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Dubai’s rent index no longer updated every four months

Aug 31 ,2015, city : Dubai

The Dubai rent index is no longer being updated every four months, as it had been since its launch in 2009, the Dubai Land Department (DLD) has said.

The DLD confirmed that the rental index, which is used to map out maximum allowable rent increases on the expiry of a lease in developments across the city, would be only upda... More..

Dubai developer Deyaar launches Afnan, first phase of Midtown project

Aug 31 ,2015, city : Dubai

Deyaar Development has announced the launch of the first phase of its Midtown master development in Dubai’s International Media Production Zone (IMPZ).

The company said that sales for the Afnan district would begin this month. It will contain seven residential buildings ranging in size from 7- to 17-storey blocks. The... More..

Abu Dhabi’s Aldar Properties to launch sale of 1,000 villas on Yas Island next week

Aug 31 ,2015, city : Abu Dhabi

Abu Dhabi’s largest developer Aldar Properties is to start marketing more than 1,000 villas, available only to Emiratis, on Yas Island next week.

West Yas, a planned development of 1,017 four and five-bedroom villas, will go on sale on September 12 at the Crowne Plaza hotel on Yas Island.

Aldar said tha... More..

Arabtec seeks to keep $40bn Egypt housing contract on track

Aug 30 ,2015, city : Dubai

Arabtec Construction is reportedly working to thrash out differences with Egypt’s housing ministry over plans to build 1 million low-cost homes in the North African country amid reports that the government is set to scrap the agreement.

It is understood that top Arabtec executives plan to fly to Egypt this week in an ... More..

Laing O’Rourke to rebuild UAE presence

Aug 30 ,2015, city : Dubai

The UK contractor Laing O’Rourke is rebuilding its operations in the UAE following a dramatic downsizing after the 2008 financial crisis.

The company’s Middle East managing director, Mark Andrews, said that the company was on track to “more than double turnover we did in the last financial year for the Mid... More..

Owners of JustRentals and JustProperty sell ‘significant’ minority stake to iMENA Group

Aug 30 ,2015, city : Dubai

The owners of the JRD Group, the parent of the and portals in Dubai, have sold a “significant” minority stake in their business to the iMENA Group, which is headquartered in the UAE.

Alex Nicholas and Siddharth Singh, former Accenture executives from Britain who moved to Dubai in... More..

Deyaar Development and the Ascioglu Group of Turkey join hands

Aug 29 ,2015, city : Dubai

Dubai’s Deyaar Development has announced a partnership agreement with the Ascioglu Group in Turkey on a series of projects.

The pair have signed a memorandum of understanding that Deyaar said would bolster its expansion plan across the Middle East.

The Ascioglu Group, based in Istanbul, said the agreeme... More..

Mega waterfront development planned for Sharjah

Aug 28 ,2015, city : Sharjah

A new mega waterfront city that will be able to house 200,000 residents upon completion has been planned in Sharjah, according to its developer.

Spread across 36km of coastline, the Sharjah Waterfront City project is slated to become the emirate’s largest commercial, residential and tourism development with a total ar... More..

GCC construction contract values fall as a result of cheaper oil

Aug 27 ,2015, city : Dubai

The value of contract awards for GCC construction projects in 2015 is likely to be US$194 billion – down $2bn on last year’s total awards of $196bn, according to a new study.

The GCC Construction Industry – Trends and Challenges for 2015 report produced by research firm Ventures Onsite for The Big 5 trade ... More..

Depa reports a 44% decline in H1 profit as projects hit by delays

Aug 27 ,2015, city : Abu Dhabi

The Dubai fit-out contractor Depa revealed a 44 per cent drop in net profit for the first half of the year to Dh15 million.

Revenue also fell back by 4 per cent to Dh841m in the same period.

The company blamed the lower profit figure on cost revisions on a few major projects, as well as extra costs incurred a... More..

Majestic English-style home on Palm Jumeirah is yours for Dh45m

Aug 27 ,2015, city : Dubai

While many villas on Palm Jumeirah have a similar look, the ‘signature’ villas that Nakheel cleverly spread across the 16 fronds of Palm Jumeirah claim an exclusivity and style sometimes missing elsewhere.

Each villa has a built-up area of 7,000 square feet on a 13,000 sq ft plot size. These villas come in sever... More..

