Dubai Real Estate Investors Deterred by the News of Frauds

Dubai dream may not be over as yet, but it's fast fading away. Global retreat has already reduced the tourists and foreign speculation advent into Dubai real estate sector to bare minimum, and now the news of frauds and scams are there to added frighten off the investors. These days, Dubai is in the news for all the wrong reasons (the most modern being the "standstill" ask being made by Dubai World, which has verily shaken the world's economy). There's no doubt that Dubai government is doing its best to operate the damage, taking steps like tightening up on fraud clubs and professionals, introducing new laws, and seeking financial help from Abu Dhabi (who doesn't appear too keen to help). However, the setbacks like recession, reputation crunch and frauds are advent out in succession (just like the chance of Pandora's Box), development it verily difficult for Dubai to gain its charisma. Sorting out all of these problems is not going to be easy, but one thing is sure; Dubai cannot afford to loose its credibility at this necessary juncture.

Dynasty Zarooni was one of the first well known real estate firm to appear in the news along with fraud allegations. The chairman Kabir Mulchandani, who at first denied the allegations (not surprisingly), ended up being held later on accusations of "fraud and embezzlement". The lawsuits filed against the firm complex more than Aed 6 billion. Then some top officials at Nakheel were investigated for bribery charges. Even though, you can't blame Nakheel for the wrongdoing of its executives, the name related with the accused was adequate to scare investors. A fairly modern scam to face on the scene is the one that involves Al Fajer Properties.

News From Azerbaijan

Charges are laid against many individuals, lots of arrests being made, any way that's not adequate to satisfy the investors. One thing that continues to woe the investors is Dubai authorities exertion to brush local's involvement in some of these frauds, under the carpet. Many experts are now questioning the credibility of all these probes and sentences taking place. Nothing intimidates investors more than the risk of fraud, for that fancy Dubai government needs to act fast before it is too late; otherwise it'll be hard to get back investor's trust and transparency once it's gone. In that case, the Dubai authorities will have no one else to blame, but themselves.

Dubai Real Estate Investors Deterred by the News of Frauds

My Links : todays world news headlines