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The second island in The Palm trilogy
Investors of the stalled Palm Jebel Ali project being developed by Nakheel have formed a group to support their interests. Mr. Ed Bandari, a Canadian businessman and investor of Dubai real estate, is the primary spokesperson for the group: ‘The Palm Jebel Ali Investors Group’.
According to the site, PJAinvestors.com, the main objective of the group is…
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CB Richard Ellis GroupThe trend towards more repossessions and foreclosures is good for the Dubai real estate market, at least per CB Richard Ellis’ regional consultant director.
In a March 31, 2010, article on ArabianBusiness.com, Nicholas Maclean said this trend “has to come because people, I think, have borrowed with a view that they’re immune to any further action – like the situation with credit cards where people run up debt and then skip the country – that’s bad for banks, and bad for the country.”
How will forcing borrowers into court restore stability in the market? In other countries like the USA, the foreclosure crisis led to tighter credit restrictions for borrowers, impeding writing new RE loans. In Dubai, new loans are needed to increase liquidity in the RE market. A good side effect is that investors can find good deals on Dubai foreclosed properties, both residential and commercial.
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His Excellency Abdulrahman Al SalehThe Dubai finance chief was positive about responses from lenders. Dubai World backed by the emirate’s government is important. Will the state’s plan be enough to appease lenders?
In contrast to some negative responses from lenders like JP Morgan, the Dubai government’s Abdulrahman Al Saleh, described initial positive responses from Dubai World lenders. The Dubai government is part of the greater federal government of the United Arab Emirates (UAE) and a large part of its domestic economy (especially GDP) is built in the 21st century around Dubai property development.
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JP Morgan Chase HeadquartersThe Dubai World debt proposal that is currently under consideration by top lenders holding notes from this giant, government-backed real estate developer, is generating a lot of buzz in international financial markets.
One creditor, the American-based JP Morgan, commented on the potential “negative” effect of the Dubai world debt proposal for banks. That comes because the loans the Dubai government plans for debt restructuring includes notes with five year and eight year maturities.
How long can Dubai world investors wait on a return on their investment? Is this government-backed proposal really appropriate to spur the RE recovery?
Abu Dhabi already made a $10 billion loan to troubled DubaiIn late March 2010, the New York Times reported another important injection of cash will help in the restoration and recovery of the Dubai real estate market. The emirate of Abu Dhabi already made a $10 billion loan to troubled Dubai, and now the Dubai emirate (government) has committed up to $9.5 billion in capital to Dubai World. The Dubai government’s loan commitment is an important factor in lessening the number of write-downs from external investors.
This comes only a little more than four months since the Dubai government announced a delay in Dubai World’s interest payments (on $23 billion debt) to creditors, resulting in panic in the Dubai real estate market.
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