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50,000 shortfall in Qatar
The Chairman of Qatar's Barwa Real Estate Company, Ghanem Saad Al Saad, has said the country has a shortfall of 50,000 housing units in the middle to high-end income bracket, reported The Peninsula. Al Saad added that he had no idea when rental rates might ease and said Barwa had received applications from 11,000 people seeking to rent 1,984 two and three bedroom apartments due to be completed next April.
National Properties, DIB deal
National Properties, the wholly owned real estate subsidiary of the UAE's National Bonds Corporation, has signed a financing agreement with the Dubai Islamic Bank (DIB). The DIB will offer shariah compliant mortgage packages to investors at National Properties' current and future developments, including the ongoing $408m Skycourts which is being built in Dubailand. National Properties also recently launched the Flamingo Creek development at the Lagoons in Dubai.
Dubai agency registers 400
Dubai's Real Estate Regulatory Agency (RERA) has licensed around 400 real estate developers, reported Emirates Business 24/7. The majority of the 400, which includes major firms like Emaar Properties and Nakheel, have also established escrow accounts to protect investors' money while their homes are being built. RERA CEO Marwan Ahmed bin Ghalita said the registration process has added greater transparency to the sector.
Coconut Island taking shape
Abu Dhabi's Aldar Properties has now completed a substantial amount of the land reclamation work and dredging for Coconut Island, its island resort and residential development located off of the capital's west coast. The project, a joint venture with the National Corporation for Tourism and Hotels, is expected to be completed in 2010. Denniston International Architects and Planners has been appointed and the master plan has been approved.
Mexican Waves underway
The UAE's Hydra Properties has commenced work on the first phase of its Hydra Waves development at Mazatlan in northern Mexico. The project will see the construction of the 37 storey Hydra Waves Tower, a 26 storey five star hotel and other multi-storey buildings earmarked for time share opportunities. The development was first unveiled in June.
Sorouh appoints Mouchel Parkman
Sorouh Real Estate has appointed Mouchel Parkman as the infrastructure consultants for Al Mashtal, its 7.4m sqft mixed use development near Abu Dhabi's business district. Mouchel Parkman will undertake infrastructure work including water, power, gas, communications, sewers, irrigation, district cooling, street lighting and internal roads. The consultancy will also undertake several research projects on environmental issues, traffic impact and on geotechnical studies.
Saraya Aqaba in land deals
The Saraya Aqaba Real Estate Development Company and PBI Aqaba Industrial Estate have signed agreements which will see Saraya acquire two pieces of land. The two lots, the first comprising 160,000 sqft and the second 136,120 sqft, will be used for the construction of a central laundry building, workshops and warehousing for Saraya Aqaba. In August, Saraya bought land worth $60m for the purpose of building staff accommodation.
$598.4m Baniyas City project
The Baniyas Investment and Development, a subsidiary of the Baniyas Sports Club, has launched a mixed use project in Abu Dhabi's Baniyas City worth $598.4m. The 108 hectare development will include villas in addition to commercial and residential towers; it will also provide a new headquarters and facilities for Baniyas Sports Club as well as a shopping mall. It should be completed in 2009.
Red Sea wins $23.5m contract
Saudi Arabia's Red Sea Housing Services, a supplier of temporary facilities for the oil, gas and construction industries, has won a $23.5m contract from Kellogg Brown and Root for the construction of a 450 man camp comprising offices, a warehouse and workshop facilities. The camp will be built at the Skikda Liquid Natural Gas Plant in north eastern Algeria.
Westar launches Reflections
Dubai's Westar Properties has launched Westar Reflections, a group of 14 townhouses, at Jumeirah Village. Each unit features its own private swimming pool. An escrow account has been opened with Badr Al Islami, while the National Bank of Abu Dhabi is offering potential customers home finance packages.
$81.6m Tasweeq in Abu Dhabi
A new $81.6m real estate marketing firm has been established in Abu Dhabi, reported Gulf News. The capital city's Executive Council has given the green light to Tasweeq, which will operate as a private shareholding company. Tasweeq is hoping to forge strategic alliances with prominent local developers like Aldar Properties and Sorouh Real Estate.
Agents back Dubai rent cap
Dubai's real estate agents have welcomed the government's decision to impose a 5% rent cap for 2008, a reduction on last year's 7%, reported Gulf News. Elaine Jones, the CEO of Asteco, described the move as 'good for taming inflation' and said the government's intervention had worked out well for residents. The rising cost of living is one of the biggest concerns for those living in the city.
Egypt death toll now at 33
Search teams discovered three more bodies yesterday, Saturday, in the rubble of the 12 storey block of flats which collapsed early last week in Alexandria, reported the Middle East News Agency. The death toll now stands at 33 and the emergency services are still looking for more bodies. The building collapsed as construction workers carried out repairs on the first floor.
Saudi mortgage firm set up
Saudi Arabia's Minister of Commerce and Industry Dr Hashim Yamani has given the green light to the establishment of the Company for Financing Houses, reported the Saudi Press Agency. The firm, which will be based in Riyadh and will provide mortgages, has a capital of $534m. The company will be managed by a board of ten directors who will be appointed by the firm's general assembly.
Emaar Misr chooses OCI-Contrack
Emaar Misr for Development, the wholly-owned Egyptian subsidiary of Emaar Properties, has appointed Orascom Construction Industries-Contrack (OCI-Contrack) as the contractor for the first group of villas and townhouses, as well as the beach club, being developed at Marassi at Sidi Abdel Rahman Bay. The award of the contract follows a competitive bid process in which six Egyptian companies participated. The $1.7bn mixed-use Marassi will cover an area of 62.5m sqft.
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