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Dubai Property

Police seek Al Barakah CEO
The chief executive of Al Barakah, a UAE-based property developer, is wanted by Dubai police in connection with Dhs14m ($3.8m) worth of bounced cheques, The National has reported. Al Barakah, which had launched more than a dozen developments in Dubai and Ajman, lured homebuyers with a guarantee of a 50% profit in six months, the paper reported. To convince them, the company issued post-dated cheques for that time period. Police say at least Dhs14m worth of those cheques have bounced and the company's chief executive, Imran Khan, has so far eluded investors and law enforcement officials looking for him. The status of the company's developments remains unclear.
United Arab Emirates: Thursday, December 04 - 2008 at 07:50

The Tiger Woods Dubai awards $159m contract
The Tiger Woods Dubai, an exclusive 55 million square foot golf community development and a member of Tatweer Dubai, today announced it has awarded a contract worth Dhs582m ($159m) to the UAE-based Al Nasr Contracting Company for infrastructure works at the project. The contract includes the construction of road works (driveway and car parks), street lighting and networks for storm water drainage, sewage and fire fighting facilities. Al Nasr Contracting is also mandated to set up a Reverse Osmosis reject water line, in addition to laying water supply networks for the lakes as well as for irrigation purposes.
United Arab Emirates: Wednesday, December 03 - 2008 at 13:37

Meraas reviews $95bn property project
Dubai-based developer Meraas said it will review a recently launched $95bn property project, Jumeirah Gardens, adding to the growing list of developers that are reassessing and scaling back work due to the global financial crisis. The government-owned developer said it was reviewing the phasing and rollout of the project, which was launched in October. 'We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeirah Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs,' the company said in a statement. There would be more clarity and details on the project's master-plan and the product rollout by the beginning of 2009, the statement said.
United Arab Emirates: Wednesday, December 03 - 2008 at 13:18

Qatar Real Estate Investment receives funding
QNB Al Islamic and International Islamic will together provide QR1bn Shariah-principled funding for Qatar Real Estate Investment Co, whose future projects are estimated at QR2.5bn, reported Gulf Times. Al Islami will contribute QR700mn and International Islamic will add QR300mn to the finance pool.
Qatar: Wednesday, December 03 - 2008 at 08:44

Trump Tower 'on hold'
Palm Jumeirah's flagship development, Trump Tower, is said to have been suspended, according to The National. The Dhs2.9bn project has been suspended according to Leighton Holdings, with Nakheel agreeing to cover all costs to date. This follows last week's announcement by Donald Trump's company that it would miss a $53.1m bond interest payment due on December 1.
United Arab Emirates: Monday, December 01 - 2008 at 12:13

'No defaults' on Dubai property
Dubai's Real Estate Regulatory Authority has said that there have so far been no defaults on payments for high-end properties. 'Every project on the ground and under construction would be completed. Master developers are intact and the high-end third party developers may find alternatives to carry on with their projects through bulk selling of units to private equity funds and hedge funds,' Rera's CEO told Emirates Business.
United Arab Emirates: Monday, December 01 - 2008 at 11:40

Nakheel lays off 500 staff
Dubai's largest master developer, government-owned Nakheel, has announced that it has laid off 15% of its total workforce, equivalent to 500 employees. The decision follows the scaling back of projects due to current market conditions.
United Arab Emirates: Sunday, November 30 - 2008 at 12:47

Mizin awards bid to Bin Laden Construction and ERC
Mizin, the real estate development arm of Tatweer, has awarded Phase II infrastructure works on the Liwan, Arjan and Majan master developments to Bin Laden Construction and Emirates Roads Contracting (ERC). Phase II infrastructure work involves the construction of networks for water, power supply, irrigation facilities, sewerage and drainage, as well as the telecom infrastructure, across an area of 50 million sqft.
United Arab Emirates: Sunday, November 30 - 2008 at 12:38

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