General News
► November 2009
Based on research by German newspaper "Westfälischen Allgemeine", since a couple of weeks a warrant of arrest has been issued by Dortmund Court of Justice (Germany) against Georg Recker (36), initiator of "Dubai 1000 Hotel Fund".
For Recker an international quest is conducted, assuming that he is staying since longer time now in Dubai. Recker is under suspect of embezzling from German investors an amount of approx. 25M Euros.
State Attorney Dr. Ina Holznagel from Dortmund Public Prosecution did reject on request any information since when the warrant is already issued. But she confirmed that prosecution against Recker is ongoing since early 2008.
Meanwhile prosecutors have been able to freeze five bank accounts in Germany with deposits in the amount of roughly 1M Euros. A drip on hot stone with view to approx. 25M Euros collected by Recker from more than 900 investors.
Up till now, just 2 claimants took seizing action against these accounts: one investor and one former employee. "For us it will always remain indistinct, how lame especially German investors are acting if they face fraud and embezzlement with regards to their own moneys," says Martin Kraeter, Principal of KLP Group Emirates.
Law firm KWAG from Germany represents just 50 out of 900 investors with claims of approx. 1M Euros. They try to seize blocked funds now, as long as there are remaining funds on the accounts.
All other investors seem to preferably follow Recker’s lawyer Mr. Eckehart Heberlein from Munich: Heberlein seriously states frequently that the investment object of the fund - a MARITIM Hotel in Dubai Land - will soon be built and that there is constant progress on the construction site . . .
Recker‘s "Group of Companies" in Hamm (Germany) already has been restructured in October 2009: New CEO of "Travel-Dubai AG" is now since 22.10.2009 Mr. Ben Neuendorf (45). He is seen as Recker’s right-hand - by this prosecution is also running against him.
Recker himself is not reachable, of course. Remaining employees in his „Enterprise Group“ back in Germany are advised not to give any kind of relevant information.
Source (in German language)
► October 2008
21.10.08: Dubai Report in Financial Times
FT published last week a comprehensive actual report [FT Report]
about Dubai, covering various topics of interest [Download as PDF, 8.14MB]
FT published last week a comprehensive actual report [FT Report]
about Dubai, covering various topics of interest [Download as PDF, 8.14MB]
► December 2007
20.12.07: OBITUARY
With great consternation we were informed yesterday about the tragic
and totally unexpected demise of our friend Jamal Al Habtoor, far away
in Moscow. We are bewildered and deeply saddened. A good friend is
gone and has left a huge gap.
We will miss him and his fine and open style. We fondly remember
the last hours and conversations with him. We send our deepest
condolences to the Al Habtoor Family, who mourns this sudden
demise of a sustaining son of the family. We are certain that the
Almighty shall always have his blessing for Jamal Al Habtoor.
Martin & Kirsten Kraeter,
Phillip & Vivienne
18.12.07: Seasonal Greetings
► October 2007
01.10.07: McKinsey Quarterly III/07 "The Gulf looks outward"
Investors in the Gulf States are looking abroad. In September,
for instance, a Canadian Oil & Natural-Gas producer agreed
to be taken over by a company in Abu Dhabi.
The actual McKinsey Quarterly Member Edition supplies its
readers with several detailed reports and analysis:
Beyond Oil: Reappraising the Gulf States [Read Article]
Gulf Telcos: Managing expansion better [Read Article]
Saudi Arabia's global investor: An interview with Prince Alwaleed [Read Article]
The new Silk Road: Opportunities for Asia and the Gulf [Read Article]
You need to subscribe for reading articles in the Member Section
of McKinsey Company. Basic Membership is free of charge and
can be subscribed here.
