Eqarat.com - Dubai Real Estate Blog

Damac to handover 6 big projects in 2010

2010-01-31T05:25:00.000-08:00

Damac Properties, a leading developer in the region, has announced that 2010 will be the year of handovers – with more than six projects due to be completed in Dubai during the next 12 months.

Among those to be handed over are two phases of the company’s Emirates Gardens development and Tuscan Residences at Jumeirah Village South, Lago Vista at IMPZ, XL Tower and Business Tower at Business Bay and Smart Heights at Tecom.

The six projects together offer a good mix of both residential and commercial units – with over 3,000 new units due to be delivered this year. The handover follows the tremendous construction progress achieved in 2009, which was the year of construction at Damac, said its top official.

'This year will be a significant one for the company as it built on its standing as a private developer that was continuing to show progress and delivery. 2010 will be an exciting year for us as we conclude a number of our projects in Dubai,' remarked Hussain Sajwani, Damac Properties chairman.

“This shows that the decisions we have made and the priorities we have focused on during 2009 have paid off for our customers who can now look forward to taking delivery of their units. I would also like to thank all those contractors who have worked with us during these tough times to ensure that we have been able to meet our obligations,” he added.

In addition, it is expected that Ocean Heights - the company’s 84 storey flagship development at Dubai Marina - will also be complete by the end of the year which would round off a potentially great year for the company.

‘We have very high hopes and expectations for 2010 and are firmly focused now on looking ahead - leaving the last year and all its difficulties behind us. We know that there will of course still be tough challenges in the market place but we feel that we have very clear goals in sight and we will be doing our utmost to meet those targets,’Sajwani stated.

The awarding of new contracts, he said, was all part of company's strategy to ensure that there was business continuity and activity at a variety of levels within the company’s portfolio of developments.

‘The start of a new year always brings a renewed sense of purpose but we feel that 2010 will see us reach some significant milestones that we can look forward to with certainty which is pleasing for us and our customers,’ Sajwani added.

Source: TradeArabia

New law promises property refunds in Dubai

2010-01-27T00:09:00.000-08:00

Dubai is considering a new property draft law which would enable property buyers to cancel their contract and claim a refund if the project is ‘unfeasible’.

Details of the new protection for homebuyers came in a newsletter from leading legal firm Al Tamimi and Co which says the new law will spell out ground rules for cancellations, most notably if a developer refuses to link payments to stages to construction or if the developer makes major specification changes.

The law also deals with the issue of refunds or replacement properties in case of defects in the property and financial penalty for major delays in delivery.

Source: Gulfnews

Dubai ready to host UN headquarters

2010-01-27T00:00:00.000-08:00

Dubai said on Friday it has offered to host the headquarters of the United Nations should the global organization want to leave New York, a sign the Gulf emirate's ambitions remain high despite its debt problems.

'The government of Dubai announces that it is fully prepared to host UN headquarters on its territory in the event its officials take the decision to move from New York,' the Dubai government said a statement.

Dubai's offer comes days after an article by an academic and a real estate developer on the website of Forbes magazine called for the United Nations to relocate to Dubai.

'Bringing the United Nations to Dubai makes sense,' wrote Joel Kotkin, a fellow in urban futures at Chapman University, and Robert J. Cristiano, the California University’s 'real estate professional in residence'.

'New York gets rid of one of its worst welfare cheats, and Dubai finds new tenants to fill its vacant towers,' they said, describing the UN headquarters as a 'pain in the butt' which 'pays no taxes and annoys hard-working New Yorkers with its sloth, pretensions and cavalier disregard for traffic laws'.

Dubai, which has gained worldwide attention for its extravagant real estate projects, left global markets reeling in November when it said it would request a standstill agreement on billions of dollars of debt.

The global financial crisis saw many real estate projects delayed or shelved in the emirate, but construction has barely stopped and new projects are still coming on line, raising questions on how the buildings will be filled in the downturn.

Earlier this month, Dubai's ruler inaugurated the tallest building in the world, the Burj Khalifa.
'Dubai has already built something that looks the part of a 21st-century world capital,' Kotkin and Cristiano wrote. 'Let it get a cast appropriate for its glittering set.'

