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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.
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.
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