Category: Advice

Aldar contributes Dh48m to National Fund

Aldar Properties has announced that following approval by the Board of Directors, the Company will contribute a sum of Dh48 million to The National Fund. The contribution reflects the priority that Aldar attributes to its corporate social responsibility as a leader in the community. Mohamed Khalifa Al Mubarak, Chief Executive Officer, Aldar Properties, commented: “We…

UAE’s wealthiest property investors favour London, New York

More than 61 percent of the UAE’s wealthiest individuals expect to make overseas property investments this year, with London and New York the preferred locations, a report has concluded. Joint research by real estate consultancy Cluttons and YouGov found that investment appetite among UAE high net worth individuals (HNWIs) remains high despite global economic volatility…

Dubai’s Meydan gets $476m in bank financing for new projects

Dubai’s Meydan Group has signed a deal to obtain $476 million of financing from Qatar National Bank (QNB) and QNB’s United Arab Emirates affiliate Commercial Bank International, Meydan said on Monday. Meydan, a major developer of hospitality and entertainment facilities in Dubai including the Meydan Racecourse, said the funding would support investment in new projects…

Dubai’s Nakheel inks deal to advise on Saudi mixed-used projects

Dubai’s Nakheel has signed an agreement to provide technical support to Saudi developer Al Akaria for a range of new, mixed-use projects in and around Riyadh. The two companies have signed a memorandum of understanding under which Nakheel will apply its expertise in master planning, design, construction management, mall design and management, hospitality projects and…

Dubai group to invest $66m in second Dublin student housing project

Dubai-based Global Student Accommodation (GSA), which operates thousands of student beds in the Middle East and Europe has announced plans to invest in $55 million (€60m) in a Dublin city centre student accommodation facility. The 500-bed, seven-storey student accommodation, located on Dublin’s Gardiner Street, will be developed by Carrowmore Property, according to The Irish Times,…

Another UAE mall goes for expansion, completion in 2018

Aldar Properties, Abu Dhabi-listed property development, investment and management company, has awarded a Dh318 million contract for Al Jimi Mall’s refurbishment and expansion works to Pivot Construction Company. This investment is the latest component of the company’s recently announced Dh3 billion investment strategy. Al Jimi Mall remains a key retail asset in Al Ain. It…

Dubai developers keep building despite weak market and echoes of 2008

Dubai developers are pressing ahead with their construction plans despite expectations that property prices will fall yet further this year, undaunted by memories of a 2008 crash. Industry consultants say that while sales volumes have slumped in the emirate, structural changes to the market such as tighter regulations together with fewer speculators and developers should…