Archive for October, 2008
Emaar profits fall 3% in the third quarter
Emaar Properteies declared a 3% fall in its net profit during the third quarter 2008. The developer's net income dropped to Dh1.51 billion (US$411.1 million), or Dh0.25 per share, in the three months ended Sept 30 compared with Dh1.56bn, Dh0.26 per share, last year. Revenue fell by 5%, to Dh4.319, compared with the third quarter [...]
Ground broken for Dubai spa community
Ground has been broken in the 2.5 million sq ft Palmarosa project in Dubailand. The spa lifestyle community is a Dhs1.5bn development that will have 217 villas and town houses, serviced apartments, club houses, offices and a five-star hotel, along with a spa mall.
Marina West tower goes on sale
Apartments in Tower 8 at Marina West in Bahrain go on sale tomorrow, during the Dhahran International Exhibitions Center. The tower on Bahrain’s west coast is part of the $700m beachfront development. To date, the developer said 55% of Marina West has been sold. The development is due for completion by April 2010.
Soccer Tower unveils in Sports City
Infinity Emirates Investments has announced it will launch the Soccer Tower at Dubai Sports City. Infinity is involved in other businesses such as textile, real estate and construction. The project is being launched in partnership with First Choice Estate.
Bahrain property market to grow
DTZ, a real estate advisory firm, has released a report praising the kingdom's prospects for 2008. According to the report, Bahrain's residential real estate sector is set for a successful year fuelled by strong local demand, relaxed foreign ownership regulations, strong levels of liquidity in the regional market and improved financing options. Although more than [...]
Nakheel profit soars to $771m
Dubai government-owned developer Nakheel has reported that its first-half profit soared to $770.5m on higher sales. Net income in the first half of 2007 was Dhs121.1m ($32.9m), according to a statement on the website of the Dubai International Financial Exchange (DIFX). Revenue from sales to external customers rose almost $6.95bn from 2.17bn in the corresponding [...]
ACC wins Lamar Towers contract
Lebanon-based Arabian Construction Company has been awarded an SR885m construction contract for Lamar Towers in Jeddah. The project consists of two 60 and 68-storey high residential towers with a 13-storey commercial development curving its way in between. The one-to-four bedroom apartments, three-bedroom lofts, half and full floor penthouses in the residential towers will offer views [...]
What does the global financial crisis mean for Dubai real estate?
Last week at Cityscape Dubai the rush to buy off-plan property in the emirate was clearly over, or at least resting while the worst global economic crisis since the 1930s raged and global and local share prices plummeted.
Bayt Al-Mal leads $172m GCC investment in Canada
Kuwaiti Islamic investment bank Bayt al-Mal, along with partners, plans to invest $172.7m to build a motor-sport and commercial complex in the Canadian Niagara region. Bayt al-Mal, which is leading a consortium of Gulf investors, has already bought 623 acres of land in Fort Erie, near the US border for the project.
Property TV makes debut
Property TV, the region’s first international 24×7 property channel with a footprint covering the Middle East, the Indian Subcontinent, South East Asia, Australia, Europe, Russia and Africa, has started broadcasting to the Gulf. India Nivesh TV Networks Pte Ltd, Singapore, promoters of the channel, said Dubai was selected as the first launch spot for the [...]