and strengthening of the company's operational capabilities culminating in a four day construction cycle per floor and the building of Phase 1 in record time. Phase 1 is due for hand over in the last quarter of this year.

"Often times in the past, a minority of companies in the sector, were led by brokers and sales agents who did not adhere to sound business methodologies as it was very easy to sell real estate due to the excessive demand. However, today Dubai like any developed economy is returning to fundamentals," said Shaikh Maktoum Bin Hasher Al Maktoum, President of Al Fajer properties.

"I believe those companies with a strong focus on management and performance as their core competencies will be able to excel in the current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication," he said.

He said: "We applaud Rera in helping to further boost investor confidence. We believe that the Dubai market has matured and is best positioned to take advantage of any market recovery even though we may still face difficult times for the remainder of this year. We believe that we have passed the bottom in terms of bargain property prices for completed projects and projects under construction.

"With the introduction of third party construction auditors by Rera and publication of their results, Rera is in mid stream of changing Dubai's real estate market to a factual and rational one, maintaining the highest level of transparency."

http://www.gulfnews.com/business/Real_Estate_Property/10320727.html

good news of the Phase 2, mobilisation already begun , new boards, portacabins there, Al Ahmediah at the site.

Saw the H1, H3, G3 plots from the main road.

Can you please show us the NEW BOARDS and some pics from mobilisation for each plot wchich is said by AFP 15 % comleted , H3 , G3 , H1.

yes, construction already started at the Phase 2

16/June/2009

JBC 8

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16/June/2009

JBC 9

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http://i44.tinypic.com/pshz8.jpg

16/June/2009

JBC 7

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http://i42.tinypic.com/2vw8hvn.jpg

16/June/2009

JBC 6

http://i39.tinypic.com/de44t5.jpg

http://i41.tinypic.com/2wnqwzc.jpg

http://i43.tinypic.com/2jdgjnn.jpg

16/June/2009

JBC 6

http://i39.tinypic.com/de44t5.jpg

http://i41.tinypic.com/2wnqwzc.jpg

http://i43.tinypic.com/2jdgjnn.jpg

Hello All,

If you could please provide any information on the requested investigation against DZ and Al fajer properties apart from the articles, something from the ground level?

Also how will the commencement of construction effect the investigation?

Any info would be appreciated.

Thanks for the update IMRE

JBC 6 is PLOT L1 now

Al Fajer secures finance to fast-track projects at Jumeirah Lake Towers

Staff Report
Published: June 18, 2009, 23:03


Dubai: Al Fajer Properties has successfully secured construction financing from Commercial Bank of Dubai (CBD) for its projects in Jumeirah Lake Towers Community.

Al Fajer president Shaikh Maktoum Hasher Al Maktoum said: "We are proud to have CBD as our partners as well as other strong banks in the region. The UAE's banking sector has weathered the international financial crisis and now stands on solid ground. The government has injected Dh120 billion into long-term bank deposits to address the liquidity shortage. Since the liquidity situation in the banking sector has improved the funding is available to companies that have demonstrated there strength through out the last year." He added, "Since the start of 2009, Al Fajer has been restructuring its banking arrangements with leading banks in the region which are proving mutually beneficial for both partners."

He thanked CBD for their continued support. "Companies are not judged by the situations or conditions they may face, but they are defined by how they react to them," he said.

Peter Baltussen, CEO of CBD, noted that the bank has had a long-standing relationship with Al Fajer and its shareholders and has financed Al Fajer on the strength of their solid balance sheet and excellent business model.

"We are impressed by the progress made by the new management through restructuring and compliance. We are looking forward to a continued long term business relation with this dynamic business house," Baltussen said.

"Our Phase II project has been going full steam ahead to achieve a 24-hour cycle as soon as possible, which includes Ebony and Ivory Towers while Phase I is nearing completion. We are re-gearing our operation for the handover of Phase I and the experience that we have gained from our Phase I project will ensure a quicker delivery time on our phase 2 project," the company said.

The company has also received a construction compliance certificate issued by the Real Estate Regulatory Agency (Rera)-approved third party construction audit.

