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2003

Arabtec wins SR2bn Jeddah tower
Arabtec Saudi Arabia has been awarded the contract to build Lamar Towers in Jeddah, with a total contract value of SR2bn. The project is expected to commence immediately, to be completed within 36 months. The high rise luxury project is located on the Jeddah Sea Front Corniche, consisting of two towers, with 68 and 60 floors. The main investor in the project is Zahran Real Estate Company while the main developer is Cayan Investment & Development Company.
Saudi Arabia: Saturday, June 13 - 2009 at 10:51

Dubai's empty homes 'to double' by end 2010
The number of vacant properties in Dubai could double from 15% currently to 30% by the end of 2010, according to UBS, Bloomberg has reported. UBS bases the estimates on new supply coming online and a reduction in population. UBS previously stated that it estimated that Dubai's population would fall by 8% in 2009 and a further 2% in 2010.
United Arab Emirates: Thursday, June 11 - 2009 at 14:15

Deutsche: UAE property prices to fall 20% further
a report by Deutsche Bank has predicted that property prices in the UAE could fall by a further 15% to 20%, fuelled by an exodus of expatriates and a glut of property, Bloomberg has reported. Although Dubai will be most affected the report notes that Abu Dhabi will not benefit from its housing shortage as residents will be eaasily able to commute from Dubai, which will be oversupplied.
United Arab Emirates: Thursday, June 11 - 2009 at 14:00

Omniyat signs deal with U Concept
Omniyat Asset Management has signed an MoU with U Concept, to offer lifestyle services to tenants of the Dhs507m One Business Bay in Dubai, which is expected to be delivered soon. Under the agreement, U Concept will operate the entire podium roof of One Business Bay for recreational, beauty as well as food and beverage offerings. (Mac capital Advisors)
United Arab Emirates: Thursday, June 11 - 2009 at 13:52

Arabtec to upgrade Dubai labour camps
Arabtec Construction has said it is upgrading its Dubai labour camps, which house more than 20,000 labourers, Chief Financial Officer Ziad Makhzoumi has said. He added that the current slump in property prices has reduced the cost of labour camps. The announcement comes several weeks after the recent storm around a BBC investigation into the living conditions of labourers in such camps.
United Arab Emirates: Thursday, June 11 - 2009 at 13:50

Arabtec bids for new projects
Arabtec is bidding for projects worth Dhs22bn in Abu Dhabi, Qatar and Saudi Arabia, according to media reports. In addition, Arabtec is seeking contracts in northern Iraq, Pakistan, Syria, Jordan, Egypt and Libya. Arabtec was not immediately available for comment. (Mac Capital Advisors)
United Arab Emirates: Thursday, June 11 - 2009 at 13:29

Cleveland Clinic awards $16m deal
Cleveland Clinic has awarded US-based Aecom a $16m contract covering building-engineering services and structures for the forthcoming 360-bed Cleveland Clinic hospital Abu Dhabi (CCAD), located on Al Sowah Island. The project, which is scheduled to open during late 2012, will encompass 5.1 million square feet, including the 2.2-million-square-foot hospital, a central utility plant and parking for 3,200 vehicles.
United Arab Emirates: Thursday, June 11 - 2009 at 11:01

Dubai planning arts district
Mishaal al-Gergawi, projects and events department head at the Dubai Culture and Arts Authority (DCAA) has told Reuters that the agency plans to set up an area of galleries and affordable housing for artists, and is developing a legislation to allow foreign artists residency rights if they have only part-time or non-profit work, which is currently not possible. DCAA also plans to build a Kunsthal museum with no permanent collection within the next 24 to 30 months to house temporary exhibits from around the world, he said. Gergawi added that agreements have been signed with the Dresden, Munich and Berlin state museums in Germany to provide exhibits.
United Arab Emirates: Thursday, June 11 - 2009 at 10:57