2003
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The Gate, Emirates Glass contract
Dubai Investment subsidiary Emirates Glass has been awarded the contract to supply 10,000 square metres of glass for The Gate, the landmark building of the Dubai International Financial Centre. The award to the state-owned company was against aggressive international competition, officials told Gulf News.
DIFC to ignite Dubai realty
The upcoming Dubai International Financial Centre is the biggest reason to be optimistic about the future of Dubai real estate, Cluttons resident partner Simon Townsend told AME Info (see Executive Interview). He predicted that the influx of highly paid financial professionals would transform the market.
Steel price surge, inflation fear
Steel prices have risen by 50 per cent in the past 18 months to approach their all-time high of USD450 per tonne, reported Gulf News. The construction boom in the Middle East is a prime customer for rebar steel, and contractors warned that this price hike would have to be passed on in building cost inflation.
11 Montgomerie villas for sale
Leads International Properties is marketing 11 villas overlooking the Montgomerie Golf Course in Dubai, priced from USD650,000. The five-bedroom villas have spacious gardens with private pool and look over the golf course. There are three terraces, and the villas will be ready in January 2004.
Savills, low-growth UK house prices
FPD Savills said the UK housing market is entering a low-growth phase that could last several years. The leading estate agents noted that rising interest rates and the absence of first-time buyers were a threat to the market, but added that fixed-rate and discounted mortgages would offset this factor.
DMAC signs up Xantic
Dutch satellite communications company Xantic will be an anchor tenant of the upcoming Dubai Maritime City project adjacent to Port Rashid. Officials said the DMAC is formulating its strategy to assist business to grow. The DMAC is a 25m square foot man-made peninsula.
Piling starts on Dubai Festival City
Foundation work has started on 2.5m square feet of retail and entertainment space at the upcoming Dubai Festival City project next to the Dubai Creek. This section is called The Crescent and forms the heart of this USD4bn mixed-use development. Architect is US firm HOK.
IFA, luxury Dubai time-shares
Kuwait based International Financial Advisors plans to introduce the concept of time-sharing to the Dubai real estate market. The group has already announced its investment in several large projects on The Palm, Jumeirah, and is launching freehold and fractional sale of 448 luxury apartments.
Spanish home seminars in Dubai
Hk Inversiones, a Spanish property promoter,is holding seminars in the Emirates Towers Hotel on November 18 and 19. The company offers homes at Reserva de Miraflores on 1m square metres of the Costa del Sol with golf courses and panoramic Mediterranean views. For details visit, www.hkinversiones.com.
Dubai Mall opens November 2006
The Dubai Mall, the largest shopping mall in the world, will open in November 2006. The 5m sq ft mall will be built adjacent to the Burj Dubai, set to be the tallest building in the world. Developer Emaar Properties said the mall will house the world's biggest gold souk and 1m sq ft of leading fashion names.
UAE, building price inflation hike
Building material prices are recording sharp increases following a sudden hike in freight rates and short supplies due to heavy demand from Iraq, reported Khaleej Times. Suppliers expect a price rise of five to 10 per cent on most items, including steel, hard and soft wood, aggregates, cement and sand. Other factors behind the price surge include a strong Euro and heavy demand for building materials in Iraq and China.
Dubai rentals hold firm
Dubai rental prices have held firm this autumn despite predictions of oversupply in the market, agents told AME Info. Indeed, those searching for rental property continue to report difficulties in obtaining apartments and villas in many locations.
Construction of new AD old souk
The construction of the new Abu Dhabi old souk will start next May and take about 18 months, reported Gulf News. The former old souk with 700 shops was largely destroyed by recent a fire and has been demolished. A design sympathetic with the former traditional Islamic bazaar is almost complete.
Prime Palm property in demand
Even in the quiet of mid-Ramadan the Dubai real estate sector continues lively business with prime locations on Palm Island Jumeirah most in demand. Agents have a number of buyers offering instant cash for apartments and villas facing the sea.
Nakheel, WTM showcase
Nakheel's offshore developments, The Palm and The World, are this week being showcased at the World Travel Market in London. The Palm, Jumeirah will boast 50 luxury hotels, with more than 11,600 guest rooms, each with a unique theme and style of service, catering to a broad range of tourists tastes. In addition to the hotels on The Palm, Jumeirah, the Dive Experience is a man-made dive park.
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