Latest News
Saturday, February 17 - 2007
Dubai property registration starts
The Dubai Land Department has started registering property in the name of owners under the new legal framework introduced last year. Thousands of properties are expected to be registered in the coming weeks, according to a DLP statement.
Dubai office costs in top 10
Dubai has been rated the 10th most expensive city in the world for office space by real estate firm Cushman & Wakefield, Khaleej Times reported. Office space in Dubais central district costs $79.93 per sqft, just behind the $81.93 per sqft paid in New York's midtown district. London's West End has the world's most expensive office space, with annual rent of $246.17 per sqft.
Sobha wins IT Plaza deal
Sobha Contracting has been awarded a $34m construction contract for IT Plaza at Dubai Silicon Oasis, Gulf News reported. Fatima International is the client. The freehold 14-storey commercial office tower is due for delivery by July 2008. Fatima officials expect the project to appreciate by at least 60% by completion.
Dunes Village sales open
Sales are open for properties at the Dunes Village in Dubai Investment Park, according to developers Alserkal Properties.. The project comprises 19 mid-rise buildings with 950 apartments. The developers are targeting corporate buyers.
Emaar ups Greens offer
Emaar has offered a sweetener to tenants at The Greens residential community to take up a sale offer, Emirates Today reported. Tenants will now be given a 3% discount on the original offer price to buy their leased premises, and mortgage registration fees will be waived. Some tenants have asked Emaar to reconsider its move to sell properties, saying they cannot afford to buy them.
Arabtec $140m Pakistan deal
The UAE-based Arabtec Holding has won a $140m contract to construct the 37-storey Karachi Financial Towers in Pakistan, Gulf News reported. Enshaa NLC Developments is the client. It is the construction firm s first foray outside the UAE.
Terna wins Rotana deal
Greece-based builder Terna has been awarded a $170m contract in the Park Rotana mixed-use development in Abu Dhabi s Khalifa Park, Meed reported. The deal calls for the construction of four buildings on a two-storey podium, with a total built-up area of 1.8m sqft. The towers will house a 280-room hotel - operated by Rotana Hotels Management Company - as well as 162 serviced apartments and 180 rental apartments.
Lakeside Residence, 75% sold
Al Manal Development has sold more than 75% of its Lakeside Residence project at Jumeirah Lake Towers in less than twelve months. The 35 storey $81.7m residential tower is on schedule for completion at the end of 2008 and it has attracted a mix of buyers from the US, UK and Middle East. Financing options are available via Mashreqbank, Emirates Islamic Bank or from the developer.
DSI scoops $88.5m deals
Drake and Scull International has won contracts totalling $88.5m for the complete mechanical, electrical and plumbing work on residential and leisure projects in Dubai. DSI will supply, install, test and commission the MEP requirements for Zabeel Investments Anantara Resort and Spa and Tiara Residence at the Palm Jumeirah and for IFA Hotels and Resorts' Laguna Tower Residence at the Jumeirah Lake Towers.
Arabtec/Max Bogl, DWC deals
Dubai s Department of Civil Aviation has handed out two contracts to the Arabtec/Max Bogl joint venture to carry out structural work at the passenger terminal and the air traffic control tower at the Jebel Ali International Airport in Dubai World Central. The contracts are worth $65.9m and follow the award of a $75.7m contract in September 2006 to carry out the cargo terminal building works at Dubai World Central.
UAE protects old buildings
The UAE is set to introduce a new law in the next couple of months which will prevent the demolition or alteration of historic buildings in the country, reported Gulf News. There are around 1,200 historic buildings in the UAE and roughly one a week is currently being knocked down. Any building constructed before 1960 is to be regarded as historic under the new legislation.
AD issues Aldar, Sorouh decrees
The Abu Dhabi government has issued decrees concerning real estate ownership by Aldar Properties and Sorouh Real Estate, according to the WAM news agency. Both firms have the right to own and register real estate in their own names and this will not be affected by non-UAE nationals having ownership of stocks.
AD amends property laws
Abu Dhabi has made amendments to the property ownership laws in the city according to the local WAM news agency. Both GCC citizens and foreigners can own property in investment areas but for non-UAE nationals ownership is restricted to surface property. Foreigners can therefore own property but not the land on which it is built; 99 year contracts and 50 year surface leasing contracts are available.
Emivest, $136m DSO towers
Emirates Investment and Development is to build five towers at Dubai Silicon Oasis at a cost of $136m, reported Gulf News. The project would be Emivests first in the real estate sector and, according to CEO Tarek Niazi, five firms are currently in the process of submitting architectural designs. It is hoped construction will commence later this year.
UAE buildings, earthquake impact
Despite the proximity of the UAE to the seismic activity of southern Iran, with the active Zagros Fold Belt just across the Arabian Gulf, structural engineers say the country is not at great risk of major damage due to an earthquake, reported Gulf News. Experts believe developments built on reclaimed land near the coast would feel tremors the most but even then significant structural failure is unlikely.
Danube eyes more growth
Dubai based Danube Building Materials is eyeing further expansion after witnessing a 50% spike in its revenues last year. The firm is aiming to earn around $272m in revenue by 2008 and is set to open a number of new regional branches. Last year it expanded its operations in Muscat and set up new bases in Bahrain and Mumbai.
