One of Dubai Investment’s subsidiary Direc (Dubai Real Estate Company) had joined hands with Aqaar Properties in a joint venture. The two together were supposed to build a multi-billion-dirham project for the state of Ajman. The project has been dropped with the cited reasons of unfeasibility because of the unfavorable market conditions prevailing in the [...]
As the new laws on real estate have kept coming in the real estate market of Dubai, different parties have started stepping forward to claim for their violated rights and breaches by benefiting from the laws sprung up. Recently a group of 30 investors have filed a case against the developer named Union Properties for [...]
Nakheel one of the largest developers of real estate in Dubai has finally handed over the sixth and the final tower at Marina Residences which was under construction. Shimizu Corporation, one of the largest contractors of Japan is the constructor, this project was started last year. Group Managing Directory Nakheel, Marwan Al Qamzi, expressed satisfaction [...]
A few days back a businessman from the UK interested in buying two units of property in Dubai has been refunded for one unit because the projects was way behind schedule. This and many other similar incidents seemed to be shifting the balance of power in the favor of the buyers or investors in the [...]
A British businessman Ron Oakeley had bought two offices in a building named after the former formula 1 race driver Niki Lauda. The refund has been made by the Dubai courts for only one unit out of the two after looking into the matter. The complainant’s bought offices were behind schedule by almost 20 months. [...]
Dubai’s real estate law makers have been working hard to revive the lost confidence of the investors in the real estate of Dubai. These steps include fixing many loop holes and problems for the investors as well as tenants, which were earlier at the receiving end. Many new laws have been promulgated by the authorities [...]
Dubai World debt has been on the news since the crises came to public attention. Nearly 100 inquiries have been put to the special tribunal set for the Dubai World to get their money back from the giant conglomerate. The tribunal is said to be fully operational. Registrar of the tribunal & International Finance Centre [...]
Dubai is considered a tax heaven for many. People from across the globe come here to work because of many reasons, one of these reasons is the tax free income that people cannot enjoy in their own countries. Financial crisis has changed the way people look at things now. No one can predict with certainty [...]
“Dubai World” is a real estate developer and also a company with ownership of government. It has been probably one of the hardest hit among those affected by Dubai debt crises. The repayment of debt by Dubai World is approaching. Few days back, it came out that some high ups in Dubai visited the western [...]