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Market Approaching EquilibriumWednesday, March 31, 2010 Initial signs of rental stabilization of 1 per cent in January and 6 per cent in February suggest the market is reaching equilibrium according the latest Property Beat report by HC Securities and Investments. After nine months of decline, asking rental prices in Dubai stabilized last Nov-ember and recorded strong gains until February with a 6 per cent month on month increase the report states. ... more |
New Chief for NakheelWednesday, March 31, 2010 The Government of Dubai on Tuesday named Ali Rashid Lootah to head the revamped board of directors at property giant Nakheel. As the new chairman of Nakheel, which has been separated from Dubai World in a recent restructuring, Lootah replaces Sultan Ahmed bin Sulayem, who remains as chairman of the parent company. The latest shake-up comes days after Dubai government announced plans to pump $9. ... more |
Tamouh To Begin Marina Square HandoverWednesday, March 31, 2010 The primary master developer of Reem Island in Abu Dhabi, Tamouh Investments, has announced that the handover of units in Marina Square to investors is scheduled to start from May 2010. The project, which is made up of 14 towers, is spread across an area of 66 acres, has a built-up space of more than 827,000 sq metres and will house more than 8,500 people and 6,550 parking bays on completion. < ... more |
Luxury Home Prices In Slow RiseMonday, March 29, 2010 Luxury-home prices in central London rose 3 per cent in the first quarter from the prior three months, the smallest gain since a recovery started a year ago, on expectations of lower bonuses from banks, Savills said. The average value of houses and apartments costing more than £1 million (Dh5 million) rose almost 17 per cent from the first quarter of 2009, when prices bottomed out after an 18-m ... more |
Nakheel To Finish Some Stalled Projects, Says ReportMonday, March 29, 2010 Nakheel Properties plans to spend $1.5bn to finish stalled developments even before creditors agree to a debt restructuring plan for its parent Dubai World, the National has reported, citing a letter sent by the developer to thousands of investors in stalled Nakheel projects. The restructuting plan presented to creditor banks of the Dubai World conglomerate includes $8bn of fresh funds for Nakh ... more |
Dubai Government To Support Business Plan Of Dubai World And NakheelThursday, March 25, 2010 The Dubai Government announced Thursday that it will support Dubai World and Nakheel “with significant financial resources”, according to a statement received by Gulf News. This will include a commitment to fund up to $9.5 billion over the business plan period for both companies, according to the statement. The support will be allocated as $1.5 billion for Dubai World and $8 billion for Nakheel ... more |
Sweet Homes Awards MEP ContractsThursday, March 25, 2010 UAE-based Sweet Homes General Contracting, the main contractor for the "Ajman Uptown" project, has said it has awarded two sub-contracts for the 1,504 villas within the Dhs2.2bn master development. The first contract was awarded to Al Ibhar Electrical Contracting and Elegant Electromechanical Contracting as the MEP, air conditioning and fire fighting sub-contractor, while the second contract we ... more |
UAE Official Rules Out Full Foreign Business Ownership Outside Free ZonesWednesday, March 24, 2010 A new company’s law will allow majority, but not full, foreign ownership in "some sectors," a senior Abu Dhabi Government official said Tuesday. "The new company’s law will give some relaxation to foreign ownership," Mohammad Omar Abdullah, undersecretary of the Department of Economic Development, said on the sidelines of an investment conference. "But it will not be to the extent of 100 per ce ... more |
Park Lane Tower Has A Lot To Offer VisitorsFriday, March 19, 2010 The Tamani Hotel at Park Lane Office Tower features in an unusual structure where the hotel begins on the upper floors. The mixed-use building, which is 150 metres tall, is made up of both commercial offices and a five star hotel. The Park Lane Tower has reached the 20th level. The contractor, Al Rostamani Pegel LLC, is preparing to mock up works for common and public areas. The building was de ... more |
Industrial And Commercial Properties In Dubai To Be FreeholdTuesday, March 16, 2010 UAE nationals will now be able to own industrial and commercial properties, granted by Dubai's government, with full freehold legal status and get title deeds registered through the Dubai Land Department. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, on Monday issued a decree regulating ownership of industria ... more |
Service Fees Reduced In The SpringsMonday, March 15, 2010 Community service fees for homeowners in The Springs have been reduced for 2010. Dubai_Community service fees for homeowners in The Springs have been reduced for 2010, with the new rates Dh2.03/ft² of plot area, a reduction of almost 6.5 per cent compared to 2009. A spokesperson for Emaar Properties, the developer of the community, told in a statement, "Following a detailed review of the 2009 c ... more |
