The total price tag: about $44 million — or roughly 10,000 years’ worth of salary for the average citizen of Azerbaijan. But the preteen who owns a big chunk of some of Dubai’s priciest real estate seems to be anything but average.

His name, according to Dubai Land Department records, is Heydar Aliyev, which just happens to be the same name as that of the son of Azerbaijan’s president, Ilham Aliyev. The owner’s date of birth, listed in property records, is also the same as that of the president’s son.

Officials in Baku, the capital of Azerbaijan, declined to comment on how the president’s son — or at least an Azerbaijani schoolboy with the same birth date and the same name as the son’s — came to own mansions on Palm Jumeirah, a luxury real estate development popular with multimillionaire British soccer stars and others with cash to burn. Ilham Aliyev’s annual salary as president is the equivalent of $228,000, far short of what is needed to buy even the smallest Palm property.

Azer Gasimov, the president’s spokesman, declined to discuss the Dubai real estate purchases. “I have no comment on anything. I am stopping this talk. Goodbye,” he said when contacted by telephone and told about the names on the property records. Gasimov did not respond to requests for further comment sent by fax, e-mail and cellphone text message.

Azerbaijan, a former Soviet republic blessed with plentiful oil and gas reserves yet blighted by widespread poverty outside its glitzy capital, has long had a reputation for corruption. But the Dubai purchases, which have not been reported before, could provide a rare concrete example of just how much money the country’s governing elite has amassed and of the ways in which at least part of this wealth has been stashed overseas.

The Washington Post

Dubai will use the rest of the money to pay “trade creditors and contractors as well as meet interest expenses and company working capital through April 30, 2010 — conditioned on the company being successful in negotiating a standstill as previously announced” on Nov. 25, the Dubai government said in an e-mailed statement today.

Dubai World said Dec. 1 it’s seeking to restructure $26 billion of debt, less than half the $59 billion of liabilities it had at the end of 2008. Nakheel, which is building palm tree- shaped islands off the emirate’s coast, posted a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property.

“It comes as a relief for the market, underpinning hopes that the implicit government support for Dubai corporate issuance is intact,” said Jason Watts, head of credit trading at National Australia Bank Ltd. in Sydney. “Whilst we are not out of the woods yet, it is definitely a step in the right direction.”

Bloomberg

About 800 foreign property buyers, half of whom are based in the UK, are worried about the future of their investment. Two months ago, a local court appointed Rakeen, the development arm of the Ras al Khaimah Investment Authority (RAKIA), as receiver of the development on Marjan Island, which is the emirate’s largest development. This would allow work on the project to continue and followed the jailing in June of Khoie, the developer’s chief executive. He was sentenced to three years for bouncing a Dh57m cheque written to RAKIA.

The court needed Khoie’s consent to declare receivership. He first vetoed this option last May.

“In British law, receivership is for companies that are insolvent or bankrupt,” said Khoie. “Our company is not bankrupt. We have Dh500m in assets. I am in jail for only the criminal aspect of the cheque.”

RAKIA appealed and Khoie said he finally agreed on certain conditions. “They agreed to drop the cases, and I agreed that they will become only a project manager. Ownership is mine. It is my money, it is my project, I created it.”

The chief executive said he had 60 days to change his mind. “I waited 57 days and I withdrew my consent because they failed to honour their side of the agreement to dismiss my cases and release me,” Khoie claimed. “It was our moral agreement.” RAKIA officials denied any agreement of that sort.

Khoie yesterday posted “settlement proposals” to RAKIA on his website, including an extension on land payment and the dismissal of cheque cases. La Hoya’s investors had hoped the appointment of Rakeen would speed up the development, which is still only in the early stages of construction.

“The situation now returns to its original status, to square one,”

said Neil Pattison, a British investor in the project. Other investors agreed.

The National

Al Barari also houses 34 public gardens to live up to it’s name which is translated into “Wild life”. The Al Barari-company is spending more than Dhs1.4bn on scenery and landscaping, creating botanical parklands and waterfalls.

Inside, the villas will replicate spa-like environments with free-standing baths, walk-in showers and pearl mosaics. Originally, 330 villas were planned by the developer had to scale back to 287 villas, but in phase two, starting in the middle of 2010, Al Barari will build more villas, a hotel and a 14.6km system of waterways on the area.

The prices on Palm Jebel Ali have decreased by 45% since 2008 and properties on the island was originally scheduled for handover next year. Now, investors are criticizing Nakheel for asking to move their investments to projects such as Al Furjan and Jumeirah Heights, which are both under construction.

“…most investors would like them to complete Palm Jebel Ali. People have paid premiums on top of what they paid originally, it’s a disaster to be asked to move somewhere else.” an investor told The National.

Nakheel confirm the offer given to the investors saying that

“Further work on Palm Jebel Ali has been delayed until market conditions allow recommencement of these phases of the development, and customers are being given a range of options within the wider Nakheel portfolio to transfer their investment,”

“We are very proud to be managing this landmark property. The Rose Rayhaan by Rotana team, headed by General Manager Daniel Mathew, has been working hand in hand with the Rotana Corporate Office to ensure all areas of the opening are perfected for the operation of this scenic property.”

