2007
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Shaza plans 30 hotels
Shaza Hotels, a joint venture between Kempinski Hotels and Guidance Financial Group, plans to have 30 hotels either under development or open in the region within 10 years, reported Khaleej Times. The firm's CEO, Christopher Hartley, said its first hotel is set to open in Dubai within the next two years, in what will be an eight to 10-strong five-star hotel chain across the Middle East in the next three years.
Star Giga unveils Ajman project
Star Giga, a joint venture of ETA Star Property Developers and Mazyood Giga International, has announced a $191m residential project in Ajman, reported Gulf News. The twin-tower, 25-storey Goldcrest Dreams 3, which will target middle-income earners, will bring 600 freehold units into the market. Construction on the project, which is located in the Emirates City master development on Emirates Road, is scheduled to start early next year and be complete in three and half years.
OQYANA completes reclamation
OQYANA World First has fully reclaimed its islands from the Arabian Gulf. The islands will make up the Australasian islands of The World. OQYANA World First is located 4km from the coastline of Dubai and will occupy a total area of 1.87 million square meters.
Era's new $115m tower in Bahrain
Bahrain-based real estate Era Projects has unveiled a $115m project, Era Tower in the Seef District, reported Bahrain Tribune. The project to be financed by local investors will be a 50-storey residential tower, with a built-up area of 77,792 sqm and will compose of 400 flats.
Al Basel attracts investors
Al Basel Real Estate Broker has announced four elite investors are interested to set up initial investments in Dubai worth a combined total of over Dhs100m. Al Basel named its first-time investors to include members of royal families in Saudi and Kuwait, while negotiations are underway for leading figures from royal families in Bahrain and Qatar to likewise invest in Dubai.
Pearl-Qatar adds new tower
Owner-developer of The Pearl-Qatar, United Development Company has launched a new tower at Porto Arabia, reported The Peninsula. The Tower31 will comprise of one to three-bedroom apartments and four luxury penthouses. Porto Arabia is 2.5 km beachfront concourse that includes high-end restaurants, cafes, and shops and a marina with a capacity to harbor 785 boats.
Bawadi-Emaar JV in Dubailand
Bawadi, a member of Tatweer, and Emaar Properties PJSC have formed a joint venture to develop 70 million sq ft of land in Bawadi located in Dubailand. The Dhs60bn project will set up 6 hotels with 5,150 keys and 1,200 serviced apartments and family-oriented theme park and lakes.
$1 trillion on Gulf properties
According to data from Dubai-based research Proleads, the Gulf real estate has now a total of 885 active civil buildings projects, each with values of more than $10m. The total value of these projects alone is in excess of $1 trillion, covering all forms of buildings in the commercial and residential sectors.
Plus Properties adds 3 towers
Plus Properties has officially launched three luxury developments during the Cityscape Dubai. The properties include two towers on Dubai Waterfront and one on Al Reem Island, Abu Dhabi, designed by James Law Cybertecture International Ltd.
Ajman in 'Vegas' style resort
US-based PKN Group announced its Dhs4.3bn 'Las Vegas-style' resort living and entertainment to be built in Ajman, near the border with Ras Al Khaimah, reported Gulf News. The facility will offer hundreds of apartments, low-rise houses, a shopping mall, an office tower and a five-star hotel.
Meinhardt expands Gulf presence
The Meinhardt Group, a leading engineering consultancy, has unveiled plans for major expansion throughout the MENA region. The Australian-based group, which currently has offices in Dubai, Abu Dhabi and Qatar, will be investing $20m in five new office locations in Saudi Arabia, Oman, Libya, Bahrain and Egypt. Currently, Meinhardt's regional portfolio is worth in excess of $10bn.
United Development profit up
United Development Co., Qatar's biggest property developer, has reported that its nine-month profit rose 34%, reported Bloomberg. Net income increased to 216 million riyals ($59.4m), or 2.02 riyals a share, from 161 million riyals, or 1.5 riyals, in the same period a year earlier. The company provided no explanation for the growth.
High Rise unveils $817m project
High Rise Properties has announced the launch of the $817m project in Dubai's Jumeirah Village South, reported Khaleej Times. The High Rise Boulevard development will consist of four commercial high rises and six residential towers. Spanning one main boulevard within Jumeirah village, the project will also include car parks, retail stores, restaurants, coffee bars, and bookstores.
Iris launches $27m project
Iris, the Middle East arm of Indian developer Sheth, has launched its second residential project in the Middle East, Iris Amber, reported Khaleej Times. The $27m nine-storey residential tower, which will be located in Dubai's Culture Village, will offer 75 luxury apartments comprising 23 studios, 38 single-bedrooms and 14 double-bedroom units. The project is due for completion in December 2009.
New fertiliser complex for Jordan
Jordan Phosphate Mines Company and Japan's Mitsubishi Corporation have signed a deal to build a $300m fertiliser complex in Jordan, reported Reuters. The complex, which will be built near the main Shidiya phosphate mine in the south of the kingdom, will have the capacity to produce 10,000 tonnes daily of phosphoric acid and 3,000 tonnes of sulphuric acid from the mine.
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