2004
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Amlak mortgages, same day approval
Amlak Finance has launched an instant approval scheme that enables homeowners to walk in and walk out with finance for their new home. Available for both UAE resident and non-residents, the same-day approval scheme will enable customers to finance up to 70 per cent of the property's value.
Horizon Tower, new Dubai launch
Horizon Tower from Dubai Real Estate is the latest tower to launch in the prestigious Dubai Marina. It offers four-bedroom and duplex apartments with curved walls and high-end finishes, and goes on sale today. Details available from, www.dre.ae.
Gulf Cement, USD100m new plant
Gulf Cement has inked a deal with ThyssenKrupp, India and Polysius to install a new USD100m clinker line. It will produce 7,500 tonnes of clinker a day and start operations in mid-2006. Clinker is one of the key ingredients that go into cement.
Emaar delivers 5,000th home
Emaar Properties today announced a landmark achievement of delivering 5,000 homes and will cross the magic figure of 8,000 homes delivered before the December of the current year. The residential units already handed over represent over 10m sqft of liveable space in The Springs, The Greens, The Dubai Marina, Emaar Towers and The Meadows.
Arabtec wins USD132m Pearl Hotel
Arabtec Construction has won The Dubai Pearl Hotel contract to build the 60-storey, high-rise hotel at the Dubai Pearl Development situated within Dubai Media City. The 287-metre, five-star hotel is a partnership between Dubai Pearl Inc. and Kingdom Hotel Investment Group. The USD132m hotel will be finished in December 2006.
Indigo Tower launch in JLT
The 35-storey Indigo Tower in the Jumeirah Lake Towers was launched yesterday by Jumeira Properties Investment. Designed by WS Atkins and covered in indigo-coloured glass, there are 23 floors of residential apartments and the rest are for commercial use. JLT will have 26 clusters each with three towers.
Nakheel Golf, six new courses
Nakheel Golf is to develop six more golf courses in Dubai, officials announced at the signing of a two eco-course deal with Greg Norman yesterday. The first, at Jumeirah Islands, will be ready next October, while the Jumeirah Golf Estates - an unannounced project - will feature four more.
Damac's 11th realty development
Damac Properties, the largest private property developer in the UAE, has launched Ocean Heights, a 50-storey tower in the Dubai Marina with 352 luxury apartments. Prices start from USD300,000 for a one-bedroom apartment. The two top-most floors have been left as open plan designs to cater for bespoke penthouse designs.
Traffic issues hit UAE confidence
Mounting road traffic congestion explains a decline in the MasterIndex Survey of consumer confidence in the UAE from 87.1 six months ago to 83 today, said new MasterCard International Regional General Manager Denzil Lawson at a press conference. Five indicators comprise the index and the Quality of Life variable showed a decline in the UAE, which he put down to traffic and the inconveniences of a booming economy.
Speculators lead in Dubai
The Dubai property market is driven by speculators at present with 85 per cent of sales of apartments and 50 per cent of villas not going to their final owner, agents told AME Info (see Dubai Property). They argue that developers should raise deposit levels to control a surge in speculation.
Qatar, 456 flats sold in a day
Some 456 apartments in three multi-storey towers, part of the first phase of The Pearl-Qatar, the island being reclaimed offshore Doha, have been reserved within 24 hours of them being released for sale. Developers of the USD2.5bn Riviera Arabia island, United Development Company, reported being inundated with enquiries following release of the towers, which overlook Porto Arabia, the project's main marina.
Emaar launches cooling subsidiary
Emaar Properties has launched a new fully owned subsidiary EDC to construct and operate gas and electric district cooling plants for both existing and new Emaar communities. Emaar already owns and manages Dubai Bank, Emrill, its joint venture with the UK-based Carillion which provides property and facilities management services, and Sahm Technologies.
Global Lake View, sales open
Developer Best Homes has launched its Global Lake View, part of Nakheel's Jumeirah Lake Towers district opposite the Dubai Marina. Studio apartments start from USD95,000 with five per cent down payment. The 35-storey tower has all the usual amenities and is designed by WS Atkins.
The Pearl-Qatar freehold on sale
The first freehold properties ever offered for sale in Qatar went on the market yesterday. The Pearl-Qatar is offering 1,012 apartments, 28 penthouses and 140 town houses in seven towers due for completion in Q4 2006 or Q1 2007. Full freehold rights for foreigners are already part of Qatari law.
Tamweel drops mortgage rate
UAE mortgage company Tamweel is to drop mortgage rates to 5.9 per cent on two Nakheel developments during the Holy Month of Ramadan. The lower floating rate will be available on the Jumeirah Village and The Lost City. All the 7,000 villas in the Jumeirah Village were sold in 24 hours but some buyers will need finance.
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