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Monday, September 29, 2008
Duba —Deyaar Development will unveil new mid-size community developments at the upcoming Cityscape Dubai 2008, to be held at the Dubai International Exhibition Centre from October 6-8, 2008. Highlighting the company’s participation in the event, Markus Giebel, Chief Executive Officer of Deyaar, said. This event serves as the ideal platform for Deyaar to unveil its landmark projects in line with ... more
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Monday, September 29, 2008
Dubai-based Arabtec Holding, the UAE's largest construction company by market value, has received a letter of intent from the Sunland Group to build a project worth Dhs2.4bn ($653.4m) in Dubai. The project, which includes residential towers at Nakheel's Dubai Waterfront development at Jebel Ali, is expected to be completed by the end of 2013. ... more
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Monday, September 29, 2008
Dubai: Dubai Group has paid $76.9 million (Dh282.83 million) for a 51 per cent stake in Bahrain's Acacia Real Estate Ltd. to expand across the region. Dubai Ventures Group, a unit of Dubai Group, acquired the stake to gain access to Acacia's property deals, knowledge in structuring real-estate financial products as well as a network of partners across developed markets, Dubai Group said on Sund ... more
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Sunday, September 28, 2008
Dubai World Security, the security solutions arm of Dubai World, and Nakheel have signed a marine security services contract aimed at providing end-to-end marine security cover for The World island, according to a press statement. Under the contract, Dubai World Security will deploy its full service capabilities, making use of highly trained manpower and ultra modern equipment to ensure safety ... more
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Thursday, September 25, 2008
Aldar Properties yesterday announced that it is revising its Noor Al Ain project in Al Ain to cope with new guidelines developed by the Abu Dhabi Urban Planning Council (UPC). 'Aldar and UPC and a number of other developers and consultants have been working closely on a new set of guidelines that will evidently be integrated into the Urban Structure Framework Plan for Al Ain,' said Ahmad Ali Al ... more
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Thursday, September 25, 2008
Dubai: Investors in Dubai's property sector will no longer have to bear with frustrating project delays, thanks to new laws that hold developers accountable. The introduction of Law 13 and Law 14 aims to increase transparency and honesty in Dubai's property sector, according to senior officials at Dubai's Land department. After registration and approval, all the property information is entered ... more
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Thursday, September 25, 2008
Dubai — Trends in urban planning in Asia as well as good master planning will be discussed before visitors to the First Philippine Property Show in the Middle East which opens this Friday, said a Press release on Wednesday. The show’s project director, Jose Tuano, announced that Architect Medardo Cadiz, CEO and Principal Architect of Cadiz International will deliver one of the keynote speeches ... more
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Monday, September 22, 2008
Dubai: House prices in Dubai are set to decline by up to 20 per cent by 2011, adding fuel to the plethora of predictions in recent weeks that Dubai's property market will see a correction. House prices will hit their peaks in the first half of next year due to the massive 70,000 units expected to be released on to the market in 2009, according to a recent report by EFG-Hermes. However, house pr ... more
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Monday, September 22, 2008
Dubai Municipality yesterday announced that tenants sharing villas in the emirate will have 30 days to vacate their residences, reported Khaleej Times. Omar bin Abdul Rahman, Head of the Building Inspection Section at the Dubai Municipality, said there cannot be any bachelors, labourers or more than one family in villas. If landlords failed to comply with the new rules within the deadline, they ... more
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Thursday, September 18, 2008
Dubai: Luxury marina developer, Island Global Yachting (IGY) on Wednesday announced that the first marina on Palm Jumeirah, Anchor Marina is on schedule to open this December. IGY will also be launching an online auction site to lease berths in this marina to owners and residents of Palm Jumeirah. Anchor Marina will comprise 590 berths, destined for use by yachts measuring 10 metres to 30 metre ... more
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Thursday, September 18, 2008
Abu Dhabi-based developer Sorouh plans to build 7,000-10,000 housing units during the next 3-5 years to meet high demand in the emirate, reported Khaleej Times. Mounir Haider, CEO of Sorouh, said demand for housing in Abu Dhabi will not slow in the short term, adding that 100,000 units are needed to meet demand in the emirate. ... more
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Wednesday, September 17, 2008
Select Property & Select Group, joint developers of the Dhs5.5bn ($1.5bn) Aquitainia development in Dubai's man-made archipelago The World, have signed two-time Academy-award winner Hillary Swank to serve as host of an event to launch the project. Swank will be at the emirate's Buddha Bar to help launch the one million square feet development, which combines the islands of France and Spain. The ... more
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Wednesday, September 17, 2008
Dubai: For the last few years, Dubai's world-famous property market has been the life and soul of the party and has had unwavering faith in its unprecedented success and rocketing growth. While western markets have been depressed under the global credit crunch, with people tightening their purses and saving money, Dubai has been safely tucked into the Gulf, building extravagant developments and ... more
