Union Properties Net Loss Widens

Dubai: Real estate developer Union Properties posted a full year net loss of Dh1.57 billion in 2011, up from the Dh1.53 billion loss it reported a year earlier.

"Total assets reduced to Dh9.1 billion while shareholders' equity decreased to Dh2.4 billion.

The company made an operating profit of Dh196 million an ... more

Union Properties Announces 2011 Net Loss Of Dh1.6b

Dubai: The Dubai developer Union Properties made a net loss of Dh1.6 billion in 2011, as the company continued to suffer from falling property prices in the emirate.

In a brief statement to the Dubai Financial Market this morning, Union Properties said that total assets reduced to Dh9.1 billion while shareholder equity also fell to Dh2.4 billion. ... more

Deyaar To Hand Over Four Projects This Year

Dubai: Dubai developer Deyaar is due to deliver four major projects this year, including three towers in Business Bay, one of the emirate's hardest hit areas during the property downturn.

The projects, which include Fifty One @ Business Bay, the Burlington, Oxford Tower — all commercial properties located in Business Bay — and Oakwood Residency, a residentia ... more

Inheritance Laws In UAE Remain Unclear

Dubai: While the UAE waits for stability in its real estate marketplace, there are a few ambiguities that property investors are still living with. One concern that is yet to be resolved relates to the status of such assets upon an investor's demise.

Can the property ownership rights pass smoothly on to the rightful heirs named in the deceased's will? ... more

Further Laws Needed To Attract Investment

Abu Dhabi Hotels Surpass Growth Target By 6.5%

Dubai Property Outlook Mixed In 2012, Says JLL

Although average prices in Dubai's residential property sector will continue to slide in 2012, home values will rise in certain parts of the emirate as the market becomes increasingly polarised, according to a new report by Jones Lang Lasalle.

With buyers becoming more selective and having more options to choose from, property prices in Dubai are expected to rise in some areas but rem ... more

Al Habtoor Reveals Latest Landmark Development

DUBAI - The Al Habtoor Group revealed on Wednesday, in a Press conference held at the Metropolitan Hotel, the launch of one of the region’s biggest and most luxurious hotels & entertainment development to be built on a prime location on Sheikh Zayed Road.

This new complex will be built on the one million square foot property opposite Al Safa Park that currently houses one of Dubai’s f ... more

Nakheel Collects Dh26m In Shoreline Service Fees

DUBAI — Nakheel has collected more than Dh26 million in service fees for Palm Jumeirah’s Shoreline Apartments since launching its fee collection campaign last November, Chairman Ali Rashid Lootah said on 
Thursday. “Our collection campaign continues to gather momentum. Outstanding service fees at the Shoreline Apartments have dropped from Dh72 million in November to Dh46 million today,” ... more

Dewa Holds Forum For Projects

DUBAI — The Dubai Electricity and Water Authority, or Dewa, has organised introductory presentations on its strategy and water projects for the UK Trade & Investment, or UKTI, mission headed by Adil Khan, the UKTI’s advisor at the British Embassy in the UAE. These presentations were organised at Dewa’s headquarters in the presence of Dewa managing director and chief executive officer Saeed Moh ... more

Abu Dhabi Real Estate Deals Hit Dh43b Last Year

Abu Dhabi: Nearly Dh43 billion worth of real estate transactions were made in the capital last year, Abu Dhabi Municipality announced yesterday in a statement. This included Dh3.7 billion worth of land sales as well as mortgage transactions of about Dh39 billion.

The deals are a 5 per cent increase over the Dh41 billion in real estate transactions recorded b ... more

Real Estate Clouds Bear Silver Lining For Cayan Developments

Dubai: When Cayan began handing over flats in its Silverene project in Dubai Marina late last year, it was a rare success story for the real estate sector.

The construction began in 2009, at the height of Dubai's real estate market turmoil, but now has 425 of 500 keys handed over. At the beginning of 2012, the project is actually seeing rents rising, says Ca ... more

New Initiative To Boost Old Buildings' Efficiency

Abu Dhabi: A continuing 13-year initiative is set to reduce energy consumption in existing buildings across the capital by 30 per cent, senior officials announced on the sidelines of the World Future Energy Summit on Wednesday.

The project, which started last March, aims to increase the efficiency of existing cooling and lighting systems in over 2,700 buildi ... more

The Business Value Of Sustainability

The concept of sustainable development is gaining a lot of attention. Yet, it is intriguing to note that there are still many business enterprises that are unable to fully grasp the underlying principle or the benefits.

Such companies simply fail to understand the business dimension of sustainability, which they consider more of a burden than a benefit. The ... more

Union Properties In Debt Deal With Enbd

Dubai: Dubai's Union Properties has reached a Dh3.8 billion debt deal with major shareholder Emirates NBD, the developer's chief executive told the Al Bayan newspaper yesterday.

The real estate firm will transfer assets worth Dh1.1 billion to the bank, Dubai's largest by market capitalisation, which will now own a significant percentage of two developments i ... more