DAMAC Properties review: Reprehensible lack of respect for the terms assumed by initialing the contract.

Reprehensible lack of respect for the terms assumed by initialing the contract.

I ask you if there is a person at a high level in DAMAC whose task is to take care that payments to investors are made on time. If he/she exists, his/her lack of responsibility is amazing. The UMA ARTA/25/2516 contract initialed by "Manager: PO Box 2195, Dubai, UAE" ( ?) has specified the terms and conditions for making rent payments to the owner who invested money in order to produce money. SEE PARAGRAPH 8.2 of the UMA! You have continuously violated the terms and conditions of 8.2. There should be in the UMA a paragraph with sanctions for late rent payments, as it is in every Rental Agreement.

I have an unfortunate experience with my unit ARTA/25/2516 in the DAMAC Hills Radisson Hotel. I expected the manager, the signatory of the UMA ARTA25/2516 contract, to put the rental money into my account, ON HIS OWN INITIATIVE, under the conditions and at the timescales assumed by initialing the contract. Not by a long shot! Each time, at each payment term, I had myself to request the payments to be made. Every time I saw the money in my account with unacceptably long delays and with many complications. The usual answer to my money requests, often repeated, was "Rest assured that our team is working tirelessly on your request and shall revert you shortly"

Here is my most recent history of this kind: On October 16, 2023, I received a letter (attached) from you that says, "as confirmed with finance team, the next payout will be due on December 31, 2023". On January 2, 2024, I opened Support Ticket 348323 requesting the bank transfer of money for the fifth Guaranteed 8% ROI. On January 11, I was answered "we informed you that the updated income will be done by January 20, 2024". Because I didn't see the money even on January 23, I opened a new Support Ticket 355787, to which I received an answer on January 26 with the usual text, which I have reproduced above. Until today, January 29th, I did not see the money in my account, the money due on December 31, 2023.

Please tell me if I am wrong when I ask the question: WHY DO I HAVE TO PRAY YOU EVERY TIME FOR MY MONEY? SHOULD YOU NOT COMPLY WITH THE CONDITIONS ASSUMED BY SIGNING THE CONTRACT UMA ARTA25/2516 AND MAKE THE PAYMENTS ON TIME, WITHOUT WAITING FOR MY REQUEST?

I am sorry to confess that you deeply shook my trust that I initially had in a CORRECT/normal contractual collaboration with DAMAC. This is very sad for an investor.

I hope that DAMAC has the necessary resources and people to make me forget the unpleasant experiences that have accumulated in the first three years of our collaboration.

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