Sunday, April 08, 2007

Pauling sanctioned with Dh.400m credit facility for construction of villas

Pauling Middle East Company, a pioneer in roads and building construction in the UAE, has been sanctioned with Dh.400m syndicated credit facility under the leadership of Emirates Bank.

The facility will be used for construction of 366 villas at Falconcity of Wonders in Dubailand development.

The project will take about a year and a half for completion, beginning 20th February 2007.

Emirates Bank is the bookrunner, underwriter and lead arranger of the transaction. The other participating Banks include the Bank of Baroda, State Bank of India, National Bank of Abu Dhabi and Mashreq Bank.

The General Manager of Emirates Bank, Abdul Wahed Al Fahim has mentioned that this is one of the prestigious transactions for the Bank, as it emphasizes their long on-going relationship with Pauling Middle East.

Pauling is an arm of the Ahmed Khalifa Al Mazroui Group in Abu Dhabi. The group comprises a total of fourteen companies that focus on various segments such as construction, infrastructure, travel and tourism, hospitals, pharmacies, aluminium works, building materials, transportation and aluminium works.


Anonymous said...

I have recently bought an office in the ebony tower through dynasty zarooni. They have been advertising heavily in Gulf News recently. I want to warn all my fellow investors to beware of the contract that they are signing with DZ. If you check the website of Al fajer Properties, floor plans of their typical floors does not exceed 11,300 square feet, as per the spreadsheet attached to the MOU of sales between Dynasty & Al fajer where clearly sellable area has been mentioned. however Dynasty without any legal grounds and any such permission is adding 30% to the area and are currently selling and advertising even on the web for the floor area to be 14,664 sqft.So on handover of the property the buyers will be in for a shock and dynasty is no where to take responsibility because they take their premiums out of the contract long before.

Anonymous said...

Its sad that Dubai spends so much to attract investments and then you have a well known crook called Kabir Mulchandani of Dynasty Zarooni doing so much damage to Dubai's image. I understand that sheikh maktoum hasher is his partner but he should not threaten investors with the name of sheikh maktoum hasher. I met RERA officials yesterday at the cityescape they all confirmed that Dynasty is black listed but what is the use. how do I get my money back.

Anonymous said...

The ture tragedy arounf plot H3 + G3 Jumeirah Lake Towers/ Al Fajer Properties - Dynasty Zarooni

A comment left Oktober 10th 2008

What you mentioned at the early beginning ” this will be the biggest scandal ever” might be correct if you take a view to the beginning of all plots involved in this case.
The tragedy starts for all plots ( H3 , G3 + H1) in 2004 under the Master Developer of Jumeirah Lake Towers Nakheel.
H1 was launsched as Manchester Tower and never built.
H3 + G3 , both a own development of Nakheel within the own master development, have been launsch as Landmark by Sultan Ahmed bin Sulayem as Falcon Tower ( H3) and Flamingo Tower ( G3). All Towers have been 100 % Residential Towers , sold to investors since 2004. Nakheel ( 100 % Government) was until mid 2006 Masterdeveloper of JLT ,in mid 2006 DMCCA ( 100% Government) was named as new Masterdeveloper for Jumeirah Lake Towers. The whole crew which was respoonsible before at Nakheel for JLT was shiftet to DMCCA and is still ther until today.
Head of DMCCA is Ahmed bin Sulayem out of the family Sultan Ahmed bin Sulayem.
At this point, 15. august 2006 DMCCA wrote the following letter to all investors of Plot H3( Falcon Tower - today named by DZ Ebony Tower + G3 Flamingo Tower - today named Ivory Tower by DZ):

Investors ask for the reasoon of cancellation - they didn`t get any answer.

Some investors didn`t accept this and have been at least promosed in written and confirmed agreements to get what they once booked and paid to Nakheel under the 100 % same conditions. The new developer was for this towers H3 + G3 Al Fajer Properties.
After everything was fixed and confirmed some investors agree to be tranfered to Al Fajer Properties . It was promised that the completion should be End 2008.
From early 2006 after the Tranfer to Al Fajer Properties it starts a nighmare for this investors. One example, an today 77 year olf investor from Europe who had the hope to spent the last years of his not endless life in Dubai with his wife. He had paid to Nakheel until mid 2006 45 % of the total investment.
I know this case and have seen all original documents.from Nakheel, DMCCA and endless emails to AL Fajer Properties, Lawer of the investor and the agressive letters from al Fajer Properties lawyer. The case was given in early March 2008 to RERA Dubai. So RERA Dubai is still aware around all circumstances about this 2 Plots H3 + G3, RERA know the whole story since 2004, given by this investor to them.
After the complaint was given to RERA Al Fajer Properties start to getting agressive and tried to cancel every right of this investor. they didnt tell here that they building will be 100 % commercial.
Remember : the Investor has at this stage still be promised to get an Apartmet in Tower H3
As the Palm Springs Affair Damac was very popular at this time and a Dubai journal wrote about , the investor also contact this journal. The journal tried to write a story , the journal has seen all original documents, but Al Fajer who was contacted by the journal take pressure on them and they could publish the story.

I´m a jounalist, have also seen the original documents and it is sgocking from Europe to see that such things happen under the umbrella of the government of Dubai.

Today in this special case , investor Plot H3 of 2005 Nakheel, at time, Al Fajer Properties is still not willing to act in a fair way , to correct the nightmare they have caused to a 77 year old investor.
Not only an investment is shattered - also the once hope to spent peacefull sunny seasons for a few years in Dubai.

Dont forget:Ebony Tower was Falcon Tower Plot H3 Jumeirah Lake Towers, It start with Nakhell ( 100% Government) DMCCA ( 100 % Governement promised and confirmed) Al Fajer Properties ( Maktoum Family) promnised and shattered at least everything and also RERA CEO is aware of this.

That at least now Al Fajer Properties has given the units of Plot H3 - G3 and also H1 to Dynasty Zarooni for selling in a specilal way, has by all of this a special touch !!!!

take a short view into the story I told you before here: