Construction & Real Estate

S.Korea's Namkwang, SK E&C win $370 mn UAE order

South Korea's Namkwang Construction said o it had won a $370 million order from the United Arab Emirates with SK E&C Co Ltd. Namkwang said in a filing to the Korea Exchange that it had a 35 percent stake in the construction order.

Malaysian Co to Invest US$107.8 mn in Melaka's Arab City

Over half the residential and commercial property projects due for completion in Dubai between 2009 and 2012 have been put on hold or cancelled, Jones Lang LaSalle said. The emirate's once-booming real estate sector, which boasts an indoor ski slope and the world's tallest tower, has been hit hard by the financial crisis as developers halt or cancel projects, property prices fall and jobs are slashed. Delays and cancellations to Dubai's projects "reflects the lack of available funding and projections of declining population along with continuing job cuts," the real estate service company said in a report.

UAE Leads Gulf in Office Developments

Kuwait's real estate developer Al Mazaya Holding is considering consolidation among some of its units to lower costs and is taking provisions in 2008 as the global downturn hits the Gulf property market. "We are going to consolidate among our own companies... You can't have full manpower in companies that don't have projects," Salwa Malhas, executive vice president of Mazaya, which is also listed in Dubai and has 18 subsidiaries, said.

Emaar's Egyptian unit to spend $712 mn on projects

Emaar Properties' Egyptian subsidiary, Emaar Misr for Development, will spend around 4 billion pounds ($712 million) from residential sales and reserves to develop three projects, the developer said. Sales in Uptown Cairo and Marassi last year were "robust", while Emaar Misr sold more than 60 units since the launch of the first phase of Mivida in February, Jain said, adding the construction of the Business Park and other infrastructure work is already underway with master-planning completed.

Qatar's property market remains strong as economy continues to grow

Luxury lifestyle provider, Damac Properties has said the demand in the Qatar's property market will continue to grow in medium term outlook even as other markets start to feel the impact of the global economical crises. Damac Properties believe that with today's current Qatari economy conditions the government will continue to carry out all projects such as the New Doha International Airport at the cost of $5.5bn, the $5bn Lusail real estate project, the $5bn tourist project in al-Khor and the $2.5bn Energy City which will contribute to the economy growth in many sectors including Real Estate