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
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
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
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
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
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?
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
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
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
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