2003
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Construction to feel Saddam effect
The capture of Saddam Hussein this week will spur reconstruction efforts in Iraq with trade already showing signs of picking up, said economists. However, US President George W. Bush warned that the violence is not over yet in Iraq. Contractors said they need to see a secure environment before sending in staff.
Saba Group, USD327m investment
Saba Group has announced its intention to invest a total of USD327m in the UAE freehold property sector over the next two years. This news comes after the recent unveiling of a twin-tower freehold 36-storey residential complex, Saba Tower 2 and 3, and the UAE's first freehold office tower, Saba Towers in Jumeirah Lake Towers.
AD Central Market plans
Plans are being finalised for the new USD97m Abu Dhabi Central Market which will feature traditional Arab and Islamic design. The 60,000 sqm souk will have 241 shops and basement parking for 1,200 cars. It will be completed in 18 months and replaced its fire-damaged predecessor.
Dubai International City tenders
The first phase of Nakheel's Dubai International City will be ready for occupation in the second half of 2004. Tenders are out for the rest of the project with completion slated for the end of 2006. There will be 20,000 apartments within 350 buildings at the heart of the 21 hectare city with townships based on China, England, Italy, France, Russia and Morocco.
Daman, Iraq residential project
The UAE's Daman Iraq Fund has completed its first development project in Baghdad, a residential villa compound which is already leased to tenants. This private equity fund was launched in January and is a pioneering Iraqi investment vehicle.
No sign of Dubai oversupply
Real estate agents say there is no sign of an oversupply of property in Dubai. Agents had feared an autumn glut of accomodation but they say it just has not happened. Dubai is growing so fast that anything built is rapidly filled at the moment, although agents report that buying off-plan is not very popular now.
Home Owner Dubai seminars
Home Owner Dubai 2003 is holding seminars from 2-9.30pm at the Emirates Towers Hotel in Dubai on December 20 and 21. These seminars will look at the many legal, finance and other aspects of ownership. For more information email: homeowner@motivate.ae.
Saba Towers, now for sale
Saba Real Estate is now marketing freehold apartments in the Jumeirah Lake Towers Community opposite the Dubai Marina. The high-rise Saba Towers 2 and 3 apartments range from studios to penthouses and will have roof-top swimming pools. For details visit, www.saba-re.com.
Bahrain realty, expat residency
Bahrain is offering permanent residency to expatriates who buy real estate in its development projects at Durrat Al Bahrain, or on the man-made island Al Marsa Floating City. A renewable 10-year residency permit will be issued. Al Marsa has 215 waterfront villas, chalets and apartments on an area of 53,430 sqm. Durrat Al Bahrain is a complete tourist township.
Qatar, USD2.5bn airport tender
Qatar announced yesterday that its USD2.5bn airport expansion project phase one will go out to tender next month. Land reclamation work is expected to begin next September and completion of is scheduled for mid-2008. The USD5bn new airport will be located 3.5km north of the present terminal and serve up to 50m passengers a year on completion of the final phase in 2015.
Dubai, 5-star timeshare resort
Global giant Resort Condominiums International has signed a deal with Kuwait's International Financial Advisors to manage IFC's 460 all-suite Vacation Club on The Palm, Jumeirah, a five-star managed timeshare resort. Timeshare is growing around the world, and 6.7m households own 10.7m timeshare weeks.
JBR, eqarat.com tie-up
The Jumeirah Beach Residence has tied up with local UAE real estate portal www.eqarat.com to market its sea-view apartments which start from USD123,000. The sea-view apartments were not previously available on the open market. JBR is a USD1.5bn development of 40 high-rise towers with its own beach club.
221 Greens owners get keys
Emaar Properties has handed over the keys of 221 apartments in its Greens complex next to the Emirates Golf Club. Priced from USD79,000 for a single bedroom, the Al Nakheel development, which has a great location for Dubai professionals, sold out in days.
Dafza, phase four expansion
Work with begin shortly on the fourth phase of the highly successful Dubai Airport Free Zone. Forty-eight light industrial units will be added and 12,000 sqm of new office buildings. The third phase is 70 per cent let and will be fully let early next year, officials told Gulf News.
Steel prices to rise on trade news
GCC construction companies may face another hike in steel costs due to the recent climbdown by the US and removal of steel tariffs. This factor is likely to result in higher imports from Japan, thereby putting further upward pressure on prices elsewhere.
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