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Dubai Marina 200 high-rise buildings in a masterplanned community by Emaar



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Old December 21st, 2011, 12:39 AM   #1361
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I think it will be at least a year before things get going again. Building material costs need to fall further to balance the cash flow.

I read a business magazine put in my hotel room a few weeks ago which gave some surprising facts. The biggest companies in terms of sales in UAE were not Oil related. It was all Telecoms and Cement. We know there is effectively no competition in Telecoms as your buildings are either Du or Etisalat. Also phoning UAE from UK and vise vera, is one of the most expensive countries you can call, around 70p per minute versus 2p per minute to call USA. The governments of UAE are making a fortune out of Telecoms way higher than oil revenues according to the magazine report. So it seems cement as a commodity is similar and prices will be controlled and not be allowed to compete in a free market economy. As demand for cement dries up this might change and developers and contractors can start renegotiating buying again at sensible prices. When this happens we will see stalled projects being reignited.
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Old December 21st, 2011, 02:44 AM   #1362
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All very interesting. Hope you're right about Pentominium. I suppose a year to wait for things to get moving here again isn't the end of the world under the circumstances. We just need to sit back and be patient I suppose. It's not like there is much choice in the matter anyway. Thanks TB!
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Old December 21st, 2011, 07:43 AM   #1363
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TB, i agree with your point about monopoly in the UAE (and in fact the whole Gulf), making the economies very inefficient and damaging to consumers, but when it comes to cement and aluminium, the Gulf has the cheapest prices in the world.

really, where can you buy a 50kg bag of cement for 11.50dhs (US$3.13)!!

if trident cannot build with these materials at such low level, they will never be able to build imo.

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I think it will be at least a year before things get going again. Building material costs need to fall further to balance the cash flow.

I read a business magazine put in my hotel room a few weeks ago which gave some surprising facts. The biggest companies in terms of sales in UAE were not Oil related. It was all Telecoms and Cement. We know there is effectively no competition in Telecoms as your buildings are either Du or Etisalat. Also phoning UAE from UK and vise vera, is one of the most expensive countries you can call, around 70p per minute versus 2p per minute to call USA. The governments of UAE are making a fortune out of Telecoms way higher than oil revenues according to the magazine report. So it seems cement as a commodity is similar and prices will be controlled and not be allowed to compete in a free market economy. As demand for cement dries up this might change and developers and contractors can start renegotiating buying again at sensible prices. When this happens we will see stalled projects being reignited.
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Old December 21st, 2011, 10:33 AM   #1364
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TB, i agree with your point about monopoly in the UAE (and in fact the whole Gulf), making the economies very inefficient and damaging to consumers, but when it comes to cement and aluminium, the Gulf has the cheapest prices in the world.

really, where can you buy a 50kg bag of cement for 11.50dhs (US$3.13)!!

if trident cannot build with these materials at such low level, they will never be able to build imo.
Believe it or not that is quite expensive considering the cost of gas in the UAE compared to the rest of the world. A lot of heat energy is needed in the cement making process, heat is plentyful in the UAE. My local DIY shop charges around $4 for a 25kg bag and that includes massive transportation costs, 100% sales markup, 20% VAT etc. So the real cost is around $1-1.5 a bag. Concrete companies buy in bulk tanker loads so there is no packaging costs and savings on transportation and storage.

Back in 2007-8 cement companies and concrete suppliers were overloaded and could therefore name their price. For many developers it was not the expense that was the issue, it was finding a company that would supply. Prices haven't come down significantly since these days due to the Cartels that have been established. Someone somewhere is making a fortune out of cement in the UAE and my bet is it goes to the top. Change is needed to make some of the projects viable again.

I think Tridents problems go beyond the price of cement, the market needs to start looking attractive to investors again to revive this type of project.
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Old December 29th, 2011, 09:24 AM   #1365
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Dubai's Noor Islamic Bank Says Trident Defaults On Pentominium Overdraft

Thursday, Dec 29, 2011

Dubai's Noor Islamic Bk Says Trident Defaults On Overdraft

-- Luxury Pentominium project launched near market peak
-- Trident says contractor still on site, committed to project
-- Trident says facing cashflow issues due to tighter bank finance, customer defaults, collateral demands

By Tahani Karrar-Lewsley

Of ZAWYA DOW JONES

DUBAI (Zawya Dow Jones)--Trident International Holdings, the developer of a high-profile residential project in Dubai, has defaulted on a 75 million U.A.E. dirhams ($20 million) overdraft facility extended by Dubai's Noor Islamic Bank to back construction work on the project, according to a bank spokesperson.

