http://i10.************/47dpj4j.jpg
http://i10.************/4handqd.jpg
http://i9.************/3z0uo8p.jpg

I count 31 floors.

not that small and not that shitty isn't it :D

a lot of glass, that is for sure.

why the carpark is in front of the building entrance :?

looks quite familiar for some reason

Tower is OK but skoulikimou's right, what's that carpark doing in front. Throw it around the back where nobody will see it and put a shop or two in front. Hopefully it'll be stuck to the podium of another tower so we don't get to see much of it.

remember this also depends on the location and layout of the plot, and especially the road connections.

looks quite familiar for some reason

Yes it does, and I wouldn't be surprised if we already do have a thread for this tower, under a different name. :D

quite nice
added to emporis

i come to know that this is not the final design, the consultant is DAR consult
if anyone can contact them to find out the final images.

i come to know that this is not the final design, the consultant is DAR consult
if anyone can contact them to find out the final images.
P.S. how somone can attache images?

find a hosting site such as imageshack.uc or ************ and upload your image there. Then copy the url here and put before and after it.

've checked the consultant is DAR

http://i13.************/29yobwh.jpg


http://i13.************/2q1xxkg.jpg

location?

ok looking at the back elevation this one looks quite ok then.

Location:

http://img164.imageshack.us/img164/3060/bbxf1.jpg

can u see this extension to the right? it is new.

rather intersting, maybe this is a part of the extension across al khail road?

^^ That has always been there

The design suits a commercial tower.

Dear all,

I was looking for information about Sami tower and i found this forum, i have bought an office in this project and the Developer is ACI, i've paid 2 installment but there is no construction going on yet.
this company has another project which I've red bad news written by the buyers of dubai star at :
http://www.skyscrapercity.com/showthread.php?t=179383&page=7&pp=20

anyway I am looking for other buyers of sami tower to keep our investments safe.

i've created a blog at this address:http://samibusinesstower.blogspot.com
I hope hear from some body soon.

Location:

http://img164.imageshack.us/img164/3060/bbxf1.jpg

there's been new changes

^^ :lol: where do you see the changes all the time, there are only slight differences in the plots and canals, that's it.

cool

http://i2.************/6cpx9x5.jpg

http://aci-dubai.net/projects.html

Conducting business in Business Bay starts at the luxurious ‘Q’ Sami Tower, designed to the highest standards and offering a business lifestyle unimaginable. From superb architectural style of each office space to the breathtaking views just outside, life at the ‘Q’ Sami Tower is intended for people who seek luxury in a vibrant community of like minded individuals.

‘Q’ Sami Tower provides the best working environment where modernity meets elegance. To keep one’s business moving with the time, the tower features state of the art VOIP technology, wireless internet technology as well as intelligent fully intergrated management systems.

The ‘Q’ Sami Tower offers a successful lifestyle equipped with every amenity needed to make business a real pleasure. Top range recreational facilities at the ‘Q’ Sami Tower, including state of the art leisure facilities and retail shops, provide the end-user with a positive and healthy work environment.

Hopefully this wont be deleted like the other thread I made yesterday!!!!!:bash:

R

actually its 33F...there is a PDF doc at the bottom of the page in the link I put up.

R

front elevation looks much better than in the previous backside renders..

I forgot about this one ...
hold anyone?

^^ "ON HOLD" can be put only things that started at one point and then were stopped.

http://i10.************/47dpj4j.jpg
http://i10.************/4handqd.jpg
http://i9.************/3z0uo8p.jpg

I count 36 floors.

Its just the very cheap launch price that worries me :ohno:

What if all these ACI releases (Sami, Sky Tower 1 etc) were actually cancelled and replaced with the Niki Lauda, Michael Schumacher and Boris Becker towers?

More Information on:
http://www.aci-dubai.net/project.php?project_id=9

Be Carefull: ITS ACI

ACI Works like this:

Reaching for the skies ?

By Ritwika Chaudhuri
original published: http://www.sterlingp.ae


Through innovative investment concepts, ACI, one of the first few international developers, has firmly established itself as a real estate investment firm with a solid following of investors, both locally and internationally

From the Arabian Desert to a city of skyscrapers -- that is how the transformation of Dubai can be described. It is no doubt the Mecca for realty developers, and hence developers from around the world are flocking here to grab a share of the realty boom. Alternative Capital Invest (ACI) is one such fortune-seeker which sees immense potential in today's Dubai and the years to come and hence, they have entered the market from Germany.

In order to benefit from the many investment opportunities of the dynamic Arab markets, ACI opened its doors in 2004. Though it came initially as an asset management company to fund wealth management, the father-and-son team of Uwe Lohmann (Senior) and Robin Lohmann

(Junior) soon realised that huge investment was being done in the property sector but it offered a smart margin. The first German developer who opened the doors to his fellow countrymen for investment in Dubai real estate, it was a different experience. Compared to European and German markets which are rather strictly regulated and controlled, hampering true development, Dubai so far is rather free from different regulations and hence has given an opportunity to developers -- national and international -- to spread wings.

So initially, the going was tough for the 'German duo' who were more used to stringent regulations, but then they realised that for this market, the sky is the limit. Though the earlier free regime has gradually been replaced with clearly specified rules and regulations to protect consumer interest, according to Robin 'this is good for the sector.' And because of this transparency and security of investment in the market, many international developers are eyeing the Dubai real estate sector closely.

Through innovative investment concepts, ACI, one of the first few international developers, has firmly established itself as a real estate investment firm with a solid following of investors, both locally and internationally. ACI was founded as a family entity in Germany and the success of the group has evolved through generations.

The management duo have already injected an impressive investment of more than Dh1 billion in property projects in Dubai, in areas such as Jumeirah Lake Towers, Business Bay and City of Arabia. "As long as the economy of Dubai remains robust, rather expensive properties will continue to be built. And where value properties are being developed in this exciting city, there is ACI," says the company's website.

The company entered the market with a mission to leverage the growth opportunities offered by Dubai's real estate sector through world-class projects that ensure value-for-money investment options for a cosmopolitan clientele. ACI Real Estate is likely to uphold the highest standards in building quality and adhere to delivery schedules to maximise returns on investment for customers, assuring them the most competitive property purchase options. ACI Real Estate's growth strategy is centered on integrating world-class architecture with technologically advanced engineering practices to deliver unparalleled living environments.

Number of projects

Since its entry into the Dubai market, the German development giant has announced a number of prestigious projects located in some of the most coveted destinations in Dubai like Business Bay, Jumeirah Lake Towers, and City of Arabia to name a few. The company handles both investment and development with top companies like Adnan Saffarini for creating design and managing the project.