The report shows that Phase I of its Jumeirah Business Centre projects has neared 80 per cent completion and 15 per cent has been completed on Phase 2, which includes Ebony and Ivory Towers.

http://archive.gulfnews.com/articles/09/06/19/10324052.html

I was on site of JBC 9 yesterday. 40 workers on the ground, 1 crane , 3 diggers. Work seemed to be going on at a reasonable rate. probably 2.5 years to handover.

I was on site of JBC 9 yesterday. 40 workers on the ground, 1 crane , 3 diggers. Work seemed to be going on at a reasonable rate. probably 2.5 years to handover.

Just like Dumbo could fly- these towers are going to fly out the ground, and shift the issues of misrepresentation etc. to nothing but a delayed project.

I bet we will see them on levels 4-10 in the next 4-6 months.

- are we reddy for ginger tower?

still batting above your avergae Terry pop ?

Cladding going up very fast.

http://img178.imageshack.us/img178/5236/dubaijune09088.jpg (http://img178.imageshack.us/my.php?image=dubaijune09088.jpg)

http://img528.imageshack.us/img528/7295/dubaijune09135.jpg (http://img528.imageshack.us/my.php?image=dubaijune09135.jpg)

This is what is waking up Icon residents at every morning.


http://img89.imageshack.us/img89/3833/dubaijune09129.jpg (http://img89.imageshack.us/my.php?image=dubaijune09129.jpg)

http://img443.imageshack.us/img443/3291/dubaijune09130.jpg (http://img443.imageshack.us/my.php?image=dubaijune09130.jpg)

10/July/2009

JBC s

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12/July/2009

JBC 2

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Oh JLT Oh JLT

verse 1

With three towers done,
and rental rates at 80,

Will we ever experience the fun,
Of a crowded lift, hmm.....matey?

verse 2


Once the last office is finished,
And the Lakes are finally full,
Will rental rates be better then an office in Kabul?


verse 3

The foundations may be sh*tty,
And the (spoke of) demand a fantasy,

But at least the glass is pretty,
And the act of renting- now- philanthropy


Chorus
I came to make some money,
I was from that investor class,

Then the DMCC & Nakheel,
F8Cked me up my A*se.
(repeat)

big ad in todays KT business section.

http://i30.tinypic.com/hta9oy.jpg

R

a work of art in progress
definately its not
have yourself a shit
or get up off the pot.

jbc 1, jbc 2
foreclosure for me, foreclosure for you

jbs 3 jbc 4
no job for me ill sweep my over priced unrentable floor

jbc 5 jbc 6
2 more shit towers to throw in the mix

jbc 7 jbc 8
50 chips a foot, the rental rate

jbc 9 jbc 10
hummmmmmmmmmmmmmmmmmm

THE END

IN MEMORY OF THE CHAV WE LOVE

big ad in todays KT business section.

http://i30.tinypic.com/hta9oy.jpg

R

HELLO What a NICE IDEA of Promotion


HANDOVER of What ?????? elevators - Restrooms - High Tech Funktion Penthouse Offices ???????????????????

AUGUST 2009 ??????????? Handover of a Showroom or What ? :blahblah::blahblah::blahblah::blahblah:

PLEASE SHOW US MORE New Comic AD`S from this super fantastic Desaster JBC Earthquake Secure Tower .............Plot whatever Story

:tiasd::tiasd::tiasd::tiasd::tiasd::tiasd::tiasd:

These towers have been given redbull or something- not an August handover thats true, but they are ALL getting built....

If you really want to block ebony and Ivory now, go down to the site and throw some really old local artefacts into the pit- so they have to do an archeological scour.

I'm thinking (really old) artefacts like- lawrence of arabia's y-fronts.

Imre can you get some shots of the Ebony and Ivory plots if possible.

Thanks!

04/August/2009

JBC 2

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07/August/2009

JBC 2 and 5

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09/August/2009

JBC's

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Downturn 'can't last over 2 years'
By Saifur Rahman, Business Editor
Published: August 13, 2009, 22:26
Dubai: Dubai's economy that creates millionaires and billionaires is bound to rebound shortly, as its fundamentals remain unchanged despite the current economic slump, says a top property developer.

"Upswings and downturns are part of global economic cycles. After a bull run of six to seven years - the usual life of an economic boom - a downturn was inevitable," said Shaikh Maktoum Bin Hasher Al Maktoum, President of Al Fajer Properties.

