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Emaar To Reinvest Its 2009 ProfitFriday, April 30, 2010 Emaar Properties shareholders yesterday approved non-distribution of dividend for 2009 and authorised the company to reinvest its profits into "long-term growth".
In 2009, the Dubai-based developer recorded annual net profit of Dh2.051 billion on revenue of Dh8.413 billion. The company's 12th annual general meeting endorsed a "commitment to project delivery and business segmentation", Emaar said ... more |
Sorouh Real Estate Reports Dh131.6m Net Profits in Q1Thursday, April 29, 2010 Abu Dhabi-based developer Sorouh Real Estate PJSC reported Dh131.6 million net profits in its first quarter 2010, slightly higher than Dh130.4 million reported in the corresponding period last year. However, this is more than 400 per cent jump from the net profits of Dh28.1 million reported for the fourth quarter of 2009, Souroh's financial statement shows. Revenues for the first quarter 2010 were ... more |
Armani Hotel Finally Opens In DubaiTuesday, April 27, 2010 After the opening was delayed a couple of times, the launching ceremony of Armani Hotel finally took place today on Tuesday 27th April in Dubai. Having 160 rooms, this luxury hotel is conceived and designed by the well known Italian designer Giorgio Armani and his team. Giorgio Armani was present at the opening ceremony, along with the chairman of “Emaar Properties”, the developers behind Armani H ... more |
Cityscape 2010 In Progress In Abu DhabiMonday, April 19, 2010 Cityscape 2010 is underway in Abu Dhabi (UAE). The event is scheduled to take place from 18th to 21st April, 2010. Cityscape is a real estate exhibition held on yearly basis, aiming to facilitate collaboration between different stakeholders in Abu Dhabi real estate market. There are a number of major projects that will be displayed at this mega event. Investors are looking forward to the models of ... more |
Marina Square Nears DeliveryFriday, April 16, 2010 Tamouh Investments, the primary master developer of Al Reem Island, has announced it will start handing over apartments to institutional investors in May.
Developing over 60 per cent of Reem Island in tandem with Sorouh and Reem Investments, Tamouh's timely delivery is likely to spur other sub-developers in the investment zone. Tamouh's flagship project, Marina Square will also be the first devel ... more |
Attempt To Use Right Standards For Land ValuationWednesday, April 14, 2010 People are managing their assets more carefully than a couple of years ago. It is a positive sign that people are taking stock of their assets," says Alan England, the Director of the MENEA — Middle East Near East Africa — region for the Royal Institution of Chartered Surveyors (RICS). The global downturn has made everyone more prudent and the real estate market in the UAE is fast maturing, using ... more |
Burooj Unveils ‘Mohammed Bin Zayed’ ProjectWednesday, April 14, 2010 Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank and the leading real estate company in the UAE and the Middle East, has unveiled its new investment project located in the City of ‘Mohammed Bin Zayed-1,’ announcing that 20 per cent of construction work has been finalised and that the project is expected to be complete by end of 2010. The announcement comes as Burooj Properties prep ... more |
Real Estate Market Is Slowly Waking UpTuesday, April 13, 2010 Good news for real estate. The market hit bottom in March last year and since then it has been slowly stabilising, except for office space, according to Asteco's latest report. Rents on the Palm Jumeirah and The Springs even rose slightly, by 5 and 2 per cent, respectively, in the first quarter of this year. These two areas also witnessed the most sales transactions, thanks to better pricing and m ... more |
Dh1.2b Residential Project Launched in Abu DhabiTuesday, April 13, 2010 A Dh1.2 billion residential project for middle-income professionals was launched here on Monday by the Kuwaiti developer, National Real Estate Company (NREC). The four-tower residential project — Carina Views — will be developed on Najmat Abu Dhabi on Al Reem Island. The 156,800 square metre waterfront project is NREC’s flagship development in the emirate. NREC is a leading regional real estate i ... more |
