Real Estate & Commercial News in United Arab Emirates from Propertyshowrooms.com

Vacancies in the UAE property market to rise

Tue, 5 Oct 2010 00:00:00 GMT

Commercial property values in the UAE are unlikely to return to sustainable levels before 2013, a new report has suggested.

Jones Lang LaSalle has claimed that the situation in Dubai can draw strong parallels with central business districts (CBDs) in emerging markets.

The real estate consultant explains that these CBDs often outperform other commercial areas, those looking for property in the country may be interested to learn.

Graham Coutts, head of management services at Jones Lang LaSalle, said that the experience of these cities shows that markets often go through periods of excess.

“Dubai currently has one of the highest levels of office space per person in the world. This reflects the regional and global role of Dubai but does suggest that the level of supply has increased ahead of the maturity of the market,” he said.

Currently, office vacancies in Dubai’s financial centre could hit 40 per cent over the forthcoming years as oversupply takes hold of the emirates already battered market.

UAE developer reveals fourth-quarter profit fall

Thu, 26 Feb 2009 00:00:00 GMT

UAE real estate developer RAK Properties has revealed a fourth-quarter profit drop of almost 74 per cent.

The company, which is based in Ras Al Khaimah, revealed a profit of 50.9 million AED (9.65 million GBP) for the final three months of 2008, compared to 194 million AED during the same quarter in 2007.

Full-year profit for the firm fell 23.5 per cent to 379.46 million AED, the company announced, with it also booking a provision for impairment of 58.86 million AED for the year.

It is the latest in a number of UAE property developers to report faltering financial results as the economic downturn begins to have an effect on real estate in the Middle East.

Emaar Properrties, Aldar Properties and Sorouh Real Estate have all reported losses for the fourth quarter of last year.

Last year RAK Properties announced the launch of the Julfar Residence, a 500 million AED, 24-storey tower located on Abu Dhabi's Al Reem island.

Abu Dhabi Real Estate Investment Show Flops

Thu, 29 Jan 2009 00:00:00 GMT

The Abu Dhabi Real Estate and Investment Show has been hit hard by the global downturn. Exhibitors showcasing their latest projects said yesterday that they are finding buyers hard to come by...

Mixed results expected for Dubai developers

Tue, 27 Jan 2009 00:00:00 GMT

Fourth quarter results for a number of Middle Eastern property development firms will paint a mixed a picture of the sector, it has been suggested.

According to figures from Credit Suisse, some companies will post robust results for the last three months while others will see weakening performances, the Khaleej Times reports.

It said that Sorouh Real Estate and Aldar Properties will see strong results for quarter four.

However, Emaar Properties is likely to experience a slip in revenue growth, which will reflect a fall in profits for the year of 13.3 per cent due to a goodwill write-down to John Laing Home, Credit Suisse stated.

"We expect fourth quarter earnings for both Aldar and Sorouh to increase by 62 per cent and 13 per cent respectively compared to the third quarter," the paper reporting the company has saying.

It added that Union Properties could see earnings decrease by 50 per cent.

These figures follow news from state-owned developer Nakheel that it is to stop construction on what is set to become the world's tallest tower.

Union Properties to issue bonds

Mon, 26 Jan 2009 00:00:00 GMT

Union Properties, a Dubai-based real estate developer that's building F1-themed parks, said its board approved plans to issue non-convertible bonds worth Dh2.5 billion to "strategic investors". The board will decide on the terms and conditions of the bond, the company said...

Deyaar sets up unit to acquire distressed assets

Thu, 22 Jan 2009 00:00:00 GMT

Deyaar Development has created a strategic planning division through which it is looking to acquire distressed assets, a top company executive said. "The new department will look at buying distressed assets across the globe with India and Turkey being the likely markets. We intend to add...

Alwaleed reviews portfolio after loss

Thu, 22 Jan 2009 00:00:00 GMT

Saudi billionaire Prince Alwaleed bin Talal is reviewing his investment portfolio after his Kingdom Holding posted a record loss in the fourth quarter. "Kingdom Holding Company is working on rebalancing its investments and to redirect them," Asharq Al Awsat newspaper quoted him as...

HSBC Cuts Emaar's Target price to Dh8.5

Thu, 22 Jan 2009 00:00:00 GMT

HSBC Holdings Plc slashed its price estimate for property giant Emaar Properties to Dh8.5 from Dh13.9 amid plummeting real estate prices...

