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Dubai Islamic Bank offers 90% home finance
Dubai Islamic Bank, the largest Islamic bank in the UAE, announced that it is offering up to 90% financing for properties across the UAE. Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers.
Hydra Properties names new CEO
Dr. Sulaiman al Fahim has been replaced as chief executive of Hydra Properties to become a member of the company's board of directors. Ali bin Sulayem of Hydra's parent company, Royal Group, will replace him as chief executive.
Aldar has funds to cover $1.5bn debt, says report
Standard Chartered Bank has said in a new report that Aldar Properties has sufficient funds to cover the $1.5bn of debt maturing over the next two years. With more than $4bn in liquid funds at the end of first quarter of 2009 and access to $862mn in undrawn credit facilities, the bank has given a 'stable' credit outlook to Aldar and recommended investors 'buy' Aldar's 8.75% bond maturing in 2014.
Deyaar cancels Enclave in Dubai
Dubai-based Deyaar Development has formally cancelled its Enclave project after making a full refund to all investors, reported Emirates Business. Enclave was to be built in the International Media Production Zone consisting of nine residential buildings.
Union delays Limestone House
Union Properties has pushed back to the end of the year the completion date of Limestone House and Ritz Carlton Hotel at Dubai International Financial Centre, citing restricted assistance from banks, according to Emirates Business. According to realtors, Limestone House was set for completion by May 2009.
Damac awards Marina Bay enabling deal
Damac Properties has awarded Dhs7.5m enabling works contracts for its Marina Bay development at Al Reem Island in Abu Dhabi to National Dewatering and Drainage services. The enabling works are scheduled to last for around four months and will include dewatering, shoring, excavation, piling and pile testing on site.
Emaar asked for Kingdom clarification
The UAE stock market authority has asked the Dubai Financial Market (DFM) to seek clarifications about the accord signed with Kingdom Holding Co from Emaar, including details such as its nature, its value and its expected impact on the revenue of the company. The request came after the shares of Emaar fell the most in two months yesterday following the company's denial of the deal.
Dubai property prices to fall another 20% this year, says poll
Dubai house prices will fall another 20% this year, and have a less than 20% chance of picking up before 2011, according to a Reuters poll of ten analysts at banks, investment firms and research institutions. Three of the 10 forecasters said they expected prices to hit a bottom in the second half of 2009 and three predicted it would happen in the first half of 2010. One forecaster said prices would rise by 10% from now in 2010. Five analysts expected prices to fall a further 20% or more this year and prices could fall an additional 15% next year before stabilising in 2011, the poll showed.
Emaar denies report of role in Kingdom project
Dubai-based developer Emaar Properties has denied it is investing in a development by Saudi Arabia's Kingdom Holding that will feature what would be the world's tallest tower, Reuters reported. Emaar said it has signed a deal with Jeddah Economic Company, adding that according to the agreement, it 'would only offer management services for a real estate project against a fee'. Emaar said it 'will not invest in any projects of this sort'.
Al Futtaim plans Morocco project
Marwan Shehadeh, managing director of Al-Futtaim Capital, the investment arm of the Al-Futtaim Group, said the firm is in the final stages of acquiring a 7 million square metre plot in Bouznika on the Moroccan Atlantic coast, where up to 42,000 residential units would be built. He said the total development cost of the project will be 'in excess of a couple of billions of dollars', adding the project was subject to Moroccan government approval.
Union Properties CEO Simon Azzam resigns
Dubai-based Union Properties has announced that its chief executive officer for 23 years, Simon Azzam, has resigned. The developer has not named a replacement, but said it has appointed Khalid Al Jarwan as general manager.
Saudi to have 2m home shortage
A report by CB Richard Ellis has said that Saudi Arabia is likely to suffer from a shortage of two million homes over the next ten years as the country's population increases. The kingdom's population is predicted to increase by up to 30% over the next decade, to 33 million people. A new mortgage law will also increase the level of home ownership.
Emaar wins SR100bn Jeddah project
Saudi-based Kingdom Holding Co. (KHC) has selected Emaar Properties to develop and supervise the construction of the SR100bn Jeddah Kingdom City land and Kingdom Tower, the company said in a statement. Emaar was chosen 'for their previous proven experience in the development of mega projects,' KHC said.
Goldman Sachs ups Arabtec, Aldar, Sorouh target prices
Goldman Sachs has raised its target price for Arabtec Holding by 6% to Dhs3.77 citing the improving regional economic outlook due to higher oil prices, and changes in order book and margin assumptions following recent management updates. The price target for Aldar Properties was raised to Dhs4.7 from Dhs4.34, while Sorouh's was increased to Dhs3.91 from Dhs2.98, as it changed its valuation method to incorporate net asset value.
Qatari Diar halts UK luxury flat project
Project Blue Guernsey Limited (PBGL), the UK arm of Qatari Diar, has cancelled its luxury flat project in central London, which was criticised by Britain's Prince Charles as 'unsuitable,' and will instead consider a new proposal put forward by the prince's own planning team, according to the Gulf Times. Richard Rogers, designer of the steel-and-glass project, called the withdrawal 'extremely disappointing.'
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