'Property News' Category
Jumeirah to open Abu Dhabi property
Dubai-based hospitality group Jumeirah is set to open a five-star hotel at Etihad Towers later this year, Emirates 24-7 has reported. Jumeirah at Etihad Towers is a five-star hotel with 382 rooms and suites, 199 serviced apartments, and an array of beauty, fashion and relaxation amenities including the Talise Spa. The five-tower Etihad Towers is [...]
Major development planned for Dead Sea area
Jordan Development Zone Co is set to announce a 25-year master plan to outline investment opportunities in the Dead Sea area, Jordan Times has reported. As part of the plan, the company will develop the infrastructure, electricity and a desalination station at an estimated cost of JD180m. The development zone is to comprise 12 districts, [...]
Saudi Arabia sees sharp rise in Umrah visitors
Saudi Arabia’s National Committee for Haj and Umrah has said the number of Umrah performers is 25% to 30% higher this year, Saudi Gazette has reported. The Umrah season has “not been affected a lot” by the smaller number of Arab pilgrims, even though fewer pilgrims are coming from Yemen and Syria this year, and [...]
Middle East property market weighed down by pricing, supply issues
Although many investors say they have the funds and desire to secure more assets in the Mena real estate market this year, actual transactions are likely to be limited by a lack of suitably priced products, according to a new survey by Jones Lang Lasalle.
New property visa seen as positive step for Dubai market
On June 28, the UAE government approved plans to extend the residential visa from six months to three years in a bid to boost the ailing real estate sector. While the new visa is seen as a positive step forward, analysts say other factors weighing down the market are likely to continue to impede demand [...]
Dubai property market still weighed down by new supply
Although residential property prices are rising slightly in certain areas of Dubai, most neighbourhoods are still seeing price declines as new supply continues to impact the market, according to two recent reports.
GCC tourists to Egypt drop 42% in June
Sami Mahmoud, head of the international department at Egypt’s Tourism Development Authority has said the number of Gulf tourists visiting the country during the month of June fell 42% year-on-year, Ahram has reported. Tourists from the UAE declined 50%, those from Saudi Arabia 40%, and Kuwait 39%, he said. Mahmoud said European tourists, who are [...]
TDIC expects net loss to widen in 2011
Shaun O’Connor, CFO of Abu Dhabi’s Tourism Development Investment Co (TDIC) has said the company plans to explore alternative funding options after putting off a planned bond sale until at least the fourth quarter, Reuters has reported. “We will issue in Q4 if markets stabilise, if not then next year. We don’t need the money [...]
Price of construction materials rises in Egypt
According to data by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS), costs for some major construction materials are continuing to rise in 2011, with steel taking the lead with a 42% increase over the last year, Ahram has reported. Steel prices in June were up 12% compared with the previous month, but the [...]
Regional companies ‘can make money’ from PPP projects
Kilpatrick Townsend partner Thomas Wilson told the MEED PPP Forum in Abu Dhabi this morning that companies can make money from PPP projects. “We have seen highly successful PPP projects that have allowed construction companies to make nice profits,” Wilson said. “Though it has to be said that we have also seen unsuccessful ones.”