Latest News
Saturday, October 06 - 2007
DLF seeks $500m
DLF, the Indian real estate outfit which has formed a joint venture with Dubais Limitless, is in talks with banks and private equity groups over raising $500m, reported Gulf News citing Indian newspapers. The Economic Times said the firm would use the funds for its ongoing projects including the $12bn mixed-use township near Bangalore which it will develop alongside Limitless. DLF has approached the likes of Merrill Lynch and JPMorgan.
Fischer wins design contract
German Business Park has awarded a contract to Fischer Architects of Germany to prepare conceptual designs and preliminary engineering for its mixed-use development at the Dubai Silicon Oasis. The $204m park, which encompasses 82,000 square metres of gross built-up area, is a joint venture between Dubai Silicon Oasis Auth-ority and the Bin Jabr Group of Abu Dhabi.
18 Jumeirah Lakes Towers in 2007
The Dubai Multi Commodities Centre Authority, the master developer for Jumeirah Lakes Towers and licensing authority for businesses working on the project, expects construction on 18 towers to be completed this year, with a further 50-55 towers ready in 2008 and the remainder in 2009, reported Gulf News. Construction is underway on 95% of the 79 freehold towers at JLT, but only one has been handed over so far - Saba-1 tower - a Saba Properties JLT development.
Office space shortage in Dubai
The commercial property shortage in Dubai is forcing companies seeking office space to resort to temporary accommodation, low-grade offices or space in villas and hotels, reported Gulf News. The commercial vacancy rate in Dubai is believed to be just 1% throughout the emirate. Experts blame the shortage on construction delays and Dubai's popularity as a financial and business hub.
One&Only, Dubai World tie up
Dubai World, which is owned by the Government of Dubai, has chosen One&Only Resorts to develop and manage its new $150m luxury resort in Zanzibar, which is scheduled to open in 2009. One&Only Zanzibar will feature a 150-room luxury hotel, a 50-room residence and a spa retreat on a 76-hectare site at Muyuni Beach in Zanzibar. The project was announced on 20 September following a strategic agreement between Dubai World and the Zanzibar Government.
Emaar in $20bn Algerian project
Dubai-based Emaar Properties has announced that it will build four projects in Algeria worth a total of $20bn, reported Reuters. The projects include the development of a new town called Sidi Abdellah, a new tourist resort, a new health resort, and redevelopment of the Algiers waterfront. Algeria is trying to lessen its reliance on oil and gas and is ploughing record energy revenues into reconstruction and development programmes.
Ajman Holding to invest $409m
Ajman Holding, a diversified group of companies, said it plans to invest more than $409m over the next five years in real estate projects in the UAE emirate of Ajman, reported Khaleej Times. The company said Ajman, which has the most affordable real estate prices in the UAE, is quickly attracting both individual and corporate investors worldwide. The firm's projects in the emirate will include a hotel, malls and other infrastructure related businesses.
Dubai to build $12bn Indian city
Limitless, a Dubai World company, has announced that it will develop a $12bn mixed-use township near Bangalore in southern India. The new Bidadi Township will be spread out over 4,000 hectares and house approximately 750,000 people. Limitless will develop the project - one of several it is planning in India - through a 50:50 joint-venture with New Delhi-based real estate group DLF, one of the country's largest developers.
Al Hamra Village in phase 3
Al Hamra Real Estate development has launched phase 3 of the Al Hamra Village project in Ras Al Khaimah, at a total investment cost of Dhs7bn. The sale of the mixed use, residential and commercial property that will have a core of 14 residential buildings offering 3,900 apartments and town houses is now also open to investors. The project is expected to be completed in 2010.
Marina Residences 20% complete
Nakheel has revealed that the Marina Residences development on The Palm Jumeirah is now 20% complete. Ground work commenced on Marina Residences' six towers, located at the tip of The Palm Jumeirah's trunk, in September 2006. With foundation works completed, the six towers have emerged out of the ground and mechanical, electrical and plumbing work in each tower has commenced; handover is expected in late 2008.
Sprinklers for building sites
Dubai Civil Defence has ordered construction firms to fit temporary sprinkler systems and smoke detectors at all high-rise developments in the city, reported Emirates Today. A team from the civil defence department is presently drawing up a list of safety regulations to prevent blazes such as the one which killed two workers the Fortune Tower last January. Previously, the main precaution was the presence of fire extinguishers on all building sites.
Ferrari chief backs project
Luca Di Montezemolo, the President of Italys Ferrari, has said the Ferrari World development on Yas Island which will feature hotels, a race track and a theme park will give a major boost to tourism right across the Middle East, reported the WAM news agency. Montezemolo also pointed to the mutual benefits of Ferraris strategic tie-up with Abu Dhabis government. Abu Dhabi will host a Formula One Grand Prix in 2009.
Emaar denies Morocco reports
Emaar Properties has denied recent media reports that it has sought to obtain funding in order to help finance its projects in Morocco, according to Gulf News citing an emailed statement. Emaar said it had not agreed bank loans with any third-party financial institution. Last month, it was reported that Emaar would spend around $7bn in the North African country in its real estate, tourism and entertainment sectors.
Ajman Marina launched
The Ajman Marina, which is being developed by the Tanmiyat Investment Group, will be officially launched today, Monday by Sheikh Humaid bin Rashid Al Nuami, Member of the Supreme Council and Ruler of Ajman. Being developed on a 3m sqft site near the Kempinski Hotel, the project will consist of several residential towers, a yacht club, hotels, offices and restaurants.
Arabtec at full stretch
UAE based construction firm Arabtec is unlikely to seek any new contracts for at least six months as its resources are now fully stretched, reported Construction Week. Last week, the firm secured a $1.3bn deal to build the racecourse and a five star hotel at Dubais Meydan project alongside Malaysias WCT Engineering. Arabtec is also involved in constructing the Burj Dubai tower, the Burj Dubai Lake Hotel and Dubai World Central.
Abu Dhabi firm in $6.2bn deal
Abu Dhabi Allied Business Consultants is to invest around $6.2bn in the construction of an artificial island off of the Russian Black Sea resort of Sochi, reported Bloomberg. Federation Island was unveiled earlier this week and will form part of Sochis preparations for the 2014 Winter Olympics. The island will cover 250 hectares and will comprise residential, leisure and business facilities.
Hinduja, Limitless JV
Indias Hinduja Group is to team up with Dubai World subsidiary, Limitless, to build health care related property developments, reported Gulf News citing the Economic Times. It is believed Hinduja will hold a controlling 51% stake in the joint venture (JV), with Limitless retaining the remaining shares. The JV will focus on constructing medical city style projects in India and Hinduja will invest around $24.8m.
