real estate

August 19, 2019

Dubai's blue-chip property developer, Emaar Properties, completed its buy-out of development management company Mirage Leisure and Development, taking the remaining 35 per cent of the business it did not already own for Dh66.5 million.

The developer secured a 65 per cent stake in Mirage in October 2015 for Dh 123.5 m, but financial statements filed last week show that it acquired the remainder of the firm at the end of April this year.

'Managing Mirage fully is the best fit for Emaar as the company performs exceptionally well and also manages the development"...

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August 19, 2019

The cost of Dubai Expo 2020’s irrigation and landscaping projects is expected to be over AED277 million ($75.4m).

Taleb Abdulkareem Jilfar, executive director of the Infrastructure Services Division at Dubai Municipality, revealed an area of 3.57 square kilometres is expected to be ready before the official launch of the exhibition in October 2020.

The municipality has delivered 863,117 plants, valued at more than AED22.5m ($6.1m), according to a report by Emirates News Agency (WAM).

The"...

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August 18, 2019

Dubai Electricity and Water Authority (DEWA) said on Saturday it has awarded a construction contract for a AED1.4 billion ($380 million) hydro-electric power station project at Hatta.

The contract has been awarded to a consortium including Strabag Dubai, Strabag, Andritz Hydro and Ozkar.

The project is part of a development plan for Hatta, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, state news agency WAM reported.

It added that the"...

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August 17, 2019

A number of new landmark projects and skyscrapers worth $18.85 billion are currently under way in the UAE, according to a new report.

The majority of the projects are being built in Dubai, which accounts for $15.62 billion of the projects, accoring to BNC Network, which tracks thousands of construction works worth trillions of dollars in the region.

Most of these projects - from hospitality, retail and entertainment"...

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August 15, 2019

Abu Dhabi will showcase its world-class infrastructure and technology achievements in the transport sector to global experts as part of a series of technical visits during the World Road Congress Abu Dhabi 2019.

Now open for registration, the free technical visits will offer delegates valuable insights on how Abu Dhabi deals with the day-to-day operations of its integrated transport network and its planning for future projects.

Taking"...

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August 15, 2019

UAE-based IBC Group announced on Wednesday that it intends to acquire 10,000 properties in Dubai to furnish and manage as holiday homes.

The company said it has contracted Berkshire Hathaway HomeServices Gulf Propertieson an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties.

The deal is valued at $5 billion, with a possible scale up to acquiring one million properties in over 100 cities across the globe, a statement said.

Operating"...

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August 15, 2019

DUBAI, 14th August, 2019 (WAM) -- Damac Properties announced its financial results for the first half of 2019 on Wednesday, reporting a total revenue of AED1.9 billion, with booked sales reported at AED1.8 billion.

According to a statement released by the company, gross profits for the same period stood at AED502 million reflecting gross profit margins of 27 percent. Total assets stood at AED24.7 billion compared to AED25.2 billion as of 31st December 2018, while net profit stood at AED 82 million in H1 2019, it added.

DAMAC has reduced its gross debt by AED1.4 billion"...

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August 14, 2019

A record number of residential units expected to come online in the second half of the year will push Dubai property prices lower, according to a report by the portal Property Finder on Tuesday.

A total of 20,978 residential units were completed in the first half of 2019 comprising 14,999 apartments, 1,084 serviced apartments and 4,895 villas and town houses, according to Property Finder estimates. An additional 38,426 residential units within 152 projects that have at least an 85 per cent completion status as of July, are scheduled to be delivered by the end of the year.

“With"...

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August 14, 2019

Property developers are racing against time to complete and handover residential projects despite a sustained correction in prices in Dubai this year as they completed record 20,978 units in first half of 2019, says a new report.

According to the 'Property Finder Trends' report for January-June 2019, the total number of completed residential units included 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.

Overall residential stock in Dubai is expected to reach 637,000 units by the end of next year, reflecting an increase of 10 per"...

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August 14, 2019

The UAE, especially Dubai, is home to some of the world's most-visited landmarks, attracting millions of visitors from different corners of the world. Known for its skyscrapers, the UAE is working on a number of new landmarks and skyscrapers set to open in couple of years, which would improve the country's profile and also attract more visitors to the country.

BNC Network, which tracks thousands of construction works worth trillions of dollars in the region, has estimated that $18.85 billion (Dh69 billion) of landmark projects are currently underway across the UAE, with Dubai taking the lion's share. Of that figure, $15.62 billion"...

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