Latest News
Saturday, March 10 - 2007
WTCR tower topped out
The World Trade Centre Residences 30-storey Tower A in Dubai has been topped out on schedule, according to the developer. The whole project is comprises two towers collectively housing 377 managed apartments. It is due for completion in December 2007. The property will be managed by Jumeirah Group subsidiary Jumeirah Living.
Chinese win Bayswater deal
China State Construction and Engineering has been awarded the main construction contract for the 25-storey Bayswater commercial tower at Business Bay in Dubai, according to the Middle East Economic Digest. The contract is worth $25m. Local company Dubarch is the consultant.
Zabeel's Umm Suqueim project
The local Zabeel Investments has revealed it is building a mixed-use coastal development over 4.5m sq ft in Dubais Umm Sequeim district. The project will cover existing and reclaimed land. No further details of the project were released.
Emaar sets AGM date
The ninth AGM of Emaar Properties will be held on March 11 at the Sheikh Rashid Hall, Dubai International Convention Centre. On the agenda of the meeting are the approval by the shareholders of Emaar's annual results for 2006, the declaration of transfers to reserves and the appointment of auditors for 2007.
Golf Estates, Bang & Olufsen
Jumeirah Golf Estates has tied up with consumer electronics provider Bang and Olufsen. The electronics outfit will install a wide range of products in each of the 158 cottages of the Whispering Pines community, including a BeoSound 9000 multi-CD music system, BeoLab 8000 speakers, a 40 inch BeoVision 7 LCD television in the living room and a 32 inch version in the master bedroom.
ABCN sets up at DSO
The Alliance Business Centres Network, an international provider of business facilities, has unveiled its first Middle East and North Africa centre at the Dubai Silicon Oasis. The new business centre stretches over 33,000 sqft in DSO HQ and will provide serviced offices, meeting rooms and video conferencing facilities. Offices will be handed over in June.
$150m RAK business park
Khoie Properties has launched a $150m seven storey freehold commercial development at its $800m La Hoya Bay Residence development on Marjan Island in Ras Al Khaimah, reported Gulf News. The 500,000 sqft La Hoya Bay Business Park is scheduled for completion in March 2008 and will be divided into retail areas and offices. Khoie claims 50% of the 400,000 sqft of office space available has already been sold.
Dubai, $1.3bn February deals
The Dubai Land Department recorded 424 transactions last month worth a total of $1.3bn, reported Emirates Today. 248 cash sales generated $520.3m, while 143 mortgage deals amounted to $501.2m; the remainder of the total came via 33 donations. Marsa Dubai was the best-selling area in Dubai, followed by Nad Al Sheba and Mirdiff.
Business Bay sold out
Dubai Properties has revealed that all three phases of the 64m sqft Business Bay development are completely sold out. There will be more than 220 towers along the extension of the Dubai Creek at Business Bay. 80% of the project has been sold to investors, while the remaining 20% will be developed by Dubai Properties itself including The Executive Towers, the Porsche Design Towers, Vision Tower and the Signature Towers.
Burj Dubai hits 110 storeys
The Burj Dubai is now the tallest structure in the Middle East and Europe and, alongside the Sears Tower in Chicago, the 110 storey tower has the largest number of floors of any building in the world. At 380 metres high, the Burj Dubai is taller than the Emirates Office Tower and is one metre shorter than New York s Empire State Building; the tower is now the world's ninth tallest building.
AD developers form Al Maabar
Abu Dhabis main real estate developers, Aldar Properties, Sorouh, Reem Developers and Al Qudra Holding, have formed an alliance in order to establish a private stock company which will invest in the global property market, reported Gulf News. The new firm will be known as Al Maabar and it will look at developments and projects in selected regional and wider international markets.
Adma-Opco, $51m Costain deal
The Abu Dhabi Marine Operating Company has handed over a $51m contract to Costain Abu Dhabi to replace 14km of underground pipe works on Das Island, reported Gulf News. The project will see underground pipe work at 50 operational sub-systems replaced over a four year time-frame. Costain will initially carry out enabling studies and preparatory work prior to the construction phase.
Dubai needs cheaper homes
A real estate survey carried out in Dubai by DSL Exhibitions has found that 78% of respondents feel the luxury apartment sector is over-supplied and the government needs to generate more affordable housing, reported Gulf News. The survey also revealed that 89% of those questioned believe there is a short-fall in available units for medium-income groups, while 72% said Dubais construction boom had negatively affected their quality of life.
