Latest News
Saturday, December 1 - 2007
EIP to build $381m marina in Abu Dhabi
Emirates International Properties (EIP), an Abu Dhabi based development company is planning to $381.6m marina in the emirate. The Abu Dhabi Marina will be located on the Khor Al Bateen waterway and include a five-star hotel, hotel apartments, residential apartments, townhouses, offices and commercial space, as well as restaurants and retail outlets. While construction is expected to begin next year the scheduled is in 2011.
ETA Star delivers Palladium
ETA Star, a leading property developer in the UAE, today announced the delivery of 'The Palladium' at Jumeirah Lakes Towers on Sheikh Zayed Road, Dubai. The mixed use complex is a 34-storey office, retail and residential tower, featuring one, two and three bedroom apartments and penthouses.
Dubai Maritme City 1st phase sold out
Dubai Maritime City, the world's first purpose-built maritime centre and a member of the Dubai World Group of Companies, has announced that it has recently sold out the first phase plots of the maritime complex's commercial and residential districts to leading international developers and contractors. The first and second phase of the maritime complex's construction has been completed on schedule, with the 1.2 kilometre six-lane causeway connecting the project to Dubai fully complete, while around 50% of the industrial precinct in the City is now operational, according to a statement.
Zoomlion production facility to boost sales
Chinese manufacturer Zoomlion Heavy Industry & Science & Technology Development has launched its Dhs15m, 10,000 m2 facility in Dubai's Jebel Ali Free Zone. The facility will produce Zoomlion concrete machinery and heavy construction products to support its regional sales and after sales services.
Nakheel & Istithmar will merge
Dubai World, which is selling a stake in port operator DP World, plans to combine its real estate units into a single company with $52bn worth of projects under development. Nakheel, which is developing Dubai's three palm islands, and Istithmar Real Estate, would be merged into a single company by the end of this year. With the continued growth and rationalization of the Dubai World businesses, it is now timely to merge Istithmar World Real Estate with Nakheel, to create one of the worlds largest property companies, a Nakheel spokesman told AME Info. This change allows us to focus our energies on creating a broad based real estate company, focusing on activities from development and asset management through to funds and investment management, he added.
Tamweel expands operations in Dubai
Tamweel, the largest United Arab Emirates Islamic mortgage financer by market value, said it had agreed with a partner to buy Dhs1.93bn of land in Dubai, reported Reuters. The company said that it will buy 135 plots of land in the al-Jadaf area, located near Business Bay and close to the Dubai International Airport.
2.5m units for UAE
The UAE's property sector will see 2.5m new units rolled out by 2020, comprising new housing as well as leisure and tourism complexes, according to an un-named spokesperson representing the Abu Dhabi based firm Manazil and cited by the local WAM news agency. The capital is likely to see around 40% of the new developments. Manazil specialises in redesigning buildings and also the budget hotel sector.
