Red Residence

[mike.stewart]

Hi - I don't think I can - private message me your email address and I will send it over...

Thanks Sophielse for sending the attachment.

Based on the document, the Arbitrator has asked MED to repay the investor in full, and in addition, legal costs and 6% int for delays.
This letter was dated Jan 24th 2014. What power does this letter (and the cost of getting that far) carry in the Dubai legal system? Does MED have legal loopholes to jump through, that Al Riyami might not know of?

So, what has happened since?
Are the lawyers willing to share the response they have from MED's lawyers?
Has there been a final payment date fixed, and procedures in place if MED does not pay by that date?

A 'successful' outcome would be if the claimant got back their monies.

M

 

[mike.stewart]

General background reading for you all:

http://www.legal500.com/c/united-arab-emirates/developments/22882

EXECUTION

The successful party must now seek to have the award enforced by the Execution Court. The Executive Judge will ask the Defendant to pay up within 15 days, failing which the judge will commence the enforcement stage by attaching any assets or enforcing against assets which have previously been attached and selling them through public auction to settle the award amount. If property is located in the area of another court, the judge may transfer the matter to the Executive Judge of that court to supervise the sale of the property, but it is the first judge who distributes the proceeds between the creditors.

The losing party in the arbitration is likely to raise at the execution stage the same arguments he raised at the ratification stage. In addition, execution of the award may be appealed on the following grounds:

(a) The Executive Judge lacked jurisdiction to execute the award;
(b) The particular property should not have been seized or sold;
(c) Persons other than the adversaries participated in the seizure;
(d) Issues relation to the order of priority between the creditors;
(e) There are grounds to defer implementation;
(f) A person seeks to avoid imprisonment for failure to pay the sum ordered;
(g) Deferment of payment by the debtor or payment in installments.

THE DIFC COURT

Legal advisers may prefer using the DIFC seat to overcome any remaining obstacles in the Dubai Courts. The DIFC has a Court of First Instance, a Court of Appeal and an Execution Judge, it conducts proceedings in English and broadly adopts the common law system. The DIFC Court has exclusive jurisdiction to decide claims involving DIFC companies or involving contracts which were made or to be performed within the DIFC area. A recent amendment to the Court's jurisdiction is that it can now hear claims that do not relate to the DIFC but which the parties agree to refer to the DIFC Court.

The DIFC Court Execution Judge has jurisdiction over the execution of judgments rendered by the Court and arbitral awards ratified by the Court. When seeking to execute a DIFC Court decision outside the DIFC through the Dubai Courts, there are certain formal requirements which must be complied with but under the terms of a Protocol between them, the Dubai Courts may not question the merits of a DIFC Court decision.

The DIFC Court of First Instance has jurisdiction to ratify foreign arbitration award, but on its wording this jurisdiction relates only to matters which are within the DIFC Court's jurisdiction, in that the matter has a connection with the DIFC. An interesting recent development is that the DIFC Court appears willing to enforce international arbitration awards even when neither the parties nor the subject matter of the dispute has any connection with the DIFC. Given that the Dubai Courts may not question the merits of a decision of the DIFC Court, this may be an ingenious way to achieve the enforcement of foreign awards without the jurisdictional challenges that are so common in the Dubai Courts. After all, judge-made law is the foundation of the common law system.

CONCLUSION

The Dubai Courts have come to terms with arguments based upon the Shari'a that arbitration is not binding or that an arbitrator must be a male Moslem or that payment of interest is unlawful. The Courts have become less jealous of their jurisdiction and more willing to enforce international arbitration awards provided they comply with Shari'a principles of fairness and good order. With the DIFC Court expanding its jurisdiction, it may become the obvious venue for the enforcement of international arbitration awards. However, if Dubai hopes to become a major centre for dispute resolution, it requires a modern legal structure which is recognisable to the international community, which supports the arbitration process and which enforces domestic as well as foreign awards. English is the language of international business and parties do not want the expense and variable quality of translations of documents and evidence into Arabic.

Dubai has a new Company Law and a proposed new Insolvency Law; a modern Arbitration Law is urgently required to carry the Dubai legal system into the twenty-first century. Only then will international businessmen feel confident to use Dubai as a centre for dispute resolution.

 

[mike.stewart]

Any of the employees from TLG or Al Riyami who have been reading these posts would know by now that Mike Stewart is pretty bad for their business. :typical:

So perhaps it is time to come clean and let us know whose side are you guys on? - the clients? or the Developers? or just taking our money on false promises? :dontknow:

M

 

[mike.stewart]

sunday i ll pay a visit to MED office.

So, Sven, what's the scene down in Dubai?
Managed to speak with MED?


Regards
M

 

[mike.stewart]

Happy new year to you all for the RR and KR developments from MED.

Have you guys made any contact with MED recently - last 2-3 weeks?
I've been calling and sending emails but have no response. Has MED gone bust?
Any resident in Dubai who is willing to do a drive by and check if MED is still in business? - or have you guys heard anyting recently about RR delivery?

