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Dubai Property

Amlak gains share in Egypt
Amlak Finance and Real Estate Investment said it gained a significant market share in Egypt, achieving disbursements exceeding EGP130m for Q1 2008. Amlak has launched 'Home Purchase' in Egypt, which include up to 90% financing over 20 years period as well as financing of a maximum of EGP5m.
Egypt: Sunday, April 20 - 2008 at 14:18

Housing for low income pushed
The Abu Dhabi Government said it will ask real estate developers to allocate 20% of their number of housing units for lower income groups, reported Gulf News. A housing study conducted by the emirate's Department of Planning and Economy found out that majority of the developers are focusing on the high-end market, which contributes to the imbalances in the housing market. The study seeks to be presented to the Abu Dhabi Executive Council for adoption.
United Arab Emirates: Sunday, April 20 - 2008 at 09:53

Cairo Contracting wins Memon project
Cairo Contracting Company has won the Dhs82m contract from Memon Investments for the construction of the Dhs145m Champions Tower III in Dubai Sports City. The contractor will be working with a team of experts from Eng. Adnan Saffarini Office and Stromek Emirates Foundation, which were earlier awarded with the architectural design and shoring and excavation contract.
United Arab Emirates: Saturday, April 19 - 2008 at 09:49

UAE to build new capital city
The UAE has announced plans to build an all-new capital city by 2028, reported Khaleej Times. The capital will be located in Khalifa City, near Abu Dhabi, and have an area of 4,900 hectares. It will house all government offices and ministries, and able to accommodate three million people in less than 25 years. The project, which is being designed and implemented by the Executive Affairs Authority, is aimed a creating a contemporary Arab city reflecting a sustainable economy, rather than uncontrolled growth.
United Arab Emirates: Thursday, April 17 - 2008 at 13:54 |

Deyaar CEO resigns, faces investigation
Zack Shahin, CEO of Dubai-based property developer Deyaar, has been detained and is under investigation for alleged financial irregularities, reported Reuters. Deyaar said in a statement on Thursday that Shahin had resigned, without giving a reason. Deyaar chairman Nasser al-Shaikh confirmed that Shahin is being investigated by the Public Prosecution for 'doing something he was not a supposed to do'. The company has named Adnan Tareen, head of finance, as acting CEO. Deyaar is Dubai's second-largest property developer by market value.
United Arab Emirates: Thursday, April 17 - 2008 at 13:34 |

Emaar launches Burj Place
Emaar Properties has announced the launch of Burj Place, located in Downtown Burj Dubai, the developer's $20bn flaghsip mega-project. The 55-storey, two-tower Burj Place will offer studios and one- or two-bedroom serviced apartments that range in size from 574 sq ft to 1,253 sq ft. It will also offer retail, recreational and leisure spaces.
United Arab Emirates: Thursday, April 17 - 2008 at 13:03 |

Emaar Q1 profit falls 3.8%
Dubai-based developer Emaar Properties, the largest Gulf real estate company by market value, posted its second decline in profit in three quarters, falling 3.8% to dhs1.66bn ($451m) due to a drop in revenues from its US subsidiary. Earnings per share were 1.08 dirhams, unchanged compared with the year-earlier period. Revenue fell dhs80m to dhs3.96bn, the company said.
United Arab Emirates: Thursday, April 17 - 2008 at 07:36

Palm Springs project now back on track
Dubai's Land Department has successfully mediated a dispute between property developer Damac and investors in the Palm Springs project in Jebel Ali, according to Sultan Bin Butti Bin Mejrin, director general of the Land Department. The project, which was launched five years ago, is now back on track and will be developed in keeping with the original investor contracts and Damac's contract with Nakheel, master-developer of the Palm Jebel Ali. Bin Mejrin said the Land Department intervened to protect both investors' interests and Dubai's reputation in the property market, reported Gulf News.
United Arab Emirates: Thursday, April 17 - 2008 at 07:09