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Arabtec shares soar after former chief Hasan Ismaik raises stake in Dubai builder

Feb 29 ,2016, city : Dubai

Arabtec’s former chief executive Hasan Ismaik has increased his shareholding in the builder, sending its shares soaring to their highest level since November.

Mr Ismaik’s shareholding in the company increased to 11.91 per cent from 11.81 per cent, according to the Dubai Financial Market website. The stock rose b... More..

Dubai’s villas suffer more rental erosion

Feb 28 ,2016, city : Dubai

Dubai: Rents for apartments in Dubai’s freehold clusters have remained resilient all through the current downturn compared to their villa counterparts, which have seen declines of 3-12 per cent since Q1-15.

In comparison, the sharpest rental declines in apartment clusters have been in the range of 5-6 per cent, and ex... More..

Launch day sell-out for first release of Dubai Properties’ Serena

Feb 27 ,2016, city : Dubai

Dubai: Dubai Properties (DP), a Dubai-based real estate master developer, on Saturday announced that the release of the first phase of its Spanish Mediterranean-inspired new community, Bella Casa at Serena, was sold out on launch day.

The pre-sales online registrations received an immense response from interested buyers. Du... More..

Azizi says Dubai property to recover fast as it launches Palm Jumeirah project

Feb 25 ,2016, city : Dubai

Afghan developer Azizi Developments has become the latest in a string of property companies to launch new off plan luxury apartments in Dubai.

Marketing a block of 90 partly-built apartments on Palm Jumeirah with a press conference and marketing shindig aboard a yacht sailing from Dubai Marina, Azizi attempted to lure poten... More..

Tropical island home just a short hop from the UAE

Feb 25 ,2016, city : Dubai

With its turquoise blue waters, white beaches and lush vegetation, homes in Eden Island, a 56-hectare housing and marina development in the Seychelles, should be an easy sell.

“Welcome to your home in Paradise”, reads the slogan on the advertisements, displaying pictures of happy families sailing in yachts.

Nakheel in deal for Dubai luxury hotel

Feb 24 ,2016, city : Dubai

Nakheel signed up with Thailand’s Minor Hotel Group to manage the developer’s second property at Ibn Battuta Mall in Dubai.

The mall, which is undergoing an expansion, expects to open the 372-room property in 2018. It will be branded as one of the upscale Avani Hotels and Resorts. A second property at the mall, ... More..

DP World signs contracts for huge fourth terminal at Jebel Ali

Feb 24 ,2016, city : Dubai

DP World yesterday signed two major construction contracts for its US$1.6 billion futuristic fourth terminal at Jebel Ali port.

The Dubai company, which is one of the largest ports operators in the world, awarded the contracts to Dutco Balfour Beatty and BAM International Abu ­Dhabi for the new terminal that will be bui... More..

How Dubai tenants can get their rent deposit back

Feb 24 ,2016, city : Dubai

I recently moved out of my apartment. I was given the all-clear for the checkout report by the landlord’s son, who undertook the inspection on his father’s behalf (the landlord is based overseas). It has now been almost a month and the landlord refuses to respond to my emails or calls and I am yet to receive my deposit... More..

UAE property insurance premiums to soften despite blazes

Feb 22 ,2016, city : Dubai

Property insurance premiums in the UAE could fall this year despite a spate of high-rise fires because of excess capacity in the market, a new report from Marsh shows.

The global insurance brokerage expects overall property premiums to fall by between 10 and 20 per cent amid fierce competition in the sector.

... More..

Dubai property developers try new ways of attracting buyers as market remains in a rut

Feb 22 ,2016, city : Dubai

Dubai property developers are offering increasingly generous terms to clinch sales in a softening market.

Incentives include deferred-­payment plans and guarantees over income and capital values.

Last week, Emaar Properties and Meraas Holding even offered a deal where investors can pay 40 per cent of the ... More..

Dubai builder Arabtec to be more selective in taking on work

Feb 21 ,2016, city : Dubai

The UAE contractor Arabtec is adopting “a more selective approach to project tendering” after posting a preliminary loss of Dh2.3 billion in 2015, which it blamed on a difficult regional construction market and some poorly performing projects.