Source: Reuters

Burj Khalifa to boost Emaar revenues

2010-01-10T21:54:00.000-08:00

Dubai's Emaar Properties said on Thursday that revenues stemming from the sale of units at Burj Khalifa, the recently-opened, world's tallest tower, will boost the company's 2010 revenues.

Emaar, 31.2 percent owned by the Dubai government, is the Arab world's largest listed developer. It posted third-quarter revenue of 1.95 billion dirham.

"As Emaar recognizes revenue and profits on delivery of the project, the revenue relating to the units sold in Burj Khalifa will be recognized in 2010 on delivery," according to a statement posted on the Dubai bourse website.

"This will positively impact the results of the company due to the large size of the project," it added.Burj Khalifa, formerly called Burj Dubai and renamed after the ruler of Dubai's neighbor Abu Dhabi, opened to much fanfare on January 4, as the emirate is still struggling with a multi-billion debt pile.

Emaar executives at the opening of the tower were bullish, saying that Dubai's property prices have stabilized and that new property completions would continue to increase over the next 18 months.

Emaar has a joint venture with Italian luxury company Georgio Armani to develop hotels around the world, including one at the Burj Khalifa."This additional revenue will also positively affect the company's performance," Emaar said.

Source: Reuters

Dubai ruler issues new decree on rentals

2010-01-10T21:50:00.000-08:00

A decree setting the maximum allowed increase in property rent values in Dubai during 2010 has been issued by the Dubai Ruler.

The decree, issued by Sheikh Mohammed bin Rashid Al Maktoum, who is also the Vice President and Prime Minister of the UAE, aims at ensuring the stability of Dubai's property market, according to a WAM News Agency report.

For properties rented in 2009 and before, the maximum increase in rent value shall be set as per the previous relevant similar decree for 2009.

The decree approves the Real Estate Regulatory Authority's (RERA) price index which shall be followed as the reference for setting any increase in rent values in 2010.

The new decree prevents any increase in rent values as long as they are less by a maximum of 25 per cent than the average rents of properties of similar specifications.

The maximum allowed rental increases shall be as follows: - 5 per cent increase if the rent value is 26 per cent to 35 per cent less than the average rent of properties of similar specifications.

-10 per cent increase if the rent value is 36 per cent to 45 per cent less than the average rent of properties of similar specifications.

15 per cent increase if the rent value is 46 per cent to 55 per cent less than the average rent of properties of similar specifications.

-20 per cent increase if the rent value is less by a percentage that is more than 55 per cent of the average rent of properties of similar specifications.

The decree goes into immediate effect and shall be published in the official gazette.

The decree also defines a new formula for lower rent values which allows a proportional increase in rents for 2009. According to the new formula, the increase in property rent will rise in proportion with the drop in 2008 rent value in the average annual rent for the same property.

Source: Trade Arabia News

Official opening of iconic Burj Dubai announced

2009-11-08T00:08:00.000-08:00

The Burj Dubai will be opened on January 4, 2010, coinciding with the accession to power of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The 160-plus storey structure is considered the world's tallest building.

Mohammad Ali Al Abbar, Chairman of Emaar real estate company said the company decided to launch the tower on this date as a gesture of gratitude towards Shaikh Mohammad, who is considered the builder of modern Dubai.

Burj Dubai became the tallest building in the world in just 1,276 days, with the help of more than 5,000 consultants and skilled construction workers.

Work on the Burj Dubai started in January 2004. The tower reached 100 levels in January 2007. A month later, it surpassed the Sears Tower in Chicago as the building with the most floors in the world.

Burj Dubai is now the world's tallest building and tallest man-made structure, having surpassed the height of the KVLY-TV mast in North Dakota, USA.

The Burj Dubai houses residences and commercial spaces, apart from Giorgio Armani's The Armani Hotel & Residences.

It also anchors Downtown Burj Dubai, a Dh73 billion mixed-use mega project, already a bustling community described as the new "heart of the city".

