real estate

August 17, 2019

A number of new landmark projects and skyscrapers worth $18.85 billion are currently under way in the UAE, according to a new report.

The majority of the projects are being built in Dubai, which accounts for $15.62 billion of the projects, accoring to BNC Network, which tracks thousands of construction works worth trillions of dollars in the region.

Most of these projects - from hospitality, retail and entertainment"...

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August 15, 2019

Abu Dhabi will showcase its world-class infrastructure and technology achievements in the transport sector to global experts as part of a series of technical visits during the World Road Congress Abu Dhabi 2019.

Now open for registration, the free technical visits will offer delegates valuable insights on how Abu Dhabi deals with the day-to-day operations of its integrated transport network and its planning for future projects.

Taking"...

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August 15, 2019

UAE-based IBC Group announced on Wednesday that it intends to acquire 10,000 properties in Dubai to furnish and manage as holiday homes.

The company said it has contracted Berkshire Hathaway HomeServices Gulf Propertieson an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties.

The deal is valued at $5 billion, with a possible scale up to acquiring one million properties in over 100 cities across the globe, a statement said.

Operating"...

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August 15, 2019

DUBAI, 14th August, 2019 (WAM) -- Damac Properties announced its financial results for the first half of 2019 on Wednesday, reporting a total revenue of AED1.9 billion, with booked sales reported at AED1.8 billion.

According to a statement released by the company, gross profits for the same period stood at AED502 million reflecting gross profit margins of 27 percent. Total assets stood at AED24.7 billion compared to AED25.2 billion as of 31st December 2018, while net profit stood at AED 82 million in H1 2019, it added.

DAMAC has reduced its gross debt by AED1.4 billion"...

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August 14, 2019

A record number of residential units expected to come online in the second half of the year will push Dubai property prices lower, according to a report by the portal Property Finder on Tuesday.

A total of 20,978 residential units were completed in the first half of 2019 comprising 14,999 apartments, 1,084 serviced apartments and 4,895 villas and town houses, according to Property Finder estimates. An additional 38,426 residential units within 152 projects that have at least an 85 per cent completion status as of July, are scheduled to be delivered by the end of the year.

“With"...

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August 14, 2019

Property developers are racing against time to complete and handover residential projects despite a sustained correction in prices in Dubai this year as they completed record 20,978 units in first half of 2019, says a new report.

According to the 'Property Finder Trends' report for January-June 2019, the total number of completed residential units included 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.

Overall residential stock in Dubai is expected to reach 637,000 units by the end of next year, reflecting an increase of 10 per"...

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August 14, 2019

The UAE, especially Dubai, is home to some of the world's most-visited landmarks, attracting millions of visitors from different corners of the world. Known for its skyscrapers, the UAE is working on a number of new landmarks and skyscrapers set to open in couple of years, which would improve the country's profile and also attract more visitors to the country.

BNC Network, which tracks thousands of construction works worth trillions of dollars in the region, has estimated that $18.85 billion (Dh69 billion) of landmark projects are currently underway across the UAE, with Dubai taking the lion's share. Of that figure, $15.62 billion"...

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August 8, 2019

Union Properties, the master developer behind Dubai's Motor City district, reported a loss for the three months to June 30 as overhead continued to outstrip revenue.

The company reported a loss of Dh84.1 million in the second quarter, compared to a profit of Dh24.7m in the same period a year earlier. Revenue declined 15.5 per cent year-on-year to Dh104.6m.

About Dh30m of the loss declared for the second quarter was attributed to a depreciation in the value of financial instruments held by the firm. However, the bulk of the company's losses were due to the fact"...

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August 7, 2019

Residential rents in Dubai across categories continued to decline on the back of softer demand and pressure caused by upcoming supply, real estate surveys show.

Analysts at Kamco Research said the highest declines in second quarter was witnessed in the affordable housing category. Compared to two years ago, apartment rents are more than 20 per cent cheaper, they said.

Rents of two-bedroom apartments in this category declined by 4.6 per cent quarter on quarter to reach an average of Dh63,000 per year. Downward pressure on rents was also witnessed across mid to high-end"...

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August 6, 2019

DUBAI, 5th August, 2019 (WAM) -- Emirates Global Aluminium, EGA, today announced the first exports of bauxite ore from Guinea Alumina Corporation, GAC, its mining project in the Republic of Guinea in West Africa, marking the completion of EGA’s strategic expansion upstream in the aluminium value chain to create an integrated global aluminium giant.

The GAC project, and Al Taweelah alumina refinery, where EGA began production in April, create new revenue streams for EGA and secure raw materials at competitive prices that the UAE’s aluminium industry needs.

Bauxite"...

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