Langham Hospitality in talks to open hotel in Abu Dhabi as part of regional expansion

Aug 26 ,2015, city : Abu Dhabi

Hong Kong // Langham Hospitality Group is in talks to open a property in Abu Dhabi as part of a region-wide push that is also targeting Oman, Qatar, Saudi Arabia, Bahrain and Lebanon.

“We’re working on something in Abu Dhabi. We think that’s an attractive market,” said Robert Warman, its chief execut... More..

Faithful and Gould appointed cost consultant on Al Maryah Central project

Aug 26 ,2015, city : Abu Dhabi

Faithful and Gould, a London construction and engineering consultancy, has been appointed as a cost consultant on the first phase of Gulf Related’s US$1.5 billion Al Maryah Central project in Abu Dhabi.

The announcement about Faithful and Gould follows the appointment of the Australian contractor Brookfield Multiplex ... More..

Can Dubai tenant sublease property on airbnb?

Aug 26 ,2015, city : Dubai

I have a question regarding Airbnb which, like everywhere, seems to be becoming an increasingly popular platform in the UAE. Given that many rental agreements have clauses stating that subleasing a property is not permitted, do you think that there is going to be a clamp down on individuals wanting to rent out their flats? Is it advisable... More..

Dubai property slowdown ‘due to tighter rules, not oil slump’

Aug 26 ,2015, city : Dubai

Dubai’s tighter property rules aimed at preventing a housing bubble are the main cause of a slowdown in the emirate’s real estate sector rather than a sustained drop in oil prices, industry experts said.

Dubai has a low reliance on oil despite hydrocarbons providing three-quarters of the UAE’s consolidated... More..

Dubai stock index rebounds into positive territory

Aug 25 ,2015, city : Dubai

Dubai’s main stock index rebounded into positive territory in the late morning on Monday after earlier plunging in response to the slide in global equity markets.

The main Dubai index was up 1.1 per cent at 3,488 points, after earlier been down as much as 6.1 per cent to 3,241 points, just above major technical supp... More..

Omniyat to launch another Dh1bn hotel in Dubai’s Business Bay within 12 months

Aug 25 ,2015, city : Dubai

HONG KONG // Omniyat is set to launch another Dh1 billion hotel project in Business Bay in Dubai within the next 12 months, says Mahdi Amjad, its executive chairman.

The company is in talks to bring in another hotel operator to the city following the deal it announced with Langham Hospitality Group yesterday. The ME by Meli... More..

Construction contract awarded for Town Square townhouses in Dubai

Aug 24 ,2015, city : Dubai

The flagship development at Nshama’s Town Square project in Dubai has taken a further step forward with the construction contract for its Zahra and Hayat Townhouses awarded to Gulf Beaver Group.

“Town Square is now taking concrete shape with work on the project ongoing ahead of schedule,” said Fred Durie, ... More..

British expat’s Dubai rental woes turn him from oil broker to property guru

Aug 23 ,2015, city : Dubai

Toby Young has been rather unlucky when it comes to renting properties. The Briton moved to Dubai six years ago, and has had to deal with a problem almost every year since.

One year his landlord failed to pay the service charge, leaving Mr Young unable to access certain services in his building.

Another landl... More..

Dubai property to remain attractive to Chinese buyers despite domestic slowdown

Aug 23 ,2015, city : Dubai

China’s devaluation of the yuan against the US dollar is unlikely to dampen Chinese investors’ enthusiasm for Dubai property.

Indeed, property prices in the emirate remain “very reasonable” for Chinese investors compared to their home markets, according to Wang Liao, who owns Atomic Properties, which... More..

Firm economic growth and rising demand to bolster Abu Dhabi’s property market, says agency

Aug 23 ,2015, city : Abu Dhabi

Abu Dhabi’s property market will likely remain resilient this year on the back of firm economic growth and growing demand for properties, said the international property agency Chestertons.

Robin Teh, the agency’s country manager for the Middle East and North Africa, yesterday said the capital’s real estat... More..

Arabtec denies media report it is pulling out of $40 billion housing project in Egypt

Aug 20 ,2015, city : Dubai

Arabtec has denied that it is withdrawing from its US$40 billion contract for the construction of 1 million new homes in Egypt, insisting that the matter was still being discussed in Cairo.

A report in the Arabic language Alwatan newspaper on Tuesday said the builder was preparing to announce its withdrawal from the project... More..

