We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 11 Sep 2012 02:04 PM

Font Size

- Aa +

Nakheel bolsters legal team to chase late payers

Debt-ridden developer seeks new Legal Counsel, Community Officer to help chase late and non payment

Nakheel bolsters legal team to chase late payers
Chairman Ali Rashid Lootah: looking for new legal counsel.

Dubai’s Nakheel is currently looking to recruit two senior executives to assist the debt-ridden developer in chasing non-payment from creditors and to defend the firm in ongoing legal wranglings.

The company, which is facing dozens of legal cases before the Dubai World Tribunal, is seeking to appoint a new Legal Counsel and a Community Officer.

According to a post on Nakheel’s website, the Legal Counsel’s responsibilities will include drafting “non payment letters, late payment letters [and] bounced cheques letters”, “initiating legal actions before the Rent Committee and Dubai Courts” and “reviewing litigation claims” submitted against the company. The developer says it is looking for someone with at least a law degree to fulfil the position. 

The Community Officer role, according to Nakheel, will be “in charge of debit recovery for collection of master community service charges from building owners, unit owners and developers”. The ideal candidate, Nakheel says, is someone with “basic knowledge in simple financial management” and demonstrable ability of “customers’ demands”.

Applicants have until 23 September to apply for either role.

Nakheel, which built Dubai’s Palm Jumeirah, was carved out of conglomerate Dubai World and put under direct control of the emirate’s government following the real estate crash of 2008-2009, which saw property prices plunge by as much as 60 percent.

Last month, chairman Ali Rashid Lootah said the indebted Dubai developer is "not in a hurry" to pay AED5bn (US$1.36bn) due in creditor claims, and expects contractors to accept up to 80 percent less than what they are owed.

Lootah said the firm behind the Palm Jumeirah and the stalled The World projects had settled AED3bn out of a total claim of AED8bn from creditors. He added that he expects to lower the value of the remaining invoices to approximately AED1bn.

"The remaining big boys, they put the big figures, but we're confident it will be about the same [reduction]," Lootah said. "We expect to bring it down to not exceeding AED1bn total. We're patient. I'm not in a hurry to pay - if they want to settle, they have to be reasonable."

In its latest financial quarter, said its first-half profits jumped 36 percent, buoyed by property handovers on several projects.

Nakheel, whose extravagant developments at the height of Dubai's property boom contributed to the emirate's debt woes, has been slowly recovering from the crippling real estate collapse.

The developer said net profit was AED767m (US$208.82m) in the first six months of the year, up from AED562m in the year-ago period.

Revenues rose to AED3.1bn in the first half, up 112 percent from the corresponding period a year ago.

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.
David 8 years ago

"The ideal candidate, Nakheel says, is someone with “basic knowledge in simple financial management."

Only a basic knowledge?

Aiming for the stars there eh, Nakheel?

John 8 years ago

Nakedheel must be walking on stumps by now, having shot both feet off, time and again. They have lost the PR war completely so now obviously don't care what anyone thinks of them, since nobody is buying their shoddy properties anymore and they need swimming pool cleaning fees to get by.

Andy 8 years ago

Is there also a legal team that chases late payers who have debts that were sent over to the Dewan's office for payment? Who follows up on those late payments? Can anyone actually follow up on those as well?

Doug 8 years ago

Swimming pool cleaning fees for pools that don't exist.....

Paul 8 years ago

This maybe the most ridiculous article I have ever read and its not surprising that AB refuses to attach a writers name to it. So what if Nakheel is recruiting, maybe one of their lawyers is leaving and needs to be replaced? I dont understand the point of the article. It's simply an excuse to bash Nakheel, your better than that AB.

John 8 years ago

@ David...given the fiscal mess than the current management have made, even a basic knowledge of finance would be a huge improvement.

Paolo C 8 years ago

Who is so crazy to ruin his reputation?

Nomadg 8 years ago

Nakheel has a cheek allright........it dosent sit well with them when investors are chasing them for their promised properties or outstanding debt amounts I hope they enjoy the feeling and the struggle in recouping what is owed to them......

It wasnt so long ago that they were demanding money from owners who bought off plan properties on PJALI just before the crash by sending out glossy photos and magic wording that work was grogressing and the next stage paymnets were due..........when all along they were no way near completing the previous stage at all, the crash was in sight and they were robbing Paul to pay Peter.

Now where is my properrty 6 years later no where and where is my money six years later no where. When trying to discuss with them we are shrugged off with some rude cohernent individuals who found it more intersting what was on his i phone than our concern.

Shame on you.

Zubair Shaikh 8 years ago

I would like to quote Mr. Ali Rashid Lootah from AB article dated 1/8/12

" Nakheel chairman Ali Rashid Lootah said the indebted Dubai developer is "not in a hurry" to pay AED5bn (US$1.36bn) due in creditor claims, and expects contractors to accept up to 80 percent less than what they are owed. "

"The remaining big boys, they put the big figures, but we're confident it will be about the same [reduction]," Lootah said. "We expect to bring it down to not exceeding AED1bn total. We're patient. I'm not in a hurry to pay - if they want to settle, they have to be reasonable."

peter 8 years ago

do they also offer the late payers a deduction of up to 80%? they expect it from their creditors!!!

but i think, when it comes to your own pocket, the rule changes...