- Posted February 12, 2014 by
This iReport is part of an assignment:
Impact Your World
Protecting the public
This is not uncommon especially in the business world. Let me take Range Hospitality as an example.
This Dubai-based real estate developer under the Range Holdings group of companies prides themselves as a company that builds projects not only for profit purposes but also to give back to people what they deserve. They never fail to advertise the altruistic work they do by giving 20% of their annual profit to several charities under the Direction of Charitable Donations Committee.
One of the projects they are known for is “The Range-Karbala”- a $175 million AL Rawdatain Residences project which was due on December 31, 2013. The project aims to help pilgrims in their spiritual journey by offering accommodations at affordable prices in the Holy City, Karbala in Iraq. Range Hospitality mandated Noor Capital, an Abu-Dhabi based investment company to secure funding for the project. Financial investors started coming in as a result. Numerous investors also bought timeshares and off-plan units.
It’s already past the fourth quarter of 2013 and nothing is done. I checked on their Facebook page and the last update was done on June 13, 2013. I opened their website and all I could see is a single page containing a contact number of a person named Mr. Ali Al Nemer. I did some digging and I found out that Range Hospitality had a law suit filed by Noor Capital and another major financial investor for financial fraud.
It’s sickening how fraud and double-faced Range Hospitality is. They are promoting another scheme of the same pattern in St. Kitts –off-plan units, timeshares, and investments. They think that that they could get away with what they did because people don’t know. But they are wrong. Deception is like a smoke you cannot forever grasp in your hands. People will know the truth and they will act on it.