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08 December 2023

I’ll be back: 'Absconding' Trident CEO

By Staff

The head of a Dubai-based real estate firm carrying out the world’s tallest all-residential building denied he had fled the emirate and said he was abroad to seek loans and come back to complete the skyscraper.

The Dubai-based Arabic language daily Al Bayan said Wazir Ali Daredia, Executive Director and CEO of Trident international Holding, contacted it from Switzerland to reassure creditors about their funds and pledge to return to Dubai and finish the Pentominium.

“He said that some creditors are seeking to destroy him by damaging his reputation….he also said that he has not used investors’ funds, which he affirmed are deposited in accounts managed by official parties,” it said.

“He affirmed that he is sticking to the Pentominium and will come back after he obtains guarantees from some Asian and European banks to finance the construction of the project, which he said had been frozen because of demands by contractors to pay their outstanding dues….he pledged not to abandon this project as he has put all his profits and savings into it.”

The Pentominium was a super tall skyscraper under construction in Dubai before it was halted in August 2011. When completed, the residential tower will be around 516 m (1,693 ft) tall, with 122 floors above ground. It was designed by architects Aedas and funded by Trident International Holdings.

The Dh1.46 billion construction contract was awarded to Arabian Construction Company (ACC).

The Pentominium has one of the deepest excavations done in the world, performed by Swissboring Overseas Piling Corp.Construction commenced on 26 July 2009 and, before construction stopped, the building was expected to be completed in 2013As of May 2011, 22 floors had been completed.

When completed, Pentominium may become the second tallest building in Dubai after Burj Khalifa, and one of the tallest buildings in the world.Al-Bayan said it had received information that some creditors would resort to court and demand the freezing of Daredia’s  assets.

“Some of them are believed to have prepared a list of charges against him as they are convinced that he had fled Dubai so he can negotiate with them from a strong position to force them to write off a large part of the debt.”