Archive for November, 2008
Hydra Properties denies JV with Wall Investment
UAE-based Hydra Properties has issued a statement denying news reports of an alleged formation of a partnership or joint venture with Wall Investment & Real Estate Development, a Qatar-based real estate investment firm. Hydra Properties CEO Dr. Sulaiman Al Fahim met earlier with Dr. Nasser Shahir Homoud, the Qatari firm’s CEO and UN Ambassador of [...]
Nakheel to scale back projects
Dubai-based Nakheel plans to scale back some of its projects because of the global economic slowdown, Bloomberg has reported. The state-owned developer said it will reassess its 'immediate business objectives to accommodate the current economic climate'. Nakheel did not provide details of the projects that are being reassessed, but the developer said it will not [...]
New development launched in Muscat
Al Qurum Properties, a newly-formed joint venture between ETA Star of the UAE and Oman's OHI group, has announced the launch of 'Qaryat Qurum', a premium luxury development in Muscat. Comprising residential and commercial units, the total development area will cover more than 500,000 square metres.
Dubai developer demands up to 88% increase on price to pay construction costs
The company behind the Prodigy development in Dubai's Jumeirah Village, MiNC, has sent a letter to investors asking for extra capital to cover construction costs after cash flow shortages caused by the withdrawal of project financing by the two funding banks.
Credit squeeze grips Dubai real estate
A tightening of the terms and interest rates for home loans is depressing an already fragile Dubai real estate market this autumn.
Dubai’s off plan projects ‘on hold’ through lack of financing
Although real estate developments that have already broken ground are likely to continue progressing, funding for off plan projects is likely to become increasingly hard to come by.
Nakheel denies Palm Deira rumours
Nakheel has denied recent reports in the media that dredging work on the Palm Deira had been stopped, saying that the company was focusing on finalising areas close to the beach.
Dubai developers feel effects of price uncertainty
Dubai estate agents and developers have been living the high life for years, with the city’s booming property market seemingly unable to put a foot wrong and investors begging for developers to accept their money for any project that made it past the drawing board stage.
Dubai to hold property roll out as Emaar, Nakheel merger denied
The Dubai government has indicated that it is looking at holding down the roll out of upcoming housing units to steady the emirate’s real estate market. The announcement comes as the authorities also denied that a rumoured merger between the city’s two biggest developers, Emaar and government-owned Nakheel Properties, was on the cards.
Limitless reviews Arabian Canal project
Dubai-based property developer Limitless is reviewing the pace of development of its $61bn Arabian Canal project, as well as staffing levels, due to current market conditions, Reueters has reported. The firm, which is controlled by government-owned Dubai World, dismissed a newspaper report on Wednesday that it would put sales of its properties on hold, along [...]