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2003

Rent prices for Dubai apartments to fall in Q3, says report
A new report from Landmark Advisory says that despite the fact that some landlords are still experiencing robust demand for higher-quality rented homes in premium locations, a further decline in residential rents during the third quarter of this year is likely. As evident from the latest sales and rental price lists, the sharpest decline is with apartments, the consultancy firm said. The combination of the economic downturn and a large quantity of high rise apartments that were completed in 2008 has resulted in an oversupply in this segment.
United Arab Emirates: Wednesday, June 24 - 2009 at 11:14

HSBC cuts target price of Emaar
HSBC has cut the target price of Emaar Properties to Dhs7.20 from Dhs8.50, but maintained its 'overweight' rating on the developer. HSBC said the sheer scale of development at Emaar will stretch management and operational capacity, raising the risk of delays and even project cancellation. However, the bank said it was comfortable with Emaar's approach to consolidate its projects, and its recent adoption of the completed contract revenue recognition method for its accounts.
United Arab Emirates: Wednesday, June 24 - 2009 at 11:06

Nakheel reduces service charges at Discovery Gardens
Nakheel, the Dubai master developer, has announced a reduction of approximately Dhs5 per square foot to the service charges for its Discovery Gardens' homeowners. The new rate has been formally agreed with the Dubai property market regulator (RERA), and will be backdated to January 1, 2009, with any rebates for householders being credited against next year's service charges effective from October 1, 2009, the developer said.
United Arab Emirates: Tuesday, June 23 - 2009 at 11:45

Cayan assigns two new contractors for Lamar project
Cayan Investment and Development announced that it has signed agreements with two new contractors for the construction of the Lamar Towers in Saudi Arabia. Arabtec won the contract for the construction of the project, while Drake & Scull will serve as the contractors for electro-mechanical works. The Lamar Towers project is spread across 33,000 square meters which includes two 68 and 60-storey residential towers.
Saudi Arabia: Tuesday, June 23 - 2009 at 11:43

Abu Dhabi begins Club World Cup work
Construction has begun on new playing surfaces at Abu Dhabi's two biggest stadiums - Zayed Sports City Stadium and Mohammed Bin Zayed Stadium, which will play host to the FIFA Club World Cup UAE 2009 in December. Laser equipment is being used to produce an even pitch gradient, and a specially-designed grass seed variant known as Sea Dwarf Paspalum has been carefully selected to reduce water consumption by more than 50%. In addition to the two stadiums, seven other pitches across Abu Dhabi are being reconstructed or renovated to accommodate the competing clubs as exclusive training sites.
United Arab Emirates: Monday, June 22 - 2009 at 11:05

Omniyat invites Octavian bids
Dubai-based developer Omniyat Properties has invited selected contractors to bid by July 17 for the contract to build its Octavian project at Business Bay, Meed has reported. The project involves the construction of two 16-storey office towers with four basement levels and four podium floors, with a total built-up area of about 100,000 square metres.
United Arab Emirates: Monday, June 22 - 2009 at 10:59

Emaar buys Golden Ace debt worth $122m
Emaar Properties said today it had acquired debt amounting to $122m provided to Golden Ace. 'The loan was in default due to the inability of Golden Ace's majority shareholder to service the loan,' Emaar said in a press release. The purchase of the loan gives Emaar the ability to exercise voting rights equivalent to 61.3% of the shares in RSH Limited, a listed company in Singapore, Emaar said.
United Arab Emirates: Sunday, June 21 - 2009 at 14:12

Deyaar chairman resigns
The chairman of Deyaar Properties, Nasser Al Sheikh, has resigned from his post, the Dubai property developer said in a statement today. Deyaar did not provide a reason for Al Sheikh's resignation, nor has it named his replacement.
United Arab Emirates: Sunday, June 21 - 2009 at 13:36