2004
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Parsons wins The Pearl-Qatar
The Pearl-Qatar, the USD2.5bn man-made island being built offshore the Qatari capital of Doha in the Arabian Gulf, has awarded a multi-million dollar contract to Parsons International for the detailed engineering design of The Pearl-Qatar's roads, infrastructure and landscaping.
UK buyers dominate JBR
UK investors have emerged as the main buyers of property at Jumeirah Beach Residence, the waterfront apartment and lifestyle project under construction in Dubai. The developer says UK buyers have been active thanks to aggressive promotion in the UK at events such as Home Owner Overseas, which took place in London in September.
Marinascape sold out in 3 months
Trident International Holdings, the Hong Kong-based developer, said its luxury Marinascape tower residential project at Dubai Marina sold out within three months. Trident said the profile of buyers was evenly split between international, UAE and Gulf investors. Marinascape is due for completion by late 2006.
Empower wins DIFC cooling contract
Empower, the Dubai-based district cooling company, will develop a 70,000 tonne project for the real estate development at Dubai International Financial Centre. It will be one of the largest district cooling projects in the region. Empower was launched last year, backed by Dubai Electricity and Water Authority and the Dubai Technology and Media Free Zone.
Rental yields fall in Dubai
Recent price rises in Dubai real estate have moved faster than rental levels, thus reducing the percentage yield on local property (see Dubai Property section on this website). Agents told AME Info this will eventually cool the market although it remains red hot at the moment.
Dubai unveils third Palm Island
Dubai Crown Prince Sheikh Mohammed bin Rashid Al Maktoum has unveiled plans for the emirate's third man-made Palm Island project. The new island development will be built on reclaimed land off the coast of the city's Deira beach.
Emaar to develop smart homes
Emaar, the Dubai-based property developer, will include smart home technology in all its developments from 2005, with the inclusion of eMediaNet's eMedia Center. Features include Digital Interactive Television, Video-on-Demand, Music-on-Demand, Games-on-Demand, Networked Personal Video Recording and Internet Multi-Media Streaming.
Sharjah to allow foreign ownership
Sharjah will allow 100 per cent foreign ownership of land for commercial projects that will generate jobs for UAE nationals, Gulf News reported. Ahmad Mohammad Al Midfa, chairman of Sharjah Chamber of Commerce and Industry, said the plans would complement the forthcoming UAE company and foreign investment law.
Flamingo, another JLT tower
Nakheel has announced the launch of its new 40-storey tower Nakheel Flamingo, a second high-rise waterfront residential complex at Jumeirah Lake Towers, due to the rising demand for such residential options in Dubai and following the successful debut of a similar project, Nakheel Falcon, a few days earlier at the development.
Nakheel creates nature reserve
Nakheel, the Dubai-based property developer, has unveiled plans to turn one of its lakes into a conservation centre. Al Warsan Lake, at Nakheel's International City project, will become a wetland nature reserve featuring a variety of bird species.
Nakheel's conservation lake
Nakheel has announced that the lake in International City - Dubai's internationally themed residential, commercial and tourism project - will be developed into a natural conservation wetland area set to gain global recognition. Al Warsan Lake will be the second man-made wetland in the Middle East region, and populated with a variety of birds species.
Burj Al Arab, new hotel taller
The Burj Al Arab will no longer be the tallest freestanding hotel in the world when the 72-storey Rose Rotana Hotel opens in Dubai towards the end of 2006. Last week the Arabian Construction Company won the contract for the 333m high all-suite hotel. It will have 480 suites and be located near to the Burj Dubai, the tallest building in the world.
Emaar tenders Indian projects
Emaar Properties has issued tenders for a convention centre, golf course and model homes in the southern Indian city of Hyderabad. The USD111m project will be completed by the end of 2005 in time to host the biennial meeting of the Asian Development Bank in May 2006.
Dubai's Lost City finds buyers
Nakheel has announced that 75 per cent of the properties on its latest development, The Lost City have sold out in three days. The project recreates a series of old lost cities complete with the old style of architecture from all over the Arab world and other regions such as the Southern Continent, North Africa and Persia.
Hattan at Arabian Ranches launched
Emaar Properties has announced the launch of Hattan, luxurious golf homes in the Arabian Ranches. Situated alongside The Desert Course, this community will offer three storey, single-family detached luxury and executive homes in the desert paradise development. Sales for the Hattan homes open on Saturday October 2 at the Arabian Ranches Sales Centre.
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