Source: Gulf News

Dar Al-Arkan unveils $2bn Jeddah project

2009-10-12T22:32:00.000-07:00

Dar Al-Arkan Real Estate Development Co, Saudi Arabia's largest developer by market value, will spend 7.5 billion riyals ($2 billion) over a period of five years on a new residential project in Jeddah. Construction on the new integrated project, which will have more than 10,000 units and leisure and shopping facilities, as well as schools, will begin in 2010, the company said in a statement posted on the bourse website.

"The company focuses its investments on areas where there is a wide gap between supply and demand," it said.

The first phase of the so-called Shams El-Arouss property project will cost 1.5 billion riyals and will involve the construction of 2,000 housing units, the company said. It did not say when this first phase would be completed. Dar Al-Arkan will seek loans to help finance the project.

"The project will be financed from mixed formulae that include revenues from the project, cash flow from the company's operations and external financing," it said. Dar Al-Arkan reported on Saturday a 14.4 percent drop in third-quarter net profit due to what is said was a slowdown in the property market.

Saudi property developers, comprised mainly of private firms, are not as well-organized as some of their peers in the region, due mainly to mortgages being unaffordable for ordinary Saudis, as a lack of legislation means banks are reluctant to issue such financing. Saudi real estate is still the subject of great interest from regional and international investors who are drawn to the kingdom's rapidly growing population and the cash-laden government's efforts to reduce a rising housing deficit.

About 30 percent of Saudis own a home and US consultancy Clayton Holdings -- which is helping set up mortgage lenders in Saudi Arabia -- estimated in 2009 that the kingdom has a deficit of 2 million residential units rising by 200,000 annually. - Reuters

Source: Trade Arabia

Dubai property show sends out ‘green’ message

2009-10-10T23:11:00.000-07:00

Delegates at the first Green Day session to be held at a leading real estate and investment event in Dubai said that sustainable construction standards should no longer be seen as a choice but the norm.

The eighth edition of Cityscape Dubai, a business-to-business property show, was held between October 5 and 8 at the Dubai International Exhibition and Convention Centre. Habiba Al Marashi, chairperson, Emirates Environmental Group and board member, UN Global Compact, said a 100 per cent mindset change was necessary to reduce carbon emissions and encourage best practices industry wide.

“It’s not just political will, leadership should be taken by the private sector which is one of the sectors lagging behind,” she said.

But Saeed Alabbar, Mechanical Engineer, Halcrow International, recognised a mindset has taken place in the UAE market.

“It was all develop-to-sell in the boom, the end user was so far removed that we all thought the customer was the developer,” he said. “Thankfully, that paradigm has shifted, and we’re seeing a develop-to-manage mentality and sustainability is coming more to the forefront.”

“Apart from tougher regulatory standards, enlightened property owners will be key as well,” said Chris Speller, group director, Cityscape. “For many property owners it is as much about managing running or operating costs as reducing their carbon emissions, but there is a sound business case for sustainability. During the boom, developers had no financial incentive to go green,” Speller added.

“However due to changing market dynamics, developers now need a competitive edge. Adopting a sustainable design not only reduces carbon emissions, it can lower maintenance and utility costs as well as increase the lifecycle of the building and therefore present a better return on investment for the building owner.”

Dr Mohammed Dulaimi, professor, British University in Dubai, said enlightened companies saw environmental sustainability as a trigger for innovation.

“Investing in a building now will enhance your competitiveness,” he said.
Richard Smith, technical director for Atkins and group chairman of Carbon Critical Buildings, said he is seeing increased interest locally in concentrated solar power and that, despite the region’s high carbon footprint, potentially the UAE is a very sustainable place in future.

The earlier session discussed which rating system is best for the Middle East – LEED, Estidama or BREEAM Gulf. As befits its east-meets-west geography, the region is one of the few globally to have such a cross-section of standards. “They are all good products and formulated on the same principles but the devil is in the detail and we have inconsistency which needs to be cleared up,” said Smith.

Source: Trade Arabia

Burj Dubai's exterior cladding work complete

2009-10-02T22:54:00.000-07:00

Exterior cladding for the Burj Dubai, the world's tallest building, is now complete, the developer said.

