Real Estate

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2003

Marina Bay project contract awarded
Damac Properties has said it has awarded National Dewatering and Drainage Services a Dhs7.5m enabling works contract covering dewatering, shoring, excavation, piling and pile testing on site, for its Marina Bay development at Al Reem Island in Abu Dhabi. The enabling works are scheduled commence shortly and will last for around four months.
United Arab Emirates: Sunday, June 21 - 2009 at 12:18

Jabal Omar plans sukuk issue
Saudi developer Jabal Omar Development said its shareholders have approved issuing Islamic bonds after the firm faced problems in raising a multi-billion dollar financing for its sole project. The company made the announcement on the Saudi bourse web site without providing further details.
Saudi Arabia: Sunday, June 21 - 2009 at 12:14

Qatar buys bank properties
Qatar has bought real estate investments of local banks after earmarking QR15bn to buy their portfolios, Reuters has reported. Some of the banks named eligible for the real estate funding include Qatar National Bank, Commercial Bank of Qatar and Doha Bank. According to a Jones Lang Lasalle report, Qatar house prices have fallen as much as 30% due to the global slowdown.
Qatar: Saturday, June 20 - 2009 at 11:59

TDIC and Leighton scrap venture
Abu Dhabi's Tourism Development & Investment Company (TDIC) and Australia's Leighton Holdings have scrapped a venture that was expected to generate revenue of at least $1.5bn over five years. 'After a strategic review of TDIC's business model and due to the changing economic climate, it became more commercially viable for TDIC to retain the flexibility to work with different contractors,' Lee Tabler, TDIC's CEO.
United Arab Emirates: Thursday, June 18 - 2009 at 11:56

Orascom wins Egyptian infrastructure contracts
Orascom Construction Industries has announced that it has been awarded $168m in contracts for infrastructure work. The Cairo-based firm won a $128m contract from Egypt's Transportation Ministry for construction work on 34 kilometers of the Cairo-Alexandria highway, the company said. It also obtained a $40m contract from the Housing Ministry for construction of the South Waste Water Treatment Plant in the 6th of October City.
Egypt: Wednesday, June 17 - 2009 at 14:23

Deyaar to hand over Saifi Village II in July
Dubai-based Deyaar Development has announced that it will hand over in July all units at its Saifi Village II project in Lebanon. Saifi Village II comprises 72 apartments and penthouses located within the Beirut City Center master development.
Lebanon: Wednesday, June 17 - 2009 at 13:33

Dubai Islamic Bank offers 90% home finance
Dubai Islamic Bank, the largest Islamic bank in the UAE, announced that it is offering up to 90% financing for properties across the UAE. Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers.
United Arab Emirates: Wednesday, June 17 - 2009 at 13:27

Hydra Properties names new CEO
Dr. Sulaiman al Fahim has been replaced as chief executive of Hydra Properties to become a member of the company's board of directors. Ali bin Sulayem of Hydra's parent company, Royal Group, will replace him as chief executive.
United Arab Emirates: Wednesday, June 17 - 2009 at 11:32