2005
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$272m Al Gurm Resort for AD
Aldar Properties has announced plans for Al Gurm Resort, a $272m waterfront resort and recreational complex on Abu Dhabi island. The development consists of a 161-room hotel, and 59 individual private homes for sale to UAE nationals only. Prices for three and five bedroom villas range from $2.23m to $9.53m
Asteco opens in Saudi
UAE-based real estate firm Asteco has opened an office in Saudi Arabia which will manage its five-storey project in the Eastern Province city of Al Khobar. The Buildex development will house design, architecture and building trade companies serving the wholesale market.
By-laws to clarify property law
Abu Dhabi will soon issue by-laws to support and clarify the emirate's property laws, according to Aldar Chairman Ahmad Ali Al Sayegh. Abu Dhabi passed landmark property laws earlier this year relating to property ownership rights of both nationals and foreigners.
ADNH launches The Gate
Abu Dhabi National Hotels has announced details of The Gate project, which will be built in the UAE capital by mid-2008, according to a statement. The mixed-use development will have a 265-room five-star hotel, two serviced apartment towers, an office tower, a 200,000-sqft retail mall, as well as 50 waterside chalets and beach club.
Zee's $50m Dubai investment
India-based Zee Network is investing $50m in the building of Zee Towers in Dubai, which will be the media group's Middle East headquarters. The building will have 100,000 sqft of office space over five floors for lease, and will house production, post-production and broadcast management infrastructure.
Al Safa Park realty scheme
The Dubai Municipality is to promote a 100 hectare real estate development project in the Al Safa Park area of Jumeirah, reported Gulf News. The project will feature a series of small water canals and a pedestrian promenade as well as schools, a hospital and hotel.
Dubai rent cap review in 2007
The 15% cap on rental increases in Dubai will be reviewed after the end of 2006, Chairman of the Dubai Rent Committee Saeed Mohammad Al Kindi told Gulf News. He also pointed to the need to build more mid-market apartments to help keep rents at reasonable levels.
Own a Dubai hotel suite
IFA Hotels & Resorts, a wholly owned subsidiary of Kuwait's International Financial Advisors has launched its hotel ownership program at the Movenpick Hotel & Residence Laguna Tower in Dubai. IFA has developed an innovative property investment that allows investors to buy a fully furnished, five-star branded hotel residence, with a rental pool system giving a guaranteed return of 8% per annum for the first three years plus 30 days complementary use per year.
Emaar, Old Town Island
Emaar Properties has unveiled The Old Town Island, a 26-hectare Arabian inspired island located on the Burj Dubai Lake and opposite the Burj Dubai - the tallest tower in the world when completed in 2008. Containing some of the most beautifully designed homes to emerge from the downtown at Burj Dubai to date, The Old Town Island will also offer boutique offices, a hotel and spa and some of Dubai's finest entertainment and retail venues.
Churchill Towers, Business Bay
Emirates National Investment is promoting the new Churchill Towers development in Dubai's Business Bay. There is a 42-storey luxury office tower with mini-golf course, and a 59-storey apartment residency complete with fitness centre and squash courts. Visit, www.deyaar.ae
Big 5 Show ends today
Dubai's major construction trade show, the Big 5 Show, ends today after receiving numerous foreign delegations interested in the ongoing Dubai construction boom. The huge show attracted a record attendence with there being no sign of a downturn in the sector.
Emirates Glass, Palm deal
Emirates Glass says it has won a contract to supply 1.4m sqft of premium glass to projects on the Palm Jumeirah. The company will begin delivery of its EmiCool Sun Gray/Bronze product to the development by the end of November, it announced at the Big 5 construction show.
$68m SwissTower at JLT
A 40-storey country-themed business tower, called the Swiss Tower, will be built at a cost of $68m in Jumeirah Lake Towers by a consortium led by Al Tamimi & Company. The venture is supported by the Swiss Embassy in the UAE, the Swiss Consulate General and the Swiss Business Council. Sales for the project will be managed by Asteco, due for launch in March 2006.
Al Areen resort to go ahead
Bahrain-based Enshaa Development Real Estate will build a resort over 519,000 sqft at the mixed-use Al Areen development. The resort will be designed by Australian firm Spowers, and include a 250-room hotel, 91 executive serviced apartments, and 120 condominiums.
Edara for MotorCity
Dubai-based Edara has been appointed project manager for MotorCity. The $1.1bn, 30m sqft project by Union Properties is due for completion in 2009. Edara will develop Uptown Motor City, Green Community Motor City and the Auto Mall.
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