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'Bespoke' Omani property business formed
Bank Muscat, the National Bank of Oman and WJ Towell Property & Construction have signed an agreement to form a new real estate company, Oman Urban Development (OUDC). It will provide bespoke designs, from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed and mixed use developments, the JV companies said. OUDC will be managed by Towell Piramal Sunteck, a joint venture between W.J.Towell and Piramal Sunteck, an Indian real estate development firm.
Oman: Sunday, June 28 - 2009 at 13:10

Abyaar takes financing facility
Kuwait's Abyaar Real Estate Development has said the Bank of Kuwait and the Middle East (BKME) has arranged a financing facility to help the company complete its projects which are under already construction. It will also help the company reschedule its local and foreign financial obligations. The money is estimated to be KD18m, with the agreed tenor being up to five years, with the funds being given to Abyaar in tranches once respective projects have been completed.
Kuwait: Sunday, June 28 - 2009 at 13:07

Dubai Holdings, Emaar to consolidate
Emaar Properties Dubai Holdings LLC have announced advanced discussions on their plans to consolidate real estate businesses of Emaar, Dubai Properties, Sama Dubai and Tatweer. According to a press statement, the companies are assisted by financial advisers, Royal Bank of Scotland and Merrill Lynch International in finalizing a thorough assessment of the merits of the proposed consolidation, including valuation of various entities as well as assessment of the potential transaction structures.
United Arab Emirates: Saturday, June 27 - 2009 at 09:57

Dubai World consolidates real estate functions
In a statement released today, Dubai World has said that it has consolidated the real estate functions of a number of entities. 'The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward,' said the group. The process will be completed over the summer.
United Arab Emirates: Thursday, June 25 - 2009 at 15:44

Damac rules out low-cost housing
Damac Properties has ruled out a play into the region's fast-growing market for low-cost housing, Reuters has reported. 'Affordable housing I see as the remit of the government, or a government-owned entity, not the private sector,' Chief Executive Peter Riddoch told the Reuters Global Real Estate Summit in London yesterday.
United Arab Emirates: Thursday, June 25 - 2009 at 11:46

Al Jaber wins Abu Dhabi Hotels deal
Abu Dhabi National Hotels has awarded Al Jaber LEGT Engineering and Contracting (Alec) the contract to begin building the Park Hyatt Hotel and Villas Abu Dhabi, a 75,000 sq. m. luxury resort on the northern beach of Saadiyat Island.
United Arab Emirates: Thursday, June 25 - 2009 at 11:45

Deyaar raises Dhs250m distressed fund
Markus Giebel, CEO of Deyaar Development has told Bloomberg that the developer has managed to raise half of a Dhs500m ($136m) fund to buy distressed properties. The fund is subscribed by a mix of local and overseas investors and would buy back distressed properties from Deyaar's own portfolio, he said.
United Arab Emirates: Thursday, June 25 - 2009 at 11:40

HSBC to lower interest rates
HSBC has announced that it plans to cut the mortgage rate for its Flexi Loan customers in the UAE by 100 basis points beginning July 1. The rate reduction will also apply to home finance customers of the bank's Islamic unit, HSBC Amanah. The bank also said customers of its tracker EIBOR based mortgage will see their rate adjusted to the three-month EIBOR rate.
United Arab Emirates: Wednesday, June 24 - 2009 at 11:18