Ras Al Khaimah: Cementing demand

Though built on strong foundations, and with expansion plans in the pipeline, the cement industry of RAK could be facing leaner times as the global economic crisis puts pressure on the construction sector in the Middle East. Of the 13 cement production facilities currently operating in the UAE, five are based in RAK. This is due to the emirate's large deposits of limestone and other minerals necessary for the manufacture of cement. This abundance of raw materials has prompted a sixth firm to set up shop in RAK, with Star Cement, a unit of the Dubai-based ETA Ascon Star Group, announcing it has awarded contracts to three overseas firms to build a facility to process clinker, one of the main ingredients in cement.

MAF, ADIH in Qatar Entertainment City JV

Majid Al Futtaim Group has entered into a joint venture agreement with Abu Dhabi Investment House (ADIH), a boutique investment firm, to develop the heart of Entertainment City, the 'Downtown Precinct', in the Lusail district of Doha. The project represents the first joint venture between MAF Group and Abu Dhabi Investment House. The duo had in March signed a memorandum of understanding in this regard. The project is MAF Property's first development in Qatar and its second major development outside of the UAE.

Qatari & Saudi investment coalition gear up for QR10bn in projects

A group of Qatari and Saudi entrepreneurs are joining forces to take on a string of projects planned for launch in Qatar's commercial, industrial and real estate sectors. The combined investment volume required for the projects under study is estimated at around QR10 billion during the first phase of the mega venture. Talks have been held at the Qatar International Islamic Bank's headquarters between the parties involved.

Amlak, Landmark to set up new Qatar firm

Amlak Finance (Qatar) and Landmark Properties, one of the Middle East's leading real estate firms, will set up a new company which will offer brokerage, property consultancy, management and investment advisory services in Qatar. A joint venture between Amlak Finance and Barwa Real Estate Company, Amlak Finance (Qatar), said the two companies have signed a memorandum of understanding for the establishment of the new firm 'Landmark Qatar.' The initial share holding ratio in the joint venture agreement will be stipulated as 60 per cent for Amlak Qatar and 40 per cent for Landmark respectively.

ADIH launches fashion city project in Morocco and creates 8,000 jobs

Abu-Dhabi Investment House (ADIH) inaugurated in Morocco this month its first phase of a US$7 billion (AED25.69 billion) project to build fashion cities in several parts of Asia and Africa. The launch of the YS$400 million Porta Moda Marrakesh project in the current international circumstances goes to show that ADIH's investments and plans are not affected by the global financial crisis, company executives stressed.

Projects take a beating in GCC

The global slowdown would hit hard many a project in the Gulf. But some mega-projects may continue rolling as they are backed by funds accumulated during the oil boom. Nevertheless, a number of Dubai's over-hyped properties are going to suffer on two counts - fall in demand and lack of credit. According to HSBC Bank, Dubai property prices fell four per cent in October - with villas falling by 19 per cent in four weeks from September to last month alone. Property prices in Abu Dhabi have even started falling. Prices were down five per cent last month, says HSBC Bank. There had always been questions about the sustainability of demand for real estate in the UAE, particularly in Dubai. Property prices had been rising almost constantly on foreign buying, sparking fears of overheating. In addition, the banking sector is going through a period of tightening liquidity, which will affect developers most.

Amlak, Tamweel to merge under UAE government bank

Two of Dubai's biggest property lenders, Amlak and Tamweel, will be merged under a government-owned bank, the UAE ministry of finance said, as the financial crisis bites Gulf Arab states. Trading in both companies' shares was suspended after the United Arab Emirate's finance ministry said it would supervise the merger under the federal government's Real Estate Bank to ensure a fair valuation and protect shareholders.

Qatar SWF boost for UK real estate market as GCC investors eye plummeting property price portfolios

The real estate markets in major international cities such as New York, London and Tokyo have received a major boost in confidence following reports that the Qatar Investment Authority (QIA), the emirates sovereign wealth fund (SWF), is planning to build up portfolios of investments in prime real estate properties that have been affected by the adverse impact of the global financial crisis. Investors from the GCC and other countries are particularly interested in value-added distressed assets as real estate companies in these mega-cities seek to off-load prime assets sometimes in panic sales to recoup whatever funds they can.