Jumeirah Emirates Towers voted fourth best

Dubai-based international hospitality group, the Jumeirah Group, has received international accolades for its services and facilities. The group’s various properties were honoured at the recently-concluded 2008 Condé Nast Readers’ Travel Awards. The iconic Jumeirah Emirates Towers was voted... 

Tatweer establishes Tatweer Dubai and Tatweer Investments

Tatweer, a subsidiary of Dubai Holding, has announced a restructuring of its operations where the real estate firm will pioneer as the holding company. Under the new structure, Tatweer Corporate will bring its entities across six diverse sectors under two distinct divisions – Tatweer Dubai and... 

Drake & Scull wins Dhs140m Sahara Centre expansion

Drake & Scull International, a leading UAE service provider of mechanical, electrical and plumbing (MEP) contracting, announced that it has been awarded the MEP contract and the Engineering, Procurement and Construction (EPC) contract of the chilled water plant for the Sahara Centre Shopping Mall... 

Dubai real estate risks sharp correction

Dubai’s real estate market increasingly faces the chance of a sharp correction as signs of overheating emerge, Saudi Arabian bank Samba said in a report released on Sunday. “Signs of overheating are emerging, fuelled by expansionary monetary conditions and high oil prices,” Samba Financial... 

ADIH plans $2bn realty project by year-end

Abu Dhabi Investment House (ADIH) plans to launch a $2 billion (Dh7.36bn) real estate project in the capital by the end of the year, Emirates Business has learnt. The development, Porta Moda Abu Dhabi, will mark the three-year-old firm’s entry into the UAE real estate market. Porta Moda is the... 

Property prices on Reem more than double

Property prices on Reem Island, a residential, commercial and business project off the coast of Abu Dhabi, have more than doubled to almost Dh3,000 per square foot from from Dh 850 to Dh950 over the last eight to nine months, a real estate expert has said. “We have been seeing a rapid acceleration... 

Dubai Mall close to completion

Emaar Properties, the largest real estate developer in the Middle East, says the Dubai Mall is on track to open for business on October 30. The grand opening of the shopping centre, which will briefly hold the title of the world’s largest mall, had been pushed back from the previous date of August... 

Dubai Properties to double portfolio

Dubai Properties, a leading real estate master developer, aims to more than double its current investments in the real estate sector to Dh970 billion with five years. Speaking at a function in Paris to promote the company’s latest mixed-use development Babil in Dubai among foreign investors, deputy... 

Emaar leads pressure on Dubai index

Emaar Properties’ stock declined to its lowest price in three years yesterday after it broke through its critical support level of Dh9 and closed for the first time at Dh8.77. The decline in Emaar’s stock also created selling pressure on the Dubai Financial Market (DFM) General Index. The... 

Nakheel plans to borrow Dh4.4b amid IPO plans

Real estate developer Nakheel is considering launching an initial public offering (IPO) within the next 12 months and plans to raise Dh4.4 billion in bank loans. If Nakheel, a unit of Dubai World, is listed on a stock exchange, it could become one of the biggest companies in the Gulf. “In the next...