"The tower has accomplished a world record for the highest installation of an aluminium and glass facade. The total weight of aluminium used on the Burj Dubai is equivalent to that of five A380 aircraft and the total length of stainless steel bull nose fins is 293 times the height of the Eiffel Tower in Paris," the statement said.

The last cladding panel numbered 24,348, weighing 750kg was placed at a height of more than 662 metres, thus accomplishing the mammoth task of cladding the world's tallest building.

Arabian Aluminium Company in association with Hong Kong based Far East Aluminium began exterior cladding of the Burj Dubai in May 2007, and the vast project has involved more than 380 skilled engineers and on-site technicians.

A mixed-use tower featuring residences, corporate suites, and the world's first Armani Hotel and Armani Residences, the Burj Dubai is on course to be completed this year with work on interiors progressing simultaneously.

With a total of 24,348 cladding panels over a total curtain wall area of 132,190 square metres, the Burj Dubai's shimmering exterior minimises heat transmission and saves energy.

The total 103,000 square metres of glass used in the cladding panels can cover 14 standard football pitches and the 15,500 square metres of embossed stainless steel used can cover 34 National Basketball Association specified basketball courts.

The total length of gaskets - 2,050,000 linear metres - if laid end to end is about the distance from Dubai to Damascus, Syria (2,052 km).

The cladding materials were specially made using advanced engineering techniques. The cladding accentuates the Burj Dubai's height while lending it a shimmering slenderness. Panels of more than 18 strength specifications and over 200 sizes have been used, all of them double-glazed and factory-sealed.

The world record for the highest aluminium façade installation was achieved by the Burj Dubai earlier in the year at a height of 512 metres, less than one year after work started.

Mohammad Al Abbar, Chairman of Emaar Properties, said that the completion of the cladding work was a milestone both for the Burj Dubai and the science of high-rise engineering.

The cladding work is the largest project of its kind undertaken by Arabian Aluminium Company (Aluminium Division of Al Ghurair Construction). Bashar Kayali, General Manager of the Arabian Aluminium Company, said that under the joint venture with Far East Aluminium, Arabian Aluminium undertook the cladding work at an accelerated pace right from the design stage where the cladding of the tower was divided into multiple zones.

Source: Gulf News

Tameer completes 'Palace Towers'

2009-07-27T05:18:00.001-07:00

Tameer Holding Investment has announced the successful completion of Palace Towers development, a complex of 424 contemporary and elegant residential apartments, and 150 office suites, located in the heart of Dubai Silicon Oasis.

A leading property developer in the Middle East, Tameer, said this city leading purpose-built, high-technology park is fast becoming a prime location for quality residential property and access to modern business facilities. Residents and tenants of Palace Towers can look forward to enjoying all the benefits this vibrant location offers, said a senior official.

Federico Tauber, president of Tameer Holding Investment, commended the team responsible for successfully delivering this project.

“Tameer is dedicated to creating home and working spaces that enhance the lifestyle for its valued clients. A landmark development such as Palace Towers goes beyond just offering comfort and quality – its strategic location offers access to an enviable lifestyle,” he added.

Palace Towers is suitably situated on Emirates Road with easy access to Dubailand, Arabian Ranches and Dubai Autodrome. Its close proximity to various schools, universities and retail outlets in addition to Dubai Airport and World Trade Centre makes it an ideal location for business and residence alike. Palace Towers offers a range of amenities to its residents including a fully equipped gymnasium, children’s play area, two swimming pools, as well as cafés, restaurants and shopping facilities.

Source: Trade Arabia

Jumeirah Village property prices up 30pc

2009-07-27T05:06:00.000-07:00

Property prices in Jumeirah Village have climbed by 5 to 30 per cent from their low levels in January, according to recent reports, signifying an early recovery for the Dubai property market, which has witnessed a nine-month period of decline.

Master developed by Nakheel, Jumeirah Village is set to provide authentic Mediterranean-inspired residential, commercial and retail space, said a top official of Memon Investments, a leading Dubai-based property developer.

