2007
- The news you choose »
- Login to Add to Watchlist
Tamweel, Bonyan land deal
Mortgage firm Tamweel has formed a coalition with Bonyan International, a real estate developer, for the purchase of $525m worth of land in the Al Jadaf area of Dubai. The acquisition of 135 plots is the largest in the history of the Dubai Land Department and the deal was also signed by Sama Dubai, a Dubai Holding subsidiary. Al Jadaf is located near to the city's Business Bay and Garhoud bridges.
Madinat Al Majd underway
The foundation stone for Tameer's Madinat Al Majd project located between Amman and Zarqa has been laid. Construction of the $350m development's first phase will now get underway. Madinat Al Majd, which was launched in co-operation with Jordan's Housing and Urban Development Corporation, will comprise 18,500 units across an area of 20m sqft.
Porta Reef goes Dutch
Dutch Foundation and Concrete Processing has been awarded the contract to carry out the construction on parts of Abu Dhabi Investment House's $90m Porta Reef development in Bahrain. The contract includes the enabling and piling works as well as the construction of the sales centre. Excavation, shoring and the preparation of site offices is also included in the work.
GFH chooses Navi Mumbai
Bahrain's Gulf Finance House (GFH) is to invest over $2bn in a green field site close to Navi Mumbai and near to the city's airport for its Energy City India venture. It was revealed in October that GFH had already raised $630m towards the initial development and infrastructure requirements of the project. The firm exhibited the development at last week's Cityscape India show.
2.5m units for UAE
The UAE's property sector will see 2.5m new units rolled out by 2020, comprising new housing as well as leisure and tourism 'complexes', according to an un-named spokesperson representing the Abu Dhabi based firm Manazil and cited by the local WAM news agency. The capital is likely to see around 40% of the new developments. Manazil specialises in redesigning buildings and also the budget hotel sector.
Damac to invest $5bn in India
Dubai-based Damac Properties plans to invest as much as $5bn in India over the next three years, reported Bloomberg. Company chairman Hussain Sajwani said the developer will construct houses, offices and shops in Mumbai, New Delhi, Hyderabad and Bangalore. The first project will begin in 12 months.
Emirates begins Wolgan Valley
Emirates Hotels and Resorts, the hospitality division of the airline, announced that it has started development of the $69m Wolgan Valley Resort & Spa in Australia's Blue Mountains. The project aims to transform 4,000 acres of distressed farming land into a high-value conservation site. The announcement marked the beginning of Emirates' first resort project outside Dubai.
Speculation on rise in UAE
Yale Professor Robert Shiller said the UAE real estate sector appears increasingly speculative given the significant supply coming on to the market, reported Khaleej Times. He said Dubai could enhance confidence in the real estate sector by launching measures such as a home price index that would be tradable on a local exchange.
Aqaar sells out 9 towers
Aqaar, a real-estate and property development company headquartered in the emirate of Ajman, has announced that nine of the residential towers of its first major project - Ajman 1 - have been sold out after just eight months of sales. Ajman 1 is being built on a 72,000 square metre plot on the Ajman coast, and will feature a residential, commercial and hospitality complex consisting of 16 towers, a hotel, a convention centre, and leisure and retail amenities. It is expected to be completed by early 2010.
Burooj plans $2.4bn project
Burooj Properties, the real estate investment business of the Abu Dhabi Islamic Bank, is to launch a mixed use development at an as yet unspecified location in the UAE worth up to $2.4bn, reported the Khaleej Times. Adel Ahmed Al Zarouni, the firm's MD said the project would include 11 residential buildings, office towers, four hotels and a shopping mall. Burooj also plans to develop several shariah compliant hotels.
Al Qudra planning Indian ventures
Abu Dhabi based investment firm Al Qudra Holding is eyeing the Indian property sector, reported Gulf News citing Salah Salem bin Omeir Al Shamsi, the firm's Chairman. AL Shamsi said the firm would reveal its plans at a later stage and would not be drawn on possible partners or cities that might be targeted. But Al Shamsi did admit the firm was working with the government on its initial public offering.
30 more parks for Dubai
Dubai Municipality has revealed that it is to build at least 30 more parks in the city over the next few years, reported Gulf News. The plan is to raise the percentage of open, green spaces in urban areas from its present level of just 1.4% to 8%. Dubai presently has five major parks comprising around 100m sqft of green space.
16,000 new apartments for Doha
A report into Qatar's real estate sector by Kuwait's Global Investment House has revealed that 16,000 new apartments should be available in Doha by 2010 if the city's major developments are completed on time. The study found that all real estate segments are experiencing heavy demand and steep price rises. The rental value of a top-end two bedroom apartment has risen from $900 a month in 2002 to $2,800 now.
Habtoor set for Palm start
The Al Habtoor Group is set to commence work on its $250m resort on the Palm Jumeirah, reported Gulf News. The group is in the process of appointing the main contractor for the development which will have 219 rooms and 91 apartments. Al Habtoor has faced a lengthy wait after the Palm developer Nakheel delayed handing over the land for more than a year; the resort should be completed in 2010.
Saudi Deyaar launched
Dubai based real estate firm Deyaar has formed a joint venture (JV), Saudi Deyaar, with two Saudi Arabian groups, Arabian Arkan for Commercial Investment and Ibrahim Abdullah Abunayyan and Brothers, which will target the kingdom's real estate market. Saudi Deyaar will focus on property development in the residential, commercial, hospitality and retail sectors. The firm will launch its debut venture at the Golden Corridor on King Fahd Street in Riyadh shortly.
It looks like you are using a Mac - check out our 
Web Feeds