2006
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$218m Al Maghreb for Bawadi
Al Ghurair Investment is to develop the $217.9m Al Maghreb Resort and Spa at the $27bn Bawadi project. The five star Moroccan styled hotel will comprise 800 rooms, restaurants and retail outlets. The resort will be one of 31 hotels within the entire Bawadi development.
Skycourts allocation sold out
The National Bonds Corporation has sold all the residential units it put up for sale at Skycourts in Dubailand on December 9. The sale was open to holders of national bonds and Dubai Bank customers only until December 15, following which the sale was intended to be opened up to the general public. But all six towers, comprising over 2,300 units, were sold out in the first six days.
Sharjah, $177m Sports City
Sharjah's government has announced the development of a $177m Sports City which will cover an area of four square kilometres, reported Gulf News. Construction work will begin in April next year and will be completed in three phases by 2009. It is hoped that city will eventually host a range of international sporting events.
15% hike in GCC realty wages
Research by recruitment firm Macdonald and Company into wages in the real estate development sector across the GCC has shown that those employed in technical and development roles enjoyed a 15% pay increase last year, reported Gulf News. The hike is equal to Dubai's current rent cap and is well above various predictions for inflation levels in the UAE. Increases for comparative roles in the UK were set at 5%.
Emaar runs UAQ Marina study
Dome International is conducting an environmental assessment study for Emaar at the site of its $3bn Umm Al Quwain Marina project. Emaar says it wants to ensure there is minimal impact on the area's natural habitat. The development will have 6,000 villas, 2,000 townhouses, 1,200 resort and hotel rooms, a marina and canals.
Riffa signs golf course builders
Bahrain's Riffa Views Signature Estates has signed a joint venture of Nass Contracting and Braemar Golf Development to build its 18-hole championship golf course, which is being designed by British golfer Colin Montgomerie. Work is scheduled to begin in December 2006, and to be completed by April 2008.
UAE RCS funds Palestinian homes
The UAE Red Crescent Society has agreed to fund the rebuilding of homes in Gaza and the West Bank, which were destroyed in recent Israeli incursions, WAM reported. According to an agreement with UN agencies, UAE RCS has pledged Dhs8m and Dhs13m towards the respective projects.
Emaar, $500m Dead Sea investment
Emaar will invest $500m in a residential development on the Dead Sea in Jordan. It will include residences, commercial projects, and leisure and entertainment facilities. Emaar subsidiary Emaar Jordan and investors have set up a joint venture company, The Dead Sea Company, to run the project.
$1.63bn Tijara Town at Dubailand
Dubai Properties has launched Tijara Town, a $1.63bn freehold master development targeting small and medium enterprises at Dubailand. It will offer 51 mixed-use units of 77,000 sqft each, comprising offices, showrooms, warehouses, and apartments. There are two four-star hotels, a 24-hour coffee shop and restaurants. Residential apartments are in low to medium rise buildings. Construction on phase I is due to be completed by 2008.
Raffles City Bahrain by CapitaLand
Singapore-based CapitaLand will develop Raffles City Bahrain, part of the Bahrain Bay project unveiled on Tuesday, Trade Arabia reported. The Asian developer will invest $630m in the integrated project, which it will raise through a sharia-compliant real esate fund. RCB will have residential properties, retail and leisure components and serviced residences over 2.88m sqft of built up area. Construction is scheduled to commence in 2007 and be completed by 2010.
Bahrain Bay plans unveiled
The plans for the $2.5bn Bahrain Bay project, a joint venture between Arcapita Bank and a Bahrain investment group, have been unveiled. Final agreements have also been signed with Singapore's CapitaLand, which is investing $630m under its Raffles City brand, and energy company Dalkia, which is investing $150m. Business Bay is expected to be completed by 2011.
Marina Diamond II ready
Marina Diamond II, the second in a series of six residential buildings in Dubai Marina by Diamond Investments, is now ready for handover following a delay in completion, the local developer said in statement. The tower has 266 apartments. Construction of Marina Diamond towers III to V is ongoing.
BIW awards contract
Bahrain Investment Wharf, under development by the local Tameer, has awarded a contract for quantity surveying and cost management of the primary infrastructure facilities to the local Hisham Abdulrahman Jaffer, Gulf Daily news reported. BIW will have industrial and logistics parks, and residential, commercial and business communities.
Mazad raises $68m in first hour
Mazad, Dubai Properties' auction house, raised over $68m for 11 DP lots in the first hour of its third public sale, which took place on the last day of Cityscape. The auction was attended by 200 investors from the UAE and across the region. Dubai Properties sold residential and commercial units, as well as land, in a number of projects, including Culture Village and The Executive Towers at Business Bay.
JBC-5 at Jumeirah Lakes Towers
Al Fajer Properties has launched the Jumeirah Business Centre - 5 tower, taking the total investment in the Jumeirah Lakes Towers development to $681m. Al Fajer Properties will provide a short-term loan of up to 70% of the value of the investment interest-free and pre-approved. The initial booking amount is 10% and the cost per sqft starts from Dhs1,200, with office sizes ranging from 800 sqft to 11,000 sqft.
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