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U.A.E ESTATE & PROPERTY NEWS
  • July 1, 2017

The company’s announcement did not give any more details about the nature of its role, but said that the 113 million square feet project contains nine different districts and is expected to take 30 years to build out, with key elements of the project including the tower taller than Burj Khalifa, a huge new retail

  • June 28, 2017

Property brokers in Abu Dhabi are reporting a pickup in deal activity as renters search for better housing deals. “Volumes on new leases for us have been higher this year than at any other time,” said Ben Crompton, managing partner of Crompton Partners estate agents in Abu Dhabi. “People are moving either because their budget

  • June 28, 2017

The Abu Dhabi developer Bloom Holding does not expect the capital’s luxury housing sector to start picking up until the end of next year. Sameh Muhtadi, the chief executive of Bloom, the private developer currently responsible for a clutch of ambitious projects in Abu Dhabi and Dubai, thinks that the impact from low oil prices

  • June 28, 2017

Last week I started dealing with a developer to buy a property. As it is off-plan, they asked for 30 per cent for the initial booking payment. The commitment is to then pay the rest of the amount on completion. After the initial form was signed, they sent me a contract, which had a number

  • June 22, 2017

The contractor Arabtec has announced that it has gained regulatory approval for the second phase of its share recapitalisation programme, which will see the number of shares in issue decline to 1.5 billion from 6.1 billion. In a statement to the Dubai Financial Market, Arabtec said Thursdaywould be the last day of trading in its

  • June 22, 2017

Mohammed Al Hashemi, the ­executive director of Invest AD Asset Management, answers questions on Emaar’s recently announced real estate unit IPO, the benefits of listing subsidiaries and what the IPO means for the wider market. Is Emaar’s real estate unit IPO a surprise to the market? How does it fit into the company’s broader strategy?

  • June 22, 2017

Off-plan property transaction now make up almost half of all residential sales in Dubai, with buyers taking advantage of increasingly generous payment plans, according to listings portal propertyfinder.ae. The company said cheaper homes and lower deposit requirements were driving investors towards off-plan deals. It said median prices for homes have fallen by 20 per cent

  • June 22, 2017

It may be hard to believe but this modern, five-bedroom mansion in the UK’s West Sussex countryside – with its own helipad, staff accommodation and 21-acre garden – is actually a luxurious prefab. Designed by German manufacturer Huf Haus which is famous for building in the Bauhaus architectural tradition with large swaths of glass incorporated

  • June 22, 2017

The Dubai-based developer ­Damac has been chosen by the government of Oman to develop the US$1 billion project to redevelop Port Sultan Qaboos in Muscat. Damac’s brief from the Omani government’s investment and development arm, Omran, is to transform the historic port into a tourist-led, mixed-use destination. Port Sultan Qaboos had historically been Muscat’s trading

  • June 21, 2017

Emaar Properties has appointed Amit Jain as its group chief executive officer with immediate effect. Mr Jain had already been acting chief executive since April last year, when former chief executive Abdullah Lahej departed the company to become the head of Dubai Holding’s Dubai Properties Group. Mr Jain has worked at Emaar Properties for 11

  • June 21, 2017

I have rented a flat from an estate agent and sublet it to some single women. However, there was a couple of surprise visits to the flat by the municipality after three and six months; they informed me that I have taken a flat in a family name but am renting it out to single

  • June 21, 2017

The contracting firms Arabtec and Drake & Scull International (DSI) both announced on Tuesday that they had made progress in cleaning up their balance sheets. But they remain a risky investment for pot­ential shareholders, according to analysts. “Both Arabtec and Drake & Scull are still in the middle of their organisational and capital restructuring,” said

  • June 20, 2017

The UAE’s two major listed contracting companies both announced that they had made progress with recapitalisation exercises aimed at rebuilding their balance sheets on Tuesday. Arabtec said that it had completed a Dh1.5 billion rights issue, which is the first step of its two-part recapitalisation programme. The company said that the issue had been fully

  • June 19, 2017

A tragedy such as the Grenfell Tower fire, which is estimated to have claimed 79 lives in London last week, could never happen in Dubai, panel manufacturers claim, following the introduction of new rules at the start of the year. Images of firefighters attempting to fight the flames and smoke billowing from the apartment block

  • June 19, 2017

Construction work on the first phase of a major new science park in Sharjah is due to get under way in August, with the first buildings set to be delivered in early 2019, according to the head of the company overseeing the project. Hussain Al Mahmoudi, the chief executive of AUS Enterprises, said infrastructure work

  • June 19, 2017

Mubadala Investment Company could announce as early as this week that it will buy out the 50 per cent of Viceroy Hotel Group it doesn’t already own, a person familiar with the discussions confirmed. The hospitality group owns and operates more than dozen hotels across the world, including the Viceroy Palm Dubai, which opened at

