Ivory towers is now almost two years late. Foundation work began last year but was stalled recently.
Ivory towers is now almost two years late. Foundation work began last year but was stalled recently.

Buyers' cash tied up in stalled Ivory Tower



Hundreds of property buyers in the long-delayed Ivory Tower project in Dubai fear they will lose their cash after work on the development stopped and consultants were called in to staff its Deira offices. Ivory Tower, planned in the International Media Production Zone (IMPZ), was fully sold off-plan in 2006 and is now almost two years late.

Mohammed Binghalib, the former director of the developer Sokook Investment Group, said he was "not with the company any more". The company's website has also been closed and is to be updated, says a message on the site. Sokook's office in Deira was manned by a consultant from Homes Real Estate yesterday. The consultant said the developer had hired his company, based in Dubai, to compile a "feasibility report" on the 700 customers who bought units in the sprawling 20-storey Ivory Tower.

Foundation work began at the site last summer but was stalled recently because most investors had stopped paying, said Khaled Mahmood, the consultant from Homes Real Estate. "I have to make a report to Sokook to see who is paying them and who isn't," he said. "For people who have paid more than 30 per cent, their money is in safe hands because they won't pay any more until we start construction again; for those who have paid less but don't want to pay any more, we will forfeit them. Our construction is on hold because of the people who only paid 10 or 15 per cent."

Mr Mahmood said the aim of the feasibility report was to find out how many investors were willing to continue with the project. If the development went ahead with, say, half the number of investors, the project would be scaled back by half, he said. Mr Mahmood added that an option for buyers would be to transfer their investments to other projects in Dubai that were either completed or nearing completion.

This would have to be done through agreements with other developers, he said, as Sokook's only project in Dubai was the Ivory Tower. "If there is no trust left in the project, then we can talk with the customer and swap their investment to a developer who is more advanced." He declined to name any developers with which Sokook had been in talks. Mr Mahmood's comments have done little to appease those who have waited almost four years for their homes to be built.

Investors formed an action group in 2008 when it became clear that the building would not be ready by the deadline, the middle of that year. The original delay was caused by a dispute over the land with TECOM Investments, the master developer of IMPZ. The row was resolved only with the help of the Dubai Land Department in the summer of 2008. Nigel Collins, an investor from the UK who bought four apartments in Ivory Tower in 2006, said many of the investors had given up the fight.

"It's a catch-22 situation. I would be open to transferring my investment somewhere else if it means I can rent or sell that property." @Email:agiuffrida@thenational.ae

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Price, base / as tested: Dh48,000

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Power: 136hp @ 1,600rpm

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Transmission: Five-speed manual

Fuel consumption, combined: 9.1L / 100km

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5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
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Winner: Harrab, Ryan Curatolo, Jean de Roualle
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Company name: The Cloud

Started: 2018

Founders: George Karam and Kamil Rogalinski

Based: Hub71, Abu Dhabi, UAE

Industry: Food technology

Funding size: $10m+

Investors: Middle East Venture Partners, Olayan Financing, Rua Growth Fund

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Memory: 12GB RAM

Storage: 256/512GB / 1TB

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Company name: ASI (formerly DigestAI)

Started: 2017

Founders: Quddus Pativada

Based: Dubai, UAE

Industry: Artificial intelligence, education technology

Funding: $3 million-plus

Investors: GSV Ventures, Character, Mark Cuban

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

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Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
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Transmission: Eight-speed dual-clutch auto
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Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

Result

UAE (S. Tagliabue 90+1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')

Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

The years Ramadan fell in May

1987

1954

1921

1888

Liverpool 4-1 Shrewsbury

Liverpool
Gordon (34'), Fabinho (44' pen, 90'+3), Firmino (78')

Shrewsbury
Udoh (27'minutes)

Man of the Match: Kaide Gordon (Liverpool)

OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

Match info

Premier League

Manchester United 2 (Martial 30', Lingard 69')
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Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

The stats and facts

1.9 million women are at risk of developing cervical cancer in the UAE

80% of people, females and males, will get human papillomavirus (HPV) once in their lifetime

Out of more than 100 types of HPV, 14 strains are cancer-causing

99.9% of cervical cancers are caused by the virus

A five-year survival rate of close to 96% can be achieved with regular screenings for cervical cancer detection

Women aged 25 to 29 should get a Pap smear every three years

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Children aged 13 and above should get the HPV vaccine

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Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
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