October 19, 2019

MAG Lifestyle Development, the real estate development arm of MAG Group Holding, has announced the completion of its AED800 million ($217 million) MAG 5 Boulevard, the value-housing project in Dubai South.

MAG 5 Boulevard encompasses 13 buildings, consisting of 1,452 units comprising of 498 studios, 732 one-bedroom, 210 two-bedroom, and 12 three-bedroom apartments.

The residential project also houses a 24-hour walkable community that spreads over 800,000 square feet and amenities include a swimming pool, jogging tracks, gardens, outdoor leisure spaces, children’s"...

October 19, 2019

US companies must move swiftly to confirm their participation with the US Pavilion at Expo 2020 Dubai and ensure the project is fully funded, according to Steven McCarthy, the chairman and CEO of Além International Management, a US-firm tapped by the State Department as the pavilion’s ‘implementation partner’.

In an exclusive interview with Arabian Business, McCarthy says that, to date, no construction work has been carried out on the American Pavilion at the Expo site.

“It’s possible to get this done still. We’d originally"...

October 18, 2019

The Conrad Hilton estate, Casa Encantada, has come on the market for the first time in decades since it was built in 1938. It is rich in history having been built in the midst of the heyday of old Hollywood. Louis B. Mayer and Jack Warner were bringing sound to motion pictures and stars Greta Garbo, Joan Crawford, Clark Gable, Katherine Hepburn, Spencer Tracy to the screen. Its architectural legacy and a commitment of meticulous preservation shines through all aspects of this rare property.

The impeccably restored 40,000-square-foot modern Georgian masterpiece is situated on a promontory of more than eight acres in Bel-Air, just 10 minutes to Beverly"...

October 17, 2019

(WAM) -- The Ras Al Khaimah Free Trade Zone, RAKEZ, aims to attract more investors, through focusing on customer service and facilitating investments, including in its customised facilities, as well as by supporting start-ups, small and medium-sized enterprises, SME, and industrial companies.

India is among the zone’s key clients, due to the good bilateral ties between the two countries that have witnessed significant progress in recent years. The RAKEZ office in the Bandra Kurla Complex in Mumbai has played a significant role in reinforcing its ties with Indian clients.

RAKEZ"...

October 16, 2019

Dubai-based contracting giant Arabtec Holding said on Tuesday that it is in talks with UBS to act as a financial advisor on a possible merger of its construction business with Trojan Holding.

Arabtec's CEO Peter Pollard said in a filing to Dubai Financial Market that it has started negotiations to appoint UBS to assist in the preliminary evaluation of the merger with the Abu Dhabi-based construction firm.

Arabtec Holding recorded a net profit of AED58 million on revenue of AED4.2 billion for the first half of 2019.

The"...

October 15, 2019

Provis, one of the UAE’s leading estate management companies, said it has been signed up to provide its full suite of specialised real-estate services at more than 30 iconic projects across Abu Dhabi, following a highly competitive bid process.

As per the deal, Provis will be offering its property management and leasing services to 12 residential projects under Abu Dhabi’s master developer Aldar Properties including Al Zeina, Al Muneera, Al Bandar, Sun & Sky Towers, Al Oyoun Village, Gate & Arc Towers, and Eastern Mangroves.

The company will also support Aldar through a management and leasing services contract for different commercial units such as Aldar headquarters, Al Mamoura,"...

October 15, 2019

As many as six skyscrapers from the Gulf region - including two from Dubai and one from Abu Dhabi - have been rated as the most influential tall buildings of the last 50 years, according to the Council on Tall Buildings and Urban Habitat (CTBUH).

The world's tallest building, the Burj Khalifa, and the seven-star Burj Al Arab hotel from Dubai, as well as Al Bahar Tower in Abu Dhabi made it on the list. While, in the region, the Bahrain World Trade Center, Doha Tower, and National Commercial Bank in Jeddah also made it on the list of 50 Most Influential skyscrapers.

The"...

October 15, 2019

Global cloud software provider, Zoho announced its partnership with Leminar Air Conditioning Company, the largest HVAC distribution company in the region and a member of the Al Shirawi Engineering Services Group of Companies for helping them in their digital transformation of services.

Zoho One is the operating system for business that is designed to run an entire organisation-from sales and marketing, finance and HR, operations and business intelligence, and more-all on a unified technology platform. Zoho One, comprising 45+ applications, breaks down departmental silos and helps drive smarter decision-making. It can be customised with powerful"...

October 14, 2019

The downward corrections witnessed in Abu Dhabi’s real estate industry during the second quarter appear to have slowed in Q3, suggesting the market could be close to bottoming out, said a report by leading international real estate services firm Chestertons.

Sales prices and rental rates have marginally declined during Q3 with the average apartment sales price declining one per cent with villas showing no movement, stated the expert in its 'Observer: Abu Dhabi Market Report Q3 2019' report.

The same was true of the rental market where average rental rates for apartments fell by one per cent while villas remained static from the previous quarter, it added.

Nick Witty,"...

October 14, 2019

DUBAI, 13th October, 2019 (WAM) -- Dubai Airport Freezone Authority, DAFZA, has further established itself as a global facilitator for business growth and prosperity and a vital engine for Dubai's economy following the announcement of its half year results for 2019.

DAFZA's contribution to Dubai's foreign trade reached 12 percent in the first half of the year, confirming the success of its plans to enhance its role in Dubai and to establish its presence amongst the free zones as one of the most developed, advanced and distinguished at the national and regional levels.

The"...