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Aldar's Ferrari World on construction progress
Abu Dhabi-based property developer, Aldar Properties has said the external structure of Ferrari World Abu Dhabi has been completed, with 35,000 tonnes cubic metres of concrete, 12,370 tons of steel, 29,000 square metres of facade glazing and 165,000 square metres of roof cladding. The park's superstructure was completed in 14 months, the company said. The project is the first Ferrari theme park in the world when it opens in 2010.
Sorouh posts Q3 profit
Abu Dhabi-based Sorouh Real Estate has posted Q3 net profits of Dhs187.3m ($50.99m), down 75% from Q3 2008, when it recorded Dhs765.2m. Net profit for the first nine months of the year stood at Dhs461m, according to a statement posted on the bourse website.
Aldar reports 9-month profit
Abu Dhabi-based Aldar Properties has reported net profit of Dhs1,569m for the first nine months of 2009, with gross revenues of Dhs1,740m during the period. Developments under construction had increased significantly by 58.1% to Dhs36,266m, representing a net asset value per share of Dhs6.68 against Dhs6.22 as at 31st December 2008, the company said. The developer said its total net asset value rose 7.4% to Dhs17,223m in the first nine months of the year.
Deyaar to 'start developing again' in 2010
Markus Giebel, chief executive of Dubai-based real estate developer Deyaar said the firm will restart developing projects next year and set up co-investment funds for its overseas expansion plans, Gulf Daily News has reported. 'This year was a development holiday. Next year we have to start developing again,' he told the daily. Earlier this week the company announced that it cut 20% of its workforce.
Tameer hires Hyder as consultant for towers project
Dubai-based real estate developer Tameer Holding Investment has announced the appointment of Hyder Consulting Middle East to act as the primary consultant for Tameer Towers, its flagship development in Abu Dhabi. 'Hyder Consulting has provided multidisciplinary services and solutions to ten of the world's 12 tallest towers and we are confident that this expertise coupled with their extensive regional knowledge and experience will be extremely beneficial in ensuring the design excellence of Tameer Towers,' Tameer's President, Federico Tauber said.
Arab Cotton Ginning to separate land holdings
Egypt-based Arab Cotton Ginning has said it plans to split off its real estate holdings from its cotton production and offer the land for housing and commercial developments, Reuters has reported. The company owns more than 600,000 square metres of land in 13 locations in Egypt. A new company will be created to manage the real estate investments, including the sale of land and the development of housing, tourism and commercial properties, the company said in a statement.
Deyaar cuts staff by 20%
Dubai-based developer Deyaar announced today that it has reduced its workforce by 20% following a review of its resources. 'This rationalization of resources has been carried out to support Deyaar's sustained growth and maintain its commitments to customers, partners and shareholders,' the company said in a statement. The company did not give a figure for the number of jobs that were cut, but it did say the redundancies were the first it has made since the onset of the global financial crisis.
Abu Dhabu rents hold steady in Q3
A report by Landmark Advisory, a real estate consultancy firm, has revealed that the average rents in Abu Dhabi, for both apartments and villas, have remained relatively stable during the third quarter of 2009 and for the first part of fourth quarter. The report found that continued demand for smaller units in Abu Dhabi, which remain in short supply, has kept average rent levels for those units quite high, with 1- and 2-bedroom apartments priced at Dhs130,000 and Dhs190,000 per annum respectively.
$4.3bn in Dubai properties sold by Gulf nationals
GCC nationals sold properties valued at Dhs15.7bn ($4.3bn) in Dubai during the eight months ended August, according to Dubai's Real Estate Regulatory Agency (RERA) and the Land Department. Land sales by developers and individuals had accounted for Dhs10.8bn of Dubai's total property sales between January and August. Apartment sales followed with Dhs2.9bn, while villa sales reached Dhs2bn, reported Bloomberg.
Bawabat Al Sharq Phase I 40% complete
Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, has said that it has completed 40% of construction work for Phase I of Bawabat Al Sharq. Phase I of the community project is expected to be completed in the third quarter of 2010. It includes a total of 164 apartments and 56 villas.
Jebel Omar to launch rights issue
Saudi Arabia-based real estate developer, Jebel Omar Development Co has said that it plans to raise around $447.6m through a rights issue, which would finance about 14% of its sole project in the holy city of Mecca, Reuters has reported. The company has hired Islamic lender Al-Rajhi Bank to provide 'financial advice and arrange the necessary financing through diverse Islamic Shariah-compliant instruments.'
Emaar posts Dhs655m Q3 net profits
Emaar Properties has reported a net operating profit for the 3rd quarter (July to September) at Dhs655m, 48% higher than the second quarter's operating profit of Dhs442m. Emaar attributed the increase in profits to higher margin relating to hand over and scheduled delivery of Alma townhomes in Arabian Ranches during the third quarter.
Jordan construction sector facing 'major decline'
The Jordan Construction Contractors Association (JCCA) has said that the kingdom's construction sector in 2010 will see a major decline compared to its performance in the past three years, Jordan Times has reported. A proposed reduction in government expenditures is behind the projected decline, JCCA's president, Derrar Sraireh said.
Galfar wins Ras Al Hadd tender
Oman-based Galfar Engineering has said that it has won a OR40.5m tender for Phase II of the Sultanate's Ras Al Hadd airport, Oman Daily Observer has reported. The second phase involves the construction of a four-kilometre-long runway, taxiway and apron, as well as the provision of fuel hydrant facilities and navigation aids, among other facilities. Galfar will also undertake the levelling of areas earmarked for the construction of the terminal and other buildings covered in Phase III of the airport development.
Rental decline slows in UAE's Northern Emirates
According to a report by Asteco, a UAE-based property services firm, the average decline in apartment rental rates in the Northern Emirates in the third quarter of 2009 has slowed considerably to 4% compared with 12% in the second quarter and 21% in the first quarter. 'Since the fourth quarter last year, when the economic downturn became apparent in the Middle East, average rental rates across the Northern Emirates fell by nearly 34% from Dhs48,450,' the report said.
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