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Friday, October 31, 2008
KM Properties were among other recipients of the “Best Islamic Real Estate” prestigious award during the Real Estate Investment World Summit, in Riyadh, Kingdom of Saudi Arabia. The award was given to KM Properties for TAMANI Hotels and Resorts by the Councils of Saudi Chamber of Commerce and Industry, in recognition for achieving excellence in the real estate and hospitality development sector... more
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Thursday, October 30, 2008
24 Group, an outdoor media specialist and exhibition stand builder, is establishing a permanent exhibition center where real estate players in the UAE and the Middle East can showcase their projects year-round. The first permanent property and mortgage exhibition in the UAE is dubbed the Property Outlet and will be located at the shopping mall of Crowne Plaza Towers in Dubai. Supported by the R... more
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Thursday, October 30, 2008
Connection Real Estate has launched a landmark development project consisting of 21-storey twin Eco Towers at a cost of Dh1 billion. A subsidiary of Bahrain-based International Investment Bank (IIB) and Abu Dhabi’s United Friends Company (UFC), the new company Connection Real Estate plans green construction project. The levelling work on project site has already started while the construction w... more
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Wednesday, October 29, 2008
National Ranges Company (Mayadeen), a Kuwaiti shareholding property development firm, has launched Aurora, its Dhs1.6bn ($436m) project in Abu Dhabi, and opened it for sales. Located in Shams on Al Reem Island, the project includes the construction of two residential towers, which will be 53 stories each and stand 208 metres high. The towers will feature 960 apartments, ranging from one bedroom... more
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Wednesday, October 29, 2008
The unique strengths of Abu Dhabi mean the Emirate’s real estate sector is poised for continued growth despite the global downturn, said Sorouh’s Managing Director, Abubaker Al Khouri, in a speech on Tuesday in London. Speaking at the Abu Dhabi Investment Forum at the Dorchester Hotel, Al Khouri outlined the strong market fundamentals which ensure demand will remain strong over both the short- ... more
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Tuesday, October 28, 2008
First Dubai Real Estate Development is to invest Dh304 million in the second phase of Morina residences near Shams on Al Reem Island in Abu Dhabi. Q Construction, have been awarded the contract expected to be completed within 18 months. With this contract, the Morina Residence project is entering a new stage in its development, which is scheduled to fit the overriding style of the Shams Abu Dh... more
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Tuesday, October 28, 2008
The developer and architect of the Capital Gate project in Abu Dhabi have submitted a joint application to the Guinness Book of Records to recognise the tower as the 'most inclined in the world', reported Khaleej Times. Capital Gate leans westward 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees. The Abu Dhabi National Exhibitions Company (Adnec) is the developer of... more
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Monday, October 27, 2008
The Real estate industry will remain unaffected in Sharjah and other emirates, despite the on-going global financial crunch, though the inflow of foreign capital might have slowed down, said the Director-General of Sharjah Expo Centre, Saif Mohammed Al Midfa. He noted that regional as well as local investment in the construction sector continues to remain strong and this will propel the sector ... more
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Monday, October 27, 2008
Income from property sales has raised Aldar Properties' net profits by 137.9% to Dhs3.62bn in the first nine months of 2008 compared to the same period of 2007. Net operating profit registered Dhs2.11bn, compared to a net operating loss of Dhs283.3m last year. The value of developments under construction has also increased by 119.2% to Dhs18.26bn.... more
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Monday, October 20, 2008
Credit conditions for real estate projects are worsening and the viability of some developments needs to be re-examined, the head of Dubai Islamic Bank (DIB) said on Sunday. The days of cheap money are gone, be prepared to pay more, Khalid Al Kamda said at a real estate conference. DIB is one of the Gulf's biggest lenders and a key player in the massive developments in the UAE. Real estate will... more
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Monday, October 20, 2008
Damac properties announced the completion of the anabling works at two developments located in the Business Bay in Dubai. Capital Bay and Park Central has now finished and the areas are now ready for main contractors to move on site this month. Damac Properties Dubai has already awarded main contracts worth Dhs390m for both projects to Al Nekhreh Contracting Co.... more
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Sunday, October 19, 2008
Annual real estate profits in the UAE range between 8 to 14 per cent, as compared to 4 per cent in other markets, said Eng. Khalid Esbaitah, Managing Director and CEO of Al Mazaya Holding. This shows that this market will continue to attract investments for many years to come, he added. He further said: "There are three factors that form the major constituents that any successful investment rel... more
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Friday, October 17, 2008