Mike

 

[peter petrou]

Hi
Has anyone else received a Message from Hamza Shabbir claiming that he is interested in purchasing RR properties on behalf of clients?

Peter

 

[nafisrafiq]

Has anyone received any further information regarding the completion on RR?

 

[Sophielsie]

No.

 

[Remie]

I own at Red Residence too

Hi - I have also bought at Red Residence (1 bed apartment) and share your concerns over MED. The latest update today shows uncompleted parts of the building - despite Ioana stating that it is complete. I have asked for a definitive statement of events and dates for the legal completion and handover once completion received from the authorities - I will post them here. I have paid c50% and the rest is on a Developer Loan - albeit MED tried to get me to pay cash last year and I said No. The Land registration fee is 4% from Oct 2013 (prior was 2%) and is paid 2%/2% between the buyer and the developer - although I expect MED will try and get us to pay for it.

Hello - I have bought one bedroom apartment at Red Residence 6 months ago and I just found this thread. have you guys heard anything? or made any legal action? I am shocked now!

 

[Sophielsie]

Hello - I have bought one bedroom apartment at Red Residence 6 months ago and I just found this thread. have you guys heard anything? or made any legal action? I am shocked now!

From: Customer Care [mailto:[email protected]]
Sent: 06 April 2016 07:38
To: Lawrence Clark
Cc: [email protected]; [email protected]
Subject: RE: Without Prejudice

Dear Mr Lawrence

The completion of the tower was attested by municipality in November 30 ,2015. That is the term of completion , however handover ( meaning getting the keys ) is different.

Handover will follow only after the electricity and water will be connected , hopefully this month.

From: Lawrence Clark [mailto:[email protected]]
Sent: Tuesday, April 05, 2016 3:26 PM
To: Customer Care <[email protected]>
Cc: [email protected]; [email protected]
Subject: RE: Without Prejudice

Thanks – do you have a completion date yet ?
Regards
Lawrence Clark

Vice President and Technology Industry Leader

Commercial, Retail, Media & Gaming Customers

Tel/Fax: +44(0) 118 924 7103

 

[Remie]

Any of the employees from TLG or Al Riyami who have been reading these posts would know by now that Mike Stewart is pretty bad for their business. :typical:

So perhaps it is time to come clean and let us know whose side are you guys on? - the clients? or the Developers? or just taking our money on false promises? :dontknow:

M

Hi Stewart.. Are you owner at RR? any news about the delivery?
I want to file a lawsuit against them. Shall we all do it as a group?

 

[Remie]

Thanks Sophielse for sending the attachment.

Based on the document, the Arbitrator has asked MED to repay the investor in full, and in addition, legal costs and 6% int for delays.
This letter was dated Jan 24th 2014. What power does this letter (and the cost of getting that far) carry in the Dubai legal system? Does MED have legal loopholes to jump through, that Al Riyami might not know of?

So, what has happened since?
Are the lawyers willing to share the response they have from MED's lawyers?
Has there been a final payment date fixed, and procedures in place if MED does not pay by that date?

A 'successful' outcome would be if the claimant got back their monies.

M

Hi Stewart
What is your email please?
Remie

 

[a18lor]

Has anyone else received notification that their apartment is ready for handover?

 

[Kam7]

Has anyone else received notification that their apartment is ready for handover?

Hi, yes I have... I would like to get into contact with any owners since I have received notification but I have some concerns.

 

[Kam7]

Hi Stewart
What is your email please?
Remie

Hi Remie/ Stewart , I would like to get in contact with some owners since I have received handover notification, but I have some concerns....

 

[Remie]

Hi Kam7

I HAVE CONCERNS AS WELL.

PLEASE email me at: (moderated)

Regards
Reem

 

[Sabeeh]

Hi any body selling 1 BHK in Red Residence sports city.One of my friend is looking floor above 10 th for a budget of 675 to 700 with golf views.Let get in touch if any body looking to sell
Regards
Sabeeh

 

[John Alexander]

moderated)

Has anyone completed at Red Residence? Or even contacted by the handover team yet?

 

[Mathew23]

Hi. I have similar concerns but not sure how we can contact other owners.
Like you, I fear the rental terms used to persuade us to invest may not be honoured!

 

[soniab75]

Not sure how we can exchange private messages.....moderator removed my contact details from my last message!
We were originally purchasing at the Windsor development in City of Arabia and MED contacted us and offered an exchange to Red Residence as the Windsor was on hold and hadn't even been started.
Bottom line is we both appear to be on the same terms but don't know how we make direct contact?

Rental Contract

If, as it seems almost certain, MED attempts to cancel the 'rental contract' then it seems to us there would be significant benefits if we pooled our resources and challenged them collectively.

Is there a way we can share our contact details and trace other investors in red Residence who also have the 'rental agreement' as part of the purchase contract.