Driven by its commitment to offering high-value units within the Dubai’s most luxurious community developments, Memon Investments is fast-tracking the construction of ‘Gardenia I & II’ - a project strategically located in Jumeirah Village.

According to recent reports, the 811-hectare integrated master community has not been impacted to the same degree as the large number of residential properties in various locations across Dubai, and thereby presents a more profitable investment option for property purchasers today, said Ahmed Shaikhani, managing director, Memon Investments.

Consequently, an increasing number of investors are reportedly looking at Jumeirah Village for a more solid investment opportunity with a lower risk percentage. As one of the first to develop within the Jumeirah Village development, Memon Investments has reported increased demand and inquiries for its ‘Gardenia I & II’ project.

“Our capacity to identify the best master developments to build our projects in, not only in terms of facilities and prestige but more importantly in their potential to provide excellent investment returns, is the foundation of our strength as a developer,” said Shaikhani.

“We take pride in bringing to customers a variety of property units that address their requirements in luxury and style; however, we believe that we have also proven ourselves as an organisation that is dedicated to fulfill our promises to our clients amidst the rise of difficult challenges,” he added.

Located near the Cultural Centre and the renowned Central Park, Memon Investments’ 5-storey residential development will incorporate studios, one and two-bedroom units; townhouses and loft apartments, with retail units on the ground floor.

Based on the vision of Dimensions Engineering Consultants (DEC), it was designed with stuccoed walls, tiled roofs, rustic arches, solid wrought iron balcony grills, carved doors, ornamental spiral columns, marble flooring and thematic and floral patterns, he explained.

'The first of our projects in the ‘Gardenia’ series remains one of the most-awaited developments in Jumeirah Village, and we would like to reiterate that we are consistently up to the challenge of satisfying the ever-discerning tastes of our target market,' Shaikhani stated.

'We are proud of how long we have achieved in the construction process of this excellent development, which is due to our collaboration with some of the best construction partners in the region,' he added.

Source: Trade Arabia

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2009-07-01T23:05:00.000-07:00

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Qatar developer eyes funds for major deals

2009-06-17T06:29:00.000-07:00

Ezdan Real Estate Co, Qatar's largest developer by market value, said on Thursday it planned to sell some of its real estate portfolio as it seeks to raise funds for billion-dollar projects in the next five years.

Ezdan's deputy chief executive officer, Samer Wahbeh, said the company, which complies with Islamic law, would build schools, hotels, residential units and hospitals in Qatar.

"We are still quite bullish about the market and have an aggressive expansion plan and we need to fuel this growth for the company," Wahbeh told Reuters in an interview.

Ezdan, which nearly doubled its net profit in the first quarter, is likely to earn 98 million riyals ($26.9 million) in the second quarter, Wahbeh added. The company reported full-year net profit of 1.4 bln riyals in 2008.

Qatar's property sector has suffered property price drops of about 30 percent in the last six months. But the economy could grow 7 percent or more in real terms in 2009 as it boosts gas production, its central bank has said.

To help finance new real estate projects, Wahbeh is in talks to sell about 4 percent of its portfolio, worth about 600 million riyals, to a real estate investment trust (REIT) based in Malaysia, Wahbeh said.

"We are looking at good opportunities to sell part of our property at the right price," he said, adding the company was looking at similar REIT vehicles in Singapore and the Dubai International Financial Centre.

Qatar is spending billions of dollars on infrastructure and property projects as it seeks to reduce its reliance on oil and gas income, which contribute 60 percent of gross domestic product and 66 percent of state revenues.

Wahbeh did not rule out pursuing real estate projects outside Qatar.
Ezdan expects to conclude a takeover of International Housing Group, first unveiled in March, before the fourth quarter, Wahbeh said.

"This will be done through share issuance to International Housing Group by Ezdan," Wahbeh said.

"It is going to be a major competitor to Ezdan and it makes sense to acquire it," he said, estimating Ezdan's assets are worth between 14 to 16 billion riyals, including projects under construction.

The companies share a chairman and both focus on developing property for the middle-income segment -- a fact that has enabled Ezdan to shrug off a property market decline since middle-income housing is facing a lack of supply, he said.

