Archive for October, 2008
Dubai property agents consider impact of legal changes
The latest legislation covering the sale of off plan property and the compulsory registration of mortgages in Dubai has been put under the spotlight by the emirate's real estate fraternity.
Nakheel opens first on-site sales centre
Dubai-based developer Nakheel is opening its first on-site sales centre at Al Furjan, a new initiative to maximise the first-hand experience for buyers at its developments, the company said in a statement. The sales centre and show villas will welcome both existing and potential buyers to the development, giving them an insight into how the [...]
Former Tatweer official arrested
Dubai police have confirmed that they arrested Sami Al Hashemi, former vice-president of Mizin, part of Dubai Government-owned developer Tatweer, 10 days ago over alleged financial irregularities, Gulf News has reported. A source said Al Hashemi had left Tatweer in July and has not been associated with the company since. Al Hashemi, a UAE national, [...]
The Wave, Muscat hands over its first homes
The Wave, Muscat recently handed over its first home in Oman's first free hold Integrated Tourism Complex. The Wave, Muscat is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment funds Company (representing the Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.
Arabtec Q3 net profit up 51%
UAE-based Arabtec Holding has posted a net profit of Dhs256m ($69.70m) in the third quarter, up 51% from the year-earlier period, reported Reuters. The construction company made Dhs761m in the nine months to Sept. 30, compared to Dhs343m in the same period a year earlier.
Sorouh triples Q3 net profit
Sorouh Real Estate, one of Abu Dhabi's largest developers, has reported that its third-quarter net profit more than tripled to Dhs760.4m ($207m). The company made Dhs1.74bn in the nine months ended September 30, compared with Dhs773.47m in the same period a year earlier, according to a statement. Sorouh made Dhs216.91m in the third quarter of [...]
Sheffield unveils Dhs3.5bn projects on Dubai Waterfront
Sheffield Real Estate, developers of the skyscraper Marina 101, said it will build three projects on the Dubai Waterfront at a cumulative investment value of Dhs3.5bn ($954m). Abu Ali Malek Shroff, chairman of Sheffield Real Estate, said Sheffield has received concept approval to finalise three residential developments within the Dubai Waterfront, cumulatively spanning over three [...]
Naseej to launch IPO in November
The Founders of Naseej, the region’s first fully integrated real estate and construction solutions provider, have announced that they would be launching what could be Bahrain’s largest ever Initial Public Offering on November 18, 2008. Ithmaar Bank Chairman Khalid Abdulla-Janahi said IPO plans made before the financial crisis broke out would proceed as planned and [...]
ASGC wins $300m Nakheel contract
Al Shafar General Contracting has won a contract worth Dhs1.1bn ($300m) from Dubai-based developer Nakheel, to construct a mixed residential development in Jumeirah Heights. ASGC will collaborate with consultant, Arenco, on the project which is set for completion in August 2010. Jumeirah Heights will be an urban community with mid-to-low-rise apartments and townhouses giving bird's [...]
Tabreed Bahrain builds cooling plant in Bahrain Financial Harbour
Tabreed Bahrain, the district cooling company, has signed a deal with SNC Lavalin to build a district cooling plant in Bahrain Finnacial Harbour, and another one with Sumitomo and epower Systems to build two power generation sub-plants with a capacity of 66KV. The company said it will be expanding its capital to support further developments [...]