Report: Qatari Diar facing UK lawsuit
Qatari Diar Real Estate Investment, a unit of the country's sovereign wealth fund, is facing a law suit filed by UK-based luxury home developer CPC Group, Bloomberg has reported. The suit relates to Qatari Diar's withdrawal from plans to build an apartment complex on the Chelsea Barracks site in London. A joint venture between the two firms had paid £959m ($1.6bn) for Chelsea Barracks in January 2008. More »
Abu Dhabi to set up unified building codes
The Abu Dhabi government has said it will issue new codes in urban and industrial buildings. The Abu Dhabi Building Codes have been developed in tandem with the International Code Council (ICC), responsible for advising US regulators on their exacting regime. More »
ACC wins Regent Emirates hotel contract
The Atlas Group, in a partnership with the UAE's Tourism Development and Investment Co. (TDIC), has awarded Arabian Construction Co. a construction contract for the Regent Emirates Pearl Hotel in Abu Dhabi. The development sits on a 10,000 m2 plot comprising four podium levels and 45 floors which contain 377 guest rooms and suites, 60 furnished apartments and will stand 240-metre high with a total built-up-area of 130,000 square metres. More »
Al Mazaya posts financial results
Kuwait-based developer Al Mazaya Holding Co. has announced its financial results for the first nine months of 2009, with a profit of Dhs131m. Total assets amounted to Dhs4,752m, bank debt reached Dhs698.7m, less than 10% of total company assets according to the group, and 40% of total shareholders' equity, the company said in a statement. More »
Proleads: 69% of UAE civil projects 'active'
A study by Dubai-based Proleads shows that 1,845 projects worth a combined $657bn are still active, with the strongest sectors being commercial and civil, where the total market consists of 829 projects valued at $412bn. The residential sector is made up of a combined value of $312bn, while leisure and entertainment projects amount to over $233bn spread across 445 projects. Education and healthcare sectors have almost 700 projects worth $57bn, the report said. More »
Abu Dhabi residential city nears completion
The Abu Dhabi Municipality has said it will complete by next month the Dhs651m infrastructure works of a residential city for workers in Al Mafraq, Gulf News has reported. A private company is developing the residential buildings for the workers, a municipality spokesperson said. Once construction of the accommodation for the workers is completed, private firm will be able to rent the space for their workers, the spokesperson added. More »
Burj Dubai enters final leg of construction
Dubai-based developer Emaar has said that the dismantling of the last of three high-altitude cranes used in the Burj Dubai construction indicates the world's tallest tower is nearing completion. Having also completed the external cladding recently, the Burj Dubai construction team is now concentrating on the interiors and landscaping in preparation for the January 4, 2010 opening, the developer said. More »
Dubai waits for strata law
A law that would legalise independent homeowners' associations in Dubai and would allow properties to be managed independently remains pending, The National has reported. Chief executive Peter Crogan of BCS Strata Management Services, a property management firm was quoted saying, 'We had three or four release dates when we thought that it was coming out, and none of us are any the wiser.' No response from Dubai Real Estate Regulatory Agency or Rera has been reported regarding the issue. More »
Burj Dubai opening postponed until January
Emaar has announced that the Burj Dubai development, which was scheduled for inauguration on December 2, the UAE's National Day, will now open on January 4 2010 - the anniversary of Sheikh Mohammed bin Rashid Al Maktoum's becoming ruler of Dubai. More »
Jordan real estate trades down 31%
According to figures by Jordan's Department of Land and Survey (DLS), real estate trading during the first 10 months of 2009 dropped by 31% to JD3.7bn from JD5.4bn during the same period of 2008, the Jordan Times has reported. Sales of residential apartments declined to 16,710 units from 18,723, but demand was higher during the third quarter of this year compared with the previous two quarters. Property purchases by non-Jordanian investors accounted for JD221m during the first 10 months compared with JD155m for the same period of 2008. Iraqi nationals ranked first with JD108m followed by American and Saudi investors, accounting for JD18m and JD17m respectively, according to DLS. More »
Deyaar to develop retirement communities
Markus Giebel, CEO of Deyaar Development, said the company will allocate a third of its holdings to 'problem-solving' housing such as retirement communities to counter waning demand for real estate in the UAE, Bloomberg has reported. Deyaar will offer the units to elderly foreigners attracted to the region's warm climate, Giebel told reporters in Abu Dhabi. More »
Dubai property prices up 7% in Q3
A new report by Colliers International has found that Dubai house prices climbed 7% in the third quarter, marking their first increase since the downturn in real estate began in 2008. However, property prices in the emirate are still about half of what they were a year ago, and prices could fall even lower as 34,000 residential units are expected to come online in the city in 2010 and 2011, the study warned. More »
Drake and Scull 9-month profit nearly doubles
Dubai-based contractor, Drake and Scull International has said its net profit for the first nine months of 2009 had climbed by nearly 50% to Dhs239m, compared with the same period in 2008. Revenue for the same period in 2009 rose to Dhs1.4bn from Dhs1bn in 2008. Net profits for the third quarter of 2009 stood at Dhs71m, while revenues amounted to Dhs400m for the same period. More »