Watch video: Talking properties with president of Al Fajer

"I don't know why the economists, bankers, rating agencies and analysts could not predict this and why they all got it wrong?

"The crisis started because the credit rating agencies and analysts got it wrong. They completely misunderstood the situation and randomly rated companies without studying them."

A car lover, Shaikh Maktoum had launched the A1 circuit, which at one point posed a challenge to Formula One - while in his 20s. In four years he popularised it and while the going was good, he sold it to make a fortune.

In an exclusive interview, Shaikh Maktoum expressed his views on wide-ranging subjects. Excerpts:



Gulf News: How was the real estate sector when you entered the business?

Shaikh Maktoum: When I took over Al Fajer Properties in early 2008, the economic boom was at its height. Everyone was gaining from the solid growth in business.

The world was too good to be true in 2007-08. The economic fundamentals did not make sense. There was too much money chasing too few deals.

Instead of people chasing businesses, businesses were chasing people.

In the property sector, the price of a property is usually ten times the equivalent of its rent - at least that's the general view. As the market grew, the price of property grew 14/15 times that of rent. However, when it reaches 30-40 times of the rental value - then you know, there is something drastically wrong. I sensed that this could not go for long. The crash was inevitable. And then it happened.



How did the crisis start?

Greed for more. Irresponsible lending by banks and financial institutions.

The crisis started because the credit rating agencies and analysts got it wrong. They completely misunderstood the situation and randomly rated companies without studying them.

If they knew what they were doing we would have been better off. The market went bust when they predicted a further boom.

I think these international rating agencies and analysts should be scrutinised and brought under proper regulations so that they do not misguide investors.

Furthermore, the analysts that these agencies use should be evaluated and rated based on their performance. Give the general public the ability to access this history so that they can make a much more sound decision on their investments. As I like to say, not all analysts are born equal.

And since the current economic crisis started with the banks, recovery also has to start with the banks. During the boom time, bankers engaged themselves in aggressive and irresponsible lending that caused the crisis. Now, when people need money, banks are not lending.



How did you cope with the situation?

When I took over the company in early 2008 I entered the business to fix a company that was in a highly unsatisfactory financial state. I immediately launched an audit to assess our assets and liabilities. The result was a company standing on Dh4 billion in liabilities.

Interestingly, the assets were not enough to cover the liabilities. Although it was at the height of the economic boom and one could have taken things easy, I decided to be tough and streamline things.

I began restructuring the company, offloading a huge land bank and focusing on construction and delivery.

My conscience told me - don't bite off more than you can chew. I'd rather be conservative than greedy. In a matter of months, I had managed to liquidate a large chunk of dead assets.

So, when the global financial crisis hit Dubai, while most developers abandoned and cancelled projects and others stopped construction, we began work and took full advantage of the lower costs and overheads.

Today, in 12 months, we have completed the construction of 200 floors - at a time when a large number of developers are facing bankruptcy.

Now, as we gear up for the delivery of our projects, Al Fajer Properties remains financially sound. In fact its financial health is as strong as it could be.



When are you going to deliver projects?

We are going to start delivering the first phase of our projects from August 31 to December 2009. The delivery of a project is as complicated as building one. There are so many complex processes to handle. However, we are currently working with a third party to help guide our customers through various financing options. We also have partnered with some of the largest banks in the UAE to help our customers find financing directly. We are firmly committed to deliver on what we have promised. And we are going to do it.



How do you see the current situation? Are there opportunities left?

You don't make money only during the boom time. There are opportunities during an economic downturn also. Most billionaires, such as Warren Buffet and Prince Al Waleed Bin Talal made their money during the downturn. For Al Fajer Properties, our future growth model is in mezzanine financing where we see double digit returns along with acquisition of viable distressed projects from other developers.



How long do you think the current slump will last?

Nothing goes up forever. Similarly, nothing remains down forever. There is a cycle of rotation from boom to downturn.

Historically, the downturn lasts for 18-24 months. Recovery is usually inventory driven, rather than time driven. We could see signs of recovery by the end of this year or early next year.

I believe that there will still be difficult time for a few more months, but from a pricing standpoint we have reached the bottom and it can only get better now.



How optimistic are you on the recovery?

Dubai is a land of opportunities. This city-state has produced millionaires and billionaires.