Dh59 million apartment at Le Rêve is a palace in the Dubai sky

Aug 20 ,2015, city : Dubai

For those willing to spend Dh59 million on a property, it must have something that few others offer.

Le Rêve is one such property.

Although there are several high-rise buildings in Dubai known for their height, offerings, hotels or a combination of all three, Le Rêve, a 52-storey residential tower... More..

Parsons wins Dubai Expo 2020 site contract

Aug 19 ,2015, city : Dubai

Construction consultancy Parsons is to carry out the design and supervise construction of all of the infrastructure works for Dubai’s Expo 2020 site.

The US-based firm said that work will involve designing, monitoring and delivering all infrastructure works for a 438-hectare site, which will include several pavilions,... More..

Dubai to take Spanish lessons for smarter cities

Aug 19 ,2015, city : Dubai

Dubai Municipality will today sign an initial agreement with Barcelona City Council to share their best practices for creating smart cities.

The deal will be signed by Hussain Lootah, the director general of Dubai Municipality, and Josep Pique, the chief executive of Barcelona City Council’s economic growth office, as... More..

Ras Al Khaimah tenant and landlord disagree on rent cap

Aug 19 ,2015, city : Ras Al Khaimah

We have a tenant in our property in Ras Al Khaimah while we live in Dubai. She has been there for two years paying monthly rent as she could not afford the full 12 months. Some of her rent cheques have bounced and we have been very flexible with her. The rent is Dh70,000 per year. We have now told her that most rents are at about Dh90,000... More..

Abu Dhabi Urban Planning Council approves 26 projects in Q2

Aug 17 ,2015, city : Abu Dhabi

The number of new developments approved by the Abu Dhabi Urban Planning Council increased by around 24 per cent in the second quarter of the year when compared to the previous quarter.

The Abu Dhabi UPC revealed that it had given the go-ahead to 26 projects in Q2, up from 21 developments in Q1.

The total floo... More..

Abu Dhabi’s Urban Planning Council green lights slew of projects

Aug 17 ,2015, city : Abu Dhabi

The total floor area of projects approved by Abu Dhabi’s Urban Planning Council (UPC) more than tripled in the second quarter of the year with the amount of land under development in the emirate on course to be significantly higher in 2015 compared to last year.

The UPC said that 26 development projects spanning a tot... More..

Dubai builder Arabtec declares six-month loss of Dh1.3bn

Aug 16 ,2015, city : Dubai

Shares of Arabtec fell 5.3 per cent on Sunday after the contractor posted heavy losses, the third quarter of losses in a row, because of “a number of poorly performing projects”.

The Dubai-listed builder swung to a second-quarter loss of Dh996.4 million from a profit of Dh113.5m in the year-earlier period. Arabt... More..

Abu Dhabi Financial Group targets additional acquisitions and overseas expansion

Aug 15 ,2015, city : Abu Dhabi

The Abu Dhabi Financial Group, an alternative investment company with US$3 billion in assets, plans to make more acquisitions in financial services and expand its debt portfolio by two-thirds, its chief executive said.

The group will make at least one acquisition this year, after concluding in March a 45 per cent stake in t... More..

Off hours: Dubai hospitality chief spends weekends in his own hotels

Aug 13 ,2015, city : Dubai

Abdulla bin Sulayem is chief executive of the hospitality development company Seven Tides and of property company Asteco. After completing his degree in business at Middlesex University, the Emirati joined Dubai-based property developer Nakheel in 2005 as director of operations. Mr bin Sulayem, 31, spent six years with the company before ... More..

Falling Dubai house price inflation suggests cooling property market

Aug 13 ,2015, city : Dubai

Official figures for last month showed house price inflation in Dubai falling below 7 per cent per year for the first time since last October.

That is the first sign in government data that Dubai’s housing market may be starting to cool – as official inflation figures lag behind private sector estimates that sho... More..

Dubai property prices are falling faster than rents

Aug 12 ,2015, city : Dubai

Prices in Dubai’s property market are falling at a much faster rate than rents, according to ReidIn data.

The latest UAE Residential Market Overview from ReidIn shows that sale prices have dropped 4 per cent during the last three months, while rents have fallen by just 2 per cent. Over a 12-month period, Dubai sale pr... More..