Noor Islamic Bank also said that work on the project, the Pentominium Tower in Dubai Marina, has been halted since March, though Dubai-based Trident said the contractor for the project is still on site "operational, not demobilized and in amicable dialogue with us for a viable long term solution along with other parties."

Residential property prices have more than halved since the Dubai real estate market peaked in 2008, leaving many developers and apartment owners facing large losses. A total of $958 billion of construction projects in the United Arab Emirates were delayed or cancelled in the 12 months to October 2011, according to a recent analysis by Citigroup.

http://www.zawya.com/story.cfm/sidZW...20111229000005
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Old December 29th, 2011, 11:42 AM   #1366
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Wow!!

Defaulted on their bank credit and clearly not paying the contractor. In any developed country that means they are bust! Are Trident now going to lie low and seek solace in the fact that UAE is a country with no bankrupcy or insolvency laws.

Looks like the only hope for this project is to find a buyer solvent enough to take over the project and complete it in conjunction with the owners/creditors. On a project this size, that will be a mamoth task.
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Old December 29th, 2011, 11:55 AM   #1367
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Quote:
Originally Posted by True Blue View Post
Wow!!

Defaulted on their bank credit and clearly not paying the contractor. In any developed country that means they are bust! Are Trident now going to lie low and seek solace in the fact that UAE is a country with no bankrupcy or insolvency laws.

Looks like the only hope for this project is to find a buyer solvent enough to take over the project and complete it in conjunction with the owners/creditors. On a project this size, that will be a mamoth task.
Will be a shame if this doesnt complete because although its a sh*te plot
I love the design !
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Old December 29th, 2011, 12:43 PM   #1368
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Quote:
Originally Posted by True Blue View Post
Wow!!

Defaulted on their bank credit and clearly not paying the contractor. In any developed country that means they are bust! Are Trident now going to lie low and seek solace in the fact that UAE is a country with no bankrupcy or insolvency laws.

Looks like the only hope for this project is to find a buyer solvent enough to take over the project and complete it in conjunction with the owners/creditors. On a project this size, that will be a mamoth task.
Love the design of this project but given the current market now and in the foreseeable future I just dont see a market for penthouse only apartments, especially in this location. Maybe some huge scaling back will be necessary and some internal re-design as well
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Old December 29th, 2011, 06:37 PM   #1369
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probably make a lovely Car Park, or a Bungee Jumping Platform.

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Old January 4th, 2012, 08:55 AM   #1370
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Pentominium owner: I’ll be back to finish skyscraper

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Trident CEO denies he has fled Dubai; says he is abroad to seek loans

Staff

January 04, 2012



Wazir Ali Daredia (SUPPLIED)

The head of a Dubai-based real estate firm carrying out the world’s tallest all-residential building denied he had fled the emirate and said he was abroad to seek loans and come back to complete the skyscraper.

The Dubai-based Arabic language daily Al-Bayan said Wazir Ali Daredia, Executive Director and CEO of Trident international Holding, contacted it from Switzerland to reassure creditors about their funds and pledge to return to Dubai and finish the Pentominium.“He said that some creditors are seeking to destroy him by damaging his reputation….he also said that he has not used investors’ funds, which he affirmed are deposited in accounts managed by official parties,” it said.“He affirmed that he is sticking to the Pentominium and will come back after he obtains guarantees from some Asian and European banks to finance the construction of the project, which he said had been frozen because of demands by contractors to pay their outstanding dues….he pledged not to abandon this project as he has put all his profits and savings into it.”

The Pentominium was a super tall skyscraper under construction in Dubai before it was halted in August 2011. When completed, the residential tower will be around 516 m (1,693 ft) tall, with 122 floors above ground. It was designed by architects Aedas and funded by Trident International Holdings.

The Dh1.46 billion construction contract was awarded to Arabian Construction Company (ACC).The Pentominium has one of the deepest excavations done in the world, performed by Swissboring Overseas Piling Corp.Construction commenced on 26 July 2009 and, before construction stopped, the building was expected to be completed in 2013. As of May 2011, 22 floors had been completed. When completed, Pentominium may become the second tallest building in Dubai after Burj Khalifa, and one of the tallest buildings in the world.Al-Bayan said it had received information that some creditors would resort to court and demand the freezing of Daredia’s assets.

