corruption charges

[monsi]

Is it as bad as it looks from a distance?

Corporate corruption investigation widens in Dubai

 

[Gashead]

Dep chairman and chief financial officer of Eztithmar (sp?) both suspended today on corruption charges.

 

[georgihh]

Dep chairman and chief financial officer of Eztithmar (sp?) both suspended today on corruption charges.

Yes the market is sinking this time the game could be over.
People are taking money out of the country with unbelievable speed.

 

[Investoman_uae]

Yes the market is sinking this time the game could be over.
People are taking money out of the country with unbelievable speed.

Please stop spreadin false information. No such thing is happening.... i dont kno how you came to the conclusion tht people are takin out their money with and I quote "unbelievable" speed

I have not noticed any such thing goin on.... its actually a good thing that Dubai is crackin down on corruption.... this will build more investor confidence DUHHHH!!!

Inv.

 

[Roshan]

Dep chairman and chief financial officer of Eztithmar (sp?) both suspended today on corruption charges.

My...My...another one bites the dust

Good riddance to bad rubbish....

Roshan

 

[Roshan]

Yes the market is sinking this time the game could be over.
People are taking money out of the country with unbelievable speed.

On what do you base this info ???.

Roshan

 

[georgihh]

On what do you base this info ???.

Roshan

The Dubai Financial Market

 

[New_Investor]

Yes the market is sinking this time the game could be over.
People are taking money out of the country with unbelievable speed.

I've followed some of your posts and it's obvious that you're opinion is neither built on Dubai financial market and nor to any other credible resources, it's obvious that this is your Biased personal views and for personal reason you are trying to spread the word that the market is collapsing to scare off every one from buying, hence prices will go down and you can buy cheap......

I've seen such attempts from several investors and it never help them.. when the market will fall it will and no one can predict it, yes the market is currently slow, but this happens always during Ramadan, and even if the speculation that we will SEE a correction in the market during 2009-2010 it does not mean that the market is collapsing.

My advice is to be as neutral as possible as this might lead to misleading your self before any one else.

Good Luck.

 

[Fran]

90 per cent of foreign speculative funds withdrawn from the country

The Emirates News Agency WAM reported that the board of directors of Central Bank discussed on Sunday the current position of liquidity at banks, and in the country in general, and confirmed that almost 90pc of foreign, speculative hot money has already flowed out of the country.

At this year’s second meeting presided over by HE Khalil Mohammed Sharif Foulathi, Chairman of the Board of Directors, the Board also instructed the continuation of monitoring the situation closely.

The Board was ‘assured that the Central Bank has the necessary tools to deal with the situation if so required’, said a statement from the Central bank.

The Board also reviewed applications submitted by banks operating in the UAE to expand their businesses and open new branches, and reviewed applications from natural and juridical persons to found companies and establishments to undertake financial activities and money changing business. The Board approved the applications, which fulfill the terms as per the law and regulations, as applied to each business activity.

The Board also discussed memoranda relating to organizational matters at the Central Bank and took appropriate decisions.

The meeting was attended by HE Dr Omar Mohammed Ahmed Bin Sulaiman, Deputy Chairman, HE Sultan Bin Nasser Al Suwaidi, the Governor, Younis Haji Khoori, Mubarak Rashid Al Mansouri, Hilal Khalfan Bin Dhahir Al Muhairi, Khalid Mohammed Salem Balama, Board Members, and Mohamed Ali Bin Zayed Al Falasi Deputy Governor.

WAM

 

[Fran]

What I think ( and I am an optimist),is that all of this high profile actions against corruption, speculative activities and new real estate regulations are aiming only to strengthen the market in a long term and establish confidence in foreign investors (end buyers and end users),which may be not so long term actually (keep in mind the speed),but from Cityscape onwards.

As for the DFM, let's face it: Lehman Brothers are filing for bankruptcy and all over the world markets are trembling down. Oil is around $93 which is very very low , but that also has explanations and measures are already taken: OPEC cuts production : Dubai Chronicle

Gulf markets pummelled by Wall St crisis - Financial Markets - ArabianBusiness.com

What will help: Sovereign Wealth Funds may change direction of investment flows : Dubai Chronicle

All if this maid be a bit difficult to understand if you are not reading news daily.

My conclusion is that we are at the end of the beginning, rather than the beginning of the end.

 

[New_Investor]

What I think ( and I am an optimist),is that all of this high profile actions against corruption, speculative activities and new real estate regulations are aiming only to strengthen the market in a long term and establish confidence in foreign investors (end buyers and end users),which may be not so long term actually (keep in mind the speed),but from Cityscape onwards.