Saeed Al Mehairbi, the acting chief executive of Arabtec, said that t... More..

Contractors face slowdown in Abu Dhabi unless new projects come to market

Feb 20 ,2016, city : Abu Dhabi

Abu Dhabi’s construction sector is set to outperform the emirate’s wider economy this year, but there are fears that not enough projects are coming to market to replace those being completed.

BMI Research said Abu Dhabi’s GDP growth is set to slow to 2.8 per cent this year, down from 4.3 per cent last year... More..

Damac to build luxury flats with car lifts next to Dubai Canal

Feb 20 ,2016, city : Dubai

The property developer Damac is building new luxury flats next to the Dubai Canal, each with their own car lifts.

The six-tower, 4 million square foot project, Aykon City, will be built on Sheikh Zayed Road.

In the 2012 US presidential election, Mitt Romney’s wealth raised eyebrows when it was disclosed... More..

Damac pays Dh1.2bn for site overlooking extended Dubai Canal

Feb 18 ,2016, city : Dubai

Damac’s Dh1.2 billion purchase of a prime area of land overlooking Dubai’s still under-construction canal is just the first of what is likely to be a string of deals, with developers looking for ever-popular waterfront sites, according to property experts.

Damac announced that it had bought a 4 million square fe... More..

Abu Dhabi short-stay apartment stock gets luxury addition – in pictures

Feb 18 ,2016, city : Abu Dhabi

When it comes to choices for places to stay, businesspeople in Abu Dhabi are spoiled.

Between 2012 and 2015, about 5,000 new hotel rooms and serviced apartments were added to the market, and almost 5,000 more are due in the next two years, according to JLL. This surge in supply has been matched by demand, with STR Global fi... More..

Emirates Reit decides it is time to buy low as Dubai market softens

Feb 17 ,2016, city : Dubai

The UAE’s only quoted real estate investment trust, Emirates Reit, has increased its borrowings to capitalise on a softening in the Dubai market this year.

The Nasdaq Dubai-listed Emirates Reit said that it had increased its Islamic financing facilities by US$123 million last year in an attempt to buy more buildings a... More..

Dubai tenant gives landlord the runaround and racks up Emaar fine

Feb 17 ,2016, city : Dubai

We bought a property in Dubai five years ago – a one-bedroom apartment plus study. We rented it out as soon as we received the key and did not increase the rent, even though we could have done so last year. Every year it has been a struggle to find the tenant to renew the contract; it has almost felt as if we are begging him... More..

Latest from Abu Dhabi’s Bloom Gardens villa project

Feb 17 ,2016, city : Abu Dhabi

The Abu Dhabi-based private property developer Bloom Properties is continuing to press ahead with construction work on another 147 villas at its Bloom Gardens neighbourhood near Khalifa Park in the capital.

Bloom, which is part of Abu Dhabi conglomerate National Holding, published a series of photographs showing constructio... More..

Lenders more cautious in funding Dubai office tower projects

Feb 16 ,2016, city : Dubai

Developers of commercial offices in Dubai increasingly need to have pre-lease deals and occu­piers signed up before construction work begins to secure funding, according to Cluttons estate agency.

“I think now if you were to go to a bank and say: ‘Our plan is to buy this land, build a building and then secur... More..

UAE-based contractor launches ‘revolutionary’ modular building arm

Feb 16 ,2016, city : Dubai

UAE-based Amana Contracting & Steel Buildings has launched a new modular building arm, which founder Chebel Bsaibes, says could revolutionise the region’s construction industry.

DuBox is a manufacturer of modular construction units and comes after a four-year R&D programme and an investment of Dh50 million.More..

Emaar to open a Rove hotel next to Dubai Parks and Resorts

Feb 16 ,2016, city : Dubai

Developer Emaar expects to open its first Rove hotel near the massive theme park under construction on the outskirts of Dubai.

The 458-room, mid-market Rove At The Park will open adjacent to Dubai Parks and Resorts in Jebel Ali. The company did not announce an opening date.

Rove Hotels expects to operate 10 h... More..

