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Dubai Holding Makes Key AppointmentMonday, August 31, 2009 Dubai Holding yesterday said it has appointed Hashim Al Dabbal as executive chairman of the newly created property vertical as part of the restructuring of its real estate assets ahead of a planned merger with Emaar Properties in October. Al Dabbal was the executive chairman of the Dubai Properties Group. Dubai Holding also appointed Khalid Al Malek, formerly the chief executive of Tatweer, as ... more |
Saraya Halts Sales of RAK ProjectMonday, August 31, 2009 Omar Agha, Managing Director of Saraya Development Group, has said the company has temporarily suspended sales of its $1.4bn project in Ras Al Khaimah due to lack of availability of electricity and a downturn in real estate sector, Emirates Business has reported. Saraya has neither cancelled the project nor put it on hold indefinitely, he noted. The developer has given a 100% refund to all its ... more |
Property: Consolidation Wave Seen RisingThursday, August 27, 2009 A trend of real estate industry consolidation is building in the UAE and other GCC countries, to the benefit of long-term investors and respective national economies, a repected international consulting firm said on Wednesday.
Most property markets in the Gulf suffer from significant oversupply. With developers, lenders and owners under financial pressure, past experience in other parts of the ... more |
Dubai Land Sales At Dh126.25mThursday, August 27, 2009 According to Dubai's Land Department, the total value of land transactions in Dubai peaked yesterday at Dhs126.25m, of which sales exceeded Dhs58.11m. However, in a sign that the market continues to be slow, just three sales were registered, of which the most valuable was a Dhs4.9m plot in Al Muteena. ... more |
Dubai Office Rents Lowest For Two YearsWednesday, August 26, 2009 Office rents in Dubai have fallen to their lowest level in two years, according to a report by Jones Lang LaSalle. Rents for the most expensive office space fell 25% in the second quarter compared to Q1, following a 45% drop in the first three months of 2009. Excluding the Dubai International Financial Centre, annual rents average Dhs225 ($61.3) a square foot, the lowest since mid-2007. With an ... more |
Low Construction Costs to Speed Up Memon ProjectsTuesday, August 25, 2009 Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, is committed to the ongoing construction of its projects, encouraged by the relatively lower costs of construction, in an attempt to ensure timely delivery and customer satisfaction, a top official of the company said. The company’s currently has a proje ... more |
Damac Issues Tenders For Eight ProjectsSunday, August 23, 2009 Damac Properties has said it issued eight tenders for projects in August, worth Dhs2bn. The tenders are for Capital Bay, Executive Bay, The Corner, Park Central, Burjside Boulevard, Amber Residence, Lake side and Al Jawhara, the developer said. Enabling tenders for Commercial Square, Water's Edge and Harbour Heights have also been issued. The company, which has been criticised for missing compl ... more |
Top Property Firms To MergeSaturday, August 22, 2009 Dubai Properties, Sama Dubai, Bawadi, Remraam and the Tiger Woods golf course will merge to form one of the largest property entities in the Middle East, according to a statement issued by their parent entity, Dubai Holding. The strategic move comes just two months ahead of a mega merger planned between Dubai Holding's property entities - Dubai Properties, Sama Dubai, Tatweer - and Emaar Proper ... more |
Dubai World Piles Up Debts of $59 BillionFriday, August 21, 2009 Government-run conglomerate Dubai World owed $59 billion in debts at the end of 2008, its property subsidiary Nakheel said in a financial exchange filing.
Nakheel disclosed to NASDAQ Dubai on July 31 that Dubai World’s consolidated liabilities at the end of last December amounted to Dh217.8 billion, or about $59.1 billion, compared to total assets at that time of Dh365.8 billion. Analysts said ... more |
Reef Launches Serviced OfficesWednesday, August 19, 2009 UAE-based Reef Real Estate Investment Company has announced the launch of R-Serviced Offices in Dubai. The R-Serviced Offices' flagship operation consists of 188 offices in Al Reef Tower, a commercial development located in Jumeirah Lakes Towers within the DMCC free-zone, which offer a range from 12.3 sq m to 41.04 sq m in size and includes private guest reception areas and 12 meeting rooms. Th ... more |
Property Market Starting To StabiliseMonday, August 17, 2009 Signs of stability are becoming apparent in Dubai's property market with the volume of transactions remaining consistent in the first half of 2009, according to the latest industry report compiled by Jones Lang LaSalle. Transactional volume remained stable between the first and second quarters, in the comparison of this year's second quarter as opposed to the previous year's quarter - heralding ... more |
Dubai Home Prices Fall 24pc in Q2: ReportMonday, August 17, 2009Dubai residential property prices fell by 24 per cent in the second quarter compared to the first three months of the year. However, the number of sales and rental transactions has remained steady over the two quarters, signalling a renewed confidence in the emirate’s battered real estate market, property consultancy Jones Lang LaSalle said on Sunday. Property prices are falling more slowly, an ... more |
