Middle East Property News

Middle Eastern Business News and Data

Aldar reports first half loss of US$215.1 million '

UAE. Strong focus on addressing first half challenges in preparation for improved second half and upcoming key project delivery.

Al-Futtaim Engineering wins contracts worth US$22.6 million'

UAE. The contracts will see the Al-Futtaim group company's Elevators' Division supply 79 elevators and 12 escalators for major real estate projects.

Abu Dhabi, Dubai office rents falling, will drop further on supply abundance '

UAE. Abu Dhabi office rents fell 27% in the second quarter and by as much as 17% in Dubai from a year earlier, as supply increases outstripped demand.

Hamptons MENA expands Egypt office to Uptown Cairo '

EGYPT. Egypt Sales Centre will now operate from Emaar Misr's master-planned community.

Visiting German delegation given comprehensive overview on new investment opportunities in Ras Al Khaimah'

UAE. Business delegation keen on leveraging emirate's geographic location and business friendly policies to tap Middle East markets.

Emaar rated 'overweight' at Morgan Stanley'

INTERNATIONAL. Emaar offers strong recurring revenue through malls and hotels in Dubai, and exposure to non-UAE property markets, Morgan Stanley said.

Abu Dhabi Sorouh reports 79% drop in second quarter net profit'

UAE. Net income dropped to AED30.8 million (US$8.4 million) from AED148.3 million a year earlier. Revenue dropped to AED189.8 million from AED978.2 million.

Arabtec in US$680 million deal for La Hoya Bay Project in Ras Al Khaimah'

UAE. Arabtec Holding said it signed an accord with Khoie Properties for the construction of the La Hoya Bay Development on Ras Al Khaimah's Marjan Island.

India's DLF to buy out Dubai World's stake in JV'

INTERNATIONAL. A unit of DLF will buy the stake owned by Limitless Group, which is a part of Dubai World, in Bidadi Knowledge City in southern Karnataka state,

Waha Capital second quarter net drops 90% to US$$1.6 million as revenue falls'

UAE. Revenue fell to AED97.3 million from AED150.2 million, it said.

Qatari Diar settles lawsuit over London Chelsea Barracks with CPC'

INTERNATIONAL. CPC "will no longer have any interest in, or involvement with, the former Chelsea Barracks site," the companies said in the statement.

Capital District leads Abu Dhabi's sustainability vision '

UAE. Abu Dhabi Urban Planning Council defines Capital District's Sustainability Policy and Framework Plan.

Barwa gets US$3.5 billion Islamic financing from Qatari Diar'

QATAR. The financing for Barwa City Real Estate is in two murabaha contracts: the first provides US$1 billion maturing in July 2015, and the second US$2.5 billion due July 2020.

Emaar posts second quarter net profit growth of 37%, first half increase at 122% '

UAE. The highlight of the second quarter was the opening of the world's first Armani Hotel in Burj Khalifa, the world's tallest building. In addition, the handover of units in Burj Khalifa started during the quarter with approximately 24% handed over until June end.

Dubai World begins meeting with lenders'

UAE. Dubai World began presenting its US$23.5 billion debt restructuring plan to about 70 banks today.

UK tax changes have significant impact on many Brithish expatriates'

INTERNATIONAl. Rise in Capital Gains Tax to 28% for higher rate taxpayers will affect some British expatriates selling property they own in the UK; deVere Group's UK Budget survey shows need for financial advice stronger than ever.

Ras Al Khaimah outlines growth roadmap, lifestyle offerings'

UAE. RAKIA attracts over 6,500 businesses from all over the world in just under five years; Al Hamra Village offers 100% freehold properties in one of the UAE's most prestigious coastal developments.

Jordan real estate market records first quarterly growth since start of downturn '

JORDAN. Improved financing turns fortunes around as prices increa between one and 3%, with rentals jumping up to 4%, reveals new Asteco report.

Abu Dhabi rents continue to fall on increased supply '

UAE. Residential rentals falling up to 20%; Villas decline an additional 9%; Commercial rents down 10% since March, according to Landmark Advisory report.

Demand for studios brings price stability in UAE's Northern Emirates'

UAE. One- two- and three-bedroom apartment prices in Sharjah fell 8%, 4% and 6% respectively, says Asteco report.

