2007
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Sweet Homes $682.8m project in Ajman
Sweet Homes, a Dubai based estate developer announced that it will build $682.8m township in Ajman. This residential development, known as Ajman Uptown, will include over 1,500 homes in the style of classic French architecture over a 37 hectares area. The project is scheduled for completion by the end of 2010.
$443m Saudi port deal won by Chinese firms
Saudi Trade and Export Development Company (Tusdeer) signed a contract with Chinese firm China Harbour Engineering Company (CHEC) to build the 'Red Sea Gate' terminal in Jeddah Islamic Port (JIP), Saudi Arabia's oldest and largest port over 22 months, starting in January 2008. The new terminal is scheduled to begin operating fully in the fourth quarter of 2009. Designed to handle 1.5 million containers per year, it is expected to increase the port's overall capacity by 45 per cent. The $443 million development will be implemented on a build-operate-transfer (BOT).
EIP to build $381m marina in Abu Dhabi
Emirates International Properties (EIP), an Abu Dhabi based development company is planning to $381.6m marina in the emirate. The Abu Dhabi Marina will be located on the Khor Al Bateen waterway and include a five-star hotel, hotel apartments, residential apartments, townhouses, offices and commercial space, as well as restaurants and retail outlets. While construction is expected to begin next year the scheduled is in 2011.
Salhia to build tower in Bahrain Bay
Salhia Real Estate Company has signed an agreement with Bahrain Bay Development to acquire land and develop a commercial and retail tower with an expected value in excess of $125m. Bahrain Bay is a $2.5bn mixed use development project off the North East coast of Manama in Bahrain. Salhia's development will be a 30-storey tower composed of both high end retail and office space and approximately 1000 car parking spaces.
ETA Star delivers Palladium
ETA Star, a leading property developer in the UAE, today announced the delivery of 'The Palladium' at Jumeirah Lakes Towers on Sheikh Zayed Road, Dubai. The mixed use complex is a 34-storey office, retail and residential tower, featuring one, two and three bedroom apartments and penthouses.
Duta Graha eyes Middle East projects
Indonesian construction company Duta Graha Indah said it is eyeing a office building project inBahrain and an apartment project in Ryadh, reported Asia Pulse. The contract value of the office building project in Bahrain alone is estimated at $55.5m.
Gowealthy.com reveals new development
Gowealthy.com, one of the region's largest property and lifestyle brands offering comprehensive marketing solutions, said that will start a 295m dirham development project at Dubai Silicon Oasis, reported Gulf News. The project will be developed by Gulf General Investment Company (GGICO). While Gowealthy.com will be exclusively handling the commercial sales and marketing of the building's 316 residential units in the area.
Canadian exports to GCC hit C$100m
Canadian exports of construction materials to the GCC region are set to cross C$100m in 2007, according to Export Development Canada, a financing, insurance and risk management firm. The total volume of construction exports to the GCC from Canada was C$79.2m in 2005, while the EDC's total business support in the GCC was valued at C$622m in 2006.
Dubai Maritme City 1st phase sold out
Dubai Maritime City, the world's first purpose-built maritime centre and a member of the Dubai World Group of Companies, has announced that it has recently sold out the first phase plots of the maritime complex's commercial and residential districts to leading international developers and contractors. The first and second phase of the maritime complex's construction has been completed on schedule, with the 1.2 kilometre six-lane causeway connecting the project to Dubai fully complete, while around 50% of the industrial precinct in the City is now operational, according to a statement.
Gulf construction projects hit $2.4tr
The number of real estate projects in the Middle East that are underway total 2,837, and are worth $2.4tr, according to research by Proleads, which monitors regional construction projects across all industry sectors. King Abdullah Economic City in Saudi Arabia is the biggest construction project currently underway in the region, valued at $120bn, followed by Dubailand in the UAE, valued at $110bn, and the $86bn Silk City Project in Kuwait.
Qatar close to buying London's Shard of Glass
The Qatari government is close to buying an 80 per cent stake in London's £400m Shard of Glass development, Doha Times reported. It would buy out Syrian-born property developer Simon Halabi and CLS Holdings, while leaving developer Irvine Sellar with a minority stake. The 600,000 square foot skyscraper is yet to be built and has been beset by difficulties for several years. Doubts have emerged over whether it will ever be built - most recently when it ran into financing troubles after turmoil in the credit markets.
Zoomlion production facility to boost sales
Chinese manufacturer Zoomlion Heavy Industry & Science & Technology Development has launched its Dhs15m, 10,000 m2 facility in Dubai's Jebel Ali Free Zone. The facility will produce Zoomlion concrete machinery and heavy construction products to support its regional sales and after sales services.
Industrial cities key to Saudi growth
Saudi Arabia issued a tender yesterday for the development of Jeddah 2, an eight million square metre industrial city that will house 400 manufacturing companies.
Nakheel & Istithmar will merge
Dubai World, which is selling a stake in port operator DP World, plans to combine its real estate units into a single company with $52bn worth of projects under development. Nakheel, which is developing Dubai's three palm islands, and Istithmar Real Estate, would be merged into a single company by the end of this year. "With the continued growth and rationalization of the Dubai World businesses, it is now timely to merge Istithmar World Real Estate with Nakheel, to create one of the world's largest property companies," a Nakheel spokesman told AME Info. "This change allows us to focus our energies on creating a broad based real estate company, focusing on activities from development and asset management through to funds and investment management," he added.
Tamweel expands operations in Dubai
Tamweel, the largest United Arab Emirates Islamic mortgage financer by market value, said it had agreed with a partner to buy Dhs1.93bn of land in Dubai, reported Reuters. The company said that it will buy 135 plots of land in the al-Jadaf area, located near Business Bay and close to the Dubai International Airport.
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