You may think that everything celebrities touch turns to gold, but this is certainly not the case when it comes to celeb-endorsed property projects in Dubai – angry investors are now demanding their cash back from the firm behind the Niki Lauda, Michael Schumacher and Boris Becker towers in Dubai…

One savvy blogger wrote this sentence back in 2008, ‘Celebrities enjoy giving momentum to the Dubai boom. It will be interesting to see what they do with their names when the development slows and the shine wears off.'

How right he was. Now that his prediction has come true, the celebrities involved in these projects are far more likely to want to keep quiet about them.

German and Austrian investors who paid more than £128 million for the Niki Lauda, Boris Becker and Michael Schumacher towers to be built are far from happy.

Alternative Capital Invest, the company behind the projects, promised them that their investments would be paid back from the capital gains in March of this year.

But that has not happened and they are now taking steps towards legal action.

Sub developers with projects within these master developments have been battling to satisfy investors who have paid deposits for property in Dubai that is not currently being built, while struggling to pay contractors on jobs that are ongoing.

Robin Lohmann, Managing Director of ACI said in a statement that the company has solid assets and the celebrity-endorsed towers will go ahead.

ACI said that no refunds were being paid to investors because projects have been postponed, not cancelled, but added that investors were not required to pay additional installments until construction work restarted.

He did admit that there was a problem as the global market slowdown meant that the money to repay investors was not available.

He said that they have been offered the choice of waiting until ACI's assets could be liquidated or the chance to take property assets owned by another company, Falcon International Investment Group, based in Dubai. But some investors are concerned that if they accept the Falcon option, they may end up with additional risk and costs.

But Robin Lohmann was quick to dispute this, saying, "With this package, we just wanted to show people that we have the ACI assets which are the Boris Becker Tower, the Schumacher Tower and all the rest, and that in addition to that we also offer a security package through Falcon of fully paid assets worth about £85.5 million, which is almost the double of what was due in March."

Last week, German Trade title Financial Intelligence Service reported that Mr Lohmann has been under investigation by the Dubai police.

These reports have been dismissed as untrue.

For more information on Dubai properties and the market in general, please visit http://dubai.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson
Managing Director
www.themovechannel.com

0207 952 7650

Dubai has created a committee to examine the feasibility of making a formal bid to host the 2020 Olympic and Paralympics Games – and the bid is all part of a greater initiative called ‘Dubai 2020,' which is a master plan for pushing the emirate onto the world stage…

The plans hinge on an enormous sports complex, Dubai Sports City, which will cover 50 million square metres and will be the most talked about new development in the emirate.

Scheduled for completion in 2011, the £2.4 billion project is aiming to make Dubai a contender to host the 2020 Olympics, as well as the 2022 FIFA World Cup finals.

Both of these huge sporting events would attract massive international interest and breathe new life into the depressed property sector.

Known as a ‘city within a city,' Dubai Sports City is to be part of the Dubailand development, which is an entertainment complex.

The Sports side of the development will house four main stadiums, including a 60,000-seat multi-purpose outdoor arena for rugby, soccer and track and field, and a 25,000-seat stadium for cricket.

As if that wasn't enough, the Crown Prince of Dubai, Sheik Hamdan bin Mohammed bin Rashid Al Maktoum, has also launched a bid to host the 2020 World Expo, which is a showcase for the latest innovations in science and industry that is held every five years.

Malcolm Thorpe, Spokesperson for Dubai Sports City, said, "As the world's first integrated sports city, Dubai Sports City is a committed supporter of all sport, from grassroots to elite competitions.

"Everyone at Dubai Sports City is confident that we can make a positive contribution to this exciting project, whether as a host venue for events or as a training base for the many athletes that will come to Dubai from around the world," he said.

Hosting the Olympics is about more than having a huge sporting event come to town. It also speaks volumes about the social and cultural side of the emirate.

Rome, Istanbul and Cape Town in South Africa are also hoping to win the 2020 Olympic bid.

For more information on properties in Dubai and the market in general, please visit http://dubai.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson
Managing Director
www.themovechannel.com

0207 952 7650

Dubai’s rapidly growing population and tourist numbers have caused a severe traffic congestion problem in the emirate – and the new Dubai Metro aims to help to ease that by offering an alternative way of traveling – the Red Line is set to open on September 9th this year while the Green Line will open in March next year…

It is predicted that the population will top three million by 2017 and tourist numbers are expected to reach a whopping 15 million by 2010.

This has led to the Dubai municipality identifying the need for a rail system to relieve growing motor traffic and support urban development.

Planning for a metro system started in 1997 and the first two lines of a high-tech driverless rapid transit system are soon to be opened to passengers. The Roads & Transport Authority is constructing the 74.6 km long Dubai Metro project at an initial cost of £2.5 billion.

The first line to open will be the 52 kilometre Red Line, which runs the length of Shaikh Zayed Road.

Plans are still in the pipeline for future Dubai metro lines, but the ‘needs of the city’ will be ‘re-evaluated’ first, said Engineer Abdul Redah Abu Al Hassan, Director of Planning and Development at the RTA’s Rail Agency.

Mr Al Hassan said that the Purple Line will be the next metro line to be launched in Dubai, which will connect Dubai International Airport with Al Maktoum International Airport being constructed in Jebel Ali and will run on Al Khail Road.

It’s not just the metro coming to Dubai either. Two hundred and seventy kilometres of tram lines are also in the pipeline and are expected to be completed by 2020. There are also plans for a comprehensive network of 3,000 buses to crisscross the city and water transport in the works.

Mr Al Hassan added, “We want to achieve the target of 30 per cent of people using public transport once the complete mass public transport systems is in place.

“The current ratio of just six per cent people using public transport is very low,” he added.

