2004
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World Trade Centre Residence
Leasehold apartments in the 38-storey Dubai World Trade Centre Residence, in one of the best city locations, have gone on sale off-plan. Hotel management company Jumeirah International has been appointed building and facilities manager, responsible for the day-to-day running of the property. Asteco is handling sales.
Al Fattan Marine Towers
Freehold apartments at the Al Fattan Marine Towers will be on sale until December 18 in the penthouse of the Oasis Hotel in Dubai. The high-specification towers in the Dubai Marina have great views and apartments start from USD408,000 for two-bedrooms. Developer is Al Fattan Properties.
New Dubai Creek extension
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum yesterday announced the Business Bay project which involves a huge extension of the Dubai Creek from Ras Al Khor, where the flamingos have a sanctuary, up to the Sheikh Zayed Road. This huge city within a city will be developed by Dubai Properties, part of Dubai Holdings, a Government entity.
USD110m Abraaj realty fund
Dubai based Abraaj Capital has closed its Abraaj Real Estate Fund at USD110m, USD10m over target. The issue was closed early as Abraaj did not want more money than it had investment projects, said officials. With upto USD400m in leverage the fund will already be able to invest more than USD500m, they added. Not more than 15 per cent will be committed to any single market.
Dubai Business Bay free zone
Dubai Holdings is to create a new free zone for business on the Dubai Creek, the Business Bay. Subsidiary Dubai Properties is to build a new freehold centre for multi-national and regional companies to establish their headquarters in this historic part of the city. More details are awaited.
Burj Dubai showcased in India
Emaar will showcase its Bur Dubai project, planned to be the biggest skyscraper in the world, at the UAE in India Trade Show in Mumbai. Emaar sales director Naaman Attalah says Indians represent a substantial percentage of the company's homeowners as well as investors. Emaar is currently developing two major projects in the southern Indian city of Hyderabad.
Dubai airport expansion progress
The upper level of Dubai Airport's new arrivals car park has been completed, as one of the first parts of the airport's massive expansion plan. The total built-up area of the existing Terminal building 1 is set to increase by 240,000 sqft, distributed over various areas. When completed, the expanded arrival immigration hall will have 42 counters and six e-gates.
World's biggest concrete factory
Dubai-based Mammut Group has signed up with Techno Park to create the world's biggest pre-cast concrete factory. The USD136m plant will feature a new patented Canadian technology that makes it possible to construct a two-storey villa within 24 hours. Contractors will be able to triple their capacity without increasing manpower.
KM sells 300 City apartments
After the successful sale of 300 apartments at the Dubai International City, KM Properties has been appointed to sell the Mediterranean apartments at the Discovery Gardens. Both projects are being developed by Nakheel whose apartment prices have increased recently.
Al Khaleej Ceramics to triple
Jebel Ali based Al Khaleej Ceramics has announced a USD27m expansion programme that will almost triple its output to 70m sqft per annum. Officials said the new manufacturing line would be operational by Q3 2005. Around 70 per cent of output is exported to 50 countries.
The Palm Deira at Ritz Doha
Dubai's The Palm Deira is now on show at the Ritz-Carlton in Doha. The third in the palm island series, The Palm Deira is the biggest and is 14km long and 8.5km wide, an area that would cover Central London and Downtown Manhattan. It will be home to 8,000 villas.
50-storey Bahrain Trade Centre
The 50-storey twin towers of the Bahrain Trade Centre are now at ground level and construction is on schedule for completion in June 2006. The 240-metre towers will be the highest in the island state. Letting agents DTZ are handling 150 retail units and 43 floors of office space.
Samsung to build Burj Dubai
Emaar Properties has announced that Samsung Corporation is appointed main contractor for its iconic Burj Dubai tower. The signature concrete and steel tower is set to become the tallest structure in the world and will be the centerpiece of Emaar's prestigious USD8bn, 500-acre Downtown Dubai development.
Umm Al Quwain, 99-year leases
Non-GCC investors may get 99-year leases for property purchases in the emirate of Umm Al Quwain, according to property developer Tameer's Chairman Omar Ayesh. Tameer is building Emirates Industrial City, a 80m sqft mixed use industrial, commercial and residential complex in the emirate.
Dubailand, USD136m Dubai Bazaar
Leader Group is to invest USD136m to build Dubai Bazaar in the Dubailand theme and leisure park. This traditional Islamic marketplace or souk will be built near the grand entrance to Dubailand on 2m sqft of land. UAE business house, The Leader Group, will develop the project.
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