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..