2007
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Gardens, eviction fight
Residents living in The Gardens development in Jebel Ali have launched a campaign to protest against possible eviction later this year, reported Gulf News. It was reported at the end of December that a number of buildings at the Nakheel built development could be torn down to make way for a new highway or, possibly, a metro station. It is feared over 300 families may need to find new accommodation.
Tanmiyat opens Dubai office
Saudi's Tanmiyat group says it has opened a new office in Dubai to strengthen its position in the UAE real estate sector. The developer's UAE projects include the Living Legends development at Dubailand and Commercial Heights in Business Bay.
Japanese firm for Palm monorail
Nakheel has signed Japan-based Osaka Monorail Co to provide technical support for its $381m monorail project on Palm Jumeirah. The 5.4km-long transport system is being built by Japan's Marubeni Corporation. The mechanical and electrical systems and vehicles are being manufactured by Japan's Hitachi. The UK's Mott MacDonald is project manager.
Waterfront Residence on sale
Asteco has been appointed as sales agent for the 57-storey Waterfront Residence tower at Shams Abu Dhabi on Reem Island. There are a total of 430 one, two, three and four bedroom apartments for sale with 99-year leases. Dubai-based Empire International Investments is the developer. The tower is due for completion in mid-2009.
Hill signs Duja deal
Hill International has signed a contract worth an estimated $2.8m to provide project management services for the 50-storey Duja Tower project in Dubai, Trade Arabia reported. Nasser Abdulla Hussein Lootah is the developer. The contract is for 38 months.
Damac to move on Saudi
Dubai-based Damac Holding could invest more than $272m in real estate projects in Saudi Arabia in 2007, Emirates Today reported. The developer is looking to launch residential developments in either Q1 or Q2, and is currently negotiating to buy the land.
Sharjah 10% rent cap on way
Sharjah is set to introduce a law capping annual rent rises at a maximum of 10%, Emirates Today reported. Rent increases will be restricted to between 6% and 10% after the first three years of a rental contract, the daily quoted a senior official as saying. Under the law, landlords will have the right to remove tenants for failing to pay rent, without having to first file a legal suit.
Emaar UAQ marina centre
Emaar is building a presentation centre to market its $3.3bn Umm Al Quwain Marina development. It will include displays of the project's components and house sales and administration offices. Umm Al Quwain Marina will have 6,000 villas and 2,000 townhouses, 1,200 resort and hotel rooms, and retail and leisure facilities.
$37m Crystal Tower at BB
The local Fortune Group has unveiled the $37m Crystal Tower at Dubai's Business Bay. The 19-storey building offers 300,000 sq ft of office space. Facilities include conferencing systems, broadband internet, business support services, conference and meeting rooms, retail space and a health and fitness complex. Architectural and Engineering Innovations Bureau is the designer. DJ Jones is project manager.
Dubai land transactions up 325%
Land transactions in Dubai reached $17.75bn in 2006, representing an increase of 325% over 2005, according to Land Department figures cited by Emirates Today. Land sales worth $5bn were recorded, with the balance taken up by mortgages and land and property donations. Emirates Hills-2 headed sales, with prices averaging around $277 per sq ft.
7% cap on Dubai rents
The Dubai government has capped residential rent rises at 7% for 2007, according to local news reports. The law applies to contracts due for renewal in 2007, on the condition that no rent increase was made on that property in 2006. Further, no increase is allowed during 2007 on contracts signed in 2006 with a new tenant. The law matches a 7% cap in annual rent rises in Abu Dhabi.
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