2007
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M'Sharie in JV with Arif Contracting
M'Sharie, the private equity arm of Dubai Investments, has entered into a joint venture with UAE-based Al Arif Contracting Company. Al Arif has completed a number of major construction projects in Dubai and the northern emirates. M'Sharie has made equity investments in over 17 companies in the past few years.
UAE commercial property deals slow
UAE commercial property deals declined by 12% in September, despite a marginal price increase due to the lack of commercial space, reported Emirates Today citing a report by Al Mazaya Real Estate. The report said the total value of deals was down by 11%, although average prices rose by 1.2%. Meanwhile, the total deal volumes in all GCC states increased by 42.2% in September.
Aldar signs deal with Movenpick
Aldar Properties has signed an exclusive development contract with Movenpick Hotels & Resorts which will initially result in the development of three hotels in Abu Dhabi. The first hotel will be a 500-room luxury establishment on YAS Island. The other two hotels specified in the contract are currently in the planning stages.
The Wave, Muscat sales launch
The Wave, Muscat has announced the sales launch of over 100 properties within the Shoreside and Almeria South sectors of the development on November 4. The Shoreside Villas include waterfront and garden villas, while the apartments at Almeria South are located in Muscat's vibrant marina village.
Arabtec triples profit
Arabtec Holding, Dubai's largest construction company by market value, has reported that it nearly tripled third-quarter profits, reported Reuters. The company topped previous records by posting net income of $46.2m in the three months to September 30.
BSEL launches project in Ajman
UAE-based BSEL Infrastructure Realty has launched a $545bn residential project in the emirate of Ajman. The Jawahir Al Emarat project will be composed of seven towers, each of which will rise up to 50 floors, that will be located in Ajman's Emirates City. The project includes an offer of buy-back with assured 12% returns after one year.
RAK to raise portfolio to $14bn
RAK Properties plans to raise its investment portfolio to Dhs50bn ($14bn) over the next 10 years and expand operations into Georgia, Tanzania, Morocco, India and Egypt. The company's managing director, Mohamed Sultan Al Qadi, said the firm has already secured three sites in Georgia for residential, commercial and hospitality projects. RAK's sales rose 229% to Dhs755m during the third quarter from Dhs230m for the same period last year.
Omniyat signs deal with Investate
Dubai-based realtor Omniyat Properties has signed a deal to serve as preferred managing developer for Bahrain-headquartered real estate investment firm Investate, reported Gulf News. The company will initially focus on mid-range real estate projects in the UAE and Saudi Arabia. Investate was launched earlier this week with a paid-up capital of $108m.
Dusit eyes growth in region
Thailand-based hotel management chain Dusit International said it expects half of its revenues in 2010 to be generated in the Middle East as it opens new properties in the region, reported Gulf News. Regional Vice President Sam-Erik Ruttmann said the company has 18 hotels in its portfolio and aims to grow that number to 31 in three years, half of which will be in the Middle East. Eleven new properties are planned in Abu Dhabi, Cairo, Dubai and Oman.
M'Sharie on JV with Al Arif
M'Sharie LLC, private equity arm of Dubai Investments PJSC has partnered with Al Arif Contracting Company LLC. The joint venture agreement is intended to boost the equity company's market presence and take part in the booming construction sector.
Tameer awards Dhs170m contract
Tameer Holding has awarded to Arabian Foundations Engineering LLC the Dh170m contract for its Tameer Towers project in Abu Dhabi. Arabian Foundations will carry out the enabling works, which include mobilisation, shoring, earthwork, dewatering, and piling work.
Emaar unveils Armani Residences
Emaar Properties has unveiled the Armani Residences, a luxury collection of homes in Burj Dubai. Located on levels 9 to 16 of Burj Dubai, the Armani Residences will have 144 private residences and will complement the Armani Hotel Dubai, which will also be situated in the iconic tower.
Aldar commercial space in Al Raha
Aldar Properties PJSC announced it has commenced construction of its new headquarters, the 51,000 square metres of commercial office space on its mixed use waterfront project at Al Raha Beach. Approximately 110 meters, Aldar will occupy about 20% of the building and is now looking to lease the rest to multinational corporations looking for office space in Abu Dhabi.
Sharjah signs Darwish contract
Sharjah Investment Center announced that it has signed a contract of over half a billion dirhams with Darwish Engineering Emirates, for the infrastructure works of its 32 million square feet flagship project located near Sharjah International Airport, Hamriyah Free Zone.
Dubai Properties to use EMPOWER
Emirates Central Cooling Systems Corporation (EMPOWER) has signed a contract with Dubai Properties to supply 44,000 tons of district cooling to Culture Village. District cooling is claimed as the most eco-friendly technology in meeting carbon emission reduction targets.
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