When I was a small boy I used to play a card game called Trump Cards. The pack of cards consisted of say Battleships ( or cars, planes etc) and you would try to collect full sets from your competition. I can't remember if i was any good at it and I certainly cannot remember the facts and figures of HMS Hermes etc.
One thing I do remember is that it was called TRUMP.
As a slightly older boy it seems that history is repeating itself with a new Trump game coming into my life. This time it not a harmless pack of cards but the illustrious Donald Trump.We have many clients who invested in the Trump Tower Dubai on Palm Jumeirah believing the hype that it was going to be the most luxurious piece of real estate in the Middle East if not the World.Unfortunately in Novemeber 2008 the trump was cancelled and investors were offered their money back. After two days the lawyers retracted this and said the development was 'delayed' and no refunds were therefore possible. Nakheel have since offered properties in International City as a payoff ( at over inflated valuations ) whereby the investor has to put in more cash to try and get out of the Trump Tower. 3 months later the Trump investors are left in limbo as Nakheel or Trump refuse to finalise the account. One irate investor has even been told he may have to wait 4 years for his money.Trump do not answer calls on this subject in the New York office and Nakheel have the habit of changing their minds every morning on decisions made the previous day.
Yes there is a credit crunch and everybody knows that plans have to change but there is such a miscommunication from Nakheel that they have now alienated 50 + high net worth investors who I think will be unlikely to invest in Nakheel ever again.
It seems that Nakheel think they are holding all the Trump Cards but I am sure that when we all sit down for the next card game there will be empty seats at the table.
