2004
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USD600m Bahrain realty project
Gulf Finance House is to finance a USD600m tourism and residential project in Bahrain to be finished in 2007. Al Areen Desert Spa and Resort is in the south of the island state next to the Formula 1 racetrack. Contractors will be invited to pre-qualify in March.
Mortgage backed bonds for UAE
The Emirates National Securitisation and Finance Corporation has been set up in Dubai to issue mortgage backed securities worth USD500-USD1bn in the next six months. This initiative will create a more liquid mortgage market and should give Dubai real estate another boost.
UAE demolishes mini-Afghanistan
The Al Ain Municipality is to demolish an area known as mini-Afghanistan on the edge of the city at Sanaiya, reported Gulf News. Residents have been given until April 9 to leave their homes which are mainly shacks and even caves. The district will be redeveloped with modern infrastructure.
Spiderman to climb Emaar tower
French spiderman Alain Roberts is to climb the 200m Murjan Tower in Dubai Marina on January 29. Last year he climbed the National Bank of Abu Dhabi headquarters. Emaar Properties is a key sponsor of the Dubai Shopping Festival that starts on Janaury and built the Murjan Tower.
USD200m AD seafront project
Real Estate Investment and Services Company has unveiled its USD200m high rise development on the Abu Dhabi corniche. The Capital Plaza includes a 250-room hotel, 250,000 sqft office building, 220 apartments and 21 sky villas in three towers. The 42 month construction programme starts this month.
Dubai speeds up air cargo project
The Dubai Cargo Village is speeding up the first phase of its mega terminal so that it is finished by the end of 2005 or early 2006. Officials said the decision followed exceptional growth in air cargo. Last year cargo volume was up by 21 per cent to 784,996 tonnes.
Tabreed, Dubai Pearl deal
Abu Dhabi's National Cooling Company is to invest USD44m on a cool air plant for the USD800m Pearl Dubai real estate project next to the Dubai Media City. The 10m sqft development includes the 1,800-seat Dubai Royal Hall, office towers and apartments, and will be finished by the end of 2006.
RAK, new structure plan
The new Ras Al Khaimah structure plan was unveiled yesterday. This includes an improved road to Sharjah, six to seven new hotels at Al Hamra Fort Resort, creation of the Al Murjan Island with nine hotels, a golf course, and further land reclamation projects.
Fujairah FZ adds 50 firms
The Fujairah Free Zone established 50 new companies in 2003, a 22 per cent increase on the number of registered companies in 2002. Officials said we are attracting firms from all over the world to benefit from the range of facilities offered by the Fujairah Government.
Dubai Mall, Water Wonders
The new Dubai Mall at the base of the Burj Dubai tower is to feature the Four Wonders of Water. This will comprise a water terrace, fountain oasis, waterfront atrium and an aquarium. The aim is to provide a larger than life sound and vision experience, said Emaar Properties.
Steel products up 30-35pc
The price of steel products used in construction projects has risen by 30 to 35 per cent, reported Gulf News. In the past month, for example, deformed bars are up from USD1,400 to USD1,800 a tonne. European steel mills are to send more steel to the US from next month, halving supplies in the Middle East.
Deira rentals surge 30pc
Rentals of modest homes in Dubai's Deira district have surged by around 30 per cent in recent months, reported Gulf News. Local agents said for the first time in some years it was a seller's market. In the past such good times have lasted two to three years, they noted.
Kuwait, new port to serve Iraq
The Kuwait Cabinet has approved plans to build a seaport on the island of Bubiyan near the Iraqi border. A statement said the move was to enhance the role of Kuwait's ports in international transportation. The news comes as hopes rise the Iraqi reconstruction will boom this year.
USD50bn Dubai real estate plan
The Dubai Government's Executive Office expects investment in real estate to total USD50bn in the emirate between now and 2010, compared with USD5bn in the past three years. The revelation came in a report published by the National Bank of Dubai on foreign direct investment.
Off-plan sales fall in Dubai
The Dubai real estate sector continues to boom but agents report a fall back in off-plan sales. They say this reflects the availability of completed property, unlike a year ago. Buyers are not rushing to secure apartments and office off-plan and prefer to wait-and-see.
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