2005
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Hotline for labour disputes
The Dubai Police has established a hotline 800-5005 for labourers to call if they do not receive payment of their salary, reported Gulf News. Officials said labourers should not wait months before calling and that most of the companies paying late usually had plenty of money.
Dubai land deals up 12%, $520m
The Dubai Land and Property Department has reported a 12% rise in deals to $520m comparing October with the same month last year. Al Barsha-1 was the most active area with 20% of land transaction registrations, taking the place of Emirates Hills which had the highest tally last October.
Dubai apartment rent up 23%
The average rental for a Dubai apartment is up by 23% in the year to October, according to local real estate agents Asteco. The firm noted that an average annual rental for a two-bedroom apartment on the Sheikh Zayed Road was up from Dhs80,000 to Dhs98,000.
Emaar, Cairo Smart Village
Emaar Properties and the Egyptian Government have joined forces to build a new 2.4m sqft Smart Village 10km from the pyramids in Cairo. The low-rise development will have a 6,000 seat convention centre and retail area. This announcement follows Emaar's first project in Egypt, the $4bn Cairo Heights unveiled in August.
Damac, 8% rental guarantee
Damac Properties is offering a guaranteed rental return of 8% per annum for three years on two-bedroom apartments at its Lago Vista apartment project at the International Media Production Zone, which will be close to the upcoming Jebel Ali International Airport.
Bin Sulayem defends Palm Deira
Nakheel Executive Chairman Sultan Ahmad bin Sulayem yesterday denied charges that construction of the Palm Diera was responsible for the washing up of a large number of dead fish in Sharjah. He told Gulf News that on the contrary the palm islands have created a beautiful and suitable environment for marine life and fish.
Al Mahara, rental guarantee
The Al Mahara Tower in the Dubai Pearl project opposite the Palm, Jumeirah is offering investors a rental guarantee that it claims will recover total investment within six years. The tower has commanding views over The Palm and is part of a complex including a huge shopping mall. Agents are Trust Marketing part of Global Trade House.
Dubai tower, free maintenance
ETA Star is offering five years of free maintenance on its sky villas at Gold Crest Views-2 tower in the Jumeirah Lake Towers district of Dubai. These 3,000 sqft double-storey apartments have four bedrooms and balconies on all sides. Completion is scheduled for 2007, and buyers need to book now to get free maintenance.
Bahrain, foreign ownership unrest
Bahraini members of parliament are agitating for the government to limit foreign property ownership, which they blame for an increase in local real estate prices, reported Reuters. Parliament will put a proposal to the government asking it to regulate the property market, which some members say is being dominated by wealthy non-Bahraini Gulf Arab investors.
Saheel Golf Homes on sale
Emaar Properties is now selling completed properties in its Saheel Golf Homes development at Arabian Ranches in Dubai. The single and two-storey villas are available in nine unit types from three to five bedrooms, ranging from 3,166 to 5,308 sqft. Sales open from 9.00am on 27 October at the Arabian Ranches sales centre.
Zamil, 550 towers for SEC
Zamil Steel has won a deal worth $19.9m to manufacture and supply 550 towers to Saudi Electricity. The towers will be used to run 380kv double circuit overhead transmission lines from Fadhili to Shamlul sub-stations in the North Eastern Province.
Sharjah rise in apartment sales
Sharjah is experiencing a surge in property sales for ready occupancy apartments, as expatriate investors and homeowners take advantage of prices and charges that are lower than the adjoining emirate of Dubai, reported Gulf News. But most purchases must be made in cash, and property consultants are advising prospective buyers to wait until new residential towers are completed to take advantage of 20-year finance deals.
Push for property guidelines
Dubai Property Group is pushing for the introduction of general guidelines for property transactions, which would be in addition to the draft property law that is currently before the Dubai Executive Council, reported Gulf News. According to industry officials more professionalism could be brought into the UAE real estate trading business by certifying property dealers.
Zamil supplies Shoaiba project
Zamil Steel will supply structural steel in a deal worth $9m for the second phase in stage two of the Shoaiba Power Plant project in Saudi Arabia. Delivery is due to be completed by April 2006, by which time Zamil will have supplied a total of $43m worth of steel on all stages of the project.
Bahrain airport expansion approval
The Bahrain government has given the go-ahead for the first phase of the Bahrain International Airport expansion project. The project is expected to be implemented in three phases to eventually give the airport a capacity of 45m passengers a year. Six international consortiums have tendered for the construction contract.
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