Construction has started on the Dh2 billion (US$544.6 million) Ebony and Ivory towers in Dubai, where investors are in dispute with a property company.
Earlier this year some purchasers stopped payments, saying they had made their initial investments on the basis of photographs of different buildings that were further along in their development.
Dynasty Zarooni, the company that bought all the units from the developer and resold them to investors, has denied the claims.
Al Fajer Properties, the developer, has now completed 15 per cent of each of the three towers in the Jumeirah Lake Towers district, a report from the Dubai Land Department said yesterday.
The Real Estate Regulatory Agency said in its latest audit of the site that "enabling, shoring and piled foundation works are substantially complete and the main contractor is preparing to start the substructure works".
The progress could strengthen the hand of the developer, lawyers say. Property sector laws state that buyers are considered in default if they do not pay instalments as construction progresses. The authorities are still investigating the claims of the investors.
Sheikh Maktoum Hasher Al Maktoum, the president of Al Fajer Properties, said yesterday the company was "committed to meeting all our contractual obligations", and it would start working on the site in 24-hour shifts "as soon as the programme allows for it".
Moses Oye, an investor spokesman, said the fact that the buildings were progressing was immaterial because purchases were based on alleged misleading information.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
DUBAI WORLD CUP RACE CARD
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The National selections
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10pm: Beyond Reason
Company%20profile
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The%20specs
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