Friday, February 26, 2010
 Ras Al Khaimah Investment Authority (RAKIA) said on Thursday that the infrastructure work on Al Marjan Island, the first man-made island in the emirate, is progressing at a good pace. RAKIA provides investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities as well as in Real Estate developments and other ventures. Phase I of the infrastructure, ... more
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Thursday, February 25, 2010
 Dubai developer Nakheel has named Aqil Kazim as chief commercial officer of the firm, which lies at the centre of a $22 billion debt restructuring by parent company Dubai World. Kazim, who joins from Jumeirah Golf Estates, where he was director, replaces Manal Shaheen, a company spokeswoman said on Tuesday. Shaheen, who joined Nakheel in 2005 as assistant sales manager, had largely played a sal ... more
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Thursday, February 25, 2010
 Dubai-based Kleindienst Group has officially broken ground on Germany Island, becoming the first developer to start construction on The World islands in Dubai. 'While we are the first developer to begin construction, we are aware of several more that are not far behind us. The World project is very real, it is taking shape as we speak and I firmly believe that when complete it will become the m ... more
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Wednesday, February 24, 2010
 Emaar Properties has said the world's tallest building, Burj Khalifa, will start receiving home-owners of Armani Residences, located on levels 9 to 16 of the tower, next month. The hand-over of the Residences, which comprise 900 apartments, and The Corporate Suites, a collection of high-end offices, can take anywhere from two to six months, the developer said. This will be followed by the openi ... more
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Wednesday, February 24, 2010
 Developers in Abu Dhabi are focusing on the turnover of properties that will see 5,000-10,000 new housing units ready for occupancy this year, marginally slashing rents by 5-10 per cent. Ninety per cent of the new arrivals would be in the category of medium to upscale apartments, while the rest will be villas, according to Gurjit Singh, Chief Operating Officer of Sarouh Real Estate. He told rep ... more
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Thursday, February 18, 2010
 Shafqat Malik, chief financial officer of Abu Dhabi's Aldar Properties, has said that some 1,000 units are expected to be delivered over the next 12 months by the developer as demand for properties picks up, Reuters has reported. The company will invest about Dhs7bn in its projects this year and possibly Dhs4bn to Dhs6bn in 2011 as it looks to complete more projects, he told the news service. < ... more
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Tuesday, February 16, 2010
 Union Properties posted its third consecutive quarterly loss on Monday, after provisions for contracting and property valuation, landing the Dubai-listed developer with an annual loss of about half a billion dirhams and sending its shares lower. In a statement on the Dubai Financial Market website, the emirate’s third-largest developer by market value reported a full-year net loss of Dh498 mill ... more
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Tuesday, February 16, 2010
 A new report by real estate investment and advisory firm Jones Lang LaSalle predicts that property prices in the UAE will be flat in 2010, as the market shows signs of maturity and investors look for opportunities locally instead of globally. 'We expect prices being flat, at best the market will be stable, up or down 5%," Blair Hagkull, managing director of Jones Lang LaSalle for the Middle Eas ... more
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Monday, February 15, 2010
 South of the Al Khail/Sports City roundabout and beyond the dusty expanses of IMPZ, a line of near-finished villas stand on the crest of a gentle rise. From the outside, Jumeirah Golf Estates (JGE) looks like just another Dubai residential community. But once you're in one of its fairway-facing villas or out on the championship golf courses, you might think differently. The development was in t ... more
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Monday, February 15, 2010
 Abu Dhabi-based Aldar Properties, the second largest developer in the Middle East, said it posted its first-ever loss in the fourth quarter on revaluations and hotel-opening expenses, Chief Financial Officer Shafqat Malik told Bloomberg. The company had a fourth-quarter loss of Dhs562m ($153m), Malik said. The loss compared with a profit of Dhs84.4m in the year-earlier period, Bloomberg data sh ... more
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Friday, February 12, 2010
 There is a distinct lack of Grade A developers in Dubai, according to some latest ratings. Only three were awarded A- while 23 per cent scored B+, B, or B-, 48 per cent achieved C+ C or C- and a total of 17 per cent achieved D by Landmark Advisory's latest Real Estate Report. Dubai achieved an average rating of C with 71 per cent of Dubai's developers graded C+ or lower. Abu Dhabi developers on ... more
