#UNDER C: JBC (9 Towers), 41-46F Com, 149-167m, Plots G2, V1, Y1, N3, W1, H1, G3, H3, L1

[Imre]

14/April/2009

JBC4

[Imre]

01/May/2009

JBC

[bizzybonita]

nice looking of back claddin with good progress !

[CreditCrunched]

Originally Posted by Imre

01/May/2009

JBC

Dear Imre

Do you have any up to date pictures on JBC3?

Thanks

[celticmonkey]

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.

[Imre]

Originally Posted by CreditCrunched

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"

[baba toto]

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

[mmughal77]

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

[baba toto]

Originally Posted by mmughal77

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?

[Imre]

15/May/2009

JBC's

[Imre]

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/Con.../10313992.html

[mmughal77]

Originally Posted by baba toto

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..

[ebony007]

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

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 - Al Fajer Properties ( Jumeirah Business Centre – complaining investors) from the past

[Imre]

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/Con.../10316090.html

[ebony007]

[ebony007]

source Zawya and 7StarsDubai
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.

[ebony007]

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

[ragga]

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

[BSingh]

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

[Imre]

first crane of the JBC 2 going down