Deyaar Dismisses Its Chief ExecutiveFriday, April 09, 2010 Deyaar, Dubai's second-largest developer by market value has dismissed its chief executive as part of a restructuring plan. Saeed Al Qatami has been appointed as acting chief. "The appointment is part of an ongoing management restructuring being undertaken in line with the company's long-term strategic objectives," Deyaar said in a statement. ”Markus Geibel's departure is effective immediately, De ... more |
Emaar Properties To Lead First Quarter Property Earnings In The UAEFriday, April 09, 2010 Dubai’s Emaar Properties is likely to outperform its rivals in first quarter earnings in the United Arab Emirates while a lack of deliveries will extend the pain for Abu Dhabi’s Aldar Properties. The UAE’s property sector has been hit hard by the global downturn with house prices in Dubai falling some 60 per cent from their peaks in 2008, while Abu Dhabi, home to most of the country’s oil, has far ... more |
Sharjah Al Nujoom Island Project 'To Go Ahead'Thursday, April 08, 2010![Sharjah Al Nujoom Island Project \](http://www.bayut.com/property/common/resize.php?img=100/725.jpg&d=45 "Sharjah Al Nujoom Island Project \") Salah Butti Obaid bin Butti, director general of the Sharjah Planning and Survey Department has said that the emirate's government has not cancelled nor suspended the Al Nujoom Island project at Al Hamriya, Emirates Business has reported. "We are going ahead with it and the plans for the first 1,000 villas were approved by the department and will be finished in 18 months," he said. The project fea ... more |
Construction of Dh1.8b Emirates Park Towers Project Firmly On TrackWednesday, April 07, 2010 Construction of the Dh1.8 billion Emirates Park Towers project, a 1,612 room twin-tower hotel and apartment property, remains firmly on track, Emirates Group said in a press release on Tuesday. To celebrate the continued progress of the construction programme, the development team hosted a ‘topping out' ceremony to mark the casting of the final rooftop concrete. Emirates Airline and Group will be ... more |
Dubai Home Prices Remain StableTuesday, April 06, 2010 Despite an increase in supply, prices of apartments, villas and commercial property in Dubai have remained relatively stable on reduced inventory, Landmark Advisory said on Monday. Sales prices have remained relatively stable amid increasing supply due to inventory trends, it said in its sales guide for April. “This is a critical point. While the aggregate number of completed units in Dubai increa ... more |
Emaar Rollover Of $1.23b Debt Takes Pressure OffMonday, April 05, 2010 Developer Emaar Properties said it will roll over $1.23 billion (Dh4.5 billion) debt maturing in 2010 into long-term project financing deals with analysts adding the pressure to make hasty divestments was now off. Emaar has Dh4.5 billion of loans maturing in 2010, its financial statements posted on the company's web site show. "The loans maturing in the next one year are primarily bridge loans for ... more |
Burj Khalifa Reopens Observation DeckMonday, April 05, 2010 A spokesperson for Emaar Properties has announced the reopening of the At the Top observation deck at the Burj Khalifa, after nearly two months of closure due to maintenance. At the Top is located on the 124th floor of the world's tallest building ... more |
Developers Get More PowerFriday, April 02, 2010 Real Estate Decree Number 6 grants a developer the right to unilaterally terminate a purchase contract if the investor does not meet certain obligations. The decree, issued by the Dubai Executive Council last month, awaits formal publication in the official gazette. However, in an effort towards even-handedness, developers and investors both have the right to ask the Dubai Land Department to termi ... more |
Limitless Given 90-Day Loan Payment ExtensionThursday, April 01, 2010 A 90-day extension has been given by lenders to Dubai-based developer Limitless to repay a $1.2bn loan which matured yesterday, Bloomberg has reported, citing a banker familiar with the matter. The banker said that banks will continue to negotiate new terms for the loan that may be rolled over after the extension period. ... more |
