Thursday 11 February 2016

New real estate law 'vital for Abu Dhabi's growth'

Abu Dhabi government's new real estate law should provide a stronger foundation for inward investment which in the long term should benefit the choice and competiveness in the occupational market, according to an industry expert. However, in the short-term, regional unrest and glob


UAE real estate slowdown 'a minor correction'

The current phase  in the UAE real estate market is a slow-down and a relatively minor correction, rather than a major crash - with reduced supply coming through at a time of weak demand, allowing underlying dynamics to catch up with the pace of value growth, said a leading Middle East pro


Growing supply ‘to hit UAE property rentals’

The rental market in the UAE’s real estate sector will soften further in 2016 due to the widening gap between the demand and supply ratio, said Chestertons, an international property agency. The company also stated that developers should consider projects within the ‘


Damac's 2015 net profit surges 30pc to $1.23bn

Damac Properties, a leading developer of high-end properties in the Middle East, said it has registered a net profit of Dh4.51 billion ($1.23 billion) for 2015, up 30 per cent over the previous year. Announcing the results, Damac said its revenue for the year rose to Dh8.54 billi


Italy group inks deal to develop Iran railway

Ferrovie dello Stato (FS), an Italian state-run company, has signed an agreement with Iran’s Ministry of Transport aimed at developing the Islamic Republic’s railway network, a report said. “We have held talks with China and some European countries for launching


Marassi Al Bahrain beachfront opens to public

A beachfront area at Marassi Al Bahrain has been opened to the public. Every weekend for the next two months, the smart city project in Diyar Al Muharraq off Muharraq in Bahrain will host a range of land and water activities including a food-truck court, paddle boarding and kite surfing, said


Bahrain-Saudi causeway revamp is on the way

The number of lanes at King Fahad Causeway is to be increased from 17 to 45 in a major expansion, it was revealed yesterday (February 10). Two lanes are also being planned for each entrance leading to eight cabins which are expected to facilitate movement of traffic between the customs and pa


Big challenges ahead for sustainable city builders

Leaders must build a future sustainable city that puts not only places people’s welfare at the forefront, but also preserves the natural resources, said experts on the final day of the 4th World Government Summit in Dubai, UAE. The summit attracted more than 3,000 personali


UAE group to showcase net zero energy city

UAE-based Diamond Developers will be showcasing its premier sustainable community, The Sustainable City, at this year’s Global Forum for Innovations in Agriculture (GFIA) in Abu Dhabi, UAE. An annual event, GFIA will bring together public decision-makers, private sector cha


Emaar Q4 profit near-flat after hotel fire write-down

Dubai's Emaar Properties, builder of the world's tallest tower, reported a near-flat fourth-quarter net profit on Wednesday after it took a write-down relating to a fire at one of its hotels on New Year's Eve. The developer, in which Dubai's government owns a mino

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