So it's claimed that $72.563 billion worth of projects are on hold in Dubai
Feb 2nd 2009, 4:09 pm
#16
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Joined: Jul 2008
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Posts: 606
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
"A list of project cancellations and delays of properties in Dubai, which has been emailed to Kipp on at least three occasions, has caused a stir among the emirate’s expatriates.
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
http://www.kippreport.com/projectcan...ncellation.jpg
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
If the list is accurate, then approximately $72.563 billion worth of projects are on hold, and $3.275 billion have been cancelled."
http://www.kippreport.com/projectcan...ncellation.jpg
Full article here: http://www.kippreport.com/kipp/2009/...ist-of-losers/
Feb 2nd 2009, 7:01 pm
#17
Just Joined
Joined: Apr 2008
Posts: 7
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
This list is a pile of crap. Take for example the Nakheel tower and harbour project. They say it's worth $38bn, however what has been done? They hired the architects, did the engineering and started a tiny bit of digging at the site. Why isn't the jumeirah gardens project on there? We could probably list a whole load of other projects that never got started that would push the total value to something like $500bn!
In fact I just announced a new super duper megaproject with a 10km tower that is worth a trillion. I have just stuck a shovel into the ground at the site. Maybe that should be included in the list too.
In fact I just announced a new super duper megaproject with a 10km tower that is worth a trillion. I have just stuck a shovel into the ground at the site. Maybe that should be included in the list too.
Feb 2nd 2009, 7:54 pm
#18
Guest
Posts: n/a
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
It's not rocket science. The value in this list, is the estimated value of the project if built.
Feb 2nd 2009, 9:17 pm
#19
Forum Regular
Joined: Sep 2008
Posts: 102
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
yes jumeirah gradens should be on there . that would add at least another US100 million to the figure ( that is how much they went to the overseas banks in loans for) .it is on indefinite hold at the moment. the developer apparently hasnt paid any of the consultants (including one architect is apparently owed in the region of £30million and one of the engineering consultants in excess of £6 million and another £2million)
oops that should be US 100 billion
Feb 2nd 2009, 11:24 pm
#20
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Posts: 7
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
Feb 3rd 2009, 2:53 am
#21
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Joined: Jan 2009
Location: UAE
Posts: 241
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
...just listened in the car to the business prog at 0600 on Dubai Eye,and the interview with some chap from the company which monitors continuously the progress across the UAE, sounds like this is the report that is about to be released - I think it is called 'Insight' or some such thing - he was trying not to sound too depressed.......... Just noticed as well a little piece in 7 days yesterday casually saying that Jebel Ali airport now not on line until mid 2010 due to financial and licencing issues.......
Feb 3rd 2009, 4:09 pm
#22
same shit different day
Joined: Jun 2007
Posts: 1,049
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
This list is a pile of crap. Take for example the Nakheel tower and harbour project. They say it's worth $38bn, however what has been done? They hired the architects, did the engineering and started a tiny bit of digging at the site. Why isn't the jumeirah gardens project on there? We could probably list a whole load of other projects that never got started that would push the total value to something like $500bn!
In fact I just announced a new super duper megaproject with a 10km tower that is worth a trillion. I have just stuck a shovel into the ground at the site. Maybe that should be included in the list too.
In fact I just announced a new super duper megaproject with a 10km tower that is worth a trillion. I have just stuck a shovel into the ground at the site. Maybe that should be included in the list too.
Feb 4th 2009, 4:02 am
#25
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Joined: Apr 2007
Posts: 551
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
yes jumeirah gradens should be on there . that would add at least another US100 million to the figure ( that is how much they went to the overseas banks in loans for) .it is on indefinite hold at the moment. the developer (meraas) apparently hasnt paid any of the consultants (including one architect is apparently owed in the region of £30million and one of the engineering consultants in excess of £6 million and another £2million)
Feb 20th 2009, 12:15 pm
#26
Just Joined
Joined: Feb 2009
Posts: 2
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
Hi, does anybody have more details on Dubailand / Sports City developements? are they going down the drain too?
Feb 20th 2009, 12:38 pm
#27
Yes, Master...
Joined: Nov 2004
Location: U.S./Dubai
Posts: 1,159
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
I'd like to hear the scoop on Sports City too. My brilliant hubby invested there!:curse:
Feb 20th 2009, 1:29 pm
#28
Just Joined
Joined: Feb 2009
Posts: 2
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
I am sooo in the same boat. Men and brilliant ideas !! We invested there with 3 grand of our own, and everything else owed to the bank. Our studio is still a heap of sand (since 2006) and I see it going nowhere. Had it been for me I would have gone on a HOLIDAY to Dubai with 3 grand! But you know what? stupid me for letting it happen!
If anyone has better insights into the Dubai property market then I will ever have, comments appreciated. Thanks
My stance is sit still at this stage, cause the only payments left to make are on handover (if...).
What are your ideas on possible options?
Will this developement ever be finished, and if not what do you think will happen to investors' money? (it's in escrow accounts so technically retrievable right?)
Feb 20th 2009, 1:48 pm
#29
Forum Regular
Joined: Jan 2008
Posts: 197
Re: So it's claimed that $72.563 billion worth of projects are on hold in Dubai
The current laws are not in favour of the investor in relation to trying to retrieve funds from developments which have been delayed - even if held in escrow accounts. The laws tend to concentrate on the master development schedule rather then the individual towers. I have family from UK who have confirmed delays of 18-36 months on their investments - but have managed to reschedule the payment plans through "diagnostic" discussions with the developers sales and accounts dept. They have been lucky as the developer are reputable but those who have bought with small developers may not be so lucky.
RERA are making changes on a daily basis so worth keeping an eye on gulf news. i beleive they have introuced a 6 month residency visa for the purchase of certain property.
RERA are making changes on a daily basis so worth keeping an eye on gulf news. i beleive they have introuced a 6 month residency visa for the purchase of certain property.
