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Dubai Rent Hike ContainedThursday, December 31, 2009 Rent increases will be contained in 2010, according to a decree issued on Wednesday, which says that rent can only rise if it is at least a quarter below market values. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, issued the decree to set the formula to be used for the rent index. Shaikh Mohammed first intr ... more |
Abu Dhabi’s Property Prices Remain StableWednesday, December 30, 2009 Property prices in Abu Dhabi remain stable in the quarter-four and buyers continued to look for distressed sales, a property consultancy said. A report by real estate consultancy Landmark Advisory showed that property prices in the capital remain stable as sellers and buyers in the market eagerly wait for clear signals from the development community indicating precise project delivery dates. Octob ... more |
Non-GCC Citizens Take Ownership Of Abu Dhabi HomesWednesday, December 30, 2009 The first homes in Abu Dhabi available for ownership by non-GCC citizens have been handed over to buyers four years after the project was launched, the National has reported. Manazel Real Estate is delivering the homes at Al Reef, a development that comprises 2,380 villas and 1,810 apartments, located next to Abu Dhabi International Airport. The properties come with 99-year leases, but these are e ... more |
Investor Confidence Improves after Dubai World EpisodeTuesday, December 29, 2009 Investors in the UAE and across the Gulf are ending the year with a bit more optimism about chances of an improvement in the region’s economic conditions in the next six months, said investment bankers Shuaa Capital. In its December GCC investor sentiment report, Shuaa Capital, the UAE’s biggest investment bank, said investor confidence was dented due to the November 25 surprise debt restructuring ... more |
RAK Properties Selects Contractors To Build 20 BuildingsTuesday, December 29, 2009 Ras Al Khaimah-based real estate developer, RAK Properties has said it has awarded DTC, Al Tameer and AAA Contracting, contracts to construct 20 buildings in its flagship project, the Mina Al Arab. Located at the Lagoon area of the project, the 20 residential buildings comprise 808 studios, one, two and three bedroom apartments, in addition to retails shops. The buildings will be completed during ... more |
Deyaar Says not in Merger TalksThursday, December 24, 2009 Deyaar said it is not in merger talks, and said it remained focussed on exploring growth opportunities in the United Arab Emirates and other markets.“The company’s board is not currently engaged in any merger talks with any firm,” it said in a statement on Wednesday, adding it has not provided any information to any entity regarding any potential merger. Shares of both companies fell on Dubai’s ma ... more |
RERA Targets Unlicensed Real Estate SMS CampaignsThursday, December 24, 2009 Real estate brokers in Dubai have been warned by the Real Estate Regulatory Agency (RERA) that they face losing their licence if they fail to get approval before running any direct marketing campaigns. The move aims to stop unlicensed brokers from sending unsolicited and often inaccurate SMS sales messages to the public, following complaints from individuals who have been the target of text campai ... more |
German Developer Plans Huge Dubai ProjectTuesday, December 22, 2009 A German property developer announced on Monday plans to build luxury villas and hotels on six artificial islands off Dubai despite the huge financial woes faced by the Gulf emirate. The Kleindienst Group said it will begin work on location at The World — a cluster of artificial islands taking the shape of the world map — which is at the heart of Dubai’s multi-billion debt crisis. “We have interes ... more |
Memon Awards Dubai Sports City ContractMonday, December 21, 2009 Dubai-based property developer Memon Investments has awarded a Dhs65m construction contract to OST Constructional Projects for its Dhs339m 'Frankfurt Sports Tower I' project in Dubai Sports City. The project is a B+G+14 floors building designed by Al Hatmy Design & Engineering Consultancy, and will comprise 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a to ... more |
Dubai Financial Laws RevisedFriday, December 18, 2009 His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as the Ruler of Dubai, issued a number of economic and financial laws to add to the legislative system in the emirate. Shaikh Mohammad issued law No 35 of 2009 about the administration of Dubai's government public funds, which includes a number of rulings to substitu ... more |
Widgets for your WebsiteThursday, December 17, 2009 We are pleased to announce the release of our “nearby location and nearby search” widgets, two extremely valuable add-ons for Dubai & UAE property websites, available at absolutely no costs involved. These adeptly designed widgets are intended for Dubai real estate agents and professionals, who can place them at their websites or blogs, right next to the properties and let their visitors make a we ... more |
Residential Units In The Villa Handed OverWednesday, December 16, 2009 Dubai Properties, a member of Dubai Holding, has started handing over residential units at The Villa, a Dh6 billion freehold development in the heart of Dubailand. Phase one of The Villa — The Ponderosa — is themed on Spanish culture. The development features 1,814 Spanish-style villas built over 35 million square feet. The villas feature architecture based on the legendary cities of Cordoba, Gran ... more |
Nakheel Sends $4.1 Billion Payment for ClearingWednesday, December 16, 2009 Property developer Nakheel PJSC’s repayment of its $4.1 Islamic bond is already being processed with the funds channeled to the clearing system, shortly after this was sent to the principal paying agent, the company said on Tuesday.
