Jul 14 2009 |
more articles from
|
Tameer to complete all Salam City refunds by September
Tameer Holding , a Dubai-based developer, expects to complete refunds to all investors in Al Salam City, a Dh30 billion project in Umm Al Quwain, by September-end, President Federico Tauber told Emirates Business."The project has not been cancelled, but has been put on hold. We have refunded about 70 per cent to our investors and will complete the process by the end of September. There was delay [in refunds] since we had to sort out some administrative issues as the project was being handled by one of our subsidiaries," he said.
Al Salam City, developed by Tatweer , a joint venture between Tameer and the Umm Al Quwain Government, was launched in July 2005. In May 2008, this newspaper reported that Al Salam City was being put on hold and investors were given the option of withdrawing their money or rolling it into another project.
"Since most of the investors opted for a refund, we are giving back 100 per cent of what we owed to them," Tauber said. Tameer has completed a restructuring exercise with the focus now being on completing projects in Dubai, he said.
With a development portfolio of Dh20bn, the company is building eight towers in Dubai and will hand over the Palace Tower in Dubai Silicon Oasis by month-end. The tower has 424 residential apartments and 150 high-tech office suites.
Only two of its projects -- Eye Park in Arjan district of Dubailand, and Anara, a 100-storey tower on Sheikh Zayed Road -- have been put on hold, Tauber said. "Although we still have a large land bank in Dubai, the time is not right to launch new projects. We believe the market will recover in 2010-2011 and then we will think of new launches," he said.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Comments By Our Users (4)
Dear Mr. Parag,
I have been sending emails, and making phone calls regarding the refund for an almost a year now, and I have been hearing only execuses.
Are you and your respected web site will be following the subject when the end of Septemeber comes. I sure hope so...
thank you
Post Your Reply
Dear Mr Parag,
Perhaps you could put out another press release as I have still not received my refund and think the last Tameer press release was another delay tactic by them to keep hold of investor funds.
I understand there are still 100s of people not refunded. There now needs to be Government intervention as the situation is very serious now. We have been continuosly told the same story for 12 months now.
Tameer are doing a lot of finger pointing to try and cloud and confuse the topic by saying all kinds like the funds are with Tatweer and the UAQ Government and not with Tameer. They have also been saying for months we had to appoint a new signatory. Any legal enterprise must have a signatory to operate legally so that cannot be true.
This is not the way a credible and honest organsation should act. The UAE business community needs to know about this and the issue cannot be allowed to continue.
All investors have missed the opportunity to invest elsewhere and now have to wait to receive their own money. It would appear that someone is potentially using the money to fund investments for their own benefit.
Al Salam City Investor
=================
Post Your Reply
September has come and gone...and October has started and will end...But has tameer changed...Guess not...I wonder if what had happend with us by tameer happend some other country. I think we would be settleing this matter within few days in court. Unfortunately, no one was able to get Tameer to return the money after all these months and years. if They have taken the money, invested it in stock market or buy land when the market was done, i think they would have made billions of Dirhams, from our money !!! Someone has to stand up and say enough to tameer. See you in court
Post Your Reply
Dear Mr Parag,
I am a concerned investor and this was my first investment in the UAE, Tameer has deminished all of my confidence in ever investing in the UAE again, Tameer have proven that they are not a good business partner to be with, i now look at all other developer in UAE with the same eye, it i s terrible that a company like Tameer has no idea on how to deliver a good customer relation, they cannot even commit on a date to refund money which is not even rightfully theirs so what chance have they got on meeting there goals with developments. I would like to see a commitment from Tameer and to stick to there word, September has gone and now October is drawing to an end, This is not what i expected from a company in a islamic estate, the government of UAE should do some thing there is a reputation on line here. Come on UAE. I once dreamt of living in the UAE as i think it is a great place.
Post Your Reply
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment