NewsYas Island benefits from the financial crisis
The development projects on Yas Island in Abu Dhabi benefit from the economic downturn caused by the global financial crisis, Aldar Properties said on Monday. According to Steve K. Worrel, Director of Mixed Use Development at Yas Island, availability of more workers and bidders have increased because...
Khoie sells RAK projects to Rakeen
Khoie Properties yesterday confirmed the sale of all the company’s projects in Ras Al Kamiah to Rakeen. This includes the La Hoya Bay development in Al Marjan Island. “We will not be able to build any project in RAK now. Everything that we own in the emirate has been sold to Rakeen,”...
Monthly 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...
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...
Nakheel’s Marina Residences set for handover from April
Nakheel, the developer of Marina Residences on Palm Jumeirah, will begin handover of the residences in April 2009. Being more than 90% completed, the 900 homes scheduled for handover will be spread across the six towers located at the tip of Palm Jumeirah’s trunk. Work at Marina Residences has...
Residents require greater transparency on maintenance fees
Residents are calling for greater transparency over how money is spent on the maintenance and upkeep of apartments. Laws regulated by Dubai’s Real Estate Regulatory Authority (RERA) say that homeowners should be able to monitor how service charges and maintenance are being spent by participating in...
Ajman plans to establish regulator on the lines of RERA
The emirate of Ajman plans to establish a real estate regulatory body on the lines of Dubai’s Real Estate Regulatory Agency (RERA). The regulator will be established in the first quarter of next year, and its main purpose is to oversee property developments. This means that the government of Ajman...
Al Habtoor to construct Dubai Pearl
Pearl Dubai has awarded a Dh 8.85bn contract to Al Habtoor Leighton Group for the construction of the Dubai Pearl-project, located next to Palm Jumeirah. This contract the largest single contract in the region, and makes Al Habtoor the main contractor of Pearl Dubai covering components such as structural...
Dubai Mall opening
Click image for large view The Dubai Mall opened today at 2pm with close to 600 retailers opening their doors for business – marking the world’s largest-ever single-day mall opening in retail history. Emaar Malls Group, the developer of The Dubai Mall marks the opening with a series of high profile...
Royal Bay project in Dubai Waterfront
Developer VIP Waterfront on Sunday launched its Dh1.8 billion Royal Bay project in the Dubai Waterfront, complete with two helipads to assist access. The total built-up area of the Royal Bay development is a little over 1.2 million square feet. The project consists of a residential tower with 158 apartments...
