2004
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Dubaipropertyauctions.com launch
Nakheel's North American agent Atlantis Group is launching a real-time, online trading platform for Dubai property, www.dubaipropertyauctions.com on January 1. The website offers users a simple to use, auction-style trading system, although the legal status of properties is verified before they go online.
JLT, 14 or 78 towers approved
Nakheel has given approval to the concept designs of 14 out of 78 towers planned for the Jumeirah Lake Towers project opposite the Dubai Marina. Thus far 41 concept designs have been submitted by purchasers, said Chairman Sultan Ahmad bin Sulayem. The JLT overlooks a 2.5m sqft artificial lake.
Bin Laden, Sharjah airport job
The Bin Laden Group has signed an agreement with Sharjah Department of Civil Aviation for a USD62m expansion of Sharjah International Airport to handle 8m passengers a year. GHD is designer, consultant and project manager, while Abu Dhabi Commercial Bank is to handle finance. Work is to be finished in 18 months, reported Gulf News.
Damac opens Kuwait company
Dubai's Damac Group has set up a company to target opportunities in Kuwait. The company will have a USD49m capital base and look at real estate and equity investments, said a statement. Having started 13 real estate projects in Dubai this is Damac's first step into the wider region.
Arabtec, 560 villas for DSO
Arabtec is to build 560 residential villas in the 700 hectare Dubai Silicon Oasis complex near Nad Al Sheba outside Dubai. Completion is slated for the first half of 2006. The villas are part of the infrastructure of phase one of the DSO, according to Gulf News.
Burj Views, sales open
Emaar Properties has opened sales of the Burj Views, a three-tower project with views of Downtown Dubai, Dubai Mall and the world's tallest tower. The one and two bedroom Burj Views apartments range from 726 to 1,400 sqft and will be completed by early 2008.
Dubai Arch Tower, 60pc sold
Aber has announced that its Dubai Arch Tower has sold 60 per cent of its freehold apartments. Completion is scheduled for December 2006 and the developer is offering a book now and pay after two years' scheme. Finance is available from Tamweel. Visit, www.dubaiarch.com.
Kuwait, USD2-3bn holiday island
Nine consortiums are lining up to bid for the USD2-3bn Failaka Island project 20km off Kuwait City, and will receive terms of reference later this week. Build, operate and transfer bids must be in within three months for the 26 sqkm project which comprises hotels, chalets and entertainment facilities.
Damac sees less speculation
Dubai developers have successfully reigned in the speculation in the market that was getting out of hand up to Q4 this year, Damac CEO Hussain Sajwani told Gulf News. He said at present we see speculation well within manageable levels and we expect this to continue into 2005.
Dubai land deals USD82m
Dubai land transactions stood at USD82m last week, according to the Dubai Lands Department. One plot in the Dubai Marina sold for USD4m while the biggest transaction was for a 28,786 sqft plot in Port Saeed for USD8.6m. There were also deals worth USD41m in Sharjah where land prices are rising.
QNB, tallest building in Qatar
Qatar National Bank has signed a USD125m loan agreement to finance the construction of its 44-storey cylindrical office building in Doha. This will be the tallest buiding in Qatar at 232 metres high, and is designed by the French architect Jean Nouvel.
Emaar launches Una today
Emaar Properties is launching its Una Riverside Residence today, a mid-rise apartment building of Mediterranean style for the upwardly mobile professional. The eight-storey apartment block is part of The Views and The Greens community, and overlooks a waterway.
UAE, Qatar causeway company
The UAE President Sheikh Khalifa bin Zayed Al Nahyan and Qatari Emir Sheikh Hamad bin Khalifa Al Thani yesterday agreed to set up a joint company to implement the UAE-Qatar causeway project, reported Wam. The two leaders held talks yesterday on regional and international developments.
GIH forms Dubai realty company
Kuwait's Gulf Investment House has started foundation measures for a real estate company in the UAE, with a paid up capital of USD82m, Chairman Faisal Al-Khuzam told KUNA. The Madaen Real Estate Company will provide advisory services in addition to real estate trade and management. He said UAE realty benefited from a 42 per cent population rise from 1998 to 2003.
AD, Qatar causeway plan
The UAE and Qatar have announced that a causeway linking the emirate of Abu Dhabi to Qatar is to be built, but gave no timetable for the project. Speaking at a joint press conference after the conclusion of the GCC Summit meeting in Bahrain, ministers hailed the causeway as an important move. Bids for a USD1.6bn causeway between Bahrain and Qatar were called last month.
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