Latest News
Saturday, November 17 - 2007
Emaar mulls overseas listing
Dubai's Emaar Properties, the largest publicly traded real estate developer in the Middle East and Africa, may list shares on the London or New York stock exchange, reported Gulf News. It is believed that Emaar will create a group holding company that would bring all its listed companies under one umbrella. The company's current market capitalisation is more than $23bn.
Strikes may delay Dubai projects
Workers strikes in the UAE that stretched all through last week may cause Arabtec, one of the construction companies working on the Burj Dubai, the worlds tallest building to miss its completion dates for some of its key projects in the emirate. Forty-thousand employees worked at the company refused to return to work until their demands for a pay increase of $55 per month was met. During this week an agreement was reached yet no details were revealed about how much the increase amounted to.
Brangelina buy Dubai island
Brad Pitt and Angelina Jolie have bought Ethiopia off the coast of Dubai in Nakheel's 'The World' development, according to UAE-based web site Ahlanlive. The couple intend to use their home as an eco-development. No price tag was given for the island, which are reported to be fetching up to $50m.
Arabtec buys 60% stake in Target
Arabtec Holding announced that it has acquired 60% of Target Engineering Construction Company, a leading construction company in the UAE. Arabtec's acquisition of Target allow the company to gain access to additional market segments in the oil and gas and the marine construction markets. Current projects of Target include the ZEN II Discovery Gardens, the Executive Heights, and the ADCO Jabal Dhana Tank Farm Facilities upgrade project.
Eco rules set to increase construction costs
Building more environmentally friendly properties in line with government objectives will push up the price of real estate, warned Hussam Assaf, Director of Construction at Emaar. Speaking at the MEED Project Risk Management in Construction conference, he said: Apart from increasing the price it will also slow down the completion of the projects.
Inflation threatens UAE boom
At the MEED Project Risk Management in Construction conference Hussam Assaf, Director of Construction at Emaar Properties, said inflation is one of the biggest risk factors that the sector faces. Assaf said rates were at a 15 year high and inflation had caused land prices to balloon from Dhs140 per sqft to Dhs380 in just five years. Steel had also tripled in price from Dhs840 a tonne in 2002 to Dhs2,400 now.
Industry supports UAE workers
During the ongoing MEED Project Risk Management in Construction conference, Graeme McCaig, GM at construction firm Dutco Balfour Beatty, stressed the importance of supporting the needs of construction labourers in the region. Over the past couple of weeks the UAE has seen a number of worker protests over poor living conditions and low wages. He said the government is not prepared to set a minimum wage and so it is the responsibility of private firms to take action.
Limitless South Asia appointment
Limitless has appointed Krishna Subramanian as its Chief Financial Officer for South Asia. The firm has several projects in India in the pipeline and has already unveiled Bidadi, a $12bn joint venture development near Bangalore. Subramanian will be based at the firms Mumbai office which is set to office early next year.
Aldar at Estatex 2007
Abu Dhabi's Aldar Properties will market land available for development on Al Raha Beach as well as property in the Al Muneera District at the 5th International Real Estate and Housing Exhibition, Estatex 2007, which is being held in Dammam at the Dhahran International Exhibition Centre from November 11-15. Aldar is making its debut at the event and the firm is also to be represented at the upcoming World Travel Market in London.
Jumeirah Hantang progress
Jumeirah has revealed that the construction phase of its HanTang Xintiandi hotel in the downtown Luwan district of Shanghai has now been completed. The hotel, which has been designed by New Yorks Kohn Pedersen Fox Architects and Japanese interior design firm Super Potato, will feature 309 rooms, suites and villas as well as conference and banqueting facilities and a spa. It should open next August.
