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Arabtec begins test work on Russian skyscraper
UAE-based Arabtec Holding said it has started foundation-test work on a Dhs10bn tower in Russia that may become Europe's tallest skyscraper. Arabtec had signed a Dhs50m contract with Gazprom to carry out foundation tests to build the Okhta Center in St Petersburg.
Masdar seeks funds to build city
Masdar is considering plans to raise as much as $600m over a period of seven years from the first quarter of 2010, to fund the construction of the first phase of Masdar City in Abu Dhabi, Bloomberg has reported. Masdar is partnering with international companies, investment firms and educational institutions to develop and deploy leading technologies, systems and sustainable solutions in Masdar City and in the wider Gulf region.
Over Dh140bn invested in UAE real estate in past five years
Official figures by the UAE's Ministry of Economy show that real estate and construction investments between 2004 and 2008 attracted over Dhs140bn in capital, more than double the investment in the sector during the previous five years. It accounted for 21.6% of the total gross capital formation of Dh649.9bn during that period. Investment in the sector in 2008 surpassed capital pumped into the oil and gas sector and accounted for 23% of the total gross fixed capital formation of Dhs200.4bn, data showed. "There could be a slowdown in construction activity this year, but I think there will be an increase in fixed capital formation as large projects started last year or the year before are still continuing," an Abu Dhabi-based economist told Emirates Business 24/7.
Arabtec wins European skyscraper contract
Dubai-based Arabtec Construction has won a Dhs50m contract from Russia's Gazprom-Neft for the testing of five deep foundation barrettes. Extending 70 meters into soft ground, Arabtec is to establish if the site can support the main 400 meter high tower at the Okhta Centre development in St Petersburg, Russia. Testing is expected to be completed in five months, Arabtec said. The contract is the first of three contracts the company expects to sign by the end of 2009. Gazprom-Neft won final approval this week from the city of St Petersburg to build what may become Europe's tallest skyscraper.
Ajman's Crown Residencia delayed
Al Batha Real Estate, project developer of Crown Residencia project in Ajman has said non-payment of installments by many investors has caused the project to be stalled and that investors will have to wait at least a year and a half before they can move in, Gulf News has reported. According to the Ajman Real Estate Regulatory Agency (Arra), the project does not have aan escrow account. Investors were told that their investments could be shifted to projects in Dubai under a new partnership with Al Masah International Development Company.
New development to be built in Bahrain
Bahrain's Northern Municipal Council has said it will sign within a month a memorandum of understanding with a Pakistani investor for the construction of a BD70m mixed-use development project near the coastal town of Budaiya, Gulf Daily News has reported. The Suq Al Arabia Resort will consist of five 'step-shaped' buildings in traditional Bahraini architecture, four of which will be eight to nine storeys high. The main one will include a commercial area on the ground floor, a health club on the first floor, offices on the second floor and nine residential floors above them.
'Venus Towers' project launched in Beirut
Lebanon's Venus Real Estate Development Co. has launched Beirut Central District's latest residential project, 'Venus Towers'. The project consists of three residential buildings, where Bloc A rises up to 30 stories with one apartment per floor, while Bloc B goes up to 26 stories and two apartments per floor, and Bloc C stretches over 20 stories with 4 apartments per floor. In total, Venus Towers comprises 162 residential apartments, with surface ranging between 250 and 650 square meters.
Boyadjian to offer Syria project financing
Lebanon-based project finance and management firm, Boyadjian & Associates will introduce a soft loan program to the Syrian market for the financing of sustainable projects in Syria. The program provides finance sustainable projects on concessional terms using soft loans with 1% interest rate for a duration of up to 16 years and interesting grace periods. The projects must have a social component for the benefit of the population such as health, water treatment, education and public transport.
Sama Dubai's $300m loan to be paid off
Dubai Holding, the government's investment arm, will pay off Sama Dubai's three-year $300m loan facility in full when it matures on September 27, a spokesman told Reuters today. 'Dubai Holding and its entities will meet their financial obligations in full and on the maturity date,' the spokesman said, referring to the loan. Sama Dubai is the property arm of Dubai Holding.
Deyaar hands over Business Bay tower
Dubai-based Deyaar Development has announced that it is handing over all units at The Citadel, its Dhs700m, 41-storey commercial tower located in the Business Bay development in the emirate. The Citadel, which is the first commercial tower to be delivered in the development, comprises 565,000 square feet of office space, including 406 state-of-the-art contemporary commercial units and 29,000 square feet of retail space.
Burj Dubai to have open-air observation deck
The 124th floor of Burj Dubai, the world's tallest building, will offer visitors a 360-degree glass observation deck and an open-air balcony. Customers will travel 65 metres along a travelator from Dubai Mall to the Burj Dubai, in which they will learn about the history of the city and of the project. Following that, guests will board a super-fast, double-level elevator from the lobby area, and will reach the 124th floor in just 60 seconds.
Yas Marina circuit officially handed over
Aldar Properties, the developers of the Yas Marina Circuit for the Abu Dhabi Grand Prix, has announced that they have officially handed the track over to venue operator Abu Dhabi Motorsports Management. ADMM is a joint venture between the Abu Dhabi government and Abu Dhabi-based Aldar Properties, specifically established to oversee the construction of Yas Marina Circuit, as well as managing the circuit's facilities and properties.
Limitless pulls out of Cityscape
Dubai-based developer Limitless has announced that it will not attend Cityscape 2009 due to the global economic situation. However, the developer has said that it will continue to support the event and will participate in the Green Day conference on October 7. 'The decision also applies to other exhibitions at which we have previously been present,' a Limitless spokesperson said.
Emaar, Nakheel to take part in Cityscape
Dubai-based real estate developers, Emaar Properties and Nakheel, have decided to reverse their earlier decisions of not to taking part in this year's Cityscape, and confirmed their participation in the property show, The National has reported. Nakheel's decision was taken 'following discussions with various industry stakeholders, including partners and the leading event's organisers', while Emaar said it 'will use the participation to explain its growth strategy of expansion by business segments and further explore new geographies, especially in the Middle East and North Africa, the subcontinent and South Asia'.
Nakheel assets and staff shifted to Istithmar World
Dubai World is shifting top staff along with property assets from Nakheel, its property arm, to Istithmar World, an investment subsidiary, The National has reported. Assets that will be shifted are parts or all of Nakheel Hotels, valued at more than $4bn. Several of Nakheel's top executives will also join Istithmar World.
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