AME Info | Real Estate

Sorouh to offer Gate Towers price cuts

Mon, 06 Jul 2009 07:47:39 GMT

Abu Dhabi-based master developer Sorouh Real Estate, will begin offering price cuts of 20% to buyers of units in the Gate Towers development, The National has reported, citing Abubaker al Khouri, the managing director of Sorouh. The company will also offer easier payment plans. Earlier in the year Sorouh offered buyers at the Alghadeer project average price cuts of 35%.

Gulf investors fund Ferguson property venture

Sun, 05 Jul 2009 07:01:20 GMT

Manchester United manager Sir Alex Ferguson and television presenter Sir David Frost have launched a $1.6bn real estate company, which aims to buy up commercial property across Europe at knock-down prices with the support of Middle Eastern investors, the Scotsman has reported. aAim Capital Finance, has received commitments of more than $1.6bn from unnamed Gulf investors for the project.

Kuwait property sees May slowdown

Sun, 05 Jul 2009 06:54:37 GMT

According to a report by the National Bank of Kuwait (NBK), the country's real estate activity fell during May to its second weakest level in five months, with a total of 314 sales transactions which were registered at a value of KD80.1m. NBK has said that the sales volume had fallen 17% from the previous month. However, Kuwait's residential sector had seen moderate growth with the value and number of transactions rising by 3% and 7% respectively. NBK noted the drop in May sales values had resulted largely from a decrease in commercial sales, which saw a 66% decline.

Emaar International shuts Algeria office

Sun, 05 Jul 2009 06:49:35 GMT

Emaar International has shut down its office in Algeria due to the lack of progress on business, the developer has said in a statement. Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval', according to the statement. Due to a lack of progress which is beyond the company's control, the office set up to drive these projects forward has now been closed.

Work begins on Al Marjan Island Phase II

Sat, 04 Jul 2009 07:06:40 GMT

Ras Al Khaimah property developer Rakeen announced it is set to commence Phase II of its infrastructure work on Al Marjan Island. The contract was awarded to Rizzani to complete the works in 18 months, covering Island 3 and Island 4 of Al Marjan at a cost Dhs365m. Al Marjan Island is the first man-made island in the emirate of Ras Al Khaimah.

Dubai Investments to reimburse Mirdiff Hills buyers

Thu, 02 Jul 2009 07:56:19 GMT

Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100% refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing, Emirates Business has reported. Khaled Kalban, Managing Director and CEO of Dubai Investments has said DIRC would continue with the project should the lending scenario improve in Dubai.

KEO to oversee Marsa Zayed

Thu, 02 Jul 2009 07:44:34 GMT

Abu Dhabi-based Al Maabar, the real estate development investment company, has awarded KEO International Consultants a six month Program Management contract to work on Aqaba's $10bn Marsa Zayed development in Jordan. Groundbreaking for the project is scheduled in early 2010 and will cover over 6 million sq.m of built-up area, making it the largest tourism project in Jordan's history.

Al Mazaya to deliver stage one of The Villa in July

Wed, 01 Jul 2009 07:24:13 GMT

Al Mazaya Holding Company has said that it will start delivering units of its Dhs1bn project 'The Villa', located in Dubailand, to its owners in three stages; stage one plots (104 villas) will be delivered in July, stage two plots (150 villas) in October this year, while stage three plots (446 villas) will be handed over in March 2010.

Emaar may have to raise funds after merger, says analyst

Wed, 01 Jul 2009 07:22:10 GMT

Emaar Properties, which had announced a plan to combine with part of Dubai Holding last week, may have to raise funds if it proceeds with the transaction, according to Nomura Holdings. 'Emaar may have to raise equity, and possibly a lot, to support its private development counterparts because of their combined debt,' Chet Riley, a Dubai-based analyst at Nomura, wrote in a note to clients.

Moody's to review Emaar rating

Tue, 30 Jun 2009 10:48:53 GMT

Moody's Investor Services has announced that it has downgraded Dubai Holdings Commercial Operations Group (DHCOG) to A3 from A2, and has placed Emaar's Baa1 rating on review for downgrade. The group says that these actions reflect: 'continued fundamental challenges to both companies' business and financial profiles in the wake of difficult conditions on Dubai's property market, despite a recent agreement to merge both entities.'

Abyaar eyes Kuwait's Sanam Real Estate

Tue, 30 Jun 2009 07:43:18 GMT

Abyaar Real Estate Development Co. is planning to acquire Sanam Real Estate Co., a real estate company listed on the Kuwait Stock Exchange, Emirates Business has reported, citing a source familiar with the deal. 'We are certainly looking for acquisitions and our priority will be in Kuwait,' an Abyaar spokesman said, but declined to confirm the report.

Standard Chartered to offer 'Easy Loan' mortgages

Tue, 30 Jun 2009 07:40:44 GMT

Dubai Properties has said it has forged an alliance with Standard Chartered Bank to offer 'Easy Loan' mortgages, a funding option to prospective buyers and existing owners of residential units at the Executive Towers in Dubai's Business Bay development. The bank will directly evaluate the customer's property through independent surveyors and offer the finance with minimal documentation requirement from the client. In order to benefit from the Easy Loan mortgage product, customers must be resident in the UAE and should meet the minimum eligibility criteria of the bank.