ACI describes Dubai Star, their first project, as the brightest star at the Jumeirah Lakes Towers (JLT) where people can share the experience of a different kind, which is elegant and inimitable. Given a choice between Dubai Marina and JLT, ACI chose JLT for a number of reasons. With a realistic foresight, ACI management realised there was a huge demand for mixed use projects in JLT and the same completion deadline for all the buildings ensured that residents would not have to stay at the construction site -- a not-so-desirable situation when one pays a huge premium for quality. "One step from the frenetic excitement of the city and you are in a sanctuary of serenity and private luxury. Surrounded by the spectacular views of the deep blue yonder and eternal sunshine, Dubai Star is a heavenly place to unwind. The tower is designed to reflect the architectural theme of the future through a fusion of elements, while retaining a unique style and aesthetic expression of its own. It has retail space, office space and residential luxury."

Victory Bay is a state-of-the-art, 20-storeyed, x-shaped freehold office tower in the heart of Business Bay that creates unique office layouts with maximum efficiency. Offering 75,702 sq. metres of floor space, Victory Bay provides tenants an extensive range of services and facilities, to ensure that business runs smoothly and is an enjoyable experience. The tower overlooks two main streets and is in close proximity to the Burj Dubai Area and the Dubai International Financial Center. Centrally located within Dubai's expanding city, there is ease of access to Dubai International airport and Jebel Ali Free Zone.

Victory Bay's blue structural glazing that encases the floor to ceiling glass façade ensures that the building offers an abundance of natural light across all office space, and magnificent views of Business Bay as far as the Arabian Gulf. Victory Bay provides office spaces that can easily be divided into smaller modules without losing easy accessibility. With state-of-the-art technology throughout the building, including CCTV with 24-hour monitoring, Wi-Fi, high-speed Internet connection, 24-hour security and 24-hour maintenance, tenants establishing them at Victory Bay will do so in the knowledge that they have chosen a prime position with the best of facilities. The tower offers a gamut of recreational facilities featuring a restaurant and café with outdoor seating on the podium level, a fully-equipped gymnasium, sauna, rest area, change and locker facilities and outdoor swimming pool, ensuring tenants can make the most of their leisure time. The tower also offers fine dining restaurants, cafes and shopping outlets for some retail therapy.

The other landmark project of the company is Q Sami Tower, once again a commercial building in the Business Bay . Q Sami Tower provides the best working environment where modernity meets elegance.

To keep one's business moving with time, the tower features state-of-the art VOIP technology, wireless internet technology as well as intelligent fully integrated management systems. The Q Sami Tower offers a successful lifestyle equipped with every amenity needed to make business a real pleasure. Top range recreational facilities at the Q Sami Tower, include state-of-the art leisure facilities and retail shops, providing the end-user with a positive and healthy work environment.

Wings of Arabia

Located in the City of Arabia, Wings of Arabia is designed keeping in view the superior taste of those who never settle for anything less than the best and wish to lead a richer life. Wings of Arabia boasts of commercial and office spaces featuring some of the finest amenities and specifications to make it the preferred avenue for entering a whole new world of business. Uniquely, every office area is beamless, offering maximum potential to exploit the location. Other spectacular advantages are a totally pollution-free, all-green environment. Truly, a great environment for top class business! It is the epitome of luxury living. Wings of Arabia has homes that have the spirit and liveliness to make life more refreshing. The tower is home to premium apartments, which complement the lifestyle of its residents. A world where each day is a revelation of life-styling moments tossed up with choicest of luxuries. Combining efficacy with refinement, Wings of Arabia is a place like no other.

The City of Arabia is an extraordinary development in the heart of Dubai Land, one of the biggest and best leisure, entertainment and tourism centres in the world, comprising business and administrative offices, schools and clinics, luxury apartments, shops, galleries and restaurants. Split into four unique areas, the development is served by its own monorail system to transport residents and visitors around the site with a plan to link it with the Dubai Light Rail Project. The diversity of Dubai converges downtown at the City of Arabia.

So what makes ACI different from others? Most of the renowned developers

send 2/15/2008

Labels: Construction problems delays, Dubai brisant, Dubai international

http://i27.************/211v3ex.jpg

Is Fencing Works really construction... ?

http://www.aci-dubai.net/constructionupdates.php?project_id=9

ofcourse fencing is the first stage of construction i know because i work in ACI.

for your information, i am talking to those who talk nonsense behind ACI, so far all our projects construction has started, i know we have had lots of delays in previous projects, but we did start sami tower just recently...and we just had 3 projects launched recently and the construction for all 3 were on time...

Mr Moderator,,, Make this bb.a02.008

Business Bay Plot map update
bb.a02.007 has something new on it

^^ There's something on that plot as well.

http://img267.imageshack.us/img267/1503/a02vk6.jpg


The whole map needs an overhaul anyway. I'll go through it within a few days and update it. You say the map itsself is wrong? Maybe a tower has been cancelled

I have two office units at Q Sami, looking for AED 1450 and AED 1480 psf respectively. mail to property4u.admin@gmail.com if you are interested please.

Compared to the prices which are asked today in Business Bay it's quite cheap!
Compared to what you have paid, it's still a good deal for you ;) But definitely a good deal as well for anybody considering to invest in BB! Am I right or is the project itself not 'worth it'?

Does anyone know construction status about this one?

I have two office units at Q Sami, looking for AED 1450 and AED 1480 psf respectively. mail to property4u.admin@gmail.com if you are interested please.


The reason it so cheap is because................ THINK FOR YOURSELVES

As 234Sale I would not buy this even at the orginal price of 888 AED SQFT

... and another one bites the dust!!!:nuts::nuts:

Aaah, you wanna tell me this will never gets build? :) Got it! :)

http://i31.************/k2n0d3.jpg

I get confussed as i take about 100 photos. Also about 60% have no plot boards so I sometimes get things wrong. This has pilling machines on it, I will update on sat.

http://i32.************/do4c4o.jpg

http://i29.************/s6k96o.jpg

No excavations, doesn't it have even one level of basement??

http://i27.************/sovm09.jpg

http://i35.************/2uggrqh.jpg

http://i34.************/2mmahya.jpg

http://i35.************/1zf7ywn.jpg
http://i38.************/29evmd.jpg

http://i38.************/2wnxsf7.jpg

Anybody can post a recent updates ?

http://i33.************/2v2uoh3.jpg

http://i34.************/20t2wyq.jpg

Piling, Shoring and Load Testing...

FYI..Approx 5-10% of total project cost..

Good to see that this is on going works.

Great pics and good news, at the moment Sami T. is the only ACI project in BB that go whithout problem!

OK 234 sale:

http://i40.************/f0zst5.jpg

http://i42.************/11vtv8p.jpg

thanks for putting these up 234sale, as i dont get to see it often

really appreciated................keep it up

do u have an interest in Sami tower?

cheers.............

