Archive for January, 2009
Work on Nakheel Tower halted for one year
Construction work on the Nakheel Tower in Dubai – designed to be the world’s tallest when completed – has been halted for a year, The National has reported. The tower is to be the centrepiece of a 270-hectare marina development called Nakheel Harbour and Tower near Ibn Battuta Mall and the Arabian Canal. The stalling [...]
Developer says 23 marina on target
Construction of 23 Marina, the real estate project by Hircon International, a joint venture between Indian property developer Hiranandani and Dubai-based ETA Star Properties, is proceeding as planned and is expected to be complete in 2011. The real estate developer has assigned Dubai Civil Engineering to construct the tower that is set to rise up [...]
Al Fajer places Dhs245m order
Al Fajer Properties has placed an order worth Dhs245m for aluminium and glass for its Jumeirah Business Centre towers projects. Work is well underway on its Phase 1 projects with aluminium and glass materials expected to arrive early February allowing cladding to start immediately. The development is to offer high end commercial properties.
Second phase of Al Ain Industrial City opens
The second phase of the Al Ain Industrial City was opened on Sunday. A 10-square kilometre site situated in the Madina Sanaya district, the Industrial City provides 300 mixed industrial and commercial plots.
Ajmal launches property venture
The Dubai-based Ajmal group has launched Ajmal Real Estate, with an asset value of over Dhs200m. Ajmal Real Estate is involved in the development of projects in the UAE and developments in India including Ajmal Sarah Tower apartment building in Dubailand. Further projects include residential developments in Jebel Ali and International City.
Rents cool off in Dubai, Abu Dhbai
The average cost of renting a one-bedroom apartment in Dubai rose by just four per cent last year and did not rise at all in the last three months, according to a new report by UAE-based property services firm Asteco, cited by The National. In Abu Dhabi, rents for units with two or three bedrooms [...]
Al Barakah declares insolvency
Al Barakah property development company with projects in Dubai and Ajman yet to take off the ground, has told investors it is insolvent, The National has reported. Lawyers acting for the company told investors in a meeting that the company had at least Dhs400m unsecured liabilities. Burj Manara Ajman in Marmooka City, billed as the [...]
UAE moots freehold visa grants
The issue of freehold property visas linked to foreigners' ownership of properties in different emirates is being reviewed by the UAE federal government. Nasser Bin Hassan Al Shaikh, director-general of Dubai Government's Department of Finance, said there are thoughts at the federal level to streamline the freehold visa process and announce a unified guideline for [...]
Meydan racecourse ‘on track’
The master developer of Meydan Commercial Sport Project at Nad Al Sheba, Meydan Group, has said the racecourse project will be ready for the Dubai World 2010 as per schedule in spite of the cancellation of the project, Group Chairman Saeed Al Tayer told Emirates Business. Citing a delay in execution of the project, Meydan [...]
Jordan apartment prices drop 10%
Prices of apartments in Jordan fell by 10% in the last quarter of 2008 due to a decline in construction costs and land prices, the Jordan Times reported, citing the President of the Housing Investors Society. Demand last year was below forecasts because of declining purchasing power which forced many construction companies to cut down [...]