2004
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Contractors file cement claims
The UAE Contractors Association is to ask its 700 members to submit claims for losses due to high cement prices in the local market, reported Gulf News. Officials said once the claims had been assessed they would submit them to the Ministry of Economy and Commerce to examine ways to recover the losses or part of them.
Amwaj Island, USD50m twin towers
Bahrain's Al Damur Investment Real Estate Company has appointed Syrconsult Consultant Engineers design a 23-storey twin tower project at Amwaj Island costing USD50m. Chairman Abdul Hussain Dawani said his company saw heavy demand for the apartments. Each tower will house 80 apartments of four different types and sizes.
Dubai Arch Tower launched
Local UAE developer Aber has launched the Dubai Arch Tower in the Jumeirah Lakes Towers district with completion scheduled for December 2006. Freehold one to three bedroom apartments and penthouses are for sale to all nationalities. Visit www.aber.ae.
ACC, Saba twin-towers contract
Saba Group has awarded the construction contract for its 36-storey twin-towers project at Jumeirah Lakes Towers to the Arabian Construction Company. The contract followed a public tendering exercise and several rounds of critical evaluation, said officials.
Half Amwaj Plaza flats sold
Over half the flats in the upcoming Amwaj Plaza on the man-made Amwaj Islands in Bahrain have been sold since the marketing campaign began last month. Nationals and expatriates can buy property with prices from USD113,000. Work on the 10-storey apartment building starts in November and it is to be ready in July 2006.
USD220m Gardens building contract
SembCorp Engineers and Constructors has won the USD220m contract to build the Gardens of Discovery, Mediterranean Gardens 1 residential apartments for Nakheel. This comprises 2,700 apartments near Jumeirah Islands in Dubai. Work starts later this month for completion within 21 months.
Dubai prices up 30pc, says Damac
Damac Group Chairman Hussain Sajwani told reporters that the prices of his apartments are up by 30 per cent since the first tower was launched two years ago. He noted that this needed to be balanced against the increase in land and construction costs in the same period.
Damac, third Dubai sales centre
Damac Properties, the largest private property developer in the UAE, has announced the opening of its third sales centre in Dubai, in the Bin Ham Building across the road from the Deira City Centre. It consists of a display area and meeting rooms for prospective customers on the ground floor, as well as management offices and a show apartment on the mezzanine floor.
Emaar attends Moscow exhibition
Emaar Properties is exhibiting again at the Domexpo property exhibition in Moscow from October 21-24. The Dubai developer will showcase the Dubai Marina, Emaar's premier waterfront development and the Arabian Ranches. The company will also raise Russian awareness of the Burj Dubai, the tallest building in the world that will boost the value of real estate in the city.
Kuwait vacancy rates increase
The percentage of vacant properties in Kuwait rose from seven per cent in June 2003 to 11 per cent by the mid-year, according to official figures. Economist Jassem Al Saadoun told correspondents his conclusion was that construction was greater than the population and the demand for housing.
Al Ain complex now leasing
The Emirates Commercial Complex will open in Al Ain next month, and leasing is now underway of apartments and shops. The 60,000 sqft complex has two levels of shopping and three floors of luxury residential apartments. Each residential floor has 26 apartments, 11 two-bedroom and 15 with three bedrooms.
Profits boom for RAK Cement
The ongoing construction boom in the UAE sent profits spiralling 205 per cent upwards at Ras Al Khaimah Cement to USD18.9m in the first nine months of the year. Cement companies in the UAE have benefited from higher prices as well as high output in the period.
Asteco opens in Sharjah
Property services company Asteco has opened a Sharjah branch for the convenience of local clients. The Sharjah branch will offer sales and leasing services with information about all the real estate projects being handled by Asteco across the UAE.
Emaar starts building mosques
Emaar Properties presently has mosques under construction at its Arabian Ranches and The Greens developments. Those under design or up for approval are located at The Meadows, Town Centre, Emirates Hills, Dubai Marina and another at the Arabian Ranches.
Ramadan, peak time for realty
Dubai real estate agents expect no slowdown in Ramadan. Most predict a surge in buyers who may now have more time to shop for property than in the hectic run-up to the Holy Month. The re-sale market presently offers a huge range of options in Dubai, although many new buildings are sold-out off-plan.
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