Do you own a Hydra Village villa (Abu Dhabi)?
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Join facebook group Hydra Investors or email me at [email protected] if you want to receive updates.
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Hydra Village Meeting in DXB last week. Some of the points covered:
New contract:
It states that the tenant waives all rights for any reason. I.e. they can do anything and we have no recourse – like not even starting or finishing the product. There is no right of appeal under any circumstances.
Force majeur – includes, financial crisis and the construction company going bust! (not a force of nature which is what fore majeur is all about)
Although their payment schedule has been reduced to 2% rather than 10% the penalty fees can amount to 829% if you take the trouble to calculate it.
The penalties that they are imposing on themselves for late delivery amounts to a maximum of Dhs10,00!
The new contract also states that completion will not be until Q4 of 2011!! Just as recently as last Feb the famous Dr announced that Hydra would be completing some of the villas by June 2009. The original contract said they would be finished by Q1 of 2009!!
Strongly advised us to sign nothing and pay nothing more until we can sort this out.
Masterplan 3 has 208 more houses on it and 15,000 sq ft less greenery!
The price hike on the properties is questionable. It has been suggested that it is the way in which the calculations are done as opposed to an actual increase in size.
They have started some building – there are about 40 villas but none have reached more than the ground floor.
Both Hydra & ADCB were invited to attend – no-one came. One mortage guy from ADCB was going to come but was expressly banned from ADCB from attending.
ADCB has stopped paying any installments – they have nothing to safeguard their money because nothing is being built.
Hydra has 11 properties in UAE, and others in Mexico and Tripoli. It is thought that they had used all of the funds the Hydra people have put in to finance these other projects. The general opinion is that they are strapped for cash.
For all of these projects that are going on they have just 100 people working for them!! Apparently they have increased that recently to 150.
In any event, the objective of the whole group is not to bad mouth or bring Hydra down. All they want to do is have a fair contract and for the building process to be linked to the payment schedule.
There were a lot of very good suggestions coming from the group.
There are a total of 189 people in the group and it is growing every day. What was agreed is that
· An independent lawyer be instructed
· An independent architect be instructed to help calculate the size differential.
Although the group consisted of both of many different professions everyone agree that we should instruct independently of the group.
Everyone present gave Dhs200 as a starter to cover fees and all the other members will be asked to do the same. Anyone who does not contribute will not receive any info. (that is Dhs200 per property)
I think we should try and encourage people to join as that is the only way we will get a fair deal.
It was discussed that maybe someone should talk to the main man as I am sure he has no idea what is going on. I’ll talk to you about that later.
Anyway, I think we should, in a very discreet way, get people to join the group. Their address is [email protected]
All agreed we did not want to go down the litigation route – we just wanted to put sufficient pressure on them to listen to us and to be fair.
The meeting lasted 3 hours but it was 3 hours well spent.
New contract:
It states that the tenant waives all rights for any reason. I.e. they can do anything and we have no recourse – like not even starting or finishing the product. There is no right of appeal under any circumstances.
Force majeur – includes, financial crisis and the construction company going bust! (not a force of nature which is what fore majeur is all about)
Although their payment schedule has been reduced to 2% rather than 10% the penalty fees can amount to 829% if you take the trouble to calculate it.
The penalties that they are imposing on themselves for late delivery amounts to a maximum of Dhs10,00!
The new contract also states that completion will not be until Q4 of 2011!! Just as recently as last Feb the famous Dr announced that Hydra would be completing some of the villas by June 2009. The original contract said they would be finished by Q1 of 2009!!
Strongly advised us to sign nothing and pay nothing more until we can sort this out.
Masterplan 3 has 208 more houses on it and 15,000 sq ft less greenery!
The price hike on the properties is questionable. It has been suggested that it is the way in which the calculations are done as opposed to an actual increase in size.
They have started some building – there are about 40 villas but none have reached more than the ground floor.
Both Hydra & ADCB were invited to attend – no-one came. One mortage guy from ADCB was going to come but was expressly banned from ADCB from attending.
ADCB has stopped paying any installments – they have nothing to safeguard their money because nothing is being built.
Hydra has 11 properties in UAE, and others in Mexico and Tripoli. It is thought that they had used all of the funds the Hydra people have put in to finance these other projects. The general opinion is that they are strapped for cash.
For all of these projects that are going on they have just 100 people working for them!! Apparently they have increased that recently to 150.
In any event, the objective of the whole group is not to bad mouth or bring Hydra down. All they want to do is have a fair contract and for the building process to be linked to the payment schedule.
There were a lot of very good suggestions coming from the group.
There are a total of 189 people in the group and it is growing every day. What was agreed is that
· An independent lawyer be instructed
· An independent architect be instructed to help calculate the size differential.
Although the group consisted of both of many different professions everyone agree that we should instruct independently of the group.
