Ebony Ivory Investors Group, 500 international property buyers and
investors, have signed a petition requesting Dubai's Real Estate
Regulatory Authority (RERA) and the Dubai Ruler's Court to investigate
the Jumeirah Lakes Towers' Ebony Ivory Towers project, involving Al
Fajer Properties and its marketing agent Dynasty Zarooni Inc.
The petitioners have asked RERA to cancel the Ebony Ivory project and
require Al Fajer Properties to provide a full refund, alleging legal
violations by the developer, including fake construction photographs and
misleading press releases.
"We have paid approximately $140 million and have a signed contract from
Sheikh Maktoum Bin Hasher Al Maktoum," said Moses Oye, spokesperson for
the affected investors from the US, Canada, UK, Russia, India, Iran,
Pakistan and other nations. "Now, we want our money back."
The investor group said it is essential for RERA to conduct a
comprehensive and transparent investigation to resolve the matter
quickly because of the potential damage it may cause to overall investor
confidence in Dubai. "We understand that Al Fajer Properties is
controlled by a powerful member of Dubai's ruling family," added Oye.
"However, if our complaints are not treated as per the rule of law, that
will damage the reputation of the Dubai government, which we believe has
always stood for transparency, accountability and implementation of the
rule of law for all."
In its complaint, the investor group cited advertisements in a local
daily newspaper published in July, 2008 that show construction cranes
with Al Fajer Properties' logo and a structure rising six floors above
ground. The caption read: "Shot on location on 10th June 2008, Ebony
Ivory, Jumeirah Lakes Towers.”
However, independent media reports have confirmed that the photographs
actually showed Al Fajer's other project, Jumeirah Business Centre
Towers. In reality, the site for Ebony Ivory Towers is merely a hole on
the ground with no workers or machinery on site. The investor group has
sought for an explanation from Al Fajer Properties and has raised the
issue with RERA on a number of occasions, without receiving a response
for the past six months. Now the investor group is ready to seek further
legal action against Al Fajer Properties and Dynasty Zarooni.