Dubai Retailers Grab Prime Space Despite High Rents

Many overstretched tenants may disagree, but the highest rental rates in Dubai are not found in the residential sector, but in the glittering world of retail, latest research shows. Retail rental rates in Dubai have not changed significantly since the first quarter of 2008, with high-end retail locations like BurJuman and Mall of the Emirates fixing rents between Dh400 to Dh600 per square foot. ... more

Al Marjan Offices Go On Sale

Ras Al Khaimah real estate developer Rakeen has announced the sales launch of its Bab Al Bahr Office Tower, part of the Dhs1.2bn mixed-use Bab Al Bahr developed on the Al Marjan man-made island. The 20 storey tower will have 108 offices and is located in a free zone, to make it more attractive to foreign businesses. Construction work is still in the early stages. It is integrated with a 19,000 ... more

Dubai Investments Profits Up 50.2pc On Property Gains

Dubai Investments Co, posted second-quarter profit growth of 50.2 per cent on gains from real estate business. Property sales in the second quarter surged almost four-fold to Dh776.5 million compared to the year-earlier period and costs rose 43.8 per cent to Dh948.1 million in the same period. The firm, whose business ranges from glass-making to pharmaceuticals, made a net profit of Dh546.53 mi ... more

Ajman Plans Dh1.4b Infrastructure Projects To Support Development

Ajman has around Dh1.4 billion worth of infrastructure projects under construction to support the rocketing pace of real estate development in the emirate. Ajman has the third largest real estate market in the UAE, just behind Dubai and Abu Dhabi.

There are currently six mega projects underway in Ajman, with a combined value of Dh40.8 billion, according to Mohammad Al Zarah, vice-presiden ... more

Aldar Announces Q2 Results

Abu Dhabi-based Aldar Properties has announced its H1 results, showing an increase of 99% in the value of its net assets, which now total Dhs15,266.6m. Profit for the first six months stood at Dhs2,602.7m. The company's market value is now Dhs32.3bn and it has a rating of A3 by Moody's and a solid.

Dubai Realty Tops In Transparency

To the relief of investors in Dubai's action-packed real estate market, transparency is set to be improved further by implementing regulations in the future, according to an industry report.Dubai is the most improved city in terms of real estate transparency, making it the most transparent market in the Mena region, as highlighted in a real estate transparency index by Jones Lang LaSalle.

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Dubai's Property Sales To Touch Dh717 Billion In ’08

The volume of property sales in Dubai is poised to rise as more global investors, shifting their focus away from markets hit by credit crunch, seek to enter the Gulf markets, a leading global property investment expert said. Dubai, which registered the greatest improvement in real estate transparency globally over the past two years, is projected to record a 55.2 per cent surge in property de ... more

Dubai Investments Launches Dhs2bn Mirdiff Hills Project

The latest in a string of mega projects launched by Dubai Investments, Mirdiff Hills is envisioned as a self-contained community comprising residential apartments, corporate offices and retail outlets. The project, which will have a total built-up area of 2.7 million square feet, comes equipped with all modern amenities such as swimming pool, clubhouse, playschool, Internet facility, coffee sho ... more

Union Properties Exceed Forecast With Dh317m Earnings

Union Properties reported second quarter earnings of Dh317 million, compared to consensus of Dh163 million and the company's estimate of Dh178 million. The net income was driven mainly by the recognition of Dh231 million for revaluation gains related to the company's investment portfolio. Al Mal Capital research had projected Dh56 million-revaluation gain.

Operationally, top line growth r ... more

Dubai Rents Jump 22 Percent

Residential rents in Dubai rose 22 per cent year-on-year, but at a slower pace compared with the previous figure, said Asteco Property Management, a property services consultancy firm in the UAE. Residential buildings along Shaikh Zayed Road continue to be the most expensive, recording the highest annual rental growth of 51 per cent. Bur Dubai and Ghusais areas posted increases of 42 per cent a ... more

Tenants In Dubai Villas Live Rough

A communication gap between landlords and tenants is leading to Dubai Municipality taking the blame for the disconnection of utilities. As a crackdown on multi-occupancy villas continues in various parts of the emirate, tenants are becoming increasingly frustrated. The landlords, they say, did not inform them that utilities were going to be cut off so soon by the Dubai Electricity and Water Aut ... more

Limitless To Build Jordan Tallest Towers

Dubai-based developer Limitless has announced that Sanaya Amman, its $300m twin tower project in Amman, will be Jordan's tallest building with a height of more than 200 metres. Unveiled in February under the name Limitless Towers, Sanaya Amman, which is located in the Abdoun district of Amman, will also be the first in Jordan to meet world environmental standards, with a host of eco-friendly in ... more

Tamweel Profit Rises 259% To Dh387.3m In First Half

Real estate finance company Tamweel PJSC on Monday announced that the company's net profits in the first half of 2008 reached Dh387.3 million, up 259 per cent compared to Dh108.03 million in the first half of 2007. Net profit for the second quarter of 2008 touched Dh210.95 million, an increase of 266 per cent from Dh57.56 million in the second quarter of last year.