HSBC Bank Devalues Emaar Properties in Dubai

Thu, 22 Jan 2009 00:00:00 GMT

Emaar's Dubai Marina HSBC Plc slashed its price estimate for property giant Emaar Properties to Dh8.5 from Dh13.9 amid plummeting real estate prices and the first rash of foreclosures in Dubai...

Istithmar World lays off 13 employees

Mon, 19 Jan 2009 00:00:00 GMT

Istithmar World, the investment arm of Dubai World, has downsized its workforce by 10 per cent as part of its strategy to align resources in line with business requirements for 2009, according to an official spokesperson of the company. However, sources close to the development said that all the...

Commission-only realty agents in UAE

Mon, 12 Jan 2009 00:00:00 GMT

Real estate agencies in the UAE are increasingly recruiting estate agents on a commission basis instead of offering them monthly salaries, according to brokers...

Dubai Land Deals Rake In Dh7.32b For December

Fri, 2 Jan 2009 00:00:00 GMT

The value of land transactions exceeded Dh7.32 billion last month, according to figures released by the Dubai Land Department...

Outlook downgraded for Dubai developer

Tue, 23 Dec 2008 00:00:00 GMT

One of Dubai's largest property developers has seen its outlook downgraded by one financial market analysis firm.

Standard & Poor's has revised its view of Emaar Properties, moving it from stable to negative in the wake of the emirate's declining real estate market.

The firm warned that a prolonged downturn in Dubai's real estate market could result in Emaar's financial position - which is currently seen as being healthy - falling.

Credit analyst at Standard & Poor's Alf Stengvist explained:"The outlook revision reflects a rapid weakening of the real estate markets in Dubai and our uncertainties about the depth of the downturn and the pace of eventual recovery,"

It was noted that the revised rating has taken into account the financial support Emaar receives from the government of Dubai, as well as the group's strong cash flow and asset base, along with low debt leverage.

Another Dubai-based builder - Cayan Investment and Development - recently announced the completion of its Dorrabay project at Dubai Marina.

Jumeirah announces expansion plans for Wild Wadi Water Park

Fri, 12 Dec 2008 00:00:00 GMT

Jumeirah, the Dubai-based luxury hotel group and a member of Dubai Holding, has revealed expansion plans for Wild Wadi Water Park with the arrival of the latest rides...

Emaar may invest in Philippines' mining sector through JVs

Mon, 8 Dec 2008 00:00:00 GMT

Emaar Properties is looking at investing in the Philippines mining sector using controlling stakes in joint venture companies, a newspaper reported yesterday. "There is a resurgence of development in the region, as China, India and even Japan require continued supply of minerals," the...

Dubai developer Nakheel to delay flagship projects and seek public funding

Tue, 2 Dec 2008 00:00:00 GMT

Palm developer Nakheel is putting some of its flagship projects on hold and considering plans for an initial public offering to raise up to $15 billion as it faces massive cash flow problems...

Ex tennis pro to buy Dubai property

Mon, 1 Dec 2008 00:00:00 GMT

Former tennis player David Lloyd is moving into the overseas property business, it has emerged.

Speaking to AplaceInTheSun.com, the health club owner revealed he is planning to invest in homes in a variety of locations around the world, including Dubai.

His new venture, which will be run in partnership with Greg Rusedski, will involve investment in a number of properties in the emirate, which will then be rented out on a time share agreement.

And Mr Lloyd dismissed claims that the current economic downturn makes it a bad time to be launching a property investment business, stating: "The low entry cost will appeal to a much wider audience."

Overseas property investors who have been thinking of making purchases in Dubai may wish to follow Mr Lloyd - who is investing £3 million of his own money into the project - into the market.

A recent Reuters report suggested property prices in Dubai are falling as many owners look to sell in the economic downturn.

Al Qudra has big plans for the Dubai real estate market this year

Tue, 25 Nov 2008 00:00:00 GMT

Al Qudra, one of the top Abu Dhabi property leaders, is planning to enter the Dubai real estate market in a big way this year...

DIRC, Gowealthy.com launch new project at Ritaj community

Tue, 25 Nov 2008 00:00:00 GMT

Dubai Investments Real Estate Company (DIRC) in alliance with Gowealthy.com, the region's global property and real estate lifestyle brand, have announced the sales marketing of the latest phase in the Ritaj community development...

