NewsCirrus offers investors in Aquarius Gate a ‘Restructuring Proposal’
Dubai developer, Cirrus Developments LLC, has announced a proposal for its purchasers which offers a way forward for projects in which the majority of purchasers run the risk of being forfeited or are in default. The ‘Restructuring Proposal’ (RP), which Cirrus has developed and is now presenting...
Construction contract on Tameer Towers ‘terminated’
Tameer yesterday announced they are reviewing the contracts for construction works on Tameer Towers on Al Reem Island, Abu Dhabi. Today, one of the contractors, Murray & Roberts, told Reuters the joint venture contract was terminated and costs associated with work already done would be covered. Murray...
Tameer reviewing contracts on Tameer Towers
Dubai-based Tameer Holding is currently reviewing the construction contracts for the Dh5.87bn ($1.6bn) Tameer Towers on Al Reem Island, Abu Dhabi. According to The National, sources close to Tameer said they were planning to cancel the construction contracts with Al Habtoor Engineering, Murray &...
Dh5bn expansion of Khalifa City approved
The Urban Planning Council of Abu Dhabi yesterday approved a Dh5bn expansion of Khalifa City A, making the district grow from 7,000 to 53,000 residents by 2030. The plan includes the building of 4,500 villas, 100 apartments, 30 schools and 30 public parks, as well as shops, hotels and a medical compound. Uwe...
Damac to sign contracts worth Dh2bn
Damac Properties benefits from low prices on materials and is expected to sign contracts for the construction of 10 towers worth Dh2bn this year, a top official said. “Despite the economic downturn, we are going ahead with the projects that we have already announced,” said Hussain Sajwani,...
Emaar’s credit rating downgraded
Standard & Poor’s downgraded the credit ratings of seven Dubai companies on Tuesday, including Emaar Properties, and said it was worried about the health of banks as the former boomtown faces a sharp slowdown. Dubai’s economy could shrink between 2 and 4 percent in real terms this year,...
Construction work started on Guardian Towers
Construction work on the Guardian Towers in Danet Abu Dhabi has started, located within the Dh34bn community in the centre of Abu Dhabi. Guardian Towers consists of two 19-storey towers that are characterized and shaped by a distinctive sliced and shifted geometry. The towers are joined by a podium and...
Nakheel Tower delayed again
Construction work on Nakheel Harbour and Tower has been halted for a year, a Nakheel spokesman told The National. “Further work on the foundations of Nakheel Harbour and Tower will commence in 12 months,” said a Nakheel spokesman. “The foundation works are likely to take approximately three years...
$10bn from emergency bailout ready for distribution
Funds from Dubai’s much anticipated $10bn emergency programme will flow to businesses within two weeks in form of loans or through banks, a senior official said to Reuters on Thursday. “Dubai-based companies will be drawing on it soon,” Nasser al-Shaikh, head of Dubai’s finance...
500 more apartments to be built in Al Barari
About 500 apartments will be added to the Al Barari project during its second phase, an official told Gulf News. The size of the apartments will vary between 2,000 to 5,000 square feet, and with a price tag starting at $1.3 million (Dh4.7m), the apartments will be less than half the price of villas built...
