Archive for December, 2008
Saudi firm wins Jeddah Towers contract
Local contractor Saudi Freyssinet has been awarded a $200m contract for the Headquarters Business Park in Jeddah, MEED has reported. The contractor had received a letter of intent from the client, Aldar al-Khasa, in June. The contract covers the engineering, procurement and construction of two towers.
Ezdan gets $89m Islamic loan
Qatar's largest property developer, Ezdan Real Estate, has received an $89 loan to fund construction works, Bloomberg has reported. Ezdan Trading and Contracting obtained the Islamic loan from Al Yussor, a unit of International Bank of Qatar.
NBAD, Randall Evans set up $500m fund
The National Bank of Abu Dhabi plans to set up a joint venture fund with a target size of $500m with London-based Evans Randall to offer mezzanine investments in European real estate, reported Reuters. The joint venture will focus on the British and German markets and seek to capitalise on the growing gap in the [...]
The Wave, Muscat wins UK magazine awards
The Wave, Muscat has won five accolades at the Homes Overseas Awards held in London. Homes Overseas, awarded The Wave, Muscat the Gold award for Best Development in the Middle East, Silver awards for Worldwide Best Luxury Development, and Worldwide Best Marina Development and Off Plan Top Twenty award. They were also awarded the Readers [...]
Norman Disney plans Gulf expansion
According to Norman Disney and Young (NDY) director, Dennis O’Brien, NDY is expanding its presence in Dubai with Abu Dhabi and Doha also looking promising. NDY are to provide mechanical, electrical, fire and hydraulic services for the kilometre-high Nakheel Tower, a 'vertical city', which will have over 200 floors, and 150 lifts.
Damac denies stakes sale
Property developer Damac has denied media reports saying it had sold a 40% stake in the company. Niall McLoughlin, senior VP for corporate communications, released the statement after Turkish newspaper Vatan issued an earlier report regarding a 40% sale of its stake.
Emaar to build Cairo city
Abu Dhabi Municipality has contracted Emaar Properties to build Sheikh Khalifa bin Zayed City in New Cairo, Egypt, at a cost of $100m. The city is a gift from President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, to Egyptian youths with limited income.
Hydra plans Sharjah project
Hydra Properties, a UAE-based property developer, has announced that it will develop a new mixed-use project in Sharjah that is expected to have a resident population of 50,000. Hydra Village Sharjah will be made up of residential, office, retail and leisure facilities.
Aldar: ‘No delay’ on projects
Ousama Ghannoum, marketing director of Aldar, Abu Dhabi's biggest property developer, has told Gulf News that the group has not had to cancel or delay any projects, despite current financial conditions in the real estate sector. The company also has no plans to lay off staff.
Arabtec predicts ‘substantial fall’ in Dubai property market growth
Dubai-listed Arabtec, the UAE’s largest construction firm, has said that its forward order book will help the company to ‘cushion’ the regional effects of the real estate slowdown, but also predicts that the real estate industry will see a substantial downturn.