2007
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Leighton wins $746m UAE contract
Leighton subsidiary Leighton International won a $746 million contract to build a high-rise complex and two hotels in the UAE, reported Heraldsun. The company secured work in Dubai and Abu Dhabi through its 45 per cent-owned associate Al Habtoor Engineering in addition to a $520m contract for the construction of a convention centre in Dubai for the Jebel Ali Free Zone Authority (JAFZA). The JAFZA convention centre will contain a 33-storey office complex and seven-storey hotel and food court.
Shark gives facelift to Jumeirah Golf
Luxury residential golf development Jumeirah Golf Estates in Dubai has been given a facelift via a tie-up with the European Tour. The development is made up of four golf courses, called Fire, Earth, Wind and Water, two of which were designed by golf legend Greg 'Shark' Norman. The announcement that the European Tour is to establish an international headquarters in Dubai has added to the appeal of the development. In addition, a season-long tournament - The Race for Dubai - carrying a prize fund of $10m is expected to attract top golfers to Dubai by the end of 2009.
Al Mazaya to invest $1.4bn in Jebel Ali
Kuwaiti-based property developer Al Mazaya Holding plans to invest Dhs5bn ($1.4bn) to construct buildings in nine plots within the Downtown Jebel Ali project, a masterplanned community being developed by Limitless, Dubai World's global real estate arm. The plots will occupy two quarters of Downtown Jebel Ali's four quarters. Al Mazaya plans to build a commercial tower in quarter one, and eight other buildings in quarter four.
Oqyana reclamation 100% complete
Reclamation of the Oqyana development, a cluster of 20 man-made islands that spans the Australian and New Zealand islands of 'The World,' is now 100% complete and sale of the properties will begin next year, reported Gulf News. Located four kilometres off Dubai's coastline, the $3.5bn project will feature a cultural centre for performing arts, restaurants, retail outlets, 1,500 berth spaces for yachts, two hotels, 211 villas, 2,000 apartments and 100 water homes.
Nakheel plans two REITs
Nakheel, a Dubai government-owned property developer, plans to set up two real estate investment trusts next year and may sell shares in them in the UAE, London or Singapore, reported Bloomberg. The firm's chief executive officer Chris O'Donnell said the first trust, which will own about Dhs1bn ($272m) of residential properties in Dubai, will be set up in the second quarter. The second, an infrastructure and industrial trust with as much as Dhs6bn of assets, will sell shares in the fourth quarter.
UAE realty projects hit $490bn
Construction projects currently under way in the UAE are worth more than Dhs1.8tr($490bn), reported WAM. The figure represents an 83.4% increase compared with 2006. About 39% of all current developments in the GCC are in the UAE.
Damac makes Amman appointment
Damac Properties has appointed the Issa Haddadin and Partners Construction Company as the enabling works contractor for The Business Gate and Business Heights in Amman. The duration of this preliminary work, which commenced late last month, is approximately 120 days and includes site preparation, excavation and shoring works. The two developments are located at the Abdali downtown regeneration project.
Rakeen in Indian JV
Ras Al Khaimah's state-owned real estate development firm Rakeen has formed a joint venture (JV) with India's Trimex Group which will be known as Rakindo Developers, reported Reuters. Rakindo plans to spend $5bn over the next five years in India's property sector focusing on the residential and commercial sectors.
$3.5bn Pearl Dubai relaunched
The $800m Dubai Pearl project, unveiled by the Omnix Group in 2002 and which has made little progress thereafter, has been sold on to Abu Dhabi's Al Fahim Group by the master developer, Tecom Investments, reported the Business Weekly. The project has been relaunched as the Pearl Dubai and it will now cost $3.5bn; it will include six five star hotels, a mall, office space and a mix of residential units.
Bahrain Bay, Salhia $125m deal
Bahrain Bay Development has signed a land purchase agreement with the Salhia Real Estate Company, with the Kuwaiti property developer acquiring land in order to build a commercial and retail tower with an expected value in excess of $125m. Salhia's development will be located within the same district as Arcapita's headquarters, CapitaLand's Raffles City Bahrain and the recently announced Al Baraka Banking Group HQ.
Gulf pumps $10bn into hospitals
Gulf Arab countries are spending around $10bn on building new hospitals and clinics, as demand for beds is likely to double by 2025, according to figures provided by Proleads. Saudi Arabia is leading the way with $6.5bn earmarked for dozens of new public and private hospitals. Qatar has set aside $1.5bn while the UAE is investing $596m in building nine new hospitals and Kuwait is spending $428m on four new facilities.
Niki Lauda Towers launched
ACI Real Estate has launched the Niki Lauda Twin Towers at Business Bay in Dubai. Due for completion in 2010, the towers will contain only office space and they will have 29 and 26 storeys respectively. Niki Lauda, the former F1 World Champion, is the first celebrity to put his name to a development being constructed by ACI; Michael Schumacher and Boris Becker have also been lined up.
Qatar's boom needs water
Qatar's ongoing real estate boom is playing a major part in increasing water demands in the country according to Jeff Stephenson, the COO of Oryx Enterprises and cited by The Peninsula. Demand for water in the Arab world is growing by 6% per annum, twice the global rate, and 40% of this is required for industrial purposes including construction. Qatar's daily consumption is put at close to 240m gallons per day.
Saudi Dar Al Arkan in $8.1bn IPO
Saudi based property developer Dar Al Arkan will float in December in an initial public offering (IPO) expected to be worth $8.1 billion, reported Gulf News.The shares would be offered at 56 Saudi Riyals each and open only to Saudi investors. The offer, which will see 11 per cent of the company sold, begins on the first of December.
PDREC plans second project in Bahrain
Pearl Development and Real Estate Company (PDREC), a consortium of GCC investors, said that they plan to develop a second project in Bahrain worth $66m, reported Gulf Daily News. The Platinum Tower project comprised of 128 offices spread over 29 floors will be located in Seef, the commercial hub of Bahrain, and will be an exclusive private sector freehold commercial development.
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