Adia sells off a slew of hotels in Australia

The Abu Dhabi Investment Authority (Adia), the world’s third-largest sovereign wealth fund, has sold 15 hotels in Australia to the French hotel owner and operator AccorHotels for AUD$200 million, the French hotel operator said yesterday. A wholly owned subsidiary of Adia involved in the transaction offloaded the Ibis and Ibis Budget branded properties, which have

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Dh23m Palm Jumeirah villa is still a hard sell

Times are tough at the top of the Dubai property market. Take for example this European-style four-bedroom villa located at the tip of Palm Jumeirah’s frond D and on the market for Dh23 million. It is one of only three similar three-storey tip villas and is located directly next to one of the man-made island’s

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Emaar Properties to build hotel on RAK's Marjan Island

Emaar Properties is set to develop thousands of hotel rooms on Marjan Island in Ras Al Khaimah, its first major project in the northernmost emirate. Dubai’s largest listed property developer said that it has struck a deal to build a 2 million square foot scheme on the man-made island. It said that the project would

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Saudi housing ministry plans centre to resolve housing disputes

Saudi Arabia plans to set up a centre to resolve disputes between tenants and landlords. It comes as the kingdom steps up plans to regulate its housing sector as part of wide-reaching plans to reform the country’s property market. According to the English language daily Saudi Gazette, the Saudi housing ministry plans to establish the

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UDC to build two towers on Pearl-Qatar

The developer behind the Pearl-Qatar has secured financing of up to 730 million Qatari riyals (Dh736.4m) to fund the construction of two towers on the man-made island. The developer UDC said yesterday that it had signed a financial agreement with Qatar’s Commercial Bank to fund Al Mutahidah Towers, two towers of 480 apartments as well

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New supply to lower Dubai suburban rents in 2017

Dubai rents are set to decline further next year with more than 20,000 new homes entering the market, brokers say. After having fallen by up to 5 per cent this year in parts of Dubai, rents should drop by another 4 per cent in the suburbs next year amid the supply influx, according to the

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Dubai rents to fall in 2017 as new homes come to market

Thousands of new homes mushrooming up in Dubai’s new suburbs and a continued economic slowdown will keep rents falling in 2017, brokers predict. According to property broker Core Savills, housing rents in Dubai’s suburbs could fall by up to 4 per cent next year after dipping by up to 5 per cent in 2016 as

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Pedestrianisation of Palm Jumeirah to start next year

The long-awaited pedestrianisation of the trunk of Palm Jumeirah is expected to get under way next year. The Palm Promenade will stretch for 1.5 kilometres along the island’s trunk, with pedestrian bridges connecting the area’s 30 apartment buildings with Al Ittihad Park, Palm West Beach and the Golden Mile-Galleria. The idea is to create an

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Revenue rises at Nakheel's Ibn Battuta Mall in Dubai

Nakheel bucked a downturn in retail spending to record an increase in like-for-like retail revenues last month at its Ibn Battuta Mall compared with last year. Retailers across the UAE have come under pressure from the weak oil price and a strong dollar to which the dirham is pegged. This has increased job insecurity and

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