DUBAI // Dozens of investors want their concerns to be properly addressed before accepting a handover of the Remraam apartments they sank their cash into seven years ago.
Some want to cancel their investment, others are upset that they have been offered smaller apartments in a downsized community.
“I’m frustrated and fed up because since my building has not come up, they will give me another one-bedroom in another building,” said Ayman, a software professional who currently rents in Sharjah. He had paid Dh52,000 towards a one-bedroom apartment that cost Dh1 million in 2008, but was offered a swap to a smaller apartment for Dh800,000.
“I want my money back, but if I cancel I will have to pay a huge sum and forget my first instalment,” he said. “The finish of the building is not worth what I’m paying.”
Most Dubailand projects were placed on hold in 2009 as a result of the global financial crisis, and Remraam was scaled back to 56 buildings from a planned 200.
The developer, Dubai Properties (DP), declined to comment on individual cases. "We communicate directly with investors throughout the sales and handover process and we are committed to working with our investors to provide a positive customer-service experience," a spokesman said.
“We believe that the Remraam community is ideal for Dubai families looking for spacious apartments with community facilities.”
Alen, a business consultant, was offered Dh15,000 as compensation for a 200 sq ft reduction in the size of his apartment. “This is not even 1 per cent of the value I am ideally eligible for and I don’t want to take the handover when it is not what I bought,” said Alen, who is living in a rented property in Quasis.
"I'm sure that day is not too far where I will be arm-twisted into signing something. It's a double-edged sword because it's our hard-earned money and so we can't say bad things because it will bite us back somewhere down the line."
Residents also said they have to drive 6-8km to Motor City or Arabian Ranches for groceries because local shops are not open yet.
A major sore point is the lack of a direct approach to Emirates Road. Residents have to take a roundabout route using the Dubai Bypass or the new Emirates Road and then Al Qudra Road to reach the community, and exit using Lahbab Road.
The DP spokesman said the building of shops, a clubhouse, gym and community hall was continuing.
He said direct access was provided to and from Emirates Road and the community was ideally located between the Jebel Ali Free Zone and Arabian Ranches Bypass Road.
Another buyer, H S, said he was in a bind because his contract did not specify a handover date. He lives in Discovery Gardens and has already paid Dh120,000 towards a Dh750,000 studio apartment.
“I could wait 20 years or 30 years for possession,” he said. “I’m not a legal person so I didn’t check this.
“I just want my cheque back and to cancel the contract. But I’m told I have to make the remaining payments. So now I can’t do anything because I don’t know when they will hand over. I want to continue my life.
"It may turn out to be a good community but now there is no connectivity, no shopping mall like they said there would be. I will never buy anything under construction ever."
rtalwar@thenational.ae
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
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Fuel economy, combined: 13.8L/100km
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Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
More coverage from the Future Forum
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
OPINIONS ON PALESTINE & ISRAEL
Mohammed bin Zayed Majlis
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