Bill To Tackle Real Estate Inheritance in UAEFriday, March 12, 2010 A federal law soon to start taking shape will further ensure organization of the real-estate sector in the country, Minister of Justice Hadef Jua'an Al Daheri disclosed. "Instructions have been issued to prepare a federal draft law to organize ownership and registration of real estate across the country," Al Daheri told the Federal National Council (FNC) on Tuesday. At present, real estate is s ... more |
Property Deals May Not Pick Up Fast In Abu Dhabi In Short TermWednesday, March 10, 2010 Property prices and transactions in the capital emirate are unlikely to increase significantly in the coming months, due to mortgage rate cuts announced recently by the government as well as by some of financial institutions and developers jointly, according to forecasts by Landmark Advisory, a property consultancy firm. The firm expects that delivery of new units will take place only at the en ... more |
Open Debate at CityscapeTuesday, March 09, 2010 More than 120 speakers from over 25 countries will take part in an open debate on the “real issues and challenges confronting the real estate investment industry” within the UAE and outside, during Cityscape Abu Dhabi, which will be held at the Abu Dhabi National Exhibition Centre from April 18 to 21, 2010 . “Given the dramatic changes that have impacted the global markets over the past year or ... more |
New Rules For Offshore FirmsMonday, March 08, 2010 Dubai's Land Department will soon announce a new regulatory framework for offshore companies investing in Dubai's freehold market. The move is aimed at improving transparency. The Land Department has halted, for a month, transactions of offshore companies due to lack of clarity. "There are currently guidelines that exist which offshore companies have to adhere to. A new set of regulations is cu ... more |
Pearl Dubai, Sotheby’s Tie-upMonday, March 08, 2010 Pearl Dubai, developers of the 20 million sq ft sustainable Dubai Pearl integrated destination overlooking the Palm Jumeirah, announced a tie-up with Singapore Sotheby’s International Realty to leverage its luxury real estate network of offices across Asia for promoting the upscale development to high net-worth individuals. Dubai Pearl will commence a road-show across key Asian hubs in collabor ... more |
Al Hanoo Launches New Development UnitFriday, March 05, 2010 Al Hanoo, a leading GCC real estate developer has announced the launch of Marsa Al Nejoum Real Estate LLC in the UAE. "We are proud to announce the establishment of our new development arm, Marsa Al Nejoum with the clear objective of being at the forefront of innovation in property development in UAE," Shaikh Abdullah Al Sakra, chairman of Al Hanoo said in a statement. The new development arm i ... more |
Pace of UAE Price Decline EasesFriday, March 05, 2010 The pace of decline in UAE consumer prices eased a bit in the month of January, thanks to a spike in property rents, energy and medical bills, but inflation was kept in check in the Arab world’s second largest economy because of broadly stable food prices and lower transport and communication cost, official data showed on Thursday. The rate of consumer price growth, or inflation, has sharply de ... more |
Arabtec Profit Halved on Bad DebtsWednesday, March 03, 2010 Arabtec Holding, the UAE’s largest contractor by market value, on Tuesday said its profit for 2009 nearly halved as it posted its first-ever quarterly loss after provisioning Dh294 million for bad debts. The Dubai-based company, which is in the process of selling a 70 per cent stake to Abu Dhabi’s Aabar Investments, said net profit for the year fell 48 per cent to Dh494.9 million from Dh958.05 ... more |
Abu Dhabi Finance Cuts Mortgage RatesTuesday, March 02, 2010 Ali Eid al Mehairi, chairman of Abu Dhabi Finance, a mortgage provider part-owned by the government, has said the firm has received financial support from the Department of Finance aimed at reducing its rates to the lowest in the country, The National has reported. The unspecified amount, which was obtained at 'commercial terms', will enable ADF to lower the cost of borrowing for home buyers to ... more |
Serviced Offices Upbeat Despite Shifting LoyaltiesMonday, March 01, 2010 The dynamics of serviced offices are as dependent on the state of the market as any other category of property. Even then, there are subtle differences underpinning the way serviced offices fare during periods of boom and distress.
In a marketplace that is steadfastly on the up and up, the larger corporate houses and businesses are only too willing to look at serviced offices as an option rath ... more |
Leaders to Gather in Arabian Construction WeekMonday, March 01, 2010 Arabian Construction Week, the region’s international exhibition incorporating three dedicated vertical trade exhibitions and two global summits on sustainability, innovation and infrastructure, will gather a spectrum of exhibiting companies, trade visitors and senior industry leaders in Abu Dhabi. To be held from May 24 to 26 at the Abu Dhabi National Exhibition Centre, the event will feature ... more |
