UAE projects worth $300bn on hold or cancelled

Posted by: kenny timmons Sunday, 18 October 2009 4:53 PM[UAE] - Ireland

I am from Ireland, i purchased off plan on Jasmine Gardens the world, Dubai in 2006, i have 50% of my property payed for, no work has started on the project yet but there is only about 10% of this money left in esscrow, where has my money gone.I am told by RERA that this money has being taking to buy the land , but i talk to other poeple that have bought in the same place as me and all there money is in escrow.Things are so mixed up in Dubai and they are getting a really bad name with investers, i would not do any more investing in Dubai/Uae. There are hundreds of people in Ireland with hard luck stories about Dubai and not being able to find where their money has gone. REAI need to act fast. They are forming a big group in Ireland at the moment to go after this money (www.concerneddubaisportscityinvesters.com). If you know anything about Jasmine Gardens The World contact me kennyotimmons@yahoo.co.uk

Posted by: Peter Tuesday, 15 September 2009 7:02 AM[UAE] - UAE

This is the point the optimists and others seem to miss. Economies don't just get better on their own, they need to be made better, and for that to happen there needs to be trust. And trust, in almost any part of the world comes from understanding, not from blind optimism. Consequently, it is very demeaning to suggest that there is no need to understand the problem, because, by implication, there is no difference one can make. Many of AB readers are in significant positions, and with an improved level of power we can together make a significant difference to addressing the problems that we understand. One reason, I believe, that Dubai has been hit harder than almost anywhere in the world is that there has been a failure to assume that individuals matter and we all make a difference to solving problems.

Posted by: Hannan Monday, 14 September 2009 7:40 PM[UAE] - UK

Denny - Agreed. I take your point. By admitting or not admitting does not make the problem go away. UK is now in so much debt that it will take one generation to be repaid. Dubai is facing its first recession. Whether they admit to the problem or not doesn't mean anything. Actions speak louder than words.

Posted by: Denny Monday, 14 September 2009 7:25 PM[UAE]

The difference Hannan - is that in the UK and the USA they admit there is a problem. The other difference is that Dubai's economy has been largely built on property and tourism, and as such the fundamentals are not as solid in the long term. Dubai is not a terrible place to live, but it is in quite a lot of trouble at the moment.

Posted by: Hannan Monday, 14 September 2009 5:28 PM[UAE] - UK

One thing a lot of people are forgetting is that Dubai and rest of UAE are attemting to build what has taken some countries some 45 - 60 years. They are also forgetting this downturn is a global sunject and Dubai is not the only place affected in the world. In the UK there are fears that unemployment levels could reach 4 million from the current 2.8 million if the government decides to make public sector cut backs, by the end of 2010. In the USA, people who have had their homes "repossesed" by the banks, some of them have ventured into living in tents, devloping country characteristics. For things to return to normal will take a long time. Countries all over need to trade real money ie gold and fiat currencies, only then will we see some sort of sustainable economy. Those people complaining about Dubai living in Dubai should come to the UK and USA they will really see how bad it is.