2003
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USD736m Dubai Sports City
Three UAE businessmen have signed a USD736m contract to create the Dubai Sports City, part of the USD5bn Dubailand project. Abdul Rahim Al Zarooni, Abdul Rahman Falaknaz and Abdul Rahman Bukhatir are investing in thr Sports City which includes cricket, rugby, football, basketball, handball, volleyball and golf facilties.
Al Ahlia, Dubai Marina tower
Kuwait based Al Ahlia Investment is to invest USD27m in a residential tower in district nine of the Dubai Marina. Construction will start in the second quarter of 2004 for completion in June 2006. A spokesman said this was the company's first investment but it was looking at others.
USD123m Sheikh Zayed Road towers
Abu Dhabi based Capital Towers has committed USD123m to two new skyscrapers on the Sheikh Zayed Road, sources told Gulf News. Construction will start early next year. RTKL architects have been appointed for the 900,000 sqft project which features a distinctive blue glass skin.
Palm District Cooling JV
Nakheel has announced a joint venture with Gulf District Cooling to create Palm District Cooling which will initially supply cool air to The Palm, Jumeirah. Chairman Sultan bin Sulayem said demand for district cooling would double in the next five to six years due to upcoming mega projects in Dubai.
Marina Mall, expansion plan
Abu Dhabi's Marina Mall is shortly to announce an expansion plan as existing retail space is almost full, reported Gulf News. Officials said the vacancy level was now two per cent. The mall has turned itself into a traditional Arabic bazaar for the Holy Month of Ramadan.
Indian developers target NRIs
NRIs flush with RIB proceeds are being targeted by Indian builders. Heera Construction is offering six developments in Kerala, while Mantri has come with apartments in Bangalore. Southern Investments is promoting homes in 15 ongoing projects and six upcoming ones in four Kerala cities.
Oman approves housing loans
Oman's housing assistance committee has approved 90 requests for housing loans amounting to a combined total of USD1.5m. The programme is designed for those families whose monthly income does not exceed USD335 or those who are on social insurance.
Emaar Towers ready for owners
After just 11 months of construction, the 16-storey Emaar Towers near Maktoum Bridge, is ready for posession, the company said. The freehold 168-luxury apartment building has 24 one-bed suites, 80 two-bed, 44 three-bed, 12 sub-penthouse three-bd suites and six penthouse suites with private roof-top terraces.
Al Ain to rebuild 63 houses
Al Ain is to demolish and reconstruct 63 low cost houses for UAE nationals living in and around the garden city. Forty dwellings are located in Al Yaher area and 23 in Al Gryyah district. Al Ain also plans to reconstruct more than 200 houses and has started talks with construction companies.
Oman opens to foreign ownership
Oman is the latest to offer ownership of residential property to foreigners. Bookings have opened for a limited number of residences at Muscat Golf and Country Club. The property is situated close to Seeb airport and offers open views of the golf course and all amenities of town living.
Indian developers target NRIs
Cochin-based Mather Projects is offering villas and apartments at Green Gables in Edapally. It has offered to arrange loans at 7.75 per cent annual interest without procssing fee. Meanwhile, Cheloor Property is offering luxury one-bedroom apartments in Krishna Gardens just 200m off Guruvayoor Temple.
Multipurpose complex for Abu Dhabi
A new multpurpose complex is to come up near the Officers' City in Abu Dhabi. Apart from a hypermaket, it will have other commercial and retail facilities like banks, pharmacies, food courts and recreation facilities. The neighbourhood comprisies abut 2,000 houeholds.
New complex to come up
A new building is to come up in Dubai's Port Saeed area which will cost USD19m to build. The rsidential-cum-commercia complex will be 10-storeys high with two basements plus ground amd mezzanine floor. Plot area is 33,000 sqft. It will have 22,500 sqft for offices and 16,000 sqft for shops plus 50 apartments.
Pakistani property on offer
Pakistani expatriates in the Gulf are offered luxury apartments in the scenic town of Bhurban by Karachi-based VIP Property Investors. Downpayment is 20 per cent with the balance payable in 12 quarterly instalments. The booking is open for Bhurban Continental apartments in Phase 2.
DFC maximises on airport proximity
Maximising on its 2km proximity to Dubai airport, Dubai Festval City is marketing itself to airlines and tour operators as an airport city. It said it was working with the Department of Civil Aviation and Dubai Government on a number of initiatives to position the waterfront development as a major tourist destination.
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