Dubai's economic fundamentals have not changed. Its geographical location, easy connectivity, world-class infrastructure, safety and security - are all there. They have not changed.

And look at the infrastructure - the government has spent billions to expand infrastructure and help people communicate better. Dubai has taken full advantage of the economic boom by developing such a huge infrastructure that no other economies in the world would be able to achieve under the current economic conditions.

What has been built will remain with us forever as assets. You can take money out of the country. But you can't take a building, infrastructure away. It's going to remain with us forever.

Dubai is now a more matured market in this region. It will rebound.

The deflation will help Dubai as costs have declined by at least 40 per cent.

In the real estate market much of the supply will be curtailed due to cancellation of projects or delay in construction. Therefore, many projects that were scheduled for delivery this year will come online in 2010 to 2011. So, there will never be an oversupply situation at that point.



What is your advice to investors?

Emotions do not produce good investment. Property is not for making a quick buck. It's for long-term investment. So when you invest in a property, check things out. Seek good advice and, most importantly, find advisors with the right credentials.

31st August for the first handover?

JBC 2 has good progress , maybe that one will be handed over, cladding almost done, so we will see.

JBC 2 crane and oustide elevator removed, cladding in progress there but as I saw today the 31st of August seems impossible for me , only 15 days, lets see.

For those of you who may be wondering who ebony 007 it is none other than Shahram zadeh aka Dr Shahram aka Dr Zadeh

I’ve been following the story and eventually linked up all the blogs that have been created that eventually led me here. I found out that Ebony 007 is Shahram Abdullah Zadeh. The disgraced CEO that created 4 biliion in liabilities on al fajer and did not build for 4 years.

They fired him as they found out that he was fleecing the company as he was more foucussed on taking commissions than running a property development company. According to Nakheel, he used to work as a broker there before he came and worked for Al Fajer.

To add more spice to the story after a criminal complaint was filled against him he went on the run and filed a frivolous civil suit in the hopes of getting the criminal charges filed against him to be dropped.

He also purchased a blog from a german lady called 7stars dubai. He also registered multiple variants of the same web site and other blogs which he is using as part of an amateur blogging campaign against his former employer.

Everything that Ebony007 said in the blog turned out to be more fantasy than reality. I am Sure Legal Eagle would agree and would be able to connect the dots 2. Enjoy : )

PS - I'll be trying to dig up some more on the history of this guy so stay tuned.

Observe the icon of ebony007 is taken using the same images from the header used in 7 stars dubai with the same posting style, this user is the same as Fairouza. Do I smell conspiracy...maybe you guys can help figure this out. Some of the postings are the same exact postings as 7 stars Dubai and some of the same colour schemes. Chumi777 seems to be yet another accomplice in this game...legal eagle will be able to verify IP addresses if they haven't been using proxy servers..."creditcrunched" seems to have figured it out on Feb 15th.

Jumeirah Business Centre 1 G2
http://i26.tinypic.com/fz0snd.jpg

Cladding work
http://i25.tinypic.com/1zf1pfl.jpg

hey, guys i have two offices in the jbc2 i have got the inspection call letter from them, in that they have accumulated even the maintenance cost as well which they had told me it would be free for about two years.....
any updates on this....

hey, guys i have two offices in the jbc2 i have got the inspection call letter from them, in that they have accumulated even the maintenance cost as well which they had told me it would be free for about two years.....
any updates on this....
Yasinbiz, I have a couple of units at JBC4.
I hope they would do the same there concerning the manitenance cost. What was the annual cost per sqft for maintenance? Thnx

Yasinbiz, I have a couple of units at JBC4.
I hope they would do the same there concerning the manitenance cost. What was the annual cost per sqft for maintenance? Thnx

They have quoted me a price of 12 AED Per sqft, which i am not willing to pay because if the delay..

For those of you who may be wondering who ebony 007 it is none other than Shahram zadeh aka Dr Shahram aka Dr Zadeh

I’ve been following the story and eventually linked up all the blogs that have been created that eventually led me here. I found out that Ebony 007 is Shahram Abdullah Zadeh. The disgraced CEO that created 4 biliion in liabilities on al fajer and did not build for 4 years.