Income from Islamic fi ... more

Stallion To Build Dh1.2b Greek-Style Luxury Residences On Marjan Island

Stallion Properties on Sunday launched the Dh1.2 billion Greek-style development on Marjan island in Ras Al Khaimah, in line with plans to raise its total portfolio in the UAE to around Dh4.5 billion. The Santorini development will comprise 560 units covering an area of just over 463,000 square feet. The units will consist of Aphrodite townhouses, Zeus villas, Apollo condos and Artemis luxury c ... more

Emaar Reports Slight H1 Growth

Emaar Properties has recorded net profits of Dhs3.315bn ($0.902bn) for the first half of 2008, a marginal growth over half-year 2007 net profits of Dhs3.279bn ($0.893bn). Net profits in the second quarter (April to June) of the year grew 7% over second quarter 2007 net profit of Dhs 1.558bn ($0.424bn) and is similar to the first quarter 2008 profits, the company said.

Dheeraj And Robodh Form Property Venture

Property developer Dheeraj East Coast (DEC) and Robodh Contracting have signed up a joint venture agreement for a property portfolio of over Dh4.5 billion. The portfolio is expected to grow as DEC announces new projects. As per the memorandum of understanding, Robodh Contracting LLC would be the main contractors for all the DEC's existing and future Projects. In its role as the main contractor, ... more

Emiratis To Get Ownership Of 7,000 Houses

The Ministry of Public Works has started facilitating the legal procedures to assist UAE nationals gain full rights in owing houses. More than 7,000 houses granted to UAE nationals from 1974 to 2001 will be legally owned by their inhabitants after a ministerial degree was issued in 2007 giving Emiratis the right to own and benefit from their property. Many UAE nationals have been waiting this m ... more

Awali Launches 4 Towers In Ajman

Awali Real Estate Investment has announced the launch of four towers valued at Dhs1.2bn ($327m) located within the Dhs20bn Awali City in Ajman, UAE. The 25-storey Mashrabia Residence will be residential twin towers offering 800 apartments. The two Chevron commercial towers will be also 25 storeys each and will offer a total of 15,000 square feet of office space on each floor. There will be 304 ... more

Hot Weather Slows Construction Work

With the mercury crossing 51 degrees Celsius in the country over the past few days, the booming construction industry in the UAE is facing a slowdown as companies reported a sharp decline in workers' productivity.Construction companies said they were struggling to meet the deadline set by the developers as the scorching sun interrupts the flow of work. K.D. Gopalakrishnan, Managing Director of ... more

Flamingo Creek Sells Out

Flamingo Creek, the first residential community within The Lagoons master development at Dubai Creek, has sold out all its residential units during a recent pre-launch event. The freehold project owned by National Bonds Corporation comprises 244 villa-style apartments and townhouses, all with unique floor plans, spread over 500,000 square feet within The Lagoons.

Abu Dhabi Outpaces Dubai In Housing Costs

Housing and rental prices in Abu Dhabi have overtaken prices in Dubai for the first time, according to a report by HSBC. The average rent in Abu Dhabi was $272 per square metre in the last quarter 2007 and $430 per square metre in the second quarter 2008, up 58%. Meanwhile, Dubai's average rent was $343 per square metre in the last quarter 2007 and $420 per square metre in the second quarter of ... more

Unique Unveils Dh1.06b Projects On Abu Dhabi Reem Island

Dubai-based real estate developer Unique Group has launched two projects with a combined development cost of Dh1.06 billion on Abu Dhabi's Reem Island, its owner and managing director said on Sunday. Shabbir Hussain told Gulf News that the construction on the projects, one residential and the other mixed-use, will start by the end of August with completion targeted for December 2010. The propos ... more

Aquitainia Launches In The World

Select Group has launched a Dhs5.5bn private island development, Aquitainia, on The World archipelago. The islands of France and Spain have been acquired by Select Group through a 50/50 joint venture with the UK-based property company, Select Property. The development sees completion by 2012 for 816 units of one and two-bedroom suites, three-bedroom penthouses, and land and water villas. A 75-r ... more

Nakheel Begins Port Rashid Redevelopment

Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, has revealed the latest progress at its most recently launched coastal development in Dubai, which includes the completion of stage one of land sales and a major contract award.

Revealed as a project in January this year, the redevelopment of Port Rashid has been named Mina Rashid. Th ... more

Ajman Uptown Contract Awarded

Sweet Homes has awarded the Dhs2.2bn contract for the construction of Ajman Uptown. Sweet Homes General Contracting LLC has won the project. Target delivery is expected 36 months after the completion of the initial groundwork. Sweet Homes is now in the process of commissioning partners, suppliers and subcontractors.

