Real Estate
- The news you choose »
- Login to Add to Watchlist
Categories
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.'
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.
It looks like you are using a Mac - check out our 
Web Feeds