No, only have one apartment to live in and one studio in the same building to rent.

http://i40.************/fa7ozn.jpg

http://i35.************/1zf7ywn.jpg



Is it Qsami or Sami Tower??

Also floors?? Count 31 not 36??!! :hm:

http://www.rpdubai.com/rpdubai/SharedFolder/ProgressIndicator/105.jpg

Anybody can show an updates of Sami Tower ?
thanks

234 sale can you put a photo of Sami Tower thanks

http://i41.************/2hi3x43.jpg

what a huge basement level ...they can build more then 2 building here .

there is a big basement whith swimming pool and garden

http://i43.************/16gd35w.jpg

http://i39.************/25am25t.jpg

Little progress, by the begin of sales the tower will be ready in 4 ,5 years , but at least the works going on !

http://i42.************/23uy1ox.jpg

http://i39.************/2cne1hg.jpg

This is being built, so is NL tower. The others, no work.

http://i44.************/344b2x3.jpg

Hi,

we are the team which has caused the media recognition of ACI's actual shareholder trouble in Germany.

You can find all our three press releases (in German :() on our website.

First of all, I want to thank :applause: this forum section and its protagonists for the very detailed information available here.
Thanks especially to all guys spending days over days with posting actual pictures.
All used pictures in our releases were edited with "Copyright Skyscrapercity.com", hope this promotes this woderful site as well.

Meanwhile, due to the media coverage in Germany and Austria (so far approx. 50 different clippings!),
we have been contacted by one of the most serious TV Magazines from Germany who are planning to come this week to Dubai.

In preparation of this report, we are now looking for direct contact to local ACI / Lohmann "victims", means:

Unit Buyers, claiming refunding of their payments, but rejected by ACI out of unserious reasons (we konw there must be a lot)
Cases where payments have not been deposited on ACI Escrow account (against the Law No. 8)
Suppliers, running behind their moneys, e.g. there is a German supplier complaining that ACI asked for 24 months stretched payment plan instead of 1 amount
More detailed information about Robin Lohman - place of residence

It would be great to receive some serious replies.
Please facts only, no gossip or twitters. Thanks.

No Problem, please contact me and I will advise you on all the problems I'm havig with them at the moment

http://i27.************/ea0do3.jpg

http://i30.************/24wah4z.jpg
http://i32.************/1znyg6r.jpg

Changed to underC.

http://i26.************/8xiqnk.jpg

does anyone know who is the contractor and if there is a bond or security against construction

http://i35.************/1zf7ywn.jpg

This company is building other ACI projects.

Saqer
http://saqerllc.com/

An update of Sami Tower please...

http://i28.************/mj5va1.jpg

It's normal to have so slow progress in 1 month ?

Does anyone know what is the status with ACI, are they still in Business and is Robin Lohmann still in the country

Yes they are building 21 floor of dubai star and aci send me an email few days ago

Hi sale can you tell me if work going on ?

http://i36.************/2lc36vs.jpg

http://i33.************/5lv2p4.jpg

It look very onhold to me

Sami Tower is not on hold,
Please be informed that currently we are for waiting the NOC, since the contractors for the same project have been changed, and the NOC is required in order for the new contractors to re-commence construction.

I received email from ACI what is NOC ?

no objection certificate. without this no costruction can continue.

plastic is usually put out to protect rebar, when construction stops.

Where i can see if NOC is ready ? and is normal havn't NOC after 20 month since start shoring and piling ?

You need an NOC to start construction, then every stage gets signed off by Tecom.

Like start shoring and piling, then the completion of it.

Construction permits also require a bond.

The Raft Foundation has also been done, which you also need permission for.

how many time need to have NOC ?

If i understand well it need for each stage an permit and once finished is possible to obtain an other permit to going on whith construction

It likely it's the NOC for the Building Permit, once issued its renewed anually I think. (maybe Bi-Annually)


Example of Building Permit

http://i42.************/5twcci.jpg

Any similar information about Niki Lauda?

OK thanks for explanation

Also in the middle is this statement.

Note : this permit is for excavation and shoring works only. No other works permitted.

I phoned at ACI they say work going on , Saqer they say no problem ok, RERA work going on , it need few time to restart work .

In final contract there is written hand over 12 2010 after 12 2011 there is a penalty 10 % year i will payd less in last instalment ? or they give me money back ?

http://i37.************/95zfch.jpg

In final contract there is written hand over 12 2010 after 12 2011 there is a penalty 10 % year i will payd less in last instalment ? or they give me money back ?

Less in your last installment we would presume.

The plastic is gone, but not change.

ACI told me yesterday it finish basement in 1 2010 thx

At least some thing has happened ?

http://i34.************/2vd60br.jpg

Today i phoned at manager ACI and he told me next week will be casting of raft foundation and in 2 years the tower will be finished

Today ACI tell me it need NOC to continue casting raft foundation but how many time need to have NOC it is normal 2 or 3 months ?

http://i49.************/2q2hgtt.jpg

I received a demand for instalment by ACI, how many time i have before to received letter from RERA and i see that ACI account is different by escrow account is normal ?

Ask RERA, but 2-3 accounts is not to strange.

I received email by ACI , if you dont pay instalment in 2 week will be termination contract ecc., they are at least 1,5 year in delay ,and i cant be 2 week in delay , i must pay ,an counsel at all , dont invest whith ACI ; can anybody tell me if basement work going on ?

tomorrow a photo 4u

Also they can't just cancel on you, it must be done through rera 1st

Ok thx sale

What I expect to see is work on the coloums, 20 or so workers.

P.S run out of time will do before Sunday

I think i have to pay 5% of instalment to avoid to lose my offices , the instalment is 860 aed sqft the lowest in BB , for this reason i think the project going on , is right my argument ?

This is registered with RERA?
How about paying the money to RERA so that ACI are forced to deal with them.

YES it is registred by rera, and ACI give me the same escrow account rera, on sunday before to pay i phone at lawier in Dubai and i will decide to do

http://i48.************/fusyok.jpg

No change

Today i phone at aci they say no problem work going on it need ispection rera to have money in escrow acc.
Is possible? If yes it need years to finish work.I think

Ask for a schedule of works, because I see no difference.

At what price sqft can i sell office 1300sqft in Sami T. mid floor ?

At what price sqft can i sell office 1300sqft in Sami T. mid floor ?
500 aed psf ? there is no market on this project at this time unfortunately

For all off plan there is no market ?

Problem with this is how long will it take to complete. Would you buy another floor at 500AED sqft.?

