“Fake” pictures are at the heart of a property scandal that could harm the reputation of the once-booming real estate market in Dubai.I think that my guess that Dubai real estate will be worth 10 cents on the dollar was optimistic.
A major property development firm with links to the ruling family of the UAE city-state, and the firm’s marketing agency, are accused by investors, many of whom are UK citizens, of obtaining millions of pounds through the use of false construction photographs.
On Thursday, after local and regional media had been alerted to the situation by angry investors, news agencies across the city said they were silenced by senior representatives of the Government of Dubai, as orders were issued for reports of the storm to be pulled.
Friday, May 29, 2009
Dubai property scandal claim emerges amid media blackout
I am shocked that something like this would happen in Dubai.