As for the DFM, let's face it: Lehman Brothers are filing for bankruptcy and all over the world markets are trembling down. Oil is around $93 which is very very low , but that also has explanations and measures are already taken: OPEC cuts production : Dubai Chronicle

Gulf markets pummelled by Wall St crisis - Financial Markets - ArabianBusiness.com

What will help: Sovereign Wealth Funds may change direction of investment flows : Dubai Chronicle

All if this maid be a bit difficult to understand if you are not reading news daily.

My conclusion is that we are at the end of the beginning, rather than the beginning of the end.

thanks for the infor Fran - I tend to agree with most of what you mentioned.

 

[Fran]

Further more, regarding the corruption:
In this country (as in any other) corruption is not something new and have been dealt with since many years in a silent civil manner - no yellow/white press!! Once in a while people will be released from their posts, their buildings sized or their businesses change owners. In UAE is very unusual to investigate in such noisy manner with such huge international press coverage. Bear in mind the so famous censorship......

Now it's done for a reason, which is that some one wants to prove to the rest of the world that the law here is the same for every one and actions will be taken immediately in case of any (financial) wrongdoing.

Why we want to prove that? Because we need more people to come and buy our real estate, open more companies in the Free Zones, do business, invest in the DFM and fly with the Emirates from Terminal 3
This people could come from China, Russia, India etc, and they should feel safe and secure to invest and live here.

........recently The Plantation (3.5. bn project) was sized by DIB from it's Brit owner, while the local corruption accused just made the headlines without sanctions in figures yet .......

 

[Fran]

At last, the timing for all the corrective actions is perfectly chosen: the month of August, which is known since ages as slow for business and Ramadan when people sleep half day because of the fast.

Gear up folks for Eid-Al-Fitr, Cityscape, GITEX, The Big 5 ++++ full calender ahead!

 

[georgihh]

I've followed some of your posts and it's obvious that you're opinion is neither built on Dubai financial market and nor to any other credible resources, it's obvious that this is your Biased personal views and for personal reason you are trying to spread the word that the market is collapsing to scare off every one from buying, hence prices will go down and you can buy cheap......

I've seen such attempts from several investors and it never help them.. when the market will fall it will and no one can predict it, yes the market is currently slow, but this happens always during Ramadan, and even if the speculation that we will SEE a correction in the market during 2009-2010 it does not mean that the market is collapsing.

My advice is to be as neutral as possible as this might lead to misleading your self before any one else.

Good Luck.

I respect your comments and they make sense.
My post was at the time when the DFM went down 10% at one stage today (don’t know about tomorrow). Purely emotional comment nothing to do with annoying somebody. Anyway I have also stated that Dubai is unique and doesn’t essentially follow the market rules.
I have three investments in Dubai and I don’t think I am the one who wants the prices to go down. My idea is that everything has an end I want the end to come as late as possible.
A fast surge in the property prices will reach the end very quickly.
What I want is a stable market with no surprises.

 

[PropGuy]

Well, I've started to receive some very good offers for my properties, so I don't know what to make it of it. Maybe market is starting to pick up again. I also expect a correction, but it may not be any time soon.

 

[New_Investor]

Well, I've started to receive some very good offers for my properties, so I don't know what to make it of it. Maybe market is starting to pick up again. I also expect a correction, but it may not be any time soon.

Hi PropGuy - how do you market your properties?
do you get offers through agents or do you advertise buy yourself?
please share with us.

 

[PropGuy]

Hi PropGuy - how do you market your properties?
do you get offers through agents or do you advertise buy yourself?
please share with us.

Friends and agents. A month ago I wasn't getting any offers, but now people are calling. It could be luck, city escape, or 30/70 payment plan properties + city escape.

To be honest I don't know, I'm probably marketing like anybody else. Although I'm openning propety listing website soon, that would be a good place to market propeties

 

[Roshan]

Friends and agents. A month ago I wasn't getting any offers, but now people are calling. It could be luck, city escape, or 30/70 payment plan properties + city escape.

To be honest I don't know, I'm probably marketing like anybody else. Although I'm openning propety listing website soon, that would be a good place to market propeties

In time to come it would probably be City escape instead of cityscape

The flippers could be at it again. Buying before Cityscape and dumping during cityscape for even as less at 3% premium.

3% or more in a few days is not a bad deal

Regards

Roshan

 

[PropGuy]

In time to come it would probably be City escape instead of cityscape

The flippers could be at it again. Buying before Cityscape and dumping during cityscape for even as less at 3% premium.

3% or more in a few days is not a bad deal

Regards

Roshan

I think that would depend on the location, payment plan, and finance. I've recieved 15% net offer on one of my properties in downtown dubai. I don't know about others, but I'm getting good offers. Don't know what they are planning to do. But I doubt it they would sell that for 3% premium. Could be expecting to make 3 to 5% additional premium during Cityscape.

But one of my buyer is long-term holder. So I suspect he wants to hold the property for renting and wants to buy now incase prices reach 5,000 ps. ft. on average in Downtown Dubai.