NewsMonthly progress report for every project in Dubai
The Real Estate Regulatory Authority of Dubai (RERA) will publish monthly status reports on every single project in Dubai on their website, starting next week. So far, 875 projects are listed with RERA, and Marwan Bin Galita, chief executive of RERA, hope this initiative will comfort investors in these...
Dubai launches $20bn bond programme
The government of Dubai has launched a $20 billion bond programme, Reuters reported on Sunday. The purpose of this programme is to help Dubai meet its financial obligations and drive development projects forward. In a statement issued by the finance department in Dubai, the central bank of the UAE has...
Aabar spends Dh5bn on Al Reem Island
Aabar Investments announced yesterday the purchase of 12 towers on Al Reem Island in Abu Dhabi at a total cost of Dh 5bn. The tower buildings will be located on six land plots within the Al Reem Island development area, and the purchase agreement is signed with Tamouh Investments, who owns 60% of the...
Deyaar to hand over 1300 units this year
Deyaar announced today that they will hand over seven different projects, comprising a total of 1300 units, within 2009. The projects scheduled for delivery in 2009 include both commercial and residential projects. At Business Bay, The Citadel and Hamilton Residency will be handed over in 2009. In the...
Freehold owners in Abu Dhabi to get visas
A senior government official in Abu Dhabi has disclosed details about a federal law granting residency visas to owners of freehold property. This law is expected to be introduced within the year. The law will allow freehold owners to obtain a six-month renewable residency visa, regardless of their nationality...
Dubai Holding merge back-office operations
Dubai Holding unveiled a major restructuring on Sunday in order to cut costs amid the global financial crisis. Dubai Holding, owned by the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, said it would merge back-office operations at three of its real estate entities, Dubai Properties Group, Sama...
Saadiyat Construction Village nears completion
Saddiyat Construction Village is close to completion and is soon to be inaugurated by the Tourism Development and Investment Company (TDIC) in Abu Dhabi. The 27 square-kilometre village, situated at Saadiyat Island, is one of the most advanced housing facilities for construction workers and will set...
Mohammed Bin Zayed City Towers to pioneer a new model for development
The Mohammed Bin Zayed City Towers in Abu Dhabi will pioneer a new model for development, according to KEO International Consultants’ Urban Development Division in Abu Dhabi. The master plan developed by the Abu Dhabi Municipality and KEO will outline sustainability and quality standards that the...
Emaar reported Dh1.77bn loss in fourth quarter of 2008
Emaar Properties, the largest listed Arab developer, posted a surprise fourth-quarter loss due to U.S. writedowns and put new projects in its home market Dubai on hold due to the financial crisis. Emaar, which is constructing the world’s tallest building, posted a loss of 1.77 billion dirhams ($481.9...
List of projects currently on hold
The global financial crisis has caused a slowdown in construction in the UAE, and many developers have either cancelled or put their project on hold. Proleads recently reported that more than 50% of civil project in the UAE is currently on hold, worth a combined total of $582 billion. Meed and Zawya...
