Archive for November, 2008
MAF Group agrees Qatar venture
The Majid Al Futtaim (MAF) Group has completed a joint venture agreement with Abu Dhabi Investment House (ADIH), to develop the heart of Entertainment City, the Downtown Precinct, in the Lusail district of Doha, Qatar. The project by the MAF Group's property arm is its first development in Qatar and its second major development outside [...]
Qatar to see new $3.5bn project
Bahrain-based investment house Arcapita Bank and Kuwait’s Al Imtiaz Investment have said they would form a joint venture to develop a $3.5bn residential project in Qatar. The development, to be named Al Sidra, is within the Lusail project in Qatar, which is owned by Qatari Diar. The project will include 3,200 residential units built around [...]
Sharjah to bring in green regulations
The Government of Sharjah is planning to introduce green building rules in the emirate in January 2009. Sultan Al Mulla, Assistant Director-General for Government Projects in the Sharjah Municipality, said green building standards were being adopted worldwide and the Sharjah government was planning to stipulate the same standards for all construction activities. The rules would [...]
Dubai property rating downgraded
The Global Property Guide has downgraded its investment rating on Dubai residential property to just two stars as a result of a sharp drop in rental yields. The Guide reported that gross rental yields on residential property in Dubai have dropped to an average of 5.52%, down from an average of 7.5% a year ago.
Nakheel’s portfolio tops UAE list
According to dmg world media Dubai, the organisers of Big 5 Exhibition, Nakheel tops the list of big project owners in the UAE with $98bn (Dhs360.44bn) worth of projects. Nakheel's biggest projects include Palm Deira, the World, Dubai Waterfront and Nakheel Harbour and Tower development.
Forbidden City begins construction
Gammon and Billimoria has been awarded the construction contract of the first phase for Forbidden City, Nakheel's new project in International City, Gulf News has reported. A top official has mentioned that the 4,000 low-rise studio, one- and two-bedroom apartments will be an 'affordable' housing cluster.
Palm Jumeirah prices drop 40%
Property prices on Palm Jumeirah in Dubai have fallen as much as 40% since September, Reuters has reported. A four-bedroom villa is now selling for Dhs10m ($2.72m), down from Dhs15m in September. The man-made island was developed by government-owned Nakheel.
Omniyat cuts nearly 100 jobs
Dubai-based developer Omniyat has sacked nearly 100 employees over cash flow problems, Gulf News has reported, citing a source. However, a spokesperson for the developer issued a statement saying that the number is 'completely incorrect', adding that it 'is less than 100'. Meanwhile, the developer has postponed the launch of several projects until 'conditions can [...]
Dubai developer asks buyers to cover construction costs
Property developer MiNC has sent a letter to investors in its Prodigy 1 project in Jumeirah Village, Dubai, asking them for up to 88% extra capital up front to cover construction costs. The move comes as banks in the emirate curtail project financing, leaving some firms with no access to liquidity. 'We either sit and [...]
GHC launches mega project in Morocco
The foundation stone of a $1.3bn real estate project was laid in Tangiers, Morocco on Monday. The mega project of the Kuwaiti Gulf Holding Company (GHC) is the fourth real estate project launched by a Gulf Company in Morocco in the past few years after Dubai's Emaar Properties, Sama Dubai and Qatar's Diyar. The project, [...]