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2003

Aldar has funds to cover $1.5bn debt, says report
Standard Chartered Bank has said in a new report that Aldar Properties has sufficient funds to cover the $1.5bn of debt maturing over the next two years. With more than $4bn in liquid funds at the end of first quarter of 2009 and access to $862mn in undrawn credit facilities, the bank has given a 'stable' credit outlook to Aldar and recommended investors 'buy' Aldar's 8.75% bond maturing in 2014.
United Arab Emirates: Wednesday, June 17 - 2009 at 11:30

Deyaar cancels Enclave in Dubai
Dubai-based Deyaar Development has formally cancelled its Enclave project after making a full refund to all investors, reported Emirates Business. Enclave was to be built in the International Media Production Zone consisting of nine residential buildings.
United Arab Emirates: Wednesday, June 17 - 2009 at 11:27

Union delays Limestone House
Union Properties has pushed back to the end of the year the completion date of Limestone House and Ritz Carlton Hotel at Dubai International Financial Centre, citing restricted assistance from banks, according to Emirates Business. According to realtors, Limestone House was set for completion by May 2009.
United Arab Emirates: Tuesday, June 16 - 2009 at 11:31

Damac awards Marina Bay enabling deal
Damac Properties has awarded Dhs7.5m enabling works contracts for its Marina Bay development at Al Reem Island in Abu Dhabi to National Dewatering and Drainage services. The enabling works are scheduled to last for around four months and will include dewatering, shoring, excavation, piling and pile testing on site.
United Arab Emirates: Tuesday, June 16 - 2009 at 11:31

Emaar asked for Kingdom clarification
The UAE stock market authority has asked the Dubai Financial Market (DFM) to seek clarifications about the accord signed with Kingdom Holding Co from Emaar, including details such as its nature, its value and its expected impact on the revenue of the company. The request came after the shares of Emaar fell the most in two months yesterday following the company's denial of the deal.
United Arab Emirates: Tuesday, June 16 - 2009 at 11:22

Dubai property prices to fall another 20% this year, says poll
Dubai house prices will fall another 20% this year, and have a less than 20% chance of picking up before 2011, according to a Reuters poll of ten analysts at banks, investment firms and research institutions. Three of the 10 forecasters said they expected prices to hit a bottom in the second half of 2009 and three predicted it would happen in the first half of 2010. One forecaster said prices would rise by 10% from now in 2010. Five analysts expected prices to fall a further 20% or more this year and prices could fall an additional 15% next year before stabilising in 2011, the poll showed.
United Arab Emirates: Monday, June 15 - 2009 at 13:59

Emaar denies report of role in Kingdom project
Dubai-based developer Emaar Properties has denied it is investing in a development by Saudi Arabia's Kingdom Holding that will feature what would be the world's tallest tower, Reuters reported. Emaar said it has signed a deal with Jeddah Economic Company, adding that according to the agreement, it 'would only offer management services for a real estate project against a fee'. Emaar said it 'will not invest in any projects of this sort'.
Saudi Arabia: Monday, June 15 - 2009 at 12:02

Al Futtaim plans Morocco project
Marwan Shehadeh, managing director of Al-Futtaim Capital, the investment arm of the Al-Futtaim Group, said the firm is in the final stages of acquiring a 7 million square metre plot in Bouznika on the Moroccan Atlantic coast, where up to 42,000 residential units would be built. He said the total development cost of the project will be 'in excess of a couple of billions of dollars', adding the project was subject to Moroccan government approval.
United Arab Emirates: Monday, June 15 - 2009 at 12:00