"If we are going to revise our prices, it is not going to exceed 10 percent, which is the maximum," Wahbeh said.

On the whole, Qatar home prices have fallen as much as 30 percent in the last six months due to the global slowdown, but lingering demand for property will limit price weakness, real estate Services Company Jones Lang LaSalle said in May.

Source: Trade Arabia News

Saudi property market 'offers good value'

2009-06-17T06:26:00.000-07:00

The Saudi property market offers some of the strongest fundamentals in Gulf and international investors must take a close look at the sector, says a new report from HSBC.

Saudi Arabia is unique in the Gulf in that it has a large and under-provided domestic market, and the bank estimates that the country will need one million new homes by 2014.

Real estate companies in Saudi Arabia are set to benefit from macro-economic trends and socio-economic factors, it said.

In a comprehensive report on the sector, HSBC’s team concluded that Saudi Real Estate merits investment because:

• The shortfall of new homes required is unlikely to be met, meaning prices and rents will continue to rise

• The kingdom’s young population is set to expand

• The average number of people living in each dwelling is expected to continue to fall

• Homes remain relatively affordable in the kingdom, compared to other gulf countries

However, the report does not ignore risks: The slowing global economy will have an impact on Saudi Arabia, and the bank predicts property prices and rents to decline by 15 per cent in 2009 in certain areas.

But HSBC’s analysts see the country’s fundamentals as being stronger than the risks.

International institutions have been able to invest indirectly in Tadawul-quoted stocks since summer of 2008.

“These are interesting times for investors looking at Saudi Arabia,” said Raj Sinha, head of equity research, HSBC Saudi Arabia. “The kingdom looks set to emerge from the credit crisis in a better shape than many other emerging markets, and we remain positive towards the prospects for the Kingdom’s listed companies.”

HSBC was the first international bank to establish an investment banking operation in the Kingdom, and is now the largest and most widely represented international bank in Saudi.

Source: Trade Arabia News

UAE 'attractive for long term investments'

2009-06-17T06:23:00.000-07:00

The UAE property market remains attractive for long term investors amidst economic crisis with Bahraini investors pumping over Dh95 million ($25.8 million) into the Emirates’ property market in the first quarter of 2009, said an expert.

The real estate developers in the UAE are now shifting their focus towards the completion of their projects and thereby strengthening the confidence of buyers across the globe, according to Bonyan International Investment Group, a leading real estate company in Dubai.

In addition to the completion of a wide selection of luxury and mid-priced developments, investor’s confidence is also rising as a result of the government’s efforts to provide unprecedented benefits to foreign buyers, said Faris Masoud, CEO of Bonyan International Investment Group.

The new multi-visit entry visa scheme, which enables property owners to enter the country and stay for up to six months, has been a timely step, he noted.

Furthermore, the UAE Government has also taken bold steps to inject liquidity into the market, including the $20 billion stimulus package, which is expected to help the construction sector to pick up in the coming months, he pointed out.

"Among the top UAE real estate investors are Bahraini nationals, who have pumped over Dh95 million into the UAE property market in the first quarter of 2009 as reflected by recently published reports by REIDIN.com.," Masoud added.

In line with this, the group has announced that it is currently looking to recruit new sales agencies across GCC to maximize the opportunity presented by this latest market development.

“We are witnessing positive indicators that the property industry is changing for the better, indicating that the real estate sector will begin to be active and profitable,” said Masoud.

“In anticipation of this, we are intensifying our efforts to further extend our capacity to meet our customers’ needs by extending our sales partner network, which will make our projects more accessible to potential customers across the GCC."

"We are also looking into expanding our project portfolio to provide investors with high quality projects that are ideal for long term investments," he added.

Bonyan has developed Dh3 billion worth of residential and commercial developments in Dubai, including ‘Rose Tower’, ‘Lulu Tower’, ‘ABBCO Tower’, ‘Dubai Gate 1’, ‘Dubai Gate 2’ and ‘Sharjah Gate Tower’ in Sharjah.