They fired him as they found out that he was fleecing the company as he was more foucussed on taking commissions than running a property development company. According to Nakheel, he used to work as a broker there before he came and worked for Al Fajer.

To add more spice to the story after a criminal complaint was filled against him he went on the run and filed a frivolous civil suit in the hopes of getting the criminal charges filed against him to be dropped.

He also purchased a blog from a german lady called 7stars dubai. He also registered multiple variants of the same web site and other blogs which he is using as part of an amateur blogging campaign against his former employer.

Everything that Ebony007 said in the blog turned out to be more fantasy than reality. I am Sure Legal Eagle would agree and would be able to connect the dots 2. Enjoy : )

PS - I'll be trying to dig up some more on the history of this guy so stay tuned.
I have seen examples like the one you refer to here Tom Jones. Sharam Zadeh is very busy, blogging on every possible site to try to gain some traction for his bogus claims against Al Fajer Properties. As you are probably aware, Al Fajer has a huge lawsuit filed against him and he is wanted for questioning by the Dubai authorities.

By the way, if anyone has seen Sharam Abdullah Zadeh, please post here any information that you may have about his whereabouts.

I have seen examples like the one you refer to here Tom Jones. Sharam Zadeh is very busy, blogging on every possible site to try to gain some traction for his bogus claims against Al Fajer Properties. As you are probably aware, Al Fajer has a huge lawsuit filed against him and he is wanted for questioning by the Dubai authorities.

By the way, if anyone has seen Sharam Abdullah Zadeh, please post here any information that you may have about his whereabouts.

First off, can you take your pathetic issues outside of this forum now.

Al fajer if you are behind this little campaign, just move on- its embarrassingly obvious and will further damage your brand.

Wherever sharam is no one here probably cares- so pls pls pls as quietly as possible f&ck off.

They have quoted me a price of 12 AED Per sqft, which i am not willing to pay because if the delay..

Hi Yasinbiz,

I have just got the letter asking for payment for some units we have in JBC 2.

Same service fees being requested as yours (12.46dhms) and also inspection must be booked within seven days?

Are you going to do your own inspection- we might use a professional company to do it on our behalf.

Hi Yasinbiz,

I have just got the letter asking for payment for some units we have in JBC 2.

Same service fees being requested as yours (12.46dhms) and also inspection must be booked within seven days?

Are you going to do your own inspection- we might use a professional company to do it on our behalf.

hey, naah i am gonna do the inspection on my own
Thankx mate

hey, naah i am gonna do the inspection on my own
Thankx mate

Fair enough- Guess there can't be that much to snag on a shell & core office :lol:

What about renting them out or selling them, any idea what you are going to do with your units- you can pm me if you don;t want to discuss here.

We are quite concerned as there seems to be massive amounts of office space available in JLT and still more coming.

One tower that is ready was quoting 60 dhms/ft2 negotiable!.

Fair enough- Guess there can't be that much to snag on a shell & core office :lol:

What about renting them out or selling them, any idea what you are going to do with your units- you can pm me if you don;t want to discuss here.

We are quite concerned as there seems to be massive amounts of office space available in JLT and still more coming.

One tower that is ready was quoting 60 dhms/ft2 negotiable!.

The way things look with commercial- I think you will need to wait for a year at least before getting anyone to look at even renting.... sorry but doom n gloom on offices.

That means these are now a liability and will be costing you money for 1-3 years via service charges etc :ohno:

At least 3 years if not more like 5. The time for office rental "IS NOT NOW". Best thing to do is

1 - burn it down.
2 - Turn it into a shelter for defaulters.
3 - Have weekly AA meetings in there.
4 - Give it to charity.
5 - convince yourself it is not yours so you can sleep at night.
6 - put loads of mirrors on the walls so when you walk in it looks busy.
7 - contact the big bus company and show tourists the "Crunch!"

For more ideas I am afraid you will have to pay me. And NO I do not want a floor for free. But thanks.

I would hate to B.U !!!

If you look at the fundamentals of why any of us bought office space in JLT.


It is nicely placed within the new community/ new Dubai-

It can serve the Springs, Meadows, Dubai Marina, The Palm, and even JAFZA & Abu Dhabi residents nicely.

At the time it seemed logical that some businesses would switch to JLT from places like Deira, and Shiekh Zayed Road etc.

