Saturday, April 3, 2010

Can National Bonds Corporation turn a Nelson's eye?

Can National Bonds Corporation be mute spectator to what is happening to its bond holders for the issues faced in relation to ‘Skycourts’ the very first project that was launched with object of giving the bond holders homes at affordable prices or a decent return on investment. With no clue to the date of possession and because of delay in the project the bondholders are paying for living in rented houses. Also with properties prices taking a sharp nose dive sales or rent would hardly fetch any profit. There have been sustained efforts by the Skycouters to see that they get a reasonable deal but all the efforts are going down the drain with the banks and Deyaar turning deaf ears to their repeated pleas.

Two very important points come to fore:
National Bonds Corporation is still the owner of the property, Deyaar is just a manager
National Bonds Corporation is not a commercial property developer, profit earning is not it’s primary objective but it is an institution to help people earn decent return on their hard earned money

Given National Bond Corporation’s position in relation to the project and as one of government's frontline organization it can prevail upon financial institutions and the property manager. All is what the bond holders are asking for a reasonable pricing looking at the prevailing gloomy situation. The financing banks or companies to the project would readily charge for any delay in any form of payment due, shouldn’t these companies penalize contractor or property managers who have delayed the project? Above all why should bond holders be forced to pay for profit during construction for none of their faults?

The only door of the hope left to be knocked is that of Mr. Mohammad Qasim Al Ali, Chief Executive Officer, National Bonds Corporation. What is heard about him is that he gives patient ear to genuine issues and is very generous man. Above all National Bonds Corporation is organization of high repute and integrity and wouldn’t wash off its hands from the situation that would leave it’s bondholders in lurch.

Insha'Allah something fruitful would happen.