Oman to issue residency after home completion
Oman has said foreign property buyers will get a residence visa after completion of the properties and not on registration, Reuters has reported. His comment came after property buyers said that developers had promised they would receive residence visas while the homes are under construction. More »
Dubai property prices climb 9% since April
According to a report by HC Securities & Investment Bank, property prices in Dubai have climbed 9% since bottoming in April, with the emirate's property sector showing signs of recovery, Reuters has reported. The rise was due to improving sentiment and risk appetite, falling deposit rates, robust volumes and attractive rental yields, the report said. Moreover, mortgage values and volumes have recovered to pre-crisis levels, rising 24% and 14% in October, compared with 7% and 6% in April, the report noted. More »
Dubai Land Department launches free legal services initiative
Dubai Land Department has announced a new initiative to bring in 'pro bono' legal services, free of charge, to support the public in real estate-related court cases. The move follows meetings with representatives of major law firms in the emirate. The services of lawyers and consultants will be available to members of the public who 'might otherwise be dissuaded from having recourse to the law because of the prohibitive cost of fees'. More »
Dubai Properties appoints acting chairman
Dubai Properties has appointed Chief Executive Officer of Dubai Holding Ahmad bin Byat as its acting chairman, Bloomberg has reported. The appointment follows the arrest of former chairman Hashim Al Dabal last month on suspicion of embezzlement. More »
Aldar's Ferrari World on construction progress
Abu Dhabi-based property developer, Aldar Properties has said the external structure of Ferrari World Abu Dhabi has been completed, with 35,000 tonnes cubic metres of concrete, 12,370 tons of steel, 29,000 square metres of facade glazing and 165,000 square metres of roof cladding. The park's superstructure was completed in 14 months, the company said. The project is the first Ferrari theme park in the world when it opens in 2010. More »
Sorouh posts Q3 profit
Abu Dhabi-based Sorouh Real Estate has posted Q3 net profits of Dhs187.3m ($50.99m), down 75% from Q3 2008, when it recorded Dhs765.2m. Net profit for the first nine months of the year stood at Dhs461m, according to a statement posted on the bourse website. More »
Aldar reports 9-month profit
Abu Dhabi-based Aldar Properties has reported net profit of Dhs1,569m for the first nine months of 2009, with gross revenues of Dhs1,740m during the period. Developments under construction had increased significantly by 58.1% to Dhs36,266m, representing a net asset value per share of Dhs6.68 against Dhs6.22 as at 31st December 2008, the company said. The developer said its total net asset value rose 7.4% to Dhs17,223m in the first nine months of the year. More »
Deyaar to 'start developing again' in 2010
Markus Giebel, chief executive of Dubai-based real estate developer Deyaar said the firm will restart developing projects next year and set up co-investment funds for its overseas expansion plans, Gulf Daily News has reported. 'This year was a development holiday. Next year we have to start developing again,' he told the daily. Earlier this week the company announced that it cut 20% of its workforce. More »
Tameer hires Hyder as consultant for towers project
Dubai-based real estate developer Tameer Holding Investment has announced the appointment of Hyder Consulting Middle East to act as the primary consultant for Tameer Towers, its flagship development in Abu Dhabi. 'Hyder Consulting has provided multidisciplinary services and solutions to ten of the world's 12 tallest towers and we are confident that this expertise coupled with their extensive regional knowledge and experience will be extremely beneficial in ensuring the design excellence of Tameer Towers,' Tameer's President, Federico Tauber said. More »
Arab Cotton Ginning to separate land holdings
Egypt-based Arab Cotton Ginning has said it plans to split off its real estate holdings from its cotton production and offer the land for housing and commercial developments, Reuters has reported. The company owns more than 600,000 square metres of land in 13 locations in Egypt. A new company will be created to manage the real estate investments, including the sale of land and the development of housing, tourism and commercial properties, the company said in a statement. More »
Deyaar cuts staff by 20%
Dubai-based developer Deyaar announced today that it has reduced its workforce by 20% following a review of its resources. 'This rationalization of resources has been carried out to support Deyaar's sustained growth and maintain its commitments to customers, partners and shareholders,' the company said in a statement. The company did not give a figure for the number of jobs that were cut, but it did say the redundancies were the first it has made since the onset of the global financial crisis. More »
Abu Dhabu rents hold steady in Q3
A report by Landmark Advisory, a real estate consultancy firm, has revealed that the average rents in Abu Dhabi, for both apartments and villas, have remained relatively stable during the third quarter of 2009 and for the first part of fourth quarter. The report found that continued demand for smaller units in Abu Dhabi, which remain in short supply, has kept average rent levels for those units quite high, with 1- and 2-bedroom apartments priced at Dhs130,000 and Dhs190,000 per annum respectively. More »