Construction begins on Louvre Abu Dhabi

It’s been in the planning phase for years, and now the much-discussed Louvre Abu Dhabi is finally becoming a reality. Today, construction officially began on the cultural complex on the Persian Gulf city-state’s Saadiyat Island. French President Nicolas Sarkozy and Sheikh Mohammed bin Zayed... 

Aabar buys land worth Dh2.7bn in Abu Dhabi

Aabar Investments has signed an agreement to buy 14 land plots in Abu Dhabi from Green Emirates for a total of Dh2.7 billion (US$735 million). The plots are in several development projects such as Raha Beach, which is under development by Aldar Properties, the Rawdhat Abu Dhabi project by Reem Developers,... 

Nakheel struggle to pay debts

Dubai developer Nakheel is to offer consultants and contractors 65% of the money it owes them, according to the UK-based New Civil Engineer magazine (NCE). Last month NCE revealed that the developer was close to bankruptcy, with analysts estimating that it owed consultants up to £200M. Last week the... 

27 projects in Dubai could be cancelled

Dubai is considering cancelling 27 projects, the head of its real estate regulator said on Monday, as the emirate’s property market slumps in the global downturn. A decision whether to cancel or not would be made by the end of the month, said Marwan bin Ghalita, the head of the Real Estate Regulatory... 

Property visa renewals to cost Dh2,000

All visas given to owners of properties across the UAE will be cancelled after their expiry and they will not be renewed according to old rules, said a senior official. The naturalisation and residency departments (NRDs) of various emirates will ask property owners and developers to change their status...