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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)
Tamweel may sell repossessed property in UAE
UAE-based home lender Tamweel may become the first company to auction properties in default once the legal process of repossession is completed, reported The National. So far, there have been no forced auctions of properties in the UAE, because of legal uncertainties which have made mortgage lenders and banks reluctant to go through an untested system. Wasim Saifi, chief executive of Tamweel, said the Islamic lender would move to the next step of disposal of properties once the legal process of foreclosure is completed.
Commodore wins $245m Abu Dhabi contract
Abu Dhabi-based Commodore Contracting Company has won an estimated $245m contract to build the new headquarters building for Abu Dhabi's International Petroleum Investment Company, reported MEED. The project involves the construction of a 35-floor office building, which will have two basement floors for a car park and service areas, with offices for IPIC and office space to lease.
Iraq allocates $25bn for housing projects
Iraqi Prime Minister Nouri al-Maliki said his Cabinet has appropriated $25bn for rehabilitating housing units, and also for electricity and higher and elementary education. Al-Maliki pointed out that the state is able to repay these funds from the oil proceeds.
Gulfar profits fall as contract income rises
Oman's Galfar Engineering and Contracting in Oman saw contractual income rise 16.7% to OR99m for Q1 2009, compared to OR85m for the same period last year in its unaudited, consolidated results. However pre-tax profits fell to OR5.28m compared to OR8.15m in the first quarter of last year. Total company assets grew to OR366m against OR286m and the company's net worth increased to OR84m compared to OR68m during Q1 2008.
Abyar makes KD3.3m Q1 profit
Abyar Real Estate Development in Kuwait returned a Q1 2009 profit of KD3.3m, or 6.27 fils per share. Shareholder equity is estimated at KD98m, 20% higher than in December, when equity was KD82m. Hisham Al-Obaid, chairman of the board of directors, said the company has settled and rescheduled 45% of its local and offshore commitments, adding the market value of projects in progress is 30% higher than book value.
Deyaar seeks investments in five countries
Markus Giebel, CEO of Dubai's Deyaar Development, has said the company planning to expand operations into other parts of the Middle East and also into Africa. He said Deyaar has been in negotiations for contracts in five countries and hopes to announce the first deals in the next few months.
Sweet Homes won't drop property prices
UAE developer Sweet Homes, which is building two projects in Ajman, has said it will not drop the prices for its villas and apartments, despite the slump which is seeing property prices in much of the UAE fall. The company, which is building the Dhs3bn Ajman Uptown and Dhs1.7bn Rainbow Towers projects, said it would deliver properties on time. "Maintaining the current prices of our property offerings is a strategy we deemed appropriate amidst current market developments, which indicate that recovery from the current crisis is at hand," commented Fahad Sattar Dero, CEO of Sweet Homes Holdings.
Saudi Oger plans international expansion
Ali Kholaghassi, VP of Saudi Oger, has said the company has $7.2bn in building contracts underway in the UAE, Jordan and Saudi Arabia. He told Reuters that it plans to expand into Bahrain and Oman in the next 18 to 24 months, to diversify its revenues.
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