Dohaland awards contract to Drake & Scull unit '

QATAR. Drake & Scull Water and Power L.L.C to design, build and service two plants in the Musheireb project.

Dubai real estate to remain 'under pressure' at least until 2012-2013, says Fitch '

UAE. Real estate corporates may face significant refinancing risks given upcoming debt maturities. The sector is likely to see a period of stagnant growth at best, and a 'double-dip' contraction at worst.

New eco-friendly leaseback development in La Camargue, South of France '

INTERNATIONAL. Due to its national park status, property development is limited in La Camargue with only a handful of truly eco-friendly properties available to purchase

European real estate investment grows to US$30.3 billion in the second quarter of 2010'

INTERNATIONAL. Investment activity remained concentrated in the UK, Germany and France, which together accounted for 62% of the European investment total.

Nakheel seeks bank creditors repayment over 5-7 years'

UAE. "It's an important step but no specific resolutions were sought today. It was a presentation of detailed terms," Nakheel said.

Dubai apartment rents fell up to 8% in the second quarter, sale prices stable'

UAE. Palm Jumeirah villas remain the most expensive at AED1,800 per square foot. At the opposite end, The Green Community villas selling for AED700 per square foot.

Mubadala launches joint venture with Pramerica Real Estate Investors in Abu Dhabi'

UAE. Mubadala Pramerica REI will raise capital from investors to fund and invest in real estate projects in Abu Dhabi and other global markets.

Qatari Diar Finance sets price talk'

INTERNATIONAL. Qatari Diar Finance on Tuesday set price talk on its US$3.5 billion two-part note sale, said IFR, a Thomson Reuters service.

Qatar residential rents down 4% in second quarter, but market begins to stabilise'

QATAR. Increase in stock forces slight price reduction over past three months across apartments and villas, while sales remain subdued, says Asteco Q2 report.

Emaar second quarter earnings may 'surprise on the upside' on Burj Kalifa handover, says Deutsche Bank '

UAE. Emaar remains Deutsche's top pick, offering undervalued recurring income-generating assets and reduced exposure to the Dubai market.

UAE residents upgrading to larger rental properties as prices fall, reveals new research by YouGov Siraj'

UAE. In an uneasy economic climate, over a third of current UAE residents have opted to switch homes in the last year, with many opting for larger rental properties.

Abu Dhabi residential rents falling up to 15%, says Asteco report'

UAE. Increased supply puts more downward pressure on rents for older properties while subdued sales activity holds prices for villas and apartments, says Asteco in Q2 report.

Dubai Properties offers affordable apartment options at 'Al Khail Gate Community' '

UAE. Leasing campaign features spacious new units at reasonable rates to satisfy new market demand in Dubai.

Emaar hosts 'Jeddah Knowledge City' event '

SAUDI ARABIA. Held at Jeddah Gate Sales Centre, the project developed by four KAAU students, highlights Emaar's focus on promoting knowledge initiatives of Saudi youth.

Arabtec received Nakheel's 40% arrears, says CEO '

UAE. Arabtec Holding received payment from Nakheel representing 40% of its arrears, Thomas Barry, chief executive officer of Arabtec Construction said.

Cluttons announces Joint Venture with VPC in Far East'

UAE. Leading international property consultancy and chartered surveyors, Cluttons has today agreed terms for a strategic alliance and business venture with VPC Asia Pacific, to undertake commercial property consultancy operations across the region.

Risk appetite for global investment in focus at Cityscape'

UAE. Middle East investors keen to examine risk versus reward of developed, emerging and frontier real estate markets.

Limitless sells stake in Malaysian venture'

INTERNATIONAL. Malaysian property developer Bandar Raya Developments said its subsidiary has bought 60% of a building company from Limitless.

Qatari Diar seeks to raise US$3.5 billion in bond sale'

QATAR. Qatari Diar, the property arm of Qatar's sovereign wealth fund, is expected to launch a roadshow for the sale in London.

Arabtec expects Nakheel's 40% cash payment today'

UAE. (Update 1) Thomas Barry, chief executive officer of Arabtec Construction, declined to disclose the amount the company expects to receive.

