Dubai’s ruler has approved an AED2bn ($554m) package to develop tourism, residential and commercial projects across the Gulf emirate, it was confirmed Thursday. The projects, which include the renovation of the Al Maktoum Hospital area, will be carried out by state-backed Wasl Asset Management Group, Sheikh Mohammed Bin Rashid Al Maktoum said in a statement[…]

The UAE’s move to grant three-year residency visas to owners of property worth more than AED1m may have been pushed to the back burner amid doubts it will succeed in spurring fresh activity in Dubai’s housing market. The UAE government said in June it would replace visas that require renewal every six months for some[…]

Majority of homeowners in Dubai are still suffering from the real estate recession that started in 2008. According to them, the dip in the price of the property is too high for them to offload it at their current value.

Dubai said on Tuesday that the world’s first governance charter for real estate developers – aimed at improving transparency in the sector – would be implemented by January 2013. The Dubai Land Department (DLD) said it had launched the draft document with the blessing of ruler Sheikh Mohammed bin Rashid Al Maktoum.

A 2020 masterplan for the city of Dubai has been approved by the Executive Council, which will clearly demarcate usage of land in the emirate, a senior government official has revealed.

Emaar Properties PJSC (EMAAR), the Dubai developer of the world’s tallest tower, said it’s seeking financing options and that details of reports that it plans to raise cash backed by the emirate’s largest shopping mall were wrong.

Emaar, the developer of the world’s tallest tower, has denied media reports that said it is selling two of its hotels in Dubai. Emaar spokesperson told Arabic daily ‘Al Bayan’, “It is mere rumours and speculation.”

While various reports suggest Dubai’s real estate market will remain sluggish this year, many property owners have increased their sale prices. Villas in The Springs or apartments in The Greens are being advertised at a higher sale price than a few months ago.

Dubai: The construction industry in the UAE is still feeling the impact of the global recession with more than $170 billion (Dh 624.36 billion) worth of projects either on hold or cancelled, a report has claimed. “Its total project awards have fallen by $6 billion in the year-to-end August, while its cancelled & delayed projects[…]

DUBAI, Sept 13 (Reuters) – The amount of construction projects cancelled and delayed in the United Arab Emirates rose to $170 billion in August, Citigroup said in a report, signalling the battered sector in the Gulf state is still away from a recovery.