real estate

February 22, 2018

The Roads and Transport Authority (RTA) has unveiled the initial design of the Hyperloop project which aims to revolutionise travel by cutting the Dubai to Abu Dhabi journey to just 12 minutes.

Hyperloop, which is part of RTA’s initiatives for Dubai Future Accelerators, was exhibited for the first time in the world, in collaboration with Virgin Hyperloop One, as part of its participation in the UAE Innovation Month.

The RTA and Virgin Hyperloop One Company said they have made 'considerable progress' in the technical, engineering and economic feasibility"...

Continue Reading >

February 22, 2018

Regulatory authorities in Dubai are now tightening the screws on developers to ensure on-time delivery of projects.

Industry sources claim the regulator has proposed that developers can only launch sales on off-plan projects once construction reaches the 50 per cent mark. This will also help reduce the risk of market oversupply and result in consolidation among smaller private developers.

As it stands, the law stipulates that 20 per cent of construction funds be provided by the developer as a form of bank guarantee in addition to a 10 per cent guarantee performance bond by the contractor. This ensures that 30 per cent of the funds are in place. Or else, the percentage of construction to achieve"...

Continue Reading >

February 21, 2018

Zain Real Estate Development launched its new OMR22 million residential project Muna Gardens which is strategically located in the Al Muna area at Bausher Heights. It is only 10 minutes away from Muscat International Airport and 5 minutes away from the ministries area, Royal Hospital, Muscat Hospital, Mall of Oman, said Mishaal Mohammed Al Raisi, chief executive officer of Zain Real Estate Development.

The project will be the first green residential city in the heart of Muscat, consisting of 122 villas divided into 4 types of villas. There are twin villas, townhouses and luxury villas surrounded by green spaces, and all the facilities and services required for modern life.

Muna Gardens will provide"...

Continue Reading >

February 21, 2018

Dubai Wholesale City (DWSC) has announced that Jaleel Holdings, the UAE’s largest fast moving consumer goods (FMCG) wholesaler, will construct a cash and carry facility with an investment value of AED100 million ($27 million).

Spanning an area of 300,000 square feet, the premises will include a fully integrated direct sale warehouse accommodating more than 250 employees, as well as a flagship store, storage and cooling facilities and manpower accommodation in the DWSC labour villages, a statement said.

The agreement was signed on the sidelines of DWSC’s"...

Continue Reading >

February 20, 2018

Dubai will see its first 3D-printed villa in two months, Engineer Hussain Nasser Lootah, director-general of the Dubai Municipality, told the Emarat Al Youm daily.

The technology would be used to build villas in a government housing programme.

3D printing will reduce construction costs and shorten delivery timeframes. The technology is expected to disrupt the construction industry.

According to Dubai's 3D Printing Strategy, 25 per cent of all buildings in Dubai will be 3D printed by 2030.

"...

Continue Reading >

February 19, 2018

Dubai master developer Nakheel has signed a contract for the construction of Deira Mall, the $1.6bn (AED6.1bn) dining and entertainment destination that it said will be the biggest in the Middle East.

The construction contract - worth $1.1bn (AED4.2bn) – has been awarded to United Engineering Construction (UNEC), in what will be one of Dubai’s highest-value construction contracts awarded for a single project in recent times.

Nakheel said construction will start in Q1 this year, and is set to be compled by 2021.

"...

Continue Reading >

February 19, 2018

Property prices in Dubai will take longer to rebound, as oversupply in the luxury market continues, according to Phidar Advisory managing director Jesse Downs.

While the minor oversupply of 5-10 percent in the Dubai property market is “manageable and actually healthy”, it poses a problem when the addition of new stock lies in the luxury sector.

“The problem really comes when you segment it by income and quality, and the oversupply is really in the premium market, which is the highest and the most competitive segment for development right now,”"...

Continue Reading >

February 19, 2018

H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah, stated that the UAE is supporting the efforts of scientists and researchers in all areas of scientific research, to serve the community, achieve sustainable development and find required solutions to key issues.

In his speech, delivered while launching the 10th annual International Workshop on Advanced Materials, IWAM, which is organised by the Ras al-Khaimah Centre for Advanced Materials, RAK-CAM, Sheikh Saud stated that the current overall global development is the result of the diligent work of millions of scientists from around the world, who succeeded"...

Continue Reading >

February 18, 2018

Availability of supply and competitive rents in Dubai led to a widespread decline in apartment rents in Sharjah in the fourth quarter of 2017, according to Dubizzle Property.

Bu Tina experienced the biggest drop in rents (17 per cent), followed by Al Nabba (10 per cent), Al Nahda, Al Qasimia and Al Ghuwair (nine per cent).

Three-bedroom apartments for rent in Bu Tina experienced the largest decrease in rents by -44 per cent, said Dubizzle Property. They could be rented for Dh27,000 in the fourth quarter compared to Dh48,000 in the same period in 2016. This may be because"...

Continue Reading >

February 17, 2018

The Public Establishment for Industrial Estates (PEIE) announced the launch of Oman Investment and Development Holding Company (OIDHC) as part of its move towards privatisation. The new entity, wholly-owned by PEIE, will take over the process of constructing, managing and operating existing industrial estates in partnership with specialised operators in the field. The launch of the company was announced at a press conference here on Tuesday. According to Hilal bin Hamad al Hasani, Chief Executive Officer of PEIE, the company is expected to begin operations in the second half of 2018. “A time-plan has been prepared to transfer the existing industrial estates to the holding company gradually,” said Al Hasani.

"...

Continue Reading >