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Property projects worth $300bn canceled in Dubai
Dubai-based Proleads Group has said that real estate projects worth more than $300bn have been put on hold or cancelled in the UAE as the financial crisis halted construction of over 400 projects, Bloomberg has reported. However, the country's construction market remains active with more than 750 on-going projects and 450 recently completed, the research group said.
Emaar to complete exterior of Burj Dubai in weeks
Emaar Properties said today the last glass cladding that will complete the exterior of the world's tallest skyscraper is ready for installation. Arabian Aluminium, a unit the Al Ghurair Construction Industries, will install the glass panel on Burj Dubai in the coming weeks. The tower is scheduled to open later this year.
Iraq to set aside $800m for 1st stage of Sadr City rebuild
The Iraqi government's economic committee has earmarked $800m from the 2010 budget to implement the first stage of a project to rebuild Baghdad's Sadr City, Aswat al-Iraq news agency has reported. The cabinet had approved a 10-year plan under which $10bn would be allocated to rebuild the city.
DSI subsidiary wins contract in Dubai Marina
Gulf Technical Construction Co, the civil contracting subsidiary of Drake & Skull International, said it has secured a Dhs250m contract from Marina Exclusive Limited for KPM Tower in Dubai Marina. The contract is for the design and build of the residential tower comprising five basement levels and ground plus 38 floors. The tower will contain studios, one and two bedroom apartments and penthouses as well as pool, fitness centre and parking.
Mazaya says Q2 profit fell to 4.85m dinars
Al-Mazaya Holding Co, the Kuwait-based real estate developer, has said its second-quarter net income had dropped to KD4.85 million ($16.91) from KD12.98 million, Bloomberg has reported. Earnings per share had slipped to 10.78 fils from 29.18 fils, the developer has said in a statement to the Dubai stock exchange.
Arabtec rated new 'buy'
The Royal Bank of Scotland Group Plc has rated Arabtec Holding 'buy' in new coverage with at price estimate of Dhs4.54, Bloomberg has reported. The bank's analysts have cited 'sustained revenue in the near term and strong cash flow generation', in a note to investors.
Victory Heights hands over 100th set of keys
The Victory Heights development in Dubai Sports City today handed over the 100th set of keys to a new homeowner, according to a press statement. The handover began in the Estella and Carmen Villages, and handover letters have also been issued to an additional 150 homeowners, who are expected to move in within the next few weeks. Villas in the Novellia, Esmeralda, and Oliva Villages are next in line for handover.
HDB gets approval for Damac deal in Egypt
Egypt's Housing and Development Bank and two other firms have received Egyptian government approval to buy 60% of the Egypt unit of Dubai's Damac Holding, Reuters has reported. HDB will buy 30% of the subsidiary, the Egyptian Arab Land Bank 20% and a holding company 10%.
Better Homes to launch operations in Doha
UAE-based real estate agency, Better Homes, has said it will launch a new office in Qatar by Q4 2009. The new office portfolio will begin with the management of the Al Azizya Complex, a retail mall that includes a 90 villa compound, 50 apartments and 37 retail shops. Additional ongoing projects including The Pearl, Lusail, and a wide range of apartments and offices, the firm said. Better Homes, which currently operates in 7 countries, including its 11 offices throughout the UAE, plans to further expand its international portfolio with offices in Oman and South Africa by the end of 2009.
Saudi awards school construction deals
Saudi Arabia's deputy minister of education Faisal bin Abdulrahman bin Muammar has said that the kingdom has awarded China Railway Construction Corp. a SR2bn ($533m) contract to build nearly 200 school buildings in the kingdom, the Saudi Press Agency has said. The contract will provide places for 150,000 students, with buildings to be complete in 14 months.
Al Mazaya issues Business Avenue update
Al Mazaya Holding Co. has announced that 65% of construction works on Business Avenue have been completed. Business Avenue is located at Jumeirah Lake Towers and includes three 44-storey buildings designated for commercial use. Finishing works have already started on the completed parts, the company has said. 'We are committed to delivering the project by the end of the year, and to the highest quality standards,' Fathi Al Dhameri, SVP of Construction at Al Mazaya in Dubai has said.
Drake and Scull to buy two companies
Dubai-based engineering firm, Drake & Scull is in final negotiations to acquire two construction companies as it seizes expansion opportunities in the economic downturn, The National has reported. The firm's board of directors had given the move the green light earlier last week, Khaldoun Tabari, vice chairman and chief executive has said. 'We will acquire two companies in the coming two months,' he said.
Saleh Constructions begins work at Lifestyle City
ETA Ascon's Dubai Lifestyle City (DLC) development in Dubailand has announced the commencement of construction work on the project. Construction was awarded to Saleh Constructions to build 68 Tuscan-themed villas and 120 villettes (condominiums). The first phase of DLC is expected to be completed by the end of 2011.
Qatar Real Estate Investment H1 profit falls
Qatar Real Estate Investment Co. (Qreic) has said that its first half net profit had dropped by 35% to QR113m mainly on shrinkage in investment income and higher finance charges. A 17% rise in rental income to QR117m, had more than doubled finance lease revenue to QR78.22m. The group posted a 54% decline in investment income to QR29m, the developer has said. Total income had dropped 10% to QR236.66m, while total expenses rose 37% to QR123.61m in the review period.
Tameer delivers Palace Towers
Tameer Holding Investment has announced the successful completion of its Palace Towers development, a complex of 424 residential apartments, and 150 office suites in Dubai Silicon Oasis. Palace Towers amenities include a gymnasium, children's play area, two swimming pools, as well as cafés, restaurants and shopping facilities.
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