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Sakana posts H1 results
Bahrain-based Sakana Holistic Housing Solutions, a 50:50 joint venture between BBK and Shamil Bank, has posted a net profit of BD486,000 for the period from January to June 2009. The firm's net financing income stood at BD1.56m as of June 30, 2009, an increase of 121% over June 30, 2008. Total assets had increased to BD39.2m, up 20% from BD32.7m, and mortgage assets stood at BD32m from BD23.3m, an increase of 37% over June 30, 2008, the company said.
Deyaar to hand over The Citadel in August
Dubai-based Deyaar Development has announced that it will hand over in August all units at The Citadel, its 41-storey commercial tower located in the Business Bay development in Dubai. The Citadel comprises 565,000 square feet of office space, including 406 commercial units, and 29,000 square feet of retail.
UAE property prices climb
Sale prices of real estate in parts of Dubai and Abu Dhabi are registering big increases as buyers regain their confidence, The National has reported. In Dubai, prices of homes in The Springs have risen up to 12% since May, while The Meadows and The Greens have seen price rises of 7% and 5% respectively. In Abu Dhabi, properties on Al Reem Island were seeing increases of about 30% in the past couple of months. While brokers say this is the third consecutive month of price rises, many bankers and analysts are still cautious about saying the market has levelled out, with some predicting further declines, the daily reported.
First Dubai profits reach Dhs91.5m in 6 months
First Dubai Real Estate Development Co. has reported Dhs91.5 million in profit for the first half of 2009, compared to Dhs94.5 million for the same period last year, while earnings per share reached 92 fils. The developer's revenue at the end of H1 2009 stood at Dhs166 million, with company's assets amounting to Dhs1,813 million by June 30, 2009, compared to Dhs1,126 million during the same period in 2008.
Dubai's office rents rank 2nd in EMEA region
A new report by CB Richard Ellis has found that office rents in Dubai are the second highest in the Europe, Middle East, and Africa (EMEA) region, but will continue to fall as landlords compete to secure tenants and demand weakens due to the fallout from the economic downturn. At $1388 per sq metre, the emirate's office market trails only London's West End where average office rents were $1421 per sq metre, the report said. Moscow, Paris and St Petersburg were the next three strongest office markets in the region, the report added.
Aldar set to deliver several UAE projects
Aldar Properties plans to deliver all of the Phase-I developments on the Yas Island, including hotels, marina and golf course ahead of the Formula One Etihad Grand Prix scheduled for November 1, a company executive told Gulf News. Al Bandar, a project comprising luxury apartments on Abu Dhabi's Al Raha beach is also expected to be delivered to end users the same month, in addition to the Dhs5.43bn, 10-lane Shahama-Saadiyat highway project which is likely to be completed by early September.
Hill International wins Abu Dhabi contract
Abu Dhabi-based Aabar Investments has awarded a $14.2m contract to Hill International, a US-based construction risk management firm, to provide project management consultancy services during design and construction of fourteen major mixed-use and residential developments in the UAE capital. The projects include one mixed-use building on Reem Island (approximately 25 storeys), six buildings on Raha Beach (approximately 10 storeys each), five buildings in Rawdat Abu Dhabi (approximately 10 storeys each), one residential building in Saraya (approximately 45 storeys) and one hotel building in Saraya (approximately 23 storeys).
Nakheel may revise terms of $750m Sukuk
Dubai-based property developer Nakheel said it plans to revise the payment terms of its $750m Sharia-compliant sukuk, which matures in 2011, Bloomberg has reported. Under the revised terms, Nakheel would decrease the coupon payment due July 16, and increase the final amount of January 16, 2011, payable on the bond redemption date, according to a notice sent to investors by Deutsche Bank, the bond's principal paying agent. Nakheel has said that the consent of sukuk holders was not required for the amendment, but that the 'transaction administrator wished that sukuk holders be notified ahead of formal approval'.
Aqaar gets master developer licence for Ajman
Aqaar, a real estate and property development firm based in the UAE emirate of Ajman, has said it has received a master developer licence from the Ajman Real Estate Regulatory Authority, which will enable it to develop larger master communities in Ajman's real estate sector and provide integrated services and solutions to sub developers.
Deyaar reports Q2 net profit of Dhs75.40m
Deyaar Development has reported a net profit of Dhs75.40m for the three months ending June 30, 2009, an increase of 38% over the company's net profit of Dhs54.48 million for Q1 2009. The developer's total shareholders' equity stood at Dhs7.4bn, while total assets reached Dhs11.3bn. Deyaar has also noted that it has committed Dhs100m towards the Deyaar Property Opportunity Fund as seed capital as of June 30, 2009.
Burj Dubai opening delayed
Dubai-based Emaar Properties has confirmed that the opening of the Burj Dubai has been delayed until December. The opening of the world's tallest tower had been scheduled September 9, to coincide with the opening of the Dubai Metro. The project is part of the $20bn Burj Dubai development, which includes a shopping mall, hotels and residential buildings.
Marbella Bay piling completed
Manazil Real Estate has announced that the piling works, load tests, foundations and basement of Marbella Bay have been completed. The resort is on Al Marjan Island, a man-made island in Ras Al Khaimah. The property units of the project have a combined value of Dhs400m, according to the developer.
Dar Al Arkan profits down 10%
Dar al Arkan Real Estate Development, Saudi Arabia's largest developer by market value, has reported a 10.1% drop in its second-quarter profit, after a drop in sales of housing units, Reuters has reported. Second-quarter earnings amounted to SR618.3m ($164.9m). Operating profit had dropped by 14.6% to SR668.2m, the company has said.
Abyaar places Sanam offer
Kuwait's Abyaar Real Estate Development Co. has said that it has submitted an offer expressing its interest in acquiring Sanam Real Estate Company. 'After reviewing the proposed idea, Sanam's board of directors has initially approved the offer,' Sanam has said. Abyaar has said that it plans to appoint a neutral consultant to review the acquisition plan.
Aqaar gets Ajman licence
Property developer Aqaar LLC has been awarded the master developer licence by Ajman Real Estate Regulatory Agency. Aqaar's first project is the 72,000sqm Ajman One. Escrow accounts for its 12 residential towers in Phase I have been opened at Abu Dhabi Commercial Bank.
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