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Dubai support fund may need up to $2.4 bn: JP Morgan

DUBAI: A government fund set up to help debt-ridden state-linked firms will need to be “topped-up” by as much as $2.4 billion over the next two years, JP Morgan said in a note, with several looming repayment deadlines at Dubai Inc. The US investment bank said that Dubai is likely to tap capital markets to[…]

Dubai Marina hotel on the market for $95m

A Dubai-based real estate agent has advertised a 22-storey hotel property in Dubai Marina for sale, complete with a price tag of AED350m ($95m), Arabian Business has learned. Located in the popular Dubai Marina area, the 462,340 sq ft property is a 22-storey hotel building, including 22 studio apartments, 74 one-bedroom apartments, 56 two-bedroom apartments[…]

DAMAC Properties Hits Construction Milestone in Saudi Arabia

Dubai,UAE February 27th 2011 :DAMAC Properties, the largest private developer in the Middle East, has completed the raft foundation for its iconic ‘Al Jawharah Tower’ in Jeddah, KSA. The main contractors M/s Drake & Scull JV have now finished the foundation works and all basement levels. The pouring of the raft is a significant development[…]

Plot sold twice: Court could penalise buyer

Property legal expert answers questions on real estate most affecting investors and the market QUESTION: I am an American national who has been living in Dubai for the past three years. About two years ago, I leased (purchased) land in Nad Al Hamar, Dubai, for 99 years.

Fresh lease of life for old settlements

Dubai: A new law issued yesterday will allow renovation work on residential buildings in old settlement areas of Dubai and allow Emiratis to continue living in these areas. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as Ruler of Dubai, yesterday[…]

CDL eyes Dubai stake in project

Singapore: City Developments is looking to acquire Dubai World’s one-third stake in the South Beach project, increasing its holding to two-thirds, The Business Times reported yesterday. CDL has exercised its first right of refusal to buy the stake in the project in Singapore having fulfilled conditions of the transaction, the newspaper said.

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