Skai Holding’s Palm Viceroy to top out 6 months ahead of its scheduled timeFriday, January 30, 2015
Skai Holding’s Palm Viceroy to top out 6 months ahead of its scheduled time Palm Viceroy, the $1bn Skai Holdings’ project in Dubai, is moving closer to its completion. According to news sources, the structural work on the site is almost complete and that too several months before its scheduled date. The main contractor of Palm Viceroy is the China State Construction Engineering Co (CSCEC), which also has a small stake in the project. CSCEC is also working with Ska ... more
Dubai real estate receives massive investment from Indian investorsFriday, January 30, 2015
Dubai real estate receives massive investment from Indian investors Indians are on top of the list of real estate investors in Dubai. According to a Dubai Land Department (DLD) report, Indians invested AED 18.12 billion in Dubai’s realty market in 2014, surpassing the property investment received from other countries. British investors poured in AED 9.32 billion, while investors from Pakistan, Iran and Canada invested AED 7.588 billion, AED 4.5 billion, and 3 ... more
Dubai to attract 25 million tourists in the next 5 yearsThursday, January 29, 2015
Dubai to attract 25 million tourists in the next 5 yearsDubai’s long standing strategy is to emerge as the top, most popular city by 2020, attracting around 25 million tourists in the coming years. Dubai’s government is now on the lookout for investors who are willing to invest in the development of 3- and 4-star hotels in Dubai. Fortunately for Dubai’s government, around 51 investment applications for such hotels have been submitted which fu ... more
Developments at Dubai Wharf in full swingThursday, January 29, 2015
Developments at Dubai Wharf in full swingDubai-based real estate developer Dubai Properties has stated that developments at Dubai Wharf have now commenced as per plan and stand complete at 10 percent. The work began in November 2014 and while the slab concrete work is under progress presently, ground level construction is expected to begin once it is complete. Located in Culture Village near Dubai Creek and overlooking a canal promen ... more
Nakheel expects an even bigger year aheadWednesday, January 28, 2015
Nakheel expects an even bigger year ahead Dubai-based real estate developer Nakheel Properties has announced an increase in profits by 43 percent in 2014, indicating a strong performance in Dubai’s realty sector. Crossing the USD 1 billion mark, Nakheel Properties managed to sell 1,117 units last year. Included in these sales were 132 residential units on Palm Jumeirah, in Palma Residences and Palm Views, which are the first project ... more
Contract awarded to build Expo 2020 site Tuesday, January 27, 2015
Contract awarded to build Expo 2020 site US-based CH2M HILL, an engineering company and UK-based Mace, a consultancy and construction company have been awarded the tender to build the master district of Dubai Trade Centre Jebel Ali, which will host Expo 2020 Dubai. This contract was awarded to CH2M HILL and Mace by Dubai World Trade Centre. Under the contract, the companies will provide full service for the development of this distri ... more
Arabtec Holding to complete two contracts by 2016Monday, January 26, 2015
Arabtec Holding to complete two contracts by 2016 Dubai-based Arabtec Holding has recently won two contracts in Abu Dhabi via Arabtec’s Target Engineering Unit, a subsidiary owned entirely by Arabtec. These contracts have a total value of AED 560 million. The first contract, worth AED 345 million by Abu Dhabi National Oil Company (ADNOC) has been awarded for the expansion of a housing complex in Ruwais near Abu Dhabi. The project includes th ... more
Dubai’s realty sees 166 project cancellations, per Dubai CourtsMonday, January 26, 2015
Dubai’s realty sees 166 project cancellations, per Dubai CourtsDubai’s realty market has recently seen a number of project cancellations, with 166 real estate cancellations, per the list of Dubai Courts. The Cancelled Real Estate Projects Committee is hearing 17 projects launched by Reliance Estate Development. According to the courts, there is no specific time period regarding the judgment results of cancelled projects and investors will be informed vi ... more
Nakheel Properties expects rise in revenue in 2017Friday, January 23, 2015
Nakheel Properties expects rise in revenue in 2017 Dubai-based master developer Nakheel Properties expects a growth in revenue from retail, leasing and hospitality segments, with revenue increasing from AED 1.3 billion by the end of 2014 to AED 7.5 billion by 2017, according to Nakheel Properties Chairman Mr Ali Rashid Lootah. Mr Lootah also stated that Nakheel Properties did not record a property price slump in any project in the past year. Co ... more
Mace appointed to manage NREC’s Reem MallFriday, January 23, 2015
Mace appointed to manage NREC’s Reem Mall National Real Estate Company (NREC), a leading real estate and investment company in Kuwait and Middle East has appointed an international consultancy and construction company, Mace, to manage the development of Abu Dhabi’s Reem Mall. Reem Mall is a 2 million square feet entertainment destination in Reem Island which will be developed by NREC in collaboration with Kuwait-based United Projects ... more
Reef Real Estate begins development of Reef Towers in DubaiThursday, January 22, 2015
Reef Real Estate begins development of Reef Towers in Dubai Dubai-based real estate developer Reef Real Estate has recently launched Reef Towers which is the company’s new residential development in Jumeirah Village Circle. Reef Towers is a 38-storey tower comprising of 378 residential units. The residential units of Reef Towers contain studio, 1- and 2-bedroom apartments as well as 7 retail units. The tower’s value has not been disclosed as yet. W ... more
Falling oil prices to affect UAE’s property sectorThursday, January 22, 2015
Falling oil prices to affect UAE’s property sector The recent slump in oil prices is predicted to take its toll on the real estate sector of United Arab Emirates while benefiting non-oil producing countries, said DTZ Associate Director Mr Rashpal Heer. According to Mr Heer, UAE’s economy is going through a correction phase and the falling oil prices are likely to impact sales in UAE’s property market. Mr Heer is also of the view that this ... more
Foreign Investments Exceeds Expectations in 2014Wednesday, January 21, 2015
Foreign Investments Exceeds Expectations in 2014Investors pooled a total of AED 109 billion in the realty offerings of Dubai. The total number of buyers stood at a staggering figure of 41,715. Compared to the total investment of AED 114 billion in 2013, when property transfer fee was 2% of the property value, Dubai managed to feature AED 109 billion worth of total investment in 2014 even after property transfer fee was doubled to 4% of the prop ... more
Dubai Properties launches residential units in The Villa Wednesday, January 21, 2015
Dubai Properties launches residential units in The Villa Dubai-based real estate developer Dubai Properties has recently announced the sale of affordable and spacious residential units in its latest project, The Villa in Dubailand. The prices of these units range from AED 6 million to AED 8 million. Dubai Properties Group Chief Officer for Urban Planning and Infrastructure Mr Mohammed Al Habbai has stated that The Villa is a well-established communit ... more
Emaar launches the remaining towers of Dubai Creek ResidencesTuesday, January 20, 2015
Emaar launches the remaining towers of Dubai Creek ResidencesDubai-based property developer Emaar Properties has announced that it will launch sales for the remaining two towers of Dubai Creek Residences on January 24, 2015. The developer said that the launch of the towers will take place concurrently in Abu Dhabi, Dubai and London. Dubai Creek Residences, a cluster of six residential towers, is a part of the multi-billion-dollar Dubai Creek Harbour at T ... more
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