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Deyaar to double portfolio in five years
An official of Dubai-based Deyaar Development said the company will double the size of its property management portfolio in the next five years. Deyaar currently manages over 16,000 commercial and residential properties in the emirates, with over 95% occupancy.
Impreglio wins Abu Dhabi contract
Impregilo SpA, Italy's biggest builder, said it has won an $243m order for a tunnel project in Abu Dhabi. Work will begin by the end of this year and is due to be completed in the second half of 2013, the company said in a statement.
Damac's CEO resigns
Dubai-based developer Damac Properties has announced that its CEO, Peter Riddoch, will be stepping down next month after seven years as head of the organization. 'To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges,' Riddoch said in a statement. Damac has launched 75 projects since its founding in 2003 but so far has finished just seven buildings, according to Khaleej Times.
Trident wins Dubai skyscraper contract
Dubai-based Trident International Holding has awarded Arabian Construction Co, a Lebanon-based construction firm, a $397.5m contract to build one of the world's tallest towers, the Pentominium in Dubai Marina, Reuters has reported. The residential tower, which would take approximately two years to complete, will be 124 floors high and the second-tallest building in the world after Burj Dubai, ACC has said.
RAK Properties gets $150m to finance projects
UAE-based real-estate developer, RAK Properties, has obtained a five-year $150m loan from state-owned Investment & Development Office, the investment arm of Ras al-Khaimah, Bloomberg has reported. The loan will be used to finance RAK Properties' projects including the Dhs10bn ($2.72bn) Mina Al Arab beachfront residential development, the developer said.
Joint venture wins $490m Doha project
A joint venture has won a $490m contract to build an extension to the convention centre at Education City on the western edge of Doha, MEED has reported. The 18-month contract won by Qatar's Midmac Contracting Company and Belgium's Six Construct covers the construction of an extension with a total built-up area of 100,000 metres.
Dutco signs Tiger Woods contract
Golf community project the Tiger Woods Dubai, has signed a Dhs150m contract with Dutco Balfour Beatty (DBB) for the completion of all commercial buildings at the Al Ruwaya Golf Club. Dutco Balfour Beatty will be responsible for completing the project's signature buildings, including the Clubhouse, Golf Academy, three on-course sanctuaries and the golf maintenance complex. The contract covers all construction and interior fit-out.
Landmark development loan
Lebanon-based real estate developer, Landmark has received a $130m loan from Blom Bank to finance a real-estate project in Beirut's central district, Bloomberg has reported. The developer is mainly owned by Kuwaiti investors Suad Al- Humaidi and Hamad Al-Wazzan and by Ahmad Baadarani, a Lebanese investor.
First handover for City of Arabia late 2010
Officials behind the $5bn City of Arabia development in Dubai have said that despite delays to the project, a phased handover will begin by the end of 2010. Adjustments have been made to the development plan, due the to global economic downturn, although the four main elements to the project - Mall of Arabia, Restless Planet, Wadi Walk and Elite Towers - have not been changed. Around 80% of homes were sold off-plan, but with the off-plan market now considered unviable by many, the remaining homes, along with retail space, have been held back until nearer to the development's opening.
Dubai fines villa rule violators
Dubai has begun fining those who violate the "one villa one family" rule Dhs50,000. Hussain Nasser Lootah, Director-General of Dubai Municipality, said the rule continues to be enforced in the whole of Dubai aiming at providing residents a "higher standard of living". (Mac Capital Advisors)
Jumeirah Lake Towers to see progress this year
Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre, has said that 50 towers within the Jumeirah Lake Towers project in Dubai should be completed by the end of this year, Emirates Business has reported. "Every plot in the project is proceeding, except for cluster Z, and we expect all the 87 towers within the project will finish by 2011 or early 2012," he said.
Al Fara'a to hand over Le Grand Chateau
Al Fara'a Properties has said it is handing over units of its residential development, 'Le Grand Chateau' (LGC) well ahead of the 2010 deadline set for the project's delivery. Located at the heart of Jumeirah Village, 'Le Grand Chateau' comprises of 15 four-bedroom G+2 townhouses and a residential block with a combined total of 185 apartments.
Orascom Construction Q2 profit falls 58%
Egypt-based Orascom Construction Industries (OCI) has reported a 58% drop in second-quarter profit, the Daily News Egypt has reported. OCI has posted $102.4m in profit, missing expectations of four analysts, who predicted $105m to $121m. However the company has said industrial clients are picking up over the last two to three months, including consumer goods and steel firms.
Abu Dhabi property prices to rise before Dubai
According to a report by JPMorgan Chase, real estate prices in Abu Dhabi will recover before those in Dubai because of a shortage in housing and office space. The report said that while large scale Dubai projects hang in the balance, Abu Dhabi's real estate, infrastructure and commercial project pipeline remains nearly intact. Residential prices in Abu Dhabi will stabilise in the "near to medium" term and rents for commercial space have stabilised over the last two months. Dubai residential prices are projected to stabilise in 2010 following a forecast 54% decline in prices this year. The housing shortfall in Abu Dhabi will probably shrink to 28,000 units by the end of 2009, from 32,400 last year, because of a "sharp increase in Abu Dhabi's population over the last couple of years and limited supply," according to the report. (Mac Capital Advisors)
Online property service launched
An online database has been launched offering people the chance to find property in Dubai and real estate in the UAE. The free-to-use resource, Bayut.com, also helps users to find real estate in the country's capital, Abu Dhabi.
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