And an office in JLT also looked like it would conveniently cut down the commute to work for a lot of people living in new Dubai.

So....


What the flippin hell happened?

DMCC decided Licensing of all businesses really necessary.... this meant many businesses got blocked from signing on.:bash:

DMCC have now eased up somewhat but open doors policy must be implemented- (even a "no questions asked policy" won't fill the space- but will make things easier at least!)

Infrastructure delays- cause grief and puts people off moving in.

Community marketing support very weak (DMCC again)- so businesses in Abu dhabi don't know about JLT and what it has to offer.

And Finally.... massive oversupply due to the flip flops out there avin it large with a 2.5% deposit int'ya!


:lol:

At least 3 years if not more like 5. The time for office rental "IS NOT NOW". Best thing to do is

1 - burn it down.
2 - Turn it into a shelter for defaulters.
3 - Have weekly AA meetings in there.
4 - Give it to charity.
5 - convince yourself it is not yours so you can sleep at night.
6 - put loads of mirrors on the walls so when you walk in it looks busy.
7 - contact the big bus company and show tourists the "Crunch!"

For more ideas I am afraid you will have to pay me. And NO I do not want a floor for free. But thanks.

I would hate to B.U !!!


The mirror one is a great idea! :lol:

I read somewhere you could 'hire a crowd" in Dubai? that might work...

Hi Yasinbiz,

I have just got the letter asking for payment for some units we have in JBC 2.

Same service fees being requested as yours (12.46dhms) and also inspection must be booked within seven days?

Are you going to do your own inspection- we might use a professional company to do it on our behalf.

JBC Bunny

Have Al Fajer advised on the situation with finance that was promised?

JBC Bunny

Have Al Fajer advised on the situation with finance that was promised?

no response till now have sent them an email
waiting for the response

will you pay the balance before the 30th september?

They say after this date they will start the default process.

What do you do?

the default process involves AF going to rera, filing a case why they think you are a default. rera then send you a letter and gives you 30 days to pay up. So let them threaten you with default and watch them crawl back into their dark hole of bull shit. I would email them and ask them to explain the default process. would be interesting to see what they come back with.

write:
To whom it may concern,

Please can you be so kind as to outline the default process as per RERA regulations. I trust this is in order and look forward to your prompt reply.

kind regards,

xyz

any update on Ebony Ivory ?

The contract specifies for retained amount of 40% of original price in case of default.

The contract specifies for retained amount of 40% of original price in case of default.

That would never work- spoke at length about this and they couldn't implement this.

If there is any poor guy out there struggling to meet the final demand don't worry- but do speak to a lawyer so you by-pass their usual bullying tactics.

any owners of JBC 2, handover is first week of oct, what are your intentions?

Has anyone rcvd any info concerning the anticipated delivery date of JBC4??

That would never work- spoke at length about this and they couldn't implement this.

If there is any poor guy out there struggling to meet the final demand don't worry- but do speak to a lawyer so you by-pass their usual bullying tactics.
So whats the retained amount in case of default??

So whats the retained amount in case of default??

Well... in these towers am guessing everyone is on final payments- say 10 or 20 % to pay.

Regardless of the contract (which may stipulate 40%) the point is the developer is obliged to try and find a suitable solution over and above a default declaration.

It is much harder for the developer to initiate a default and cancel the contract-

If you find yourself stuck- get a lawyer- they can and do help and are not that expensive.

Please Imre, could you take some photos of JBC2(inside and outside)?
al fajer ask us to pay the balance for the handover but they didn't send any photos from inside or outside

Hi Imre

Do you have any photo's of JBC3?

Thanks

i was reading on the uae main page invest and gosip and i guess there is a huge problem with visas now so who will open business here if people cant come here? all emty so i agree with celticmonkey. just think as you never bought anything and one day maybe someone will rent it and it will be as a gift to you.

21/September/2009

JBC 2

they are working today

http://i36.tinypic.com/2r2oc5d.jpg

DMCC has relaxed licensing. Foreign companies can now be 100% foreign ownership so no need for local sponsor. Small steps to attract business to the region. If they drop the price of beer they would get more interest!

Hi Imre,

I have heard Ebony Ivory are both cancelled! I know they re started work. Can you give you thoughts.

Thnks alot