Construction & Real Estate

Dubai adds "The Universe" to artificial islands

A cluster of artificial islands inspired by the "wonders of the solar system" is to be built off the coast of the booming Gulf emirate of Dubai, developers Nakheel said. "The Universe" project will feature islands in the shape of the sun, moon and other planets.

Saudi firm to enter Jordan's real estate market

Snasco, a Saudi Arabian-based property developer with projects under construction in the UAE, said it plans to enter the Jordanian property market as part of a strategy to expand in the region. "We expect to see a significant increase in the demand for commercial property, and will be keeping a close eye on this sector as we weigh our options in Jordan," Saleh al-Sorayai, the chairman of SNASCO, said. There are about JD4 billion (US$5.6 billion) of investments in Jordan's residential real estate and that is estimated to increase to JD20 billion by 2013, according to the company statement.

News Analysis - Foreign ownership of property in Bahrain in jeopardy

The Bahraini Parliament is considering banning foreign ownership of residential property in Bahrain in order to curb rising unit prices. While the kingdom has seen a surge in real estate prices and inflation, salaries continue to be among the lowest in the GCC and have failed to keep pace with property prices. Despite recent government initiatives to fight inflation, fears of the possibility of a new property law that excludes non-Bahraini investors continue to grow.

Deyaar unveils Dh1.5 billion twin tower project

Deyaar, one of the region's fastest growing real estate companies, unveiled Bristol Towers - a Dh1.5 billion twin tower project in Business Bay. With the launch of Bristol Towers, Deyaar now has a dozen projects in Business Bay. Its properties rank amongst the most sought after in the development.

Solidaire to open up branch in Cairo

The Lebanese real estate developer Solidaire International has announced it would open up an office in Cairo in a move designed to tap into the growing real estate market in Egypt. Solidaire is expected to operate in the Egyptian market through a strategic partnership with the Sixth of October Development and Investment Company (SODIC) as both companies sealed an agreement in April last year.

Dubai Maritime City to launch first phase of Marina Berths

Dubai Maritime City, the world's first purpose-built maritime centre and member of the Dubai World Group, has outlined plans to launch the first phase of its new marina berth project in time for the 16th Dubai International Boat Show (DIBS), being held from March 11-15, 2008. The new berthing facilities, to be located in the commercial district of Dubai Maritime City, will enable the world’s largest maritime centre to address the growing market demand on berthing spaces in Dubai, with more than 30 to 50,000 boats and yachts expected in the next five years.

EMEA construction outlook weakens in West; remains strong in East

Fitch Ratings says in a report published this month that the credit outlook for EMEA construction and homebuilding issuers is expected to polarise along geographical lines in 2008. Western European issuers are likely to face increasingly challenging market conditions as macro-economic conditions deteriorate, coupled with continued pressure for debt-funded shareholder-friendly actions, i.e. M&A and buybacks. In contrast, issuers in Eastern Europe and the Middle East should continue to experience strengthening credit quality, driven by strong, structural demand and increasing corporate sophistication.

Big challenges facing a real estate bourse in Egypt

Demand for a real estate stock exchange in Egypt has increased on the back of the recent upsurge in construction and real estate activities in the local market. The Egyptian Minister of Investment, Mahmoud Mohieldin, earlier announced that talks were underway with Saudi officials for setting up the first specialised real estate bourse in the Egyptian market.

Abu Dhabi buys huge stake in NZ real estate trust

Abu Dhabi Investment Authority agreed to buy a 19.9 pct stake in AMP NZ Office Trust, New Zealand's second-biggest real estate investment trust, for NZ$178.2m (A$156m). Abu Dhabi Investment, a fund owned by the Persian Gulf emirate, is buying the shares from AMP Capital Investors (NZ) Ltd.

Aqarat.com pumps AED5.5 billion into Jordan expansion

UAE-headquartered realty solutions provider Aqarat Real Estate Development Co. (Aqarat.com) has launched its operations in Jordan with an initial investment of AED5.5 billion, aimed at exploiting the booming realty sector in the Kingdom. Jordan realty sector is presently estimated to be worth JD4.03 billion (AED20.9 billion).

GCC projects valued at US$1.8 trillion

The total number of Gulf projects announced so far, those already under construction as well as those that have yet to begin, have been estimated to be worth US$1.8 trillion. According to MEED magazine, this is an increase of 35 percent from the US$1.3 trillion that was estimated at the beginning of 2007. The latest valuation is the highest the Gulf region has witnessed since the beginning of the oil boom in 2000.

News Analysis: Saudi housing finance sector set to boom

Saudi Arabia’s housing finance industry, currently still in its infancy, could expand dramatically over the next two years and lending institutions are positioning themselves to take advantage of a boom that is forecast to virtually create an entirely new market segment for Saudi banks and specialised lenders. The catalyst is a new mortgage financing law that is presently before the Kingdom’s Consultative Council. Initially expected to be passed in 2007, the keenly awaited mortgage law is now slated for introduction early this year.

'Limitless' launches operations in Jordan

Limitless, the global master development arm of Dubai World, has inaugurated its business activities in Jordan, aimed at undertaking a string of project developments to augment the firm's growing international investment portfolio. Amman-headquartered Limitless Jordan will be responsible for all the UAE group's business operations in the Kingdom, managed by a newly appointed team of development, design, sales and administrative experts.

Emaar gears up for AED20 billion projects in Algeria

Abdulhameed Tamar, the Algerian Minister of Industry & Investment Promotion, announced that Emaar Properties is due to sign four contracts this month to implement projects in his country totalling US$5.5 billion in value.