2003
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USD1.4bn Jumeirah Beach Residence
The main construction packages on the USD1.4bn Jumeirah Beach Residence at Dubai Marina are now being evaluated, reported MEED. Thirty 41-storey residential towers will dominate the project offering 3,000 apartments for sale. The project includes shopping, restaurants and a cinema complex and will be fully completed in early 2005. Mace International is project manager for client Tecom.
Al Mamzar, latest Dubai shopping mall
Dubai's new USD35m Al Mamzar shopping mall opened this week, and features a number of Turkish retail outlets. The owners claim 80 per cent occupancy, according to Gulf News, and expect to achieve 90 per cent by next week. There are 65 shops and the largest Turkish restaurant in Dubai.
USD390m Zamzam Tower
The USD390m ZamZam Tower project overlooking the Holy Mosque in Kaaba, Saudi Arabia, has been unveiled by a development consortium led by Aref Investment Group. The 31-storey Zamzam Tower has 1,457 residential units available for purchase, and the complex of four towers has more than 5,500 units. Kuwait Finance House and Kuwait's social security authority are the largest shareholders in Aref.
Dubai beautification projects
Dubai municipality has announced the upgrading of the Jumeirah Mosque Park and beautification of the Hamriyah beachfront. The mosque receives hundreds of visitors who are apparently unaware that the building is less than 10 years old. Hamriyah beachfront is adjacent to the Hyatt Regency Hotel and old food and vegetable market.
Real estate money returning
Middle East investors may be starting to offload their real estate in the US and Western Europe in search of better value closer to home, industry sources told AME Info. With real estate markets now overheated in some markets, the natural thing is to seek better value elsewhere. Rental yields in the region are attractive to these investors, with capital gain on lower regional instability an additional attraction.
Al Ghandi, CCC win Dubai airport tunnel
Local Al Ghandi and Athens based Consolidated Contractors International have won a USD187m contract to build a 1.8km road tunnel under the main runway at Dubai International Airport. This is part of the USD4.2bn expansion works currently in progress at the airport. Runner up was Dutco Balfour Beatty.
Bids out for Qatar's Khalifa Stadium
Contractors have been invited to bid for the USD50m refurbishment of the Khalifa Stadium in Qatar by May 10, according to MEED. This includes refurbishment of the west stand with tiers for 18,000 seats, VIP lounges, corporate boxes, administrative areas and athlete facilities. The stadium will host the 2006 Asian Games
Call for lower Dubai mortgage rates
Monopoly Dubai mortgage provider Amlak, part of Emaar Properties, is charging 6.5 per cent for mortgage funds at a time when US lenders average less than five per cent, according to a survey by AME Info FN. Analysts said the introduction of competition into the Dubai mortgage market would be a good thing for interest rates. Other banks are waiting for a new Dubai real estate law to clarify the title situation for expatriate purchases.
Dubai office space, growth accelerates
Dubai office space will grow by 10 per cent a year for the next five years, according to local firm City Space. This will mean a 50 per cent growth in total office space in the emirate. City Space cites new projects such as the Dubai International Financial Centre, Dubai Metals and Commodities Centre, Dubai Healthcare City and Tecom free zone as leading the expansion.
Gulf real estate investment tip
Arab investors are pouring money into UAE residential and commercial property, a trend that is already visible, according to a study by Dmg World Media. It notes the direct link between oil revenues and construction activity, and says that property investments will continue to rise despite the current political and military tensions in the region.
London house prices start to fall
UK house prices are falling at the sharpest rate for eight years, according to the Royal Institution of Chartered Surveyors. The news comes as several UK developers have been touring the Gulf to promote their high-priced properties. Observers say the ominous signs of the end to the housing boom are clear with high debt levels, wide income lending multiples and incentives to buy.
Dubai property, still a good buy
Dubai property is cheap in absolute and relative terms and, therefore, stills a good buy, argues the AME Info Editorial this week. Dubai villas cost from USD1,000 per square metre compared with USD5,000 in London Docklands, despite the emirate's high incomes and growth potential. And rental yields in Dubai top 10 per cent against less than five per cent in Central London.
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