NewsAldar leads the way in Abu Dhabi property resale monitoring
Abu Dhabi’s master developers are following in their Dubai neighbours’ footsteps and beginning to self-regulate the resale of developments in order to safeguard against speculators ‘flipping’ their purchases. This is, alongside soaring construction costs, is what analysts attribute...
Tatweer targets Dh200bn by 2013
Dubai-based leisure and entertainment developer, Tatweer – a member of Dubai Holding – will quadruple investments in its projects on the ground in the next five years, reaching Dh200 billion by 2013, said a top official of the company yesterday. “So far we have invested Dh50bn in projects in...
Limited damage after fire breaks out at Atlantis
The early morning fire that broke out at Atlantis, The Palm Jumeirah resort caused limited damage, according to a company spokesperson. The fire was contained and affected only the external roof and the lobby dome. The Dale Chihuly centrepiece in the lobby has not been affected, said the spokesperson. “The...
Abu Dhabi United Group buys Manchester City
Abu Dhabi United Group for Development and Investment (ADUG) has bought the English football club Manchester City, Dr Sulaiman Al Fahim, chief executive officer of Abu Dhabi-based real estate developer Hydra Properties, told Gulf News on Monday. “The amount paid for the acquisition of the club...
Investors in Ivory Tower project still receive cancellation threats
Investors in Sokook’s much-maligned Ivory Tower project continue to be threatened with cancellation of their contracts, according to investors. One investor said that although Dubai’s Real Estate Regulatory Authority (Rera) is backing investors, Saudi developer Sokook is still sending 14-day...
Major construction contract signed for Tameer Towers
Real estate leaders Tameer and Sorouh today finalized an agreement with a joint venture of Al Habtoor Engineering / Murray & Roberts / Al Rajhi Projects to construct the landmark Tameer Towers project in Abu Dhabi for a cost of AED 6 billion, bringing the total cost of the project to AED 8 billion. This...
Abyaar plans Dh15bn Dubai projects
Abyaar Real Estate Development will soon launch projects worth Dh15 billion in Dubai to bring the total value of its developments to Dh40bn by 2010, a high official of the company told Emirates Business. Marzooq Rashed Al Rashdan, Vice-Chairman and Managing Director of Abyaar, also said the company already...
Burj Dubai reaches 688 meters
Burj Dubai, the most-talked about property in the UAE, being developed by Emaar, has attained a new height of 688 meters (2,257.2 ft). The real estate pride in Dubai is located on Shaikh Zayed Road, and presently stands at over 160 storeys. Upon completion, Burj Dubai will qualify all criteria laid...
Mubadala and Petrofac establish a new joint venture
Petrofac Limited, the international oil & gas facilities service provider, and Mubadala Petroleum Services Company LLC (MPSC), a wholly owned subsidiary of Mubadala Development Company, announced today their plans to establish a joint venture company, Petrofac Emirates LLC. Based in Abu Dhabi and...
Damac set for IPO launch
Damac Properties is preparing to launch an initial public offering (IPO) of its shares by year-end or early 2009, Emirates Business has learnt. The developer is planning to list on the Dubai Financial Market (DFM), a person familiar with the deal said. He declined to say how much the company plans to...