Everyone present gave Dhs200 as a starter to cover fees and all the other members will be asked to do the same. Anyone who does not contribute will not receive any info. (that is Dhs200 per property)
I think we should try and encourage people to join as that is the only way we will get a fair deal.
It was discussed that maybe someone should talk to the main man as I am sure he has no idea what is going on. I’ll talk to you about that later.
Anyway, I think we should, in a very discreet way, get people to join the group. Their address is [email protected]
All agreed we did not want to go down the litigation route – we just wanted to put sufficient pressure on them to listen to us and to be fair.
The meeting lasted 3 hours but it was 3 hours well spent.
Join Date: May 2009
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Question about bank account
Hello,
I have 2 units 2-BR in Hydra Village. You mentioned ADCB as bank account. My payments were all made by crossed cheque in the name of "Hydra Properties". Would they also be with ADCB ? If yes, is this an excrow account, where i could ask ADCB not to make any payment to Hydra, unless there is some construction progress?
Thanks in advance for your advice.
Wilhelm
[email protected]
I have 2 units 2-BR in Hydra Village. You mentioned ADCB as bank account. My payments were all made by crossed cheque in the name of "Hydra Properties". Would they also be with ADCB ? If yes, is this an excrow account, where i could ask ADCB not to make any payment to Hydra, unless there is some construction progress?
Thanks in advance for your advice.
Wilhelm
[email protected]
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Hydra Notice
Just got an e-mail from Hydra that says my purchase reservation agreement is terminated and all the other crap. I guess they're starting to play hard ball with the buyers to part with our cash before we could get them to honour their side of the bargain.
To those who were at the meeting in Dubai, I think we have to move abit faster before they get us in litigation.
I need a drink!!!!!!!!!!!!!@#%$
To those who were at the meeting in Dubai, I think we have to move abit faster before they get us in litigation.
I need a drink!!!!!!!!!!!!!@#%$
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Hydra Question Time
QUESTION TIME: For Hydra Properties boss Sulaiman Al Fahim. (ITP Images)
Hydra Properties boss Dr Sulaiman Al Fahim is to tackle investor concerns head on, by appearing in an exclusive live Q&A session on ArabianBusiness.com next week.
Dr Al Fahim – who has faced mounting criticism over delays on Hydra projects – says he will answer questions on any subject, during the special two hour session. “I’m happy to deal with whatever subject people want to raise," he said.
ASK THE DOCTOR! – REGISTER HERE NOW TO TAKE PART IN THIS EXCLUSIVE ONLINE Q&A WITH DR SULAIMAN AL FAHIM
Related: Hydra Properties defends price hike for Village homes
"Whether it is specific enquiries about plots they bought on Hydra Village, or they want to ask me about football, the television show or why I am taking Barack Obama’s grandmother to the Haj this year, I will answer everything that I am asked,” he added.
The Hydra boss is also the star of his own television show The Hydra Executives, and last year hit the global headlines by leading the takeover of Manchester City Football Club.
Ranked No.4 in this year’s Arabian Business Power List, he also works as a Goodwill Ambassador for the United Nations.
“We have always tried to be very transparent at Hydra, and I am aware that there are many of our investors who have specific questions and legitimate concerns. I hope I can deal with these through this online session, which will give everyone a chance to put forward their questions. I will answer all the questions live, as I receive them,” he said.
The Q&A session will begin from 2pm next Monday May 11, with Dr Al Fahim answering the questions from ITP’s offices in Dubai.
Dr Al Fahim says he will take questions on a range of subjects, including property, finance, football, his Hollywood movie fund and his work with the United Nations.
To take part in this exclusive Q&A session, visitors must first register as below. They will then receive a password which will enable them to post questions live during the Q&A session. Users may also post questions at anytime before Monday May 11.
These questions will be uploaded during the session on Monday for Dr Al Fahim to answer.
Arabian Business invites questions on all topics to Dr Al Fahim and will not edit any questions. However, all questions must be respectful, and any comments deemed offensive will not be processed by the moderator.
Hydra Properties boss Dr Sulaiman Al Fahim is to tackle investor concerns head on, by appearing in an exclusive live Q&A session on ArabianBusiness.com next week.
Dr Al Fahim – who has faced mounting criticism over delays on Hydra projects – says he will answer questions on any subject, during the special two hour session. “I’m happy to deal with whatever subject people want to raise," he said.
ASK THE DOCTOR! – REGISTER HERE NOW TO TAKE PART IN THIS EXCLUSIVE ONLINE Q&A WITH DR SULAIMAN AL FAHIM
Related: Hydra Properties defends price hike for Village homes
"Whether it is specific enquiries about plots they bought on Hydra Village, or they want to ask me about football, the television show or why I am taking Barack Obama’s grandmother to the Haj this year, I will answer everything that I am asked,” he added.
