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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.
Qatar's Ezdan considers Islamic listing
Qatar's Ezdan Real Estate plans to list an Islamic real estate investment trust in Malaysia, but did not say when the listing might take place. Assets in the proposed trust will probably be based in Qatar and the company has named Maybank Investment Bank as its listing adviser.
Aabar inks Abu Dhabi land deals
Aabar Investments has inked agreements to buy 14 land plots in Abu Dhabi, amounting to a total of Dhs2.7bn, The National has reported. Aabar stated the plots would be used for hotels, residential and commercial projects. Some of the plots are located in Raha Beach, the Rawdhat Abu Dhabi, and the Saraya project by Sorouh Real Estate.
ADCB stops Hydra Village loans
Abu Dhabi Commercial Bank (ADCB) has announced that it will no longer offer mortgages for properties in the Hydra Village development, The National has reported. Arup Mukhopadhyay, head of retail banking at ADCB has said that the bank has a pre-decided limit on the amount of exposure it takes on for every developer and project. 'Hydra has reached that limit, and we will not take on any new mortgage cases,' Mukhopadhyay said. ADCB was the main mortgage provider to the project, which is facing a two-year delay.
Nakheel offers payment discounts
Nakheel has said that it is offering its customers discounts of between 10% and 30% to help investors meet their commitments and obligations towards the company. To qualify, buyers will have to settle outstanding balances and continue to pay their instalments on time, and the scheme is available customers who have bought in Jumeirah Island Mansions, Jumeirah Heights Clusters, Badrah phases one and two, Marina Residences and Veneto.
Malaysian firm wins $52m Saudi deal
A joint venture between Saudi Oger and Saudi Binladin Group has awarded the Malysian-owned Ahmad Zaki Saudi Arabia Co a $52m contract for sub-contractor work on the Jabal Omar Development in Makkah, Saudi Arabia. The contract involves 'building reinforced concrete structures for Tower H1-A' of the project and is expected to take 18 months to complete.
Drake & Scull wins Palm Jumeirah contract
Drake & Scull International said that it has been awarded a Dhs226m (61.5m) mechanical, electrical and plumbing contract for the Kingdom of Sheba development on Dubai's Palm Jumeirah. The work, awarded by IFA Hotels & Resorts, brings the total value of DSI's contracts on the development to more than Dhs1.4bn.
Tameer's CEO resigns
The CEO of Dubai-based property firm Tameer, Ghassan Sakhnini, has told Emirates Business that he has resigned from his post for personal reasons, and that he will leave in two months. Sakhnini is the third chairman to resign in 13 months after Omar Ayesh and Abdullah Al Haj Ali.
Aldar to raise $500m in bond issue
Abu Dhabi-based Aldar Properties may raise more than $500m in a 5-year bond offering that will be issued this week, reported Bloomberg, citing a banker involved in the deal. Aldar will be 'guaranteeing a potential bond issue', which will be offered by a special purpose vehicle, the company said.
Rera plans international expansion
Dubai's Real Estate Regulatory Authority (Rera) plans to expand throughout the Middle East and North Africa and become an international real estate reference point, known as Menares (Middle East and North Africa Real Estate Society). Mahmoud Al Burai, Director of the real estate sector development department at Rera, said that it will be a reference body only, rather than a regulatory one. The aim of Menares is to encourage real estate education, professionalism and real estate practices.
Funding shortfall could lead to project share ownership
Funding shortfall may require an increasing number of private and single-tower developers to offer part ownership options to investors in their projects, according to experts. A few developers in Dubai such as Cirrus Developments are offering unit purchasers the option of becoming a shareholder in the project. In March, Cirrus presented a restructuring proposal to the purchasers of Aquarius Gate project, which will convert their status from "unit purchasers" to "shareholders" in new project company. In attempting to schedule instalments against the pace of construction and enforce minimum requirements before projects can be registered - the resultant funding shortfall will require an increasing number of private, single tower developers to attempt this type of structure. There is a form of regulatory arbitrage being developed, said Mac Capital Advisors, and the consequences 'have probably not been fully explored yet by Real Estate Regulatory Agency (Rera)'.
Kuwait group to build $6m Riyadh project
Kuwait's Dar Al Kawthar Real Estate Company has said that it will put a new housing project in Riyadh out to tender at a cost of $6m. The company has taken similar steps in the United Arab Emirates, Oman and Jordan at a cost of $12 million as part of its promotional campaign entitled 'Real Estate Openings amid the Global Crisis', aimed at getting Kuwaitis to invest in the real estate sector. The group is a subsidiary of the Gulf Investment Group.
NPC plans Dubai stock exchange listing
Abu Dhabi construction firm National Projects and Construction (NPC) is planning to float next year on the Dubai Finance Market stock exchange. The company, which was established in 2003, said in preparation, it has boosted its Dhs5bn order book with international contracts, as well as expanding through the acquisition of local building firms. To qualify for listing, contractors need to have a substantial workforce, a turnover of at least Dhs1bn and international exposure. "We're very close to reaching that target this year in terms of turnover, and hopefully by the end of the year we'll have at least one international project on the go," said Paul Majoor, General Manager at NPC. "So the target could be achieved by 2010, if the market is right." The company, which is building Nation Towers in Abu Dhabi in partnership with Arabtec Construction, is eyeing deals in Qatar, Libya and Morocco. (Mac Capital)
Nomura raises Emaar target price to Dhs2.94
Nomura has raised Emaar Properties' target price to Dhs2.94 from Dhs2.81 and maintained its 'buy' rating. It said that there were no surprises in the company's first quarter headline numbers. Management has indicated that it will work out any liquidity situation without access to government funds, although there is access to such a buffer if required. Emaar shares closed down 1.6% at AED 2.50. (Mac Capital)
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