UAE house prices set for further falls in 2010 as residential supply expands'

UAE. Residential property prices in Dubai have plunged 55% from their peaks in the third quarter of 2008, according to the median estimate of 14 banks, investment firms and research institutions.

Nakheel to make all cash payments by end-July'

UAE. Trade creditors owed more than AED500,000 have been offered full repayment by the developer with 40% in cash.

Qatari Diar Finance proposed state-guaranteed bonds assigned 'AA' preliminary rating'

INTERNATIONAL. The bonds benefit from an unconditional and irrevocable guarantee by the State of Qatar, and we have therefore equalized the rating on the bonds with the long-term issuer credit rating on the State, said S&P.

Drake & Scull wins second major Saudi contract '

SAUDI ARABIA. MEP works contract for the iconic Information Technology and Communications Centre (ITCC) project in Riyadh worth US$125.3 million.

Dubai population grows 7.5% to 1.8 million'

UAE. Analysts believe lower rents and living costs drew migrants from neighbouring emirates to Dubai.

Green property market in the UAE is viable within 2-3 years'

UAE. Landmark Advisory survey conducted in conjunction with Cityscape Intelligence indicates that Implementing green development regulation is less contentious than green retrofitting rules.

Nakheel Chairman sees lender deal by next week'

UAE. Nakheel plans to meet with bank lenders on July 14, its chairman Ali Rashid Lootah told the UAE-based English daily Khaleej Times.

Grand Paris project joins Abu Dhabi's World Sustainable Capitals initiative'

UAE. Abu Dhabi Urban Planning Council and Abu Dhabi Council for Economic Development introduce Grand Paris to the urban development programme.

Dubai property market presents buyers with the upper hand, says Cluttons'

UAE. The findings of the report support the belief that Dubai currently represents a buyer's market, offering softer prices that allow potential property purchasers a strong negotiating position across all sectors.

Property owners may get that 'sinking' feeling over fees'

UAE. MAG Me Property Solution advises owners on 'hidden' depreciation costs of mechanical, electrical and plumbing (MEP) equipment.

Damac awards Saudi construction contract to Drake & Scull'

SAUDI ARABIA. The US$120 million contract is for the construction of Damac's Al Jawharah project in Jeddah.

New board at Dubai's Economic Zones World'

UAE. The board of Nakheel will take over the responsibility of Limitless, another developer owned by Dubai World, and will work on supporting EZW's businesses 'in accordance with the global and regional economic situation'.

Abu Dhabi developer Sorouh signs US$640 million credit facility'

UAE. The four-year facility, a combination of term loans and revolving credit with both conventional and Islamic tranches, is secured by a portion of Sorouh's land bank.

Nakheel starts cash payments to creditors'

UAE. Nakheel said it has started making cash payments to trade creditors, in the second phase of a repayment schedule, and is restarting several projects put on hold during the downturn.

Bahrain's real estate market: still adjusting to the realities of the global downturn'

BAHRAIN. The freehold residential market in Bahrain has moved from the speculative investor to an end user market which has resulted in falling sales prices, reveals the DTZ Bahrain real estate market report for Q1 2010.

Vacancy rates in Dubai's commercial property set to rise above 50% in 2011'

UAE. Oversupply in Dubai's commercial property will push vacancy rates to more than 50% in 2011, according to Jones Lang LaSalle.

Construction of first villa on Dubai's The World begins '

UAE. Kleindienst Group appoints City Diamond Contracting to build first luxury holiday villas on The Heart of Europe Project.

Emerging markets take centre stage at Cityscape Global '

INTERNATIONAL. Investor confidence rises as Kuwait, Qatar & UAE in global top six of millionaire density - GCC Sovereign Wealth Funds top US$1.3 trillion.

Riyadh residential market poised for recovery, says Jones Lang LaSalle '

SAUDI ARABIA. Jones Lang LaSalle expects to see a cyclical recovery in the Riyadh housing market, with prices capable of growing 5-10% p.a. over the next 2 years.

Emaar Properties and Countrywide announce new agreement with Hamptons International'

UAE. New deal enables Dubai-based Emaar Properties to concentrate on its strategic markets in the Middle East and North Africa region.

