Real Estate
- The news you choose »
- Login to Add to Watchlist
Categories
Al-Futtaim eyes new project in Egypt
Dubai-based developer Al-Futtaim Group Real Estate is looking for another site in Egypt for a development similar to its $3.7bn Cairo Festival City project on the outskirts of the Egyptian capital, Reuters has reported. 'If we found the right site tomorrow, we would buy the right site tomorrow. It is just a question of the right site becoming available,' Philip Evans, director of the firm's commercial and retail leasing said.
Nakheel to slash 500 jobs, says paper
Dubai-based real-estate developer Nakheel plans to cut up to 500 jobs now that the emirate's Cityscape 2009 exhibition is over, UK daily The Independent has reported. The redundancies, which are the result of the impact of the global financial crisis, are expected to be announced in coming days, the daily reported without saying where it got the information.
RAK to delay parts of $3.3bn project
Mohammed Sultan Al Qathi, chief executive of RAK Properties, has said the company is halting parts of the $3.3bn Mina Al Arab project until market conditions improve, Bloomberg has reported. The developments on hold include hotels, a marina and a shopping centre. 'We were dreaming of having 11 hotels; now we will go with maybe four,' he told the news service. 'If the market improves, we will go ahead and build that' as well as the marina and retail space, he added.
Dar Al Arkan launches SR7.5bn project
Saudi Arabia-based developer, Dar Al Arkan Real Estate Development Company has announced its new residential project, Shams Al-Arous. The SR7.5bn project, located in the east of Jeddah city, will include more than 10,000 units and public service facilities including public parks, entertainment centres, shopping centres, offices, restaurants, schools, and mosques. Construction of the first phase, which includes 2,000 units, is expected to start in 2010 and the entire project execution should last five years.
Consortium seals Qcon buy-out
Qatar Engineering and Construction Co. (Qcon), an industrial engineering and construction contracting firm, has been acquired by a consortium that includes institutions from Qatar and Bahrain. The transaction sees Qatar America Asia Consortium (QAAC), Bahrain-based Unicorn Investment Bank, Qatar First Investment Bank (QFIB), and The First Investor (TFI), acquire 100% of QCon from Qatar Shipping. QFIB and TFI are the largest shareholders in the consortium, having each acquired a 41% stake in QCon.
Kuwait allocates KD1bn for housing
Kuwait's government has announced the allocation of its largest ever budget of KD1bn to build more residential blocks in seven areas across the country, the Kuwait Times has reported. The budget was unanimously approved by both the Public Authority for Housing and the Parliamentary Housing Committee. Private construction firms will be appointed to build the necessary infrastructure in order expedite the pace of work, officials said.
Dar Al-Arkan Q3 profits down
Saudi Arabia's largest developer by market value, Dar al-Arkan Real Estate Development Co. has posted a 14.4% drop in third-quarter net profit due to the slowdown in the property sector, Reuters has reported. Net profit was SR616.2m ($164.3m) in the three months to September 30, down from SR719.5m a year earlier. Revenues stood at SR1.52bn in the three-month period, up from SR1.48bn a year earlier, the developer said.
Rayadah awards $3.73bn contract to SBG
Saudi government's investment arm, Rayadah Investment Company, in charge of developing the $10bn King Abdullah Financial District (KAFD) project has awarded the Saudi Binladin Group (SBG) a $3.73bn contract to design and build 30 parcels of land within KAFD, Construction Week has reported. Under the contract, SBG will have to complete 27 of the 30 parcels by March 2012 and the remaining three parcels by November 2012.
Aldar to shift focus to investments, asset management
John Bullough, CEO of Aldar Properties, Abu Dhabi's largest developer, has said that the firm will shift its focus to property management and investment after demand for new buildings slumped, Bloomberg has reported. 'We are now transitioning from being a pure-play developer to much more of an asset manager and a long-term investor,' Bullough told the news service. 'No. 1 for us now is this transition, next year and in the coming years.'
Drake and Scull wins $109m project in UAE
UAE-based Drake & Scull International has won a Dhs400m ($108.9m) mechanical, engineering and plumbing contract for a neighborhood project in Abu Dhabi. The project consists of 14-storey office buildings, 14 apartment buildings, 148 townhouses, 11 luxury villas and commercial spaces, the company said in a statement.
UAE firm borrows $36m for Cairo project
Dubai-based Al-Futtaim has raised EGP2bn ($36m) in a syndicated loan to finance construction of commercial space in its Cairo Festival City development, Reuters has reported, citing Al-Akhbar Egyptian daily. The project, to be built in the suburb of New Cairo west of the capital, will contain 298,000 square metres of office and retail space, of which 159,000 square metres will be leased, in addition to residential units and schools. Among the participating banks are HSBC Egypt, Commercial International Bank, Banque Misr, Banque du Caire, Arab Bank, Arab African International Bank and Misr Iran Development Bank, the newspaper said.
Real estate financing remains difficult as banks withhold products
Although interest rates for real estate financing have come down since the start of the year, as liquidity slowly returns to the system and banks re-examine their lending solutions, the range of products on offer and the number of applicants who can qualify remains limited.
Dubai's Property Court hears first default cases
Dubai's Property Court has this week begun hearing the first mortgage default execution cases. The outcomes of the cases will be monitored by developers, banks and investors as they will be the first such hearings to have taken place under the new arbitration system.
Tanmiyat to resume developments in UAE
Tanmiyat, a Saudi-based developer, has said it expects to resume suspended developments in 2010, Reuters has reported. Tanmiyat plans to complete its 'Living Legends' development, a Dhs2bn mixed-use project in Dubailand in the coming three years, as well as start the building of an announced Dhs2bn tower in the Dubai International Financial Centre. Construction at the company's project in Ajman, Ajman Marina, will be resumed in 2010 for completion by 2020, Wan Sulaiman, the firm's adviser in charge said.
Egypt's SODIC eyes expansion abroad
Egypt's Sixth of October Development and Investment (SODIC) is considering expanding its operations outside Egypt and is eyeing Saudi Arabia, in particular, Reuters has reported. The developer is looking at residential property opportunities abroad towards the end of 2010. 'We are now casting our net a little bit wider,' Ahmed Badrawi, the firm's chief business development officer told the news service.
It looks like you are using a Mac - check out our 
Web Feeds