Archive for November, 2008
Al Habtoor Leighton wins $2.4bn contract
Al Habtoor Leighton Group has won a $2.4bn contract, the biggest single building deal ever awarded in the Gulf, for the construction of Dubai Pearl, a development planned opposite Palm Jumeirah. The project consists of four 73-storey mixed use towers, a luxury hotel, and retail and leisure facilities.
Al Madar launches $381m tower in Dubai
Al Madar Investments today has launched Suhail Tower, a Dhs1.4bn ($381m) residential project located in the Madinat Al Arab area of the Dubai Waterfront. The 47-storey tower, which is scheduled to be complete in late 2011, will encompass studio, one, two and three bedroom apartments with luxury penthouses occupying the top 3 floors. Madinat Al [...]
Abu Dhabi launches new home finance firm
Five of Abu Dhabi’s major investment, real estate and finance companies today announced the launch of Abu Dhabi Finance, a new mortgage provider established to serve the emirate’s real estate market. Abu Dhabi Commercial Bank, Aldar, Mubadala Development Company, Sorouh Real Estate PJSC and the Tourism Development & Investment Company are shareholders in the new [...]
Damac announces $136m profit
Dubai-based property developer Damac has recorded a Dhs500m ($136m) profit for the first nine months of this year, Hussain Sajwani, chairman of Damac Holding, told Gulf News. Sajwani said all of the projects that Damac has launched are still going ahead, but plans to expand to new territories, such as India, Pakistan and Morocco are [...]
Developers may pay for damaging environment
The government of Bahrain is considering legislation that would require developers to pay compensation for the damage they cause to the country's environment, reported Gulf Daily News. The money paid out as compensation would then be ploughed back into preserving the country's natural habitats and ecosystems.
Tameer to lay off half of its staff
Dubai-based property developer Tameer plans to lay off half of its workforce, reported 7DAYS, citing a source close to the company. The terminations are to take effect December 31. The company has 350 employees, according to its website.
Emaar Egypt will not extend payment plans
Emaar Egypt will not extend payment plans, unlike its parent company in Dubai, CEO Sameh Muhtadi said. Emaar Egypt is also not considering layoffs at this point, but rather is looking to hire personnel with specific skills in certain divisions that can help the company weather the economic downturn, Muhtadi added. The company has two [...]
Aabar buys plots in Al Raha
Abu Dhabi-based Aabar Investments has signed a purchase agreement with Tasameem Real Estate to buy two residential land plots in the Al Raha development area for an aggregate price of just over Dhs500m ($136m). Aabar plans to develop residential properties of up to four residential towers once the purchase is completed.
Omniyat may restructure its payment plans
Dubai-based developer Omniyat Properties plans to restructure its payment plans to boost sales and says that all of its Dhs21bn of projects are either are under construction or awaiting launch, reported Gulf News. Mehdi Amjad, executive chairman and president of Omniyat, said the split between the company's projects, both under construction and those not yet [...]
Emaar’s Alabbar: ‘Real estate sector must unite’
Emaar Chairman Mohamed Alabbar has said it is time for Dubai's real estate sector to 'unite and collaborate'. About 70% of Dubai property projects are controlled by three companies – Emaar, Nakheel and Dubai Holding, and this, he said, was good for the strength of the market. Alabbar admitted property prices were slipping, but described [...]