2007
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Industry supports UAE workers
During the ongoing MEED Project Risk Management in Construction conference, Graeme McCaig, GM at construction firm Dutco Balfour Beatty, stressed the importance of supporting the needs of construction labourers in the region. Over the past couple of weeks the UAE has seen a number of worker protests over poor living conditions and low wages. He said the government is not prepared to set a minimum wage and so it is the responsibility of private firms to take action.
Gulf needs smarter risk aversion
Hussam Assaf, Director of Construction at Emaar Properties, told delegates the MEED Project Risk Management in Construction conference that the best way to mitigate risk was to share it with the client, rather than carry the burden alone. Speakers at the conference looked at various ways of controlling risk in the contstruction business in the Middle East. Norman Haste, Chief Executive Officer at Al Naboodah Laing O'Rourke, said the gulf region still has to find "smarter" solutions for delivering projects on time. The region, he added, still suffers from low technology and high dependence on labour.
Marina West makes progress
A detailed design for the 3.5m sqft Marina West development in Bahrain is close to being completed and work is expected to accelerate on the site in the near future. A design and build contract was awarded to Al Hamad Construction and Development in June. Piling operations have been ongoing and work on the super-structure of the buildings will begin shortly.
Stromek gets shoring deal
The Stromek Emirates Foundation, a subsidiary of M'Sharie, has been awarded a contract by Dubai International Real Estate at a residential and commercial tower being built on the Al Ittihad Road. Stromek, in collaboration with main contractor the Al Habbai Contracting Company, has been commissioned to undertake shoring and piling foundation work and it has already completed 50% of its objectives. The firm was given 45 days to complete its work.
Al Mazaya $77.4m 9-month profit
Kuwaiti property developer Al Mazaya Holding has posted a net profit of $77.4m for the first nine months of the year, an increase of 16% when compared to the $66.6m reported in the corresponding period in 2006. Rashid Al Nafisi, the firm's Chairman, is anticipating record profits to be achieved by the end of the current fiscal year.
Revolving tower sales launch
Dubai Property Ring, the developers of the 55 Degree Time Dubai (Residences) revolving tower, formerly the Time Residences, has launched the sales phase of the project, reported the Business Weekly. Tav Singh, the firm's Director, has said interest has been strong with a single sale for the whole building a possibility. Construction of the 30 storey development at Dubailand should start inside six months with completion on October 10, 2010.
Champions Tower sold out
Dubai based real estate developer Memon Investments has revealed that its $39.4m Champions Tower III, located at Dubai Sports City, has now completely sold out. Launched in late June, the property was marketed throughout Asia, Europe and the Middle East. The 16 storey tower will offer 256 residential units on completion in 2009.
Limitless South Asia appointment
Limitless has appointed Krishna Subramanian as its Chief Financial Officer for South Asia. The firm has several projects in India in the pipeline and has already unveiled Bidadi, a $12bn joint venture development near Bangalore. Subramanian will be based at the firm's Mumbai office which is set to office early next year.
$536m development for Jeddah
The Kinan International Real Estate Development Company has launched a $536m mixed use development in Jeddah at the intersection of King Abdullah and Al Andalus streets and close to the central business district, reported Arab News. The project will contain 1.2m sqft of office space, 770,000 sqft of apartments, a 300,000 sqft five star hotel and a 360,000 sqft shopping mall. The venture should be ready in 2011.
Aldar at Estatex 2007
Abu Dhabi's Aldar Properties will market land available for development on Al Raha Beach as well as property in the Al Muneera District at the 5th International Real Estate and Housing Exhibition, Estatex 2007, which is being held in Dammam at the Dhahran International Exhibition Centre from November 11-15. Aldar is making its debut at the event and the firm is also to be represented at the upcoming World Travel Market in London.
Arabtec strike over
The ten day old strike by more than 30,000 workers employed by Arabtec Construction has ended after an agreement was reached, reported Gulf News. The labourers, many of whom work on the world's tallest building, the Burj Dubai, had been seeking a pay increase of around Dhs500 a month and better working conditions. Dubai Police revealed that 200 protestors, labelled as 'instigators', are to be deported.
Jumeirah Hantang progress
Jumeirah has revealed that the construction phase of its HanTang Xintiandi hotel in the downtown Luwan district of Shanghai has now been completed. The hotel, which has been designed by New York's Kohn Pedersen Fox Architects and Japanese interior design firm Super Potato, will feature 309 rooms, suites and villas as well as conference and banqueting facilities and a spa. It should open next August.
Istithmar opens China office
Istithmar, Dubai World's real estate investment arm, has opened an office in Shanghai, China, which represents the company's first international foray outside the UAE. The firm says the move will help it tap into opportunities in one of the world's key emerging markets and heralds the beginning of its expansion in prominent cities around the globe.
Burj Dubai strike continues
Thousands of migrant builders in Dubai remained on strike on Wednesday, including many at Burj Dubai, the world's tallest tower, reported AFP. Arabtec, which is building the tower for Emaar Properties, acknowledged that the nearly two-week old strike is still ongoing. The strikers are seeking better pay and working conditions. "The situation has not changed and the workers are still on strike," Arabtec spokesman Ammar Tuqan told AFP when asked about the status of the firm's 34,000 staff. He declined to go into further details but told the Dubai state-owned daily Emarat Al-Youm that only "around 1,500 Arabtec staff resumed work on Tuesday after a strike now running for nearly two weeks".
Deyaar reports $55m profit
Dubai-based Deyaar Development has reported a net profit of $55m for the period ending September 30, 2007. The company was incorporated on July 10, 2007. The company said its performance was driven by a high number of project launches and new marketing initiatives.
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