Dubai Holding To Restructure GroupsMonday, August 17, 2009 Dubai Holding has said it is realigning its organisational structure to streamline its operations and ensure the continued delivery of projects. The firm is reorganising its businesses into Property, Business Parks, Hospitality and Investments verticals to 'deliver significant efficiencies as the group prepares for the economic upturn,' the company said in a statement. ... more |
Omniyat Announces Completion of ‘The Square’Tuesday, August 11, 2009 Omniyat Properties, one of the region’s leading property developers, has commenced handover of 544 residential units as part of Phase 1 of its first mixed-use, integrated community development, The Square, located in Al Mamzar, Dubai. The announcement follows the developer’s delivery of Bayswater, a 24-storey commercial tower in Business Bay, which commenced hand-over to investors in June. < ... more |
Sorouh Real Estate Appoints New CFOTuesday, August 11, 2009Sorouh Real Estate, the Abu Dhabi-based real estate developer, on Tuesday announced that Richard Amos has been appointed Chief Financial Officer. Amos takes over starting August 15. He has more than 25 years experience in banking and finance. He was general manager at National Bank of Abu Dhabi. An Associate of the Chartered Institute of Bankers, Amos started his career at Barclays PLC culminat ... more |
Jonh Buck to Build Al Hilal TowerTuesday, August 11, 2009Al Hilal Bank, a UAE-government owned Islamic bank, has announced the appointment of real estate services company John Buck International, to coordinate and manage the development of a 24-storey commercial tower for Al Hilal on Sowwah Island, Abu Dhabi. According to agreement, John Buck International will steer all aspects of the project through the design and construction processes. The first ... more |
Work on Burj Al Alam on TrackMonday, August 10, 2009Fortune Group, a leading Dubai based property developer, announced that work on Burj Al Alam is going ahead at a steady pace, with the piling work currently progressing satisfactorily at the construction site in Dubai’s Business Bay. Middle East Foundations Group was awarded the shoring and piling contract for the Dh4 billion project. “Work on the tower is progressing at a steady pace. The shor ... more |
Real Estate Still A Good InvestmentFriday, August 07, 2009The real estate sector is still a good option for investment, despite the current global economic slump, a top UAE businessman says. "It is believed that [in] the long term business investors could have more than 20 per cent profit if they invest in real estate," Eqbal Al Yousuf, president of Al Yousuf Group, told Gulf News in an exclusive interview. "There is no other alternative market for in ... more |
Sun and Sky Towers Complete Ahead of ScheduleThursday, August 06, 2009Sorouh Real Estate has completed the construction of Abu Dhabi’s Sun and Sky Towers on Reem Island, 100 days ahead of schedule. The 74-storey Sky Tower and 65-Storey Sun Tower are the two tallest buildings in the Gate District, a cluster of eight towers located in SHAMS Abu Dhabi on Reem Island. The Sky Tower is designed in a striking elliptical formation which combines residential and commerci ... more |
Distressed Property Fund Launched in UAEWednesday, August 05, 2009Financial and investment advisory services provider, Mayfair Wealth Management (MWM), which is based in the Cayman Islands, Tuesday announced the launch of a new Sharia-compliant distressed property fund, worth $50 million (Dh183.7 million) in the UAE. The move is thought to be motivated by attractively low valuations in the UAE real estate market, which is undergoing a price correction. The Re ... more |
Sorouh Vows Delivery Of Shams Properties On TimeTuesday, August 04, 2009Sorouh Real Estate's landmark Sun and Sky towers are set to be delivered on time in the first quarter of 2010, Sorouh Managing Director Abubakr Al Khouri said on Monday. The towers are two of the four projects making up the Shams Development on Reem Island, the company's Dh25-billion flagship luxury housing community expected to serve 53,000 people when completed. Al Khouri confirmed the compan ... more |
Dubai Apartment Rents Edge Lower, Offices StableTuesday, August 04, 2009The cost of housing remained largely stable but rents in some residential areas continued to fall in July, according to KT-Asteco Rental Monitor. The average rents for one-, two- and three-bedroom apartments in mid-tier residential neighbourhoods of Bur Dubai, Al Barsha and Greens fell by about seven per cent in the June-July period while studio apartments in the localities saw no month-on-mont ... more |
National Projects & Construction Moves into New HeadquarterMonday, August 03, 2009National Projects & Construction or NPC, one of the leading Abu Dhabi based construction conglomerates, moved into its new headquarters in Musaffah as part of its corporate expansion plans on the back of robust growth in business.
The new headquarters was inaugurated by Shaikh Hazza bin Zayed Al Nahyan, National Security Adviser, in the presence of Shaikh Tahnoon Bin Zayed Al Nahyan, and seni ... more |
Property And Rental Price Falls To Continue, But Less SevereSunday, August 02, 2009Property consulting firm CB Richard Ellis has said that weak sales, a drop in demand and new supply coming on line is likely to push property prices and rentals in Dubai down further in the second half of the year. But the price falls are not expected to be as severe as during the first half of 2009. CBRE said the pressure on lease and occupancy rates will be most prominent in the new residenti ... more |