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Friday, February 12, 2010
 Emaar Properties, builder of the world’s tallest skyscraper, reported a 130 per cent rise in fourth-quarter profit, thanks to income from major deliveries, high returns from its malls and hotels, and savings from cost management and resource optimisation
initiatives. Its revenue surged 94 per cent in the fourth quarter year-on-year to Dh2.99 billion. The full-year 2009 revenue stood at D ... more
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Tuesday, February 09, 2010
 Cityscape management announced on Monday that 2010 would be the ninth consecutive year that a Cityscape event will be held in Dubai, but under a new name — Cityscape Global — to acknowledge its place as a significant international platform for the real estate industry. “Cityscape Dubai has not only grown significantly over the last eight years, it has evolved into the most significant real esta ... more
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Tuesday, February 09, 2010
 Dubai-based developer Deyaar has delayed a Dhs500m ($136.1m) distressed property fund after international investors withdrew Dhs200m previously committed, the National has reported. The company launched the fund last summer to buy distressed properties from its own portfolio as well as other properties, as it looked to boost returns for shareholders. 'It is the wrong time for Deyaar to go out a ... more
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Monday, February 08, 2010
 The Burj Khalifa observation deck has been temporarily closed for maintenance work, Gulf News has reported. 'Due to unexpected high traffic, the observation deck experience at the Burj Khalifa, At the Top, has been temporarily closed for maintenance and upgrade,' a spokesperson told the daily. 'Technical issues with the power supply are being worked on by the main and sub-contractors and the pu ... more
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Thursday, February 04, 2010
 Dubai's Union Properties said Monday its luxury Ritz Carlton hotel could be sold for a sum close to Dh1.5 billion. "It could be sold for a price very close to this number," the emirate's third-largest developer by market value said in a statement on Dubai's bourse website. The firm issued the statement correcting an article published by a local newspaper which said the hotel would be sold for a ... more
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Wednesday, February 03, 2010
 Dubai-based developer Nakheel has dismissed a media report that its 300 man-made islands shaped like a map of the world are sinking, Reuters has reported. Britain's Daily Mail's website said that a picture from the US space agency NASA suggested that the islands were merging together and appeared to be sinking. 'Speculative reports suggesting that The World islands are sinking are wholly inaccu ... more
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Tuesday, February 02, 2010
 In several upscale neighbourhoods and projects, the average annual rent in January for a studio ranged from Dh50,000 to Dh60,000, while one-bedroom units were still ranging from Dh85,000 to Dh120,000. A two-bedroom flat was priced at Dh120,000 to Dh160,000, while a three-bedroom unit was priced at at Dh160,000 to Dh210,000, the survey found. Areas with these rents include Dubai Marina (eg: Mari ... more
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Tuesday, February 02, 2010
 The Tiger Woods Dubai golf course and luxury-home complex, which has been delayed by the emirate's property slump, will be completed as planned, Bloomberg has reported. 'We haven't decided yet on a date for its completion or delivery to the market, but the project is ongoing,' Dubai Properties Group Chief Executive Officer Khalid Al Malik told the news service. Work on the course, designed by W ... more
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Monday, February 01, 2010
 As more Grade A and B supply enters the market, corporate tenants stand to gain from options coming on stream in next few months. In hindsight, the global financial turmoil and the consequent apathy among corporate tenants to go for upgrades may be the best thing to happen to Abu Dhabi's office space. It works like this: by staying put in their existing locations through 2009, they now have an ... more
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Monday, February 01, 2010
 Arabtec Construction, the UAE’s construction giant, has won a Dh710 million ($193.3 million) contract to build an 80-storey tower in Dubai. The new tower to be built on Shaikh Zayed Road, Dubai, will also include a five star hotel, furnished apartments, offices and luxurious apartments and the project’s duration is 38 months from the date of completion of the foundation works, Arabtec said in a ... more
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