Channel 4 journalist John Sparks has filed a news report on the property development disasters within UAE. His report focusses on the misrepresentation and alledged deception carried out by a number of large companies on Dubai. The article is not about Hydra but the issues highlighted also provide an excellent summary of many of the issues and approach adopted by Al Fahim's Hydra company based in Abu Dhabi.
At Hydra, Al Fahim misrepresented his capabilities and claimed to property purchasers that he had a 'Doctorate in Real Estate Investment'. This, of course, was misleading and entirely ficticious.
Channel 4 News
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Sorry, Faircomment. The story was not about Hydra. While you may be right about Al Fahim you cannot use a news story about a different company and post it as proof of your gripe with Al Fahim/Hydra. I also find it strange that in all your posts on this matter you have not once questioned the Royals about their role in Hydra. Be brave attack the real puppet masters.
ReplyDeleteMartin,
ReplyDeleteYou are correct, the article is not about Hydra. I should have made this clearer. I did say that the article was about an issue in Dubai, not Abu Dhabi (where Hydra Village is).
I posted the link because, as I said, it provided a useful summary of many of the issues that happened at Al Fahim's Hydra. It is a good watch and it summarises the position many Hydra Village purchasers are in.
Faircomment
ReplyDeleteI saw the report. It is a story that is repeated the world over. Investors got caught up in a bubble which burst. Sorry to say but anyone who invested in off plan property after late 2005 was not carrying out proper due diligence. History is littered with fools being parted from their money. I stopped investing in property in mid 2005 as I was happy with my take and saw what was coming.
Why you feel Al Fahim requires special attention is weird. If this was a blog about world wide property/business wrong doing I could understand.
How about a blog following the CEO's of the investment banks who pushed leverage onto healthy companies (now there's a scam).
Nearly forgot, Faircomment
ReplyDeleteYou didn't give any explanation as to why you don't take on the Royals...strange, eh.
There is a clear line between unqualified management and the company owners (investors). Why talk about the royals if there is such a high-profile management failure case that will suit an HBS case study?
ReplyDeleteAs a CEO of a real estate company Al-Fahim has failed miserably on his job. He was hired by the royals to do it. Moreover, he lied about his education as he has no PhD degree. Instead, he has an MBA from a program in the U.S. no one heard of and that is even not in top 100 MBA ranking. He is a total embarassement to the royal family.
In the U.S. he would have got completely different treatment for this sort of 'successes'.