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    <title>Drake + Scull buys German group</title>
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    <pubDate>Thu, 19 Nov 2009 11:43:54 +0400</pubDate>
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        Dubai-based contractor Drake and Scull International has said it has acquired an 82% stake in Germany's Passavant-Roediger in a Dhs145m deal. The remaining 18% will remain with Bilfinger Berger, a publically listed German firm internationally active in construction services. Passavant-Roediger, a global developer of wastewater, water and sludge treatment technologies, has projects around the world including Algeria, Jordan, Lebanon, Egypt, UAE and Saudi Arabia. The company's current backlog stands at over Dhs450m.
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    <title>Dubai house prices 'to drop 30% further'</title>
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    <pubDate>Thu, 19 Nov 2009 11:42:39 +0400</pubDate>
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        According to Swiss global financial services firm, UBS, Dubai home prices may drop as much as 30% more and could take at least a decade to recover, Bloomberg has reported. Increasing supply and a shrinking population will leave 25% of the emirate's houses empty in 2010, a UBS analyst said. The report is in contrast to a Deutsche Bank report this month that said the market is "bottoming out" with slowing price declines and an increase in transactions. 
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    <title>Fortune Group to use own equity to fund projects</title>
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    <pubDate>Wed, 18 Nov 2009 10:59:29 +0400</pubDate>
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        Dubai-based developer, Fortune Group has said that due to defaults by customers the firm will use its own equity to complete the Fortune Executive Tower in Jumeirah Lake Towers, Emirates Business has reported. 'While the money keeps on rotating from one project to another, our payments are never made and the defaulters continue to hold on to the units as well. We have faced this problem with Fortune Executive Tower and have decided to pump in personal equity to complete the project.' Syed Mohammad Ali, CEO of Fortune Group said. The group's current investments in Dubai's real estate market are valued at over Dhs12bn across 21 commercial and residential projects. The developer confirmed that its Burj Al Alam project will be completed.
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    <title>Barwa names Bouygues as Financial District contractor</title>
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    <pubDate>Tue, 17 Nov 2009 11:26:41 +0400</pubDate>
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        Qatar's Barwa Real Estate has selected French infrastructure company, Bouygues SA, to build Barwa's QR4.75bn ($1.3bn) real estate project in Doha. The 500,000 sqm Financial District will include a 50 storey tower, conference centre, hotel, retail mall and public plaza, and is scheduled for completion by the first quarter of 2013.
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    <title>Ezdan Village units rolled out</title>
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    <pubDate>Tue, 17 Nov 2009 11:00:15 +0400</pubDate>
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        Qatar-based developer Ezdan Real Estate has started delivering housing units in Ezdan 3 Village in Wakra, the Peninsula has reported. The project contains a number of villas and furnished apartments for rent in addition to a billiards hall, gymnasium complex, tennis playground, parks, green spaces, swimming pool, auditorium, mosque, supermarket.
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