2007
- The news you choose »
- Login to Add to Watchlist
Ferrari Theme Park underway
The foundation stone has been laid to mark the start of work on the 2.5m sqft Ferrari Theme Park on Yas Island in Abu Dhabi. Ferrari's President Luca di Montezemolo and Ahmed Ali Al Sayegh, the Chairman of Aldar Properties, were in attendance. When completed in 2009, the park will offer 24 attractions in addition to a racing circuit which will host the Abu Dhabi F1 Grand Prix that same year.
Global sells out in Muscat
Kuwait's Global Investment House has revealed its GCC Real Estate Fund has completely sold out its Hail Villa project in Muscat and has achieved the expected return on its investment. The project, due to be completed in Q1 2008, covers 400,000 sqft and consists of 100 villas, a mosque and retail outlets. The fund conducted the investment with Al Argan Towell, a subsidiary of the Al Argan International Real Estate Company.
GDS wins MotorCity contract
Gulf Dynamic Switchgear (GDS), a wholly owned subsidiary of M'Sharie, the private equity arm of Dubai Investments, has been awarded a contract for the supply of low voltage distribution boards for MotorCity Uptown Area 2. GDS manufactures main distribution boards, sub main distribution boards, motor control centres, feeder pillars and street lighting panels as well as synchronising panels. It has recently won several deals including one at Dubai Investments Park.
Samaya set to open
The five star Samaya Hotel Deira is set to receive its first guests in the middle of this month and it will be the first property in the Samaya Hotels and Resorts portfolio. The 16 storey hotel is located seven kilometres from Dubai International Airport and nine kilometres from the Dubai International Financial Centre. The property contains 176 rooms as well as various suites.
Index underway at DIEC
The 17th edition of Index, the interiors show, is currently underway at the Dubai International Exhibition Centre (DIEC). The event, which runs until Monday, November 5, features 1,500 exhibitors from 56 countries, including 35 country pavilions. The show is open from 11am until 8pm.
Golf Estates hands out deals
Jumeirah Golf Estates, has unveiled $103.4m worth of new construction contracts for the first phase of the development. The deals mostly relate to core infrastructure elements. Ascon Road Construction has been handed a sewerage and water supply contract, while Al Buraq Contracting will handle voltage, street lighting and telecoms and Hennessey Construction will design and build the agronomy centre.
Holiday Inn Express opens in Dubai
The first Express by Holiday Inn in Dubai has been launched by Ishraq Gulf Real Estate Holding Company. The $30m limited service hotel, which will be located in Internet City, will cater to price-conscious business and leisure travellers seeking quality lodging at affordable rates. Ishraq will be investing $600m in the next few years to develop the Express by Holiday Inn brand across most GCC countries.
Quality of properties questioned
Behrouz Javaheri, chairman of Dubai-based Saba Properties, said the reputation of Dubai's real estate industry is being undermined by a perception that the quality of a number of properties is sub-standard. He said Dubai's property market would suffer if word spreads of poor quality. The situation will be further aggravated as the market continues to shift towards end users, he added.
Jafza in tie up with Tata
Jafza International, the global operations arm of Economic Zones World, has signed an agreements with India's Tata Group subsidiary to develop 27 business and logistics parks across India at a cost of $2.45bn, reported Emirates Today. The yet-unnamed entity will be on a 50:50 joint venture basis and will develop a network of business and logistics parks adhering to global standards of quality and excellence.
First release of 'Lagoons' sold out
Sama Dubai, the international real estate investment and development arm of Dubai Holding, has announced the selling out of its first release of apartments in 'The Lagoons,' its freehold development at Dubai Creek. The sellout of the first release of residential units - in three distinct towers - has brought forward the release of further apartments at the development to cater to the strong demand.
Four floating mosques for Palm
Dubai-based developer Nakheel is considering plans to have four floating mosques tethered to the Palm Jebel Ali, reported Emirates Today. Plans for the buildings have been drawn up by Dutch architect Koen Olthuis, who has designed a floating church for the city of Amsterdam. The mosques would be attached to a vast floating poem written by the ruler of Dubai that will be bobbing near the palm's outer rim.
Aldar enters Kazakhstan
UAE-based Aldar Properties has announced the launch of Abu Dhabi Plaza in Kazakhstan, the firm's first project in the Asian country, reported Gulf News. Aldar chairman Ahmad Ali Al Sayegh said the project, which will be located in the capital of Astana, will include 90,000 square metres of commercial space, 598 residential units in an 88 storey tower, a retail space of 111,000 square metres and two hotels.
Sorouh profit rises 40%
Abu Dhabi-based Sorouh Real Estate said third-quarter profit grew as revenues more than doubled on sales of land and residential units, reported Reuters. Sorouh's profit in the three months ended September 30 rose 39.2% to Dhs216.91m ($59m), or 0.09 dirhams per share, up 39.15% from the year-earlier period. The profit was derived solely from operating activities with no asset revaluations, the company said.
L&T in JV with Eastern Int'l
Larsen & Toubro Limited, India's largest engineering, technology and construction conglomerate, and UAE-based Eastern International, a Bukhatir Group Company, have entered a joint venture to construct a package of 295 Victory Heights Villas in Dubai Sports City, valued at $157m. The developers will be working closely with Bureau Veritas, a globally-recognised consultant, to provide a guarantee of quality for the project.
BH commercial sales up 500%
Better Homes, the largest real estate agency in Dubai, has reported a 500% growth in commercial sales over the first three quarters for 2007. The firm said the growth is due to the continued high level of demand on the leasing side, rising capital values, growing investor confidence and increased regulation in the market.
It looks like you are using a Mac - check out our 
Web Feeds