Nakheel’s bond or sukuk, matured on Monday, the same day that Abu Dhabi stepped in to provide Dubai with $10 billion support fund to prevent it from going into defau ... more |
Dubai To Pay $4.1b Nakheel DebtMonday, December 14, 2009 The Dubai government said on Monday it will pay $4.1 billion to cover Islamic bonds issued by its Nakheel property developer which mature on Monday after receiving 10 billion dollars from Abu Dhabi. “The Government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World,” it said in a statem ... more |
Dubai Pearl Completion Set For 2013Friday, December 11, 2009 Dubai Pearl, a 1.85 million-square-metre mixed-use luxury development implemented by Pearl Dubai F Z LLC, is set to be complete by 2013. Abdul Majeed Esmail Al Fahim, chairman of Dubai Pearl, announced that in order to reach completion, the project has adjusted to the financial environment. "We at Dubai Pearl have emphasised prioritising the following key areas in order to adapt to the economic sc ... more |
Al Futtaim Carillion Wins ADIC Hq DealThursday, December 10, 2009 Dubai-based Al-Futtaim Carillion has won a $245m (Dhs900m) contract to build the new headquarters for the Abu Dhabi Investment Council, according to UK-based Building magazine. The twin 27-storey towers project follows the successful delivery by Al Futtaim Carillion of the $620m flagship Yas Hotel project, the centre piece of the new Grand Prix circuit development. ... more |
Emaar Drops Merger Plan With Dubai Holding EntitiesThursday, December 10, 2009 Emaar Properties, which is expected to inaugurate the world's tallest tower Burj Dubai in four weeks, on Wednesday called off a merger plan with the real estate entities of Dubai Holding that could have created a $52.8 billion property giant. Emaar Properties, which is 32.5 per cent owned by the Dubai Government, said it will not go ahead with its merger with Dubai Holding, which was announced a f ... more |
Real Estate Investing Makes a ComebackTuesday, December 08, 2009 Real estate is showing some early signs of a revival as an attractive investment destination compared to other opportunities like corporate debt, but the equity and debt markets have to open their wallets with more confidence to resume a normal flow of deals. That was one notable assessment by panelists at the fall conference of the Samuel Zell and Robert Lurie Real Estate Center held at Wharton r ... more |
Nakheel Gets $2.45Bln in Government FundsTuesday, December 08, 2009 Dubai World’s property unit Nakheel received $2.45 billion in government funds to help it meet its obligations, the head of Dubai’s Department of Finance said in an interview broadcast on Tuesday. It was not clear when Nakheel received the money. Nakheel is seeking now to restructure its debts as part of a larger restructuring by its parent, the state-owned Dubai World group. Dubai Department of F ... more |
PMG Hands Over $300m Tower Project In DubaiMonday, December 07, 2009 Project Management Group has said the first phase of the Dhs1.1bn ($300m) Jumeirah Business Centre Towers has been handed over to its developers, Al Fajer Properties. PMG's retendering of the project's nominated subcontracts had successfully trimmed down the final cost for each tower and resulted in a total savings of close to Dhs60m for AFP, according to a statement issued by PMG. The project inc ... more |
Dubai Apartment Rents Edge Lower, Offices StableTuesday, December 01, 2009 Rent decline is taking an extended breather in Dubai, with commercial and residential rents largely unchanged in November, a survey by the Khaleej Times and property management company Asteco showed. The survey also showed that moving to other flats has slowed down, as people are putting off plans to move until after the holidays. Tenant inquiries are mostly focused on areas that are less congeste ... more |
40% of Dubai Office Space EmptyTuesday, December 01, 2009 According to real estate broker Knight Frank LLP, about 40% of Dubai's office space is currently empty after the emirate's construction spree outpaced demand, Bloomberg has reported. Vacant office space totals 10 million square feet, the broker said. If developers meet current completion dates, total office space will double to about six million square metres by the end of 2011, according to resea ... more |
