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Work begins on Al Marjan Island Phase II
Ras Al Khaimah property developer Rakeen announced it is set to commence Phase II of its infrastructure work on Al Marjan Island. The contract was awarded to Rizzani to complete the works in 18 months, covering Island 3 and Island 4 of Al Marjan at a cost Dhs365m. Al Marjan Island is the first man-made island in the emirate of Ras Al Khaimah.
Dubai Investments to reimburse Mirdiff Hills buyers
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100% refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing, Emirates Business has reported. Khaled Kalban, Managing Director and CEO of Dubai Investments has said DIRC would continue with the project should the lending scenario improve in Dubai.
KEO to oversee Marsa Zayed
Abu Dhabi-based Al Maabar, the real estate development investment company, has awarded KEO International Consultants a six month Program Management contract to work on Aqaba's $10bn Marsa Zayed development in Jordan. Groundbreaking for the project is scheduled in early 2010 and will cover over 6 million sq.m of built-up area, making it the largest tourism project in Jordan's history.
Al Mazaya to deliver stage one of The Villa in July
Al Mazaya Holding Company has said that it will start delivering units of its Dhs1bn project 'The Villa', located in Dubailand, to its owners in three stages; stage one plots (104 villas) will be delivered in July, stage two plots (150 villas) in October this year, while stage three plots (446 villas) will be handed over in March 2010.
Emaar may have to raise funds after merger, says analyst
Emaar Properties, which had announced a plan to combine with part of Dubai Holding last week, may have to raise funds if it proceeds with the transaction, according to Nomura Holdings. 'Emaar may have to raise equity, and possibly a lot, to support its private development counterparts because of their combined debt,' Chet Riley, a Dubai-based analyst at Nomura, wrote in a note to clients.
Moody's to review Emaar rating
Moody's Investor Services has announced that it has downgraded Dubai Holdings Commercial Operations Group (DHCOG) to A3 from A2, and has placed Emaar's Baa1 rating on review for downgrade. The group says that these actions reflect: 'continued fundamental challenges to both companies' business and financial profiles in the wake of difficult conditions on Dubai's property market, despite a recent agreement to merge both entities.'
Abyaar eyes Kuwait's Sanam Real Estate
Abyaar Real Estate Development Co. is planning to acquire Sanam Real Estate Co., a real estate company listed on the Kuwait Stock Exchange, Emirates Business has reported, citing a source familiar with the deal. 'We are certainly looking for acquisitions and our priority will be in Kuwait,' an Abyaar spokesman said, but declined to confirm the report.
Standard Chartered to offer 'Easy Loan' mortgages
Dubai Properties has said it has forged an alliance with Standard Chartered Bank to offer 'Easy Loan' mortgages, a funding option to prospective buyers and existing owners of residential units at the Executive Towers in Dubai's Business Bay development. The bank will directly evaluate the customer's property through independent surveyors and offer the finance with minimal documentation requirement from the client. In order to benefit from the Easy Loan mortgage product, customers must be resident in the UAE and should meet the minimum eligibility criteria of the bank.
Mazaya decides not to purchase remaining First Dubai shares
Kuwait-based Al Mazaya Holding has decided not to proceed with a plan to purchase the shares it doesn't already own in First Dubai Real Estate Development Co. The company has said in a statement to the Kuwaiti bourse it would have gained 'only marginal benefit' from purchasing a 33% stake in First Dubai.
Emaar shares tumble on merger concerns
The stock price of Emaar Properties has plunged due to concerns that a potential merger could result in asset writedowns and increased liabilities for the company. The shares lost 4.2% to Dhs2.77 at 11:50am in Dubai, bringing the slump for the month to 20%, according to Bloomberg. The shares are heading for their lowest close since May 21.
Manara unveils $1bn Bahrain waterfront project
Manara Developments, the real estate company owned by Al Salam Bank Bahrain, has said it has finalised the master plan for the $1bn Bahrain waterfront project. The Nurana project, which spans 2 million sq.m of waterfront land overlooking the Bahrain Fort, comprises a mix of coastal villas, water-view apartments, retail, entertainment, tourism and office amenity. Reclamation works for the currently submerged site are estimated at a cost of $74m.
Bahraini developer to build home for elderly
Bahraini developer Diyar Al Muharraq has volunteered to build a new home for the elderly in Muharraq, as well as redeveloping one of Muharraq's best known public parks and create a string of shops, the income from which will help meet the running costs of the home. The Casino Public Park development will include restaurants and children's rides.
Ajman Sewerage contract bids in final phases
Ajman Sewerage is in the final phases of contract negotiations with contract bidders to connect properties in the emirate to the new sewerage system it has set up. It is in talks with specialist companies and the contract will be awarded within two months. The project will be implemented in phases over two years.
'Bespoke' Omani property business formed
Bank Muscat, the National Bank of Oman and WJ Towell Property & Construction have signed an agreement to form a new real estate company, Oman Urban Development (OUDC). It will provide bespoke designs, from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed and mixed use developments, the JV companies said. OUDC will be managed by Towell Piramal Sunteck, a joint venture between W.J.Towell and Piramal Sunteck, an Indian real estate development firm.
Abyaar takes financing facility
Kuwait's Abyaar Real Estate Development has said the Bank of Kuwait and the Middle East (BKME) has arranged a financing facility to help the company complete its projects which are under already construction. It will also help the company reschedule its local and foreign financial obligations. The money is estimated to be KD18m, with the agreed tenor being up to five years, with the funds being given to Abyaar in tranches once respective projects have been completed.
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