Omniyat freezes all projects and lays off 50 employees to help deal with financial crisis

Tue, 25 Nov 2008 00:00:00 GMT

(Arabic) As part of the effort to deal with the ongoing financial crisis, Omniyat holding decides to lay off an additional 50 employees and freezes all projects that have not entered the implementation phase...

UAE Developer Tamweer Fires Half its Workforce

Tue, 25 Nov 2008 00:00:00 GMT

UAE-based developer Tamweer is to lay off around half of its workforce amid the meltdown in the Dubai real estate market caused by the global financial crisis...

More mergers and consolidation in Gulf property and finance sector expected

Mon, 24 Nov 2008 00:00:00 GMT

Small developers in the Gulf will have to consolidate and merge in order to get through the current property market downturn, a conference was told today...

Property investors in Dubai offered easier payment terms

Mon, 24 Nov 2008 00:00:00 GMT

More real estate companies and developers are offering easier payment terms for property investors in a bid to lessen the impact of the credit crisis in the Middle East...

Projects In Dubai To Continue As Scheduled

Fri, 21 Nov 2008 00:00:00 GMT

Nasser Al Shaikh, Director-General of Dubai Department of Finance, has stressed infrastructure projects in Dubai, including Roads and Transport Authority plans and the new airport in Jebel Ali, would continue as scheduled in Dubai Strategic Plan for 2015...

UAE's Landmark Crosses Dh8b Mark in Property Sales

Wed, 12 Nov 2008 00:00:00 GMT

At the backdrop of the financial crisis, Landmark Properties announced that it has managed to cross the Dh 8 billion mark in property sales within the UAE alone...

Damac cuts jobs

Wed, 12 Nov 2008 00:00:00 GMT

Damac, Dubai’s largest private property developer said that it was cutting 200 jobs, or 2.5 per cent of its workforce, as the global credit crisis begins to hit the Gulf’s real estate sector...

Oasis Group buys The World's Island D43

Wed, 12 Nov 2008 00:00:00 GMT

Oasis Group has announced that it has signed a Purchase Agreement with Nakheel for the purchase of Island D43, located close to the Eastern hub on Nakheel's The World project...

Foreign buyers prefer local partners for UAE realty

Wed, 5 Nov 2008 00:00:00 GMT

About 78 per cent of cross border acquisitions of properties in the UAE were through joint ventures, according to a report...

Kuwait: Abyaar Posts KD24.33 Million Net Profit

Wed, 5 Nov 2008 00:00:00 GMT

Abyaar Real Estate Development, one of the leading luxury developers in the Middle East, announced its financial results for the first nine months of 2008, posting net profits of KD24,325,232, compared to the KD 12,491,217 reported for the same period of 2007, representing an increase of 95 per cent...

Waha funds for 'expansion to be revised upwards'

Thu, 16 Oct 2008 00:00:00 GMT

Abu Dhabi's Waha Capital will increase its Dh20 billion investment plan to 2011, mainly in the real estate sector despite tightening credit conditions in the UAE. Speaking on the sidelines of a conference, Samer Alhaj, the company's chief executive officer said funds for expansion would be...

Istithmar World opens second office in New York

Wed, 15 Oct 2008 00:00:00 GMT

Istithmar World, the investment arm of Dubai World, has opened its second international office in New York City. The move highlights the company's global approach to investment and its growing focus on exceptional opportunities worldwide, said a statement. New York will serve as the third...

IDC to build Abu Dhabi hotel

Tue, 23 Sep 2008 00:00:00 GMT

Manama-based Ithmaar Development Company (IDC) is set to launch a five-star hotel in Abu Dhabi by the end of this year...

Dubai residential and office property markets will continue to soar due to lack of supply

Mon, 22 Sep 2008 00:00:00 GMT

Property prices in Dubai are expected to continue soaring next year, but not at the same rate as in the last 12 months, according to analysts...

Premier Inn to develop hotels in RAK and Umm Al Quwain

Fri, 12 Sep 2008 00:00:00 GMT

Premier Inn, the British budget hotel chain that has a partnership with Emirates in the region, has secured sites in Ras Al Khaimah and Umm Al Quwain for developing hotels...