I consider to wait 2or 3 year despite ACI continue to say no problem the tower will be finish in 1,5 year

Today i spoke whith Saqer manager , the tower going on the delay it's due to rera in retard whith payment at main contractor . I dont trust in ACI but i trust in Saqer .

Problem with this is how long will it take to complete. Would you buy another floor at 500AED sqft.?

Defintely not off ACI at any price !

Once bitten Twice shy !

its all sentiment, like everything..........

cheers.......

.......cheers

ive paid 40% thus far and would be interested to see what others have paid thus far?
just so i get the info. from others invested rather than ACI etc.......

Have you paid 40% in Sami Tower ?

good luck......

If clients don't pay the instalment receiv letter from rera and than termination letter at this point what happen ? The developer return in possession of offices and can resale another time ? Once return in possession the costruction going on ?

thanks for reply

we r prepared to pay another instalment upon confirmation of works proceeding........

but the instalment plan was laid down thus:

from initial Nov '06 every 3 months until early '09 completion date at 10% per instalment........so far we have paid 40% or 4 instalments

therefore, they r in breach of the contract already..............

they r behind by time...........and therefore in breach of contract..........if they complete in 1.5 years time as suggested on here, then they will be 2.5 years delayed on their contractual completion date................good job its not in UK, cos we could have done them for late completion...........a big chunk of repayments!

in addition, not only should they confirm the build visually but amend and make a new construction plan for the works relating to amended and new payment plan............

and finally, whats the point of this board if no one is prepared to state what they have paid thus far, as this information would be helpful to understand if investors have paid different amounts and what these clowns r doing! etc etc

234sale, thanks for all the photos its been really helpful to see where the constructiions at...........although some Sami tower investors r not convinced that these r pictures of the actual site itself, but are taken of another development, however i think these r genuine pictures of the Sami tower construction.........cheers again!

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

According to Jane Dalton, a property lawyer with the law firm Trowers & Hamlins in Abu Dhabi: "At the moment, there is very little scope for individual investors to negotiate termination and compensation provisions with developers. It really is a take-it-or-leave-it attitude. And I think going forward, it would be helpful if developers were more open to negotiation of those original sales terms at an earlier stage."


"Usually a purchase contract has certain provisions specified for delays, and usually depending on the reason for that delay, whether it is directly attributable to the developer, or a matter that is outside of their control, those provisions will dictate at which stage a buyer can actually withdraw from the contract and what is payable in terms of compensation," she continued. "There do tend to be periods built into the contracts by which both parties accept that the developer may overrun for specific reasons."


Of course, the consequence of withdrawing from a contract is that the only thing that is reimbursable to the buyer is his initial stake in the property. By the time or termination of the contract due to delays, the property value might have gone up many times. And obviously, if one has bought in the secondary or tertiary market, then one would only be entitled to the price put down by the original buyer.


"And so there could be quite a disparity between what you could actually reclaim by withdrawing from the contract and what one could potentially recoup by waiting and hanging on for the delays to finish," added Dalton.


During the construction phase, a property investor has no ownership right to his property, and so his only security is found in the sale and purchase agreement that he signed with the property developer. Quite simply, the only option one has in case the developer gets behind schedule or doesn't live up to promises before the construction has been completed and the property handed over, is to sue the developer in a UAE court - an option that could take years for a final decision.


"It very much boils down to the contract between the purchaser and the developer," said Mohammed Kamal, associate at Al Tamimi & Company Advocates and Legal Consultants. "Now, usually the contracts allow flexibility to the developer. A developer will usually indicate at least a target date for estimated delivery and then allow room for going beyond that - typically, it can be up to 13 months. That is quite acceptable in the market right now, both in Dubai and Abu Dhabi."


"There really isn't anything else in the laws and regulations, and I think it would really rest on the terms of the contract, and if there was a clear breach of the contract on the part of the developer, then the purchaser would be entitled to take action in the courts or any other alternative form of dispute resolution, if stipulated in the contract," he added.


Particular attention should be paid by investors to clauses in the contract dealing with any delivery dates and under what circumstances these dates may be pushed back by the developer.


Contracts are promises that the law will enforce. The law provides remedies if such a promise is violated, and recognises the performance of that promise as a duty. Contracts arise when a duty does or may come into existence, because of a promise made by one of the parties.


In order to be a legally binding contract, a promise must be exchanged for adequate 'consideration'. Adequate consideration is a benefit or detriment a party receives, which reasonably and fairly induces them to make the promise.


An example of this would be purchasing an off-plan apartment from a property developer. The developer and the buyer come together to discuss the terms of the exchange (in all likelihood, the purchase is outlined in a written agreement). Thus, they have fulfilled the first requirement of consideration. To meet the second requirement, there must be a mutual exchange. In this case, the property developer (if one of the main developers in Dubai) provides ownership if the apartment is in a freehold area of Dubai, while the buyer provides payment. Third, the bargain terms must be of value. The apartment is worth what the buyer hands over. Therefore, this contract has met its consideration requirement, because it fits all elements of consideration.


The UAE is essentially a Civil Law jurisdiction heavily influenced by French, Egyptian, Roman and Islamic law. The increasing presence of international commercial contracts has resulted in the application of English common law practices, further influencing the UAE legal system.


The law relating to contracts in common law specifies that the agreement must consist of an offer and acceptance, and also consideration for a contract to exist. It is important that buyers learn to recognise these elements in contracts they plan to sign.


An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement. A contract is said to come into existence when acceptance of an offer has been communicated to the one making the offer.


Another important element to understand is misrepresentation. Misrepresentation is a false statement of fact made by one party to another party and has the effect of inducing that party into the contract.


For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation.


In the UK, a finding of misrepresentation by a court of law allows for a remedy of rescission (termination of the contract), and sometimes damages depending on the type of misrepresentation found to have taken place. However, common law principles are not explicitly recognised under UAE law.

Imre and I always update pictures taken on the day.

In the background you can see the other projects next to Qsami site.

I have no interest in ACI as an investor, I update all of Business Bay as an investor in Business Bay and as a personal quest to watch/record a development from zero - complete.

I do research for a living, you get to see about 10% of it.

234 sale

i am totally convinced the photos r genuine..........its just been commented by UK investors that r the photos genuine.......

do u work in the construction industry in Dubai, as i am a surveyor and was going to get a job there........

is the job situation and Dubai's general situation as bad as they portrait, is it possible to get work in Dubai or Abu Dhabi?

u have an investment in Business Bay, i presume commercial and what thoughts do u have on Dubai generally........

i still see it having good prospects and the suggested 500 dirhams appears a very low valuation when compared across other cities around the world..........

that would be a rental return of £8.50/sqft (1506/sqft) on a p/e of 10, which sets for zero growth and £84/sqft valuation costs........

its a liquidity issue and sentiment will be restored.............especially if they keep the corporate 50 year tax exemption sustained........as the worlds corporate profits diminish that would look more tempting.........

good luck and have a good xmas

ps cayman, think they have a remote chance on terminating your contract, as they r massively delayed and already massively in breach of their contractual obligations...........they must provide new instalment and build programme plans, then payment and resume motion...........

