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Getoffmyback
02-23-2010, 04:41 PM
I'm seeking help and informations in this thread .

I'm trying to help someone who invested in dubai , everything was fine untill this economic crisis there. So all the projects are on hold and the company or the contractors are not refunding money. And this guy is in desperate need of his money .

Is there anyone here familiar or stuck in this dubai crisis that can provide some usefull infos?
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Danah
02-23-2010, 06:26 PM
The only thing he can do is "wait". This is not his problems only but many others too.

Everyone is worried about Dubai situation now. Its sad to see many buildings stopped half way and abandoned by its workers. I know many people payed lots of money for such investments....They say that things will be better soon. But when is that? Allah knows best. Even though, I do see some improvements after Abu-Dhabi helped Dubai in paying some of its debts.

I think people should think twice before paying huge amount of money for such projects. They have to have a plan B for such unexpected things.
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syilla
02-24-2010, 02:09 AM
can anyone post more on the economy crisis in dubai?
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north_malaysian
02-24-2010, 07:31 AM
sad to hear that...
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Chuck
02-24-2010, 08:07 AM
Originally Posted by Getoffmyback
I'm seeking help and informations in this thread .

I'm trying to help someone who invested in dubai , everything was fine untill this economic crisis there. So all the projects are on hold and the company or the contractors are not refunding money. And this guy is in desperate need of his money .

Is there anyone here familiar or stuck in this dubai crisis that can provide some usefull infos?
Me and my friend is in the same situation. So far nothing. Some developers were helpful and allowed the credit transfer so we sold our credit at a discount. But not all developers are allowing credit transfer.
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Getoffmyback
02-24-2010, 08:13 AM
Originally Posted by Danah
The only thing he can do is "wait". This is not his problems only but many others too.

Everyone is worried about Dubai situation now. Its sad to see many buildings stopped half way and abandoned by its workers. I know many people payed lots of money for such investments....They say that things will be better soon. But when is that? Allah knows best. Even though, I do see some improvements after Abu-Dhabi helped Dubai in paying some of its debts.

I think people should think twice before paying huge amount of money for such projects. They have to have a plan B for such unexpected things.
True, everybody are saying the same thing "wait" even his lawyer which he can't afford anymore.

So i thought to give it a shot here maybe someone figured out a way to get out of this situation.

Thanks.
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Danah
02-24-2010, 08:18 AM
Originally Posted by syilla
can anyone post more on the economy crisis in dubai?
You are not planing to invest in Dubai, are you? :hmm:

The stock markets is going crazy too because of that!
one day up and ten days down! I am sorry for those who put everything they have in such investments...that's very sad indeed!
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Getoffmyback
02-24-2010, 08:29 AM
Originally Posted by Chuck
Me and my friend is in the same situation. So far nothing. Some developers were helpful and allowed the credit transfer so we sold our credit at a discount. But not all developers are allowing credit transfer.
This developer is not refunding money.
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Chuck
02-24-2010, 12:40 PM
Originally Posted by Getoffmyback
This developer is not refunding money.
Well it is not refunding money. As far as I know, no developer has refunded the money except AlDar. This is credit transfer. You get the approval to transfer unit into somebody else's unit. Than the owner of the unit pays the credit amount to you at a discount.

Which developer is this, by the way?
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Getoffmyback
02-24-2010, 02:54 PM
Originally Posted by Chuck
Well it is not refunding money. As far as I know, no developer has refunded the money except AlDar. This is credit transfer. You get the approval to transfer unit into somebody else's unit. Than the owner of the unit pays the credit amount to you at a discount.

Which developer is this, by the way?
Middle east development .

Project : Kensington royale - dubai sport city.

And another one in ajman the building's name is savannah. But don't know the developer but sure i can ask him to about it.
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Danah
02-24-2010, 03:06 PM
The strange thing or let me say the amazing thing is that Dubai government is still going on their own projects...despite the crisis.
See burj Khalifa was opened last month, as if there was no economical problems they were going through!!
Allah knows what else they are prepared for! I am sure things will be better soon inshaAllah....I know some people who have some shares in Immar, they said they will wait and won't dare selling them in such a low price these days.
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Nimboo
02-24-2010, 05:35 PM
Originally Posted by Danah
You are not planing to invest in Dubai, are you? :hmm:

The stock markets is going crazy too because of that!
one day up and ten days down! I am sorry for those who put everything they have in such investments...that's very sad indeed!
Urm...thats the best time to Invest, when the stock market is "Down" & "Crazy" YOU the investor can get top notch stuff on the cheap ;D. There are so many bargains out there right now its unbelievable, wish I had 30k laying about :P

Originally Posted by Getoffmyback

I'm seeking help and informations in this thread .

