Construction & Real Estate

Treasured New York skyscrapers may be sold to foreign funds

The iconic Chrysler and Flatiron skycrapers may soon join New York's GM Building as landmarks sold in part to Arab or European investors as the weak dollar spurs property grabs in the Big Apple.

The 50-story General Motors Building, constructed in 1968 and which includes the Apple Store on Fifth Avenue, has already been sold -- for a record-breaking US$2.8 billion -- to US real estate firm Boston Properties, backed by investors from Dubai, Kuwait and Qatar.

Qatari Diar announces exclusive bid for France's Cegelec

Qatari Diar, the real estate investment company, announced that it was finalising an exclusive bid for French engineering and electrical engineering group Cegelec.

Qatari Diar is owned by the Qatar Investment Authority (QIA), which is the sovereign wealth fund of the small gas-rich Gulf state. Financial Director Patrick Chenel would not disclose the amount offered. But company's lawyers, Baker and McKenzie, said that Qatari Diar was negotiating with the private equity fund LBO France to close the deal.

Gulf fund eyes purchase of US Chrysler Building: reports

New York's Chrysler Building, a skyscraper icon, is being targeted for purchase by an oil-rich Middle East sovereign wealth fund, US media reported.

The Abu Dhabi Investment Council, an investment arm of the Gulf emirate, is in talks with a subsidiary of Prudential Financial Inc to pay US$800 million for a 75 percent stake in the Art Deco treasure, the Wall Street Journal reported, citing a person familiar with the matter.

Gulf construction industry now valued at US$1.9 trillion

Saudi Arabia leads the construction industry in the Gulf where the value of projects has now touched US$1.9 trillion.

The Gulf's biggest nation now accounts for 25 percent of all construction projects in the Gulf Cooperation Council (GCC) countries. By the end of May, the value of projects across the region touched $1.9 trillion, a 35 percent increase from the same period last year.

Nakheel awards construction contract for Trump project

Nakheel, the Dubai World company, has signed a contract with an Al Habtoor-Murray & Roberts joint venture for the construction of the Trump International Hotel & Tower on the Palm Jumeirah.

The contract, valued at AED2.9 billion, has been awarded for the construction of the 62-storey structure, which is set to become a focal point of the Palm Jumeirah. The 270-metre design, which has a total gross built-up area in excess of 250,000 square metres, will feature two towers that rise above the Palm Monorail and central park.

News Analysis: Office boom spreads across the region

The commercial property boom that has transformed the Dubai skyline is now fast spreading to other cities within the region. Abu Dhabi is already on Dubai’s heels and increasing demand is now even fuelling rapid development in other regional capitals such as Manama and Doha.

And, with the Gulf countries together having an estimated US$1.6 trillion saved from oil revenues, states such as Bahrain, Oman, Saudi Arabia, Kuwait and Qatar are now spending billions on their infrastructure. Increasing occupier demand is also having the effect of a catalyst on new office development in capital cities across the region.

Hydra Properties launches HQ and sales centre in Mexico

Hydra Properties, the UAE-based leading international real estate developer, has announced the recent launch of its headquarters and sales centre in Mazatlan, Mexico. The twin-step has given the property pioneer a cutting edge to focus on their ongoing luxurious Hydra Waves project at the beach city of Mazatlan in Mexico.

Kurdistan's real estate sector worth nearly US$10bn

The current real estate industry in Kurdistan is worth around US$10 billion, according to Nechirvan Barzani, Prime Minister of the Kurdistan Regional Government of Iraq (KRG).

Speaking just after the launch of KRG's development plans with Dubai developer Damac to develop a AED55 billion master development in Erbil, the capital of Kurdistan, Barzani said that all investment for the Tarin Hills project is coming from the region.

Launch of US$2bn building materials company

Bahrain-based Islamic private bank, Khaleeji Commercial Bank, has launched a US$2 billion building materials company to cater to the booming construction sector in the Gulf, Middle East and North Africa regions.

The new company, Binaa, is expected to have a cumulative investment value of more than US$2 billion and a consolidated total capacity of more than 32 million cubic metres of ready-mix concrete, pre-cast and cement blocks per annum. It would also deal in trading of steel structures, aluminium, glass and other aggregates.

UAE's Damac Properties plans US$15bn Iraq development

United Arab Emirates developer Damac Properties plans a US$15 billion development in Iraq's Kurdistan province to start by the year-end, Damac said. The project includes residential, commercial and hospitality buildings over 170 million square feet in Arbil, Damac said.

Chapal World unveils AED10bn project

Dubai-based developer Chapal World on Sunday launched a AED10 billion mixed-use project, Emirates Lake Towers, in Ajman, boosting the company's portfolio to around AED15 billion.

Spread over 21 million square feet, the project will comprise 51 towers, a mosque, a school, retail space and a five-star hotel.