Financial crisis

Nakheel offer investors in Palm Jebel Ali more options

Close to 700 investors in Palm Jebel Ali have expressed their dissatisfacion with Nakheel’s offer of alternative properties and have announced plans to bring lawyers into the matter. Nakheel recently received US$9bn (Dh33bn) from the Dubai Government to revive stalled projects and settle debt,... 

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 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... 

Dubai property prices down 41%

Property prices in Dubai slumped 41% in the first quarter of the year from the fourth quarter of 2008, amid tighter lending and growing negative sentiment, and are now at early 2007 levels, U.K.-based real estate consultancy Colliers International said Tuesday. Year-on-year prices fell for the first... 

Damac to sign contracts worth Dh2bn

Damac Properties benefits from low prices on materials and is expected to sign contracts for the construction of 10 towers worth Dh2bn this year, a top official said. “Despite the economic downturn, we are going ahead with the projects that we have already announced,” said Hussain Sajwani,... 

Emaar’s credit rating downgraded

Standard & Poor’s downgraded the credit ratings of seven Dubai companies on Tuesday, including Emaar Properties, and said it was worried about the health of banks as the former boomtown faces a sharp slowdown. Dubai’s economy could shrink between 2 and 4 percent in real terms this year,... 

$10bn from emergency bailout ready for distribution

Funds from Dubai’s much anticipated $10bn emergency programme will flow to businesses within two weeks in form of loans or through banks, a senior official said to Reuters on Thursday. “Dubai-based companies will be drawing on it soon,” Nasser al-Shaikh, head of Dubai’s finance... 

Yas 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... 

UAE plans to execute real estate projects worth more than $600 bn

Real estate projects worth $607.4 billion are to be implemented in the UAE over the next few years, according to the International Monetary Fund (IMF). A study released by the IMF says the UAE has plans to carry out enterprise projects worth a total of $918 billion. This accounts for nearly 42 per cent...