According to Tom Arnold over at The National, Sir Anthony Evans, The Chairman of the Special Tribunal, ordered Nakheel to pay CDG's legal costs.
At this point the Court has not rendered a judgment on CDG's claim.
The Financial Sector in the GCC
AA's Second Law of Lending and Investing: "Due Diligence Before the Deal Not After"“It’s not like in Western countries. It’s very difficult to exit here if there’s a problem. And we’ll never get our money back, but now we’re stuck dealing with this hole.”
"At the time, few asked if there was a legal framework for resolving potential disputes. Now, with the glitter gone, interviews with investors, legal specialists and real estate analysts here show that many who bought in are finding it hard to get out."
“The rules of the game are definitely opaque here,” said an investor who has bought several properties in Dubai and who insisted on anonymity because of delicate talks with developers and regulators. “In the United States, I would know my legal position much more clearly and could take actions if necessary.“Besides "location, location, location" supply and demand also impacts prices.
Although about 70 percent of empty lots from three years ago have been filled, real estate construction since then has far exceeded the purchases, more than doubling the amount of vacant space available, said Timothy Trask, the director of corporate ratings at Standard & Poor’s in Dubai.No mention of quality of materials and construction. Perhaps, that will become more widely apparent in a few years time, though there's always the odd Discovery Gardens or Sky Gardens or The Villa to help discover flaws.
Country | Spread |
Germany | 38.1 |
USA | 47.1 |
Japan | 59.1 |
China | 62.9 |
UK | 63.8 |
France | 79.0 |
Saudi Arabia | 80.2 |
Qatar | 95.3 |
Abu Dhabi | 106.4 |
Turkey | 150.9 |
Bahrain | 175.7 |
Oman | 221.0 |
Egypt | 227.7 |
Lebanon | 288.7 |
Dubai | 391.3 |
Cap Markets & Treasury | Private Equity | Corporate Finance | Asset Mgmt | Strategic M&A | Other | Total | |
EBIP&FV | US$19 | US$4 | (US$1) | US$0 | (US$4) | (US$29) | (US$11) |
Impairment Provisions | (US$15) | (US$15) | (US$0) | (US$2) | (US$37) | (US$28) | (US$97) |
FV on Securities | (US$10) | (US$30) | (US$9) | (US$0) | (US$2) | (US$0) | (US$51) |
Net Loss | (US$6) | (US$41) | (US$10) | (US$2) | (US$43) | (US$58) | (US$160) |
Quite a statement "ranked among the largest investment banks in M&A"."نعتز بهذا الانجاز المتمثل في تبوء جلوبل مراكز متقدمة ضمن كبرى بنوك الاستثمار العالمية في مجال الاستشارات المالية لعمليات الدمج والاستحواذ. ويؤكد هذا الإنجاز الدور الذي تلعبه جلوبل على مستوى المنطقة في تقديم خدمات الاستشارات المالية كما ويدعم سياسة الشركة المستقبلية في التركيز على الأنشطة التشغيلية ومن بينها الاستثمارات المصرفية."
The auditors' task is to investigate exactly where the money went, who lined whose pockets, and what other financial landmines might lie in store. Forensic audits at state-linked firms, such as Dubai Holding, are part of a wider corruption probe that has targeted senior figures from Dubai's boom years.Lots of commissions to track down to say nothing of more simple misappropriations.
Abu Dhabi's ascendancy began in the wake of 2008's global credit crunch. Reports about debt trouble in Dubai's flagship companies had been circulating within government from as early as 2005, though most people seemed happy to ignore them. In 2008, the end of a six-year oil-fueled boom burst Dubai's real estate bubble while the global financial crisis left the emirate unable to refinance looming debt obligations.Lenders merrily rolling over loans and pretending everything was OK.
"The announcement was a disaster for Dubai. They were told 'don't worry, Argentina has done this, Venezuela has done it. People forget and they start lending again.' But what they didn't take into account was that those are real economies. This is not a country.Ouch! But right on target. Not a country in several ways.
"Nakheel's books were so screwed up it wasn't even funny."
"No-one knew the magnitude of what was owed, then the complexity of it," the former adviser to Dubai World says. "A lack of experience -- and ego -- made it hard to admit defeat."And still make it so for the "Dubai's back" crowd.
Almost two-thirds of Dubai World's debt is held by six banks, four of them British: HSBC, Lloyds, Royal Bank of Scotland, Standard Chartered, and local lenders Emirates NBD and Abu Dhabi Commercial Bank.Another great moment in banking! There's no fool like and old fool. And then there are bankers.
"They believe that now the problem is solved," says the former Dubai World adviser, who is critical of creeping complacency just a year after the crisis. "The problem is not solved, they still owe the same amount of money. They will have to pay the same amount, only a little later."See above "We're back".