A
Archer8
New Member
When we invested in Dubai in 2005 we thought that our investment was relatively safe.
There was a developer, Wind FZ - LLC and a master developer, Dubai government-owned master developer Nakheel. I naively thought that should there be a problem in the developer completing the project, the master developer, Dubai government-owned master developer Nakheel would step in and save the day.
I was wrong.
From 2005 until 2008 all the payments were made directly to the developer, Mahmoud Reza Azizi Torshizi. Then in 2008 the Dubai Government setup an escrow account for investors to put their payments into. Not sure how much investor money made it into the escrow account but soon after the 2008 Global Financial Crisis the developer, Mahmoud Reza Azizi Torshizi allegedly skipped town with the all investor’s funds. He left lots of unpaid creditors too.
Was Azizi arrested and thrown in jail? Heck no. Did the Dubai government turn a blink eye into his crimes. Heck yes. They haven’t so much as started any legal action against him. More than that they are still letting hm conduct business in Dubai.
It appears that in Dubai that there are 2 sets of rules. One that applies to all the serfs (thats you and I) and another that applies to the wealthy.
My advise for anyone thinking of investing in Dubai is this. Do some research on the country you are thinking of investing in:
There are a lot of factors to consider such as the type of government that is in place, how secure the real estate rights you have in that country are, and how easy it is to have your property rights taken away from you.
Send your money to a place with good economic freedom.
Also Google Dark side of Dubai for more about Dubai.
There was a developer, Wind FZ - LLC and a master developer, Dubai government-owned master developer Nakheel. I naively thought that should there be a problem in the developer completing the project, the master developer, Dubai government-owned master developer Nakheel would step in and save the day.
I was wrong.
From 2005 until 2008 all the payments were made directly to the developer, Mahmoud Reza Azizi Torshizi. Then in 2008 the Dubai Government setup an escrow account for investors to put their payments into. Not sure how much investor money made it into the escrow account but soon after the 2008 Global Financial Crisis the developer, Mahmoud Reza Azizi Torshizi allegedly skipped town with the all investor’s funds. He left lots of unpaid creditors too.
Was Azizi arrested and thrown in jail? Heck no. Did the Dubai government turn a blink eye into his crimes. Heck yes. They haven’t so much as started any legal action against him. More than that they are still letting hm conduct business in Dubai.
It appears that in Dubai that there are 2 sets of rules. One that applies to all the serfs (thats you and I) and another that applies to the wealthy.
My advise for anyone thinking of investing in Dubai is this. Do some research on the country you are thinking of investing in:
There are a lot of factors to consider such as the type of government that is in place, how secure the real estate rights you have in that country are, and how easy it is to have your property rights taken away from you.
Send your money to a place with good economic freedom.
Also Google Dark side of Dubai for more about Dubai.
