Archive for December, 2008
Deyaar announces Al Seef handover
Dubai-based developer Deyaar has said that it has handed over all 210 units in its Al Seef II project. The Al Seef II tower is made up of two and three bedroom apartment units. No slowdown has yet been reported by the developer, which announced earlier in the month that it expected to see increased [...]
Dubai Chamber inks agreement on ‘green’ building
The Dubai Chamber of Commerce and Industry and The Emirates Green Building Council have signed an agreement to promote, support and facilitate the ongoing collaboration between the Chamber's Centre for Responsible Business and EGBC in spreading awareness on the importance of sustainable management of the environment. Under the agreement, both CRB and EGBC will work [...]
Construction firm to cut up to 1,000 jobs
Al Shafar General Contracting plans to trim up to 1,000 jobs following project delays and suspensions, Arabian Business has reported. CEO Bishoy Azmy said the company was forced to cut staff as clients struggled to make payments and monthly income dried up. Several projects under negotiation had been suspended as developers review their ongoing and [...]
Damac hands over Terra Del Sol project
Dubai-based Damac Properties has announced that it has commenced the handover process at Terra Del Sol, the company's project at Discovery Gardens. Two buildings comprising of 99 units each, Terra Del Sol one and two are part of the Discovery Gardens project that is spread across a 26 million square foot plot. Discovery Gardens consists [...]
Dubai market at ‘tipping point’ as Rera warns against halting payments
Research released by HSBC bank has shown that properties in Dubai rose in price during November, although the finance house attributes this to a shift by investors to smaller units. The bank also noted that the number of homes being offered for sale soared, as the effects of the wider financial turmoil become apparent in [...]
Burooj eyes IPO in 2010
Adel Ahmed Al Zarouni, managing director of Burooj Properties, told AME Info that the company is hoping to launch an IPO in 2010. The Abu Dhabi-based company is preparing itself internally to be ready for the listing, Al Zarouni said, but the deciding factor about whether the firm will proceed with the offering will be [...]
UAE property sector to become more ‘mature’
Chairman of Damac Holdings Hussain Sajwani said that he believed that although the property sector in the UAE was undergoing a 'correction,' this would ultimately lead to a more mature market where strong companies would continue to be successful, reported The Peninsula. Sajwani also told the daily that he believes the market will recover in [...]
Investors warned against ‘illegal groups’
Dubai's Real Estate Regulatory Authority says unnamed 'illegal groups' are sending out misleading and baseless information about property laws. Authorities have asked investors to consult Rera before entering into any deals and stay alert. The circulation of such information is both highly misleading and deceptive to investors. This will directly cause investors to lose money [...]
Emaar to build Khalifa City in Egypt
The Abu Dhabi Municipality has contracted Dubai-based Emaar Properties to build a residential community in New Cairo, Egypt. The city is a gift from the Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, to Egyptian youth with limited income. Fully funded by a grant from the ruler, the [...]
Oman’s largest development downgraded
The Blue City project in Oman has had its bond rating downgraded to junk status by Moody's Investor Services due to slow sales at the development and a 'less favourable economic environment', The National has reported. The $20bn development – the largest in Oman – is designed to create a new lifestyle city over the [...]