DEC

Kid bought villas worth $44 million in Dubai

Even by the standards of a city that celebrates extravagance, it was a spectacular shopping spree: In just two weeks early last year, an 11-year-old boy from Azerbaijan became the owner of nine waterfront mansions. The total price tag: about $44 million — or roughly 10,000 years’ worth of... 

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... 

Frank Khoie freezes La Hoya Bay

Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project. Speaking from his cell, Khoie told The National that he now requires dismissal of charges as... 

Al Barari close to completion

The luxury-development Al Barari, Dubailand, is close to completion with 35 families moving in by December. At a price tag from Dh28m to Dh100m, each high-end villas have between 5 to 7 bedrooms, an outdoor infinity-pool and a massage area. Al Barari also houses 34 public gardens to live up to it’s... 

Uncertainty rules on Palm Jebel Ali

The developer of Palm Jebel Ali, Nakheel, has recently offered investors in the man-made island homes on other projects. Other developers have also encouraged buyers to move their investment from struggling projects and this move casts no smaller shadow on the progress of Palm Jebel Ali. The prices on... 

Rose Rayhaan by Rotana to open in December

World’s tallest hotel, Rose Rayhaan by Rotana, is set to open in mid-December, Rotana announced on Sunday. Omer Z. Kaddouri, Senior Vice President UAE of Rotana said: “We are very proud to be managing this landmark property. The Rose Rayhaan by Rotana team, headed by General Manager Daniel... 

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... 

DEC unveils AED 250 million residential project at Cityscape

Dheeraj East Coast LLC, a leading Dubai-based real estate developer known for delivering value-driven realty solutions, today announced the launch of its prestigious high-end MODO project at Culture Village in Dubai, at Cityscape Dubai. The AED250 million residential development promises to raise the...