Latest News
Saturday, March 17 - 2007
RAK beefs up rent committee
Ras Al Khaimahs fledgling rental dispute committee has been given more authority in handling cases, Gulf News reported. The committee has been renamed the RAK Judicial Committee for Rental Disputes, and its decisions will be final and with no right of appeal, according to a governmemnt official. The government has said it will come down hard on illegal practices by real estate agencies.
Golf Gardens construction underway
Sorouh Real Estate has started building its $200m Golf Gardens project in Abu Dhabi. The residential project features 390 villas and townhouses overlooking the Abu Dhabi Golf Club. There will be associated restaurants and leisure facilities. Handover is expected in Q4 2008.
MAF, Al Qudra in Mideast projects
Dubai-based Majid Al Futtaim Group and Abu Dhabis Al Qudra Holding have agreed to jointly build shopping malls and develop other projects in the Middle East, Gulf News reported. The companies will create a joint venture entity to invest in and build malls, hotels, offices and residential units. The first joint development is planned for Abu Dhabi.
TAV wins $120m EFT project
Turkey-based Tepe Akfen VIE Investment Construction and Operation has been awarded a $120m contract to build the Emirates Financial Towers project at Dubai International Financial Centre. EFS comprises twin towers offering 26 floors of office space, retail, and residential units.
Saraya fund, RAK investment
The Board of Directors of the Saraya Real Estate Mena Fund, which closed last year with subscriptions of $250m, has approved its first investment in the Saraya Islands project in Ras Al Khaimah. The fund will primarily invest in targeted tourism and real estate projects through direct equity investment, with an initial focus on GCC countries and the Levant.
DIP leases out 8m sqft
Dubai Investments Park has revealed that it has so far leased out more than 8m sqft of office development plots. The DIP intends to offer investors over 20m sqft of office space within the next 15 months at a cost of more than $1.3bn.
DLD simplifies DSO ownership
The Dubai Land Department is to simplify the procedures for owning and registering properties at the Dubai Silicon Oasis for both local and foreign investors. Dr Mohammed Al Zarouni, the Vice President and CEO of the DSO, said the arrangement with the DLD would be an important element in attracting foreign investment in the Oasis from leading organisations in the field of technology.
Al Bariri, $544.8m sales
The Al Barari development in Dubai has generated sales in excess of $544.8m in just under eight months for the first phase of the 306 villas under construction, with prices starting at $2.7m. The second phase of villas, which range from 10,107 sqft to 16,404 sqft and come in 16 architectural styles, were recently released with prices starting at $3.7m.
Champions Tower I underway
Champions Tower has held a ground-breaking ceremony for the $20.4m Champions Tower I at Dubai Sports City. The ceremony follows the recent awarding of the construction contract to Majed Hilal Contracting. The first construction phase, which is expected to take six months to complete, will involve shoring, excavation, waterproofing, piling and construction of the raft foundation.
Plan to cut construction workers
A proposal which would see the number of construction workers cut by 50% over the next five years has been put to the UAE government by Khalfan Saeed Al Ka'abi, the Board Chairman of the Ascorp Group, reported Gulf News. Al Ka abi said it was more productive to have fewer, qualified workers than large numbers of untrained staff. He thought unskilled construction workers contributed to various project delays.
Noor, $100m in RAK
Kuwaits Noor Financial Investment is set to invest $100m in the real estate and industrial sectors in Ras Al Khaimah over the next three years according to Naser Al Marri, its Deputy Chairman, and cited by Emirates Today. Al Marri said the firm was in talks with the RAK government and would soon acquire land to construct resorts and residential apartments, as well as a building materials manufacturing plant.
UAE real estate, 30% returns
The UAEs real estate sector is set for further investment due to heightened confidence in the economy and impressive returns, reported Gulf News. Industry experts claim the countrys property market can provide annual returns of up to 30%. Meanwhile, Adel Al Shirawi, Tamweels CEO, said the real estate industry now made up some 40% of the nation s GDP.
AD landlords in control
Abu Dhabi residents are finding it increasingly difficult to find affordable housing in the city with demand far outweighing supply, reported Gulf News. It is claimed real estate agents no longer charge commission from landlords but push extra costs on to new tenants. A report by Colliers International and Shuaa Capital reveals around 1,100 high-end units will be released this year but there is a need for 22,000 mid-range units.
