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2003

Aabar inks Abu Dhabi land deals
Aabar Investments has inked agreements to buy 14 land plots in Abu Dhabi, amounting to a total of Dhs2.7bn, The National has reported. Aabar stated the plots would be used for hotels, residential and commercial projects. Some of the plots are located in Raha Beach, the Rawdhat Abu Dhabi, and the Saraya project by Sorouh Real Estate.
United Arab Emirates: Saturday, May 23 - 2009 at 09:26

ADCB stops Hydra Village loans
Abu Dhabi Commercial Bank (ADCB) has announced that it will no longer offer mortgages for properties in the Hydra Village development, The National has reported. Arup Mukhopadhyay, head of retail banking at ADCB has said that the bank has a pre-decided limit on the amount of exposure it takes on for every developer and project. 'Hydra has reached that limit, and we will not take on any new mortgage cases,' Mukhopadhyay said. ADCB was the main mortgage provider to the project, which is facing a two-year delay.
United Arab Emirates: Thursday, May 21 - 2009 at 12:56

Nakheel offers payment discounts
Nakheel has said that it is offering its customers discounts of between 10% and 30% to help investors meet their commitments and obligations towards the company. To qualify, buyers will have to settle outstanding balances and continue to pay their instalments on time, and the scheme is available customers who have bought in Jumeirah Island Mansions, Jumeirah Heights Clusters, Badrah phases one and two, Marina Residences and Veneto.
United Arab Emirates: Thursday, May 21 - 2009 at 12:53

Malaysian firm wins $52m Saudi deal
A joint venture between Saudi Oger and Saudi Binladin Group has awarded the Malysian-owned Ahmad Zaki Saudi Arabia Co a $52m contract for sub-contractor work on the Jabal Omar Development in Makkah, Saudi Arabia. The contract involves 'building reinforced concrete structures for Tower H1-A' of the project and is expected to take 18 months to complete.
Saudi Arabia: Thursday, May 21 - 2009 at 12:51

Drake & Scull wins Palm Jumeirah contract
Drake & Scull International said that it has been awarded a Dhs226m (61.5m) mechanical, electrical and plumbing contract for the Kingdom of Sheba development on Dubai's Palm Jumeirah. The work, awarded by IFA Hotels & Resorts, brings the total value of DSI's contracts on the development to more than Dhs1.4bn.
United Arab Emirates: Wednesday, May 20 - 2009 at 14:18

Tameer's CEO resigns
The CEO of Dubai-based property firm Tameer, Ghassan Sakhnini, has told Emirates Business that he has resigned from his post for personal reasons, and that he will leave in two months. Sakhnini is the third chairman to resign in 13 months after Omar Ayesh and Abdullah Al Haj Ali.
United Arab Emirates: Wednesday, May 20 - 2009 at 12:15

Aldar to raise $500m in bond issue
Abu Dhabi-based Aldar Properties may raise more than $500m in a 5-year bond offering that will be issued this week, reported Bloomberg, citing a banker involved in the deal. Aldar will be 'guaranteeing a potential bond issue', which will be offered by a special purpose vehicle, the company said.
United Arab Emirates: Wednesday, May 20 - 2009 at 11:58

Rera plans international expansion
Dubai's Real Estate Regulatory Authority (Rera) plans to expand throughout the Middle East and North Africa and become an international real estate reference point, known as Menares (Middle East and North Africa Real Estate Society). Mahmoud Al Burai, Director of the real estate sector development department at Rera, said that it will be a reference body only, rather than a regulatory one. The aim of Menares is to encourage real estate education, professionalism and real estate practices.
United Arab Emirates: Tuesday, May 19 - 2009 at 12:28