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Deyaar offers 90% financing
Dubai-based Deyaar Development has announced continued partnerships with leading banks to offer financing options exclusively to Deyaar customers, including up to 90% financing and repayment periods of up to 25 years. Deyaar customers, subject to meeting the bank's credit approval requirements, will be able to obtain special financing schemes and favourable repayment terms and quicker approvals, the bank said.
Jenan to invest $1.3bn in two Saudi projects
Bassam Boodai, chief executive of Saudi property developer Jenan Properties, told Reuters his company is spending SR5bn ($1.33bn) on two projects that he hopes will be ready by the time the domestic property market recovers. He said the company recently signed a design agreement with a Canadian firm for a mixed-use complex with three towers in the eastern city of Khobar which will cost SR1bn. The company expects to wrap up the investment plan for the second project by the end of the year; it consists of a seaside resort covering an area of 2.8 square kilometres on the Gulf coast.
Qatar offers to buy bank properties
Qatar has offered local banks to buy their property investments as part of government efforts to support the financial sector against fallout, The Financial Times has reported. Qatar has allocated $4.1bn, aimed at supporting the real estate sector as the market has weakened, and to keep banks 'continue to play their vital role'.
Kuwait interests in Oman property up 28%
According to official figures from Oman's Ministry of Housing, the number of Kuwaitis owning real property in the Sultanate was up 28.5% between 2007 and 2008, making Kuwaitis first among GCC non-Omani real property owners. The number of Gulf nationals owning real estate has increased by 41.6% over the same period.
Construction of Louvre Abu Dhabi begins
The UAE and France have formally launched the Louvre Abu Dhabi project, which is being built on Saadiyat Island, the future Cultural District of Abu Dhabi. The museum will cost Dhs400m in addition to a franchise fee of $1bn (Dhs3.67bn) for using the Louvre brand name and for hundreds of artworks loaned from the Paris museum for periods of between six months and two years. The Louvre Abu Dhabi is one of five museums to be built on Saadiyat Island, a vast complex of luxury hotels, golf courses, marinas and private villas set for completion in 2018.
Kuwait's Noor to launch $175m property fund
Kuwait's Noor Financial Investment is set to launch a $175m real estate fund in Q2 2009 to invest in commercial real estate properties across the region, sources told the Regional Press Network. Noor has identified many opportunities in the real sector and wants to invest now and capitalize later, a source said.
Al Rajhi to provide Jabal Omar financing
The Jabal Omar Development Company has said in a statement on the Saudi stock exchange that it has appointed Al-Rajhi Bank, to provide 'financial advisory and arrange the necessary financing through diverse Islamic Shariah-compliant instruments' for its $3.31bn mixed-use development in the holy city of Makkah.
Orascom wins El Merk deal
Orascom Construction Industries has announced that it has been awarded a $280m contract for construction work on the $3.8bn El Merk Central Processing Facility in Block 208, 250 km south east of Hassi Messaoud in the Algerian Sahara Desert. The project is slated for completion during Q4 2011.
Aldar reviews project designs
John Bullough, CEO of Aldar Properties PJSC has said that the company is reviewing the design of its projects, and will focus on government projects after the property market 'got overblown', Bloomberg has reported. 'The current focus is on delivery of our current pipeline, comprising the Yas Island development, site of the Formula One circuit, and the Ferrari theme park, golf courses and mixed-use developments on Raha beach,' he said.
Rents fall 40% in DIFC
A new report by property consultancy CB Richard Ellis finds that commercial rents at the Dubai International Finance Centre (DIFC) have fallen 40% in the past six months, from a peak of Dhs750 ($204) a square foot to Dhs450 a square foot, with some private landlords offering further reductions. Other areas that have been hard hit by declines in occupancy and lease rates are Jumeirah Lake Towers and 'Site C', an area developed by TECOM close to The Greens.
Dubai plans to simplify property contracts
Dubai plans to introduce a simplified contract that would become the norm for all property purchases in the emirate, reported Gulf News. The standard contract, which has been drawn up by the Dubai Land Department and is waiting for approval, will clearly set out the terms for both buyers and sellers, said Emmad Eldin Farouq, senior legal advisor at the department. The department believes the standardized contract would make it harder for buyers to try to get out of signed deals or to add fine print to existing contracts.
Bin Shafar wins Dhs200m Dubai construction contract
Real estate developer Ishraqah has awarded a Dhs200m contract to Bin Shafar Contracting for the construction of phase one of its "Seasons Community" residential project in Dubai. Located in Jumeirah Village Circle, it consists of four low-rise clusters. The project includes 1,400 garden apartments and townhouses, shops and 'other commercial and lifestyle elements'. Phase one should be completion by the end of next year. Meanwhile, site enabling and shoring works for phase two are underway and the main building tender package will be launched this week.
Al Fajer to spend Dhs274m on Dubai project
Al Fajer Properties has deployed Dhs274m of capital on phase two of its Dhs1.8bn Jumeirah Business Centre project in Dubai. Phase two consists of four commercial buildings, three of which are called the Ebony and Ivory towers. Once handed over, they will add an additional 1.6m sq ft of office space and 66,000 sq ft of retail space within the Jumeirah Lakes Towers community. (Mac Capital Advisors)
Dar Al-Arkan to raise capital from bonus plan
Dar Al-Arkan, one of Saudi Arabia's largest property developers, plans to offer shareholders one bonus share for each existing two to raise the firm's capital to SR10.8bn ($2.9bn) from SR7.2bn, to help "ongoing and future expansion in the company's projects". The company's shareholders will vote on the bonus issue proposal at an extraordinary assembly meeting, a date for which is yet to be set.
Mubadala to invest $1.8bn in Malaysian venture
Abu Dhabi's Mubadala Development is to invest around $1.8bn in the building of hotels and villas on a 1,200-hectare site in Malaysia, as part of a joint venture. Built in the Terengganu state, the money will be invested over a period of seven years, with Malaysia's Terengganu Investment Authority buying land from the state government as part of the joint venture.
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