2005
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Oryx launches AO2
Oryx Apartments has launched sales of properties in the AO2 tower development at Jumeirah Beach Residence through its website. The tower has one, two and three bedroom apartments, duplex lofts, and four bedroom penthouses. The company says it has been given the right to sell at an exclusive per sqft rate, giving savings of up to $68,000. Visit www.oryxapartments.com.
Qatar, low-cost housing plan
Qatar is planning to build a city to house low-income expatriates on the outskirts of Doha to help combat spiralling rents in the capital, reported The Peninsula. Rents for families and single workers allotted housing units in the proposed city are to be fixed strictly in accordance with their monthly income.
Dubai, construction leader
Construction projects underway in the GCC, Iran and Iraq are worth more than $697bn, according to a report by Meed Projects cited in Gulf News. The value of UAE projects is currently $223.79bn, and with the majority of works taking place in Dubai, the city has one of the highest per capita construction spends in the world. The Big 5 Show, the largest construction and building materials exhibition in the Middle East, runs from 16-20 November in Dubai.
Ferrari, Aldar project
Ferrari and Aldar Properties have agreed to build a Ferrari-concept tourist and leisure development in Abu Dhabi. Plans include the construction of a racing circuit, hotels, retail, residential and hospitality components. The project is at the design stage and is expected to be announced in 2006.
DIP to build $545m Bahrain resort
Dubai International Properties will build a $545m development in Manama, called the Salam Beach Resort and Spa. The development will cover an area of 5m sqft, and feature a five-star hotel, hotel villas, spa and wellness centre, a traditional souq, and marina. It is due to be completed by March 2009.
$4.37bn Palm Deira dredging deal
Nakheel has awarded a $4.37bn contract to The Netherlands-based Van Ord Company for dredging works for the Palm Deira project off the coast of Dubai, reported WAM. More than 1m cubic metres of sand and 70m tonnes of rock will be used to dredge a 17-km stretch of coastline.
DM to build new zoo
Dubai Municipality is to build a new zoo at a cost of $54.5m near Mushrif Park. The zoo is designed to be an open safari-type enclosure, with the first phase being built over an area of 5.38m sqft. Dubai Municipality Director General Qassim Sultan says the existing zoo in Jumeirah will move to the new location.
Sharjah, low-cost housing
Sharjah would welcome investment from the private sector in a low-cost housing scheme for expatriates, according to Sharjah Chamber of Commerce and Industry Chairman Ahmad Al Midfa quoted in Gulf News. There is a high demand for low-cost housing in the emirate, with developers in neighbouring Dubai concentrating mainly on high-end projects.
Kipco, $400m Amman project
The Kuwait Projects Company has signed an agreement with Abdali Investment & Development to become a partner in its massive urban regeneration project for downtown Amman. Kipco expects its investment in the regeneration scheme to total $400m. This includes its equity stake and additional investments.
$685m Escan Properties formed
UAE and Saudi investors have joined forces to establish Escan Properties in Abu Dhabi with an initial capital of $685m, reported Gulf News. Its first project will be Fujairah Paradise, a 1,000 residential unit, shopping mall and hotel, to be launched early next year. The company plans to allow 49% foreign ownership and eventually hold an IPO.
Dubai rent rises capped at 15%
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum has ordered that rent rises between now and the end of 2006 will not exceed 15%. The order will be enforced by the Rent Committee of the Dubai Municipality, according to a statement issued to Wam.
AD Worldwide Property Show
Abu Dhabi is to host the Worldwide Property Show this week which opens from November 14-15 at the Beach Rotana Hotel. Tameer will be marketing the Princess Tower at Dubai Marina, which is set to be the world's tallest residential tower with spectacular views over the Palm, Jumeirah.
80-storey Dubai Marina tower
Defying the slowdown in off-plan apartment sales, the 80-storey Infinity tower at the Dubai Marina is to be launched at the the Worldwide Property Show in Abu Dhabi this week. The project by Cayan features a novel twist in the tower, and is being marketed by Palma Real Estate.
Oryx voted best UAE agency
Oryx Real Estate has been voted the best real estate agency in the UAE at the Bentley Motors International Real Estate Awards held in London. Oryx Apartments sold out its first tower - The Atlantic in Dubai Marina - in record time. The company is now selling the first in a series of new apartments in the Jumeirah Beach Residence project. In 2004 the company won the award for best real estate agent website.
The Jewels contract awarded
El Seif Engineering Contracting has won the contract to build The Jewels, a 20-storey, $68m twin tower development at Dubai Marina, according to a statement. The Jewels will house 120 units and five villas priced between $217,812 and $2.72m.
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