Mazaya decides not to purchase remaining First Dubai shares

Tue, 30 Jun 2009 07:24:37 GMT

Kuwait-based Al Mazaya Holding has decided not to proceed with a plan to purchase the shares it doesn't already own in First Dubai Real Estate Development Co. The company has said in a statement to the Kuwaiti bourse it would have gained 'only marginal benefit' from purchasing a 33% stake in First Dubai.

Emaar shares tumble on merger concerns

Mon, 29 Jun 2009 10:21:28 GMT

The stock price of Emaar Properties has plunged due to concerns that a potential merger could result in asset writedowns and increased liabilities for the company. The shares lost 4.2% to Dhs2.77 at 11:50am in Dubai, bringing the slump for the month to 20%, according to Bloomberg. The shares are heading for their lowest close since May 21.

Manara unveils $1bn Bahrain waterfront project

Mon, 29 Jun 2009 07:18:45 GMT

Manara Developments, the real estate company owned by Al Salam Bank Bahrain, has said it has finalised the master plan for the $1bn Bahrain waterfront project. The Nurana project, which spans 2 million sq.m of waterfront land overlooking the Bahrain Fort, comprises a mix of coastal villas, water-view apartments, retail, entertainment, tourism and office amenity. Reclamation works for the currently submerged site are estimated at a cost of $74m.

Bahraini developer to build home for elderly

Mon, 29 Jun 2009 07:14:26 GMT

Bahraini developer Diyar Al Muharraq has volunteered to build a new home for the elderly in Muharraq, as well as redeveloping one of Muharraq's best known public parks and create a string of shops, the income from which will help meet the running costs of the home. The Casino Public Park development will include restaurants and children's rides.

Ajman Sewerage contract bids in final phases

Sun, 28 Jun 2009 10:04:35 GMT

Ajman Sewerage is in the final phases of contract negotiations with contract bidders to connect properties in the emirate to the new sewerage system it has set up. It is in talks with specialist companies and the contract will be awarded within two months. The project will be implemented in phases over two years.

Bespoke Omani property business formed

Sun, 28 Jun 2009 09:10:40 GMT

Bank Muscat, the National Bank of Oman and WJ Towell Property & Construction have signed an agreement to form a new real estate company, Oman Urban Development (OUDC). It will provide bespoke designs, from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed and mixed use developments, the JV companies said. OUDC will be managed by Towell Piramal Sunteck, a joint venture between W.J.Towell and Piramal Sunteck, an Indian real estate development firm.

Abyaar takes financing facility

Sun, 28 Jun 2009 09:07:13 GMT

Kuwait's Abyaar Real Estate Development has said the Bank of Kuwait and the Middle East (BKME) has arranged a financing facility to help the company complete its projects which are under already construction. It will also help the company reschedule its local and foreign financial obligations. The money is estimated to be KD18m, with the agreed tenor being up to five years, with the funds being given to Abyaar in tranches once respective projects have been completed.

Dubai Holdings, Emaar to consolidate

Sat, 27 Jun 2009 05:57:58 GMT

Emaar Properties Dubai Holdings LLC have announced advanced discussions on their plans to consolidate real estate businesses of Emaar, Dubai Properties, Sama Dubai and Tatweer. According to a press statement, the companies are assisted by financial advisers, Royal Bank of Scotland and Merrill Lynch International in finalizing a thorough assessment of the merits of the proposed consolidation, including valuation of various entities as well as assessment of the potential transaction structures.

Dubai World consolidates real estate functions

Thu, 25 Jun 2009 11:44:28 GMT

In a statement released today, Dubai World has said that it has consolidated the real estate functions of a number of entities. 'The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward,' said the group. The process will be completed over the summer.

Damac rules out low-cost housing

Thu, 25 Jun 2009 07:46:46 GMT

Damac Properties has ruled out a play into the region's fast-growing market for low-cost housing, Reuters has reported. Affordable housing I see as the remit of the government, or a government-owned entity, not the private sector, Chief Executive Peter Riddoch told the Reuters Global Real Estate Summit in London yesterday.

Al Jaber wins Abu Dhabi Hotels deal

Thu, 25 Jun 2009 07:45:42 GMT

Abu Dhabi National Hotels has awarded Al Jaber LEGT Engineering and Contracting (Alec) the contract to begin building the Park Hyatt Hotel and Villas Abu Dhabi, a 75,000 sq. m. luxury resort on the northern beach of Saadiyat Island.

Deyaar raises Dhs250m distressed fund

Thu, 25 Jun 2009 07:40:44 GMT

Markus Giebel, CEO of Deyaar Development has told Bloomberg that the developer has managed to raise half of a Dhs500m ($136m) fund to buy distressed properties. The fund is subscribed by a mix of local and overseas investors and would buy back distressed properties from Deyaar's own portfolio, he said.

HSBC to lower interest rates

Wed, 24 Jun 2009 07:18:08 GMT

HSBC has announced that it plans to cut the mortgage rate for its Flexi Loan customers in the UAE by 100 basis points beginning July 1. The rate reduction will also apply to home finance customers of the banks Islamic unit, HSBC Amanah. The bank also said customers of its tracker EIBOR based mortgage will see their rate adjusted to the three-month EIBOR rate.