2007
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Sara builds in Amman
Jordan's Sara Real Estate Company, a subsidiary of the Faouri Group, is presently constructing a mixed use commercial building in the Wadi Saqra area of Amman, near to the King Abdullah Gardens. The development, which is Sara's fourth, will contain both office space and retail outlets. The firm's other projects are located on Mecca Street in the capital.
BFH sells Financial Centre stake
The Bahrain Financial Harbour (BFH) Holding Company has sold a majority stake in the Financial Centre at the harbour to Emar Bahrain in a deal worth more than $425m. Emar Bahrain will buy the Financial Centre Investment Company which owns a 68% stake in the Financial Centre Development Company, the owner of the Financial Centre. The Gulf Finance House arranged the sale.
UAE construction costs to soar
The cost of construction in the UAE could jump substantially next year according to the UK based consultancy EC Harris, reported Reuters citing Emirates Business 24/7. Key raw materials such as cement and steel could rise by up to 19%, while labour costs are also expected to rise significantly. Construction costs spiked by 25% in 2006, while the prices of materials have climbed by well over 15% this year.
Al Lozy phase one complete
Bahrain's Ministry of Works and Housing will complete the building work for the first phase of the Al Lozy Housing Project this month, reported the Bahrain Tribune. The development is being constructed on 120 acres of land near to the Allozy Lake, in the west of Hamad Town. The project is being executed in three phases with 921 units, comprising both houses and apartments and costing $65.2m, being completed this month.
Dar Al Arkan IPO progress
Samba Financial, the arranger of Saudi Arabian real estate firm Dar Al Arkan's initial public offering (IPO), has said investors had offered 81% of the $888m the company is seeking by last Tuesday, December 4, reported Reuters. The IPO, which offered more than 59m shares, or around 11% of the company's stock, closed yesterday, December 8. The IPO valued Dar Al Arkan at around $8.1bn.
Al Esayi Tower for Jeddah
Assaudia Real Estate Development, a wholly owned subsidiary of the Omar K. Al Esayi Group, has unveiled the Al Esayi Tower, a 24 storey development located in the Al Balad area of Jeddah. The tower will include 17 floors of office space as well as two levels earmarked for showroom space and three for parking. Sales of units commences today, December 9, at the Qaser Albahr Alahmar Hotel in Jeddah.
Tamweel, EIB deal
Mortgage provider Tamweel has signed a $463m financing agreement with the Emirates Islamic Bank (EIB). The facility, provided under the shariah compliant Wakala bil Istithmar structure, will be used to fund Tamweel's growth plans. The transaction follows Tamweel's closure of a $210m asset-backed securitisation issue, which was placed primarily with European investors.
TDIC, Leighton form JV
Abu Dhabi's Tourism Development and Investment Company (TDIC) has entered into a joint venture agreement with Gulf Leighton, a subsidiary of Australian contracting and engineering firm Leighton International. TDIC will own 51% of the new venture - TDIC-Leighton Contracting - which has been formed to undertake various contracts for the TDIC. Annual revenue of at least $270m is expected in the first year, with a minimum of $1.4bn after five years.
Emaar opens Karachi sales
Emaar Pakistan will commence sales registrations for its 108 acre, mixed use Crescent Bay development in Karachi from tomorrow, December 9. Potential investors can sign up for apartments at the Emaar Pakistan sales offices in DHA Karachi or at the Canyon Views Sales Centre in Islamabad. Customers in Dubai can visit Emaar's Downtown Burj Dubai Sales Centre.
Call for Dubai realtor training
Ryan Mahoney, the MD of Dubai based real estate firm Better Homes, has said the Dubai Land Department's decision to implement registration for all real estate agents is a 'good starting point' in improving industry standards, reported Gulf News. Mahoney added, however, that there is still a 'long way to go' and pointed to the need for thorough in-service training as the best way of developing good levels of professionalism.
Shamil Bank, EAG form JV
Bahrain-based Shamil Bank and the Ebrahim Abdulaal Group of Companies have announced a joint venture to pursue real estate opportunities in Bahrain and elsewhere in the Gulf area, reported Arab News. The venture will launch two projects - Marina Reef and City View -early next year in Bahrain, with a combined value exceeding $100m.
Twin tower project for Dubai
Dubai-based property developer Fakhruddin has announced its plans to build Maimoon Twin Towers, a $327m residential project in Dubai's Jumeirah Village South. The project, which is slated for completion in 2010, will consist of two towers, one 45 floors, the other 30 floors, both of which will feature studio and one-two-three-and four-bedroom apartments as well as deluxe penthouses with private swimming polls.
New Saudi real estate firm launched
A group of Gulf investors — Ewaan International Housing Company (Ewaan) — has launched a new real estate firm capitalised at $107m. The firm's CEO Mohammad Saleh Eid said the company plans to construct housing complexes in various areas in Saudi Arabia for the low-and middle-income segments.
Dubai trade centre design competition
Dubai World Trade Centre has launched an international design competition for the second phase of its major Dubai Trade Centre District development. Designs are being sought from the world's leading architectural practices, and the area to be developed will include the District's Landmark Tower, which is expected to be one of the most striking structures ever developed in the region.
Al Habtoor wins new contracts
Al Habtoor Engineering Enterprises said it has been awarded new contracts in Dubai and Abu Dhabi totalling Dhs2.4bn ($654m), reported Gulf News. The first contract is for the construction of the new Jafza convention centre in Dubai for the Jebel Ali Free Zone Authority, at a cost of Dhs1.9bn. The second is a Dhs506m contract to build two hotels on Yas Island in Abu Dhabi for Aldar. The new contracts take the group's orderbook to over Dhs12bn.
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