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Tuesday, September 16, 2008
Dubai-based developer Schon Properties says payment rescheduling is not under consideration for the Dubai Lagoon project, despite comments by an official from the emirate's Real Estate Regulatory Agency on a local radio station, reported 7DAYS. The Rera official told the station that payment schedules should be aligned to construction timetables. However, the project is now scheduled to finish ... more
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Tuesday, September 16, 2008
Ras Al Khaimah: Only UAE and GCC nationals will be allowed to hold licences for real estate offices in the emirate of Ras Al Khaimah, according to a resolution issued by Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. The licence holder should run the business by himself or by a kin or a partner. He is not allowed to lease the licence to any other person," the e ... more
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Monday, September 15, 2008
DUBAI — Property stocks led losses on Dubai’s main index, which on Sunday plunged 3.4 per cent at 4,114.74 points, its lowest close since August 2007, as international investors sold their shares. The Abu Dhabi bourse plummeted 2.7 per cent to close at 3,925.08, the lowest since October. Arabtec Holding, builder of the world’s tallest tower in Dubai, fell 11.2 per cent to Dh11.05 followed by Is ... more
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Monday, September 15, 2008
Sama Dubai has been given approval to develop a Dhs91bn ($25) mixed-use project - Mediterranean Gate - in Tunisia, in partnership with the Tunisian Government, Farhan Faraidooni, executive chairman of Sama Dubai, told Gulf News. Faraidooni said the move reflects a strong partnership with the Tunisian Government. ... more
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Monday, September 15, 2008
Dubai: Dubai Group, the leading diversified financial services company of Dubai Holding, on Sunday announced it has become a founding shareholder in Mazaya Saudi for Commercial Investment Co. LLC (Mazaya Saudi) after subscribing to a 20 per cent stake. The transaction was completed through its subsidiary Dubai Capital Group, which has invested approximately Dh500 million ($135 million) in the ... more
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Friday, September 12, 2008
Dubai: Dubai Islamic Bank said on Thursday it has reposessed a "substantial area of land in a $3.5-billion luxury theme park project in the latest controversy to hit Dubai's booming real estate market. Plantation Holding, the company behind the project in Dubailand, said the bank did not have "the legal grounds to do so. DIB has taken over Plantation in order to recover funds previously lent to ... more
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Friday, September 12, 2008
Abu dhabi- The Abu Dhabi-based real estate company Capitala has launched the sales of Rihan Height, a residential project, the first phase of Arzanah, its flagship development. The project comprises 14 exclusive villas carefully planned around the plot and five residential towers with over 800 beautiful homes ranging from one to three bedroom apartments and penthouses. Strategically located at ... more
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Thursday, September 11, 2008
UAE-based Hydra Properties will showcase its projects at Cityscape USA, being held in New York from September 9-12, in a bid to enhance its brand value in the global real estate market. Hydra Properties is also using the event as a platform to soft launch its Al Aqeeq Marina project in Khiran, Kuwait, for the first time in the US. ... more
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Thursday, September 11, 2008
Abu Dhabi: Emirates NBD, the largest bank in the UAE in terms of assets, launched its home loan financing scheme in Abu Dhabi on Tuesday to tap the robust real estate market. The bank is offering mortgages for Abu Dhabi-based properties with an interest rate linked to the Emirates Interbank Offered Rate (Eibor), which stands at 3.1 per cent. The interest on mortgages starts at 4.99 per cent and ... more
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Wednesday, September 10, 2008
Damac Properties has announced that its Ocean Heights residential tower project has reached the 14th level. Ocean Heights, which is being built in the Dubai Marina opposite the Le Meridian Mina El Seyahi, will be a 310-metre, 82-storey tower, with 680 apartments. The $408m freehold residential tower will contain 1-, 2- and 3-bedroom apartment units and will feature 9 units of 'signature series ... more
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Wednesday, September 10, 2008
Dubai — The luxurious lifestyle associated with the country and population influx will ensure mixed-use mega projects become the norm, according to a developer.Mixed-use mega projects, which usually combine office, retail and residential, provide an ideal platform for the large-scale community developments needed due to a lack of pre-existing infrastructure.Mohammed Hussein Abdullah Al Nemer, A ... more
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Tuesday, September 09, 2008
Memon Investments, part of the Memon Group of Companies, has announced the launch of the Dhs250m ($68m) 'Champions Tower IV' in Dubai Sports City. This is in line with the developer's recently announced plans to invest Dhs2.5bn in various property projects within the UAE market in the second half of 2008. The 20-storey Champions Tower IV will house 228 units comprising of 19 studios, 76 one-bed ... more
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Tuesday, September 09, 2008
