NewsAbu Dhabi
Abu Dhabi gives Dubai $10bn
Abu Dhabi provided $10 billion to help Dubai World, the state-owned holding company, meet its obligations, including $4.1 billion needed to repay an Islamic bond maturing today for the real-estate unit Nakheel PJSC. Dubai will use the rest of the money to pay “trade creditors and contractors as well...
Huge service bills threaten owners at The Cove, RAK
Owners at The Cove, Ras al-Khaimah, could face annual six-figure service bills, The National reported. Lack of electricity has forced the developer of the luxury-development to invest in eight diesel generators which cost a total of Dh2.5m each month to run. “If they are running the airconditioning...
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...
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...
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,...
Aldar launches Al Falah
Aldar Properties PJSC, Abu Dhabi’s leading property development, management and Investment Company, today announced the launch of Al Falah, a master planned community for UAE nationals as part of the Plan Abu Dhabi 2030 directive. The new development will provide around 5,000 homes for middle-income...
Abu Dhabi seen as best real-estate market within MENA
Abu Dhabi will be the stand out market for real estate investors, according to findings from the second annual Investor Sentiment Survey, an in depth study of real estate professionals market views conducted by Jones Lang LaSalle in association with Cityscape. The report also reveals that, increasingly,...
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 &...