Qatar Investment fund set to buy London's Canary Wharf'

INTERNATIONAL. Qatar Investment Authority plans to spend more than US$700 million to buy the 76% of Songbird it does not already own, according to the Times.

Former Dubai Properties chairman freed '

UAE. Hashim al-Dabal was reported arrested in October and was accused of embezzlement. Dubai's attorney general says the investigation is ongoing.

ETA Star expands in India, consolidate in UAE'

UAE. ETA Ascon Star will hand over three projects in Dubai in 2010 and continue to launch bigger community and smaller inner-city projects in Chennai and Bangalore.

VERTICA real estate launched to attract foreign direct investment to Lebanon'

LEBANON. The company will focus initially on the Lebanese market as expectations are that Lebanon's economy will grow by up to 8% this year due to high capital inflows.

Hong Kong eyes Middle East's US$1.6 trillion construction industry'

UAE. The British University in Dubai co-organises Asian conference discussing ppportunities and challenges for region's lucrative construction market.

Abu Dhabi's Waha eyes project acceleration'

UAE. Abu Dhabi-based Waha Capital's property arm may begin work on the second phase of a US$3.3 billion mixed use development project earlier than planned to meet increased demand for affordable housing and industrial units.

Hamptons launches first iPhone application in the Middle East for instant property search'

UAE. Users can search for properties for sale and lease locally and internationally.

Dubai residential and commercial rents continue to decline, says Landmark Advisory'

UAE. Declines are primarily attributed to increasing supply, a trend that will continue with 100,000 new units anticipated for delivery over the next two years.

Qatar is the new global powerhouse, says Jones Lang LaSalle report'

QATAR. Qatar is expected to be the largest source of cross-border real estate capital during 2010. The present focus on London is likely to broaden to an interest in deals in other markets across Latin America, Eastern Europe and Asia.

Middle East real estate industry is ripe for M&A, says A.T. Kearney'

UAE. It is a buyer's market and now is as good a time for those developers who manage to pick up the right deals and realize the full business potential to change the game of real estate developments and emerge as winners.

Infrastructure key to increasing religious tourism in Saudi Holy Cities'

SAUDI ARABIA. Jones Lang LaSalle's Holy Cities report is the first report undertaken by a globally renowned firm on the real estate sector in the Holy Cities of Makkah and Madinah.

Nakheel close to deal with large trade creditors'

UAE. Nakheel is very close to hitting a key threshold among large trade creditors that would allow it to begin paying overdue bills.

House prices need to fall to jump start the US$66 billion GCC mortgage industry'

BAHRAIN. Experts at the inaugural GCC Mortgage Summit 2010 predict reduction in rates will drive growth in the market.

Dubai Strata Law guidelines released by RERA - A step closer'

UAE. Although the full extent and impact the regulations will have on owners, operators, developers, will only be determined when the enabling regulations are made available, the guidelines highlight some key features that will be covered in the regulations.

Dubai property prices may drop another 20%, says Credit Suisse report'

UAE. Dubai house prices may drop another 15%-20% this year on an increase in supply as more real estate projects are completed.

Jeddah property market well positioned for growth, says Jones Lang LaSalle'

SAUDI ARABIA. Jeddah will reap the benefits of new public and private investment in the real estate market according to Jones Lang LaSalle's latest report 'Jeddah: Planning for Growth'.

GCC mortgage and real estate sectors can pioneer new rules'

BAHRAIN. Heavy real estate debt and fraud must be stamped out; corporate governance and strict compliance is the answer, says Richard Arlove, CEO, ABAX Corporate Services.

New Dubai property ruling for the 'common' good'

UAE. Home owner associations managing service levels and controlling service fees transparently - 'good for the market' says Asteco expert.

Dubai Holding unit reports loss of US$6.2 billion'

UAE. The full-year loss for 2009 attributable to shareholders compares with the year-earlier profit of AED10 billion, DHCOG said in a statement to Nasdaq Dubai today.

Dubai launches new generation of skilled labour accommodations'

UAE. Nuzul comprises of 2236 community-friendly residential units across 13 low rise buildings with a build-up area of 92,000 sq ft in Jebel Ali, setting a new benchmark in the region.

