More real estate investment trusts expected in UAE

The asset manager behind the UAE’s second listed real estate investment trust expects more to follow. Emirates NBD Asset Management listed ENBD Reit on Nasdaq Dubai last week. “There is room in the UAE for ten or twenty reits,” said Anthony Taylor, fund manager of real estate for Emirates NBD Asset Management. “This is a

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London luxury homeowners turn to Airbnb as sales slow

Luxury-home owners in London’s best districts, of whom 41 per cent are from overseas, are turning to companies such as Airbnb and property brokers to secure income as their properties languish on the market. Others are trying to boost leasing income with shorter contracts after long-term rents in the most expensive districts fell 5.1 per

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Arabtec chief says a shake-up is on the way

A major shake-up of Arabtec’s management is under way as part of its restructuring. Hamish Tyrwhitt, the new chief executive who was appointed last November, told The National that “by two-to-three months’ time, probably 60-70 per cent of my direct reports will be new to the company”. “I’ve already put in one of five regional

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Depa reviews business units as it returns to profit

Fit-out contractor Depa has begun a “strategic review” of the businesses it owns as it returns to the black. The company, which reported a turnaround in its fortunes on Sunday, reversing a Dh272.7 million loss in 2015 into a Dh52m profit in 2016, has said that a review of all of its businesses and assets

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Arabtec is on 'top of risks', says firm's chief

Hamish Tyrwhitt, the chief executive of Arabtec, which has about Dh6 billion worth of trade and other receivables owed to it, expects the company to be “on top” of its risks as the builder pursues outstanding payments and prepares to raise Dh1.5bn in a rights issue as it seeks to wipe out accumulated losses. Mr

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Old Town apartments in Dubai with a new face for Dh3.7m

Rick Guy is a big fan of The Old Town apartments – the series of low-rise apartment blocks arranged around the outside of Sheikh Mohammed Bin Rashid Boulevard in Emaar’s Downtown Dubai master-planned community. Well, sort of. Mr Guy, a British property professional, has developed a sideline in buying properties in the community, ripping out

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Inflation heats up in building sector as energy prices rise

Rising energy costs across the region are already affecting local manufacturers and could lead to more inflation in the building sector. Bob Flanagan, the UAE managing director of project management and cost consultancy services at Colliers, has said that rising energy prices are feeding into increased input costs for a variety of manufacturers of building

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