Evicted Dubai resident seeks compensation after finding family living in property

Aug 12 ,2015, city : Dubai

My landlord gave me less that one year to vacate on the grounds that he wanted to use the apartment for “his own personal use”. The notice was stuck to my door one day. I assumed he meant to take back the property for his own use or that of his immediate next of kin. I moved out and moved into a more expensive apartment. I sub... More..

Dubai Marina property prices plunge by up to 18 per cent

Aug 12 ,2015, city : Dubai

Property prices in Dubai Marina have dropped by as much as 18 per cent over the past three months, according to the classifieds website Dubizzle.

The company’s second-quarter report shows that sale prices for a studio apartment fell by 18 per cent in the Marina to Dh900,000, while three-bed properties dropped in price... More..

Nakheel continues push into Dubai retail with second Al Furjan mall

Aug 11 ,2015, city : Dubai

Nakheel’s aggressive push into Dubai’s retail market shows no sign of abating as it presses on with community malls, with another planned at Al Furjan.

The developer plans to announce the project imminently, according to people with knowledge of the matter.

The second mall at Al Furjan – a d... More..

Dubai Properties signs four-hotel deal with Starwood

Aug 11 ,2015, city : Dubai

Dubai Properties has signed a deal with Starwood Hotels & Resorts for four new mid-range hotels in Dubai.

The agreement means Starwood will open three of its Aloft-branded hotels and one Element hotel – both of which are new brands to the city. They will all be based in newer areas of the city along the Sheikh Moh... More..

Nakheel signs Al Tayer brands to Al Khail Avenue mall in Dubai

Aug 10 ,2015, city : Dubai

Nakheel has agreed a deal with Al Tayer Group to bring in a group of the UAE conglomerate’s retail brands into its new Al Khail Avenue shopping mall in Dubai.

The developer said the deal will see Al Tayer Group take 54,000 sq ft of space in the new 1.2 million sq ft mall. Al Tayer Group will use the space to take unit... More..

Former employee left homeless after S&K collapse in Dubai

Aug 9 ,2015, city : Dubai

DUBAI // A former employee of a? property company that closed last month has been left homeless, penniless, jobless and unable to leave the country.

The operating licence of S&K, also known as Smith & Ken, was revoked in June but it continued trading until July 21.

The closure left more than 80 staff ... More..

Al Noor Hospitals agrees Dh1bn deal to expand three Abu Dhabi sites

Aug 9 ,2015, city : Abu Dhabi

Al Noor Hospitals has agreed to long-term leases worth about Dh1 billion with its landlord, Al Saqr Property Management, that will allow it to expand its three main hospitals in Abu Dhabi as it taps into one of the fastest-growing healthcare markets in the region.

New blocks being built at Al Ain Hospital and its Airport Ro... More..

Gulf Related awards $425m Al Maryah Central contract to Australian builder

Aug 9 ,2015, city : Dubai

The real estate developer Gulf Related has awarded the Australian contractor Brookfield Multiplex a US$425 million contract to build the Al Maryah Central mall in Abu Dhabi.

The contract marks the completion of enabling works and the start of vertical construction on Al Maryah Island. Work is slated for completion in March ... More..

Dubai’s Union Properties Q2 net profit falls 96% to Dh19.4 million as home sales slump

Aug 9 ,2015, city : Dubai

The Dubai-listed Union Properties yesterday said that its second-quarter net profit plummeted 96 per cent because of lower property management and sales revenue, and lower gain on property valuations.

Profit attributable to the shareholders of the company plunged to Dh19.4 million from Dh527.3m, the firm said in a statement... More..

Marina Bloom project in Abu Dhabi moves step closer to completion

Aug 9 ,2015, city : Dubai

Al Shafar General Contracting (ASGC) has completed structural work of the Marina Bloom project at Abu Dhabi Marina, which is being carried out for Bloom Properties.

The project in the Al Bateen area of the city features a five-star hotel, 57 executive serviced apartments and waterfront retail areas. Work started in April la... More..

Qatar to remain GCC’s strongest construction market regardless of World Cup fate

Aug 6 ,2015, city : Dubai

Qatar’s construction sector will continue to achieve the strongest growth in the GCC regardless of the fate of the Fifa 2022 World Cup, according to a new report.

BMI Research forecasts the Qatar market will grow at an average rate of 10.2 per cent over the next decade. It said Qatar’s construction sector record... More..

Back-weighted Dubai property plans soar in popularity among investors

Aug 6 ,2015, city : Dubai

The number of developers in Dubai offering back-weighted payment plans has risen dramatically in a bid to tempt more buyers into the marketplace, according to new research.