  • June 18, 2017

Drake & Scull International (DSI) will look to restructure its debt pile, which stood at Dh2.44 billion at the end of March, through the issue of a new sukuk or a syndicated loan, the company’s acting chief financial officer Firas Kalthoum said on Sunday. Mr Kalthoum, whose appointment was announced last week, said that he

  • June 18, 2017

The severing of air, land and sea links between Qatar and three Arabian Gulf countries have had “no impact” on Drake & Scull International’s operations in the country so far, its chief executive, Wael Allan said on Sunday. “We have projects there that are finishing. We don’t have anything in the pipeline that we are

  • June 18, 2017

Aldar’s flooding of the Reem Island canal has created a new beach on the Abu Dhabi island. The 2.4-kilometre canal, which was filled with water in April, runs through the company’s master-planned Shams development. The beach at its head is made for hosting community events such as Aldar’s Reem Weekend in April, which attracted more

  • June 17, 2017

The increase in interest rates by the US federal reserve last week is likely to make borrowing costs for projects and contractors more expensive but is unlikely to derail funding plans for major projects by governments and other clients in the region. “In terms of raising bonds and the general, day-to-day project finance that contractors

  • June 17, 2017

Community facilities such as schools, shops and other social infrastructure can increase prices of Dubai homes by up to 30 per cent when compared with standard residential property, according to a new Colliers report. The study found communities with a mix of three or more different classes of income-generating properties – schools, offices, retail, hospitals

  • June 17, 2017

Saudi Arabia remains the market with the greatest potential for the region’s construction industry, with more than US$250 billion worth of projects in the pipeline, according to a new report by the regional news service Meed. The kingdom has almost as much work in the pre-execution phase as the GCC’s second and third-biggest markets combined:

  • June 15, 2017

The weaker property market that Dubai has experienced over the past couple of years may not have worked in everyone’s fav­our. But for those in the market for the most exclusive homes, it does mean there are some very good deals to take advantage of. For instance, this 14,000 square feet villa in Emirates Hills,

  • June 14, 2017

Property brokers in Dubai are reporting a rush in sales from Qatari investors attempting to get their assets out of the UAE before the Monday deadline to leave the country. Brokers say that Qataris in the UAE are selling property portfolios worth millions of dirhams at steep discounts as they rush to liquidate their assets

  • June 14, 2017

I am a US expat currently living with my family in a Jumeirah 3 villa, but we are planning to move to a villa in Barsha 1 at the end of June to be closer to the kids’ school. After an extensive (unsuccessful) search of properties listed in the area with a few agents, I

  • June 13, 2017

The dispute between Qatar and neighbouring states could potentially cause delays to the country’s Fifa World Cup 2022 programme if the current crisis is allowed to drag on, according to a report from BMI Research. Although BMI expects the diplomatic crisis to be resolved “fairly rapidly”, there were a number of risks to the country’s

  • June 13, 2017

Dubai-based contractor Drake & Scull International (DSI) said on Tuesday it has appointed a new acting chief financial officer to assist with its capital restructuring and ongoing negotiations with its lenders. The company has hired Feras Kalthoum as its acting chief fin­ancial officer, with immediate effect. Mr Kalthoum has more than 18 years of executive

  • June 12, 2017

Al Shafar General Contracting (ASGC), the Dubai builder with a projected turnover of US$1 billion this year, is still planning an initial public offering but it is waiting for market conditions to improve, according to its chief executive. The 28-year old firm is still keen on the UAE, which accounts for nearly 90 per cent

  • June 12, 2017

DUBAI // Former Deyaar chief executive Zack Shahin and three others will have to see out their 15-year jail terms for theft and fraud involving more than Dh56 million over a land deal in 2007 after Dubai Court of Cessation upheld their sentences. A Dh56m fine was also upheld against the four men as well

  • June 11, 2017

The former Drake & Scull vice-chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business. Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor to Tabarak Investment on Thursday,

  • June 11, 2017

The developer behind two Viceroy hotels in Dubai has said that it is launching a Dh2.1 billion real estate investment trust (Reit). Five Holdings, the company previously known as Skai Holdings, has said that the trust will be the first hospitality-focused Reit to launch in the region, and the biggest to date. It will initially

  • June 11, 2017

Eagle Hills has announced plans to build its second five-star hotel in Fujairah. The Abu Dhabi-based developer, which is already building The Address Fujairah Resort + Spa, has said that it will also open the Palace Fujairah Beach hotel. Both are being managed by Emaar Hospitality Group’s Address Hotels & Resorts brand. The Palace Fujairah

  • June 10, 2017

The UAE is the flag-bearer of building sustainability within the region, with some of the highest rates of accredited green buildings in the world, according to a new report by Core Savills. The property consultancy’s Green Report said that the UAE ranks among the top 10 countries in the world to hold Leadership in Energy

  • June 10, 2017

The UK’s surprise election result could create a short window of opportunity for overseas property investors, brokers say. James Roberts, chief economist at Knight Frank, said property investors should expect downwards pressure on the pound sterling and volatility in the financial markets over the next few days. “However, there is actually an upside to the

