Salem Almoosa, chair and general manager of Falconcity of Wonders, attributes Dubai’s resilient real estate market to several key factors, including the city’s status as a top commercial and tourism hub, a continuously rising local population, a strong appeal among international investors, and substantial government funding of major infrastructure projects. With real estate transactions worth over AED64bn were recorded for Q1 2015 alone, Almoosa says that it is a significant number initiated by foreign investors. He added that the removal of the rental cap and limited supply across prime locations, among others, have been driving growth in residential demand. He…
Author: Paromita Dey
RAK-based Al Hamra Real Estate Development has teamed up with international real estate service provider Savills’ network of more than 600 offices worldwide. Al Hamra’s flagship portfolio projects include the multi-million dollar luxury Falcon Island development, Bayti townhouse community, and shoreline apartments Bab Al Bahr and Royal Breeze. Al Hamra Real Estate Management Services (REMS) will work with the London-based international residential team at Savills. “We are confident that this will open up new markets for us and, in turn, drive increased awareness and interest in Ras Al Khaimah as a quality destination, with value-driven investment opportunities, with solid and…
Last week, Nakheel announced a net profit of AED3.61bn for the first nine months of this year, which is reportedly a 39% or AED1bn increase of this time last year’s profit (AED2.6bn). The increase, according to the developer, is mainly due to continued strong performance and ongoing handovers of properties to customers. The company’s growing retail, leasing and leisure businesses also contributed to the overall financial results for the first nine months of 2015. Nakheel Chairman Ali Rashid Lootah said: “The significant increase in our net profit for the first nine months of 2015 compared to the same period in…
With some of the largest construction projects in the pipeline, the Saudi construction market is set to expand by 7.8% in the next four years. Most upcoming projects belong to the social and transport infrastructure sector. Sustained growth, rising population and economic prosperity along with government support have boosted the demand for construction material, equipment and services within the country. Experts observe that the lucrative market will soon pickup project activity with increasing private and public investment. As the need for innovative, sustainable and cost-effective building and construction solutions increases, Saudi Build held from 26-29 October this year aims to…
Jumeirah Golf Estates awarded Al Habtoor STFA Soil Group LLC the contract for the construction of Alandalus. Alandalus is Jumeirah Golf Estates latest development – a collection of 674 mid-market affordable luxury apartments and 54 townhouses. Construction is scheduled to begin before the end of October and be completed before the World Expo 2020 in Dubai. This appointment marks the beginning of the next phase of development for Jumeirah Golf Estates. The development will combine luxury lifestyle of a golf development with mid-market housing. Alandalus will consist of 674 apartments and 54 townhouses at prices starting from AED 597,000; along…
The fourth annual Emirates Green Building Council (EGBC) Congress discusses diverse aspects of sustainable built environments. The two-day event began yesterday at Dusit Thani Dubai. Held under the theme, ‘How do green buildings scale up? Bridging the gap between green buildings and sustainable cities,’ the congress highlighted the role of green buildings as ‘silent heroes’ in contributing to the UAE’s green economy. Saeed Al Abbar, chair of EGBC, said: “This year, we have scaled up the scope of discussion to identify comprehensive solutions that drive the development of sustainable cities. Green buildings, no doubt, are the silent climate change mitigation…
General manager of The Ajman Palace Hotel Ferghal Purcell calls the 700,000 square metre Al Zorah Golf Course a “must-see”. The GM made his way to the Al Zorah site today as the phase one of the development nears completion. The popular 18-hole golf course by Nicklaus Design is operated by Switzerland-based Troon Golf that is known to be the world’s leading high-end golf Development Company. Purcell said that the golf course development has been a fabulous new addition to the list of tourism attractions in Ajman. “It will add tremendous value to our destination and will be instrumental in…
Drake and Scull Engineering (DSE) was awarded an AED224m project to deliver MEP works for a hotel complex and the expansion of a prominent retail mall in Dubai. The development of the mall extension will include a new high rise hotel tower and a low-rise podium that includes a hypermarket, cinemas, and additional retail space, all within a total built up area of 192,000 square metre. The company has already started working onsite and will oversee supply, installation, testing and commissioning of complete MEP works which is scheduled to handover by 2018. Ahmad Al Naser, managing director of DSE, said…
Construction Business News ME celebrated its awards ceremony, Construction Innovation Awards in Ritz-Carlton Doha last night. The ceremony recognised people and projects contributing to the innovation of the construction industry in Qatar. After months of preparations and hundreds of nominations, 20 companies were awarded for their achievements and contributions towards the advancement of Qatar during this important time in the country’s development. Activity in Qatar’s construction sector has increased at such a rate over recent years that it is now one of the world’s most active construction markets, with a project pipeline valued in excess of $280bn. The night commenced…
The Saudi Arabian construction industry is expected to grow as massive projects underway amounts to an estimated SAR3.75 trillion. Most projects in the Kingdom focus on social and transport infrastructure, backed by increasing investments from both the private and public sector. The current real estate market in Saudi Arabia is valued at SAR2.25 trillion, out of which SAR1.31 trillion amounts for infrastructure and ongoing projects represent 82.4% of total construction activity. Saudi Build’s 27th International Construction Technology and Building Materials Exhibition will showcase leading manufacturers and exporters from across the globe. The event will be held from 26 to 29…