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status of Shami Twin Towers in Ajman,

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   chacha
Thursday, February 5, 2009 03:12 PM 
Reply: >
WHAT is the status of Shami Twin Towers in Ajman, Is the construction going on?
Jameel replied on Thursday, February 5, 2009 05:46 PM 

you will see Ajman propery will prove to be worst Fraud of realestae History, people have lost all their money.
I had been warning the people for last 1 year.
There is bunch of some optimistic people on this forum but their Morale is finally getting lower and lower
chacha replied on Thursday, February 5, 2009 06:22 PM 

jameel sahib thanks for your reply, why you think that ajman will be a big fraud
lot of new projects are in progress there?

can you provide some more proof with your statement
Azad replied on Thursday, February 5, 2009 10:28 PM 

I think it would be useful for people to give facts and support their opinions with facts or logic rather than to give silly opinions. This is not directly at anyone particular but I am getting fed up with people on this forums trying to portray opinions as facts, which leaves the reader none the wiser and even more confused than before. One makes investment based on facts and logic rather than instinct and even that of someone else.
Muhaq-qiq replied on Friday, February 6, 2009 09:41 AM 

AOA to all,
Nakheel has already gone on hold for the water front projects costing around $75billions.
Rufi and others from Pakistan has yet done nothing there but has grabed money as they did in Pakistan.
Abu dhabi also started feeling heat.
But hopefully there would,nt be such thing like "Fraud" as some mentioned here.
Jameel replied on Friday, February 6, 2009 07:52 PM 

Nearly 53 percent of the UAE’s development portfolio, worth a combined $582bn, has been suspended as the construction industry grapples with the country’s dramatic real estate crash.

http://www.arabianbusiness.com/-of-uaes-construction-projects-suspended
If you have paid 1/2 of Money and your Prject is supended then what else is Fraud??
Azad replied on Friday, February 6, 2009 11:40 PM 

I have taken the problem to read your link. I however form a different opinion. The demand would diminsh because of the world financial difficulties, therefore they have decided to delay $582bn, of construction activity. The affected projects would most likely be the ones that have not got off the ground yet, and are still at the drawing stage. This seems a prudent approach as if all these projects came online in the existing environment then it would lead to a glut in the market. However $500bn of construction activity is still taking place. Now how many countries are seeing that level of activity in the current environment?

I doubt that people would have paid anything or are certainly not the 50% of the costs the projects that are delayed. But if you use that yardstick then all the projects in Pakistan are a fraud as they are always delayed and never delivered on the sceduled time.
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