2004
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FIIB unveils Bahrain golf project
First Islamic Investment Bank has announced a USD300 million joint venture with Bahrain International Golf Course Company to develop a residential community around the Riffa Golf Course. Developers will build some 500 homes around the course as part of a new gated community. The 18-hole grass course will also be redesigned.
GFH unveils major Jordan project
Gulf Finance House unveiled plans for a USD1 billion commercial real estate project in Jordan. The Royal Metropolis will include a luxury office tower in Amman and several industry-specific commercial districts. GFH, a Bahrain-based Islamic investment bank, said the project would stimulate foreign and domestic investment in Jordan.
Palm, Jebel Ali on schedule
The Palm Jebel Ali now has 30 per cent of the land reclamation visible above water, and 55 per cent is completed below and above sea level. Progress is fully on track for the planned schedule, said officials. In addition, the reclamation of four fronds has been completed with several to follow in rapid succession. Also reported was the completion of the trunk.
USD1bn Jordanian realty project
Bahrain-based Islamic investment bank Gulf Finance House has announced plans to invest USD1bn in a landmark mixed-use real estate project in Jordan. The Royal Metropolis was yesterday presented to the Prime Minister Faisal El Fayez, and other senior government officials by a delegation of senior GFH officials and its associated partners in the project.
Low-cost rentals surge in Dubai
Low-cost rents have surged in Dubai since the start of the year. One bedroom apartments that fetched USD8,000 in annual rent have surged to more than USD11,000. Home hunters complain that the choice is also very limited, and that rentals are still rising.
Nakheel expands Design Centre
Nakheel is to expand its Dubai Design Centre in Al Warsan to 13m sqft. The centre is a showcase for furnishing accessories, furniture, carpets, decorations, light fittings, electrical goods and building materials, and has the widest range available in the emirate.
Ceyline signs up for DMC
Ceyline International, part of the Ceyline Group of Sri Lanka, has signed up with Dubai Maritime City. CEO and MD Saliya Senanayake said we chose DMC because it fits in well with our business plans and provides synergies in coordinating the plans in the whole region through our company based in DMC.
Palm Deira to start sales
The Palm, Deira will start selling freehold property within days, said Nakheel Chairman Sultan Ahmad bin Sulayem. The masterplan and financial details of Dubai's third palm island are being finalised, and officials said there was great interest in the market.
61-storey Bright Start Tower job
The Dubai Contracting Company has won the construction contract for the USD85m Bright Start Tower on Sheikh Zayed highway just after the Defence roundabout. The 61-storey tower has 407 apartments, a car park and leisure facilities and will be completed in 24 months.
Tamweel, USD272m mortgages
Tamweel, the home finance joint venture between Dubai Islamic Bank and the Dubai Ports investment arm Istithmar, has announced that it has financed property worth USD272m in less than eight months. CEO Adel Al Shirawi said the real estate sector in the UAE is booming and many home buyers are looking towards Tamweel for Islamic financing options.
Dubai realty very reasonable
Dubai property is very reasonably priced by any international standard, Nakheel Director Wahid Atalla told Gulf News. He said there are very few modern cities in the world with high standard property this affordable. His forecast was for a greater supply of mortgage finance that would stabilise rental yields to international levels and enrich residents.
DIB funds Palm apartments project
The Dubai Islamic Bank and Bin Belila Baytur have signed a credit facility for the development of the Shoreline apartments project on The Palm, Jumeirah. This development of 10 buildings comprises 1,226 apartments worth USD136m.
Action on Dubai speculation
Leading Dubai property developers are acting to prevent excessive speculation, reported Gulf News. Restrictions on re-sale within two years, a two per cent transfer fee and less generous mortgage deals have been imposed to try to dampen speculative interest in the emirate (see Dubai Property column).
The Pearl-Qatar, new contract
The USD2.5bn The Pearl-Qatar project has awarded a second contract to Fugro Middle East for specific site testing around the Porto Arabia area, the island's main marina. The work will take four months and be completed alongside reclamation operations, said Development Director Nick Bashkiroff.
Nakheel warns on Palm Deira sales
Nakheel has issued a public notice warning that sales on The Palm, Deira may only be conducted through its sales office. No other agents have been permitted by Nakheel to market property on the Palm, Deira, which will become the emirate's third palm island project.
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