Basic rules: Whereas the fundamental principles of buying a home are the same everywhere, property law, and its local interpretation, varies widely between different countries. If you have already explored the possibilities of buying in a foreign country, you will be very aware of how different the local laws can be, compared with your own country.
Dubai status: Property law, like any law, is also a dynamic area; minor (and sometimes major) changes are constantly taking place, even in the most mature of property markets. In the case of Dubai and the UAE, property law is very young and still taking its long-term shape, although the key elements are straightforward to understand.
Suggested approach: Our strong recommendation to you is to seek expert advice, wherever in the world you decide to invest in property. Appoint a reputable legal firm to assist you with the contractual elements of the purchase and consider asking for help from an accredited financial advisor, who can ensure that all of your investments work together, in your best interests. You may also wish to use a property search consultant to locate the ideal home for you and help negotiate its price on your behalf.
Angela, "resorted to PMing" that is what I am hoping by asking opinions today to cease...Some are afraid to state publicly the concerns they have. that should not be the case. thnx for your opinion and Enjoy the ride...lol
Posted this yesterday, still looking and havent gotten much feedback or discussion...This may be pure coincidence and or wishful thinking but.......
The Bush administration quietly approved the sale of British-owned P&O to DP World on Jan. 17 after a review by its secretive Committee on Foreign Investments in the United States. But stung by the public and political outcry once the decision became widely known last month, the White House and the company owned by the Dubai government tried to placate critics by agreeing to a 45-day review of the deal's national security implications.
Congress began acting this week to revoke the sale, driven by constituent fears that Arab state ownership of U.S. port operations would compromise security.
DP World acquired management control of 24 of 829 container terminals at the ports of Baltimore, New York, New Jersey, Philadelphia, Miami and New Orleans.
United Arab Emirates-owned DP World said Thursday (March 9, 2006)it would transfer its operations of American ports to a "U.S. entity" after congressional leaders reportedly told President Bush that the firm's takeover deal was essentially dead on Capitol Hill. Link to DPW statement http://i.a.cnn.net/cnn/2006/images/03/09/dpw.statement2.pdf
The confusion was caused by the term transfer and not sell. While DPW has not explicitly said it will sell the subsidiaries responsible for the ports, the White House is suggesting this will be the end result.
As of yet, I have been unable to find if this has happened and whom the owner is.
CNN | Posted June 19, 2006 10:48 PM DOBBS:...It's been more than three months since Dubai Ports World agreed to sell its port operations at 22 U.S. ports. But as of today, all 22 of these terminal facilities remained under the control of Dubai Ports and the government of Dubai.
If I recall, buy my recollection is hazy, wasn't it around June or shortly after that Sulja, then LFWK, started announcing deals in the Middle East, or more precisely, the UAE?
DP World is a company owned by the government of Dubai in the United Arab Emirates, via a holding company. This holding company is under the direct control of the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, who is also the prime minister of the UAE.
A holding company...I can not find who this is..yet.
CFIUS, the Committee on Foreign Investment in the United States, has said that it reserves the right to make Dubai Ports World do what it said it would do publicly.
Are they still putting pressure on the government of Dubai to do this?
If nothing else, this is interesting to say the least.....
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