The photos of 234 Sale are genuine ACI send me the same , i call ACI yesterday and told me construction is slow because clients don't pay 5% of istalm. or they are in retard we are sending letter from DLD for term. contr.
At this point i invite all to pay to continue the costruction , if the people don't pay i dont know what will happen , ACI told me the constr. continue in any case also slow

Regards and Merry Cr. at all

Do you see worker on Sami T. ?

234 sale

i am totally convinced the photos r genuine..........its just been commented by UK investors that r the photos genuine.......

do u work in the construction industry in Dubai, as i am a surveyor and was going to get a job there........

is the job situation and Dubai's general situation as bad as they portrait, is it possible to get work in Dubai or Abu Dhabi?

u have an investment in Business Bay, i presume commercial and what thoughts do u have on Dubai generally........

i still see it having good prospects and the suggested 500 dirhams appears a very low valuation when compared across other cities around the world..........

that would be a rental return of £8.50/sqft (1506/sqft) on a p/e of 10, which sets for zero growth and £84/sqft valuation costs........

its a liquidity issue and sentiment will be restored.............especially if they keep the corporate 50 year tax exemption sustained........as the worlds corporate profits diminish that would look more tempting.........

good luck and have a good xmas

ps cayman, think they have a remote chance on terminating your contract, as they r massively delayed and already massively in breach of their contractual obligations...........they must provide new instalment and build programme plans, then payment and resume motion...........

Its a "chicken and egg" scenario with ACI at present - with no money paid no progress will be made (that's the way ESCROW works)
-- what ever you do though try and get your contract linked to construction -- that way you only pay for progress
I paid 35% on Wings of Arabia with ACI and got JACKSH*T at present
-but at least I have payments linked to construction now
(if it EVER does get built !)

hope this helps

ps 234 SALES pictures will be 100% ACCURATE

The paiment of Sami T are linked to construction i paid 55%. What ACI says about W of AR.?

The paiment of Sami T are linked to construction i paid 55%. What ACI says about W of AR.?

They are trying to push me into another project MAYFIELD GARDENS
in JVS -- just as much a waste of time --

The paiment of Sami T are linked to construction i paid 55%. What ACI says about W of AR.?

you suggest the payments are related to construction, my contract suggests they are linked to time only ie every 3 months payments were due.......
completion around start 2009...............?

so how do the payments reflect construction, as MAN UTD says it needs to be linked to construction stage and payments due.............

in addition, you say you have paid 55%, yet i have paid 592,000 dirhams.............so we are not paying the same thus far...........

all these things need sorting................

you say they will send you a termination contract, but how can they prove more money is owed to them when the original contract relates to time ie every 3 months and we are so overdue, there is a flaw there contractually on their behalf..............

personally, ill take them to court if they even tried that one...............

and finally, i think it may be worth raising as many to club together and take legal action if needed................

good luck............

Dear Client,



Greetings from ACI Real Estate



We would like to remind you that your installment for Sami Tower due on Completion of Rafting is still outstanding despite our earlier reminders sent on 23rd November 2009 & 1st December 2009. It is important that you make your timely installment payments and at the earliest. Consequently, on receiving the Third Reminder, your payments must be completed within 15 days as penalty / interest would be charged as Late Payment Fees.



Please find attached site pictures and Completion certificate for your reference.



In case of failure of payments , we will have no substitute but to transfer your file under the defaulters list for Termination with the Land Department.
I receive this letter on 23 11 2009 i paid 5% of instalment to avoid to lose my 50% already paid ,the project is slow said ACI , they are not serious and i will take in court if the project dont make progress in few month ,this is my worst investment .
I dont know if there are progress .

[QUOTE=cayman1;49303421]Dear Client,
Not worth taking to court
- theyre money is long gone
-very unstable company
in UK ACI be Bankrupted quite easy in DUBAI things are more biased towards
developer


I dont know if there are progress .

DOUBT IT !wHAT DO YOU SAY SALE ?

they cant throw you off the contract by LAW

they have breached the contract not u...........

many investors have only paid 30%, cost of the land etc

u should not pay anymore in case ACI disappear...........as u will have to pay again to a new contractor..............

it will be taken over by a new contractor.............

it will start again maybe in two years.................

solicitors have put blocks on land registry against ACI confirming of their breach of contract.............

DUBAI will fly again..............

and its worth much more than 500 dirhams............

sit tight.............

good luck...........

22Nov 2009 = post 104
http://i49.************/2q2hgtt.jpg



Yesterday
http://i48.************/2nao4zt.jpg

No Change / On Hold

Booboo01

How do you know thath ? In few day i will consult an legal

I paid my offices 1000 aed sqft , if i sell now i recover a part of $ ,i think at people who paid 4000 aed and never built or on hold they have lost all .
ACI said me today , the client don't pay instalment , when this will be resolt whit termination letter or other the tower going on .

investors who i am in with say they have been threatened for 1.5 years..........they have been to a solicitor who advises them not to pay until ACI set out new terms................and have written to the land registry office to block them, as they have defaulted first ie breached contract...............cos if ACI disappear and u have paid beyond 30-40% its not protected, as the land is fixed...................

they have been told, sort out the contract, set new terms...........construction and time and they will be paid....................

others outside this syndicate have also paid no more than 30%.................

they will be prosecuted by large team otherwise...............

remember, ACI r in breach of contract...............

rent on this area stands approx 150-225 dirhams/sqft..................

Cayman, go to a good solicitor and im sure ull find out the same thing......present ACI with the ACI contract they gave u..............stating they have breached the contract terms and what compensation will u recieve..............
get your solicitor to write to the land registry to block them due to time delay..........
be careful to keep handing money over to them.............

rent on this area stands approx 150-225 dirhams/sqft..................



What office rent? You can lease in One Business Bay starting for 100.

RERA is changing the cancellation process, page 22 of Property weekly this week. Will post the details.

I don't know if the tower is on hold today ACI send me the same photo of SALE but whith many men at work ! Perhaps tower going on

In any way i thanks Sale for photo and info about RERA cancellation

cheers 234sale............

that will be interesting...........any idea what the changes are?

and thanks for all the info.

http://i45.************/ippa2d.jpg

after Complex scenarios...............

it suggests after 30% where no or little works have progressed, the Land dept. will not allow developers to collect any further funds until construction correlates with payment schedule...............

ACI does not appear to correlate, they need to publish new amended terms and stick to it!

thats why no one appears to be paying................