Qatar and Vietnam set up $1bn fund

Tue, 2 Sep 2008 00:00:00 GMT

Natural gas exporter Qatar and Vietnam have set up a $1 billion fund to invest in sectors including agriculture, a Qatar-based newspaper reported on Tuesday. Sovereign wealth fund Qatar Investment Authority (QIA) will provide 90 percent of the fund's equity, Gulf Times reported, citing Phung...

Ferretti and ACI unveil luxury projects

Thu, 28 Aug 2008 00:00:00 GMT

ACI Real Estate and Ferretti Group launched two luxury waterfront residences, Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence...

3,458 Complaints Against Emirati Developer

Thu, 28 Aug 2008 00:00:00 GMT

A total of 3,458 complaints have been filed against Emirati businessman Abed Al Boom, owner of Abed Al Boom Management and Development Properties, for reportedly swindling depositors of an estimated Dh847 million...

Select Grp & Select Property Plan AED 678mn Project

Thu, 28 Aug 2008 00:00:00 GMT

The Dubai-based Select Group and the UK based property developer Select Property today jointly launched West Avenue, a 32 storey luxury Manhattan style complex on one of the last remaining plots on Dubai Marina...

Casamia Star sells 25% of Tulip Residence in Ajman

Wed, 20 Aug 2008 00:00:00 GMT

Casamia Star Gesamplanung Real Estate, a German developer and brokerage firm, yesterday said that it has sold 25 per cent of the Dh180 million Tulips Residence project in Marmooka City, Ajman, within 15 days...

Global office property sales decline 60% in first half

Mon, 18 Aug 2008 00:00:00 GMT

Global office property sales fell 60 per cent to $108 billion (Dh396.69bn) in the first half of 2008 compared to $268.6bn registered in the same period last year, according to a New York-based research firm...

UAE's GIO Awards G-Emporium Contract to Simplex

Fri, 15 Aug 2008 00:00:00 GMT

Galadari Investment Office (GIO), the luxury holding group wholly-owned by Rashid Abdul Wahab Galadari, announced the appointment of Simplex Infrastructures as main contractors for the construction of the G-Emporium, GIO's premium development in City of Arabia...

Al Rashed Announces AED3.6b Tower Project

Thu, 14 Aug 2008 00:00:00 GMT

Al Rashed Real Estate unveiled freehold commercial and residential towers worth Dh3.6 billion in Ajman. It also joined hands with ACI to strengthen its high-end real estate solutions...

Dubai Industrial City to Construct Four AED200 Mn Office Buildings

Tue, 12 Aug 2008 00:00:00 GMT

Dubai Industrial City, a member of Tatweer, today announced construction work for four office buildings has commenced with investments of over AED 200 million...

UAE largest Arab destination for foreign capital

Wed, 6 Aug 2008 00:00:00 GMT

The UAE attracted more than $35billion (Dh129bn) in foreign direct investment between 1997 and 2006 to become the largest Arab destination for foreign capital, according to official data. The UAE has also emerged as the second largest Arab capital exporter, with its direct investment outflow...

Dubai land deals reach Dh413 million

Wed, 6 Aug 2008 00:00:00 GMT

The total value of land transactions in Dubai peaked at Dh413.64 million on Tuesday, with sales exceeding Dh206.64 million, the Land Department said...

Dheeraj & East Coast Breaks Ground for AED 615 mn Culture Village Projects

Wed, 6 Aug 2008 00:00:00 GMT

Dheeraj & East Coast LLC (DEC) today broke ground for the AED 615 million projects include Casca de Ville and Cascade Manor, two exquisitely designed residential developments, and The Estate...

Dubai's Skyscrapers Prices on the Rise

Wed, 6 Aug 2008 00:00:00 GMT

(Arabic) Fuel and cement high prices boosted construction prices in UAE...

Trillium sale is hit as bidder pulls out

Tue, 5 Aug 2008 00:00:00 GMT

The £1.4bn sale of Land Securities’ outsourcing arm Trillium has taken another twist after one of the two shortlisted parties withdrew its offer from the process, leaving a Middle East consortium as the only bidder...

Demand for Dubai's marine transport to rise

Mon, 4 Aug 2008 00:00:00 GMT

With more offshore infrastructural developments in Dubai reaching their final stages of completion, marine transport in the emirate is set to become a popular mode of transport...

Memon to build Dh30m facility in Ajman

Mon, 4 Aug 2008 00:00:00 GMT

Memon Group of Companies has announced construction of new Dh30 million facility in Ajman in order to meet rising demand for rubber-based products in the regional market...