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Abu Dhabi begins Club World Cup work
Construction has begun on new playing surfaces at Abu Dhabi's two biggest stadiums - Zayed Sports City Stadium and Mohammed Bin Zayed Stadium, which will play host to the FIFA Club World Cup UAE 2009 in December. Laser equipment is being used to produce an even pitch gradient, and a specially-designed grass seed variant known as Sea Dwarf Paspalum has been carefully selected to reduce water consumption by more than 50%. In addition to the two stadiums, seven other pitches across Abu Dhabi are being reconstructed or renovated to accommodate the competing clubs as exclusive training sites.
Omniyat invites Octavian bids
Dubai-based developer Omniyat Properties has invited selected contractors to bid by July 17 for the contract to build its Octavian project at Business Bay, Meed has reported. The project involves the construction of two 16-storey office towers with four basement levels and four podium floors, with a total built-up area of about 100,000 square metres.
Emaar buys Golden Ace debt worth $122m
Emaar Properties said today it had acquired debt amounting to $122m provided to Golden Ace. 'The loan was in default due to the inability of Golden Ace's majority shareholder to service the loan,' Emaar said in a press release. The purchase of the loan gives Emaar the ability to exercise voting rights equivalent to 61.3% of the shares in RSH Limited, a listed company in Singapore, Emaar said.
Deyaar chairman resigns
The chairman of Deyaar Properties, Nasser Al Sheikh, has resigned from his post, the Dubai property developer said in a statement today. Deyaar did not provide a reason for Al Sheikh's resignation, nor has it named his replacement.
Marina Bay project contract awarded
Damac Properties has said it has awarded National Dewatering and Drainage Services a Dhs7.5m enabling works contract covering dewatering, shoring, excavation, piling and pile testing on site, for its Marina Bay development at Al Reem Island in Abu Dhabi. The enabling works are scheduled commence shortly and will last for around four months.
Jabal Omar plans sukuk issue
Saudi developer Jabal Omar Development said its shareholders have approved issuing Islamic bonds after the firm faced problems in raising a multi-billion dollar financing for its sole project. The company made the announcement on the Saudi bourse web site without providing further details.
Qatar buys bank properties
Qatar has bought real estate investments of local banks after earmarking QR15bn to buy their portfolios, Reuters has reported. Some of the banks named eligible for the real estate funding include Qatar National Bank, Commercial Bank of Qatar and Doha Bank. According to a Jones Lang Lasalle report, Qatar house prices have fallen as much as 30% due to the global slowdown.
TDIC and Leighton scrap venture
Abu Dhabi's Tourism Development & Investment Company (TDIC) and Australia's Leighton Holdings have scrapped a venture that was expected to generate revenue of at least $1.5bn over five years. "After a strategic review of TDIC's business model and due to the changing economic climate, it became more commercially viable for TDIC to retain the flexibility to work with different contractors," Lee Tabler, TDIC's CEO.
Orascom wins Egyptian infrastructure contracts
Orascom Construction Industries has announced that it has been awarded $168m in contracts for infrastructure work. The Cairo-based firm won a $128m contract from Egypt's Transportation Ministry for construction work on 34 kilometers of the Cairo-Alexandria highway, the company said. It also obtained a $40m contract from the Housing Ministry for construction of the South Waste Water Treatment Plant in the 6th of October City.
Deyaar to hand over Saifi Village II in July
Dubai-based Deyaar Development has announced that it will hand over in July all units at its Saifi Village II project in Lebanon. Saifi Village II comprises 72 apartments and penthouses located within the Beirut City Center master development.
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.
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