Deyaar returns Skycourts management to NBC
Dubai, June 29, 2010
Dubai's Deyaar said on Tuesday it is returning the management of a residential project to its owner National Bonds Corp (NBC), the national saving scheme of the UAE.
The emirate's second-largest developer by market value said that its board had agreed to return the management of Skycourts to state-owned National Bonds Corp, but did not provide further details in a statement on Dubai's bourse website.
The developer added that its fees to Ernst & Young were Dh550,000 ($149,700) for 2010.
Skycourts is a residential development in Dubailand, a multi-billion dollar theme project in the emirate. National Bonds transferred the development and management rights of real estate projects Skycourts and Flamingo Creek to Deyaar in 2008.
The state Investment Corporation of Dubai (ICD) owns 50 per cent of National Bonds Corp with each of its local shareholders comprising developer Emaar Properties, Dubai Holding and Dubai Bank, holding 16.6 per cent ownership according to the company website.-Reuters
More Construction & Real Estate Stories
- Depa names new board directors
- Work to start on new Bahrain social centre
- Indian developer to open Dubai office
- 50 firms to showcase at Cityscape Riyadh
- Kaloti breaks ground on Dubai gold refinery
- New power station for Bahrain hospital
- Al Hamra Village wins top mixed-use award
- Schön sees business park project on track
- Kuwaiti developer starts Dubai tower work
- Asteco appointed agent for Dubai tower