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2003

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.'
United Arab Emirates: Tuesday, June 30 - 2009 at 14:48

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.
Kuwait: Tuesday, June 30 - 2009 at 11:43

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.
United Arab Emirates: Tuesday, June 30 - 2009 at 11:40

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.
Kuwait: Tuesday, June 30 - 2009 at 11:24

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.
United Arab Emirates: Monday, June 29 - 2009 at 14:21

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.
Bahrain: Monday, June 29 - 2009 at 11:18

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.
Bahrain: Monday, June 29 - 2009 at 11:14

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.
United Arab Emirates: Sunday, June 28 - 2009 at 14:04