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Up to 51 million jobs worldwide at risk

Up to 51 million jobs worldwide at risk

Plus, New law to protect Dubai property buyers in pipeline; Dubai’s non-oil trade rose by 38 pc in 2008; School increases fees by 90 pc; Toyota recalls 1.35 million Yaris and other models

January 29, 2009 12:00 by


  1. Thomas Joseph on January 29, 2009 8:55 am

    The Dubai / Ajman Real Estate Development slowed down well before the recession when the Government withdrawn their promise to give Visa to the Landlords. Other Reason is that the Developers now taking money only on shadows of building and never fulfill their commitments of completion and hence the investors become foolish and no action can take against the developers. The rules said to have been coming for protest of the investors as mentined including Residential Visa status is very much necessary to revamp the present situaiton, otherwise …… The investor should have the right to claim back their money with penalty + interest for their money paid to the Developer / Seller, in case the commitment as stated above is not met with.

  2. gkt on January 29, 2009 10:34 am

    believe it when i see it

  3. Ganesh on January 29, 2009 12:46 pm

    The confidence is gone but cant be gained again….ajman government must act fast…and make sure that the investors money is returned if the projects are not moving as per the time schedules highlighted and declared by the developer while collecting the booking amount and the other installments. Also most important common unified freehold law must be released immediately by the uae government to regain that confidence back . If these two actions and measures are taken and implemented with immediate effect then definately real estate properties related all the problems will be solved in the uae.

  4. mohamad on January 29, 2009 12:52 pm

    If in the future Develpers cannot sell unless they finished 20% of construction, what happens to developers that already sold and received 5 to 10% and are asking for more payments although they did not even start construction.

  5. gabby on January 30, 2009 8:36 am

    all i can say is “IT’S TOO LATE”. no matter how good your laws are but at this time of crisis it’s useless. trust is gone especially in the real estate sector. i would rather spend my money in my home country.


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