2003
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UAE interest in Red Sea project
Several UAE real estate companies and investors have shown interest in developing Egypt's Red Sea coast's Egyptian Resort Company project. The USD3.7bn 32m sqm development, will be completed over three phases in five years. Fourteen sites have been reserved for hotels. First phase is about to be completed, company officials said.
ADCCI and ABB Architekten deal
A negotiation agreement between the Abu Dhabi Chamber of Commerce and Industry and German construction company, ABB Architekten, for the construction of a second Chamber Tower, to house the Chamber's departments and equipment has been signed by Saeed Saif , President of ADCCI, and Heinz Scheid, Partner at ABB Architekten.
150 major developments coming up
Around 150 major new four and five star hotel developments are planned across the region in addition to shopping malls, residential complexes and business-related construction according to dmg world media Dubai, organisers of interiors show, Index 2003, which opens on Tuesday at the DTWC complex in Dubai.
Emaar showcases properties
Emaar is showcasing its retail residential developments at the Shopping Centre Convention show that runs till October 8 at Emirates Towers Hotel in Dubai. The show aims to generate opportnties for developes, owners, investors, retailers and service providers in the industry.
Property investments to hit USD63bn
Riding the wave of the ongoing property boom, investments into UAE property are projected to reach USD63bn over the next seven years, according to Emirates Industrial Bank (EIB). The size will exceed investments made in the past two decades, the bank predicted.
New tower coming up in Dubai
A USD45m commercial tower development is being planned in Jumeirah Lakes area by Ahmed Hashem Khoory. Units will be offered on a freehold basis. The 34-floor project is scheduled for completion by end-2005. Offices from 771-5,136 sqft will range in price from about USD95,800-720,000.
Textile City land allotment soon
Land for Dubai Textile City is on the verge of being finalised by local authorities who will allot land as per the requirements. An announcement is expected shortly, said officials of textiles trade group Texmas, majority of whose 250 members are expected to take up residence in the new city.
Hamriya to be redeveloped
Three square kilometres of prime beachside property will be available for development in the heart of Dubai following the demolitiion of the Hamriya fruits and vegetable market early next year. The market is being shifted to a purpose built facility in Al Awir.
Work on MAF mall to begin soon
Construction of Mall of the Emirates is to begin following the main contract award to Khansaheb by Majid Al Futtaim Investments. Known formerly as Souk Al Nakheel, it will be ready to open in September 2005 and is located on Sheikh Zayed Road in Dubai. With over 350 shops and more than 2.4m sqft of prime retail and leisure space, it will be the biggest Mall outside North America.
UK house prices on the rise
House prices in Britain rose 1.5 per cent last month, the strongest since May, said Halifax Bank adding that it indicates that the country's housing market is accelerating again. The average house in UK is now worth USD227,200. Halifax said 2003 is turning out to be a 'year of the north' with prices there rising faster than London's 2.1 per cent in the third quarter.
Avari looks at Palm property
Avari Group of Pakistan is looking at beachfront property on the Palm island. The group, which is in the hospitality business, said it will approach local owners of some 80 hotels on the Palm to negotiate the setting up and management of a four-star plus property on the island. The group also plans expansion into Abu Dhabi, Sharjah Jeddah, Makkah and Madina.
HSBC offers Dubai mortgages
HSBC Middle East is offering mortgages on The Greens villas near Dubai's Jebel Ali Free Zone. This is the first time an international bank has offered mortgages on property in Dubai, and marks another step forward for the local real estate market. The variable interest rates is around five per cent.
Bahrain gets new residential tower
Ritz-Carlton has opened the 13-floor Sail Tower Residence in Bahrain. A nautical theme runs throughout the building shaped like a ship's sail. Accommodation ranges from 229sqm flats, to city or sea-view duplex apartments and a top floor penthouse, which have a Jacuzzi on the balcony.
Expat Show brings diverse property
The third Expat Show featuring global property, opened in Dubai on October 2. Real estate in markets as diverse as China and Spain is on offer apart from a sizeable contingent from UK and property firms based within the region. It is organised by Dubai Shows.
NRIs urged to buy Indian property
Expatriate Indians have been urged to invest in housing schemes in India as property prices are down and interest rates on loans have bottomed out. This is the right time to invest in property in India, said Housing Development Finance Corp chairman Deepak Parekh at the signing of a tie-up with UAE's NMC Group.
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