2003
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Dubai improves coastal defences
The Dubai Municipality is to spend USD10m on coastal defences, from breakwaters to new Abra stations on the Creek. Breakwaters along the coast will protect it from erosion. Abras, or water taxis, carry 10m people a year and are popular with tourists.
JBR raises prices 20-25 pc
Jumeirah Beach Residence has raised the prices of its apartments from 20-25 per cent. Officials said this reflected high demand for the development. But rising construction costs are also understood to be a factor. Completion of the 40 high-rise residential tower complex on the Dubai beach front is slated for late 2005.
Emirates buys Meadows villas
Emirates Airline has bought a large number of villas in the Meadows development by Emaar Properties, sources close the project told AME Info. The prestige villas are for senior management and pilots. This means that the Meadows is now virtually sold out.
Home Owner Dubai a hit show
Home Owner Dubai 2003 was attended by 1,100 people on the first day of the event. General Manger of Marketing Simon O'Herlihy said that a number of visitors have already invested in the Dubai real estate market, and are now buying second and third properties. A seminar run by Al Tamimi on the legal issues of property purchase attracted over 150 attendees.
900 workers unpaid for 6 months
More than 300 workers from a Dubai based construction company have lobbied the UAE Labour Ministry over the non-payment of wages for six months, reported Gulf News. A company representative told the newspaper that its cash flow was short, but workers had rejected an interim solution and refused to report to work.
Al Safir wins USD20m RAK mall
The Al Safir Group has won the construction contract for the new USD20m Century Mall and the Emirates Sports and Culture Club in Ras Al Khaimah. Chairman of the Customs and Ports Department Sheikh Ahmed bin Saqr Al Qasimi said work is about to begin.
RakBank offers Dubai mortgages
RakBank is the second UAE commercial bank after MashreqBank to start offering mortgages on Dubai freehold property. The bank will lend up to 70 per cent of the purchase price at 6-7 per cent. HSBC also lends on selected properties, while Habib AG Zurich, Emirates Bank International and Standard Chartered are all preparing to enter the market.
Dubai realty, 2004 critical year
Local agents agree that 2004 will be a critical year for the development of the booming Dubai freehold property market. More finished property will become available, while mortgage finance availability and demand will rise. But speculative price growth will be confined to The Palm, reckon experts.
Mall of Emirates, cultural centre
The upcoming Mall of the Emirates on the Sheikh Zayed Road near the Dubai Internet City is to offer a home for the Dubai Community Theatre and Arts Centre when it opens in September 2005. Majid Al Futtaim Investments is the project developer.
Emaar, Ascott, serviced apartments
Emaar Properties has tied up with international serviced residence operator Ascott Group to supply 96 serviced apartments at the Al Majara Towers at the Dubai Marina, and 150 apartments at The Residence at Burj Dubai development. Completion is slated for November 2004 and Q4 2005 respectively.
Dubai Mall, 1,000 enquiries
Emaar Properties said it has been overwhelmed by more than 1,000 enquiries about the Dubai Mall, the 5m sqft shopping mall to be built at the base of the Burj Dubai, the world's tallest building. The mall will also be the largest enclosed shopping space in the world.
30-50pc Palm Island premiums
Investors are paying 30-50 per cent premiums on Palm Island property, agents told AME Info. The Palm, Jumeirah is still being re-sold off-plan with finished villas over two years away. Agents said this level of price inflation boded well for developments in the rest of Dubai.
Rental yields fall in Emirates Hills
Rental yields in the developments surrounding Emirates Hills have fallen this autumn, particularly on larger properties. One villa in The Hattans was recently let on a 6.25 per cent yield over two years. But rentals on apartments in The Greens have held up well.
32Group, USD270m Dubailand ski deal
Property developer 32Group is to build the USD270m Skidome sports project in Dubailand. The Dubai Sunny Mountain Skidome will open in 2006, the second ski slope project in the emirate. 32Group Chairman Majid Pishyar signed the contract with the Dubai Tourism Development Company.
ADCB, USD36m new HQ
Abu Dhabi Commercial Bank has awarded a USD36m contract for its new 23-storey headquarters to Turner Construction. Architects are Burja Hudobro from Brazil. Completion is slated for 24 months. The building will be at the corner of Salam and Zayed II streets.
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