British-based investors fear losses in UAE

British investors with millions of pounds in a property scheme run by Sulaiman al-Fahim, the soon-to-be owner of Portsmouth Football Club, fear that their investments are at risk.

Since 2007, investors have handed over nearly £60 million to Hydra Village, a venture of Dr al-Fahim’s Hydra Properties. There has been no significant construction on the site in Abu Dhabi, in the United Arab Emirates (UAE).

British companies operating in the region — hit hard by the global slowdown — face similar problems and claim to be owed up to £50 million by UAE-based clients.