Latest News
Saturday, October 13 - 2007
Al Mazaya plans $1.6bn projects
UAE real estate firm Al Mazaya plans to announce over $1.63bn worth of projects at the Cityscape expo in Dubai next week, the company said in a statement. No details were given about the size or location of the projections.
DP announces $10.9bn projects
Dubai Properties, a member of Dubai Holding, will launch $10.9bn worth of projects at next week's Cityscape real estate exhibition in Dubai. The company said the latest projects will be built in Business Bay and Dubailand, but it did not provide details.
Nakheel may go public
Nakheel's Chief Executive Officer Chris ODonnell said his firm may launch an initial public offering before its record $3.52bn Islamic bond matures in 2009 to fund its expansion, reported Emirates Today. Nakheels three-year Ijara sukuk, sold in November 2006, is the worlds largest Islamic bond and gives holders the right to buy shares in any of the Nakheel group of companies should there be an IPO before the securities mature. O'Donnell said an IPO is an option under the sukuk, but added that there are 'benefits and burdens with being listed.'
Dubai land deals hit Dhs6.6bn
Dubai's Land Department has reported that the total value of land transactions in Dubai crossed Dhs6.6bn in September, reported Gulf News. During the month there were 289 cash sales were Dhs4.91bn, 261 mortgage transactions worth Dhs2.07bn, and 25 donations of land and property worth Dh850.23 million.
Al Naboodah wins $151m contract
Al Naboodah Contracting has been awarded a $151m contract by Realty Capital Middle East for the construction of i-Rise commercial Tower in Dubai. The 37-storey tower, which will incorporate a total built-up-area of 1.8m square feet, will be located in Dubai's Technology and Media Free Zone.
Chinese tycoon buys Dubai island
Nakheel has announced that it has sold 'Shanghai Island' on The World development to Bin Hu, a prominent Chinese businessman and director of real estate developer, Zhongzhou International Holding Group. The island, which is 322,000 square foot in size, was sold for $28m.
Dubai World plans US investment
Dubai World is to invest $600m in a business park and warehouses in South Carolina to serve ports in neighbouring states, reported Bloomberg. The company bought 1,300 acres of land in Orangeburg County for the project, which aims to attract $1.2bn of investment and create as many as 10,000 jobs.
UAE construction costs rise
A depreciating dollar and the removal of a tax rebate by the Chinese government is increasing the cost of construction in the UAE, reported Emirates Today. The country has seen prices for construction raw materials rise 35% in the past year, due to the continued decline of the dollar and the removal of a 15% tax rebate by China, which is responsible for a large percentage of the raw materials that are imported by the UAE.
$61bn canal to reshape Dubai
Limitless, the global real estate arm of Dubai World, has announced a $61bn project to build an 75-kilometre canal that will transform Jebel Ali into an island, reported Gulf News. The $11bn canal will be up to 150 metres wide and six metres deep. Along the inland banks of the waterway will be a $50bn waterfront development consisting of marinas, residential communities and business centres that will span 20,000 hectares and stretch 33 kilometres.
Dubai seeks to standardise forms
Dubai has taken the first steps towards standardising the real estate industry, reported Gulf News. The emirate's Real Estate Regulatory Authority is asking for feedback on newly drawn up forms that could eventually become mandatory for all aspects of property transactions. If finally approved, the standardised forms would only be accessible to brokers who have been officially registered with the Land Department.
Abu Dhabi rents to soar till 2010
Rents in Abu Dhabi will keep rising until the end of the decade, as demand for housing will continue to outpace supply, according to a report by the Abu Dhabi-based investment bank The National Investor. After a large number of projects are delivered in 2010, there is likely to be an oversupply that could threaten the value of the local housing market, the report said.
ADIH hands over 59 units
The Abu Dhabi Investment House (ADHI) has handed over 59 commercial outlets at The Lagoon, the commercial complex at Amwaj Islands, as part of phase I. The $90m project consists of eight low rise sea-front blocks which will house restaurant and retail outlets to residents and visitors to Amwaj Islands, a 2.75 million square meter development in Muharraq. Two more phases are left to be handed over by end of this year.
Omniyat plans $1.6bn projects
Omniyat Properties is to launch three new property developments in Dubai early next year covering 4m sqft and worth around $1.6bn. The firm will build a $408m office complex on two plots of land at Business Bay and a 1.5m sqft mixed use development worth $544m in the Madinat Al Arab area of Dubai Waterfront. Omniyats third project will be another mixed use venture at The Lagoons worth $680m.
Cityscape information service
A new property information website aimed at real estate professionals and targeting emerging markets is to be launched at Cityscape later this month. The Cityscape Market Intelligence Service will contain an up to the minute news feed from around 2,500 global publications, as well as comment and analysis from a range of contributors worldwide. The site will also include a searchable company database.
Tabreed snares deals
UAE based district cooling firm Tabreed has secured three new deals. The firm will offer 4,100 tonnes of refrigeration (TR) to the Hotel Jal Tower and 2,300 TR to a mixed use development alongside the Aerated Concrete Industries Company, with both projects supplied by the Sheikh Zayed plant in Dubai. The firm will also provide 1,200 TR at an Etihad Airways complex in Abu Dhabi.
Dubai office space boom
Dubai has more office space presently under construction than any other city in the world, according to Emirates Today citing a report by Colliers International. There is 43.4m sqft of office space, the equivalent of 9,000 basketball courts, being built in Dubai and this exceeds the existing stock by 2.7 times. Dubai has now overtaken both Moscow and Shanghai for the amount of office space under construction.
ADFD buys Sudanese villas
The Abu Dhabi Fund for Development (ADFD) has agreed to buy 40 villas in Sudan following an agreement with the government in the African country, according to agency reports. The deal is designed to provide backing to the Sudanese economy and to increase co-operation between the UAE and Sudan. The project covers an area of 600,000 sqft and each villa has a size of 6,000 sqft.
Emaar offers Polo Homes
Emaar Properties has unveiled a collection of villas, the Polo Homes community, alongside the Dubai Polo and Equestrian Club, within the Arabian Ranches development. The 71 detached two storey villas have four to six bedrooms and range in size from 6,777 to 15,563 sqft. Three model homes have been completed so far and a sales centre is set to be built.
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.