After my request in this morning ,ACI has put in webside today new update of ST. the same of sale but whith men at working there are little progress since november , i don't think is on hold .

its already delayed by one year.................
where is the new works programme and payment structure...............
cant have it both ways ACI????

ACI send me new payment plan 2 month ago .

On hold is wrong title ( in this moment) see ACI website men at work , low progress but progress ,please change title U.C.

http://i45.************/2n9cmrl.jpg

http://i49.************/x6aj5v.jpg

1 hour ago

On ACI website there are men at work perhaps is wrong photo

Today i received email from ACI , the dates are difficult to respect, but anything is better than nothing . And we go on........


Greetings from ACI!



With reference to your email dated 5th January 2010 addressed to Ms. Fereshteh , please be advised that the Rafting was completed on 23rd Nov’09.



The Estimated Completion dates as per the Projects Department are as follows:

Completion of 6th floor: May 2010

Completion of 12th floor: July 2010

Completion of 18th floor: September 1010

Completion of 24th floor: November 2010

Completion of Tower: January 2011

On ACI website there are men at work perhaps is wrong photo

This is quite possible! I had filed a case against a developer for one project..the lawyers appointed an expert...when we (the expert, lawyers and myself) visited the site, we realized that the project site was not the same as mentioned in the contract!

The Estimated Completion dates as per the Projects Department are as follows:

Completion of 6th floor: May 2010

Completion of 12th floor: July 2010

Completion of 18th floor: September 1010

Completion of 24th floor: November 2010

Completion of Tower: January 2011

very, very optimistic :)

very , very impossible

I think photos are true,The photos are taken on 3 1 and are the same of photo's Sale on 2 1 , but whith men at work .

http://i48.************/2rgf1qs.jpg

http://i50.************/swsg0j.jpg

Ok, you can see on the progress of the other towers that Qsami has completely stopped. I saw again 3 labours, 1 security. They were not working on the tower.

Today i phoned at ACI pr. manager , he sad me the construction rebegin in few days , Becker and Schumaker tower will begin in few time , NL tower he has no notice perhaps is on hold ,I have only these info . I dont know if it's true . Will see......

I don't want to be bad , but I hope sincerly, the people who don't pay the instalments lose their properties receiving termination contract .

It seems, if a party complains to RERA, cancellation would be discussed at RERA with both parties together. So if you are being cancelled, you have the right to go to RERA and discuss your case with ACI and RERA.

I hope project go on, if not i take a lawyer , i have contract approuved by RERA , ACI must finish in 12 2011 after i can ask $ back whith interest. Specified in contract .

very , very impossible

wouldn't agree less!

Today i call ACI ,they said me they waiting approuval RERA for raft f. to go on .
I don't know the rules but is possible take 3 month to have approuval ?

Tecom approval or rera approval...

Raft has been completed,, clearly you can see in the photo the bottom floor of concrete that links all the piles.

Raft has been completed,, clearly you can see in the photo the bottom floor of concrete that links all the piles.

Yes i understand, but need 3 month to have approuval RERA or DLD ?

After another we wait permit from rera ecc.Today I have contacted a lawyer , in days i will decide what to do against aci . I dont know but i feel bad whith this tower .

Further to your Email and your queries regarding the construction status of Q Sami Tower, I would like to inform you that following the completion of raft foundation we are required to obtain a permit to proceed with the next level of construction as per the approved payment plan, which is the basement.

Please be advised that once the permits from governmental bodies and authorities is obtained the construction of Q Sami Tower will proceed and pictures of the same will be uploaded on the website.



Please bear in mind that ACI has to be in compliance with all the authorities, thus contractors will be permitted to continue their work on the site once all the documents and approvals are in place.

I received today this email from ACI , Is normal wait several months to obtain permit to built basement ecc.?
Answers are appreciated:cheers1::master:

http://i49.************/2i0t8on.jpg

Do you see any mouvement in Qsami site ?

^^ none for at least 4 months

How can contact RERA mediation center, and it's usefull to resolve real estate disputes?

Today i have phone at aci, they told me the constr. going on ,after i say not true , they say they wait for temporary permit , they always wait permit , today i have contacted a lawyer and i put all in legal action . The only solution whit this shameful society .
I say at all to do the same .

Developers Get More Power
Friday, April 02, 2010

Real Estate Decree Number 6 grants a developer the right to unilaterally terminate a purchase contract if the investor does not meet certain obligations. The decree, issued by the Dubai Executive Council last month, awaits formal publication in the official gazette. However, in an effort towards even-handedness, developers and investors both have the right to ask the Dubai Land Department to terminate a property purchase contract if certain conditions are met. Components of the decree have been welcomed by industry players as potentially helpful in defusing unresolved conflict and clearing a path to resolution. "The decree attempts to clarify the legal rights of investors and developers and provides greater powers to the Dubai Land Department [to cancel projects]. These will help increase transparency," said Craig Plumb, head of research at Jones Lang Lasalle.

The decree empowers the developer to terminate a purchase agreement by directly sending a termination notice to a purchaser who is in breach of the contract, without the Land Department's approval or involvement. A purchaser can terminate a contract for a number of reasons, including the developer's failure to deliver the unit without justifiable cause or the payment schedule not being in line with the Real Estate Regulatory Authority's guidelines. "The decree tries to do a balancing act, giving the developer prime mover advantage. "Because it tries to do something for everyone, it creates the groundwork for a lot of litigation. However, it will resolve festering problems, which is good," Shahram Safai, partner and head of the real estate department at Afridi and Angell, told Gulf News. Decree No 6 sets out the guidelines for an investor to take petition the courts in case of a complaint.
Source: Gulf News

Hope who don't pay lose his property.

Dear Mr.



We are awaiting the necessary approvals from competent authorities, upon which we will resume construction at the earliest.



For more information, kindly contact customer service



In case of any clarifications, please contact



Best regards,



Esther Benjamin

Collection Officer

Always the same answer , but is it possible always wait approval ?

I receive it 1 minute ago

.....there is talk the plot etc will be sold onto a new developer and the investors and new developer continue under the original terms..........

will let u know when i hear more..........

.....there is talk the plot etc will be sold onto a new developer and the investors and new developer continue under the original terms..........

will let u know when i hear more..........

The plot the project ecc.
Where have you heard this ?
I received an email by ACI 2 week ago about permit ecc.
I has not heard nothing about new developer

Cayman.........as i tried to tell u b4, we know some influencial people who have invested here big............

