The changes buyers must agree upon are to hand over voting rights on the homeowners association to the developer, allow the developer to take over the unit if the buyer “defaults under any of its obligations”, and give Select the ability to transfer sale contracts to third parties.

275 of the buyers have received the same amendments, which applies to units purchased under a long-term payment plan. James Rooney, a UK citizen who bought an apartment in The Torch told The National:

“What they are trying to do is force us into signing away our control”

Select said the changes were necessary to securitise the debt from these long-term plans, but the buyers are not willing to give up without a fight. Rooney added that an investor group had been formed in London and that the 25 group members together has sought legal advice.

The Torch

The Torch is located in Dubai Marina and is the tallest residential tower in the world, reaching 345 metres above the ground and housing 676 apartments. About 600 of those apartments were sold during Dubai’s property boom between 2005 and 2008.

Nakheel recently received US$9bn (Dh33bn) from the Dubai Government to revive stalled projects and settle debt, and have now announced more options to investors in long-term projects, such as Palm Jebel Ali.

Options

The options outlined by Nakheel are:

• Staying in the project
• Swapping into near-term projects
• Consolidating into other owned properties
• Consolidating into a third-party property
• Receiving credit that will be useable against any property at anytime and redeemable in five years

History

The debate began late 2009 when Nakheel offered buyers of waterfront homes on Palm Jebel Ali alternatives in Jumeirah Heights and Al Furjan. The buyers declined these offers, saying the options were “inadequate and not acceptable”, and said they would hire a law firm to represent them.

Property prices for a villa on Palm Jebel Ali plunged from  $4.35m to $2.45m in just two months when the financial crisis hit the artifical island in second half of 2008. The project was launched in 2003, but came to a halt in 2008 and on April 10 this year investors will meet in London to sketch up a plan how to put pressure on the project.

The National

This week it was announced the 33-year-old from Essex is putting his name to a number of projects here. He is designing the kitchens for all the properties in the Water neighbourhood at Jumeirah Golf Estates.

In addition he is opening two restaurants – a branch of Jamie’s Italian and a barbecue-themed outlet – at the Leisurecorp development and a takeaway venture called Grab and Go is on the way too. “Over the next two years I will be back and forth to Dubai,” Oliver tells Emirates Business.

“The Jumeirah Golf Estates project is not just brand-slapping – all the partnerships I have been involved with have been longstanding.”

Jamie’s Italian has already proved successful in the UK despite the economic downturn.

There are branches in Oxford and Bath and a third is due to open in Kingston, Surrey, next month. And in true Oliver style he is going to be keeping things unpretentious.

“You can go for a meal with drinks for £18 to £21 (Dh113 to Dh132),” he says. “Jamie’s Italian in Dubai, will offer casual dining with brilliant, authentic Italian food.”

Customers will be able to buy ready-made meals, cookery DVDs and ingredients and hire kitchen equipment and recipe books at Grab and Go.

“There might be a lot of money in this part of the world but the point is it doesn’t matter how rich or poor you are if you do not know how to nourish yourself,” he adds.

“The Dubai project is going to create something unique from the roots up. I am going to spend two-and-a-half years on it, so it’s not just another project.

“I want to help create a food culture here and grow many ingredients myself. Leisurecorp is more than just about cash, they really want to create something special, which is why I am here. This is a chance of a lifetime for me. I don’t know how much money I’m getting but they’ve said there is no limit on what I can spend, which is great and means I can be creative.”

Oliver and wife Jools recently announced that another child is on the way to join their two daughters Poppy Honey, six, and Daisy Boo, five. “Our third child is due in March. A good thing about Dubai is that I have finally found a place where I can spend time with my family without being hassled.”

Oliver shot to fame in 1997 when he appeared in a TV documentary about London’s River Café. He was soon offered his own TV show, The Naked Chef, which became a worldwide hit and is currently being aired on Showtime.

He went on to write 11 best-selling books and his programmes have been broadcast in 50 countries and translated into 26 languages. He promotes the Sainsbury’s supermarket chain in the UK and in 2003 was awarded an MBE for his contribution to the hospitality industry.

But despite being one of the wealthiest chefs in Britain with a estimated value of £40 million (Dh256m) according to the Sunday Times Rich List where he is positioned 1,794, the young chef uses his money to help others.

In 2001 he opened Fifteen, a training restaurant for youngsters who are not in full-time education or employment.

The Fifteen Foundation charity continues its work today and recently recruited the sixth year of students for training.

“I put all my life savings into Fifteen and my old man said, ‘Don’t do it.’ But now we have four and they are all profitable. I give up a lot of my time doing things for other people and believe this is the right thing to do.

“I have sold 22 million books so I have cash to do things like this.”

Oliver has become a champion of the healthy eating campaign in the UK where his TV series’ Jamie’s School Dinners pushed the government into improving meals and his latest show, Jamie’s Ministry of Food currently being screened in the UK, is causing controversy. “When you are in a trade like mine and you see some of the things people eat you get angry,” says Oliver, who himself admits to liking the odd unhealthy snack. “I never wanted to get political but I pay British taxes and am proud to do so but I also care what happens to the money.

“In School Dinners we had four health ministers leave their jobs. I do tend to show things up. It’s about proper food.

“People think I am all ‘healthy food, healthy food’ but that’s not the case. If you look at my recipes some of them are unhealthy but it’s about good food and a balanced diet. The massive problem in the UK is that people focus too much on a small variety of foods and are not getting the balance right.

“In School Dinners we showed that the impact of a balanced diet improved kid’s attainment levels by seven to 10 per cent. Imagine being in charge of this and being able to make your kids cleverer.”

Oliver says he felt a burden of responsibility as a chef to educate the public about nutrition and healthy eating. He admits: “I have just spent a year doing Ministry of Food and it has been really tough, but I see it as my job. Sometimes I think I’d love to be in Thailand learning how to make stir-fries but I’m not and that’s because I feel a level of responsibility to help.

“What chefs do is really important and we should use that as a platform. I try to get people away from convenience food and high fat food by making cooking fun.”

Oliver inherited his love of cooking from his father, Trevor, who still runs the same restaurant in Essex.

“I grew up in a family business, and helped out in the kitchen.

“I love the cooking industry with a passion, it has great people and great prospects.

“I never thought I’d be doing what I am, but I knew I would make myself good at what I did because I have high standards.”

Jamie’s millions

In the 2008 Sunday Times Rich List Jamie Oliver was ranked 1,794 with an estimated worth of £40m.

As his success has grown, he has expanded his business interests, investing in new media ventures, property and food companies. He also has a significant income from advertising, which includes being the face of Sainsbury’s supermarket, a deal worth an estimated £1.2 million a year.

He has sold 22 million books worldwide and also promotes Tefal and Typhoon kitchen equipment.

Oliver has appeared on many TV programmes and his own production company, Fresh One Productions, now makes the majority of shows, earning him enough money to plough back into the next one.

Oliver’s holding company, Sweet as Candy, is worth an estimated £25m which includes income from international sales of his books, his television shows and cookware, as well as property investments.

In 2005 he was named as one of the richest people under 30 in the UK.

Emirates Business