  • June 10, 2017

The recovery that is already under way in the UAE’s construction sector is likely to lead to an inflation in costs in what has been a fairly moribund sector for the past two years, according to an analyst. David Clifton, regional development director at Faithful + Gould, said there are signs of increasing activity across

  • June 8, 2017

Relaxing in their new private outdoor Jacuzzi, the new owners of this penthouse in Dubai could be forgiven for thinking that they had made it. The 9,365 square foot, triple-floor apartment located at the top of Marinascape Avant Tower in Dubai Marina includes four terraces, a private infinity pool and a private spa fitted with

  • June 8, 2017

Relaxing in their new private outdoor Jacuzzi, the new owners of this penthouse in Dubai could be forgiven for thinking that they had made it. The 9,365 square foot, triple-floor apartment located at the top of Marinascape Avant Tower in Dubai Marina includes four terraces, a private infinity pool and a private spa fitted with

  • June 7, 2017

Emaar Properties plans to float its UAE real estate development business on the main Dubai bourse, the company announced this morning. In a stock exchange statement, Emaar said it will offer up to 30 per cent of its UAE Real Estate Development business through a share offering on the DFM. The developer did not say

  • June 6, 2017

Middle Eastern sovereign wealth funds are targeting real estate investments to generate yields in the low interest-rate environment and own a liquid asset as withdrawals continue, according to investment management firm Invesco. More funds were looking at real estate for its yield-generating qualities for two reasons, said Alexander Millar, Invesco’s head of Emea sovereigns at

  • June 6, 2017

The size of the Saudi Arabian market and the desire for bricks and mortar investments were the two things that drove former Damac MD Ziad El Chaar towards his new role leading Dar Al Arkan, he said. “You are in a very big market, where everybody is vastly interested to invest in real estate products,”

  • June 5, 2017

The restriction on the use of airports, ports and roads in neighbouring countries could present a major challenge for Qatar’s construction industry affecting the timeline of its preparations for the 2022 Fifa World Cup. Yesterday, the UAE, Saudi Arabia, Bahrain and Egypt broke diplomatic ties with Qatar and cut off air, sea and land access

  • June 4, 2017

Wasl Asset Management Group (Wasl) is to build a new community in the Warsan district of Dubai which will be used to house hospitality staff. The firm said that the Warsan project, near International City, will house 26 buildings comprising a built-up area of 2.6 million square feet including 3,866 residential units. These will include

  • June 4, 2017

Ziad El Chaar, the former managing director of Damac Properties, has been appointed as the chief executive of Riyadh-based property developer Dar Al Arkan, the Saudi company said on Sunday. Dar Al Arkan’s board approved a proposal for Mr El Chaar to become chief executive last Thursday, effective immediately, the company said in a statement

  • June 3, 2017

“Some of us are worried that consumers are going back into old habits, but the US consumer was in a much different position before the financial crisis and even before in the late 1990s.” Ryan Sweet, an economist with Moody’s Analytics on consumer debt concerns in the US Pessimism seeps into Canadian sentiment Canadians became

  • May 31, 2017

Take our monthly biz quiz … before you totally forget all the interesting things that happened in May in the worlds of business and economics. Your brain will thank you for it. (The hardest question: No 13.) newslide 1. Starting May 5, some US McDonald’s patrons received newfangled utensils in which French fries acted as

  • May 30, 2017

A real estate investment trust (Reit) has bought the UAE’s first purpose-built student accommodation (PBSA) block in a deal worth Dh120 million. ENBD Reit, which was launched by Emirates NBD and listed on Nasdaq Dubai in March, said it had acquired the Uninest block in Dubai Academic City under a sale and leaseback agreement with

  • May 30, 2017

Project management consultancy Faithful + Gould has been appointed to project manage Miral’s Dh12 billion Yas Bay master development. Yas Bay, which was announced earlier this month, is a 14-million-square foot site at the southern end of Yas Island. The master plan for the development includes a new pier and promenade, a 3.2m sq ft

  • May 29, 2017

Amid political upheaval in the United Kingdom, the luxury property developer Northacre remains bullish on its outlook for the year as investors take a long-term approach to the high-end market in London. After a difficult 2016 dominated by the Brexit vote, triggering a dramatic drop in property prices and the volume of transactions, 2017 is

  • May 29, 2017

A new entity is being created that will manage multi-billion dollar development projects for both Dubai Holding and Meraas Holding. The entity will be managed by the current chief executive of DXB Entertainments, the company that developed the Dubai Parks and Resorts attraction. In a statement this morning to the Dubai Financial Market, DXB Entertainments

  • May 28, 2017

India’s long-awaited goods and services tax (GST) could boost investment into the property sector and encourage non-resident Indians to buy homes in the market, developers say. GST, a uniform tax regime that is expected to replace the current convoluted system of differing taxes across 29 states, is expected to be rolled out on July 1.

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