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| Work begins on Al Marjan Island Phase II |
Ras Al Khaimah property developer Rakeen announced it is set to commence Phase II of its infrastructure work on Al Marjan Island. The contract was awarded to Rizzani to complete the works in 18 months, covering Island 3 and Island 4 of Al Marjan at a cost Dhs365m. Al Marjan Island is the first man-made island in the emirate of Ras Al Khaimah.
 
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Sat, 04 Jul 2009 07:06:40 GMT |
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| Dubai Investments to reimburse Mirdiff Hills buyers |
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100% refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing, Emirates Business has reported. Khaled Kalban, Managing Director and CEO of Dubai Investments has said DIRC would continue with the project should the lending scenario improve in Dubai.
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Thu, 02 Jul 2009 07:56:19 GMT |
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| KEO to oversee Marsa Zayed |
Abu Dhabi-based Al Maabar, the real estate development investment company, has awarded KEO International Consultants a six month Program Management contract to work on Aqaba's $10bn Marsa Zayed development in Jordan. Groundbreaking for the project is scheduled in early 2010 and will cover over 6 million sq.m of built-up area, making it the largest tourism project in Jordan's history.
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Thu, 02 Jul 2009 07:44:34 GMT |
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| Al Mazaya to deliver stage one of The Villa in July |
Al Mazaya Holding Company has said that it will start delivering units of its Dhs1bn project 'The Villa', located in Dubailand, to its owners in three stages; stage one plots (104 villas) will be delivered in July, stage two plots (150 villas) in October this year, while stage three plots (446 villas) will be handed over in March 2010.
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Wed, 01 Jul 2009 07:24:13 GMT |
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| Emaar may have to raise funds after merger, says analyst |
Emaar Properties, which had announced a plan to combine with part of Dubai Holding last week, may have to raise funds if it proceeds with the transaction, according to Nomura Holdings. 'Emaar may have to raise equity, and possibly a lot, to support its private development counterparts because of their combined debt,' Chet Riley, a Dubai-based analyst at Nomura, wrote in a note to clients.
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Wed, 01 Jul 2009 07:22:10 GMT |
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| Moody's to review Emaar rating |
Moody's Investor Services has announced that it has downgraded Dubai Holdings Commercial Operations Group (DHCOG) to A3 from A2, and has placed Emaar's Baa1 rating on review for downgrade. The group says that these actions reflect: 'continued fundamental challenges to both companies' business and financial profiles in the wake of difficult conditions on Dubai's property market, despite a recent agreement to merge both entities.'
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Tue, 30 Jun 2009 10:48:53 GMT |
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| Abyaar eyes Kuwait's Sanam Real Estate |
Abyaar Real Estate Development Co. is planning to acquire Sanam Real Estate Co., a real estate company listed on the Kuwait Stock Exchange, Emirates Business has reported, citing a source familiar with the deal. 'We are certainly looking for acquisitions and our priority will be in Kuwait,' an Abyaar spokesman said, but declined to confirm the report.
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Tue, 30 Jun 2009 07:43:18 GMT |
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| Standard Chartered to offer 'Easy Loan' mortgages |
Dubai Properties has said it has forged an alliance with Standard Chartered Bank to offer 'Easy Loan' mortgages, a funding option to prospective buyers and existing owners of residential units at the Executive Towers in Dubai's Business Bay development. The bank will directly evaluate the customer's property through independent surveyors and offer the finance with minimal documentation requirement from the client. In order to benefit from the Easy Loan mortgage product, customers must be resident in the UAE and should meet the minimum eligibility criteria of the bank.
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Tue, 30 Jun 2009 07:40:44 GMT |
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| Mazaya decides not to purchase remaining First Dubai shares |
Kuwait-based Al Mazaya Holding has decided not to proceed with a plan to purchase the shares it doesn't already own in First Dubai Real Estate Development Co. The company has said in a statement to the Kuwaiti bourse it would have gained 'only marginal benefit' from purchasing a 33% stake in First Dubai.
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Tue, 30 Jun 2009 07:24:37 GMT |
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| Emaar shares tumble on merger concerns |
The stock price of Emaar Properties has plunged due to concerns that a potential merger could result in asset writedowns and increased liabilities for the company. The shares lost 4.2% to Dhs2.77 at 11:50am in Dubai, bringing the slump for the month to 20%, according to Bloomberg. The shares are heading for their lowest close since May 21.
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Mon, 29 Jun 2009 10:21:28 GMT |
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| Manara unveils $1bn Bahrain waterfront project |
Manara Developments, the real estate company owned by Al Salam Bank Bahrain, has said it has finalised the master plan for the $1bn Bahrain waterfront project. The Nurana project, which spans 2 million sq.m of waterfront land overlooking the Bahrain Fort, comprises a mix of coastal villas, water-view apartments, retail, entertainment, tourism and office amenity. Reclamation works for the currently submerged site are estimated at a cost of $74m.
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Mon, 29 Jun 2009 07:18:45 GMT |
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| Bahraini developer to build home for elderly |
Bahraini developer Diyar Al Muharraq has volunteered to build a new home for the elderly in Muharraq, as well as redeveloping one of Muharraq's best known public parks and create a string of shops, the income from which will help meet the running costs of the home. The Casino Public Park development will include restaurants and children's rides.
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Mon, 29 Jun 2009 07:14:26 GMT |
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| Ajman Sewerage contract bids in final phases |
Ajman Sewerage is in the final phases of contract negotiations with contract bidders to connect properties in the emirate to the new sewerage system it has set up. It is in talks with specialist companies and the contract will be awarded within two months. The project will be implemented in phases over two years.
