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Dubai Property

Arabtec wins Gazprom bid
Gazprom Neft and the city of St Petersburg have awarded Arabtec a $2.7bn contract to build the Okhta Centre. The development will be undertaken over a 43 month period and includes a central 400m tower and other key and ancillary buildings.
United Arab Emirates: Sunday, April 27 - 2008 at 13:10

S&P grant Aldar A-/A-2 rating
Standard & Poor's Rating Services has given Abu Dhabi-based Aldar Properties PJSC a long term corporate credit rating of A-, with a short term rating of A-2. Credit analyst Alf Stenqvist said that the rating reflected a three notch rise from the stand alone rating of BBB-.
United Arab Emirates: Sunday, April 27 - 2008 at 08:48

Office rental soars in Dubai
Office rents in Dubai have soared in 2007, according to a report by Asteco, as growing demand pushed office rents up by 22% on average, reported Gulf News. Meanwhile, prices of commercial properties have also gone up to 54%.
United Arab Emirates: Saturday, April 26 - 2008 at 09:14

Emaar to sell units in Downtown Burj Dubai
Emaar Properties is hosting a sale residential and commercial units within its $20 billion mega-project Downtown Burj Dubai on April 26, 2008. Customers can choose from a range of homes and office spaces located centrally in the development. For more details call toll-free 800-EMAAR (800-36227).
United Arab Emirates: Thursday, April 24 - 2008 at 14:43 |

Sorouh profit more than triples in Q1
Sorouh Real Estate Co, Abu Dhabi's second-largest property developer, has reported that its first-quarter profit more than tripled on sales of land plots, reported Bloomberg. Net income jumped to Dhs361m ($98.3m), or 14 fils per share, from Dhs114m, or 4 fils per share, a year earlier. Meanwhile, sales rose to Dhs624m from Dhs280m in the first-quarter of 2008.
United Arab Emirates: Thursday, April 24 - 2008 at 11:59

Damac plans to expand in Qatar
Damac Properties, the Middle East's largest private sector master developer, is eyeing huge investments in Qatar's real estate sector in line with the country's rapid growth, the company said in a statement. Qatar has more than $100bn worth of projects in the pipeline across various sectors, Damac said, and nearly 200,000 families are expected to move into the country over the next three years and around 500,000 by 2012. Damac plans to open dedicated sales offices and a development office in Qatar to foresee the developing projects under way in the country.
Qatar: Thursday, April 24 - 2008 at 11:53

Lacroix to design tower in Dubai
Property developer Abyaar and designer Christian Lacroix are teaming up to build a residential tower in one of Dubai's beachside suburbs. The 38-unit, Jumeirah-based tower will incorporate a Lacroix-designed facade, expansive lobby and luxury interiors. Although Lacroix has worked on several Paris-based boutique hotel interiors, this is the first residential offering from the designer.
United Arab Emirates: Thursday, April 24 - 2008 at 07:14

2nd person detained in Deyaar probe
A second person has been detained in connection with the investigation into alleged financial irregularities at Dubai-based property developer Deyaar, according to a report by Al Arabiya television. Dubai's Attorney General Essam al-Humaidan did not identify the second person, saying only that he was an Indian national. Last week Deyaar, Dubai's second-largest property developer by market value, said its CEO Zack Shahin had been detained in connection with alleged financial irregularities. Shahin has since resigned.
United Arab Emirates: Wednesday, April 23 - 2008 at 11:54