NewsDubai
MAG 218 Ready For Handover
The MAG 218 residential tower, built at a cost of AED450 million and consisting of 555 apartments spread over 66 floors, is now complete and ready to be handed over to residents following the official opening ceremony yesterday (Saturday 15 May). Commenting on the handover, Mohammed Nimer, CEO of MAG...
Dubai may seize properties
The Dubai Land Department may begin seizing off-plan properties whose owners are in default. The authority has started notifying investors who have defaulted that if they fail to make their outstanding payments within two weeks that 40 per cent of any money they have paid so far will be confiscated,...
Nakheel offer investors in Palm Jebel Ali more options
Close to 700 investors in Palm Jebel Ali have expressed their dissatisfacion with Nakheel’s offer of alternative properties and have announced plans to bring lawyers into the matter. Nakheel recently received US$9bn (Dh33bn) from the Dubai Government to revive stalled projects and settle debt,...
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...
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...
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...
