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United Arab Emirates

Crisis an opportunity to diversify economy away from real estate

Karen Remo-Listana Business 24-7 03.11.2009
Dubai to open world's tallest building

The world's tallest building is set to be opened in the Gulf emirate of Dubai. More than 800m (2,625ft) high and clad in 26,000 glass panels, Burj Dubai has 160 floors and more than 500,000 sq m of space for offices and apartments.

Call for Dubai to steer finance to infrastructure and higher value-added and human capital-intensive sectors. (EB FILE)

Dubai should use this crisis to rebalance its economy away from real estate and allocate its funds to more productive industries, analysts from leading industry and academia said.

Major Developers show confidence in Cityscape

Participation of key master developers underscores strategy to boost market confidence “Time to learn from the challenges… and to focus on the opportunities and threats that lie ahead,” says Cityscape.

An artist's impression of Anantara's Jumeirah Lake Towers project. The company says it is keeping the project on hold until the economic situation improves.

Dubai: Bangkok-based Anantara Hotel Group, a major brand in the luxury hotel sector, is expediting its expansion in the Middle East and North Africa (Mena) region.

UAE - Al Fara'a Properties hands over award-winning 'Le Grand Chateau' project ahead of 2010 deadline

Al Fara'a Properties, a member of the Al Fara'a Construction, Property and Industrial Group, has announced that the handover of units within its AED 225 million inaugural residential development - 'Le Grand Chateau' (LGC) is complete, well ahead of the 2010 deadline set for the project's delivery.

Thousands of new villas to be built in Abu Dhabi in a five year plan

Almost 17,000 new villas in 23 locations are set to be built in Abu Dhabi in the next five years, it has been announced.

Banks increase mortgages as property market settles

Bradley Hope The National 25.08.2009
Banks increase mortgages as property market settles

Banks are steadily increasing their mortgage offerings as the property market reaches the bottom of the downturn, analysts say.

45 per cent of projects planned in the Gulf currently under construction in UAE

Forty-five per cent of projects planned in the Gulf, which have a total value of USD 930 billion, are currently under construction in the UAE, according to recently published reports, thereby asserting the country’s leading position in terms of developments and project activity in the region.

Dubai real estate market stabilising

The property market in Dubai is stabilising and set for a rebound in 2011, according to the latest research but there is still a concern in the industry about over supply.

Dubai Property Market to Stabilise by Year-end

DUBAI — The Dubai property market is likely to start stabilising before the end of the year, but property prices will remin flat in the next two to three years as demand will still take time to pick up pace even after the economy recovers, said an executive of Reef Real Estate Investment LLC.

UAE developers in ‘race to gain supremacy’

UAE real estate developers are in a race to establish their standing, according to a report which analyses PR activities of the UAE’s top eight developers and the real estate sector in the UAE media.

Mortgages are scarce in Dubai, with interest rates between 8.5 and 9.0%

DUBAI — Just one year ago, property prices in Dubai were surging to record peaks undeterred by a real estate slump in major markets, but they have since gone into free fall and have yet to find the bottom.

Residential properties see 24% fall in Q2 prices

Emirates Business 247 17.08.2009
Residential properties see 24% fall in Q2 prices

Average prices of residential properties in Dubai fell by 24 per cent in the second quarter of 2009, with the rate of decline now slowing, according to Jones Lang LaSalle Mena.

Real estate developers to seek permission of ARRA before canceling deals in Ajman

According to Emirates Business, property developers in Ajman will not be allowed to arbitrarily cancel any sales and purchase agreements (SPAs) and will have to seek permission from the Ajman Real Estate Regulatory Agency (ARRA). According to SPAs signed previously between the developer and the investor, the former has the right to forfeit the property of the latter if he/she fails to meet payment deadlines.

Construction slowdown hits demand for power

Tamsin Carlisle The National 14.08.2009
Construction slowdown hits demand for power

Power demand in the UAE was lower in the first half of this year than in the same period last year, the Abu Dhabi National Energy Company said Thursday.

Abu Dhabi residential property sector listing prices regained stability in Q2 of 2009

According to Q3 of 2009 Abu Dhabi Real Estate Report by Landmark Advisory, leading provider of research, consultancy and real estate investment management services in the MENA region,...

UAE investors spend $1.1bn in Lebanon's real estate

Elsa Baxter Arabian Business 11.08.2009

Dubai property prices down 20% in Q2

Soren Billing Arabian Business 10.08.2009
UAE investors spend $1.1bn in Lebanon's real estate

UAE investors collectively spent more than $1.1bn on Lebanese real estate projects last year, making them the most active Arab investors in the country.

Dubai property prices down 20% in Q2

Dubai apartment prices fell 17 percent in the second quarter, while villa prices plunged 24 percent, Landmark Advisory said on Sunday.

UAE investments in UK

Suzanne Fenton Gulf News 05.08.2009
UAE investments in UK

Dubai: The UAE has diversified its investment portfolio in recent years by plunging billions of dirhams into a variety of UK assets.


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