The 72-floor hotel is located on Shaikh Zayed Road in the heart of Dubai and soars 333 metres in the air. It will offer 481 rooms, suites and penthouses with modern designs complementing the values of Arabian culture. Each of the rooms, suites and penthouses will have their own kitchenette, high-speed internet connection and a variety of amenities and facilities. There will also be 8 meeting room with state-of-the-art technology, as well as facilities such as fitness centre, outdoor swimming pool, sauna and steam rooms.

The cut followed only a week after Dubai World made the same decision, and is a “rationalisation of resources” Deyaar said in a statement. This is the first time Deyaar has reduced its workforce since the hit of the global financial crisis, but Deyaar also says this will maintain their commitments to its customers, which includes reducing the customer defaults.

“Perhaps it wanted to generate some goodwill,”

Mohammad Rajid Kamran, deputy general manager and head of global financial institutions at Emirates NBD told The National. Nakheel officials could not immediately be reached for comment.

Nakheel also has a US$3.52 bn Islamic bond maturing in December and this repayment is undoubtly regarded as a encouraging sign for bondholders. The repayment came the same day Dubai World, Nakheel’s parent, made a restructuring costing more than 12,000 jobs to save an estimated $800 million over three years.

Dubai World has already cut its global workforce with more than 15% down to 70,000 workers and its UAE workforce with more than 25%, the company said in an emailed statement today

In addition to offering equity in units such as developer Nakheel PJSC, Dubai World may also seek cash from the Dubai government, which could borrow from the United Arab Emirates’ central bank in Abu Dhabi, the people said, speaking anonymously because the talks are private.

Granting equity in a unit such as Nakheel, the real-estate developer with $3.52 billion of debt due in December, may help Dubai World appease creditors and avoid a fire sale or bankruptcy of hotels, retailers and other assets the investment group amassed this decade, according to the people.

“We can consider selling part of our assets under the investment arm conditional that it has the right value, but we will definitely not embark upon any fire sale,”

Jamal Majid Bin Thaniah, Dubai World’s chief executive officer, said in an interview in Dubai today. An initial public offering for Nakheel “is an option we might consider depending on the opportunity.”

Bloomberg

Speaking at the launch on MODO, Mr. Dheeraj Wadhawan, Managing Director, DEC, said:

“Avant-garde literally means ‘advance guard’, and we are proud to say that DEC has always been in the forefront of bringing new innovations, new ideas and new techniques into the realty sector. With MODO, we intend to expand the concept of couture living, taking it to a new level of style and elegance.”

“The Gulf region is rapidly moving up the value chain as people look to lead more satisfying, meaningful and fulfilling lives. We see the world through the eyes of our clients, hence we seek to develop residential solutions that enrich the way people work, live, learn and play. The need today is to enhance value and create superlative luxury for the connoisseurs of comfort,”

he added.

MODO’s tryst with style and elegance is led by Arkiteknik International & Consulting Engineers, the Dubai-based architects of the project, and embellished by the products of fashion houses JOOP! Living and Culti. The interiors of MODO’s 47 apartments – comprising studio and one-and two-bedroom units-in the G+9 building, covering a net area of 37,000 sq feet, will feature the sense of style and passion for quality and luxury of these iconic brands. Slated for completion by 2011, the development is a unique design statement, characterised by state-of-the-art technology and featuring amenities like concierge services, facilities management, swimming pool, spa and designated car parking.

The high-end fashion products of Culti, the Italian maison, are true experiences for the senses and create an impression that they are one-of-a-kind that cannot be found elsewhere. Whether a sofa, bed, kitchen or bathroom, every detail is customised and personalised. The Culti collection includes furniture, lighting systems, objects and textiles for every room.

“At Culti, a constant and an unforgiving attention to detail is a way of life. Walk into a Culti space and it’s somewhere you want to be, and also somewhere you want to invite your friends. Every piece in the collection is designed and crafted in Italy, guided by the design flair of Alessando Agrati. To choose Culti is to be aware of, and enjoy, the finer things in life.

“Our alliance with DEC is our first partnership with a Middle East realty developer. Our partnership with DEC has come after a strict evaluation of their property portfolio. We are pleased to partner with a developer that shares our vision of creating a living experience that is unmatched in quality, comfort and luxury”, said Mr Sergio Rizzi, Director Arhitect & Design Division, Culti.

Commenting on JOOP’s partnership with DEC, Mr. Kristine Marqus, Managing Director JOOP Living, said; ” This is JOOP’s first venture into the high end luxury residential segment. Real estate industry world-over and particularly in the Gulf is experiencing brand-extension whereby the living spaces are becoming more of lifestyle statements. This opens up a lot of opportunities for luxury brand. Though we have been receiving a lot of opportunities , we choose to tie-up with Dheeraj as we share a common passion for innovation and excellence. “

JOOP! is a Hamburg-based fashion label known for its unique trendsetting sense of style, inimitable class, quality and sophistication. The JOOP! Living series includes furniture, linen and decorative accessories for every room. The array of unconventional styles and patterns of this designer collection are guaranteed to lift the entire mood of the interiors of any apartment, giving it a touch of sheer class.

DEC is a multifaceted developer and designer known for its ability to look beyond the obvious and explore alternatives. It views its projects as strategic assets that add value and offer excellent investment opportunities to both investors and end-users. DEC won the ‘Developer’s Commitment to Efficient Buildings’ award at the inaugural facilities management Middle East Awards organised in Dubai by ITP Business Publishing.

Zawya