DAMAC Properties review: 8% guaranteed return on arta/25/2516

The path of a businessman who invests in DAMAC is strewn with unpleasant surprises.

You start by being tempted by the 10% annual GUARANTEED ROI for the first three years. Then the pandemic comes and the ROI drops to 8%. You accept this change and sign the Sale Purchase Agreement for the purchase of an apartment in the RADISSON HOTEL, ensuring that you will simultaneously sign the RADISSON PROMOTION that promises 8% GUARANTEED ROI for the first 36 months, with 6 biannual payments (RETURNS) of 4% each. You are given a 3 Years Payment Plan and it is suggested to you that the biannual ROI returns will help you pay the installments over the three years. This, in my case, was a lie! You will soon find out that the ROI returns will start ONLY after you pay the full price of the apartment.

You do the Handover and sign the UMA with DAMAC PROPERTIES, which undertakes to pay you ROI after every 6 months starting from the Commencement Date. No one will officially communicate to you (according to the "Particulars/Commencement Date" obligation from the UMA) the start date and you will get tired fighting to get these biannual Guaranteed Returns on the terms provided by the UMA. Expect delays of many months.

After I obtained 4 of the 6 biannual payments of 8% Guaranteed ROI for three years (promised by PROMOTION), while I was requesting payment for RETURN-5, the Financial Department surprises me very unpleasantly by sending me the Owner's Revenue SOA. It is clear that they forgot that they still have to pay me two biannual payments of 4% each of the net purchase value, in accordance with the PROMOTION he committed to when signing the contract.

Neither the conditions nor the deadlines from the initialed documents at the start of the business are valid for negligent and insufficiently informed officials. Don't stop fighting for your contractual rights! I have already (yet) placed a Support Ticket # 316103 asking them again to pay me the RETURN-5. The fight will be long and hard, but you be sure that people from high level DAMAC Management will not tolerate that the poor quality officials to tarnish the reputation as a good business partner of DAMAC PROPERTIES.

Let's let the LAW rule between us!

Informing you that no one has contacted me regarding to my previous post ("8% Guaranteed Return") posted 02 October 2023, I hope that my today complain will reach however the attention of a high level DAMAC Management person.