Dubai’s Al Habtoor Group buys historic Hotel Imperial in Vienna from Starwood

Feb 16 ,2016, city : Dubai

The Dubai conglomerate Al Habtoor Group has added its seventh overseas property to its hotel portfolio with an acquisition in Vienna.

The company acquired the historic Hotel Imperial from New York-listed Starwood Hotels and Resorts for US$78.8 million, according to the US-based company.

The announcement comes... More..

Fourth-quarter profit at Abu Dhabi’s Aldar gets boost from property portfolio

Feb 15 ,2016, city : Abu Dhabi

A jump in the value of Aldar’s investment properties boosted its fourth-quarter results on Monday, as the company continues to position itself as Abu Dhabi’s biggest landlord.

Fourth-quarter profit rose 5.6 per cent in 2015 compared with the year-earlier period, Aldar Properties stated on Monday.

... More..

Most fire-resistant panels still being ignored for UAE towers despite spate of blazes

Feb 15 ,2016, city : Dubai

The most fire-retardant wall panels are still not being used on buildings across the country, despite a spate of facade blazes.

Three of the world’s top alu­min­ium composite panel makers have confirmed that demand for their highest-rated panels is almost non-existent across the region.

And an u... More..

Sharjah and Ajman property prices fall as Dubai developers offer cheaper homes

Feb 15 ,2016, city : Sharjah

Sales of new homes in the Northern Emirates are likely to remain subdued this year as a “bleak economic outlook will affect buyers’ sentiment”, according to a report from the property consultancy Asteco.

The Northern Emirates are typically interdependent with Dubai’s property market and with house pr... More..

The 5 important things in business right now

Feb 15 ,2016, city : Dubai

Here’s what you need to know in UAE business and globally on this Monday morning:

• Mostly positive fourth quarter results

A spate of UAE financial results have been reported during the past 24 hours from heavyweights such as Etisalat (up 2.7 per cent), RAK Ceramics (up 10 per cent... More..

KPMG forecasts more pain for Dubai housing

Feb 14 ,2016, city : Dubai

House prices in Dubai will continue to suffer this year as cheap oil and the strong US dollar push properties beyond the means of many overseas investors, according to the latest report from consultants KPMG.

The low global price of oil is also depressing the Dubai housing market, KPMG added as it restricts the ability of s... More..

Dubai contractor Drake & Scull reports Dh936 million loss for 2015

Feb 14 ,2016, city : Dubai

The Dubai-based contractor Drake & Scull International (DSI) reported a Dh936.8 million loss for 2015, blaming it on the “unprecedented measures” it had to take in the third quarter.

It was forced to make Dh984m in provisions relating to a contractual dispute in Saudi Arabia.

The company said ... More..

Astana blaze under control, says Aldar

Feb 14 ,2016, city : Abu Dhabi

Aldar said today the authorities had full control of its 500,000-square metre project in Kazak­hstan that was engulfed in a blaze.

Abu Dhabi’s largest developer confirmed this evening that fire had broken out at its Abu Dhabi Plaza project in Astana, the Kazakh capital, on Saturday. The development is planned to i... More..

Demand for Dubai industrial property outperforms housing and office sectors

Feb 14 ,2016, city : Dubai

Demand for industrial property in Dubai is holding up despite the slump in both residential and commercial markets.

A new report by the consultancy Core Savills found that industrial rents “were broadly stable” across most of the estab­lished industrial areas in the city throughout last year, while some of t... More..

Dubai Holding Commercial Operations Group profit up 25% to Dh5.83 billion in 2015

Feb 13 ,2016, city : Dubai

The operating arm of Dubai Holding yesterday reported a 25 per cent increase in net profit for 2015 to Dh5.83 billion, and set a target for profit to beat Dh10bn by 2020.

Dubai Holding Commercial Operations Group (DHCOG) said 2015 revenue was also 15 per cent higher at Dh14.5bn.

DHCOG operates some of the bes... More..

Phase 2 of Meraas project City Walk opens with romantic touch

Feb 13 ,2016, city : Dubai

Phase 2 of the Meraas developed City Walk in Dubai will open with a touch of romance today as AW Rostamani Lifestyle expands its retail portfolio into the new development.

AW Rostamani, the UAE group represented across a number of industries including car sales and service, property, retail and IT, plans to open a Georg Jen... More..

