2006
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Emaar on track in Damascus
Emaar Properties is on schedule with the construction of the presentation centre for its $500m Eighth Gate project in Damascus. The mixed use development broke ground in June and the design for two office buildings and four residential cum commercial buildings is in progress. The presentation centre is due to be ready in Q1 and is currently 60% complete.
Delays may hit Dubai rents
Dubai based property experts believe the series of delays affecting many construction projects in the city will prevent any major downturn in rental prices next year, reported Gulf News. Although a number of projects should be handed over in 2007 including International City and the Jumeirah Beach Residence, it is thought that supply will only meet existing demand and will not create any surplus in the market.
Bin Laden, $250m airport deal
Saudi Arabia's Bin Laden Group, in partnership with France based Aeroports de Paris, has been awarded a $250m contract to develop a lounge for Hajj pilgrims at the King Abdul Aziz International Airport, reported Arab News citing the Arabic daily Asharq Al Awsat. The International Finance Corporation, the private sector arm of World Bank, handled the bids for the project which will be developed on a build-operate-transfer basis.
RAK rents cause divorce
Spiralling rental increases in Ras Al Khaimah have become a factor in marriage break-ups, with about 10% of the 386 registered divorce cases citing the high cost of living as the main reason for the split, reported Gulf News. A number of newly married couples have sued for divorce because husbands cannot afford decent accommodation. Some places in RAK saw rent hikes of 100% before a 15% cap was implemented.
Costly raw materials in Qatar
Prices of building materials in Qatar which spiked due to the frenzied bout of construction work prior to the Asian Games have yet to cool, reported The Peninsula. But industry experts believe prices should ease after the Eid Al Adha holidays. Both cement and steel have recently seen 25% price hikes and the former is still in short supply.
Eviction threat at Gardens
Tenants living in three bedroom apartments in the Gardens development in Dubai are facing possible eviction next year, reported Gulf News. The Gardens' management has put all tenancy renewals on hold amid rumours that the three bedroom units are to be pulled down in order to build a new road. Some tenants believe they will be evicted by June at the latest.
Bayswater on track
Enabling work on the $92m Bayswater commercial tower at Dubai's Business Bay is almost complete, according to developer Omniyat Properties. The main building works will start in January 2007 and are expected to be completed by Q3 2008. Local firm Dubarch is the designer. The building is targetted at medium sized companies.
Red Sea $50m Pearl GTL deal
Saudi's Red Sea Housing Services has won a $50m contract with Hyundai Heavy Industries to construct housing and offices at its Pearl GTL project in Qatar's Ras Laffan Industrial City. Red Sea makes modular housing units mainly for staff working on industrial projects.
Dubai rent cap ends soon
Dubai's 15% rent cap law ends on 31 December 2006, with no official indication as to whether it will be renewed, altered or scrapped in the New Year. Some landlords are reportedly notifying tenants of 15% rent rises for next year, before the existing rent cap ends in four days, according to Gulf News.
DM approves $950m towers
Dubai Municipality says it issued permits for eight high-rise buildings, collectively worth $950m, in December 2006, the highest number licenced in a single month. Five are located in Dubai Marina, ranging in height from 37 to 100 levels. Two are marked for Sheikh Zayed Road and one for Dubai Sports City.
Asteco markets Marina West
Dubai-based Asteco Property Management has been appointed sales and leasing agency for Bahrain's Marina West residential project. The beachside development has around 1,280 freehold apartments and penthouse suites, leisure and entertainment facilities and retail outlets.
Oger $409m UAE University deal
Oger Abu Dhabi, a subsidiary of Saudi Oger Group, has won a $409m construction package from Mubadala Development Company for the UAE University's new campus in Al Ain. The campus will be built over four years, with a first phase due to be ready mid-2008. It will have teaching and recreational facilities and accommodation for staff and students.
Minister predicts 20% rental drop
Residential rents in Qatar are likely to drop by about 20% in the next 7-8 months, according to the finance minister Yousef Hussein Kemal quoted by The Peninsula. Qatar has a 10% cap per year on rental increases. Kemal said government estimates put inflation at around 6%, but plans are in place to contain it to 3%.
Pallonji wins Park Towers contract
India's Shapoorji Pallonji has been appointed main contractor by Damac Properties for the $163m Park Towers at Dubai International Financial Centre, Gulf News reported. Construction will take 27 months. The project will have 100,000 sqft of retail space, and offices over seven floors. Two residential towers each have 216 units comprising penthouses, one, two and three bedroom apartments; together with leisure and health facilities.
Memon $272m UAE investment
Pakistan-based Memon Group plans to invest $272m in UAE property projects by the end of 2008. Memon will announce two new projects in Q1 2007. It is currently developing the $20.4m Champions Tower I and the $30m Champion Towers II at Dubai Sports City, both of which have sold out.
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