Category: Dubai Property

Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer

Company reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer Manazel Real Estate. For the six months of 2016, profits at the developer which built Abu Dhabi’s mid market Al Reef compound fell 30.5 per cent to Dh31.2 million, down from Dh44.9m a year earlier. In a statement accompanying its…

Dubai’s Drake & Scull blames cancelled contracts and tough Saudi market for second quarter loss

The contractor posted a Dh207.6 million loss attributable to its parent company for the second quarter of this year, citing “project cancellations and one-off additional provisions”, most of which related to work in Saudi Arabia. Revenue for the quarter also dropped by 37 per cent year-on-year to Dh805m. A note from the auditor PwC accompanying…

Emaar launches homes in Dubai Creek Harbour

Dubai: Emaar Properties said on Sunday it has launched residences and villa town houses in Dubai Creek Harbour. The sales event will be on a first-come, first-served basis from August 18, at all participating Emaar Sales Centres in Dubai, Emaar said in a statement. Dubai Creek Harbour will feature commercial districts, leisure developments, residential neighbourhoods…

Dh114m historic German villa comes with the Berlin Wall in the garden – in pictures

Hipsters may be drawn to Berlin’s east side for the afford­able rents and high standards of living, but the world’s super- wealthy are heading to the German capital’s south-west. Just 24 kilometres from Berlin’s city centre, the affluent suburb of Potsdam, the former residence of the Prussian kings and the German kaiser until 1918, is…

Duke of Westminster dies aged 64: Britain’s third richest man had strong UAE ties

Britain’s wealthiest landowner, the Duke of Westminster, has died aged 64. Gerald Cavendish Grosvenor, Britain’s third richest man, died late on Tuesday in Lancashire after being taken ill suddenly on his Abbeystead Estate near Lancaster. The sixth Duke, who was ranked 68th richest billionaire in the world by Forbes with a calculated wealth of £8.3…

Investor Alert: Property price may increase in coming months, says Chairman of the Al Habtoor Group

Dubai offers smart long-term investments and there are very few places in the world which can be compared to what the emirate offers to investors, according to a Dubai-based billionaire.   “Dubai offers smart long-term investments. We are a forward-thinking nation. Very few places in the world have an investment climate comparable to that of…

Dubizzle says Dubai property market has bottomed out, but Abu Dhabi sales and rents under pressure

Online classifieds site dubizzle has added its voice to the weight of opinion suggesting Dubai’s property market is showing signs of bottoming out. The company’s second-quarter property report showed that prices per square foot in Dubai were generally flat quarter-on-quarter, although there were variations within individual areas. Prices in Business Bay rose by 3 per…

Arabtec chief says situation with unpaid Filipino workers in Saudi ‘blown out of proportion’

The chief executive of Arabtec Construction pledged to pay all Filipino workers employed by a Saudi joint venture contractor in full. Raja Hani Ghanma, the head of the UAE contractor Arabtec Construction, has said the plight of the workers had “been blown out of proportion”. The National reported last week that the Philippines government’s Overseas…