Dubai: The property sector in Dubai will not suffer as it is in the US or Europe due to the speed of the country's leadership, an official has said. Other countries waited a long time before doing anything, but in Dubai, they [government] has already taken preventative steps," Salem Al Shafiei, managing director of Dubai Real Estate Institute, said. "It is a credit to the leadership that there... more
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Friday, October 17, 2008
DUBAI- Deyaar Development, the region’s fastest growing real estate company, announced on Thursday the appointment of S. Krishnamurthy as the company’s Group Chief Financial Officer. Krishnamurthy, who previously served at Dubai Investment Group as Senior Vice President responsible for executing multiple investment opportunities, including mergers and acquisitions, brings 18 years of extensive ... more
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Thursday, October 16, 2008
Dubai government-owned developer Nakheel has reported that its first-half profit soared to $770.5m on higher sales. Net income in the first half of 2007 was Dhs121.1m ($32.9m), according to a statement on the website of the Dubai International Financial Exchange (DIFX). Revenue from sales to external customers rose almost $6.95bn from 2.17bn in the corresponding period last year, reported Reute... more
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Wednesday, October 15, 2008
Property TV, the region's first international 24x7 property channel with a footprint covering the Middle East, the Indian Subcontinent, South East Asia, Australia, Europe, Russia and Africa, has started broadcasting to the Gulf. India Nivesh TV Networks Pte Ltd, Singapore, promoters of the channel, said Dubai was selected as the first launch spot for the world-class free-to-air 'infotainment' c... more
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Tuesday, October 14, 2008
Dubai: Investors in Sama Dubai's Lagoons project are concerned about their investments following continual delays in the scheduled completion dates. Two investors bought two one-bedroom apartments in the Al Sedaifa district in March 2006. However, due to the completion date being pushed from 2009 to the third quarter of 2011, investors were sent a letter in March highlighting five options of ho... more
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Monday, October 13, 2008
Abu Dhabi-based developer Aldar has announced that John Bullough, the group's COO, will take the helm as the company's new CEO. Former chief Ronald Barrott will remain on the board and act as advisor to the chairman.... more
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Monday, October 13, 2008
Dubai: Real estate company Al Mazaya Holding on Sunday announced it has bought back six per cent of its shares from the market in a bid to benefit its revenues. Due to correctional movements in the financial markets, senior officials at Al Mazaya believe that by buying back shares it can boost the market value of the company's equities. This decision follows the recent introduction of a law all... more
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Friday, October 10, 2008
The UAE is one of the best performing markets for real estate investments, according to Peter Riddoch, CEO, Damac. “In line with this belief, Damac has announced the launch of ‘Executive Suites’ – a serviced office tower on the third day at Cityscape Dubai by assuring a 40 per cent rental return guarantee over three years for the project,” he stated. Speaking at the launch, Peter Riddoch, CEO, ... more
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Friday, October 10, 2008
Aristocrat Star Investments, a UK-based real estate, retail and manufacturing conglomerate, launched a Dh5 billion mixed-used development in Dubai. The Royal Estates community, targeted at the high-end market, is spread over 3.5 million square feet and located in the Dubai Investment Park. The hospitality aspect of the development will include a Dh180 million hotel and hotel apartments worth Dh... more
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Friday, October 10, 2008
Dubai-based ACI Real Estate has launched a Dhs3bn tennis academy and resort in the UAE emirate of Ras Al Khaimah along with tennis legend Boris Becker, who holds a 50% partnership in the academy and part ownership in the rest of the resort. The Boris Becker Beach Resort and Tennis Academy is ACI's first hotel project and Becker's first tennis academy that he will co-own. The resort will also ha... more
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Wednesday, October 08, 2008
Dubai DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), has announced that it has invested more than Dhs3bn ($817m) in the Dubai Pearl project. The investment was made through DIFC Investments' real estate fund, which was launched recently to tap into the booming property sector in Dubai and the UAE. The multi-billion dirham fund seeks to create a portfoli... more
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Wednesday, October 08, 2008
Dubai: Rufi Real Estate and Construction Co launched a Dh960 million residential tower on Tuesday at Cityscape Dubai. Luxury Heights, located at the Waterfront, will have 50 floors with a total built up area of 700,000 square feet. Mehrooz Manzoor Rufi, director of Rufi Real Estate and Construction Co, spoke to Gulf News about the features of the tower. This will be a landmark project at the Wa... more
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Wednesday, October 08, 2008
Dubai- The current uncertainty in the real estate market may force some developers in Dubai to go out of business and force the merger of others according to Mohammed Nimer, chief executive officer of MAG Group Property Development Department.
