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Sama Dubai

Sama Dubai
Type Subsidiary
Industry Real Estate, Hospitality
Founded Dubai (2006)
Headquarters Dubai, United Arab Emirates
Area served MENA (currently)
Key people Farhan Faraidooni (Executive Chairman)

Sama Dubai (Arabic: سما دبي‎) is a member company and subsidiary of Dubai Holding, a holding company set up by the government of Dubai. Sama Dubai was created as a company with wider responsibility and mandate than its previous predecessor (Dubai International Properties).[1] Sama Dubai is practically the international property arm of Dubai Holding. It develop real estates and properties in numerous countries, globally. It was announced in the summer of 2009 that Sama Dubai would be merged into Emaar Properties, along with Dubai Properties and Tatweer.[2][3][4]

Portfolio

Sama Dubai develop real estate and property megaprojects in various countries. However, most of these projects have been suspended indefinitely. These originally included projects such as:[5]

  • The Lagoons - A luxurious real estate development in Dubai's Dubai Creek district with retail, residential and business sections. Featuring an Opera House. The entire project was suspended indefinitely after construction of the show room [8]
  • Century City & Mediterrenean Gate - A luxury real estate investment on the Lac du Sud of the Tunisian capital Tunis. This project covers an area of 830 hectares and will comprise the construction of a new city with skyscrapers, hotels, residential complexes, cultural and leisure complexes, a marina and shopping malls. The costs for this project are estimated at $14bn. The construction works have already commenced in August 2007, the completion of the project will take about 15 years. The first phase was scheduled for completion in 2012.

Much of this portfolio is now thought to be on hold. [9]

The Lagoons image gallery

Legal issues

There have been a number of legal issues arising, predominantly related to Sama Dubai's main project in Dubai. The best known of these is the arrest of four senior members of management, including CEO Abdulsalam Almarri, as part of the cleanup of the Dubai property market[10]

Other disputes relate to Sama Dubai's blocking of transactions, pending irregular payments [11] and statements from the company that it is not bound by investor protection laws, such as the Escrow law.

References

  1. ^ Dubai Holding establishes new corporate entity, Sama Dubai, AMEInfo, 2006-04-11.
  2. ^ http://www.dubaichronicle.com/business/property/four-local-real-estate-companies-to-merge-11381
  3. ^ http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090829/BUSINESS/708299956/1051/rss
  4. ^ http://www.encyclopedia.com/doc/1A1-D993J3P02.html
  5. ^ Sama Dubai Portfolio, Sama Dubai Official Website.
  6. ^ Salam Resort & Spa - Official Website.
  7. ^ Sama Dubai to develop AED3 billion lifestyle resort in Oman, Sama Dubai News Centre, 2005-06-06.
  8. ^ The Lagoons Official Website
  9. ^ Skyscrapercity
  10. ^ Top Firm Executives Plead Not Guilty in Bribery Case
  11. ^ Kuwaitis seek Sama Dubai arbitration

External links

  • Sama Dubai - Official Website
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