2006
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PDC eyes Gulf expansion
Palm District Cooling is planning to expand its operations to other Gulf countries that are enjoying a construction boom, reported Gulf News. CEO Keith Levers said that the company is currently concentrating on its projects in Dubai, including The Palm and Jumeirah Lake Towers, but will shortly move into other emirates and sees strong growth in district cooling in Saudi Arabia, Qatar, Kuwait and Bahrain over the next ten years.
Aldar, diversification plans
Aldar Properties is planning a major diversification of its activities, reported Gulf News. The firm hopes to develop 30 hotels in the next seven years, while Aldar Academies will aim to set up 20 new schools within five years. Among other plans is a new financing firm, in partnership with First Gulf Bank, while a new healthcare division will look to build hospitals and medical facilities.
Emaar, $20bn Algeria talks
Emaar Properties is in discussions with Algeria over investment deals worth $20bn, according to an Algerian daily cited by Reuters. Emaar's Chairman Mohammed Ali Alabbar held talks last week with senior government officials concerning five potential real estate projects earmarked for the country. The developments would include hotels, residential and commercial blocks and malls; work would get underway in Q2 2007 in Algiers and along the coast.
$136.2m Rainbow Towers in UAQ
FuGen, a UK based international project management and investment company, has launched the $136.2m Rainbow Towers project in Umm Al Quwain. The project comprises seven towers and 1,008 apartments targeted at lower income families facing rent increases in Dubai, Sharjah and Ajman. The official launch date will be announced at a future date as the project is awaiting municipality clearance; Bahrain's Venture Capital Bank is one of the backers.
Al Areen work continues
Construction work at Bahrain's $1.6bn Al Areen development is moving forward, with the Banyan Tree Spa due to open in January 2007, while the Lost Paradise of Dilmun water park should now open in March, according to the Bahrain Tribune. Meanwhile work at the Sarab Al Areen part of the project, featuring a shopping mall and residential developments, will commence next year.
DWTC, Dubai Exhibition World
Dubai World Trade Centre has unveiled the designs for its new $2.2bn exhibition facility. Dubai Exhibition World, based in Exhibition City at Jebel Ali, will be one of the largest facilities of its kind in the world. Full details of the new facilities will be revealed at the EIBTM trade exhibition in Barcelona next week, supported by a local public and industry awareness campaign across the GCC.
Mideast investors target Malaysia
Middle Eastern investors are targeting Malaysia's real estate sector in a bid to diversify their holdings, according to the AP. The country's expanding infrastructure projects, transparent ownership laws and the availability of Islamic finance have made the South East Asian country increasingly popular. Since last year, Middle Eastern investors have staked $548m in major developments.
$1.1bn BMC for AD
A new $1.1bn zone for building materials, Building Material City, has been launched in Abu Dhabi, reported Gulf News. Work on the specialist hub for regional manufacturers and contractors will begin in January and is expected to take about 36 months. The city will be located five minutes from Abu Dhabi International Airport; the project is a partnership between Manazel Real Estate and United Group Holdings.
Lebanon, real estate concerns
UAE based property experts are divided about whether the market will pick up in Lebanon following the 34 day war in the summer and the recent assassination of government minister Pierre Gemayal, reported Gulf News. Hussain Sajwani, the Chairman of the Damac Group which launched a $150m development in Beirut shortly before the war, said sales have slowed significantly but the firm still hopes to sell out within a year.
$818m Plaza Major
Makaseb Holding, Ta'sees and Ishraqah have unveiled the $818m Plaza Major at Jumeirah Village in Dubai. The development includes four towers blending European and Arabic cultural influences. Each tower will have a five-star hotel over four levels and 45 levels of office space.
Infiniti Tower wins award
Dubai's Infinity Tower won the award for 'best architecture' at the International Property Awards in London. The 80-storey, 330-metre high building, designed by Skidmore, Owings & Merill, impressed judges with its 90º twist from top to bottom, said developers. It beat off competition from Argentina, Bulgaria, Cape Verde, the Caribbean, Greece and Portugal.
Burj Dubai Lake Hotel on sale
Emaar is selling properties in the second phase of Burj Dubai Lake Hotel, its 63-storey serviced apartment complex at Downtown Burj Dubai. Amlak is offering finance of up to 96%. A range of furnished studio, one, two, three and four bedroom apartments are available. The complex has leisure and business facilities.
First Dubai $33.3m Liwan buy
First Dubai Real Estate Development, a subsidiary of Al Mazaya Holding, has bought four plots for $33.3m at the Liwin development in Dubailand, the company said. First Dubai is also managing the Sky Gardens tower project at the Dubai International Financial Centre for Global Investment House, and has a development plot on Abu Dhabi's Reem island.
Giga to expand property portfolio
Dubai-based Giga Group has property projects worth $327m in the pipeline for Dubai and Ajman which it will roll out soon, Gulf News reported. The diversified business group, a major bullion trader and refiner, currently has $547m tied up in UAE property projects, with three towers being developed in Dubai's Jumeirah Lake Towers and 10 buildings coming up in Ajman.
AJIB finance for Pearl-Qatar
The Pearl-Qatar has signed Arab Jordan Investment Bank Qatar to offer finance to buyers of residential property in the multi-million dollar development. Commercial Bank of Qatar and Qatar National Bank also offer home finance.
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