Latest News
Saturday, March 31 - 2007
Dubai to build horse racing city
The Nad Al Sheba race course in Dubai, home to the worlds richest horse race, will be developed into a multi-million dollar racing, tourist and leisure complex, according to reports. Called Meydan, the project will have horse racing and training tracks, stables, a Goldolphin gallery and museum, as well as hotels, a sky-bubble restaurant, entertainment clubs, plaza, towers and a boathouse. The development is due to be completed within two-and-a-half years.
Leighton breaks into Gulf
Australian construction group Leighton has won contracts worth a total of $471m in the region, Gulf News reported. The largest is a $407m deal with the Qatar Foundation for Education, Science and Community Development to build a new equestrian centre. The company has also won a $64m contract for roads and infrastructure works at the City of Arabia theme park in Dubai.
$70m Trade Centre plot auction
The Dubai Land Department is putting up for auction a plot valued at around $70m at the Trade Centre II project, Gulf News reported. The plot will go under the hammer during the International Property Show which runs from 3-5 April 2007 in Dubai.
DWTC breaks ground
The building phase of the Dubai World Trade Centre started Wednesday. The district will include two hotels, 2m sqft of office space, a range of serviced and residential apartments and a retail component. Hopkins Architects is the designer. DWTC is being developed alongside Dubai Exhibition City
Metropolis at BB sold out
Office space at the $98m Metropolis project has sold out. The 22-storey tower has 318 single offices and two duplex offices. The project, which is located at Business Bay in Dubai, is scheduled to be completed in mid-2008.
JBR properties handover starts
Dubai Properties starts handover of units at its Jumeirah Beach Residence development today, Gulf News reported. A single residential tower will be handed over Wednesday, with the remaining 35 scheduled for delivery over the next twelve weeks, the developer said. Construction fell at least six months behind its original schedule, with officials blaming volatility in the price and availability of construction materials as a factor.
Hinduja Group to the Waterfront
India's Hinduja Group is to invest more than $272m in Nakheels Dubai Waterfront mixed used development in Dubai, according to a statement issued by the group and cited by Emirates Today. A Nakheel company spokesman said the Hinduja Group had bought 2m sqft of land at the Madinat Al Arab downtown area of Dubai Waterfront and would build resorts and residential towers ranging from ten to 50 storeys.
Damac in costs call
Damac Properties has asked Dubais government to tackle rising construction costs, reported Reuters. Hussain Sajwani, the firms Chairman, said the licencing process for new contracting companies should be speeded up and foreign contractors should be brought into the market to provide competition, as firms are currently exploiting the lack of supply. The increased expense of raw materials has also contributed to the doubling of construction costs over the last four years.
AlSalam City, good progress
Tameer Holding has declared it is ahead of schedule in the development of the infrastructure and related services for phase one of its $8.2bn AlSalam City, in Umm Al Quwain, which will house up to 500,000 residents when complete. Phase one covers an area of approximately 80m sqft and is situated along Emirates Road with a frontage of approximately 7km. The entire development is slated to be finished in 2021.
Green Community fee dispute
Residents at the Green Community in Dubai have been threatened with legal action and the termination of their contracts as a result of a lengthy dispute with Property Investments, the developer, over a substantial hike in maintenance fees, reported Gulf News. Fees will balloon by up to 300%, with charges for a three bedroom apartment going up from Dhs10,800 to Dhs30,000. Property Investments has said fees were previously heavily subsidised.
Nakheel, DLF to seal $19bn deal
Nakheel and Indian real estate firm DLF are today, Monday, expected to seal a mega $19.1bn joint venture deal to build townships at two 20,000 acre sites in Haryana, in northern India, and Maharashtra, in western India, reported Emirates Today. The developments will eventually be three times bigger than New Yorks Manhattan Island and will include apartments, retail outlets and schools. Development work at the two sites will carry on simultaneously.
Aldar launches Noor Al Ain
Aldar Properties has unveiled a $544.8m mixed-use complex, Noor Al Ain, which will be developed at the existing Al Jimi Mall, providing residential, shopping and leisure facilities, reported Gulf News. Noor Al Ain will cover an area of nearly 1.8m sqft and will feature a 300 room hotel, a large mall and six towers comprising 1,300 apartments. Construction has already got underway.
JBR, June full delivery
Purchasers at Dubai's Jumeirah Beach Residence have been informed full delivery of the project will not occur until June, reported Gulf News. The 5m sqft development comprising 36 residential towers, four hotels and four beach clubs was due to open last September but this date was put back by Dubai Properties to between March and May of this year. Handover of one sector, however, will commence within days.
DCC wins Palm hotel deal
The Dubai Contracting Company has been awarded a contract worth just under $136m for the construction of an un-named resort hotel development on the trunk of Dubai's Palm Jumeirah. Work on the new hotel is in its preliminary stages and the expected completion date is April 2009. The five star hotel will comprise banquet and meeting room facilities, a business centre, health, fitness and spa areas, retail outlets and restaurants.
NBC, Skycourts contracts
The National Bonds Corporation has started handing over sale and purchase agreements to buyers at its $410m Skycourts development launched three months ago. Bond holders who purchased their homes utilising NBC's instalment plan, can sign and receive their agreements from the NBC at the Shangri La Hotel, Dubai until March 27, between 9am and 9pm. These buyers will start paying 10% of the apartment price on a quarterly basis.
Al Fajer, Al Ahmadiah deal
Al Fajer Properties has handed the $272m main contracting deal for its five Jumeirah Business Centre towers, located in the Jumeirah Lakes Towers development, to Al Ahmadiah Contracting. The contract was awarded following a due diligence process, including public tender offerings and several rounds of pre-qualification, which drew bid submissions from ten contractors. The estimated completion date for the project is December 2008.
Sleepless nights in AD
Residents in some parts of Abu Dhabi are complaining round the clock construction work is depriving them of their sleep, with the main problem areas being Al Khalidiya and Tourist Club, reported Gulf News. Khalfan Sultan Al Nuaimi, of the Abu Dhabi Municipality, said the normal construction day lasts 6am-6pm although some firms are given permission to work around the clock, but only on condition this work causes no disturbance.
Emaar, progress in Karachi
Emaar Properties $43bn mega project in Karachi on Bundal and Buddo Islands is now close to the ground-breaking stage, reported the Khaleej Times. Mohammed Ali Alabbar, Emaars Chairman, said the firms investments in Pakistan were not being made for profits and were more to do with the UAEs special relationship with the country. Alabbar also confirmed the Karachi venture is the biggest in the firms portfolio.
Tameer HQ to BB
Sharjahs Tameer Holding is to move its HQ to a $272m purpose built facility in Dubai, reported Gulf News. The new base at Dubai Properties Business Bay will include office space, furnished apartments and a hotel. Tameers President Omar Ayesh said the development would be similar to its Tameer Towers on Reem Island, Shams Abu Dhabi, which is being designed by Gensler.
DLD to Emaar office
The Dubai Land Department has set up an office at Emaar Properties Sheikh Zayed Road base, enabling purchasers to register their transactions more easily and directly. The initiative is expected to be extended to include other developers in due course. The move comes in response to a new government policy which requires departments to place themselves at the convenience of the customers they serve.
