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Reef launches serviced offices
UAE-based Reef Real Estate Investment Company has announced the launch of R-Serviced Offices in Dubai. The R-Serviced Offices' flagship operation consists of 188 offices in Al Reef Tower, a commercial development located in Jumeirah Lakes Towers within the DMCC free-zone, which offer a range from 12.3 sq m to 41.04 sq m in size and includes private guest reception areas and 12 meeting rooms. The offices feature free air-conditioning, lighting, water, full-time security and electricity.
Sodic Q2 revenues down
Egypt's real estate giant Sixth of October Development and Investment (Sodic) has said that its revenues for the period from April 1 through the end of June had dropped to EGP3.85bn from EGP11.61bn for Q2 2008, the Daily News Egypt has reported. Revenue 'is down because there were no deliveries during that period,' Sodic CFO, Ahmed Dabbous has noted.
UAE to build Western Region houses
The UAE government plans to build 1,200 houses and a pearl culture farm in the Al Marfa as part of the urban framework-Plan Al Gharbia 2030, Wam has reported. Al Marfa's current population of 10,000 is expected to grow to 132,000 by 2030, the Urban Planning Council has said.
Depa wins Ferrari World deal
Dubai-based Depa, the interiors contractor fitting out the world's tallest tower, has won a Dhs200m ($54.5m) contract at the Ferrari World theme park in Abu Dhabi. The contract, which was won by Depa Abu Dhabi and its joint venture Mivan Depa, 'involves the fitting out of all components of the theme park's interior design, including flooring, walls, doors and ceilings,' the company has said.
Dubai Holding to restructure groups
Dubai Holding has said it is realigning its organisational structure to streamline its operations and ensure the continued delivery of projects. The firm is reorganising its businesses into Property, Business Parks, Hospitality and Investments verticals to 'deliver significant efficiencies as the group prepares for the economic upturn,' the company said in a statement.
Durrat Marina reclamation complete
Dubai-based WS Atkins and Partners Overseas (Atkins) has announced the completion of land reclamation for the Durrat Marina islands, part of Durrat Al Bahrain residential resort. Reclamation work on the Golf Course linked to the marina is likely to be completed by the end 2009, the company has said.
JLL: Dubai price decline slowing
According to Jones Lang LaSalle, the decline in Dubai home prices has slowed in the second quarter; an indication the market is showing 'signs of stabilisation'. Prices dropped 6% in the second quarter from the first, slowing from a 25% drop in the preceding three months, the firm has said. The total volume of home sales remained stable between the first quarter and the second, although the number of transactions fell 58% in the second quarter from a year ago.
Damac Dhs55bn project faces cancellation
Herish Muhamad, the chairman of the Kurdistan regional government's board of investment, has said the government was 'facing some difficulties' with Dubai-based developer Damac properties over its Dhs55bn ($14.97bn) Tarin Hills project in the region because 'nothing has started on the ground' and that the project could be cancelled, The National has reported. 'Damac has taken the sensible step of reviewing the construction timetable with a view to rescheduling some projects,' Niall McLoughlin, a spokesman for Damac has said. 'It simply makes good business sense for us at this time to focus on those construction sites where we are at a more advanced stage.'
Barwa posts H1 profit
Qatar-based Barwa Real Estate Co. has recorded a 35% rise in first half profit on land, property sales, and after exiting some of its affiliates. Net income for the second quarter was QR180.2m from a loss of QR55m in the same period last year, the company has said.
Kuwait Finance, UDR in property JV
Kuwait Finance House (KFH) has announced a $450m joint venture with US property company UDR Inc to buy high income property in the United States to tap lower asset prices, according to a KFH press statement. The joint venture will seek to acquire high income residential real estate in major cities in the United States. KFH has said it will own up 70% of the venture while UDR will have 30% participation.
Union Properties posts Dhs198m loss in H1
Union Properties has announced losses during the second quarter of this year, amounting to Dhs227.95m, a reversal from its year ago earnings of Dhs317.71m, Khaleej Times has reported. During the first half of 2009, Union Properties posted a net loss of Dhs198m compared to a net profit of Dhs556.1m during the same period in 2008.
ADF offers Green Emirates financing
Abu Dhabi Finance has said it will start offering mortgages for Green Emirates Properties. Initial developments include the Marina Blue and Ocean Terrace in Marina Square on Al Reem Island. Highlights of the mortgages will include finance for up to 85% of the property value, a maximum tenure of 30 years up to an upper age limit of 70 at loan maturity, and a debt service ratio of 55%. Clients can also repay up to 10% of the outstanding loan amount per year free of repayment charges.
JP Morgan: Year end Dubai unit surplus at 31,000
According to a JP Morgan report, a surplus of 31,000 residential units could be recorded in Dubai mainly due to the decline in the expatriate population, while the shortage of units in Abu Dhabi will rise to 28,000 by year-end. 'In the short term, we expect the non-residential sector in the UAE to remain under pressure given the global financial crisis. However, the historical shortage of both retail and commercial space in Abu Dhabi has kept falls in leasing rates well below Dubai,' the bank has said.
Oasis Capital in UK housing JV
Bahrain-based Oasis Capital Bank has formed a five-year joint venture with UK-based Unite Group Plc, the listed developer and manager of student accommodation, to develop three student accommodation properties in London with an estimated completion value of £194m, Property Week has reported. Oasis has bought a 75% stake in the joint venture, investing £39m, with Unite holding the remaining 25%. Unite's three properties under development, amounting to 1,119 beds and representing its entire 2010 pipeline, will be immediately sold to the joint venture for £88.2m.
Barwa to build $9bn Cairo project
The Egyptian unit of Qatar's Barwa Real Estate has said it will begin building a $9bn Cairo project in the first quarter of 2010, Reuters has reported. The mixed-use project is spread over more than 8.4 square kilometres near Egypt's capital and will be finished in 10 to 12 years, the developer has said. The firm is studying all options for financing the investment including Islamic bonds and loans.
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