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  <copyright>(c) 1996-2012 AME Info FZ LLC / Emap Limited. All rights reserved.</copyright>
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    <title>UAE housing market to sink further, analysts point to oversupply</title>
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    <pubDate>Thu, 02 Feb 2012 10:21:10 +0400</pubDate>
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        Analysts have said the four-year decline in house prices in the UAE isn’t expected to end in 2012, as oversupply and concerns over the health of global economy weigh on the market, Reuters has reported. Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai's property prices to recover after plunging by two-thirds from their 2008 peak. Prices in the emirate will ultimately ease another 8%, while neighbouring Abu Dhabi, which is now showing signs of pressure, will see housing prices fall by as much as 11% this year. “Macro-economic concerns compounded with an ongoing supply-demand mismatch will further delay the recovery of the UAE property market,” said Patrick Rahal, manager at Doha-based investment company The First Investor.
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    <title>Kuwaiti fund buys luxury apartment building in Manhattan</title>
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    <pubDate>Thu, 02 Feb 2012 10:18:36 +0400</pubDate>
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        The investment arm of Kuwait’s social-security system bought a luxury apartment building in Manhattan’s Noho neighbourhood, as demand for multifamily properties surges, Reuters has reported, citing two people with knowledge of the deal. Wafra Investment Advisory Group Inc. last week completed the purchase of 2 Cooper Square, a 144-unit building that includes a rooftop pool, video-game centre and private movie- screening room, according to the source.
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    <title>Abu Dhabi attempted Aldar sale, falling asset value</title>
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    <pubDate>Wed, 01 Feb 2012 10:13:32 +0400</pubDate>
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        The Abu Dhabi government has held talks to sell all or part of a 49% government stake in Aldar Properties in an attempt to stop its falling asset value from dragging down state investment fund Mubadala, Reuters has reported, citing two unnamed sources familiar with the discussions. The recent discussions revolved around shifting the Aldar stake to an Abu Dhabi-based bank through a swap deal, the sources said, declining to say whether the talks were still ongoing or had stalled. Mubadala, which made a loss in 2010 and in the first 2011, would provide an equity bridge loan to the bank for taking up the assets, said one of the sources. A spokesman at Mubadala denied that such discussions had taken place.
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    <title>Qatar developer faces withdrawal of strategic shareholder</title>
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    <pubDate>Tue, 31 Jan 2012 10:19:54 +0400</pubDate>
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        Qatari developer, United Development Co (UDC) has announced the withdrawal of a strategic shareholder and said the agenda of the company's extraordinary meeting to be held in February will be amended, the Peninsula has reported. The firm said it has received a letter from Qatar National Bank, representative of the strategic shareholder, explaining that the shareholder "stipulates his joining before the annual general meeting that will distribute the bonus shares to the current shareholders". The letter said the shareholder has decided to withdraw if his stipulation was not met.
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    <title>UAE firms land Dhs350m in Abu Dhabi construction contracts</title>
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    <pubDate>Tue, 31 Jan 2012 10:19:12 +0400</pubDate>
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        The government of Abu Dhabi has awarded more than Dhs350m ($95.2m) in construction contracts to local firms, The National has reported. The announcements follow last week's decision by the Executive Council to fund millions of dirhams in projects, after a lengthy review of Abu Dhabi's building programme. Target Engineering, a subsidiary of Dubai construction company Arabtec, won Dhs256m worth of deals in Abu Dhabi, while Drake and Scull International also said it has been awarded a Dhs127m deal for mechanical, electrical and plumbing work on an "iconic government facility," which it declined to name.
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