Speaking to Khaleej Times at Cityscape he said, “When you go through a crisis you have to strengthen yourself. I expect 30 or 40 per cent of the develop... more
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Tuesday, October 07, 2008
A developer owned by the Dubai government is to build a 'new city' in the emirate at a projected cost of $95bn. The mixed-use Jumeira Gardens development will be 'an integrated city within a city', to be built over 12 years, Meraas Development announced at Cityscape. The development will be built out over 12 years, across an area north of Sheikh Zayed Road between Diyafa Street and Safa Park. T... more
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Tuesday, October 07, 2008
Dubai: Deyaar Development may take over or merge with other regional developers as the global credit crisis turns up "good value deals," the company's chief executive officer said. There are a lot of distressed assets in the market," Markus Giebel said in an interview in Dubai on Monbday. We could buy "land or another company that can assist in our global expansion. We are looking more at inter... more
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Tuesday, October 07, 2008
Dubai- Showcasing its flagship project, the Dubai Festival city at the Cityscape 2008, the Al-Futtaim Group Real Estate (AFGRE) the emerging real estate giant of the UAE, is more confident than ever as the group the expanding its horizon towards the other Middle Eastern countries starting with Cairo Festival City after the smash hit of Dubai festival city. Al-Futtaim Group Real Estate (AFGRE) i... more
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Monday, October 06, 2008
Bollywood actor Shah Rukh Khan has become the latest celebrity to enter the UAE's real estate market with a property development near Ras Al Khaimah. The Dhs8bn ($2.2bn) Shah Rukh Khan Boulevard, which will be located on Dana Island off the Ras Al Khaimah coast, will have modern residences including specially designed studios, and one- and two-bedroom apartments and townhouses.... more
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Monday, October 06, 2008
Dubai: Damac Properties has awarded contracts worth about Dh2.5 billion in the first nine months of 2008, reinforcing its commitment to timely delivery of projects amid growing public concerns over chronic delays that have plagued the UAE's real estate market. From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine mont... more
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Sunday, October 05, 2008
Dubai — Rakeen, a property development company in Ras Al Khaimah and the real estate development arm of the Ras Al Khaimah Government, has announced that it will unveil the new design of its Dh60 billion Dana Island project during its participation at Cityscape Dubai 2008, a Press statement said. Rakeen has booked Stand ZG 20 of the Zaabeel Hall for its meticulously conceptualised exhibition, w... more
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Sunday, October 05, 2008
Dubai: The total value of declared projects in Abu Dhabi is inching towards the $500 billion mark (Dh1.83 trillion), according to the Middle East Economic Digest (Meed). Contributing to the $500 billion portfolio are large-scale real estate projects such as Al Raha Beach (Dh58 billion), Al Reem Island (Dh35 billion), Das Islands (Dh43 billion) and the Dh100 billion Saadiyat Island development. ... more
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Sunday, October 05, 2008
A Q4 report by Colliers International real estate consultancy has predicted a softening of the market that will see house prices in Dubai stay level until 2010. Though demand has not dropped an increasing amount of supply coming onto the market will see a softening of value appreciation, especially compared to the increases of the past five years.... more
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Saturday, October 04, 2008
UK-based estate agent Humberts is opening its first office in the UAE, which will be launched at this year's Cityscape Dubai between 6-9 October. It's first office in the Middle East will open in Abu Dhabi later this year. Humberts has a network of 44 offices across the UK.... more
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Saturday, October 04, 2008
Dubai: DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), announced on Saturday the launch of a real estate fund through its real estate arm that will invest in Dubai and the UAE's real estate sector. Although DIFC did not announce the size of the fund, sources said the fund will start with a corpus of Dh12 billion. Initially the fund will be fully in... more
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Saturday, October 04, 2008
Dubai properties, leading master developer and a subsidiary of Dubai Properties Group (DPG), will release details on its new projects and showcase existing developments at Cityscape Dubai 2008, one of the largest business-to-business real estate investment and development events in the world. The master developer is also an exclusive sponsor of the annual ITP Architecture Awards, the Media Cent... more
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