Latest News
Saturday, November 24 - 2007
Emirates begins Wolgan Valley
Emirates Hotels and Resorts, the hospitality division of the airline, announced that it has started development of the $69m Wolgan Valley Resort & Spa in Australia's Blue Mountains. The project aims to transform 4,000 acres of distressed farming land into a high-value conservation site. The announcement marked the beginning of Emirates' first resort project outside Dubai.
Speculation on rise in UAE
Yale Professor Robert Shiller said the UAE real estate sector appears increasingly speculative given the significant supply coming on to the market, reported Khaleej Times. He said Dubai could enhance confidence in the real estate sector by launching measures such as a home price index that would be tradable on a local exchange.
Aqaar sells out 9 towers
Aqaar, a real-estate and property development company headquartered in the emirate of Ajman, has announced that nine of the residential towers of its first major project - Ajman 1 - have been sold out after just eight months of sales. Ajman 1 is being built on a 72,000 square metre plot on the Ajman coast, and will feature a residential, commercial and hospitality complex consisting of 16 towers, a hotel, a convention centre, and leisure and retail amenities. It is expected to be completed by early 2010.
Burooj plans $2.4bn project
Burooj Properties, the real estate investment business of the Abu Dhabi Islamic Bank, is to launch a mixed use development at an as yet unspecified location in the UAE worth up to $2.4bn, reported the Khaleej Times. Adel Ahmed Al Zarouni, the firms MD said the project would include 11 residential buildings, office towers, four hotels and a shopping mall. Burooj also plans to develop several shariah compliant hotels.
Al Qudra planning Indian ventures
Abu Dhabi based investment firm Al Qudra Holding is eyeing the Indian property sector, reported Gulf News citing Salah Salem bin Omeir Al Shamsi, the firms Chairman. AL Shamsi said the firm would reveal its plans at a later stage and would not be drawn on possible partners or cities that might be targeted. But Al Shamsi did admit the firm was working with the government on its initial public offering.
30 more parks for Dubai
Dubai Municipality has revealed that it is to build at least 30 more parks in the city over the next few years, reported Gulf News. The plan is to raise the percentage of open, green spaces in urban areas from its present level of just 1.4% to 8%. Dubai presently has five major parks comprising around 100m sqft of green space.
Habtoor set for Palm start
The Al Habtoor Group is set to commence work on its $250m resort on the Palm Jumeirah, reported Gulf News. The group is in the process of appointing the main contractor for the development which will have 219 rooms and 91 apartments. Al Habtoor has faced a lengthy wait after the Palm developer Nakheel delayed handing over the land for more than a year; the resort should be completed in 2010.
Zabeel Umm Suqeim progress
Mohammed Ali Al Hashimi, the Executive Chairman of Zabeel Investments, has said that land reclamation work at its beachfront project in Umm Suqeim is well underway. Al Hashemi also stressed the proposed development, covering 4.5m sqft, will have no impact on public beaches in the area. Further details on the low density residential project will be unveiled in due course.
Dubai labourers get 20% hike
Our sister publication Meed has revealed a number of contracting firms in Dubai have offered their labourers a 20% pay hike. The move follows a strike earlier this month by tens of thousands of workers employed by Arabtec Construction, one of the firms building the Burj Dubai tower. After the government failed to set a minimum wage, the contractors decided to act independently with living costs spiralling and the dirham depreciating.
Hard Rock Hotel for Dubai
Hard Rock International, in partnership with the Tasameem Group, is to develop the Hard Rock Hotel Dubai, a five star property within the Dubai Trade Centre District and Dubai Exhibition City. The hotel will be situated within a 91 storey tower which will also comprise retail units and commercial office space. The Hard Rock Hotel Dubai will include 350 rooms and suites and 100 serviced apartments.
Smart City Kochi underway
The foundation stone has finally been laid to mark the start of construction at the $408m Smart City Kochi project, a tie-up between the government of Kerala and SmartCity, a joint venture between Tecom Investments and Sama Dubai, reported Gulf News. The project, which has involved many months of negotiations, is being built on 246 acres at Kakkanad in Kochi and should generate 90,000 jobs when complete.