ACI ARE TOSSERS..........they do not reply and take the piss out of their investors............

sorry, but really dislike the way ACI have handled this............but what do expect for the young idiot who runs ACI..............what does he know.........nadder!

even his stock investors in the company are really pissed with him............he is just a jumped up knob............who does not know how to deal in business............

rant over and a good job i dont see him...............

as i said b4 i'll let u know when i hear more.................

and dont pay him anymore...............as i've tried to tell u..............the big influencial investors in this have not so why do you............

I hope this bad situation will be resolved soon

I receive 2 weeks ago



Kindly note that I will be the contact point from now on regarding your investment in Q-Sami Tower.



Further to your Email and your queries regarding the construction status of Q Sami Tower, I would like to inform you that following the completion of raft foundation we are required to obtain a permit to proceed with the next level of construction as per the approved payment plan, which is the basement.

Please be advised that once the permits from governmental bodies and authorities is obtained the construction of Q Sami Tower will proceed and pictures of the same will be uploaded on the website.



Please bear in mind that ACI has to be in compliance with all the authorities, thus contractors will be permitted to continue their work on the site once all the documents and approvals are in place.



Kindly see below the project plan of estimated completion dates for Q-Sami tower provided from the Project Management Department:



Completion of shoring/piling: completed

Completion of raft foundation: completed

Completion of basement: End September 2010

Completion of 6th floor: End February 2011

Completion of 16th floor: End May 2011

Completion of 24th floor: End August 2011

On completion (full building): End April 2012



Please revert back to us in case you require any further assistance.



Best regards,



Ivana Markovska

Executive Assistant

It's the 3rd changement of work plan

Hi everyone,

Ive already started legal proceedings, if anyone would like to take action with me please feel free to message me... Enquired at 3 law firms so far

I receive 2 weeks ago



Kindly note that I will be the contact point from now on regarding your investment in Q-Sami Tower.



Further to your Email and your queries regarding the construction status of Q Sami Tower, I would like to inform you that following the completion of raft foundation we are required to obtain a permit to proceed with the next level of construction as per the approved payment plan, which is the basement.

Please be advised that once the permits from governmental bodies and authorities is obtained the construction of Q Sami Tower will proceed and pictures of the same will be uploaded on the website.



Please bear in mind that ACI has to be in compliance with all the authorities, thus contractors will be permitted to continue their work on the site once all the documents and approvals are in place.



Kindly see below the project plan of estimated completion dates for Q-Sami tower provided from the Project Management Department:



Completion of shoring/piling: completed

Completion of raft foundation: completed

Completion of basement: End September 2010

Completion of 6th floor: End February 2011

Completion of 16th floor: End May 2011

Completion of 24th floor: End August 2011

On completion (full building): End April 2012



Please revert back to us in case you require any further assistance.



Best regards,



Ivana Markovska

Executive Assistant

Yes I received the same. Out of curiosity, my lawyers suggested that my case goes for arbitration (they said it cannot be filed with dubai courts). Has anyone of you commenced any action yet? If yes, please let me know if your case was filed for arbitration as well.

Further to you telecom query regarding the construction status of Q Sami Tower, we would like to inform you that following the completion of raft foundation we are required to obtain several permits to proceed with the next level of construction as per the approved payment plan, which is the basement. Kindly note that we are awaiting these permits from the government authorities and our consultants and Project Managers are following up on the issue on daily basis. Furthermore, the Governmental bodies are changing the authorities in the Business Bay area and constantly implementing new rules which we have to be in compliance with.

Please be advised that once the permits from governmental bodies and authorities are obtained the construction of Q Sami Tower will proceed and pictures of the same will be uploaded on the website.

I received today by aci

Greetings from ACI!



Apologies for the delay, but we have been moving out of our old office to a new location and we haven t been able to correspond with our clients in proper manner due to that reason. Our new office location map and new telephone lines are already updated on our website www.aci-dubai.net



Further to your request below in regards to your investment in Q-Sami Tower kindly note the following:

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

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



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


Is possible during years no construction ? Is already happened ?

Anybody know if the tower will be take by another developer ?

.....there is talk the plot etc will be sold onto a new developer and the investors and new developer continue under the original terms..........

will let u know when i hear more..........

Do you know anything more ?

Hi I am new to this place. I have 2 units here. The handover will probably take 2/3 years. I want to know dont we have any right to pull out wen the construction has been delayed for 3 yrs??? my husband is nearing the end of his contract and all savings have been sucked out due to the credit crunch. wont the autorities do anything for us? And how can we be forced into accepting a new developer? We signed with ACI. If they cant make it, we should get our money back. If we all take a stand they are bound to listen to investors!

hi all,

aci make the same excuses as an german side. everything requires time and effort....sure, they got enough money untill now, so they can struggle a little...

I hope chief of aci go to jail for the rest of his damned life

Anybody knows situation of sami t. ?

elegant tower...just like Dubai...one of my favourite cities in the world...

Will ACI investors get their money back?
Conflict of law is likely to come into play during the execution of the German court order, says expert
By

* Parag Deulgaonkar

Published Wednesday, March 02, 2011
Although investors in Dubai are termed as “potential” creditors of Alternative Capital Invest’s (ACI) funds, a conflict of law is likely to come into play during the execution of the order of the German bankruptcy court, says a legal expert.
“The ACI funds have investors in Germany, while investors in Dubai have paid for apartments in their projects.
We are uncertain how the Germany liquidator will dispose off assets in Dubai and how the creditors will be prioritized,” Ludmila Yamalova, Managing Partner, HPL Yamalova & Plewka, told Emirates 24/7.
An investor, who purchased three apartments off plan, valued at Dh2.4 million, in the Wings of Arabia project in Dubailand said he had lodged his claim with the appointed liquidator in Germany.
“I have sent our documents to the liquidator, but am uncertain on how I am going to recover my money. I paid five per cent down payment for the apartments… just hope I can recover that,” he added.
The creditors’ meeting and verification of the claims was scheduled for February 17. Emails sent to Dr Konrad of Konrad - Dr.Konrad – Richter, a lawyer retained by the ACI to represent investors in German court, were unanswered.
ACI, however, in an email sent to investors, said: “…lodging your claim under insolvency proceedings in Germany does not alter your existing contractor/legal position under the UAE laws and regulations, this intimation assistance should not be considered as to create any commitment or obligations on part of Alternative Capital Invest-GMBH (Dubai Branch) or ACI Real Estate LLC-Dubai as these are separate legal entities that do not form a part of the insolvency proceedings in Germany.”
According to Real Estate Regulatory Agency’s progress indicator report, the 45-storey tower with 486 units is currently on hold and no construction has commenced. The developer has not confirmed any completion/ anticipated completion date.
In September 2010, the German property investment firm declared bankruptcy on four of its seven funds.
Market sources said ACI was seeking new contractors for some projects such as Dubai Star tower in Jumeirah Lake Towers and Q Sami tower and Victory Bay in Business Bay.
The PKS Residences and the Mayfield Gardens projects in Jumeirah Village are on hold, as are the Niki Lauda, Boris Becker and Michael Schumacher towers in Business Bay.
Calls made to Robin Lohmann of ACI Real Estate were not answered

