Archive for October, 2008
Limitless invites bids for phase two of canal
Limitless is inviting construction firms to bid for the second phase of earthworks on Arabian Canal, its $11bn waterway. The contract will involve the excavation of around 300 million cubic metres of earth along an 8.5 kilometre stretch of the Canal’s route. It follows the appointment last month of Abu Dhabi-based Tristar for phase one, [...]
Kuwait may open real estate sector
Kuwait's cabinet has submitted a proposal to allow citizens from other Gulf states to own property and land in the country, Reuters has reported. The bill would allow citizens of Saudi Arabia, the UAE, Qatar, Oman and Bahrain to be treated like Kuwaitis in 'ownership of land and property', which currently is closed to foreign [...]
Capital Gate aims for world record
The developer and architect of the Capital Gate project in Abu Dhabi have submitted a joint application to the Guinness Book of Records to recognise the tower as the 'most inclined in the world', reported Khaleej Times. Capital Gate leans westward 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees. [...]
Off plan sales cool off in Dubai
Real estate agents and analysts in Dubai say demand remains strong for completed property in the emirate, but interest in off plan property appears to be drying up, AP has reported. Some investors who had hoped to see double-digit or better annual returns are now looking simply to cut their losses on unfinished properties. At [...]
Palm Deira on track ‘as planned’
Nakheel Properties has denied a report that its Palm Deira project had scaled back dredging due to the global financial crisis, Gulf News has reported. Nakheel said on Friday land reclamation work on Palm Deira development was progressing 'as planned'.
$50bn projects showcased at BIPEX
The Bahrain International Property Exhibition (BIPEX 2008) held 23-25 October, attracted more than $50bn worth of realty projects from across the world. Organised by Bahrain Society of Engineers (BSE), BIPEX attracted 96 participants from the: UK, Portugal, India, Philippines, the UAE, Kuwait, Oman, Saudi Arabia, Qatar and Jordan and Bahrain.
Al Wa’ab financing complete
Qatar-based Al Wa'ab City has announced that it has completed financing for its development. Construction on the mixed use project is due to begin shortly after the group managed to raise QR4.6bn.
Memon Group unveils Jumeirah Village project
Memon Invetsments, a subsidiary of the Memon Group, has announced the launch of a project in Jumeirah Village South. The Gardenia I and II residential developments are valued at Dhs150m.
Palm Deira on track
Nakheel Properties has denied a report that its Palm Deira project had scaled back dredging due to the global financial crisis, Gulf News has reported. Nakheel said on Friday land reclamation work on Palm Deira development was progressing 'as planned'.
Al Batha buys stake in Malaysian realty firm
UAE-based Al Batha Group has acquired 40% of Bukit Kiara Capital Sdn Bhd of Malaysia, a boutique Real Estate Developer, for Dhs44m ($12m). The acquisition, part of a strategic initiative to expand the group’s footprints across international markets, will lead to a new Malaysian company under the name of Al Batha Bukit Kiara Holdings Sdn [...]