Tough time ahead for Dubai developer Damac as profit falls

Feb 11 ,2016, city : Dubai

Damac warned that it was facing a “challenging competitive environment” after the Dubai developer posted an 8 per cent drop in fourth-quarter profit.

In its full-year results for 2015, Damac said that market conditions in Dubai had cooled significantly since the previous year as profit for the three months to th... More..

Dubai Parks and Resorts’ spend hits Dh5.8 billion

Feb 11 ,2016, city : Dubai

Dubai Parks and Resorts has said that it remains “firmly focused on monthly milestones” to ensure that it meets its proposed opening date in October.

The management company behind the Dh10 billion resort said that it has 13,500 workers and 41 different contractors on site working to meet the project’s dead... More..

The Dh35m Emirates Hills villa is a design afficionado’s dream

Feb 11 ,2016, city : Dubai

One thing that can put off buyers from Dubai’s Emirates Hills are the many similar-looking properties. Anyone who has lived in the gated community can tell tales of missing deliveries or friends that have mistaken one sector for another, or taken a left instead of a right and found themselves hopelessly lost.

There ar... More..

Emaar earnings hit by The Address Downtown Dubai blaze writedown

Feb 10 ,2016, city : Dubai

Emaar Properties posted fourth-quarter results that missed expectations after a Dh301 million writedown arising from the New Year’s Eve, blaze at its flagship hotel in Dubai.

Net profit in the three months to December 31 was Dh1.03 billion, a 1 per cent drop from a year earlier, the company said in a statement.
... More..

RAK Properties profit up 2.7% to Dh160 million in 2015

Feb 10 ,2016, city : Ras Al Khaimah

Net profit at RAK Properties, the developer backed by the Ras Al Khaimah government, increased by 2.7 per cent last year.

The Abu Dhabi-listed company on Wednesday posted a net profit of Dh160 million for 2015, up from Dh155.7m the previous year as it handed over villas at its Dh10 billion Mina Al Arab complex on the Ras Al... More..

Abu Dhabi estate agent demands cheque ahead of rental contract renewal

Feb 10 ,2016, city : Abu Dhabi

I have been renting an apartment in Al Raha Beach for the past two years. I recently advised my agent that I will renew for another year and requested that they send me the draft contract and Tawtheeq contract so I may review and sign them. The agent has come back saying that they must receive my payment first before they will iss... More..

Rents fall in some of Abu Dhabi’s high-end properties

Feb 9 ,2016, city : Abu Dhabi

Some upmarket Abu Dhabi landlords are starting to offer tenants small rent reductions as the low price of oil prompts the capital’s housing market to soften.

Overall average housing rents in Abu Dhabi fell by 1 per cent during the three months to the end of December 2015, the real estate services broker CBRE reported,... More..

Dubai’s delayed Falconcity of Wonders to get $2 billion kickstart

Feb 9 ,2016, city : Dubai

The main developer of one of Dubai’s most outlandish real estate projects, the Falconcity of Wonders, says the long-delayed project will gain new life this year with around US$2 billion in new developments.

The falcon-shaped project has seen only about a tenth of the 5,500 planned homes built since its launch in 2005 ... More..

Exclusive Q&A: Shaji Ul Mulk reveals untold story of The Address Downtown Dubai fire

Feb 9 ,2016, city : Dubai

Shaji Ul Mulk, who runs the world’s biggest maker of aluminium panels found on skyscrapers worldwide, expounds on how buildings could be made safer in the aftermath of The Address Downtown Dubai fire, in an exclusive interview with Sean Cronin.

How can other buildings be made safer after the fire?

Property report reveals Abu Dhabi and Dubai’s most searched locations

Feb 8 ,2016, city : Abu Dhabi

The two most desirable areas in Abu Dhabi and Dubai for tenants are Khalifa City A and Dubai Marina, the annual Dubizzle property report has revealed.

In Dubai, more than 68 million searches were made on Dubizzle last year for apartments for rent in Dubai Marina, followed by International City, that had over 47 million sear... More..

