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Emaar to miss Cityscape 2009
Dubai-based developer Emaar has announced that it will not be participating in the Cityscape Dubai exhibition scheduled for October. In a statement the developer said that it would be concentrating on its existing portfolio and finishing work on the Burj Dubai development.
Sorouh CEO resigns
Mounir Haidar, the CEO of Sorouh Real Estate has resigned from the position, effective next month. No replacement has been named, and the position is planned under the group's new operational structure. Abubaker Al Khouri will continue to lead the Company as Managing Director. Gurjit Singh is promoted to Chief Operating Officer.
Abu Dhabi residential demand 'strong'
Egypt-based investment bank, EFG-Hermes has said that demand for residential accommodation in Abu Dhabi continues to remain strong due to the current lack of new supply, Gulf News has reported. However, the result of lower rents in Dubai may create a supply-demand driven market correction as more residents and businesses choose Dubai over Abu Dhabi, the report noted.
Proleads: 566 UAE projects on hold or cancelled
Dubai-based research firm, Proleads has said that 1,372 building projects in the UAE, with a total value of some $900bn, are under construction or in bidding across the commercial, hospitality, residential and retail sectors, and 566 projects have either been shelved or postponed, Reuters has reported. The research firm had said in July that more than 400 projects worth over $300bn had been placed on hold or cancelled in the country.
Damac awards three enabling work deals
Damac Properties has awarded three enabling works contracts for work to begin onsite at the company's Harbour Heights project in Abu Dhabi and at its Suburbia development at Downtown Jebel Ali. The contract for Harbour Heights has been awarded to National Dewatering and Drainage Services, while National Piling has won the contract for the company's Suburbia project in Dubai. A third contract was awarded to Zetas for the Damac Heights project in the Dubai Marina, where works have restarted following a delay due to redesign, Damac has said.
Drake & Scull buys back 8m shares
UAE-based Drake & Scull International has bought back eight million shares this week, after receiving the Emirates Securities and Commodities Authority's approval in June 2009. As of September 15, over 30 million shares were bought back, the firm has said.
TDIC names contractors for Abu Dhabi project
Tourism Development & Investment Company, a state-owned developer in Abu Dhabi, has announced the names of the contractors that will complete phase one of its Saadiyat Beach Villas project. Abu Dhabi-based Al Jaber Building will build 354 villas in the development on Saadiyat Island, while Hilalco, also based in the capital, has been contracted to build the infrastructure.
Egyptian property developer gets 'buy' rating
Citigroup has initiated coverage of the Egypt-based property developer Talaat Moustafa Group with a 'buy' rating, Reuters has reported. TMG's current projects are exhibiting strong sales and price appreciation, said analyst David Spiez. 'Ageing housing stock and a rapidly growing, and young population results in increasing real estate demand,' analyst David Spiez said.
Jumeirah Lakes Towers: 70 built by 2010
Ahmad Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre (DMCC) has said that work on 70 Jumeirah Lakes Towers' (JLT) towers will be complete by 2010, while the remaining towers will be handed over between 2011 and early 2012, according to Gulf News. Thirty-six towers are currently occupied. 'For buildings that are beyond the halfway construction mark, construction work will continue as it doesn't make sense to stop progress and wait for the market to improve,' Bin Sulayem has said.
Acacia Avenues villa work resumes
Luc Theberge, VP for Middle East at EllisDon, project managers of Kuwait-based developer Abyaar's Acacia Avenues project has said that work on the project's villas has resumed, while Olgana and Hiliana Towers have been halted, Emirates Business has reported. The Acacia Avenues is the first freehold project in Jumeirah and comprises 52 villas and six towers extending on an area of 94, 000 square metres, close to Knowledge Village. The first phase of the project also featured the Olgana Tower, a 38-floor building, and Hilliana Tower, a 45-floor building.
Deyaar eyes low-cost homes in Lebanon
Dubai-based Deyaar Development is eyeing to build low-cost housing projects near Beirut in Lebanon, Bloomberg has reported. Deyaar will partner with Solidere and will submit proposals for the project, according to Deyaar CEO Giebel. Giebel did not specify on size and cost of the planned project.
Depa continues share buy-back
Depa, the interior contractors, has confirmed the completion of a further set of transactions of its Share Repurchase programme. The firm re-purchased a total of 1,736,216 shares between August 1 and August 31, at an average price of $0.622.
Dubai brokers get new classification scheme
Dubai's Real Estate Regulatory Agency (Rera) has launched a new four-tiered, colour-coded classification system for real estate broker licences. Under the system will each broker will be registered with one of the four types of licences that will authorise them to sell a particular type of property within a specified area, RERA said. Brokers will have access to online and brokerage services and access to property within their sphere of operation only. The system will not allow them access to a property if they are not qualified to sell it.
Deyaar to double portfolio in five years
An official of Dubai-based Deyaar Development said the company will double the size of its property management portfolio in the next five years. Deyaar currently manages over 16,000 commercial and residential properties in the emirates, with over 95% occupancy.
Impreglio wins Abu Dhabi contract
Impregilo SpA, Italy's biggest builder, said it has won an $243m order for a tunnel project in Abu Dhabi. Work will begin by the end of this year and is due to be completed in the second half of 2013, the company said in a statement.
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