2007
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UNB to launch real estate firm
Union National Bank plans to launch a new real estate company with an authorised paid up capital of $1.4bn, reported Khaleej Times. CEO Mohammad Nasr Abdeen said the bank has received approval from the Central Bank of the UAE and it has submitted applications for incorporation with other government ministries and agencies, in hopes that the company would start operating from the end of first quarter of next year.
Sorouh awards $127m contract
Al Geemi and Partners has been awarded a $127m contract by Sorouh Real Estate to build the roads and utilities infrastructure at Shams Abu Dhabi. The integrated development is Sorouh's $7bn billion flagship project on Reem Island, which, once complete, will have 55,000 residents.
Qatar mulls real estate laws
Qatar may implement new measures, including real estate market laws, to tackle inflation which has hit record highs this year, reported Reuters. The country's ruler, Emir Sheikh Hamad bin Khalifa Al-Thani, said a slowdown in rent increases in the second quarter would help achieve a balance between demand and supply in the real estate market and help lessen inflationary pressures.
Al Futtaim eyes $15bn India deal
Dubai-based Al Futtaim Group is seeking to finalize a deal this year on a $15bn mixed-used development in India, reported Reuters. Marwan Shehadeh, managing director of Al Futtaim Capital, said the project would be similar to the Dubai Festival City development, which consists of shops, offices, apartments and hotels. Al Futtaim will work with a local partner on the project.
Gulf faces real estate shortfall
The Gulf will need 12 million housing units by 2017 compared to the current five million, according to Blair Hagkull, managing director of Jones Lang LaSalle MENA. However, just 2.9 million units are currently planned, leaving a gap of 2.1 million units. He said most of the shortfall (67%) will be in Saudi Arabia, reported Khaleej Times.
Sungwon to build Bahrain flyover
South Korea's Sungwon Corporation has won $109m contract from the government of Bahrain to build a massive flyover aimed at removing the traffic bottleneck at the kingdom's busy Isa Town Gate Intersection. The construction will be completed using a 'launching girder,' thereby eliminating the need to use elaborate scaffoldings that disrupt traffic during the 33-month project.
Deyaar eyes $5bn deal in India
Dubai-based Deyaar Real Estate plans to secure a $5bn deal this year to build a township in India with Ansal Properties & Infrastructure Ltd., reported Reuters. Deyaar and its partners will build homes and offices for sale and lease in the suburbs of the capital New Delhi. Deyaar's CEO John D'Cunha said the deal would be formally announced in 30 to 60 days.
Dubai presents plans to Japan
The Dubai Department of Economic Development presented an overview of the emirate's construction and urban planning and real estate investment environment to a visiting delegation of 20 Japanese businessmen representing leading real estate and construction firms. The delegation is visiting Dubai to study the emirate's experience in the different economic fields, especially in real estate and construction.
Lifestyle City underway
Construction has commenced at the ETA Star Group's $650m Dubai Lifestyle City located at Dubailand. Grading work is almost complete and this will be followed by levelling and then infrastructure development. The 4m sqft project will include four and five star hotels, a 100sqft mall, spas and sports academies; the completion date is September 2009.
Century 21 Juffair deal
Century 21 Bahrain has been appointed as the exclusive sales and marketing agents for Juffair Views, a 26 storey sea front development located in Juffair, Bahrain. The firm has signed an agreement worth $15m with the developers of the project Durrat Al Bahrain Development and Construction Company. Juffair Views, which will comprise one and two bedroom apartments as well as three bedroom penthouses, will be completed in 2009.
Imagine opens Dubai office
Imagine Homes, a UK based buy-to-let firm, is this week opening a new office on Dubai's Sheikh Zayed Road with a total of 22 staff. The move comes about as part of its plan to cater for a growing demand in UK buy-to-let properties from Middle Eastern investors. The office will be run by Faez Ajjan, who joined Imagine Homes as the Managing Director for Dubai in April.
ETA Star in Mumbai projects
ETA Star, the Dubai based property arm of ETA Ascon, is developing two projects in Mumbai, reported the Business Weekly. The firm is presently constructing a mall in the Juhu part of the city which is scheduled to be ready by 2010, while ETA hopes to appoint an operator next month for a resort taking shape in Khandala. ETA already has $3bn worth of projects underway in Bangalore and Hyderabad.
Emaar offers Abraj Al Hilal
Emaar Middle East has unveiled Abraj Al Hilal, three residential towers located within Jeddah Gate, the SR6bn project located in downtown Jeddah. The first phase of sales for the two, three and four bedroom apartments and penthouses will begin on November 7 at the Jeddah Gate Sales Centre situated along King Abdullah Road in the Old Airport Area. The towers will range from 19 to 22 storeys in height.
Abyaar $12.6m Q3 profit
Kuwaiti real estate developer Abyaar has recorded a $45.2m net profit for the first nine months of the year, with each share receiving a profit of Dhs4.2. The firm's net profit for Q3 amounted to $12.6m, with Dhs1.2 profit per share. Abyaar listed on the Kuwait Stock Exchange on October 29.
DuBiotech commences HQ
The Dubai Biotechnology and Research Park (DuBiotech) has broken ground on its 22 storey headquarters, Bio HQ, and the Nucleotide Complex laboratory buildings, both of which are part of the project's first phase. The 600,000 sqft headquarters has been designed by CUH2A and should be completed by May 2009. The Nucleotide Complex will be ready by September next year.
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