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Libyan President Muammar Gaddafi and his family are estimated worth in several billion dollars, according to UK Guardian report. Despite the instant grasp of information that internet may provide, the Gaddafi family are smart enough to hide their wealth into secret bank accounts in Dubai and South-East Asia.
Top realty agency chiefs on the near-term future of commercial property at the financial center. With two million square feet of commercial space to be delivered by third-party developers in the Dubai International Financial Centre (DIFC), serious competition between property owners is expected to ensue, leading to downward pressure on rentals. That is the near-term[…]
Dubai: The raft foundation of Saudi Arabia’s Al Jawharah Tower has been completed, the project’s developer Damac Properties said yesterday. Drake & Scull, the project’s main contractors, has finished foundation work at the Jeddah-based development and completed all basement levels.
Aldar Properties, the capital’s biggest developer, fell to the lowest on record after shareholders approved a bond sale to Mubadala, its biggest shareholder The company fell nearly 6 per cent to Dh1.44, its lowest point since 2005. Aldar will offer 2.8 billion dirhams ($762 million) of convertible securities to Mubadala, an investment arm of the[…]
UAE builders that aggressively moved to diversify outside of Dubai during the global downturn now face exposure to the political turmoil in the region, and investors are getting nervous. Dubai-based developer Emaar, best known for building the Burj Khalifa, has Dh4.2 billion worth of projects in Egypt, about 15 per cent of its book value.[…]
Following the launch of a Free Rent Competition, Better Homes the region’s largest property consultancy, and Dubai Properties Group (DPG), a member of Dubai Holding, have witnessed an overwhelming response to their competition that offers one lucky UAE resident the chance to win a rent-free apartment at Shorooq Mirdif for a full year.
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[…]
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[…]
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[…]
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.
(DUBAI, UAE) — As real estate prices continue to drop in Dubai and Abu Dhabi given the ever growing oversupply of residential and commercial space, some of the UAE’s top developers are looking outside the country for new markets. Emaar, Dubai’s largest developer, has been focusing on projects in the Middle East and beyond. CEO[…]
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[…]
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.
One bedroom units available for as low as Dh21k in International City and 35k in Discovery Gardens Rents in Dubai are touching new lows with one bedroom units being offered at Dh21,000 for a year in International City, while a similar unit at the Discovery Gardens is down to Dh35,000 from its peak of about[…]
Former Met officer calls for fresh investigation as millionaire businessman ‘reckless’ but not criminal A London-born property developer serving seven years in a Dubai jail for bouncing £50m worth of cheques has been wrongly convicted and was the victim of a criminal conspiracy, according to a former Metropolitan police chief.
Developers and banks led UAE shares lower yesterday, but calm was largely restored after Sunday’s aggressive sell-off. The Dubai Financial Market (DFM) General Index lost 1.3 per cent to 1,516.43 and the Abu Dhabi Securities Exchange General Index declined 0.4 per cent to 2,620.29.
Dubai, Feb 23 (IANS) Gulf Arab stock markets have been declining since last week despite the surging oil prices that normally support the regional stock indices, Xinhua reported. While political tensions in Bahrain eased Tuesday, the turmoil in Libya worsened.
The fall in property prices in Dubai is slowing analysts are not expecting any sudden improvement in the emirate’s real estate market. Sale prices fell 1.9% and rents were down 0.7% in January, according to figures from Deutsche Bank. ‘We still do not see any improvement in fundamentals that could trigger a recovery,’ said analysts[…]
Two property developers from the UAE are planning to list Islamic real estate investment trusts worth a combined 2 billion ringgit ($656m) in Malaysia this year, an exchange official said. The companies will be the first from the Arabian Gulf to sell Islamic REITs in the Southeast Asian nation, said Raja Teh Maimunah, global head[…]
Dubai just can’t kick its building habit. Construction sites are buzzing with work across the Persian Gulf sheikdom more than two years after the financial crisis set off a real-estate slump that caused values to fall by more than 60 percent. In the next two years, tens of thousands of new properties will come onto[…]
Dubai is the land of the exotic. Structures that seem like the overactive imagination of a child have materialised in Dubai. Initially, Dubai seemed unaffected by the late 2000 recession that originated in US and had repercussions all over the world. Countries around the world felt its impact deeply, yet Dubai seemed unperturbed. It continued[…]
DUBAI – The UAE will see a gradual improvement in financial confidence led by a drop in the country’s lending rates, an economist at a leading bank said on Monday. “There will be a gradual improvement in financial confidence led by a slow narrowing of the gap between the UAE EIBOR (Emirates Interbank Offered Rates)[…]
Royal Group, run by the brother of Abu Dhabi’s ruler, may invest several hundred million dollars in housing and agriculture projects in Chechnya, said Ramzan Kadyrov, the Russian region’s leader. Royal Group, which invested in Al-Reem, a $60 billion island project in Abu Dhabi, recently sent a delegation to the region, Kadyrov said in an[…]
Owning an apartment inside the Burj Khalifa, the tallest building in the world, is the ultimate accomplishment for Daryl Patni. Mr Patni, 42, a Mumbai native who has lived in Dubai for much of his life, started out as a ground crew member for Emirates Airline before setting out on his own to become a[…]
Gulf equities attractive in terms of earnings Dubai: The premium segment of Dubai’s property market could get a boost from refugee capital inflows from countries that are facing political turmoil, said Gary Dugan, Chief Investment Officer and Acting General Manager, Private Banking, Emirates NBD.
