2004
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Al Habtoor, USD1bn airport job
Al Habtoor Engineering is the local partner in the consortium that won the USD1bn Terminal 3 contract for the Dubai International Airport this week. Murray and Roberts will be joint lead contractor in the consortium that also includes Japanese firm Takenaka.
Durrat Al Bahrain oversold
The USD120m issue of Islamic Istisna'a Ijarah-based sukuk for the Durrat Al Bahrain, the island state's largest construction project, has been oversubscribed by USD32.5m, according to the Liquidity Management Centre. Kuwait Finance House, Bahrain, jointly owns the project's development company with the Government of Bahrain.
Nakheel forms Saudi JV
Nakheel, the UAE property developer is entering the Saudi Arabian real estate market by establishing a joint venture with MBI International and Partners, which owns and operates luxury residential developments in the Kingdom of Saudi Arabia, Middle East and Europe. Nakheel Saudi Arabia will be incorporated as a joint stock company headquartered in Riyadh with an authorised share capital of USD277m.
Bollywood star, Palm home
Bollywood star Shah Rukh Khan is planning to buy a home on the Palm Deira after a boat tour of The Palm, Jumeirah and The World. He was in Dubai last week for a song and dance extravaganza, Temptation 2004, and visited Nakheel's headquarters for discussions.
USD1bn Dubai airport contract
South African construction firm Murray and Roberts and its joint venture partner Takenaka of Japan has clinched a USD1bn airport tender from the Dubai Government, reported Reuters. Murray and Roberts is project leader with a 40 per cent share and will lead the 28-month construction of the Terminal 3 building and associated infrastructure.
More Views from Emaar
Emaar Properties is taking registrations online at www.una-emaar.com for its Una Riverside Residence, part of The Views overlooking the Emirates Golf Course. Sales will be restricted to e-customers only so prospective buyers should be sure to register first online.
Goldcrest Views 2 launch
Star Giga, a joint venture between the ETA Ascon and Giga Group, has launched Goldcrest Views 2. The latest 39-storey tower follows the successful launch of Goldcrest Views 1, and is also in the Jumeirah Lake Towers district opposite the Dubai Marina.
Business Bay, simultaneous action
The 64m sqft Dubai Business Bay project will execute its three main elements simultaneously, said officials. These comprise: the extension of the Dubai Creek to the Sheikh Zayed Road; establishing roads and electricity infrastructure; and laying the foundations of towers and other facilities.
First Pearl-Qatar villas on sale
The first luxury beach villas to be marketed by The Pearl-Qatar, the USD2.5bn island being reclaimed off the Qatari capital of Doha, have gone on sale. The La Plage West villas make up the first of three sea-view La Plage neighbourhoods which will feature 198 villas that are being designed by award-winning US architects RNL International in association with KEO International.
Dubai delays USD3.4bn LRT bids
The Dubai Municipality has delayed final bids for the USD3.4bn light rail transit project by one month, reported Gulf News. After final evaluation the contract will be awarded in May. There are five consortiums bidding for the project, all of which include foreign firms.
Damac launches 13th project
Damac Properties has launched its 13th property venture in the UAE, the Terra Del Sol II apartments, in the Discovery Gardens complex. CEO Peter Riddoch said phase one, also of 99 apartments, was sold out in three days. Damac has sold 2,000 apartments since its launch last year and the first buyers have yet to move in.
Regus opens in Dafza
The Regus Group, which offers short-let offices globally, has opened a business centre in the Dubai Airport Free Zone with Union Properties. The 12,000 sqft centre is one of five Regus is planning for the UAE and the first of a chain across the Middle East, said officials.
USD500m RAK cement expansion
Ras Al Khaimah is to invest more than USD500m over three years to increase its total cement production capacity from three to nine million tonnes, reported Gulf News. This figure includes around USD100m to expand port facilities, said Crown Prince Sheikh Saud bin Saqr Al Qasimi.
Bahrain Marina Club for sale
Bahrain's General Organisation for Social Insurance is to sell its Marina Club properties in a deal worth up to USD72m, reported local papers. The sale will include the Marina Club Company commercial register, its fixed assets and movable property, and also land to the east of the club.
Horizon Tower on sale today
The Horizon Tower in the Dubai Marina is on sale today with four-bedroom apartments starting from USD463,000, and completion slated for spring 2006. Architect is Arenco and contractor ANC. Agents are Al Khayat Real Estate and Dubai Real Estate.
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