2005
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Tabreed to cool Aldar
Aldar Properties has engaged Tabreed to provide district cooling services for all its projects in Abu Dhabi. Al Maamoura Tower is the first project under the deal, to which Tabreed will supply 1,816 tons of refrigeration.
Emaar starts work on Saudi city
Emaar has begun work on the $26.6bn King Abdullah Economic City project, which will initially be directed at the port area then on residential structures. The overall project will be built in stages, with the first lot of business and resident premises due to be ready in 24 to 36 months.
New cement factory for AD
A group of developers plans to set up a 700,000 tpy-cement factory in Abu Dhabi at a cost of $35.9m. The Taiba plant will be built over 8m sq ft in Al Musaffah, and supply cement to local projects.
Dubai deals reach $275m
Dubai land transactions pulled in $275m during the last week, made up of 44 land sales worth $118m and 29 mortgages valued $157m, according to the Dubai Lands and Properties Department. The figures were the second highest weekly returns in 2005.
Dubai pedestrian bridges
Dubai is building seven air-conditioned pedestrian bridges throughout the city, at a cost of $9.52m. Locations include Airport road near the Cargo Village underpass, and Abu Hail road near the Grand Mosque, and were chosen taking pedestrian movements and accidents into account. The bridges will be completed by the end of 2006.
Dubai Lagoon, 80% sold
The $817m Dubai Lagoon low-rise apartment development made up of 53 buildings, has sold 80% of properties in the two weeks since launch, due largely to a unique payment plan, according to promoters. Purchasers initially pay 50% of the purchase price over two years, then the balance over five years in monthly installments on moving in.
$2bn Bahrain industrial project
An agreement has been reached for the construction of a $2bn industrial compound on reclaimed land from the Hidd coast in Bahrain. The Industry and Commerce Ministry will be leasing the 170-hectare block for 50 years to Al Khaleej Development Company, which will establish the centre with the support of strategic investors.
Jafza ups rents over cap
The Jebel Ali Free Zone Authority has hiked staff accommodation rent by up to 43%, despite the recent introduction of a law capping rent rises at 15%, reported Gulf News. Some tenants have said they intend to relocate staff out of the free zone to cheaper accommodation.
Dubai land prices up 184%
The cost of development land in Dubai has increased by 184% over the last year and a half, with prices still rising, according to a survey by CB Richard Ellis and Construction Weekly magazine. The result could mean tighter margins for developers and contractors. There is also 53% less land available for sale now, compared to January 2004, according to the report.
AD hotel gets makeover
Abu Dhabi's Khalidia Palace Hotel is being demolished and redeveloped at a cost of $204m into a five-star hotel to be managed by the Rotana Group, reported Emirates Today. The 206-room Khalidia Palace Rotana Hotel and 107 furnished apartments are due to be ready by 2009.
Al Jawzaa twin towers launched
Tameer Holding has opened sales in its residential project called Al Jawzaa, at Dubai International City. The twin buildings each have five floors of studio, one and two bedroom apartments. The $15m development is expected to be ready by mid-2007.
Orascom, $355m Science park deal
Egypt-based Orascom Construction Industries says its US-based subsidiary Contrack International has won a $355m contract to build a science and technology park at Education City in Doha. The joint venture deal with local firm Darwish includes the construction of five main buildings, and infrastructure and landscaping works.
DTZ leases Dubai Towers - Doha
Dubai International Properties, a member of Dubai Holding, has appointed DTZ as leasing agents for its Dubai Towers - Doha project in Qatar. The 80-storey development has residential apartments, retail and office space, shopping mall, and five-star hotel. It is due to be completed in 2008.
$154 Dubai Land sales
Land deals worth $154.4m were concluded in Dubai in the past two days, according to figures from the Lands and Property Department. The biggest sale was for a 1.19m-sq ft plot in the Jebel Ali Industrial Area which went for $35.7m.
The Centrium towers, hot sales
ETA Star says two of its four Centrium tower blocks in Dubai's International Media Production Zone have been fully booked. One, two and three bedroom apartments are being offered with prices ranging from $155,217 to $300,000, together with up to 95% financing through Tamweel. The success of the project is proof that that the property boom in Dubai is here to stay, according to executive director Abid A Junaid.
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