Newsinvestment
Buyers in Ivory Towers fear money is gone
The much-delayed Ivory Tower in Dubai has come yet another step closer to cancellation as development has stopped and consultants are called back to Sokook’s offices in Deira. The tower is nearly two years behind schedule and buyers now fear their investments is long gone and never to be seen again. Ivory...
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Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project.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...
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...
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...
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,...
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...
Freehold owners in Abu Dhabi to get visas
A senior government official in Abu Dhabi has disclosed details about a federal law granting residency visas to owners of freehold property. This law is expected to be introduced within the year. The law will allow freehold owners to obtain a six-month renewable residency visa, regardless of their nationality...
Dubai contractors face bankruptcy
Several Dubai-based contractors say they are owed millions of dirhams by state-linked developers and some may face bankruptcy as credit dries up and major projects are cancelled or scaled back in the former Gulf Arab boom town. “There has been a marked increase in the number of contractors asking...
RERA reassures property investors that property market in Dubai is safe
The Real Estate Regulatory Authority (RERA) has reassured investors that the property market in Dubai is still safe despite the global financial crisis. However, the authority said on Wednesday that it could not protect those investors who have sought advice from unprofessional real estate agents. Pointing...
Real estate investments in Dubai exceed Dh158bn in 2008
Real estate investments in Dubai has exceeded Dh158bn so far this year, Gulfnews report. This estimate is based on sales reports, leasing and mortgage transactions, and shows that Dubai remains one of the worlds most attractive destinations for investors, according to Ahmet Kayhan, CEO of REIDIN.com. Reports...
