NewsJehaan by Aspire handed over to third party
Investors in the Jehaan project in Jumeirah Village South faces yet another challenge as the project is handed over to a third party. The project was supposed to be finished within January 2009, but construction work has not even started and many investors have therefore seeked a full refund. Harry Kantaria,...
More confidence in Abu Dhabi real estate than in Dubai
Sorouh and Aldar, two of the major real estate developers in Abu Dhabi, have released their year-end financial reports for 2008. Both reports show net profit increases, even though both companies took a downturn in the last quarter of 2008. Aldar also took a hit when they announced they would stop working...
Sorouh puts future developments on hold
Abu Dhabi’s second largest property developer is delaying new projects until current developments are complete because of the economic downturn. According to Property Wire, it is a sign that the general decline in the real estate sector that has hit the emirate’s neighbouring Dubai is clearly...
Hydra projects receive massive response
Hydra Village Sharjah and Time Square Lahore have received an overwhelming response from potential investors at the International Real Estate and Investment Show (IREIS). The event, staged at the Abu Dhabi International Exhibition Centre, has successfully showcased Hydra’s projects to the international...
Business Bay work progressing as scheduled
Dubai Properties, the master developer of the Business Bay-district in Dubai, announced yesterday that the development was progressing as scheduled. Phase one of the 64 mn square feet project is set for completion in 2015 and will contain 240 towers and be home to more than 191.000 people when completed. According...
Aldar to open 7 hotels on Yas Island
The Abu Dhabi Tourism Authority said yesterday that Aldar Properties will commission seven hotels on the Yas Island by November. “The hotels – four 5 star properties, one 4 star and two 3 star – together will boost Abu Dhabi’s accommodation inventory by 2,298 rooms and its food...
Dubai property prices fell 23% in Q4
Dubai property prices fell 23 per cent during the last quarter of 2008, with villas showing a more marked decline than apartments, HSBC said in a report on Wednesday. The emirate’s once-booming real estate market has slowed as a result of the global financial crisis, as prices fall, developers scale...
Emaar set up $4 bn borrowing programme
Emaar Properties, the Arab world’s largest real estate developer by market value, set up a $4 billion borrowing programme but is unlikely to draw on the debt until market conditions improve. “The longer term perspective is to have a euro medium term note (EMTN) programme ready so that once...
Mohammed issues property decree
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued a decree which prevents increases in rents in 2009 for tenants who are renewing rental contracts signed in 2008. However, the decree provides that the landlord shall reserve the right to increase...
60% of Remraam infrastructure completed
Mizin announced today that 60% of infrastructure work on the 23 million square feet project Remraam have been completed on schedule. At the same time, excavation works for 71% of the buildings have also been finished, and construction works continues on the structures of the buildings. Ahmad Sharaf,...
