City of Arabia

[jordandvdj]

How do i stand here ????

I bought Wadi Tower in February. I got a mortgage from Mashreq bank and got my approval. I put my deposit down and had 90 days to submit the sales and purchase agreement.

IMG failed, despite endless calls / emails to send it until the end of August.

Mashreq made me pay MORE fees to resubmit to application as the 90 days had expired.

I did all this - it has gone all quiet.

What happens if Mashreq do not now come through. I put 45,000 us dollars down on the strength of their approval.

I expect little fairness here - i am worried.

Is there anything i can do if mashreq now decide to change the loan to value like many other banks?????

[zhouguoyaogeorge]

Originally Posted by chiquita

Jorge,
I wonder if you as a resident of dubai can tell us when the city of arabia will be built. Your feeling?

I live in DUBAI international city, some time from international city to MALL OF THE
EMIRATES. pass city of arabia.i can see is start for build. this tme many new project launch. i think 70% tower will complation end of 2011.

[chiquita]

MED originally said the project would be done by 2008 --> 2009 --> 2010. As you think 2011 is another year of delay. Who knows 2012 or 2013? What do you think? Can you keep taking some pictures in COA especially MED projects because I want to face the reality. And if you contact with MED folks, please let us know.

Originally Posted by zhouguoyaogeorge

I live in DUBAI international city, some time from international city to MALL OF THE
EMIRATES. pass city of arabia.i can see is start for build. this tme many new project launch. i think 70% tower will complation end of 2011.

[junaidrafique]

Guys

I've been listening to your posts for ages now and feel a bit sorry for you guys. Since I too was interested in COA I spoke to a significant investor who has purchased quite a few floors in some of the towers. After speaking to him I was informed that the delays are related to an internal family dispute between the Galadari brothers. According to insiders this dispute has caused a lot of problems for all including investors.

[georgihh]

Last time I wish to comment on this tread.
You guys are loosing money this is not good for me.
Take your money out and put them in the reality.
But take your money out you give them a chance to increase the prices
Catch 22
Welcome to the reality|
What you do not well for me

[DAYFox]

This is something new now and would explain a lot of things... Anyways, I will stick to the project and will not take my money out at this point in time -therefore its already too late. I rather except to lose everything then getting out now!

Originally Posted by junaidrafique

Guys

I've been listening to your posts for ages now and feel a bit sorry for you guys. Since I too was interested in COA I spoke to a significant investor who has purchased quite a few floors in some of the towers. After speaking to him I was informed that the delays are related to an internal family dispute between the Galadari brothers. According to insiders this dispute has caused a lot of problems for all including investors.

[bisto]

Originally Posted by DAYFox

This is something new now and would explain a lot of things... Anyways, I will stick to the project and will not take my money out at this point in time -therefore its already too late. I rather except to lose everything then getting out now!

This is all rumours (that Galadari brothers are fighting). I know them personally and they are not, so please stop distributing such news that can only harm. These people are cash rich and COA will be built but the question is when?! For a fact they don't care about the delays - they fail to see it from an investors point of view - that is the big problem, they have spent serious money under the sand so far(telephone lines, sewage, etc.). In fact they will be doing other new projects as well outside UAE, I dont think it is wise to pull out now....

[jordandvdj]

OK - need help. My fears are officially realised.

As mentioned major delays (5 months) on contract arrival from IMG resulted in my mortgage offer expiring. Mashreq are now wobbling and i, at present, have no mortgage. i imagine due to 'global credit crisis'.

To make matters worse, i am moving jobs at the end of this month. It is a better package and a major dubai company but i may have to wait 3 months.

What can IMG do. Can they cancel my contract if i cannot make payments yet?

Do i stand to lose 150,000 aed deposit?

IMG delayed simple paperwork, screwed up my offer and now stand to get everything from me.

Is there any legal framework to go to should the worst happen?

[junaidrafique]

Ok Bisto, what is the reason then for the delays. Please elaborate if you know the Galadari family. You may be helping people here who are genuinely worried.

[blemsoon]

Hi everyone i have been reading all your complaints and problems about the delays, and from an extremly good source i know about all the problems about city of arabia.
They are the ONLY project in dubailand to finish ALL the infrastructure before thier time and they have finished the piling for the buildings. Just for you'll to be sure why dont you'll take an appointment to visit the site and see what is going on there they have also finished the internal bridges you have to see the size of each bridge to know the whole idea of the infrastructure so Don't judge the project on the appearce before the board covering COA. The whole idea for that board is to show this is the site, I was amazed with the progress and realized that they are working hard. For you to be sure like i said take an appointment and then you will know how big city of arabia REALLY is.
Once you get convinced after visiting the city of arabia site, it is in our all best interest as we talk good of COA, because in the end of the day we all baught property and negetive comments will hurt you, and us in the end because you can drop the value of your and our appartments.