Property price proximity

It is predicted that properties in Dubai near metro stations will increase in price once the first line is finished in three months time.

But, as Dubai does not currently reply on a public transport system network, it may be some time before properties near a metro station reflect price increases such as you would see in a city like London, where being in close proximity to a tube, station or bus stop is a huge bonus.

Areas such as Jumeirah Lakes Towers and Business Bay could be sold at a 10 per cent premium because of the number of metro stations nearby, experts predict.

For more information on Dubai property and the market in general, please visit http://dubai.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson

Managing Director

www.themovechannel.com

0207 952 7650

Failure is not a word golf supremo Tiger Woods is used to – and he is determined his first Dubai property venture will not become one.

But, the large scale ‘Tiger Woods Dubai’ project, which includes 100 villas, 75 mansions, 22 palaces and a 360,000-square-foot boutique hotel, has been pushed back by six months in light of the downturn in the once seemingly infallible Dubai construction market.

The World Number One golfer said, “It's six months as of right now.

“It's going to be behind schedule. Obviously, the economy has turned over there and they've slowed down construction because of it,” he added. His course in Dubai had only three holes under construction when work was suspended.

The project also boasts a 139,000-square-foot clubhouse and – of course – a luxury golf academy.

Originally, the course was due to open this autumn, but now it could be delayed until summer 2010. The residential section of the project looks as if it could be delayed indefinitely.

Woods added, “It all depends. The economy needs to turn around. If it gets stimulated, we can pick up to the point where we might open earlier, but who knows? It's out of my hands.”

Tatweer, the Government-owned company behind the development, has long denied rumours of problems with the project. "When the course is actually ready you will be able to find and live the value of why the Tiger Woods Dubai is such a special project," Abdullah Al Gurg, the project's Manager, said earlier this week.

Buying into the first Tiger Woods Dubai development won’t come cheap – construction of the hotel is slated to cost more than £100 million and property purchasers will have to splash out around £7 million for a villa and up to £25 million for a palace.

Membership of the golf club will be by invitation only and initially limited to 50 people, according to the club's website.

Tiger Woods’ other planned courses, which are currently in construction in North Carolina and Mexico are awaiting various permits, but otherwise are on schedule. It is thought they will both be finished by late 2010, whilst the Dubai development languishes in the ‘to do’ pile.

For more information on Dubai property and the market in general, please visit http://dubai.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson

Managing Director

www.themovechannel.com

0207 952 7650

Government officials in Dubai are in talks to introduce a new law that would clarify the rules on issuing residency visas to property buyers in Dubai – and it could be introduced as soon as this year…

Traditionally, there has been confusion around the promise that buying a freehold property in Dubai came with a 99-year residency visa included as part of the deal.

Although there was no law to back this up, many property companies were using it as a sales tool and it helped to seal many deals from international investors keen to nab a UAE visa as part of their property package.

Now, Government officials have said that the property companies didn’t have the right to offer the visa promise and that new laws are needed to clear up any lingering confusion.

Hamad Buamim, Director General of the Dubai Chamber of Commerce and Industry said, “We believe this has to be cleared up.

“We raised it to the Government and the Government came back and said there is a law that will come very soon and we feel it has to come.

“The law will clarify who deserves a visa in terms of their investment in the real estate,” he added.

Although there are rumours that the law will be passed this year, it may well be a long drawn out process as it has to come through a decree issued by the Government, seconded by the Ministry of Interior and then approved by the immigration authorities.

It is clearly very important to get this matter clarified as soon as possible as many people are still under the impression that purchasing a freehold property is all they need to do in order to secure a residency visa for Dubai, but that is not the case and there are no laws backing that claim up.

Hisham Abdullah Al Shirawi, Second Vice-Chairman of the Dubai Chamber said, “I do advocate the concept that we should have an official spokesman, who addresses these issues in a very clear and transparent manner,” he said.

For more information on Dubai property and the property market in general, please visit http://dubai.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information, please contact:

Dan Johnson

Managing Director

www.themovechannel.com

0207 952 7650

If you have invested in a development in Dubai that has since been cancelled by the emirate’s property regulators, don’t despair – new rules have been announced that will ensure investors receive a full refund…

All cash paid by buyers on property development projects that are officially cancelled by The Real Estate Regulatory Authority (RERA) will be returned by developers upon termination of contract.

This announcement will bring relief to thousands of property investors who were concerned that they would not see their money again. But, it won’t help everyone as there is a sliding scale for refunds, meaning that if construction is partway along already, the buyer will still have to forfeit some of their money.

Law No 9 of 2009 provides the sliding refund scale. If a project is 80 per cent completed, the buyer will forfeit 100 per cent of cash that they have paid to date.

If the project is 60 per cent completed, the buyer will forfeit 40 per cent of purchase price. If it is less than 60 per cent completed, the buyer will forfeit 25 per cent of purchase price.

If construction hasn’t started yet, the buyer forfeits 30 per cent of cash they have paid to date. When the project is officially cancelled by RERA, the buyer shall be refunded all cash that they have paid to date.

Law No 9 has been signed and approved but only becomes official and legally binding once it gets published in Dubai’s official gazette.

It is hoped that the introduction of this new law will provide guidance to the property market and help to clarify uncertainty on terminations and damages.

Many investors have continued to make regular payments to developers despite no sign of the project starting. They will now have an end to some of their concerns.

At present, more than 800 projects are being examined by RERA inspectors across Dubai to determine each one’s progress. RERA will apply the law and give directions to developers on what steps to take.

For more information on properties in Dubai and the property market in general, please visit http://dubai.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information, please contact:

Dan Johnson

Managing Director

www.themovechannel.com

0207 952 7650