Construction & Real Estate

N. Emirates: Resilient real estate

With most of the emirate's property developments geared to meet the increasing demand for short and long-term accommodation by foreign visitors, RAK's real estate market is likely to remain robust for the next few years. Though there has been a noticeable slowdown in property developments across the Gulf region, with a number of major projects either seeing their completion dates put back or work put on hold, the effects of the global economic crisis do not appear to have had much impact on RAK's real estate market.

NoozzVIEW; Bahrain reassures on key projects

The Bahraini Government has taken the unusual step of issuing a public reassurance that key government development projects planned for the next two years inside the country will proceed as normal, despite the incoming repercussions from the global economic meltdown. The pledge came from the Finance Ministry in Manama which said that the 2009-10 budgets would cover all projects within allotted resources. At present, the draft two-year budget is in front of parliament for further scrutiny and approval.

Egypt's OCI wins joint venture contract in Qatar

Orascom Construction Industries, Egypt's largest builder by market value, said 50 per cent owned BESIX was in a joint venture that had won a US$740 million contract to build a convention centre in Qatar. BESIX Group will provide structural, architectural, mechanical, electrical and plumbing works for a convention centre and tower in Doha due for completion by March 2011, OCI said in a statement.

More Gulf projects to be delayed in 2009

More projects are expected to be delayed or cancelled in the Gulf Arab region this year as banks feel the full pinch of the global financial turmoil, project finance managers said. "The entities that are going to get deals done are the major developers and sponsors who have the strongest banking relationships," Derek Rozycki, director for project and corporate finance at Abu Dhabi's state investment firm Mubadala said. Rozycki was speaking on the sidelines of the Middle East Economic Digest 2009 project finance conference in Manama.

Iskan announces major real estate project in Oman

Iskan Oman Investment Company, a subsidiary of Kuwait based Iskan Housing Finance Company, announced the development of its prime residential project, Zahrat Al Khareef in the city of Salalah. Located in the touristic city of Salalah, This innovative development will include various investment residential units that range from apartments with different sizes and large Villas, as well as the necessary facilities provided for the residents within this development.

Dubai building boom cooling?

The cancellation of a massive contract awarded to a joint-venture company in which WCT Bhd participated is prompting some analysts to take a closer look at Dubai. At least three research houses issued early despatches on the emirate's super hot property sector this month. Although ECM Libra Investment Research, Citigroup and Aseambankers did not issue blanket warnings in their reports, they pointed out the emerging risk of a property downturn in Dubai.