I'm trying to help someone who invested in Dubai , everything was fine until this economic crisis there. So all the projects are on hold and the company or the contractors are not refunding money. And this guy is in desperate need of his money .

Is there anyone here familiar or stuck in this Dubai crisis that can provide some useful infos?
Was your friend not aware of the pitfalls of investment? I'm sure his financial adviser would have had a talk to him about this BEFORE he put money into it (Did he seek Financial Advice prior to investing?).

Why is he asking for a refund? If the build was continuing, would your friend still be in desperate need of his money? :hmm:

Regardless of the crisis, he should have had a contingency in place should he need money (I'll reiterate, His financial advisor would have advised him to do this)

Sorry there was no way of "Sugar Coating" the above :hiding:
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waji
02-24-2010, 05:48 PM
:sl:

some one has to realize that Dubai isn't in bad situation the government owned construction companies are in crisis

so it is important which field are you investing ??
i have heard in alot of project most people aren't the first buyer
That is also making it difficult to refund.

:w:
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Nimboo
02-24-2010, 05:53 PM
Originally Posted by waji
:sl:

some one has to realize that Dubai isn't in bad situation the government owned construction companies are in crisis

so it is important which field are you investing ??
i have heard in alot of project most people aren't the first buyer
That is also making it difficult to refund.

:w:

I fear that most of the companies involved are merely middlemen for other investment companies.

If you want to Invest, Do what we did, Go to X (you country of choice), Buy a Plot of Land, Pay a local Firm to build your dream property :D
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Danah
02-24-2010, 05:57 PM
Originally Posted by Nimboo
Urm...thats the best time to Invest, when the stock market is "Down" & "Crazy" YOU the investor can get top notch stuff on the cheap ;D. There are so many bargains out there right now its unbelievable, wish I had 30k laying about :P
People who didn't invest before says this now...."They said its the golden chance now to buy stocks"
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Getoffmyback
02-24-2010, 06:19 PM
Originally Posted by Nimboo
Urm...thats the best time to Invest, when the stock market is "Down" & "Crazy" YOU the investor can get top notch stuff on the cheap ;D. There are so many bargains out there right now its unbelievable, wish I had 30k laying about :P



Was your friend not aware of the pitfalls of investment? I'm sure his financial adviser would have had a talk to him about this BEFORE he put money into it (Did he seek Financial Advice prior to investing?).


Why is he asking for a refund? If the build was continuing, would your friend still be in desperate need of his money? :hmm:

Regardless of the crisis, he should have had a contingency in place should he need money (I'll reiterate, His financial advisor would have advised him to do this)

Sorry there was no way of "Sugar Coating" the above :hiding:
-as i know, before the crisis everybody was running towards investing in dubai , he was tempted and he is an average person when it comes to investments and stuff , he took advised only from himself :hmm:

-and yes even if the build was continuing he will still need his money but then at least he would have got a good transfer price over his credit....unlike now if the developer allowed a refund or even if he got someone who is interested he will only get something like 20% of what he paid...

-well now he is just waiting and waiting .
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Chuck
02-24-2010, 08:32 PM
Originally Posted by Getoffmyback
Middle east development .

Project : Kensington royale - dubai sport city.

And another one in ajman the building's name is savannah. But don't know the developer but sure i can ask him to about it.
Work is slow on that project. And developer doesn't have enough project to transfer credit. But it is worth trying. Ask them to allow to transfer credit into another unit. And then sell the credit at a discount. Current discount rate is 40% so your friend should be able to get 60% of the cash back that he has with the developer.

What is the price per sq. ft. for his unit?
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Chuck
02-24-2010, 08:35 PM
Originally Posted by Danah
I know some people who have some shares in Immar, they said they will wait and won't dare selling them in such a low price these days.
Depends on what price they bought for. Emaar's p/e ratio is very bad and I don't think its price will go above dhs 6 even in 4 years. Just my opinion.
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Danah
02-24-2010, 08:57 PM
Originally Posted by Chuck
Depends on what price they bought for. Emaar's p/e ratio is very bad and I don't think its price will go above dhs 6 even in 4 years. Just my opinion.
People are still whining when talking about the old days when Emmar reached 20's few years ago.

May things be better soon.
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