real estate

June 17, 2018

Danube Properties has revealed that 85 percent of its recently-launched AED300 million ($81 million) Jewelz project has sold out within two months of its market debut.

The developer said investors have snapped up 393 units of the 463 apartments.

“Jewelz has appealed to the masses in a big way – offering more than 15 percent return per annum that no financial products in today’s market can match,” said Rizwan Sajan, founder chairman of Danube Group.

“Jewelz has"...

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June 14, 2018

Master developer Nakheel said it is assessing 11 proposals, with the lowest bid seen at just under Dh650 million ($177 million), for the construction of Dragon Towers, its twin-building residential complex at the rapidly-expanding Dragon City community in Dubai.

The contract is likely to be awarded in third quarter with construction completion in the second quarter of 2021, said a statement from the UAE developer.

Dragon Towers, which will be released for sale in early Q4 this year, comprises 1,142 one- and two-bedroom apartments across two buildings and is directly linked to the world-famous Dragon Mart retail and trading hub.

The complex will have a podium-level clubhouse with"...

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June 14, 2018

The UAE has always been an engine for change in the Middle East and the next big transformation is just around the corner.

Changes in business and residency law are planned which will have sweeping effects on the lives of non-Emirati residents. They will affect how we do business, where we live, how we invest and, ultimately, how we plan our future and those of our families.

We believe these developments will further commit foreign residents to the UAE. In turn, that means business owners and residents will seek extra security, looking for the certainty of a will to safeguard their assets for the next generation and allowing them to distribute their wealth as they think fit.

In short,"...

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June 13, 2018

SNC-Lavalin, a leading project management company, said it has signed an exclusive agreement with Florexx International Investments for the extended basic engineering and subsequent design and delivery of an advanced topping refinery in the UAE.

A Dubai-based group, Florexx International Investments is an integrated bio, green, and renewable energy investment and development company. It has been established and created as a conglomerate platform for all its investments and development activities worldwide.

SNC-Lavalin said as per the deal it will carry out the initial"...

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June 12, 2018

Master developer Nakheel has awarded a contract worth AED447 million ($122 million) for the construction of a 12-lane bridge connecting the Dubai mainland with Deira Islands.

The 600-metre bridge, being constructed by Wade Adams Contracting under the supervision of the Roads and Transport Authority (RTA), will provide the main access route to the new 15.3 sq km waterfront city.

Nakheel said work began in May, and is scheduled for completion in the second quarter of 2020.

Nakheel chairman"...

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June 12, 2018

UAE-based Azizi Developments said on Monday it is on track to deliver its largest project in the upcoming development of Al Furjan - Azizi Star - by the end of 2018.

Consisting of a total of 458 units of studio, one-bedroom, two-bedroom, and penthouse apartments, Azizi Star is currently progressing rapidly with ongoing internal finishings and elevations on the external facade, the developer said.

A 528,531 square foot development, Azizi Star offers 310 studio units, 46 one-bedroom units, 86 two-bedroom units and 16 penthouses as well as 9,500 square feet of retail"...

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June 12, 2018

The UAE's construction industry has not been impacted by the recent introduction of 5 per cent value-added tax (VAT) and it will witness over 10 per cent expansion in 2018, the second-fastest growth rate in the world, according to industry executives and research reports.

The industry executives believe that Expo 2020 is not the end for the construction sector. Rather they are pinning hopes on multi-year plans such as Vision 2021 which would drive the industry in the post-Expo 2020 era.

'I see good potential for the construction sector. I would say VAT has"...

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June 11, 2018

By awarding a major $20 million road and infrastructure contract, Damac has announced construction related spending at its upcoming flagship project, Akoya Oxygen, has now topped $1.5 billion.

The project awarded to China State Construction Engineering Corporation (CSCEC) will see major road and infrastructure work being carried out at three clusters within AKOYA Oxygen, providing access and services to support 1,623 villas, said Ali Sajwani, General Manager of Operations at DAMAC Properties.

“We are accelerating development in almost every part of our largest"...

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June 11, 2018

Emaar Development has taken possession of the land for construction of Beach Vista residences in Emaar Beachfront. Site mobilisation and enabling work has commenced with the hand-over of homes scheduled for the third quarter of 2021.

Emaar launched the sale of Beach Vista earlier this year. All 375 residences were sold out recording total sales worth about Dh1 billion.

Ahmad Al Matrooshi, managing director of Emaar Properties, said: 'Emaar Beachfront's first residential launch, Beach Vista has been an overwhelming success recording strong investor response from the UAE and international markets. We are now commencing the construction of Beach Vista residences.'

Residents"...

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June 10, 2018

Abu Dhabi City Municipality is working on two key infrastructure projects in co-ordination with Abu Dhabi General Services Company (Musanada) at Al Rahba city in the emirate being developed at an estimated cost of Dh452 million ($123 million), said a report.

These projects are part of the strategic plans of the Department of Urban Planning and Municipalities aimed at improving the infrastructure of Abu Dhabi city and suburban areas, reported state news agency Wam.

The plans are focused on cities experiencing rising growth rates; which is in line with Abu Dhabi Government’s"...

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