2007
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Damac to invest $5.4bn in Egypt
Damac Properties, the largest privately owned real-estate developer in the Middle East, plans to invest 30 billion Egyptian pounds ($5.4bn) in a project in New Cairo, a suburb of Egypt's capital, reported Gulf News. As part of the first phase of the project, Damac plans to build a compound of villas called Hyde Park which will cover over 4.7 million square metres and comprise more than 3,000 detached and attached villas.
Dubai and Doha office rents to hike 20%
Nicholas Maclean, managing director for Los Angeles-based CB Richard Ellis, said he expects office rents in Dubai and Doha to increase about 20% over the next year and a half as demand outpaces supply and international businesses expand in the Gulf, reported Reuters. MacLean said the highest quality offices in Dubai cost as much as Dhs500 ($136.20) per square foot, but could rise to to Dh600 per square foot during the next year to 18 months.
UAE housing mortgage market to surge
The UAE's housing mortgage market will increase nine-fold during the next five years to Dhs161bn ($44bn) in 2012, according to a research report by EFG-Hermes, a regional investment bank. The report said the UAE's financial system had a total of Dhs46.3bn in mortgage assets up to the end of the second quarter of 2007, including a large amount of commercial mortgages. Housing mortgages are estimated to be at less than Dhs18bn for 2007, reported Gulf News.
Degremont and Besix win Jumeirah Golf Estates contract
A joint venture between Degremont of France and Besix of Belgium has won the 10-year design, build and operate contract for a 220,000 cubic-metre-a-day sewage system being built for Dubai's Palm Water under its utilities concession for Jumeirah Golf Estates, a division of Nakheel also of Dubai.
Deep sewage tunnel for Abu Dhabi
Contracts to build two major new sewage treatment plants and the GCC's first deep tunnel sewerage system will be let by early 2008, Alan Thomson, managing director of the Abu Dhabi Sewage Services Company (ADSSC), told MEED's Wastewater Treatment & Reuse 2007 conference in Abu Dhabi today.
Bahrain proposes mortgage cut
Bahrain's central bank said it wants to limit banks' exposure to the real estate market and has proposed reducing the value of the mortgages they offer at 25 per cent of total loans, reported Reuters. Banks would be able to finance up to 70 per cent of the value of a property if the proposal is approved. Bahrain's central bank is asking lenders to submit comments on its proposals by January 31.
Solidere develops projects in Egypt
Lebanon's largest construction firm, Solidere, will take part in a $4bn project in Egypt to develop two areas outside Cairo, the company said in a statement on 10 December, reported AP.
Lafarge buys Orascom Cement
France based company Lafarge is buying Egypt's Orascom Cement for 8.8bn euros, reported Euro News. Lafarge, which is one of the world's largest cement makers, will finance the acquisition through 6bn euros of debt and will also raise 2.8bn euros from new shares. Nassef Sawiris, a shareholder in Orascom Cement's parent company, Orascom Construction Industries will take an 11.4 per cent stake in Lafarge, including the new shares, and will get a seat on its board. Belgian company Groupe Bruxelles Lambert will also join Lafarge's board of directors.
Jumeirah Golf signs Chris Evert
Jumeirah Golf Estates has forged a strategic partnership with former US tennis player Chris Evert, which will see the 18 time Grand Slam winner consult on, and brand, the development's tennis facilities. A Chris Evert Tennis Centre will be created at the development, which will include various playing surfaces. Other stars involved in Jumeirah Golf Estates include Sergio Garcia, Vijay Singh and Greg Norman.
Limitless into Malaysia
A senior official with real estate developer Limitless has revealed the firm will shortly announce a multi billion dollar project in Malaysia, reported Emirates Business 24/7. Philip Atkinson, the company's Regional Director for South East Asia, would not be drawn on the size or cost of the venture but admitted the Dubai World subsidiary is also planning developments in Indonesia, the Philippines, Thailand, Vietnam and Singapore.
Al Qudra to build Abraaj Sana'a
Abu Dhabi's Al Qudra International has penned an agreement with Yemen's General Investment Authority to build the Abraaj Sana'a development. The project in the Yemeni capital will include residential and commercial towers, a shopping centre, a five star hotel, as well as villas and a diplomatic club. Al Qudra will now commence the process of developing the project's infrastructure, including road building and setting up electricity connections.
DCCI flags up rental rates
The Dubai Chamber of Commerce and Industry (DCCI) has published a survey revealing that steep rents in the city were the main 'limiting factor' for businesses last year, reported Gulf News. 87% of the 452 respondents from all industry sectors said they were hit by high rental rates in 2006 and 85% expected the situation to continue into 2007. Traffic congestion was also cited as a major obstacle to business development.
Binladen seeks $500m Ijara
The Saudi Binladen Group is in the process of setting up a five year Ijara lease agreement worth $500m to help pay for the construction of its $6bn Abraj Al Bayt project in Mecca, near to the Grand Mosque, reported Reuters. Lenders including the Arab Banking Corporation, the Samba Financial Group and the Arab National Bank are arranging the Islamic loan. Abraj Al Bayt is scheduled to be completed by 2009.
Suez, Besix scoop Palm deal
Dubai's Palm Utilities has awarded Degremont, a subsidiary of France's Suez Environment, and Belgium's Besix Group, an $800m contract to design, build and operate a wastewater treatment plant over a period of ten years at Nakheel's Jumeirah Golf Estates development. Degremont will design, build and operate the plant, while Besix will provide the civil engineering for the project and will build the sewage collection system.
Gateway City for RAK
Ras Al Khaimah is to develop a major satellite town, known as the Gateway City, which will double the emirate's population to around 500,000 within the next five years, reported Gulf News. The development will cover 4.8 square kilometres and is intended to attract major investment in several business sectors including industry and tourism. The project is still at the planning stage.
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