“Some of them are believed to have prepared a list of charges against him as they are convinced that he had fled Dubai so he can negotiate with them from a strong position to force them to write off a large part of the debt.”
http://www.emirates247.com/business/...01-04-1.435830
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Old January 4th, 2012, 10:35 AM   #1371
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Bad Man, Bad Company, Bad Reputation he now has, after letting down many clients, companies, and contractor's, not sure he will get the loans he seeks.

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Old January 4th, 2012, 02:00 PM   #1372
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quite a fall for Trident. they had the best reputation for quality and location before the crisis. everything went up in smoke now.

he is going to the wrong places to get finance for The Pentominium, if that is really why he is in Switzerland!! his only hope is here in the UAE, with some government backing. Otherwise, no one anywhere in the world, let alone europe, will give him loans to finish up the The Pentominium under the current economic conditions.
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Old January 4th, 2012, 02:13 PM   #1373
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I beleive he has tried many other place's as well, he has a Watch Company in Switzerland, and probably a big home to, dont think you will see him back here anytime soon, Ive heard there is a Trident Dubai Opportunities Fund, somewhere in the BVI loaded with cash, who knows, let Interpol track him down.

I just know he lost his reputation years ago, but everyone kept on beleiving his Lies.

I better not say anymore, as I upset the Pento Owners.

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Old January 4th, 2012, 04:17 PM   #1374
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Are you sure that he is in Switzerland? Its a small country and probably not the best if you want to hide I wouldnt give too much credibility for any newspapers in Dubai..
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Old January 4th, 2012, 05:20 PM   #1375
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quite a fall for Trident. they had the best reputation for quality and location before the crisis. everything went up in smoke now.

he is going to the wrong places to get finance for The Pentominium, if that is really why he is in Switzerland!! his only hope is here in the UAE, with some government backing. Otherwise, no one anywhere in the world, let alone europe, will give him loans to finish up the The Pentominium under the current economic conditions.
I dissagree about the best locations. Pentominium location has always bamboozled me for one of the most expensive builds in Dubai. There are so many other plots where it could have been a show piece structure in the marina. Why did they not go for the empty plot between Torch and Marina Heights for example, or the waterfront plot directly infront of The Torch and near Infinity.

Waterfront is a beautiful building finished to a high standard, but again the location is nonsense and I always wondered why it was not on one of the free waterfront plots in the same area. They could not have been that expensive if it was viable to build an 8 floor building on them and still make profit.
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Old January 5th, 2012, 06:03 AM   #1376
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Are you sure that he is in Switzerland? Its a small country and probably not the best if you want to hide I wouldnt give too much credibility for any newspapers in Dubai..
best location to "hide" as it has no extradition treaties with anyone. safe banking where you can hide your ill gotten gains and lots of cheese
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Old January 5th, 2012, 07:08 AM   #1377
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best location to "hide" as it has no extradition treaties with anyone. safe banking where you can hide your ill gotten gains and lots of cheese
Switzerland is a full member of the Interpol , also they are member of the FATF ( money laundering organisation) so banks are freezing assets very fast now...and not only for dictators and terrorist.

Just see the law about the extradation, its exist:

http://www.bj.admin.ch/bj/en/home/th...lieferung.html

Anyway , nothing will be happening with him just remember Emad Ayoub who was cheating millions from the Lighthouse Dubai Marina owners , nothing nas happened and he never came back to Dubai

http://www.skyscrapercity.com/showth...128359&page=33

This will be the same story..

Last edited by Imre; January 5th, 2012 at 07:16 AM.
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Old January 5th, 2012, 07:23 AM   #1378
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i meant by best location the marina overall as opposed to other locations in dubai!! i think all their developments are in the marina, i could be wrong on this though!

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I dissagree about the best locations. Pentominium location has always bamboozled me for one of the most expensive builds in Dubai. There are so many other plots where it could have been a show piece structure in the marina. Why did they not go for the empty plot between Torch and Marina Heights for example, or the waterfront plot directly infront of The Torch and near Infinity.

Waterfront is a beautiful building finished to a high standard, but again the location is nonsense and I always wondered why it was not on one of the free waterfront plots in the same area. They could not have been that expensive if it was viable to build an 8 floor building on them and still make profit.
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Old January 6th, 2012, 04:15 PM   #1379
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He has upset many Heavy Russians, now they know what he looks like.
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Old January 6th, 2012, 06:35 PM   #1380
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He has upset many Heavy Russians, now they know what he looks like.
OMG poor guy !!

They don't quite work the way the west does -- he could be under a SWISS SKI CHALET soon
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