Dubai Properties chief arrested

Chairman of Dubai Properties LLC, Hashim Al Dabal, has been arrested on suspicion of embezzlement, Attorney General Essam Essa al-Humaidan told Bloomberg. “Mr. Al Dabal is accused of abusing his position and earning millions in illegal profit. We are questioning him almost daily and Mr. Al Dabal indicated... 

Ferrari and Aldar to build luxury homes in Abu Dhabi

Aldar Properties, the developer of Ferrari World on Yas Island, is currently in talks with Ferrari to extend their relationship and develop further projects in Abu Dhabi. Mohammed al-Mubarak, chief commercial officer of Aldar Properties, said on a press conference on Thursday the project will “offer... 

Deyaar cuts 20% workforce

Dubai’s second largest developer, Deyaar Development, today announced its 20% cut in the company’s workforce. 60 jobs have been reduced to cope with the effects of the downturn in the property sector, The National reported. The cut followed only a week after Dubai World made the same decision,... 

Nakheel pays Dh4.4bn debt

Nakheel paid a US$1.2bn bond on Thursday last week, a month ahead of its due date, Meed reported. The securitised bond issued in January this year was due to mature on November 15, but the Dubai-based developer elected to settle the debt it had with Emirates NBD, Mashreqbank, Noor Islamic Bank and Samba... 

Dubai World to cut 12,000 jobs

The government-owned Dubai World holds about $60 billion of debt and other liabilities and may offer equity stakes to creditors amid a restructuring that cut its workforce by at least 12,000, sources told Bloomberg. Dubai World has already cut its global workforce with more than 15% down to 70,000 workers... 

UAE Rush Forum launched

After months of preparation we can finally present to you the UAE Rush Forum. This will be a community where you can focus entirely on construction projects and properties within the UAE and hopefully share your experiences with others. The forum is in its very beginning and we hope you will help us...