Dh1.65b Skygardens Project Nears Completion

The Dh1.65 billion Skygardens project in Dubai International Finance Centre (DIFC) is now nearing completion, according to the UAE's largest mortgage provider, Amlak Finance. Skygardens is the first residential tower in DIFC and has a total of 575 apartments over 39 floors, including studios, one and two bedroom apartments, duplexes and seven penthouses. Prices start at an average of Dh4,500 pe ... more

Zaya To Build Dh3b Abu Dhabi Project

Real estate company Zaya has launched a Dh3 billion island project called Nurai comprising 31 beachfront estates and 50 water villas located four kilometres from the Saadiyat Island, its chief executive said on Wednesday. It's a luxury property that will be known for its privacy and exclusivity, Nadia Zaal told Gulf News. Sales began in May this year. We have sold whatever we released. We are l ... more

Dubai To Get Boost In Property Supply

Real estate supply in Dubai may catch up with demand as early as next year, but any dip prices is likely to be moderate, according to a new report by ratings agency Fitch. New homes coming on to the market will reach record highs in 2009-2010, the report says, adding that a glut of office space could also emerge in the same period. However, with government-related entities controlling an estima ... more

Dubai Islamic Bank Signs Dh824m Loan Deal

Dubai Islamic Bank (DIB) has arranged Islamic financing of Dh824 million for Al Hamad Group to fund a portion of the Remraam project coming up in Dubailand. The total value of the contract for Al Hamad Group is Dh3.37 billion and consists of 108 residential buildings, including facilities such as shopping malls, health clubs and mosques. Dubai Islamic Bank plans to expand its business in the vi ... more

Dubai To Get Boost In Property Supply

Real estate supply in Dubai may catch up with demand as early as next year, but any dip prices is likely to be moderate, according to a new report by ratings agency Fitch. New homes coming on to the market will reach record highs in 2009-2010, the report says, adding that a glut of office space could also emerge in the same period. However, with government-related entities controlling an estima ... more

Iris Unveils 'Mist' Tower

Property developer Iris has unveiled its Mist tower development, which is planned for Dubai Maritime City. The Dhs2.5bn residential project will be 200m tall in the pattern of rising waves and will incorporate 355 apartments.

Property Developer To Fulfil Commitment

Jumeirah Beach Residence (JBR) homeowners claim property developer Dubai Properties LLC has reneged on some contractual obligations and sales material. The owners, including an estimated 1,000 owner-occupiers and investors, say the developer has changed plans for a beach park and gyms and did not stick to the promised deadline. A Dubai Properties spokesperson said construction at JBR was still ... more

Expert Says Few Dubai Developers Taking 'Green' Buildings Seriously

Dubai's high occupancy rate is discouraging local property developers from implementing strict environmentally-sustainable standards in Dubai, according to a director from CB Richard Ellis. Charlotte Eddington, who is Group Head of Energy and Sustainability, said few developers in the emirate are taking "green" buildings seriously. The majority see no need to differentiate their buildings becau ... more

Durar Unveils Dh250m Project In Dubailand

UAE-based developer Durar Properties on Wednesday unveiled its first joint venture project - worth Dh250 million - with Abu Dhabi-based Ali and Sons and leading Saudi conglomerates. Durar 1 will be a 63,000 square feet, 19 storey twin tower development in the Residence complex in Dubailand. The total built-up area will be 287,000 square feet. The project comprises 236 units, ranging between one ... more

Bonyan Sells Out $1.9bn Project In Dubai

Bonyan International Investment Group said it has sold out its Dhs4bn ($1.9bn) Sama Al Jadaf community project - a 135-plot master development - located in the Al Jadaf area in Dubai. At present, the company has developed Dhs3bn worth of residential and commercial developments, including Rose Tower and Lulu Tower, Dubai Gate 1, Sharjah Gate and ABBCO Tower.

Bonyan Sells Out Dh4b Project In Dubai

Bonyan International Investment Group on Tuesday said it has sold out its Dh4 billion Sama Al Jadaf community project - a 135-plot master development - located in the Al Jadaf area in Dubai. "The success of the project is part of the developer's growth amid the booming real estate sector in the emirate, which has seen land transactions increase by 170 per cent from Dh62 billion in 2006 to Dh175 ... more

Emaar And Capri Set To Develop Sr7.5 Billion Mixed-Use Project

JEDDAH - Emaar, The Economic City (Emaar E. C.), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has entered into a partnership with Capri Capital Partners (Capri) LLC to develop an SR7.5 billion mixed-use project in the KAEC.The 200,000 square metres project will feature two luxury five-star hotels, premium office towers, a retail center, condominium towers, and a wor ... more

Emaar Economic City To Build $2bn Development With Capri

Emaar Economic City, the Saudi unit of Dubai's Emaar Properties, will build a 7.5 billion-riyal ($2 billion) real estate project with Capri Capital Partners. The development in King Abdullah Economic City will include two five-star hotels, office buildings and a shopping center, Emaar Economic City said in a statement on the Saudi bourse.

First Dubai Real Estate To Raise $294m

First Dubai Real Estate Development, a unit of the Kuwaiti property investment company Al Mazaya Holding Co, is seeking to raise as much as 77.9 million dinars ($294.2m) by selling stock to existing stockholders, reported Bloomberg. First Dubai will sell the shares for 100 fils each and use the funds to raise its capital by more than fourfold to 100 million dinars, the company said.