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2003

Aldar reviews project designs
John Bullough, CEO of Aldar Properties PJSC has said that the company is reviewing the design of its projects, and will focus on government projects after the property market 'got overblown', Bloomberg has reported. 'The current focus is on delivery of our current pipeline, comprising the Yas Island development, site of the Formula One circuit, and the Ferrari theme park, golf courses and mixed-use developments on Raha beach,' he said.
United Arab Emirates: Tuesday, May 26 - 2009 at 11:58

Rents fall 40% in DIFC
A new report by property consultancy CB Richard Ellis finds that commercial rents at the Dubai International Finance Centre (DIFC) have fallen 40% in the past six months, from a peak of Dhs750 ($204) a square foot to Dhs450 a square foot, with some private landlords offering further reductions. Other areas that have been hard hit by declines in occupancy and lease rates are Jumeirah Lake Towers and 'Site C', an area developed by TECOM close to The Greens.
United Arab Emirates: Monday, May 25 - 2009 at 12:22

Dubai plans to simplify property contracts
Dubai plans to introduce a simplified contract that would become the norm for all property purchases in the emirate, reported Gulf News. The standard contract, which has been drawn up by the Dubai Land Department and is waiting for approval, will clearly set out the terms for both buyers and sellers, said Emmad Eldin Farouq, senior legal advisor at the department. The department believes the standardized contract would make it harder for buyers to try to get out of signed deals or to add fine print to existing contracts.
United Arab Emirates: Monday, May 25 - 2009 at 11:58

Bin Shafar wins Dhs200m Dubai construction contract
Real estate developer Ishraqah has awarded a Dhs200m contract to Bin Shafar Contracting for the construction of phase one of its 'Seasons Community' residential project in Dubai. Located in Jumeirah Village Circle, it consists of four low-rise clusters. The project includes 1,400 garden apartments and townhouses, shops and 'other commercial and lifestyle elements'. Phase one should be completion by the end of next year. Meanwhile, site enabling and shoring works for phase two are underway and the main building tender package will be launched this week.
United Arab Emirates: Sunday, May 24 - 2009 at 13:37

Al Fajer to spend Dhs274m on Dubai project
Al Fajer Properties has deployed Dhs274m of capital on phase two of its Dhs1.8bn Jumeirah Business Centre project in Dubai. Phase two consists of four commercial buildings, three of which are called the Ebony and Ivory towers. Once handed over, they will add an additional 1.6m sq ft of office space and 66,000 sq ft of retail space within the Jumeirah Lakes Towers community. (Mac Capital Advisors)
United Arab Emirates: Sunday, May 24 - 2009 at 13:10

Dar Al-Arkan to raise capital from bonus plan
Dar Al-Arkan, one of Saudi Arabia's largest property developers, plans to offer shareholders one bonus share for each existing two to raise the firm's capital to SR10.8bn ($2.9bn) from SR7.2bn, to help 'ongoing and future expansion in the company's projects'. The company's shareholders will vote on the bonus issue proposal at an extraordinary assembly meeting, a date for which is yet to be set.
Saudi Arabia: Sunday, May 24 - 2009 at 12:03

Mubadala to invest $1.8bn in Malaysian venture
Abu Dhabi's Mubadala Development is to invest around $1.8bn in the building of hotels and villas on a 1,200-hectare site in Malaysia, as part of a joint venture. Built in the Terengganu state, the money will be invested over a period of seven years, with Malaysia's Terengganu Investment Authority buying land from the state government as part of the joint venture.
United Arab Emirates: Sunday, May 24 - 2009 at 11:59

Qatar's Ezdan considers Islamic listing
Qatar's Ezdan Real Estate plans to list an Islamic real estate investment trust in Malaysia, but did not say when the listing might take place. Assets in the proposed trust will probably be based in Qatar and the company has named Maybank Investment Bank as its listing adviser.
Qatar: Sunday, May 24 - 2009 at 11:55