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100,000 workers to be relocated
A total of 100,000 labourers are to be relocated from Mohammed bin Zayed City, and moved to new accommodation in order to make the area entirely residential, according to the National. The relocation will take place over the next two months. A spokesman for the Abu Dhabi Urban Planning Council said that the move away from the predominantly Emirati family accommodation area was 'inevitable.'
Al Barakah CEO arrested
The chief executive officer of Al Barakah real estate has been placed in custody after handing himself in to Dubai police last week, The National has reported. Al Barakah had planned the tallest tower in Ajman among other projects. The man has been wanted by police for the past seven months on charges of bouncing cheques valued at $16.33m.
Nakheel cuts 400 jobs
Dubai World master developer Nakheel has cut a further 400 jobs, The National has reported. The redundancies were made over a two week period, adding to the 500 employees that were made redundant at the end of last year. The developer has consolidated a number of backroom functions in a bid to streamline its operations.
Habtoor Leighton wins Abu Dhabi ports deal
Abu Dhabi Ports Company (ADPC) has awarded the Dubai-based joint venture, Al Habtoor Leighton Group, a Dhs1.4bn contract to build port, road and infrastructure facilities in Abu Dhabi's Khalifa Port and Industrial Zone. The Al Habtoor Leighton Group has said work had already begun on the project, which would be completed by September 2011. The project includes construction of container and industrial ports and development of industrial, logistics, commercial, educational and residential special economic and free trade zones.
Bank of America rates Aldar 'overweight'
Bank of America Corp. has rated Aldar Properties' 2014 bonds as 'overweight' citing government backing and 'ample liquidity and land bank value,' Bloomberg has reported. London-based analysts Tala Boulos and David Lewis have said that Aldar has been unfairly punished by developments in Dubai. 'We view Abu Dhabi as a strong sovereign and strongly believe that should Aldar be under financial distress, the government of Abu Dhabi would have both the ability and willingness to intervene,' they said.
Emaar hands over Burj View apartments
Dubai-based developer Emaar says it has commenced hand over of Burj Views, a three-tower residential complex in Downtown Burj Dubai. Several apartments have prime views of Burj Dubai, the world's tallest building, and The Dubai Fountain, the world's tallest performing fountain, Emaar said in a statement. Burj Views feature studios, one- and two-bedroom apartments and duplexes. The hand over is scheduled in two phases starting with residential units in the three towers followed by units located on the podium level.
Pavarotti Tower to be built near Dubai
Italian property firm Ellebiemme Immobili di Presitigio has announced plans to build The Pavarotti Tower, named after famed tenor Luciano Pavarotti, on Palm Jebel Ali near Dubai, reported The National. The agreement to develop the residential and commercial building, which is being constructed in partnership with Dubai-based developer New World Investment, was signed late last year with Pavarotti's widow, Nicoletta Mantovani. The project will include the Pavarotti Gallery, where recordings of the tenor's voice will be played in a museum dedicated to his life. Each floor will be dedicated to one of the operas performed by the tenor.
Emaar Jordan unveils second phase of 'The Apartments'
Emaar International Jordan, a subsidiary of Emaar Properties, has unveiled the second phase of 'The Apartments' within Rift Living, a component of the Samarah Dead Sea Resort master-planned community. Emaar Jordan is offering a select number of units from five buildings in the second phase of 'The Apartments' for sale ranging from studios, 1 and 2 bedroom apartments as well as 2 bedroom lofts. Homes at the second phase of 'The Apartments' will open for sale on July 11.
Al-Futtaim to decide on Morocco build in 2010
UAE fund manager, Al-Futtaim Capital, will make a final decision on whether to develop a multi-billion dollar, 7 million sq.m property project in Bouznika on the Moroccan Atlantic coast in about a year, Reuters has reported. 'We are one year into our due diligence and have one more year before closing. We have an option on this project and are doing our due diligence to exercise the option,' Managing Director Marwan Shehadeh told the news service.
Memon awards contract for Champions Tower IV
Memon Investments, a Dubai-based real estate developer, has said it has awarded a Dhs84.5m contract to Al Jassmy Contracting for the construction of Champions Tower IV, a 20-storey residential tower in Dubai Sports City. The announcement follows the commencement of the tower's raft works, which is expected to be completed within 22 months.
Jadwa may join CIT in $1.1bn UK property buy
Prince Faisal bin Salman bin Abdulaziz, chairman of Saudi-based Jadwa Investment, said the firm is targeting US and UK real estate, and may join European investor CIT to invest $1.14bn into a property portfolio for sale by British insurer Aviva Plc, the Financial Times has reported. About half of the $2bn Jadwa has under management is in discretionary investments for clients, with the remainder being held in 17 third-party funds, while two new funds for commodities and private equity are planned, the report said.
Sorouh to offer Gate Towers price cuts
Abu Dhabi-based master developer Sorouh Real Estate, will begin offering price cuts of 20% to buyers of units in the Gate Towers development, The National has reported, citing Abubaker al Khouri, the managing director of Sorouh. The company will also offer easier payment plans. Earlier in the year Sorouh offered buyers at the Alghadeer project average price cuts of 35%.
Gulf investors fund Ferguson property venture
Manchester United manager Sir Alex Ferguson and television presenter Sir David Frost have launched a $1.6bn real estate company, which aims to buy up commercial property across Europe at knock-down prices with the support of Middle Eastern investors, the Scotsman has reported. aAim Capital Finance, has received commitments of more than $1.6bn from unnamed Gulf investors for the project.
Kuwait property sees May slowdown
According to a report by the National Bank of Kuwait (NBK), the country's real estate activity fell during May to its second weakest level in five months, with a total of 314 sales transactions which were registered at a value of KD80.1m. NBK has said that the sales volume had fallen 17% from the previous month. However, Kuwait's residential sector had seen moderate growth with the value and number of transactions rising by 3% and 7% respectively. NBK noted the drop in May sales values had resulted largely from a decrease in commercial sales, which saw a 66% decline.
Emaar International shuts Algeria office
Emaar International has shut down its office in Algeria due to the lack of progress on business, the developer has said in a statement. 'Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval', according to the statement. 'Due to a lack of progress which is beyond the company's control, the office set up to drive these projects forward has now been closed.'
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