► September 2007
10.09.07: UAE's GDP records 23.4% rise in 2006 to AED 599.2b
UAE's gross domestic production (GDP) increased by 23.4%
at current prices in 2006 to amount to AED 599.2 billion when
compared to the preceding year, according to the country's
central bank. [Read Article]
05.09.07: Dubai's Megaprojects
Take a look with Gulf News into those major developments
with a special focus on the residential projects. [Read Article]
03.09.07: Kuwait wants to tax personal income
Kuwait's ruler said in comments published yesterday that
the Gulf Arab oil exporter would eventually have to impose
taxes on personal income, but gave no timeframe. [Read Article]
► August 2007
23.08.07: UAE Companies Law still under review by legislative panel
The much-awaited companies law is still under review by the
legislative committee, acoording to a senior official. [Read Article]
23.08.07: UAE stocks crash to record lows
UAE stocks tumbled to new record lows yesterday, wiping more than
DH12.1 (US$3.29) Billion in market capitalization, as foreigners, insti-
tutions and individuals continue to liquidate their positions. [Read Article]
22.08.07: RAK allows 100% expat ownership of business units
The Ras Al Khaimah Department of Economic Development has
approved a system granting expatriates 100% (!!!) ownership of
their projects with no need for an Emirati sponsor. [Read Article]
16.08.07: UAE-US Trade Drops 16% - Free Trade Agreement???
Trade between the US and the UAE, its third largest trading partner in the
Middle East, declined 16% to $5.43 billion during the first half of this year.
Talks about the free trade agreement broke down, both countries were
unable to complete discussions before the expiration of the Trade Promo-
tion Authority (TPA) on June 30, which allowed the Bush administration to
negotiate trade agreements that cannot be amended by Congress. [Read Article]
09.08.07: Abu Dhabi expands Infrastructure Plan
The Abu Dhabi government plans to massively boost its infrastructure
through long-term investments to upgrade airports, seaports and public
transportation system to support the emirate's economic development,
said the Executive Council in its recently issued Policy Agenda for 2007-08. [Read Article]
09.08.07: Dubai Property Bubble Stories dismissed
The demand for homes and offices in Dubai will continue to exceed
supply in the coming years, a leading UAE-developer said on
Wednesday, the latest to dismiss theories of a bubble in the
emirate’s real estate market. [Read Article]
03.08.07: RAK to the Future
Sheikh Tariq bin Kayed Alqassimi tells ArabianBusiness why investors
in the Emirate have a short window to reap RAK's rewards [Read Article]
03.08.07: ArabianBusiness - Banks get on Escrow Bandwagon
Three leading UAE banks launch Escrow Accounts, following
amendments to Dubai's new Property Law [Read Article]
► July 2007
31.07.07: GULFNEWS - Construction of 72 Business Bay towers under way
Construction is under way on 72 towers in phase one of Dubai's
Business Bay - approximately a third of the total number of
buildings in the 64m sqm master development [Read Article]
31.07.07: GULFNEWS - The nightmare called 'training'
How many times have I heard CEOs and employees say, training is a waste
of time? (By Sanjiv Anand, MD of Cedar Management Consulting Int'l LLC) [Read Article]
30.07.07: GULFNEWS - Emirates faces bad weather in Germany
Emirates Airline's further expansion into the German market is running
into potential opposition from the German government [Read Article]
26.07.07: GULFNEWS - New property law could lead to more investments
Greater institutional investment in Dubai real estate could be on the cards
after the government issued a law safeguarding property buyers' payments,
say developers and analysts. [Read Article]
26.07.07: GULFNEWS - RAK quietly transforms into a hot investment hub
While a lot of attention has been focused on the huge growth and
development of Dubai, Ras Al Khaimah (RAK) has been undergoing
a quiet transformation that will see it become one of the most popular
gateway spots in the region. [Read Article]
with the Eid holidays, followed by the Christmas and New Year days.
Eid Mubarak, Merry Christmas and a Happy New Year!
Another year is passing by - and we are surprised again how fast time goes by.
For the last days of 2007 we wish you a quiet & relaxing season with wonderful chill-out.
Thank you very much for being our client, for co-operation, partnership, friendship,
fruitful discussions and lots of positive experience throughout this ending year 2007.
For 2008 we wish you all peace, health, harmony and personal luck.
Kirsten & Martin Kraeter with all affiliates & partners of KLP Group
Dubai, Berlin & Wisconsin in December 2007