2004
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Durrat Al Bahrain, booking soon
Bookings for the 2,000 villas and 3,000 apartments on the Durrat Al Bahrain project will open shortly. This 20 sqkm seaside resort is on the south east coast of the Kingdom, and will comprise 13 islands. The development also includes five-star hotels, leisure facilities and town houses.
Emaar, Hyderabad project
Emaar Properties has awarded a USD29m contract to India-based engineering and construction giant Larsen and Toubro to construct the Hyderabad Convention Centre, venue for the Asian Development Bank's biennial meeting in May 2006. The 4,000-seat Convention Centre will be India's largest convention facility and also include a 300-room business hotel.
International City 85pc sold
Nakheel Chairman Sultan bin Sulayem told reporters nearly 85 per cent of the Dubai International City project is sold to investors. He noted that Nakheel would retain 15 per cent to rent out on its own account. The 800 hectare project has building clusters themed around different countries.
Arabian Ranches, Palmera launch
Emaar Properties is set to launch its Palmera villas at the Arabian Ranches development in Dubai tomorrow. Prices start from USD187,700. The Arabian Ranches is a themed equestrian and desert community 15 minutes from downtown Dubai with excellent facilities.
Mashreqbank ups mortgages
Mashreqbank has improved its mortgage range and now covers resale transactions and mortgage refinancing. There is also a new loan for construction finance. The bank's move comes as home finance options in Dubai seem set to fuel the boom further.
Dubai Properties, new role
Dubai Government's Dubai Holding has boosted the role of Dubai Properties by bringing several major real estate developments under its control, namely Dubai Healthcare City, the USD2bn Jumeirah Beach Residence, and the expansion of the Dubai Internet City and Dubai Media City.
Emaar targets Libya for projects
Emaar Properties has identified partners and selected prime locations to construct mixed-use real estate developments in Libya. This is Emaar's premier foray in the North African country and is spearheaded by Emaar International Development.
Emaar, 12 Saudi projects
Emaar Middle East, the new joint venture with Al Oula, will build 12 residential projects in various parts of Saudi Arabia. Officials told Gulf News that the projects will be spread between the Eastern province, Riyadh and Jeddah. Emaar Chairman Mohammed Alabbar said Saudi is now Emaar's priority.
USD650m for Bahrain's Al Areen
Private placements for Bahrain's Al Areen Desert Spa and Resort have attracted USD650m so far, lead promoter Gulf Finance House told Gulf News. Officials said there had been heavy oversubscription at each phase of the project. Al Areen is a mixed-use freehold residential and tourism development for completion in phases between 2006 and 2007.
Amlak, JBR home finance
Amlak Finance is now able to provide mortgages for buyers in the huge Jumeirah Beach Residence complex. Amlak will finance up to 90 per cent of the purchase price of homes over 25 years for UAE nationals and 15 for expatriates. So far Amlak has financed 3,200 homes with USD681m in mortgages.
USD100m Beirut Golden Arch
Solidere and Stow have announced the launch of a USD100m premium mixed-use development in downtown Beirut, the Golden Arch. The 200,000 to 220,000 sqft project will be on reclaimed land and comprise 70,000 sqft of offices and a four-storey serviced apartment building on the waterfront.
USD1bn Amman redevelopment
A USD1bn multi-faceted project to revamp a key area in the heart of Amman, Jordan, was presented this week in Dubai to delegates at Cityscape. The 30-hectare Abdali project features several districts: IT, residential, retailing and entertainment, medical, a civic pole, a campus for the American University in Jordan, and a pedestrian spine.
Emaar Zaafaran apartments
Dubai-based Emaar has announced a fresh release of apartments in Zaafaran, at The Old Town, forming part of its Burj Dubai development. The units comprise one-room to four-room apartments and penthouses ranging from 725 sqft to 3,150 sqft. Construction of the apartments will be completed in 2007.
Alabbar, Dubai rentals up
The 25-40 per cent rise in Dubai rentals over the past few months should give no cause for alarm, Emaar Chairman Mohammed Alabbar told Gulf News. He said the current real estate boom would last for a long time. The boom is created by investors and end-user demand, he added, investors will not invest unless they can see a return and the demand side is very clear.
USD90bn GCC realty projects
New investment committed to GCC real estate developments is conservatively estimated at USD90bn of which the UAE comprises USD30bn. Tamweel CEO Adil Al Shirawi told Cityscape yesterday that 80 per cent of investment was from Saudi Arabia and Kuwait.
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