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Sun, 28 Jun 2009 10:04:35 GMT |
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| Bespoke Omani property business formed |
Bank Muscat, the National Bank of Oman and WJ Towell Property & Construction have signed an agreement to form a new real estate company, Oman Urban Development (OUDC). It will provide bespoke designs, from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed and mixed use developments, the JV companies said. OUDC will be managed by Towell Piramal Sunteck, a joint venture between W.J.Towell and Piramal Sunteck, an Indian real estate development firm.
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Sun, 28 Jun 2009 09:10:40 GMT |
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| Abyaar takes financing facility |
Kuwait's Abyaar Real Estate Development has said the Bank of Kuwait and the Middle East (BKME) has arranged a financing facility to help the company complete its projects which are under already construction. It will also help the company reschedule its local and foreign financial obligations. The money is estimated to be KD18m, with the agreed tenor being up to five years, with the funds being given to Abyaar in tranches once respective projects have been completed.
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Sun, 28 Jun 2009 09:07:13 GMT |
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| Dubai Holdings, Emaar to consolidate |
Emaar Properties Dubai Holdings LLC have announced advanced discussions on their plans to consolidate real estate businesses of Emaar, Dubai Properties, Sama Dubai and Tatweer. According to a press statement, the companies are assisted by financial advisers, Royal Bank of Scotland and Merrill Lynch International in finalizing a thorough assessment of the merits of the proposed consolidation, including valuation of various entities as well as assessment of the potential transaction structures.
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Sat, 27 Jun 2009 05:57:58 GMT |
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| Dubai World consolidates real estate functions |
In a statement released today, Dubai World has said that it has consolidated the real estate functions of a number of entities. 'The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward,' said the group. The process will be completed over the summer.
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Thu, 25 Jun 2009 11:44:28 GMT |
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| Damac rules out low-cost housing |
Damac Properties has ruled out a play into the region's fast-growing market for low-cost housing, Reuters has reported. Affordable housing I see as the remit of the government, or a government-owned entity, not the private sector, Chief Executive Peter Riddoch told the Reuters Global Real Estate Summit in London yesterday.
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Thu, 25 Jun 2009 07:46:46 GMT |
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| Al Jaber wins Abu Dhabi Hotels deal |
Abu Dhabi National Hotels has awarded Al Jaber LEGT Engineering and Contracting (Alec) the contract to begin building the Park Hyatt Hotel and Villas Abu Dhabi, a 75,000 sq. m. luxury resort on the northern beach of Saadiyat Island.
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Thu, 25 Jun 2009 07:45:42 GMT |
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| Deyaar raises Dhs250m distressed fund |
Markus Giebel, CEO of Deyaar Development has told Bloomberg that the developer has managed to raise half of a Dhs500m ($136m) fund to buy distressed properties. The fund is subscribed by a mix of local and overseas investors and would buy back distressed properties from Deyaar's own portfolio, he said.
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Thu, 25 Jun 2009 07:40:44 GMT |
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| HSBC to lower interest rates |
HSBC has announced that it plans to cut the mortgage rate for its Flexi Loan customers in the UAE by 100 basis points beginning July 1. The rate reduction will also apply to home finance customers of the banks Islamic unit, HSBC Amanah. The bank also said customers of its tracker EIBOR based mortgage will see their rate adjusted to the three-month EIBOR rate.
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Wed, 24 Jun 2009 07:18:08 GMT |
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| Rent prices for Dubai apartments to fall in Q3, says report |
A new report from Landmark Advisory says that despite the fact that some landlords are still experiencing robust demand for higher-quality rented homes in premium locations, a further decline in residential rents during the third quarter of this year is likely. As evident from the latest sales and rental price lists, the sharpest decline is with apartments, the consultancy firm said. The combination of the economic downturn and a large quantity of high rise apartments that were completed in 2008 has resulted in an oversupply in this segment.
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Wed, 24 Jun 2009 07:14:41 GMT |
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| HSBC cuts target price of Emaar |
HSBC has cut the target price of Emaar Properties to Dhs7.20 from Dhs8.50, but maintained its 'overweight' rating on the developer. HSBC said the sheer scale of development at Emaar will stretch management and operational capacity, raising the risk of delays and even project cancellation. However, the bank said it was comfortable with Emaar's approach to consolidate its projects, and its recent adoption of the completed contract revenue recognition method for its accounts.
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Wed, 24 Jun 2009 07:06:32 GMT |
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| Nakheel reduces service charges at Discovery Gardens |
Nakheel, the Dubai master developer, has announced a reduction of approximately Dhs5 per square foot to the service charges for its Discovery Gardens' homeowners. The new rate has been formally agreed with the Dubai property market regulator (RERA), and will be backdated to January 1, 2009, with any rebates for householders being credited against next year's service charges effective from October 1, 2009, the developer said.
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Tue, 23 Jun 2009 07:45:31 GMT |
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| Cayan assigns two new contractors for Lamar project |
Cayan Investment and Development announced that it has signed agreements with two new contractors for the construction of the Lamar Towers in Saudi Arabia. Arabtec won the contract for the construction of the project, while Drake & Scull will serve as the contractors for electro-mechanical works. The Lamar Towers project is spread across 33,000 square meters which includes two 68 and 60-storey residential towers.
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Tue, 23 Jun 2009 07:43:58 GMT |
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