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Dubai Property

New CEO for DIFC Lifestyle
The Dubai International Financial Centre (DIFC) has recently appointed Abdulla Bin Hamad Bin Sougat as Chief Executive Officer of DIFC Lifestyle Group, the DIFC's new division, which develops and manages lifestyle properties. DIFC Lifestyle Group is set to expand its offering in DIFC to include five-star hotels, exhibition facilities, theatres and residential facilities.
United Arab Emirates: Saturday, August 02 - 2008 at 09:49

Cityscape sparks speculation frenzy
Abu Dhabi office rents have witnessed significant increases, with prices climbing on average 27% since April 2007. According to the Better Homes' Commercial Review Quarterly Update, Cityscape Abu Dhabi sparked a 'speculative buying frenzy', but developers are now trying to stop properties being flipped many times over before they have even been completed. The report said the shortfall in office space in the capital was highlighted by the launch of the AL Dana development in the Al Raha Beach area, which went for Dhs4,400 per square foot.
United Arab Emirates: Thursday, July 31 - 2008 at 12:54 |

Bargaining to return for Dubai office prices
The Dubai office market continues to grow, but as more come online, some bargaining power will return to tenants, according to the latest Better Homes' Commercial Review Quarterly Update. This will particularly be the case in Business Bay and DIFC, the report says. Secondary office space costs around Dhs220-Dhs300 per square foot, with primary space at Dhs 250-Dhs450 per square foot.
United Arab Emirates: Thursday, July 31 - 2008 at 12:52 |

Al Marjan offices go on sale
Ras Al Khaimah real estate developer Rakeen has announced the sales launch of its Bab Al Bahr Office Tower, part of the Dhs1.2bn mixed-use Bab Al Bahr developed on the Al Marjan man-made island. The 20 storey tower will have 108 offices and is located in a free zone, to make it more attractive to foreign businesses. Construction work is still in the early stages. It is integrated with a 19,000 sq ft shopping complex. The company did not give a completion date.
United Arab Emirates: Thursday, July 31 - 2008 at 12:37

Mushaa Real Estate launched
Global Investment House has launched Mushaa Real Estate Company. Mushaa, a Shariah-compliant company, will begin operations in the GCC with a paid up capital of KD30m. Mushaa will make use of the Hisas Al-Mushaa system, which is a Shariah-compliant time share system, that allows the partial ownership of a real estate property for 20 to 50 years.
Kuwait: Wednesday, July 30 - 2008 at 11:53

Aldar announces Q2 results
Abu Dhabi-based Aldar Properties has announced its H1 results, showing an increase of 99% in the value of its net assets, which now total Dhs15,266.6m. Profit for the first six months stood at Dhs2,602.7m. The company's market value is now Dhs32.3bn and it has a rating of A3 by Moody's and a solid A- by S&P.
United Arab Emirates: Wednesday, July 30 - 2008 at 09:40

Dubai Investments launches Mirdif project
Dubai Investments Real Estate Company has launched a Dh2bn mixed-use development project in Mirdif. Mirdif Hills will encompass 680 apartments, 380 offices and 129 retail outlets. The project is scheduled for completion in 2010 and units will be available for sale shortly.
United Arab Emirates: Tuesday, July 29 - 2008 at 15:02

Sokook cancels Ivory Tower contracts
Sokook Investment Group has cancelled the contracts of hundreds of investors in its long-delayed Ivory Towers project, according to The National newspaper. The Saudi Arabian company told investors that the contracts were cancelled due to late payments, although investors claim that payments had been suspended until construction began. Building has been delayed by three years and no date has been set. According to the report, investors have threatened legal action.
United Arab Emirates: Tuesday, July 29 - 2008 at 10:23