Hi cayman1

as i told you not to give any more money until things become clearer............
i said a new contractor was being looked for...............but in the current climate that be slow........
the biggest i see using one's common sense, is how ACI debts stack up and how Sami Tower is tied to that, presumably they have paid for the land and construction thus far..........so in essence the site should still be ours, albeit any dodgy interaction byu the german authorities and the Dubai governement who are as moronic as ACI.........
You see from what i hear Dubai does all it can to be akward and difficult, they r clueless as i hear stories that they never reply to queries or answer any questions..........
they fiddle money transactions and try to suggest it was a mistake, as this happened to a friend who bought a property............
they try and take the full payment on properties without handing over keys.........
they change the maintenance rates and require various amounts of monies owed, as they make mistakes with their calculations.......etc etc the list goes on
was it not the King of Dubai (aka 'The Hood' thunderbirds fame) who said no one would lose money, seems more like an orchestrated plan to me or as like the rest of the world run either by shear idiots or undertaken with intent............i go for the later im afraid...........

so its down to honesty now and whether Sami Tower is indeed detached from ACI.............

just ensure u dont part with any more money, until firstly it goes to escrow and the contracts are changed to include some structure on build plan and timescales............

personally apart from the long term attraction i would have nothing to do with Dubai..........as its got a lot to learn about world business and how not to act like morons on a quest to line their pockets by extortion and fraud!

Hi booboo01 seems nobody knows if tower going on do you know if somebody take $ back in aci or other tower ?

I agree with everything you are saying and as an investor in Dubai I can confirm all you said above is completely true in every shape or form.

Rera has implemented a new system where the developer has to give construction based payment plans, this is the law now, make sure you know your "rights"

problem is the land is paid for but the same land is now worth 70% less than it was in 2007 so even if rera auctions off the land your going to be left for peanuts or rather peanut shells, p.s I have no investment in this project.

GTR11

yes incredible, as Dubai will be worth shed loads one day...........mind u when they running out of oil!
the land and works r paid for..........thats not the issue even tho prices have fallen due to volume decrease.........but if its a case of a new contractor taking over then its plausible to continue with time........
but with the dirty ethics of Dubai et al and the german gov. then who knows..........but to be fair i always had reservations dealing with a ruler who looks as evil in the extreme.........
tell u mate for all the crap people have faced here.........id love just 5 minutes with the King.........and id kick the living sh$t out of him, but then the slimey twat hides behind his guards and prostitutes.........two faced they r as well.........
anyway, ther u go!

whats the saying, never trust an Arab.......if i offend the King and his backward friends come see me!

take care GTR11, for those of us who see beyond the oh, sorry......and Dubai go feck yourself............and as the other saying goes..........what goes around comes around!

prepare for a world drenched in blood!!!

Cayman.................

what can i say...............i know of no developer taking over the site...........unfortunately..........which will be interesting that the land and work thus far r paid for by the investor thru the contractor.........purchased off of them..........lets see how much we own and if and when it gets built..........who owns it again.........Dubai and/or the german gov.........???

the next chapter will make u realise what ive said all along for the past 2-3 years will come true...........its called fraud!!! look it up.........

take care..........

sorry but its all run by dumb arses........

does anybody know if robin lohmann is in dubai at all ?

All this talk about the rights of developers to terminate contract. What about the investors? If teh project is delayed by 2/3 years then why can't we get out of the contract and get our invested money back?????? What sort of unethical binding do you have?
And what if we dont want to go under new contractors who will give us another contract to sign? I want to know what the investors rights are.
PLEASE CAN YOU GIVE US MORE INFORMATION.
Thanks

You have very limited - if any - rights. Guys like Nakheel delay their own payments for 5 years while they cash in investor cheques linked to own delayed projects. Investors go to jail, Nakheel gets bailed. Thats more or less the balance of power.

Hi,

the German Prosecuter brings a charge of fraud in the German Funds ACI III. - V. against Robin Lohmann. Highg costs and some brokerages had not been displayed in the prospects. Attached find the link (unfortunately in German):

http://www.nw-news.de/owl/regionale_wirtschaft/4361287_Staatsanwalt_klagt_Dubai-Fonds-Chefs_an.html

For further information give me a PM

I see Shumaker tower fill in whith sands Anybody see the situation of Sami tower and Lauda tower ?

warning
guys , just when you thought it couldnt get any worse, this company ACI has managed it , i bought in niki lauda towers , which has not been started yet , i won a court case and they were ordered by the supreme court to refund my money, they did not do so and eventually the court bailiff was sent round to the offices in safar towers where the new smirking german ? manager decided to tell the baliff that aci real estate had nothing whatsoever to do with ACI alternative capital invest and they were in no way responsible for anything to do with them .....!!!! they really are unbelievable ... i dont know how this man had the audacity to say such nonsense , unless he of course is part of the whole fraudulent operation. i am sure liars such as this will get their come uppence one day but it does not help us who are suffering now ..... my lawyers are working on the next course of action now ....
But be carefull paying any more money and as to who your contract is with ...aci real estate or aci alternative capital invest or one of the several other aci companies, it seems they are who they want to be to take the money but not when it comes to building or refunds .... its all smoke and mirrors...

My lawyer told me aci real estate and aci germany are 2 different juridicals things he told me all project are cancelled less Dubai Star , Becker Tower ,and Sami Tower , he think to do nothing because is impossible to have money back ( in Dubai there is not bankrupt law and there is a big hole in law ) . The situation thanks Dubai law is this .
For me is better to wait years to see Sami Tower than waste money in court .
I regret for those peoples who have lost all in Dubai project .

Anyone heard of the following?

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






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




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

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

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

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

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

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

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

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

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

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

Sliding scale

The following is the percentage of refunds as provided for in Law No 9:
■80 per cent completed: Buyer forfeits 100 per cent of cash he/she has paid to date
■60 per cent completed: Buyer forfeits 40 per cent of purchase price
■Less than 60 per cent completed: Buyer forfeits 25 per cent of purchase price
■Construction hasn’t started: Buyer forfeits 30 per cent of cash he/she has paid to date
■When project is officially cancelled by Rera: Buyer shall be refunded all cash he/she has paid to date.

've checked the consultant is DAR

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it was a bad copy of Edificio Republica by Pelli.

ANYBODY KNOWS NEWS ABOUT SAMI TOWER ?

Anybody knows if project is cancelled ?

News of Sami tower Please

Has rera take over the project or it is.cancelled ?