In addition, the developer has also built an impressive portfolio of projects in Qatar, including ‘The Lagoon Plaza’, a 34-floor twin apartment tower, and ‘The Palm Tower’.

"We have built a strong repute among Bahraini investors as the developer of high-quality projects, and our goal is to build further developments that can be classified as ideal long term investments by the global real estate community," Masoud noted.

"In line with our aims to penetrate the rest of the GCC states, our strategy consists of hitting the delivery target we have set for our projects to impress upon our valued customers our credibility and trustworthiness as a developer,” he added.

Source: Trade Arabia News

Property crisis less severe than reported

2009-04-01T01:33:00.000-07:00

Many expatriates in the region believe that the property crisis is less severe than generally reported, according to a study by Zurich International Life (Zurich).

But the research shows many believe that the property market is still overvalued, said a statement.

According to the latest Wealth Monitor poll conducted by Zurich, half of those interviewed (48 per cent) in the UAE would spend any extra income on property, while 72 per cent would do so in Bahrain. Year on year, this is a 20 per cent rise for the UAE.

Carlos Sabugueiro, CEO of Zurich International Life, Middle East and Africa, commented: “We feel there is a healthy, long-term growth story within the GCC. We appreciate that the UAE has taken by far the greatest economic hit in the region, but Bahrain is looking quite healthy. Presently it is focused on developing its own infrastructure, notably the airport, sea port and causeway, which will filter benefits to the local economy and housing market. So it comes as no surprise that Bahrain expats are looking to spend their extra income on property.”

To emphasize the above point further, over 65 per cent of those questioned in Bahrain have property as one of their current investments, with the UAE at 27 per cent. However, it appears that only 17 per cent of those living in the UAE are worried about paying their mortgage, compared to 45 per cent in Bahrain, the study said.

Meanwhile, there are some lingering concerns about the price of property, with over 50 per cent of UAE and Bahrain expatriates stating that property is still too expensive to buy, the report said.

Source: Trade Arabia News

Tiger Woods Dubai signs new infrastructure deal

2009-03-23T01:36:00.000-07:00

The Tiger Woods Dubai, a member of Tatweer Dubai, has announced the signing of a new agreement with UAE–based Al Nasr Contracting Company for infrastructure works at the 55 million sq ft development.

With a primary focus on the golfing components of the project, Nasr’s scope of work will include tunnel boring and construction of a pump stations for the provision of water to the courses 3.3 million sq feet of lakes, installation of permanent irrigation lines and constructions of roads and utilities connecting residential plots with the clubhouse.

Abdulla Al Gurg, project director, The Tiger Woods Dubai, said: “Al Nasr has a strong track record and has proven to be an invaluable partner in the development of The Tiger Woods Dubai.

“Quality, integrity and excellence remain central to this unique project and we are happy to have the commitment of Al Nasr as we proceed toward our goal of becoming one of the most sought after golf destinations in the world.”

Said Saade, general manager, Al Nasr Contracting, said: “We are certainly pleased to be continuing our relationship with The Tiger Woods Dubai and intend to contribute key deliverables to what we are sure will be a landmark development.”

Source: Trade Arabia News

JP Morgan to advice on Qatar property merger

2009-03-20T01:48:00.000-07:00

Qatar Real Estate Investment Co (Alaqaria) said on Sunday it had appointed JP Morgan as the financial adviser for its proposed merger with Barwa Real Estate Co.

In January, Qatar's government ordered the two domestic property firms to merge, one of four consolidations announced in the world's biggest exporter of liquefied natural gas in recent months as the global financial crisis batters the Gulf.

Consolidation in the oil-exporting Gulf region has been on the rise since late last year as the financial crisis and an oil price slump ended an economic boom, forcing firms involved in everything from property to investment to search for ways to weather the downturn.
"Alaqaria has appointed JP Morgan to act as its exclusive financial advisor to conduct the necessary analysis," Qatar Real Estate said in a statement on the bourse website.

Barwa, an affiliate of state-owned Qatari Diar, and Alaqaria, in which the government owns a minority stake, said in January they were in the early stages of examining terms and conditions of the merger.

Source: Trade Arabia News