Dubai ruler announces new mega-city project

Posted by: Fed Up
29 Nov 2012
What another mega project? Just like the one promised in Dubailand in 2003 (encompassing Dubai Sports City)! It's left with unfinished buildings and holes in the ground (virtually a ghost town when hardly any of the projects promised have been delivered). Yet promises were made in 2003 (Tuesday, October 21, 2003) "When I encourage you to invest, I am not asking you to put your money into a fire - I guarantee that your money will be invested in carefully studied projects. I want to be frank with you - I have the courage to take decisions and to bear the responsibility for the consequences. Do you have the courage to be frank and decisive?" All that was promised hasn't happened, I'm an investor in Dubai Sports City (purchased into a project), Instead I have been left with a debt instead that I owe to my bank, for more than one hundred and twelve thousand dollars and am paying interest on this daily where I began paying for a project in 2007 in good faith. How can this project in Dubai Sports City be neglected when this new mega project has just been announced? Where are the answers to those who paid in good faith! To raise the Dubai economy yet again, this sort of thing seems to be the way, i.e. announce projects, people pay and in return they get nothing for what they paid for! RERA nor the developer have looked after the purchaser. RERA refuse to answer questions, they ignore all correspondence sent to them. They refuse to answer questions when all these matters have been brought to their attention when people like myself have been ripped off and I have nothing to show for the monies I have paid to date! I am not alone in this, there are many people who are in the same situation, a project that was promised to be completed by December 2009 and ?force majuere? applied which has lasted for years is inexcusable as nothing had been stated prior but was the only thing the developers relied upon - the project I invested was on hold for years and still is. They claim now there is no money to finish the build? What happened to my money? Instead each year at Cityscape the Dubai Sports City model is shown, once again in 2012. Who is interested in buying when they know that so many bad reports have come out about all these unfinished projects including Dubai Sports City where I had paid in good faith. Instead of the Dubai Government assisting all these investors and leaning hard on the developers who have to this time ignored to provide any accountability do nothing! Escrow was supposed to protect my investment, another reason I felt it was safe to invest, this didn't happen. How can any of them be trusted! No one who has been bitten once will trust them again and as for this new mega project how about honouring all those other projects instead! Dubai is causing themselves an injustice and needs to live up to the promises made back in 2003 and stop living in fantasyland, many retirees who were investing in Dubai for their future! I want to be frank ,my money has been virtually stolen. The developer refuses to correspond with me, even when emails have been sent to them, they provide no answers to any of the questions which have been raised. I like so many am a small investor, not a millionnaire, the money I paid already is borrowed.....I was lied to and am still being lied to and RERA who also promised to clamp down on developers has done nothing, virtually ignoring everything and allowing the developers to do as they wish even when there is no money - why is this insolvency allowed to continue when these developers should in fact be behind bars! Isn't it fraud? Is there anyone out there prepared to listen to the dishonesty that has occurred to date!!?? The only reason Dubai needs investors is to boost their economy but discard them as soon as they can and don't want to hear about the problems the purchaser has encountered. Who would have thought Dubai would be so dishonest and place people in so much financial distress for believing all this was guaranteed by the Ruler and all would be delivered - what an absolute shambles it has turned out to be! This new mega project should not be allowed to start until all the mess created previously by Dubai has been honoured including the refund of monies as these projects are left rotting rather than the Dubai government doing anything about it!