The property market slowdown in Europe and the US has helped the market in Dubai, according to a senior executive of Dubai Properties. Investors are always looking for places where they can have high returns and the Dubai market fulfils that. So it worked in our favour," Yaqoob Al Zarouni, deputy chief executive officer of Dubai Properties, told Gulf News in an interview in Paris. Al Zarouni wa ... more
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Monday, September 08, 2008
Abu Dhabi Investment House has plans to launch a $2bn real estate development in the UAE capital by the end of the year. The mixed use residential and commercial development will be launched under the company's real estate Porta Moda label and is part of a $7bn series of similar projects planned for Qatar, Morocco, Tunisia and India. ... more
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Monday, September 08, 2008
Dubai: Real estate concerns continued to be one of dominating reasons for the fall in the markets on Sunday. Views on the property market overheating and the sector in for a correction along with the off-plan sales laws expected to slow down speculation in the secondary market have been cited as reasons for the real estate sector stocks to have taken a beating. Real estate index on Dubai Financ ... more
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Monday, September 08, 2008
ABU DHABI - The unrealistic growth on the real estate sector due to speculation is a serious challenge that has put real estate financing on higher risks, says a report by the Abu Dhabi Chamber of Commerce and Industry (ADCCI). In a research report, Abu Dhabi’s main trade body has said that real estate financing in the emirate is projected to shoot up to Dh150 billion over the next five years, ... more
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Friday, September 05, 2008
Dubai, a city of tall towers and even taller ambitions, could soon become the most expensive commercial real estate location in the world. Does that claim sound outlandish? It's not. Recent reports already place the emirate sixth on a list of the world's costliest office space cities behind commercial big-hitters London, Moscow, Hong Kong, Tokyo and Mumbai. In London, currently the world's most ... more
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Thursday, September 04, 2008
DUBAI - Government-owned Nakheel Properties, developer of Dubai's palm-shaped islands, will decide on a public listing in the next 12 months as it expands rapidly in the Gulf and abroad, its chief executive said. In the next 12 months time, we need to pursue whether there could be an IPO or not, Chris O'Donnell told Reuters in an interview. Nakheel if listed could become one of the biggest comp ... more
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Thursday, September 04, 2008
Employees of Dubai Properties Group, a member of Dubai Holding, will receive training from Dubai's Real Estate Regulatory Authority (RERA)under a new agreement reached between the two entities. The two-day programme, to be offered starting the month of October, will cover real estate regulations and guidelines on property transactions and effective communications with clients and investors. The ... more
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Wednesday, September 03, 2008
Abu Dhabi: Real estate developer Tameer plans to hand over the residential phase of its Tameer Towers in Abu Dhabi in June 2011, and the commercial stream will be handed over to the buyers the following December, a senior company executive told Gulf News in an interview. Dr. Abdullah Shaaban, managing director of Tameer - Abu Dhabi, told Gulf News that Tameer's portfolio in Abu Dhabi together w ... more
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Wednesday, September 03, 2008
DUBAI while the Dubai government has been making inroads to regulate the real-estate sector, there are still key issues it needs to clarify with regard to Law No 13 of 2008, which is expected to come into effect this week. It is not clear, for instance, whether the bulk-sale contracts for off-plan properties have to be registered with Dubai Land Department, according to two officials at the leg ... more
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Tuesday, September 02, 2008
Investors in the much-maligned Ivory Tower project in Dubai continue to be threatened with cancellation of their contracts, reported Gulf News. One investor said that although Dubai's Real Estate Regulatory Authority is backing investors, Saudi developer Sokook is still sending 14-day notices instructing investors to pay the remaining 90% on their units or the contracts will be cancelled. ... more
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Tuesday, September 02, 2008
Not so close to the concept of a soft landing what the UAE's property market needs is a correction of sorts. It would not only be a vital adjustment, but a crucial one for an industry that is notching up improbable numbers in terms of growth. Dubai has positioned itself as a major global metropolis with real estate that is on par with the best, but if prices continue to climb then home ownershi ... more
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Monday, September 01, 2008
The prevailing high prices in Dubai's real estate sector are not sustainable for long and a slowdown is likely, a top asset management company chief executive said yesterday. Prices are bound to stop growing at this maddening scale," said Shehab Gargash, chief executive officer (CEO) of Daman Investments, on the sidelines of a press conference to announce investment in renewable energy venture. ... more
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Monday, September 01, 2008
Emaar Properties has announced Burj Dubai's new record height, touching 688 meters (2,257.2 ft). The tower became the world's tallest after surpassing North Dakota, USA's KVLY-TV mast (628.8 metres; 2,063 ft) in April 2008. The tower is currently at over 160 storeys, the largest number of floors in any building. ... more
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