The report from ReidIn/Unitas, titled The Curious Case of Payment Plans, states that 55 per cent of all off-plan property launches now offer back-weight... More..

Villa at Aga Khan’s Costa Smeralda Resort in Sardinia for sale at Dh60m

Aug 6 ,2015, city : Dubai

A seven-bedroom luxury residence at the Aga Khan’s Costa Smeralda Resort in Sardinia is on the market for £10.6 million (Dh60.8m).

The single-storey Villa Amoras is one of 12 luxury villas in the upscale (obviously) neighbourhood of Miata at Porto Cervo, at the northern end of the Italian island. The villa overl... More..

Arabtec talks continue with Cairo over $40bn residential project

Aug 5 ,2015, city : Dubai

Arabtec’s shares climbed 6.61 per cent on Wednesday on news of ongoing talks on the Dubai-listed contractor’s low-cost housing project in Egypt.

Arabtec shares jumped to Dh2.42 after the builder said it is still in talks with the Egyptian government to implement the first phase of the US$40 billion housing proje... More..

Dubai’s Damac Properties Q2 profit up 50 per cent, shares soar

Aug 5 ,2015, city : Dubai

Damac Properties reported a 50 per cent increase in net profit for the second quarter of 2015 to Dh1.4 billion on the back of a 12 per cent increase in revenues to Dh2.3bn.

Over the first six months of the year, it achieved a net profit of Dh2.7bn, which was 37 per cent higher than the Dh1.7bn achieved last year. Turnover w... More..

Dubai landlord fails to return Dh9,500 deposit after tenant wrongly evicted

Aug 5 ,2015, city : Dubai

Last year our landlord gave us a “one year non renewable” contract, mentioning verbally that she wants to sell. We vacated the villa at the end of the tenancy but landlord has not returned our Dh9,500 deposit. It has been two months since we vacated and she will not reply to our calls, text messages or emails. On top of that I... More..

Meydan launches huge Dubai project with world’s tallest residential tower

Aug 4 ,2015, city : Dubai

The developer Meydan has announced the launch of a new scheme known as Meydan One featuring a 711m-high tower, a huge new mall, the world’s largest indoor ski slope, a 25,000 sq metres indoor sports facility, the biggest dancing fountains in the world, a beach and a civic plaza capable of hosting up to 60,000 people. It is also to c... More..

Quarterly profit rises 18% for Abu Dhabi’s Aldar Properties

Aug 4 ,2015, city : Abu Dhabi

Aldar Properties yesterday reported an 18 per cent annual increase in net profit for the second quarter.

The company attributed the rise to higher recurring revenues from its retained portfolio, as well as higher development margins and lower finance costs.

The Abu Dhabi-listed developer made a net profit of ... More..

Falling prices don’t mean property market maturity

Aug 3 ,2015, city : Dubai

It feels a bit like the Monty Python parrot sketch.

The property pundits keep telling us the Dubai market is just sleeping.

Are prices falling? No sir, just stabilising.

Should we worry? No sir, it’s the sign of a mature market sir – lovely plumage, the Norwegian Blue.

... More..

Bahrain’s $650m Villamar project to restart

Aug 2 ,2015, city : Dubai

Gulf Holding Company (GHC), the developer of the long-delayed Villamar project close to the Bahrain Financial Harbour complex, has said that work is restarting after the restructuring of the project’s finances.

The US$650 million project comprises three twisting towers of 54, 52 and 43 storeys, which are to contain a ... More..

Emaar Properties second-quarter earnings outpace forecasts

Aug 2 ,2015, city : Dubai

Emaar Properties yesterday said firm growth at its retail, malls and hospitality units led a 16 per cent rise in second-quarter earnings that beat expectations.

Net profit rose to Dh1.18 billion from the same period last year as revenue rose 16 per cent to Dh3.48bn from the first quarter.

The Securities &... More..

Senior Emaar Misr executives depart as IPO disappoints

Aug 2 ,2015, city : Dubai

Two senior executives at Emaar’s Egyptian unit have resigned as the developer’s much anticipated IPO failed to meet investor expectations.

Walid El Hindi, the chief development officer, and Ahmed Fathallah, chief investment officer, have resigned to “pursue new opportunities”, said the Cairo-based Em... More..