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2003

Union Properties CEO Simon Azzam resigns
Dubai-based Union Properties has announced that its chief executive officer for 23 years, Simon Azzam, has resigned. The developer has not named a replacement, but said it has appointed Khalid Al Jarwan as general manager.
United Arab Emirates: Monday, June 15 - 2009 at 11:57

Saudi to have 2m home shortage
A report by CB Richard Ellis has said that Saudi Arabia is likely to suffer from a shortage of two million homes over the next ten years as the country's population increases. The kingdom's population is predicted to increase by up to 30% over the next decade, to 33 million people. A new mortgage law will also increase the level of home ownership.
Saudi Arabia: Monday, June 15 - 2009 at 09:45

Emaar wins SR100bn Jeddah project
Saudi-based Kingdom Holding Co. (KHC) has selected Emaar Properties to develop and supervise the construction of the SR100bn Jeddah Kingdom City land and Kingdom Tower, the company said in a statement. Emaar was chosen 'for their previous proven experience in the development of mega projects,' KHC said.
Saudi Arabia: Sunday, June 14 - 2009 at 11:26

Goldman Sachs ups Arabtec, Aldar, Sorouh target prices
Goldman Sachs has raised its target price for Arabtec Holding by 6% to Dhs3.77 citing the improving regional economic outlook due to higher oil prices, and changes in order book and margin assumptions following recent management updates. The price target for Aldar Properties was raised to Dhs4.7 from Dhs4.34, while Sorouh's was increased to Dhs3.91 from Dhs2.98, as it changed its valuation method to incorporate net asset value.
United Arab Emirates: Sunday, June 14 - 2009 at 11:24

Qatari Diar halts UK luxury flat project
Project Blue Guernsey Limited (PBGL), the UK arm of Qatari Diar, has cancelled its luxury flat project in central London, which was criticised by Britain's Prince Charles as 'unsuitable,' and will instead consider a new proposal put forward by the prince's own planning team, according to the Gulf Times. Richard Rogers, designer of the steel-and-glass project, called the withdrawal 'extremely disappointing.'
Palestine: Sunday, June 14 - 2009 at 11:22

Bahrain corniche plan 'stalled'
Bahrain's BD8m, 153,430sq.m Al Fateh Corniche project could stall as Manama Municipality is still searching for funds, the Gulf Daily News has reported. 'The municipality doesn't know from where it would get the money, it only knows that it would lease parts of the development to investors,'said Sadiq Rahma, chairman of council services and public utilities committee.
Bahrain: Sunday, June 14 - 2009 at 11:17

Abyar to up capital to KD106m
Hisham Al-Obaid, chairman of Kuwait's Abyar Real Estate Development has said that the company plans to raise its capital from KD78.48m to KD106.73m, based on a recent decision at its general assembly. The increase, which will be at the nominal price of 100 fils per share, a three-fils issuance fee and a two-fils cost fee per share, will be opened to current shareholders according to the volume of stocks they hold, and will then be opened up to new shareholders once the legal period is concluded and the board is tasked with placing regulations and conditions for raising the capital, he said.
Kuwait: Sunday, June 14 - 2009 at 11:15

Kone wins Infinity Tower lift deal
Finland-based Kone has won a contract to supply eight customized high-rise elevators for the new Infinity Tower in Dubai. Three of the elevators will travel at a speed of 8 m/s across a maximum travel of 271 metres. The installation of the equipment will start in 2010 and is estimated to be completed in 2011, the company said.
United Arab Emirates: Sunday, June 14 - 2009 at 10:47