$4.3bn in Dubai properties sold by Gulf nationals
GCC nationals sold properties valued at Dhs15.7bn ($4.3bn) in Dubai during the eight months ended August, according to Dubai's Real Estate Regulatory Agency (RERA) and the Land Department. Land sales by developers and individuals had accounted for Dhs10.8bn of Dubai's total property sales between January and August. Apartment sales followed with Dhs2.9bn, while villa sales reached Dhs2bn, reported Bloomberg. More »
Bawabat Al Sharq Phase I 40% complete
Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, has said that it has completed 40% of construction work for Phase I of Bawabat Al Sharq. Phase I of the community project is expected to be completed in the third quarter of 2010. It includes a total of 164 apartments and 56 villas. More »
Jebel Omar to launch rights issue
Saudi Arabia-based real estate developer, Jebel Omar Development Co has said that it plans to raise around $447.6m through a rights issue, which would finance about 14% of its sole project in the holy city of Mecca, Reuters has reported. The company has hired Islamic lender Al-Rajhi Bank to provide 'financial advice and arrange the necessary financing through diverse Islamic Shariah-compliant instruments.' More »
Emaar posts Dhs655m Q3 net profits
Emaar Properties has reported a net operating profit for the 3rd quarter (July to September) at Dhs655m, 48% higher than the second quarter's operating profit of Dhs442m. Emaar attributed the increase in profits to higher margin relating to hand over and scheduled delivery of Alma townhomes in Arabian Ranches during the third quarter. More »
Jordan construction sector facing 'major decline'
The Jordan Construction Contractors Association (JCCA) has said that the kingdom's construction sector in 2010 will see a major decline compared to its performance in the past three years, Jordan Times has reported. A proposed reduction in government expenditures is behind the projected decline, JCCA's president, Derrar Sraireh said. More »
Galfar wins Ras Al Hadd tender
Oman-based Galfar Engineering has said that it has won a OR40.5m tender for Phase II of the Sultanate's Ras Al Hadd airport, Oman Daily Observer has reported. The second phase involves the construction of a four-kilometre-long runway, taxiway and apron, as well as the provision of fuel hydrant facilities and navigation aids, among other facilities. Galfar will also undertake the levelling of areas earmarked for the construction of the terminal and other buildings covered in Phase III of the airport development. More »
Rental decline slows in UAE's Northern Emirates
According to a report by Asteco, a UAE-based property services firm, the average decline in apartment rental rates in the Northern Emirates in the third quarter of 2009 has slowed considerably to 4% compared with 12% in the second quarter and 21% in the first quarter. 'Since the fourth quarter last year, when the economic downturn became apparent in the Middle East, average rental rates across the Northern Emirates fell by nearly 34% from Dhs48,450,' the report said. More »
Bahrain housing market worth $4bn, says CEO
Mohammed Khalil Alsayed, chief executive of Ithmaar Development Company, has said that the current size of the affordable housing market in Bahrain is estimated at $4bn with an additional annual increase of around $900m. 'The annual demand, together with government commitments to clearing waiting lists for homes, has created a large one-time potential which, along with market-friendly time horizons, will significantly interest private sector developers,' he said in a statement. More »
Nakheel executives granted bail in $11.9m fraud case
A Dubai judge has granted bail to two Nakheel executives who have been jailed for nine months after they were accused of $11.9m fraud, the National has reported. Matt Joyce, managing director of the Dubai Waterfront development, and his deputy Marcus Lee, are accused of defrauding the Australian development company Sunland Group, obtaining illegal profits and giving false information about the ownership and value of a plot of land. A judge granted bail after lawyers for the two Australians argued in Dubai Criminal Courts that they had been in custody long enough and there was not enough evidence to detain them further. The two executives will be released after posting bonds of Dhs1m ($272,000) each. More »
21% of Egyptians seek new property, says poll
According to a recent survey by market research firm Synovate, 21% of Egypt's middle and upper class plan to buy or rent a new property in the coming year, Daily News Egypt has reported. Three-quarters of those surveyed have said that although the country has yet to feel the impact of the real estate slowdown, the anticipated lower prices will make 2010 a good year to invest. More »
Drake and Scull to expand in region
Drake and Scull is to look at international acquisitions as part of its expansion programme. 'We have been cautious so far this year, but we have some announcements coming up in Q4,' Vice Chairman and CEO Khaldoun Tabari told delegates at the Meed Capital Markets conference in Dubai. 'We are looking at acquisitions in Saudi Arabia, Libya... where the work is, we are following regional trends.' More »
Deyaar's Q3 profit falls 74% compared to year earlier
Dubai-based developer Deyaar said it posted a 74% drop in third-quarter profit compared to the same period a year ago. However, the company said its net income, which fell to Dhs81.6m, represents an 8.4% increase from the Dhs75.3m of net income reported for the second quarter of this year. More »
