2005
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UAE heads GCC construction
The UAE has $35.6bn worth of construction projects running, making up 63.7% of the total value of projects under development in the GCC, according to a report by Abu Dhabi National Exhibitions. More than 250 exhibitors are expected to participate at Construct Abu Dhabi 2006 being held between 2-5 April, where the focus will be on all aspects of the construction industry
The Wave opens sales centre
Developers of The Wave, Oman's $805m tourism and sea front residential project, have opened a sales centre in Muscat to promote the development. Dubai-based Majid Al Futtaim Holding has a 50% stake in the project with partners the Oman Tourism Development Company.
The Palm Trump sales by year-end
Nakheel will begin selling properties in The Palm Trump International Hotel and Tower on The Palm Jumeirah by the end of 2005. The $400m joint venture between Nakheel and the US-based The Trump Organisation will offer 500 one, two and three bedroom apartments and penthouses, with access to five-star hotel services and amenities.
Park Lane Business Tower, Dubai
KM Properties, part of the Al Rostamani Group, has launched the Park Lane Business Tower near to the Dubai World Trade Centre. The office tower will have direct access to the upcoming Dubai Metro, and freehold offices are on sale from $136,000 for 447 sqft to all nationalities.
Citadel tower, Business Bay
Dubai Islamic Bank subsidiary Deyaar is marketing The Citadel, an office tower at Business Bay in the heart of Dubai. The tower offers spacious conference rooms, a business lounge, and 3,970 sqft convention halls, plus CCTV and high speed Internet access.
$70m The Cube at DSC
A consortium of German companies led by Engel & Volkers plan to build a $70m project called The Cube, which will be part of the Dubai Sports City development. Hamburg-based firm BRT are the architects and Berlin-based BMG, the contractors. Design details will be announced when the apartments go on sale in November.
Riverwalk purchases on escrow
Private equity firm Capital Partners will keep escrow accounts for real estate sales in the $1bn Riverwalk development at Dubai Internet City. Under the scheme, deposits from the buyer are held by an independent third party until all elements of the deal are complete. Phase one sales of the project will open before the end of 2005.
$25.7m Dubai land sales
Land deals worth $25.7m were concluded in Dubai yesterday, according to figures from the Land and Properties Department. The biggest sale was for a plot in Al Souq Al Kabeer which went for $3.16m, which was also the largest plot at 11,626 sqft.
Unpaid workers switch jobs
The UAE Labour Ministry has for the first time allowed sixteen unpaid labourers to change sponsorship without permission from their employer. The construction workers had not been paid for over four months. The UAE Protection of Wages law, passed in 2003, requires employers to pay their workers at least once every month.
PDC to cool Discovery Gardens
Palm District Cooling has won the contract to deliver chilled water for air conditioning at Nahkeel's Discovery Gardens project in Dubai. PDC will produce and distribute chilled water for a total connected capacity of 126,000 refrigeration tons, at a capital cost of $136.2m.
Emaar, $4.3bn Syria push
Dubai-based Emaar Properties will invest about $4.3bn in developments in Syria, according to a report in the London-based Arabic newspaper Asharq Al-Awsat. Emaar will reportedly put $4bn into a 50m sqft project near Damascus, called Damascus Hills, and have a 40% stake in a $700m development called the Eighth Gate.
Legends work begins
Developers have started building work on the $3.8bn Legends project in Dubailand. Legends of Arabia, the first of three theme parks that will eventually cover 24.7m sqft, is expected to be finished by 2008. Dubai-based Legends Development Co. is managing the development conceived by Bahrain-based Gulf Finance House.
Emaar consults communities
Emaar has had to scale back planned service charge increases on two developments, after nine months of consultation with community residents. Emaar had planned to put up charges at The Greens and Dubai Marina from Dhs8 to Dhs15 per sqft, but charges will now vary from Dhs9.75 to Dhs10.65 per sqft after homeowners objected. Emaar helped set up a community representation system early in 2005, monitored by independent auditor Ernst & Young.
Oryx tower, free plasma TVs
Oryx Apartments has launched The Atlantic, an 18-storey tower of luxury apartments in Dubai Marina priced from $211,000. Three bedroom apartments are up to 3,324 sqft while two-bedroom apartments are up to 1,883 sqft. There is also a free plasma TV and white goods package. Completion is due by late 2007, with 50% of payment within one year.
Living Legends go on sale
The $2bn Living Legends project, part of the Dubailand theme park development, has started its marketing campaign. The residential component now on sale comprises 500 villas, as well as 300 three-bedroom and 150 two-bedroom apartments priced from Dhs700 per sqft.
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