Dubai Property Newsletter » Property News

Saudi uncovers 16 fake Haj companies

admin — Fri, 18 Nov 2011 10:04:15 +0000

The Saudi ministries of interior and Haj have arrested a number of people involved in running 16 fake Haj companies in different parts of the kingdom, Saudi Gazette has reported. Firms involved in running fake Haj companies face a fine of up to SR100,000 and prison time, which doubles for repeat offenders who are listed on the government’s Haj company blacklist, according to Hatim Bin Hassan Qadhi, undersecretary of the ministry of Haj.

Rotana to open two hotels in Oman this year

admin — Fri, 18 Nov 2011 10:04:15 +0000

UAE-based hospitality firm, Rotana is set to open a five-star resort hotel in Salalah, Oman, by the end of 2012 and a business hotel in Sohar in early 2013, Muscat Daily has reported. The company will operate its first property in Oman – Salalah Rotana Resort & Spa – through a strategic alliance signed between Rotana and Orascom, Omer Kaddouri, executive vice president and chief operating officer of Rotana, said. The five-star Salalah Rotana Resort & Spa will offer 400 luxury rooms and suites, a wide choice of bars and restaurants, a private beach and Zen Spa. Centro Sohar will open early 2013 with 300 rooms, the firm said.

Egypt sees tourist arrivals increase in Q3

admin — Fri, 18 Nov 2011 10:04:15 +0000

Egypt’s tourism development authority has said tourist arrivals climbed 23.2% in the third quarter, after a slump during the unrest which led to the downfall of President Hosni Mubarak, AFP has reported. Around 2.7 million people visited Egypt in the third quarter of this year, half-a-million more than those who came during the second quarter, the authority said. In the second quarter, tourist arrivals plunged 35.4%, down from 3.5 million visitors in the same period of 2010, according to official figures released in September.

Abu Dhabi launches golf tourism drive

admin — Fri, 18 Nov 2011 10:04:15 +0000

The Abu Dhabi Tourism Authority has unveiled its new ‘Golf in Abu Dhabi’ initiative – an umbrella marketing, communications, product packaging and distribution platform designed to increase the emirate’s penetration of the lucrative golf tourism segment. Developed in partnership with golf clubs and relevant stakeholders including hotels and destination management companies, teh initiative aims to up the emirate’s ante in the global golf tourism market estimated to be worth $17bn annually. Key source markets have been identified as the UK, Ireland, France, Italy, Germany, Scandinavia, China, Korea and Japan, with golfing to be packaged as both a primary purpose of visit and/or as part of an overall engaging destination experience. The vehicle, with its own unique promotional identity, web portal, trade distribution and consumer booking channels, kicks off with discounted rates at three championship-ready courses – Saadiyat Beach Golf Club, Abu Dhabi Golf Club (ADGC) and Yas Links Golf Club – and bundles ancillary add-ons, such as flights, hotels and the on-the-ground transportation.

Report: Strong demand fuels Jeddah’s ‘robust’ property market

admin — Fri, 18 Nov 2011 10:04:14 +0000

Sale and rental prices in Jeddah’s real estate market are rising and are expected to continue to remain strong into 2012 due to limited supply and strong demand, according to a new report by Jones Lang Lasalle.

Emaar sees apartment sales revenue decrease 86%

admin — Fri, 18 Nov 2011 10:04:14 +0000

Emaar Properties has said revenue from apartment sales plunged 86% in the third quarter, amid weak property demand in the emirate, Bloomberg has reported. Income from apartment sales fell to Dhs183.3m from Dhs1.34bn a year earlier, the firm said. Revenue from sale of villas jumped to Dhs126.4m from Dhs30.4m. Emaar posted third-quarter earnings on October 27 and provided a breakdown of revenue yesterday.

Egypt’s Talaat Moustafa reveals 43% drop in net profit

admin — Fri, 18 Nov 2011 10:04:14 +0000

Egypt’s biggest listed developer, Talaat Moustafa Group has said its 2011 nine-month net profit fell 43% to EGP493.7m ($82m), from EGP863.6m in the same period a year ago, Reuters has reported. The company said in a statement yesterday that it also suffered a 28% drop in nine-month sales.

Egyptian Resorts cuts Q3 net loss

admin — Fri, 18 Nov 2011 10:04:14 +0000

Real estate developer, Egyptian Resorts has cut its losses in the third quarter of 2011 as revenue grew from its utilities business, Reuters has reported. The company, which makes most of its money selling land to developers, posted a quarterly net loss of EGP3.4m ($568,419), down from an EGP6.7m loss in the same period a year earlier. The company has not sold any plots since the third quarter of 2008, but it is currently working with Orascom Development Holding (ODH) to develop land for Sawari, a mixed-use development that will include a marina on a 2.5 million sq m plot at Sahl Hasheesh on the Red Sea.

Cityscape expectations reflect altered Dubai property landscape

admin — Fri, 18 Nov 2011 10:04:11 +0000

The annual Cityscape exhibition was a Dubai institution in the days before the emirate’s real estate market collapsed to rubble. As organisers gear up for this year’s event, who’s going to turn up, and will they spend any money?

Despite Dubai’s property woes, supply is scarce in prime areas

admin — Fri, 18 Nov 2011 10:04:11 +0000

Although oversupply is an issue in some parts of Dubai, the single biggest challenge facing property agencies in the emirate is finding available stock in prime areas of the city, according to Ryan Mahoney, CEO of Better Homes, one of the largest real estate agencies in Dubai.