Under Al Fahim, Hydra used customers' deposits from 'Hydra Villages' to expand the company and commence other developments. The onset of the global property downturn resulted in the new developments being put 'on hold'. The consequence for people who purchased property in the Hydra Villages development is well-documented - customers have paid deposits (usually around £50,000) and little has been built.
Hydra is faced by legal action from around 400 property purchasers and does not have the funds to complete the development. In an effort to generate additional cash it recently advised customers that they should provide the company with around £25,000 if their property requires a parking space. Hydra explained that the provision of a parking space was an 'extra' and would only be provided for an additional payment.
Al Fahim does not hold any shares in Hydra and all shares are held by Royalgroup, which belongs to the UAE Royal Family. If it decides to complete the development at Hydra Villages, Royalgroup will be required to dig into its coffers for the funds. The Hydra venture is set to be loss-making for Royalgroup and whether it decides to complete the development and subsidise Hydra remains to be seen. Al Fahim remains on the Board of Hydra.
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Yawn. This is all really getting quite boring now.
ReplyDeleteCan you not turn your attentions to the fact that you are making slanderous claims without any real evidence to back them up.
Hiding behind a free blog is a common tactic by a disgruntled ex-employee.
I'm not quite sure how you can say there isn't any real evidence on the above. Pretty much everything (from the car parking spaces to the lack of progress on site) has been documented in both local UAE and international press. Al Fahim ran a sham of a company.
ReplyDeleteThere are many disgruntled customers that have been ripped off by Al Fahim and Hydra. Due to censorship of the press in the UAE there is no way to document all of the dodgy dealings of Al Fahim except for blogging. Keep up the good work editor.
ReplyDeleteGosh, construction company may need to raise funds/inject capital. This really is a crisis.....I guess your next claim will be that Gordon Brown was at fault over Hydra
ReplyDeleteHydra provided only 'Reservation Agreements' to investors that was more than 2 years ago. No contracts have been issued for any other property except Hydra Village inspite of regular requests to provide documents.
ReplyDeleteHydra is a total mess.
Why contracts are not sent to those who already paid lots of money to Hydra and didn't violate any payment terms? I guess it's obvious to everyone by now.