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40% of Dubai construction projects 'suspended'
Dr Abdulrahman Al Tassan, CEO of Rakaa Properties, the investment arm of Riyadh-based Rakaa Holding, said 40% or Dhs587.7bn ($160bn) of the current Dhs1.5tr ($400 billion) worth of real-estate projects in Dubai have been 'temporarily suspended' due to defaults in payment for core building materials which are soaring in price, reported Khaleej Times. He said rising costs have caused a 'severe crunch' on the construction industry, which could increase inflation, create an economic slowdown and, eventually, an investment collapse.
Buniah launches Oasis Tower Two
Dubai-based real estate and hotel advisory provider Buniah has announced the launch of its Dhs300m ($82m) Oasis Tower Two project at the Dubai Sports City. The development, a joint venture between Buniah Group and Oasis Ventures Group, will comprise 240 apartments.
Arabtec posts its 2nd best quarter
Arabtec Holding, the largest UAE construction firm by market value, posted its second-biggest quarterly profit ever in the fourth quarter, reported Reuters. The company said its profit in the three months to December 31 surged 160% to Dhs151m ($41.11m).
New golf course planned for Yas Island
Abu Dhabi-based developer Aldar Properties is teaming up with Dubai-based Zabeel Investments to develop a links golf course, a club house and luxury villas on Yas Island with an estimated development value of nearly $1bn. The course is being designed by Kyle Phillips. Yas Island will feature acres of green landscape dedicated to leisure activities, residential properties, and resorts. The first phase of YAS Island is set to be completed by 2009 with the final phase finished by 2014, at a development cost of around $40 billion.
Nakheel launches Blue Communities project
Dubai-based developer Nakheel plans to spend Dhs200m ($55m) on a major sustainability project, the Blue Communities, that is aimed at raising awareness of coastal development issues, reported Gulf News. The investment will fund research and development and promote engagement with experts on the issues of sustainable development, construction, management and governance of coastal communities around the world.
Nakheel to develop the 'Universe'
Dubai-based developer Nakheel has announced plans for a massive real estate development, the Universe, which will be located off of the Dubai coast between Palm Jumeirah to Palm Deira, reported Gulf News. The muli-billion dollar project will create a cluster of large coral-shaped islands that will serve as a home for major residential, commercial and tourism projects. The Universe will have 3,000 hectares of land and will take 15 to 20 years to develop.
Al Mazaya to enter Qatar
A $137m company, Al Mazaya - Qatar, has been set up to seek opportunities in Qatar's property sector as the country diversifies its economy away from oil and gas, reported Business 24/7. The government is planning to invest $130bn in infrastructure projects in the next five years. Now Al Mazaya Holding - a Kuwaiti property developer listed on its home exchange and the Dubai Financial Market - has established a subsidiary to share in the boom. Al Mazaya-Qatar has been formed with a view to developing mid-range projects and is planning a number of mega-developments tailored to the needs of the market.
Al Barakah enters UAE
Al Barakah has entered the UAE's real estate sector with an announcement that it plans to develop commercial and residential projects worth more than AED3bn in three years, reported Gulf News.
Aldar projects reach $65bn
Abu Dhabi-based real estate developer Aldar Properties' development projects across the portfolio are estimated to have reached $65 billion, chief executive officer Ronald Stephen Barrott said, reported Gulf News. He added that the general outlook on the property market was very good for 2008, with Abu Dhabi in particular set to gain further strength as it was a unique market and growing very quickly.
Gulf investment in foreign property to surge
Gulf Arab investors, flush with surplus cash from record oil revenues, will spend more than $20bn on international property acquisitions in 2008, according to Blair Hagkull, managing director, Middle East and North Africa, for Jones Lang LaSalle, the world's second-largest commercial real estate broker. He said Gulf investment in foreign property is set to grow 50% this year, helped by liquidity in the region and the credit crunch in other parts of the world.
Dubai to issue new rent law
Mohammad Sultan Thani, assistant director-general of the Dubai Land Department, said Dubai will soon issue a new law that will address all issues related to rents, tenancy and landlord-tenant disputes, reported Gulf News. The new law will redefine the relationship between tenant and landlord and create a comprehensive legal framework for the emirate's growing residential rental market. Currently, rent disputes are settled by Dubai's Rents Committee through an informal arbitration system.
Masdar aims to build 'greenest city'
The World Wildlife Fund and Masdar, an Abu Dhabi energy company, have developed a plan to deliver the world's 'greenest city.' Masdar City will be the world's first zero-carbon, zero-waste, car-free city, aiming to exceed the 10 sustainability principles of 'One Planet Living,' a global initiative launched by the WWF and environmental consultancy BioRegional.
Tamweel launches 48-hour finance processing
Tamweel, the largest provider of real estate finance in the UAE, has introduced a 48-hour finance approval process, which it claims is the fastest in the region's real estate finance industry. The process, which involves two working days, will be carried out for all complete applications accompanied by required supporting documents. For any delays in process of such full applications, Tamweel guarantees to reimburse to the applicant an amount of Dhs1,000 ($272) for every delayed working day up to a maximum of the arrangement fees paid.
NIC unveils $1.4bn project in Abu Dhabi
National Investment Corporation has launched a Dhs5bn ($1.4bn) project to reshape Abu Dhabi's breakwaters into a mixed-use hotel and residential development, reported Khaleej Times. Dr Shaikh Sultan bin Khalifa Al Nahyan, Chairman of NIC, said the project will include residential and office blocks, luxury villas, two five-star hotels, a marina boat club complex, and other tourist infrastructure. The project is being developed on reclaimed land around Marina Mall.
Amwal Al Khaleej buys stake in Dubai Contracting
Pivate equity firm Amwal Al Khaleej has announced that it has acquired a 49% stake in Dubai Contracting Company for an undisclosed sum. The acquisition was made through a special purpose vehicle that is solely managed by Amwal Al Khaleej, AK XII. Investors in AK XII include Goldman Sachs and Credit Suisse.
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