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Funding shortfall could lead to project share ownership
Funding shortfall may require an increasing number of private and single-tower developers to offer part ownership options to investors in their projects, according to experts. A few developers in Dubai such as Cirrus Developments are offering unit purchasers the option of becoming a shareholder in the project. In March, Cirrus presented a restructuring proposal to the purchasers of Aquarius Gate project, which will convert their status from 'unit purchasers' to 'shareholders' in new project company. In attempting to schedule instalments against the pace of construction and enforce minimum requirements before projects can be registered - the resultant funding shortfall will require an increasing number of private, single tower developers to attempt this type of structure. There is a form of regulatory arbitrage being developed, said Mac Capital Advisors, and the consequences 'have probably not been fully explored yet by Real Estate Regulatory Agency (Rera)'.
United Arab Emirates: Tuesday, May 19 - 2009 at 12:25

Kuwait group to build $6m Riyadh project
Kuwait's Dar Al Kawthar Real Estate Company has said that it will put a new housing project in Riyadh out to tender at a cost of $6m. The company has taken similar steps in the United Arab Emirates, Oman and Jordan at a cost of $12 million as part of its promotional campaign entitled 'Real Estate Openings amid the Global Crisis', aimed at getting Kuwaitis to invest in the real estate sector. The group is a subsidiary of the Gulf Investment Group.
Kuwait: Tuesday, May 19 - 2009 at 12:07

NPC plans Dubai stock exchange listing
Abu Dhabi construction firm National Projects and Construction (NPC) is planning to float next year on the Dubai Finance Market stock exchange. The company, which was established in 2003, said in preparation, it has boosted its Dhs5bn order book with international contracts, as well as expanding through the acquisition of local building firms. To qualify for listing, contractors need to have a substantial workforce, a turnover of at least Dhs1bn and international exposure. 'We're very close to reaching that target this year in terms of turnover, and hopefully by the end of the year we'll have at least one international project on the go,' said Paul Majoor, General Manager at NPC. 'So the target could be achieved by 2010, if the market is right.' The company, which is building Nation Towers in Abu Dhabi in partnership with Arabtec Construction, is eyeing deals in Qatar, Libya and Morocco. (Mac Capital)
United Arab Emirates: Tuesday, May 19 - 2009 at 12:04

Nomura raises Emaar target price to Dhs2.94
Nomura has raised Emaar Properties' target price to Dhs2.94 from Dhs2.81 and maintained its 'buy' rating. It said that there were no surprises in the company's first quarter headline numbers. Management has indicated that it will work out any liquidity situation without access to government funds, although there is access to such a buffer if required. Emaar shares closed down 1.6% at AED 2.50. (Mac Capital)
United Arab Emirates: Tuesday, May 19 - 2009 at 11:56

Tamweel may sell repossessed property in UAE
UAE-based home lender Tamweel may become the first company to auction properties in default once the legal process of repossession is completed, reported The National. So far, there have been no forced auctions of properties in the UAE, because of legal uncertainties which have made mortgage lenders and banks reluctant to go through an untested system. Wasim Saifi, chief executive of Tamweel, said the Islamic lender would move to the next step of disposal of properties once the legal process of foreclosure is completed.
United Arab Emirates: Monday, May 18 - 2009 at 13:58

Commodore wins $245m Abu Dhabi contract
Abu Dhabi-based Commodore Contracting Company has won an estimated $245m contract to build the new headquarters building for Abu Dhabi's International Petroleum Investment Company, reported MEED. The project involves the construction of a 35-floor office building, which will have two basement floors for a car park and service areas, with offices for IPIC and office space to lease.
United Arab Emirates: Monday, May 18 - 2009 at 11:32

Iraq allocates $25bn for housing projects
Iraqi Prime Minister Nouri al-Maliki said his Cabinet has appropriated $25bn for rehabilitating housing units, and also for electricity and higher and elementary education. Al-Maliki pointed out that the state is able to repay these funds from the oil proceeds.
Iraq: Monday, May 18 - 2009 at 11:27

Gulfar profits fall as contract income rises
Oman's Galfar Engineering and Contracting in Oman saw contractual income rise 16.7% to OR99m for Q1 2009, compared to OR85m for the same period last year in its unaudited, consolidated results. However pre-tax profits fell to OR5.28m compared to OR8.15m in the first quarter of last year. Total company assets grew to OR366m against OR286m and the company's net worth increased to OR84m compared to OR68m during Q1 2008.
Oman: Sunday, May 17 - 2009 at 13:24