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2003

Moody's to use Nakheel bond payment as litmus
Moody's Investors Services has said that Nakheel, which has to repay a $3.5bn Islamic bond in December, will be a 'litmus test' for the six Dubai-owned companies assessed by the rating company. Nakheel 'does not have the stand alone capacity to repay its bond. Our assumption at the moment is that the government will step in,' said Philipp Lotter, a Dubai-based analyst at Moody's.
United Arab Emirates: Thursday, June 11 - 2009 at 10:52

Dubai property shows signs of stabilising, says Standard Chartered
A new report by Standard Chartered says Dubai's property market is beginning to stabilise as mortgages become easier to obtain. 'The end of the freefall is encouraging,' Philippe Dauba- Pantanacce, a Dubai-based senior economist at Standard Chartered, said in a report issued yesterday. 'Yet we would argue that this market had to correct from past excesses and further declines cannot be ruled out.' Concerns remain about the possibily that a large number of families with school-age children will be leaving the emirate in the next few months, which would have a 'substantial' impact on the market, he said.
United Arab Emirates: Wednesday, June 10 - 2009 at 13:14

Property prices rise in UAE
Property prices in parts of Dubai and Abu Dhabi are beginning to climb again after a nine-month fall, brokers and bankers told The National. Andrew Covill, the head of investment sales at LLJ Property said that in the last three to four weeks supply has decreased and brokers are seeing a 'dramatic' increase in demand. The signs of recovery, which aplly to completed and nearly completed property only, follows the thawing of credit markets, a sharp rally in regional stock markets and a doubling in oil prices over the past six months.
United Arab Emirates: Wednesday, June 10 - 2009 at 13:04

Dubai, CityDev get $1.2bn for Singapore project
A consortium comprising Singapore's City Developments, Dubai World and El-Ad Group, a New York-based developer, has said it had successfully refinanced an $822.5m loan to develop the South Beach, a commercial project in downtown Singapore, reported Reuters. To be completed by 2016, the project will comprise a mix of offices, hotels, shops and residences designed by UK-based architectural firm Foster + Partners.
United Arab Emirates: Wednesday, June 10 - 2009 at 11:52

Sorouh and Tameer dissolve joint venture
Abu Dhabi-based developer Sorouh and Tameer Holding Investment have signed an agreement to dissolve two real-estate joint ventures. The companies agreed to end the joint ventures on Shams Abu Dhabi and Al Reem Island, Sorouh said in a statement today.
United Arab Emirates: Tuesday, June 09 - 2009 at 12:24

Hyder says it will not recoup all funds from Nakheel
Ivor Catto, CEO of Hyder Consulting Plc, said his firm may only recoup 70% of the £1 million (Dhs5.8m) it is owed by Dubai-based developer Nakheel. 'It doesn't put us off Dubai. There's been a very good time in Dubai, but now there's a recession,' Catto told reporters at a conference in London.
United Arab Emirates: Tuesday, June 09 - 2009 at 11:03

First Bahrain cancels Seef project
First Bahrain, a real estate developer, has said it has cancelled plans to develop a $450m mixed-use development in Bahrain's Seef district due to 'prevailing market conditions'. The company said it will focus on areas such as affordable housing, commercial income generating properties, and warehousing.
Bahrain: Tuesday, June 09 - 2009 at 10:59

Salhia buys plots in UK
Kuwait's Salhia Real Estate Co has announced that it has bought nine neighbouring plots in Birmingham and signed preliminary agreements to buy three more at KD8.7 million ($30m) in the UK to build homes, offices, commercial space and a hotel. Work on the Birmingham project, with an initial cost estimate of £150m, will start during the second quarter of 2010, the company said.
Saudi Arabia: Tuesday, June 09 - 2009 at 10:01