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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.
Arabtec cut to 'underweight'
HSBC Holdings has cut the rating of Arabtec Holding PJSC, the UAE's biggest construction company, from 'heavyweight' to 'underweight' citing 'faster margin deterioration' and a declining backlog, Bloomberg has reported. 'The continued deflationary environment in the UAE, in our view, should result in a sharper than expected drop in contractor margins,' an HSBC analyst wrote in a note to investors.
Sorouh Q2 profit plummets 78%
Abu Dhabi-based Sorouh Real Estate has reported that its second-quarter profit fell 78% compared to the same period in 2008 due to a decline in land sales. Net income fell to Dhs148.3m ($40m), or 6 fils a share, from Dhs687.1m, or 27 fils, a year earlier, Sorouh said. Revenue dropped to Dhs978m from Dhs1.07bn.
Burooj completes construction on Al Gurm Gardens
Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank, has announced that it has completed construction of its Al Gurm Gardens villas at Al Reem Island, adjacent Khalifa Park and Abu Dhabi International Airport. The project's 80 villas each cover around 4124 square feet. Construction works were completed in seven months, the company said. The finishing works on the villas have now commenced, with handover confirmed for the end of this year, it added.
Damac awards tender in Egypt
Damac properties has said it has awarded the Egyptian Union for Construction the construction contract for 275 villas within its Hyde Park development, located in New Cairo and set on 4.7 million sq. m. Bassenian Lagoni Architects have designed Hyde Park's villas along the theme of "Italian-Country, California-Spanish and Neo-classical," the developer has said. Mobilization and Construction work is expected to commence immediately.
Emaar's Saudi unit reports wider loss
Emaar Economic City, the Saudi Arabian unit of Emaar Properties, said its quarterly loss widened to 113 million riyals ($30.1m), compared with 40.4 million riyals. The loss per share widened to 0.21 riyal from 0.07 riyal, the company said in a statement.
Nakheel awards contract to Dubai Civil Engineering
Nakheel has awarded Dubai Civil Engineering an estimated $16m contract to design and build a cruise-ship terminal at its Port Rashid development in Dubai, MEED has reported. The new terminal will be able to accommodate up to four ships simultaneously, on the existing quay at Port Rashid. The design includes residential, office and commercial buildings.
Aldar appoints contractors to build 5,000 villas in UAE
Aldar Properties said it has signed contracts with Al Jaber Building Abu Dhabi, El Seif Engineering Contracting Abu Dhabi and Malaysian firm Pembinaan SPK BHD, to deliver 5,000 villas at Al Falah, a master planned community for UAE nationals. The project's plan comprises five villages, each with its own village centre, schools, and mosques. Located to the east of Abu Dhabi International Airport and the Abu Dhabi-Dubai highway, Al Falah has been designed within a development area of approximately 12 million square metres.
Dubai rents are lowest in three years, says report
Residential property rents in Dubai have fallen to their lowest level in three years and could drop even further, reported 7days newspaper, citing interviews with local real estate agents. Tenants can now rent a studio apartment in International City for just Dhs26,500 a year - down from Dhs60,000 six months ago, the report said. The rental price drop is attracting people from neighbouring emirates, like Sharjah and Ajman, because they can now afford Dubai prices, it added.
Red Sea Housing Q1 net drops 39%
Red Sea Housing Services, a Saudi company that provides ready-made housing units for the oil industry, has said its net income in the six months ended June 30 had dropped 39% to SR74 million ($19.7m), from SR124 million in the year-earlier period, Bloomberg has reported. Revenue had declined 23% to SR463 million, compared with SR597 million, the company said.
Saudi Real Estate Q2 profit falls
Saudi Real Estate Co, a Riyadh-based property developer, has said its second-quarter profit had dropped 53% as land sales declined, Bloomberg has reported. The developer's net income fell to SR21.2m from SR44.9m in the year-earlier period.
Kuwaitis are top property investors in GCC
According to a survey conducted by the GCC General Secretariat, Kuwait is the number one GCC country investing in real estate, with 21,011 nationals holding real estate property in the region until 2007, KUNA has reported. Saudi Arabia came second with 7,507 of its citizens owning real state, followed by the UAE with 4,463 real estate owners, and Bahrain with 3,225, the report said. The increasing number of property owned by GCC beneficiaries in the Gulf, outside their homeland, was estimated at 6,716 in 2007 with a total of 39,000 by the end of the same year, it said.
Dubai posts Dhs1.73bn land transactions
The Dubai Land Department has reported a total value of Dhs1.73bn for land transactions last week, with sales exceeding Dhs680.24m. The total value of mortgages during the period was Dhs1.05bn. The Dept. registered a total of 50 sale transactions by the end of the week, the most valuable of which was a plot in Emirates Hills-3 that was sold for Dhs19.5m.
RAK Properties profit down 33%
RAK Properties has said its net profit for the second quarter had declined 33.78% to Dhs73.3m from Dhs110.7m in the same period last year. First-half net profit fell 36.38% to Dhs143.31m from Dhs225.27m the same period last year, while net assets were at Dhs3.12bn, including Dhs485m in cash, the company has said. The developer has Dhs1.21bn in liabilities as of June 30, including Dhs787m in customer installments shown as payable until projects are delivered.
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