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Deutsche: UAE property prices to fall 20% further
a report by Deutsche Bank has predicted that property prices in the UAE could fall by a further 15% to 20%, fuelled by an exodus of expatriates and a glut of property, Bloomberg has reported. Although Dubai will be most affected the report notes that Abu Dhabi will not benefit from its housing shortage as residents will be eaasily able to commute from Dubai, which will be oversupplied.
Omniyat signs deal with U Concept
Omniyat Asset Management has signed an MoU with U Concept, to offer lifestyle services to tenants of the Dhs507m One Business Bay in Dubai, which is expected to be delivered soon. Under the agreement, U Concept will operate the entire podium roof of One Business Bay for recreational, beauty as well as food and beverage offerings. (Mac capital Advisors)
Arabtec to upgrade Dubai labour camps
Arabtec Construction has said it is upgrading its Dubai labour camps, which house more than 20,000 labourers, Chief Financial Officer Ziad Makhzoumi has said. He added that the current slump in property prices has reduced the cost of labour camps. The announcement comes several weeks after the recent storm around a BBC investigation into the living conditions of labourers in such camps.
Arabtec bids for new projects
Arabtec is bidding for projects worth Dhs22bn in Abu Dhabi, Qatar and Saudi Arabia, according to media reports. In addition, Arabtec is seeking contracts in northern Iraq, Pakistan, Syria, Jordan, Egypt and Libya. Arabtec was not immediately available for comment. (Mac Capital Advisors)
Cleveland Clinic awards $16m deal
Cleveland Clinic has awarded US-based Aecom a $16m contract covering building-engineering services and structures for the forthcoming 360-bed Cleveland Clinic hospital Abu Dhabi (CCAD), located on Al Sowah Island. The project, which is scheduled to open during late 2012, will encompass 5.1 million square feet, including the 2.2-million-square-foot hospital, a central utility plant and parking for 3,200 vehicles.
Dubai planning arts district
Mishaal al-Gergawi, projects and events department head at the Dubai Culture and Arts Authority (DCAA) has told Reuters that the agency plans to set up an area of galleries and affordable housing for artists, and is developing a legislation to allow foreign artists residency rights if they have only part-time or non-profit work, which is currently not possible. DCAA also plans to build a Kunsthal museum with no permanent collection within the next 24 to 30 months to house temporary exhibits from around the world, he said. Gergawi added that agreements have been signed with the Dresden, Munich and Berlin state museums in Germany to provide exhibits.
Moody's to use Nakheel bond payment as litmus
Moody's Investors Services has said that Nakheel, which has to repay a $3.5bn Islamic bond in December, will be a 'litmus test' for the six Dubai-owned companies assessed by the rating company. Nakheel 'does not have the stand alone capacity to repay its bond. Our assumption at the moment is that the government will step in,' said Philipp Lotter, a Dubai-based analyst at Moody's.
Dubai property shows signs of stabilising, says Standard Chartered
A new report by Standard Chartered says Dubai's property market is beginning to stabilise as mortgages become easier to obtain. 'The end of the freefall is encouraging,' Philippe Dauba- Pantanacce, a Dubai-based senior economist at Standard Chartered, said in a report issued yesterday. 'Yet we would argue that this market had to correct from past excesses and further declines cannot be ruled out.' Concerns remain about the possibily that a large number of families with school-age children will be leaving the emirate in the next few months, which would have a 'substantial' impact on the market, he said.
Property prices rise in UAE
Property prices in parts of Dubai and Abu Dhabi are beginning to climb again after a nine-month fall, brokers and bankers told The National. Andrew Covill, the head of investment sales at LLJ Property said that in the last three to four weeks supply has decreased and brokers are seeing a 'dramatic' increase in demand. The signs of recovery, which aplly to completed and nearly completed property only, follows the thawing of credit markets, a sharp rally in regional stock markets and a doubling in oil prices over the past six months.
Dubai, CityDev get $1.2bn for Singapore project
A consortium comprising Singapore's City Developments, Dubai World and El-Ad Group, a New York-based developer, has said it had successfully refinanced an $822.5m loan to develop the South Beach, a commercial project in downtown Singapore, reported Reuters. To be completed by 2016, the project will comprise a mix of offices, hotels, shops and residences designed by UK-based architectural firm Foster + Partners.
Sorouh and Tameer dissolve joint venture
Abu Dhabi-based developer Sorouh and Tameer Holding Investment have signed an agreement to dissolve two real-estate joint ventures. The companies agreed to end the joint ventures on Shams Abu Dhabi and Al Reem Island, Sorouh said in a statement today.
Hyder says it will not recoup all funds from Nakheel
Ivor Catto, CEO of Hyder Consulting Plc, said his firm may only recoup 70% of the £1 million (Dhs5.8m) it is owed by Dubai-based developer Nakheel. 'It doesn't put us off Dubai. There's been a very good time in Dubai, but now there's a recession,' Catto told reporters at a conference in London.
First Bahrain cancels Seef project
First Bahrain, a real estate developer, has said it has cancelled plans to develop a $450m mixed-use development in Bahrain's Seef district due to 'prevailing market conditions'. The company said it will focus on areas such as affordable housing, commercial income generating properties, and warehousing.
Salhia buys plots in UK
Kuwait's Salhia Real Estate Co has announced that it has bought nine neighbouring plots in Birmingham and signed preliminary agreements to buy three more at KD8.7 million ($30m) in the UK to build homes, offices, commercial space and a hotel. Work on the Birmingham project, with an initial cost estimate of £150m, will start during the second quarter of 2010, the company said.
Abu Dhabi to implement new building code
Rashid Mubarak Al Hajeri, chairman of the Department of Municipal Affairs in Abu Dhabi, has said that new world-class building codes will be introduced next year to help developers create better places in which to live and work across the emirate The building codes will be applied by code administrators, construction design professionals and developers, and enforced through a rigorous programme of inspections and legislation by the authorities, he said.
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