Sulaiman Al Fahim to return to Dubai within 48 hours

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Sulaiman Al Fahim will return to Dubai from Moscow on Friday in a bid to clear his name over a property dispute, Arabian Business can reveal.

The UAE businessman is one of three parties ordered to repay an Azerbaijani investor over $2m, after a development by Al Buraq Development and Investment, failed to go ahead in Dubai.

On Wednesday a UAE newspaper claimed an arrest warrant was issued last Thursday after a ruling against Al Fahim last January by the Dubai Property Court. The paper also said that Al Fahim had transferred his assets abroad following the ruling. [ click here to read ]

However, Al Fahim has denied the claims and said he will take legal action against the paper [ click here to read ]. Speaking exclusively to Arabian Business, he said: “There is no arrest warrant, this is a court order that was made against me and two other people, and I intend to settle the matter immediately. Some of what has been written is pure rubbish, especially the claim there is an arrest warrant. I will be in Dubai on Friday, I have cancelled all my other business engagements abroad so I can return to settle this matter.”

He added: “What is being said is completely untrue and my lawyers will shortly begin legal action against the paper’s editor and journalist, in whatever jurisdiction we feel necessary. I cannot control what people write and publish it is up to them, unfortunately if things that are untrue are written, they still get published. I have not transferred my assets out of the UAE, and I continue to run my businesses there.

"What has happened is not unusual following the recession, there are thousands of disputes like mine taking place. These are civil disputes, not criminal disputes. The question is how do you solve them, and that’s what I am trying to do.”

He added: “The most important thing is that I am not in any way trying to hide from this. Of course I want to sort this out and that is why I am, right now, trying to see what are the earliest flights I can get to Dubai.”

Fahim said he is hopeful the matter can be resolved quickly, and intends to attend the prestigious Hot100 party being held in Dubai next Wednesday at The Address Hotel Montgomerrie.

Earlier, Al Fahim also hit back over the claims that he owed over $2m to an investor.

He said: “This is actually a civil case and not a criminal case, and one that has been running for some time. And it is quite straightforward: I owned a tower but sold the plot of land to another party. He paid me AED90 million for this but the cheque bounced, and he has since been jailed. However, this person has continued to sell the development by using my name, effectively claiming I am involved. Its rubbish – I am not involved, I am the victim here. This person has continued to receive monies from customers, basically claiming he is Sulaiman Al Fahim.”

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Please post responsibly. Commenter Rules

Posted by: Ahmed

Yes, Abdul Hamid you are right, the cheque was a Guarantee Cheque and according to the Islamic or U.A.E law using a Guarantee Cheque is crime. Dubai Court Propery Panel was setup for specialised cases after the post recession downfall where many business man are on the run or in the jail. And what decision they make is final and impartial. So its for the public to decide on Mr. Fahim and his business strategies....

Posted by: Dr. M. Abdulrahman

Dear Abdul Hamid you can't understand because you are describing a straight and honest business transaction. Sulaiman Al Fahim WAS a star, recently there are more bad news around him than good. This is business it can go bad. It is its nature, he should regroup and start over. He does have both the business and the local knowledge.

Posted by: Wilhelm Niederhauser

He should also clear his name as the former Hydra CEO, where projects are in a mess, and investors loose hard erned money. After all, he was the one who was at the helm, when investors were lured to Hydra Projects through shiny leaflets and a big show on exhibitions.

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