Khoie says La Hoya Bay-investors can claim refund

Khoie Properties arranged a meeting on Friday at their office in Dubai for investors in La Hoya Bay. Investors in the much delayed project have experienced multiple delays, rumours about an insolvent developer, the CEO being placed in jail and the project being taken over by the Government of Ras Al... 

Buyer awarded refund for off-plan investment

An investor in the Niki Lauda Twin Towers in Dubai was recently awarded a refund by Dubai Courts. Ron Oakley, a British investor, bought two units in the off-plan project launched by the german developer, ACI, in late 2007. In March 2009 he filed a lawsuit against ACI, trying to recover his investments... 

Buyers in Ivory Towers fear money is gone

The much-delayed Ivory Tower in Dubai has come yet another step closer to cancellation as development has stopped and consultants are called back to Sokook’s offices in Deira. The tower is nearly two years behind schedule and buyers now fear their investments is long gone and never to be seen again. Ivory... 

Kid bought villas worth $44 million in Dubai

Even by the standards of a city that celebrates extravagance, it was a spectacular shopping spree: In just two weeks early last year, an 11-year-old boy from Azerbaijan became the owner of nine waterfront mansions. The total price tag: about $44 million — or roughly 10,000 years’ worth of... 

Dubai Mall Aquarium Leak

World’s largest aquarium cracked on Thursday and leaked tons of water into Dubai Mall, forcing the administration to shut down and evacuate parts of the mall. Fortunately, the damages were minor and all of the 33,000 species in the aquarium remains unharmed. Six divers were sent in to repair the... 

Grand opening of Burj Khalifa, formerly known as Burj Dubai

The world’s tallest skyscraper finally opened today and was surprisingly renamed Burj Khalifa in a nod to the leader of neighboring Abu Dhabi which came to its rescue during the financial meltdown. A lavish presentation witnessed by Dubai’s ruler and thousands of onlookers at the base of... 

Abu Dhabi gives Dubai $10bn

Abu Dhabi provided $10 billion to help Dubai World, the state-owned holding company, meet its obligations, including $4.1 billion needed to repay an Islamic bond maturing today for the real-estate unit Nakheel PJSC. Dubai will use the rest of the money to pay “trade creditors and contractors as well... 

Frank Khoie freezes La Hoya Bay

Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project. Speaking from his cell, Khoie told The National that he now requires dismissal of charges as... 

Huge service bills threaten owners at The Cove, RAK

Owners at The Cove, Ras al-Khaimah, could face annual six-figure service bills, The National reported. Lack of electricity has forced the developer of the luxury-development to invest in eight diesel generators which cost a total of Dh2.5m each month to run. “If they are running the airconditioning... 

Al Barari close to completion

The luxury-development Al Barari, Dubailand, is close to completion with 35 families moving in by December. At a price tag from Dh28m to Dh100m, each high-end villas have between 5 to 7 bedrooms, an outdoor infinity-pool and a massage area. Al Barari also houses 34 public gardens to live up to it’s...