'Property News' Category
Waterfront development in Sharjah enters delivery phase
The Sharjah Investment and Development Authority (Shurooq) has started the delivery phase of amenities at the Al Majaz Waterfront development, Khaleej Times has reported. The project offers open areas designated specifically for children, areas set aside for cultural and entertainment activities, a magnificent mosque with a modern architectural design, special areas for walking, jogging and [...]
Arabtec posts 74% drop in Q2 profits
The UAE’ biggest construction company by market value, Arabtec, has posted a 74% drop in second-quarter profit, Bloomberg has reported .The company’s net income declined to Dhs28.97m ($7.9m), or 2 fils a share, from Dhs111m, or 7 fils, a year earlier. The company added that its second-quarter expenses surged 91% to Dhs94m, while revenue dropped [...]
Kingdom Holding aims to complete world’s tallest tower in 5 Years
The Kingdom Holding Co. has announced its plans to complete the construction of the world’s tallest tower in Saudi Arabia in just over five years, the Associated Press has reported. The investment company headed by Saudi billionaire Prince Alwaleed bin Talal has not mentioned when work would begin on the Kingdom Tower. The $1.2bn tower [...]
MAF Properties begins work on $1bn Syrian project
Majid Al Futtaim (MAF) Properties has commenced work on the first phase of its $1bn mixed-use project in Syria despite the current situation in the country, Khaleej Times has reported. The first phase of the Khams Shamat project, which will be developed through multiple phases in the Yaafour district, west of the Syrian capital Damascus, [...]
Kuwaiti investors are major buyers of Dubai property
The UAE Ministry of Finance figures have shown that Kuwaiti investors acquire nearly 60% of all properties purchased by GCC nationals in Dubai, Trade Arabia has reported. Dubai-based developer Damac Properties has also noticed an increase in inquiries from Gulf investors, particularly Kuwaiti nationals, over the past six months.
Beirut hotels see occupancy rates drop
Figures released by STR Global have shown that the occupancy rate at hotels in the Lebanese capital Beirut has dropped 64.5% during the first half of the current year, the Daily Star has reported. Occupancy rates have been below last year’s throughout 2011. Ernst and Young’s benchmark survey of the Middle East hotel sector reported [...]
World commercial property sales up 47% in Q2
Real estate services firm Jones Lang LaSalle has said global commercial property sales rose 47% in the second quarter from a year earlier to $101bn and are on track to reach or top $440bn for the year, Reuters has reported. Investment in the Middle East was small and little changed at $34bn, slightly higher than [...]
Dubai Holding unit ‘may sell’ telco assets
JPMorgan Chase has said Dubai Holding Commercial Operations Group (DHCOG), a real-estate and hospitality company owned by the emirate’s ruler, may sell its entire telecoms assets to repay about $3bn of liabilities by 2015, Bloomberg has reported. The firm said it repaid a 250m Swiss franc bond maturing July 14 and is committed to meeting [...]
Kuwaiti real estate liquidity falls in June
Liquid assets of Kuwait’s real estate market in June 2011 have dropped by 11.4% from the previous month, with trades worth KD277.2m compared to KD312.8m, Kuna has reported Transactions during the month comprised KD263.2m worth of contracts and KD14m for broker fees, while real estate for investment purposes rose 50% from KD86.7m in May to [...]
Talaat Moustafa Group denies reports on backlog
Egyptian property developer Talaat Moustafa Group (TMG) has denied reports that the company is expecting an EGP27.5bn backlog as a result of EGP5.5bn in new sales this year, Ahram has reported. “In reply to the Bourse’s enquiry about EGP27.5bn sales expectations for the Madinaty project for 2011 published in Al-Mal paper, we would like to [...]