The Hydra boss is also the star of his own television show The Hydra Executives, and last year hit the global headlines by leading the takeover of Manchester City Football Club.
Ranked No.4 in this year’s Arabian Business Power List, he also works as a Goodwill Ambassador for the United Nations.
“We have always tried to be very transparent at Hydra, and I am aware that there are many of our investors who have specific questions and legitimate concerns. I hope I can deal with these through this online session, which will give everyone a chance to put forward their questions. I will answer all the questions live, as I receive them,” he said.
The Q&A session will begin from 2pm next Monday May 11, with Dr Al Fahim answering the questions from ITP’s offices in Dubai.
Dr Al Fahim says he will take questions on a range of subjects, including property, finance, football, his Hollywood movie fund and his work with the United Nations.
To take part in this exclusive Q&A session, visitors must first register as below. They will then receive a password which will enable them to post questions live during the Q&A session. Users may also post questions at anytime before Monday May 11.
These questions will be uploaded during the session on Monday for Dr Al Fahim to answer.
Arabian Business invites questions on all topics to Dr Al Fahim and will not edit any questions. However, all questions must be respectful, and any comments deemed offensive will not be processed by the moderator.
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Dear Investors!
Kindly pay your next installment as soon as possible so we can buy Carlos Tevez for our Team. Hydra cheif stands by to his promise of completing the foundation work as soon as Man city wins the premeire league.
Hydra Management
Kindly pay your next installment as soon as possible so we can buy Carlos Tevez for our Team. Hydra cheif stands by to his promise of completing the foundation work as soon as Man city wins the premeire league.
Hydra Management
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Hydra Properties may be broke but the Doc is still splashing the cash.......
Portsmouth FC gain Emirati owner - The National Newspaper
Portsmouth FC gain Emirati owner - The National Newspaper
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Hydra Village
Yes , I do own a villa in Hydra village & I am verry unhappy with the way things are going on.
I am very intrested in joinning a legal group against Hydra.
Please let me know how I can contact any such group or be a member of the Hydar investor groups.
thanks
M varaei
I am very intrested in joinning a legal group against Hydra.
Please let me know how I can contact any such group or be a member of the Hydar investor groups.
thanks
M varaei
Last edited by mvaraei; 3rd Jun 2009 at 09:41. Reason: spell check
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hydrainvestorsreg at gmail.com for new registrations to the group. hydrainvestors at gmail.com for general mail. (don't know why but the actual address wouldn't publish, so had to expand it to "at"?..replace 'at" with @)
350 members. Hydra just held media conference yesterday offering significant improvements to the Hydra Village contract. (all due to investor pressure) A major step forward but still many issues to address
350 members. Hydra just held media conference yesterday offering significant improvements to the Hydra Village contract. (all due to investor pressure) A major step forward but still many issues to address
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Hydra Village
Are u interested in selling one of your unit?How much have you paid for each? I would be interested to consolidate my payment made for Hydra Twin Towers in Dubai ,which might be cancelled eventually.
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Investor Group Meeting 25 Jun
Hydra Investor's Group members meeting 7.00pm 25th Jun in Ghantoot (half way between Abu Dhabi and Dubai).
Group member's feedback indicates the small carrots Hydra has offered go no-where near far enough to satifisy invesotrs, especially given the company's history to date.
If you're not already a member, and wish to join or attend the meeting, send an email to hydrainvestors at gmail.com (you know what I mean..don't know why this site doesn't allow email addresses?)
Group member's feedback indicates the small carrots Hydra has offered go no-where near far enough to satifisy invesotrs, especially given the company's history to date.
If you're not already a member, and wish to join or attend the meeting, send an email to hydrainvestors at gmail.com (you know what I mean..don't know why this site doesn't allow email addresses?)
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Where is the money
I see the good "Dr" Fahim has been forced to sell 90% of his British football club, because of lack of funds.
Apparently his players were not even paid last week
I suppose our chances of getting anything back are diminishing.
What a crook
Apparently his players were not even paid last week
I suppose our chances of getting anything back are diminishing.
What a crook
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litigation floodgates
Over 100 investors attended the legal forums in Abu Dhabi and Dubai (many fellow pilots..my god we're all such fools for getting involved with this company!). Very cost effective deal put together by the HIG. Almost all signed up for the litigation deal. 30,000,000 AED worth of claims registered with the law firm..many more joining after hearing about the forum and the deal. Contact [email protected] if you want more info..but be quick..the deal open only for another few days.
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hydra village
I have a property in hydra village. I paid almost all the installments and the construction of the villas hasn't been completed yet. i'm now wondering when i'll get my villa. Has the project been stopped? The last time i talked to them they told me that they'll hand over the villa in December 2011. Is this true? Please share your opinions.