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Dubai Property

Deyaar embezzlement probe widens
A Dubai court has extended the detention of Deyaar Development former CEI Zack Shahin by 30 days in an embezzlement case, reported Bloomberg. Dubai Public Prosecution said yesterday it is investigating alleged 'financial violations' at Deyaar and will decide on charges after gathering more evidence. Three additional Deyaar officials have been detained in the probe, including Ganesan Krishna Kumar, an Indian director of a local advertising company, according to press reports.
United Arab Emirates: Tuesday, April 29 - 2008 at 13:32 |

Nakheel inks Dhs1bn deal with Khansaheb
Dubai-based developer Nakheel has announced that it has signed a Dhs1bn ($272m) infrastructure contract with Khansaheb Civil Engineering to develop the first phase of Al Furjan, a family-oriented residential community located in Dubai. When complete, phase one will accommodate over 2000 villas and terrace homes, offering a range of commercial and residential apartments and mixed use plots with supportive retail centres, Nakheel said in a statement.
United Arab Emirates: Tuesday, April 29 - 2008 at 11:19

RAK Properties reports $31m profit in Q1
RAK Properties, a developer based in the UAE emirate of Ras Al Khaimah, has announced a net profit of Dhs114.58m ($31m) million for the first three months of 2008. Earnings per share were Dhs0.057, an 11% increase over the corresponding period in 2007. The company also reported Dhs564m in sales in residential and commercial units during the first three months of 2008, an increase of 232% over the corresponding period in 2007.
United Arab Emirates: Tuesday, April 29 - 2008 at 10:14

Bin Laden group wins tower deal
Emaar Economic City has awarded a 1.4 billion Saudi riyal ($373.3m) contract to Saudi Bin Laden Group for the construction of 16 residential towers in its King Abdullah Economic City project. The contract covers the design and construction of the 10-storey residential towers for the city’s Bay La Sun community. KAEC is the single largest private sector-led project in the region.
Saudi Arabia: Tuesday, April 29 - 2008 at 09:33

Nakheel starts flooding of Arabian Canal
Dubai-based developer Nakheel has initiated flooding of the first access point to the 80-kilometre-long Arabian Canal that will run from Dubai Waterfront into the desert, before rejoining the sea near Dubai Marina, reported our sister company Meed. The flooding of the Palm Cove Canal, which is 7.5 kilometres long and 140 metres wide, will take two weeks. The Palm Cove Canal will connect to the four main waterways within Dubai Waterfront, including the first, 23-kilometre-long section of the Arabian Canal.
United Arab Emirates: Tuesday, April 29 - 2008 at 07:34

Nakheel issues bond guidance
Nakheel has set its two-year Islamic bond price guidance. The developer set the guidance for up to $1bn of bonds at between 225 basis points and 250 basis points above the Emirates Interbank Offered Rate (EIBOR). Three-month EIBOR is at about 1.92%. There are 100 basis points in a percentage point.
United Arab Emirates: Monday, April 28 - 2008 at 13:30

Third arrest in Deyaar case
A sales manager of Lebanese origin has become the third person to be arrested in connection with the Deyaar case, Gulf News has reported. The Public Prosecution department are continuing investigations into allegations of financial irregularities at the Dubai-based property company.
United Arab Emirates: Monday, April 28 - 2008 at 11:02

Abu Dhabi sets bylaws
Abu Dhabi has implemented a series of bylaws to regulate registration in the UAE capital's property market. In a statement the Department of Municipal Affairs said that the bylaws include definitions of property activities and parties concerned along with relevant jurisdictions. The regulations also stipulate the terms and conditions of buying and selling properties in the emirate.
United Arab Emirates: Monday, April 28 - 2008 at 07:55