Emaar may scrap Burj Dubai towers project
Emaar may cancel plans to build 13 high-rise buildings near Burj Dubai, the world's tallest building, the National has reported. The developer of the Downtown Burj Dubai project has allowed buyers since the start of the year to transfer their down payments on the buildings to other projects on the secondary market after sales dried up. However, brokers report that there has been almost no buying and selling of credit on the towers. More »
Emaar refutes report on Indian unit debt restructuring
Dubai-based developer, Emaar Properties has dismissed as 'incorrect' a media report which said the company was seeking to restructure the debt of its Indian unit, Emaar MGF, Bloomberg has reported. The report had appeared in India's Financial Chronicle, the developer said in a statement. More »
Atkins wins Bahrain contract
Bahrain-based developer, Durrat Khaleej Al Bahrain Company, has awarded Dubai's WS Atkins and Partners Overseas the architectural and infrastructure design contract on phase III of Durrat al Bahrain project, a 20 sq km reclaimed series of islands at the southern tip of the kingdom. Phase III involves design and documentation of infrastructure works, landscaping and architectural engineering of the luxury villas plus facility buildings on the remaining four of the planned 13 islands. Construction of phase III is expected to commence next year. More »
RAK Properties posts Q3 profit
Ras Al Khaimah-based property developer, RAK Properties has reported a net profit of Dhs181.49m for the third quarter of 2009. Total equity for the nine-months ended September 30, 2009 amounted to Dhs3.15bn, an increase of Dhs77m compared with the corresponding period of last year, the developer said. More »
Aldar cancels tender for Banyan Tree project
Aldar Properties has cancelled the tender to build the Banyan Tree hotel at its Al-Gurm development, due to the redesign of the project MEED has reported. Bids were earlier submitted from a team of Abu Dhabi contractors Arabtec Construction and Target Engineering Construction Company; and the UAE/Belgian Six Construct Abu Dhabi.An Aldar official said the project will be tendered again when the design is complete. More »
Talaat Moustafa plans Saudi project
Egypt's biggest real-estate developer, Talaat Moustafa Group has said that it plans to start construction in its Nasamat Al-Riyadh project in Saudi Arabia next year, Bloomberg has reported. The project, in conjunction with Saudi Arabia's Al Oula Development Co., will include villas and apartments, along with community services such as schools and clinics. The group forecasts sales of as much as $2.7bn within five years. More »
Barwa inks $115.4m financing deal
Qatar-based real estate developer Barwa has said that it has signed a QR420m ($115.4m) financing agreement with the International Bank of Qatar, Reuters has reported. The developer is carrying out QR15bn worth of projects over five years. More »
Dubai property prices 'to fall further'
According to a survey by Colliers International, Dubai's real estate developers believe that property prices in the emirate are likely to see further decline. Only 25% of the 28 developers surveyed by Colliers have said prices have bottomed out, while 71% predicted that prices will extend their decline, and 4% didn't comment. More »
Cityscape Dubai visitors down 50%
Organizers of Cityscape Dubai said today visitor numbers at this year's event fell around 50% on last year, to around 38,000, and exhibitors were down from 340 to 218. In a statement, Rohan Marwaha, Managing Director of Cityscape Dubai, said he was not surprised by the turnout and claimed that Cityscape held up well by international standards. 'We saw a shift back to market fundamentals at Cityscape Dubai this year. The speculators and other amateur investors were conspicuous by their absence as were any hint of unrealistic or dazzling developments. The mood was sober and professional. However compared with other real estate events in Europe and Asia, Cityscape by comparison was very well supported,' he noted. More »
Dubai property prices to fall further, says report
A new report by Colliers International says property prices in Dubai are likely to drop further. Of 28 real-estate developers surveyed in the report, only 25% said prices have bottomed out. Seventy-one percent predicted that prices will extend their decline and 4% didn't comment. More »
Two more islands sold on The World
Dubai-based developer Nakheel has said it had sold two more islands on its The World project at an average of $65m each, Emirates Business has reported. 'An island was sold as recently as August,' Marwan Al Qamzi, Group Managing Director Nakheel Projects said. More »
Qatari Diar gets QR4bn Islamic loan
Qatari Diar Real Estate Investment Company, a Qatar Investment Authority subsidiary, has said it has raised QR4bn through syndicated Islamic debt, Gulf Times has reported. The five-year Shariah-compliant syndicated facility 'Murabaha' will be used to finance the developer's domestic and overseas, particularly European, investments. More »
Al-Futtaim eyes new project in Egypt
Dubai-based developer Al-Futtaim Group Real Estate is looking for another site in Egypt for a development similar to its $3.7bn Cairo Festival City project on the outskirts of the Egyptian capital, Reuters has reported. 'If we found the right site tomorrow, we would buy the right site tomorrow. It is just a question of the right site becoming available,' Philip Evans, director of the firm's commercial and retail leasing said. More »