Rise in profit for Dubai’s Emaar Malls less than expected

Feb 7 ,2016, city : Dubai

The tills may still be ringing and the droves of tourists still arriving, but Dubai’s retail juggernaut showed signs of slowing slightly yesterday as fourth-quarter profit at the emirate’s largest shopping centre owner missed analysts’ expectations.

Profit for the quarter ended December at Emaar Malls Grou... More..

Action Hotels pays $10m for Dubai Media City plot

Feb 7 ,2016, city : Dubai

The Kuwait-owned Action Hotels has bought a freehold site in Dubai Media City for US$10 million and plans to open a property by 2018.

The developer of three and four-star hotels said that it bought the 5,553.5 square metre site within Media City’s Innovation Hub from a subsidiary of Dubai Holding’s Tecom Group.<... More..

Dubai house prices to fall further, but at a slower rate than 2015

Feb 7 ,2016, city : Dubai

House prices in Dubai are likely to fall further this year, but at a slower pace than in 2015 even as further supply comes on to the market, according to Asteco.

The property consultancy’s fourth-quarter report for Dubai and the Northern Emirates stated that villa prices fell by 11 per cent last year and apartment pri... More..

Stay grounded with this rare Dubai Marina duplex

Feb 4 ,2016, city : Dubai

While Dubai apartment buyers generally find their chosen investment at the higher end of the spectrum, there are properties to be found at less heady heights.

For this tower, Azure, in Dubai Marina is only five storeys high, one of just a few low-rise freehold residential buildings located in the area.

Inside... More..

Nakheel reports 19% full-year gain despite fall in Q4 profit

Feb 3 ,2016, city : Dubai

Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai’s housing market continued to slow.

According to figures provided by Nakheel, profit for the three months to the end of December last year fell to Dh770 million from Dh1.08 billion a year earlier.

... More..

Steps for Dubai property buyer to remove sitting tenant

Feb 3 ,2016, city : Dubai

I am buying a property for the purpose of moving in as I am currently renting. I have come across multiple properties which are suitable to my budget and requirements, however they are tenanted with contracts expiring in a couple of months. What steps do I need to follow to ensure I can move into my new property once the contracts... More..

Affordable Dubai homes will keep residents in UAE for longer, says expert

Feb 2 ,2016, city : Dubai

New homes aimed at the affordable end of Dubai’s property market are widening the pool of potential buyers, making it “a good time to invest” despite falling prices, according to one expert.

Speaking at the launch for this year’s International Property Show, Land Sterling’s managing partner Abd... More..

Work to begin on Nakheel’s Dh1.4bn Palm Gateway tower project in Dubai

Feb 2 ,2016, city : Dubai

Nakheel has awarded a contract to build the Dh1.4 billion The Palm Gateway triple tower and beach complex above the Palm Gateway monorail station to a joint venture between Ssangyong Engineering & Construction (Ssangyong E&C) and China State Construction Engineering Corporation (CSCEC).

The developer said that work ... More..

Dubai-listed developer Al Mazaya aims for double-digit growth through 2020

Feb 2 ,2016, city : Dubai

Al Mazaya Holdings is targeting growth in annual net profit of a 10 per cent through 2020, as the Kuwait-based property developer expands its projects in the Arabian Gulf and Turkey, its chief executive said on Tuesday.

Al Mazaya, which is listed in Dubai and Kuwait, posted a 15.2 per cent increase in full year net profit f... More..

Union Properties profit plunges in Dubai slowdown

Feb 1 ,2016, city : Dubai

Profit at Union Properties, the Dubai developer behind Motor City and the Green Community, halved last year as the company was hit hard by a slowdown in the emirate’s property market.

Union Properties reported that net profit for the year sank to Dh434.6 million – down 49.7 per cent from Dh864.9m the previous ye... More..

Properties porfolio drives Majid Al Futtaim profit as it eyes African expansion

Feb 1 ,2016, city : Dubai

Majid Al Futtaim (Maf) posted a 6 per cent increase in earnings last year as the Dubai-based conglomerate continued to invest in Dubai and boosted its interests in Oman and Egypt, it said yesterday.

Earnings before interest, tax, depreciation and amortisation (Ebitda) rose to Dh3.8 billion last year from Dh3.6bn in 2014, Ma... More..