2007
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Zabeel Umm Suqeim progress
Mohammed Ali Al Hashimi, the Executive Chairman of Zabeel Investments, has said that land reclamation work at its beachfront project in Umm Suqeim is well underway. Al Hashemi also stressed the proposed development, covering 4.5m sqft, will have no impact on public beaches in the area. Further details on the 'low density' residential project will be unveiled in due course.
Dubai labourers get 20% hike
Our sister publication Meed has revealed a number of contracting firms in Dubai have offered their labourers a 20% pay hike. The move follows a strike earlier this month by tens of thousands of workers employed by Arabtec Construction, one of the firms building the Burj Dubai tower. After the government failed to set a minimum wage, the contractors decided to act independently with living costs spiralling and the dirham depreciating.
$11.2bn Jeddah Hills in doubt
Our sister publication Meed has revealed that Emaar Properties has run into problems with its $11.2bn Jeddah Hills development which it is planning to execute as a joint venture with Saudi Arabia's Al Oula Development Company. An un-named source said the developers had failed to obtain the necessary regulatory clearances. Emaar is now conducting a 'feasibility' study into the project.
Al Madar $272m Dubai plans
Qatar's Al Madar Property is to invest $272m in four real estate ventures across Dubai, reported Emirates Today. Last week, the firm unveiled the 30 storey Siraj Tower at Arjan in Dubailand. The $81.6m development will include 364 studio, one, two and three bedroom apartments; construction work should commence next May and Q2 2008 is the present targeted completion date.
Hard Rock Hotel for Dubai
Hard Rock International, in partnership with the Tasameem Group, is to develop the Hard Rock Hotel Dubai, a five star property within the Dubai Trade Centre District and Dubai Exhibition City. The hotel will be situated within a 91 storey tower which will also comprise retail units and commercial office space. The Hard Rock Hotel Dubai will include 350 rooms and suites and 100 serviced apartments.
Smart City Kochi underway
The foundation stone has finally been laid to mark the start of construction at the $408m Smart City Kochi project, a tie-up between the government of Kerala and SmartCity, a joint venture between Tecom Investments and Sama Dubai, reported Gulf News. The project, which has involved many months of negotiations, is being built on 246 acres at Kakkanad in Kochi and should generate 90,000 jobs when complete.
NCC Urban uveils Dubai project
NCC Urban Infrastructure Limited, a subsidiary of Nagarjuna Construction Company Limited, a leading construction conglomerate in India, has announced the launch of NCC Harmony, a $409m mixed-use freehold development at Dubai Biotechnology and Research Park (DuBiotech). The 2.3 million square feet twin tower project will be the company's first project in Dubai.
Emaar mulls overseas listing
Dubai's Emaar Properties, the largest publicly traded real estate developer in the Middle East and Africa, may list shares on the London or New York stock exchange, reported Gulf News. It is believed that Emaar will create a group holding company that would bring all its listed companies under one umbrella. The company's current market capitalisation is more than $23bn.
Emaar denies price increase rumours
Emaar Egypt said that prices of units at the Marassi residential resort continue to be based on original contract, despite recent allegations of elevating prices to irrational levels as high as 75 to 90 per cent, reported the Daily Star Egypt.
Strikes may delay Dubai projects
Workers strikes in the UAE that stretched all through last week may cause Arabtec, one of the construction companies working on the Burj Dubai, the worlds tallest building to miss its completion dates for some of its key projects in the emirate. Forty-thousand employees worked at the company refused to return to work until their demands for a pay increase of $55 per month was met. During this week an agreement was reached yet no details were revealed about how much the increase amounted to.
Sharapova launches Dubai project
Tennis star Maria Sharapova was in Dubai yesterday, Tuesday, to officially launch the $654m Dubai Lifestyle City, reported Gulf News. The project, being developed by ETA Star Group and located in Dubailand, will consist of 68 Tuscan-themed villas and 120 villettes all conceived by Beverley Hills designer Tony Ashai.
Brangelina buy Dubai island
Brad Pitt and Angelina Jolie have bought Ethiopia off the coast of Dubai in Nakheel's 'The World' development, according to UAE-based web site Ahlanlive. The couple intend to use their home as an eco-development. No price tag was given for the island, which are reported to be fetching up to $50m.
Arabtec buys 60% stake in Target
Arabtec Holding announced that it has acquired 60% of Target Engineering Construction Company, a leading construction company in the UAE. Arabtec's acquisition of Target allow the company to gain access to additional market segments in the oil and gas and the marine construction markets. Current projects of Target include the ZEN II Discovery Gardens, the Executive Heights, and the ADCO Jabal Dhana Tank Farm Facilities upgrade project.
Eco rules set to increase construction costs
Building more environmentally friendly properties in line with government objectives will push up the price of real estate, warned Hussam Assaf, Director of Construction at Emaar. Speaking at the MEED Project Risk Management in Construction conference, he said: "Apart from increasing the price it will also slow down the completion of the projects."
Inflation threatens UAE boom
At the MEED Project Risk Management in Construction conference Hussam Assaf, Director of Construction at Emaar Properties, said inflation is one of the biggest risk factors that the sector faces. Assaf said rates were at a 15 year high and inflation had caused land prices to balloon from Dhs140 per sqft to Dhs380 in just five years. Steel had also tripled in price from Dhs840 a tonne in 2002 to Dhs2,400 now.
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