Cityscape Jeddah to unveil prime projects that complement Gateway Citiy's sustained growth plan '

SAUDI ARABIA. New infrastructure investments to advance Jeddah's 20-year re-development agenda.Jeddah will account for a large proportion of the Kingdom's SAR1 trillion worth of ongoing property developments.

Saudi real estate market to gain most in Middle East, says Jones Lang LaSalle '

SAUDI ARABIA. Investors expect a 10% gain in Saudi Arabia's real estate market over the next 12 months, far exceeding expectations in other Middle East markets.

Mobility is key in UAE sustainable urban development, says Limitless'

Traffic congestion, fuel consumption, personal stress and unnecessary costs to business can all be reduced by rethinking the network and design of roads and encouraging more people to use public transport.

New shopping mall unveiled within 'Ajman Uptown' project'

UAE. Sweet Homes Holdings has unveiled an AED149 million shopping mall within its AED2.2 billion 'Ajman Uptown' project. The luxury retail establishment is expected to be completed by end of 2012.

Emaar Jordan launches Mediterranean-style apartments in Samarah Dead Sea Resort '

JORDAN. Buyers can choose from one- to three-bedroom apartments overlooking the Dead Sea. The first homes in Samarah Rift to be handed over this year

Nakheel to decide on project cancellations'

UAE. Nakheel, the Dubai World construction unit that received state cash to pay contractors and suppliers, may face an even greater challenge in deciding which of its planned projects to cancel.

Dubai World reaches deal in principle with creditors'

UAE. Dubai World has reached a deal in principal to restructure US$23.5 billion with its core lenders, clearing one hurdle for Dubai but leaving investors with other debt concerns.

Dubai World offers to pay 30% of debt in five years, says report'

UAE. Dubai World offered to pay 30% of the money to creditors in five years and the rest in eight years, Arabic language daily Al Khaleej reported.

Burj Khalifa welcomes its first residents in Armani Residences '

UAE. Emaar Properties, the developer of the mixed-use tower, has handed over homes to buyers of Armani Residences, who now have the world's most prestigious address.

Standard Chartered Bank first in UAE to offer US$ 5 million mortgage'

UAE. Standard Chartered Bank has launched a new mortgage facility in the UAE after customer based research highlighted high net worth individuals did not have access to a mortgage offering that met with their needs.

Recent changes to the Abu Dhabi rental law may significantly affect the landscape'

UAE. Landlords and tenants should be aware of these changes and how they will affect their existing leasing arrangements.

Landmark Valuations sees increase in demand for UAE property valuations '

UAE. Property owners on both the commercial and residential sides are looking for accurate valuations of their real estate investments performed by qualified valuers.

Dubai Holding unit has access to 'other' funds, says Moody's'

UAE. Dubai Holding Commercial Operations Group, a real estate and hospitality group, has access to 'other' funds should banks decline to roll over a US$555 million credit facility due in July.

First official trade licence issued on Dubai's The World '

UAE. Hospitality and entertainment licence awarded to Kleindienst Group by government of Dubai.

Nakheel makes bond repayment, according to source'

UAE. Dubai's Nakheel has transferred US$980 million to paying agent Deutsche Bank for the repayment of its Islamic bond due today.

Nakheel expected to repay US$980 million May bond on time'

UAE. The recent advice we've got is that the Nakheel 2010s will be paid on May 13, the market is expecting it," said a fixed income trader at a bank which holds the bonds.

Affordable housing takes top priority in Saudi Arabia '

SAUDI ARABIA. Saudi faces potential 1 million shortfall in residential units by 2013 as residents are predicted to reach 27 million by 2011 with an annual growth of 2.9%.

Qatar real estate market set for brighter outlook'

QATAR. Positive outlook predicted for Qatar's real estate market with demand for all types of real estate over 2010 as a result of Qatar's strong economic environment.

EDC sees increase of UAE's exports to Qatar in 2010 '

UAE. Dubai Export Development Corporation is expecting a growth of the country's exports to Qatar in the coming months, particularly in the products and services from the real estate and construction sector.

Nakheel Creditors start signing settlement agreements'

UAE. Nakheel's trade creditors have embarked on signing the settlement agreements presented to them last week following extensive meetings with Nakheel's chairman and executives.