Property consultancy, CB Richard Ellis has said the lack of clarity on the three-year UAE real estate investor visa is not encouraging investor influx and the market is still to feel the full impact of the decision, Emirates 24-7 has reported. ?The full impact of the investor visa is still to be felt and with some uncertainty remaining over the actual physical award of visas to home owners and a lack of clarity to specific conditions relating to the inclusion of family members,? said Matthew ...
UAE economy set to grow 4%
The UAE economy is forecast to grow by at least four per cent in 2012, Economy Minister Sultan Al Mansouri said on Thursday.
UAE can export oil if Iran closes Hormuz
The UAE will be able to use ports on the Gulf of Oman for oil exports if Iran closes the Strait of Hormuz, transit point for about a fifth of the global oil supply.
?963,000 bonus for RBS boss sparks debate
A £963,000 bonus for the boss of a taxpayer-funded bank was attacked as "out of touch" by Labour, as a government minister claimed he had a public "duty" to refuse it.
Former aviation chief denies insider trading
Former civil aviation chief Albert Lam Kwong-yu pleaded not guilty to insider trading yesterday over a trade in which he made HK$79,000.
Key Tamkeen workshop focuses on excellence
As part of its commitment to strengthening its strategy and enhancing its performance to better serve the public, Tamkeen's senior management took part in a series of three daily workshops.
Australian Banks Cut Loan Exposure to Europe
The worsening eurozone debt crisis has prompted Australian banks to be more aggressive in cutting their exposure to the embattled continent.
Private home prices continue to moderate for 9th straight quarter
The rate of private housing price increase has continued to moderate for nine consecutive quarters, the Urban Redevelopment Authority (URA).
Govt should consider new taxes - union boss
The Government is being urged to be consider new taxes to increase revenue and use caution in its plans to cut spending in order to keep its commitment.
The number of real estate transactions in Lebanon has seen a 12.02% decline last year to 82,984, compared with 94,320 transactions in 2010, The Daily Star has reported. The total value of transactions fell by $640m to $8.84bn in 2011, down from $9.48 billion in the previous year. However, the average real estate transaction value was 6.01% higher at $106,533 up from $100,496 in 2010.
Several Saudi contracting firms have been forced to turn down huge public and private sector projects in the Eastern Province, due to the ?Nitaqat? system that aims at reducing reliance on expatriate workers and ensuring jobs for Saudis, Saudi Gazette has reported. ?Contracting companies are facing problems because their workers run away in search of higher pay. The complicated Nitaqat procedures have made it impossible to find alternative sources of labour. So some companies have no ...
According to the Abu Dhabi Municipality, the total volume of property transactions recorded in the capital last year has exceeded Dhs42.9bn ($11.6bn), The National has reported. Of that total, Dhs3.7bn involved land sales and Dhs39.1bn concerned mortgage transactions, the civic body said, without providing historical comparisons. Registration dates do not necessarily reflect when the property was actually sold, the municipality noted. "Selling transactions" hit an all-time high of Dhs917m last ...
Abu Dhabi has unveiled plans to resume suspended real-estate projects including branches of the Louvre and Guggenheim museums after reviewing their viability, Bloomberg has reported. At least $30bn worth of projects were put on hold in Abu Dhabi while the government conducted the review. The emirate?s executive council said budgets and opening dates have been approved for museum projects in the cultural district of Sadiyat Island, including the Zayed National Museum, and franchises of the ...
GCC sukuk issue triples despite global turmoil
The issuance of sukuk (Islamic bonds) in Gulf hydrocarbon producers nearly tripled in 2011 despite the global downturn.
Emaar Middle East, a subsidiary of Emaar Properties PJSC, is showcasing its flagship lifestyle community developments in Saudi Arabia at a special roadshow and sales event to be held from January 19 to 26, 2012 at The Dubai Mall.
King Abdullah Economic City (KAEC), announced a lease- agreement with the Saudi Airlines Catering (SAC) and handed over an Industrial land plot at the Industrial Valley for the establishment of it?s industrial laundries project slated to be the largest in the GCC.
King Abdullah Economic City (KAEC), announced a lease- agreement with the Saudi Airlines Catering (SAC) and handed over an industrial land plot at the Industrial Valley for the establishment of it?s industrial laundries project slated to be the largest in the GCC.
Saudi, Turkey talks to thrash out Sabic dumping claims
Saudi Arabia and Turkey are in talks over a claim that Saudi Basic Industries Corp, the world’s largest petrochemical maker.
Saudi fiscal surplus to widen in 2012
Saudi Arabia’s fiscal surplus could rocket by more than seven times in 2012 as revenue will likely be far higher than the level projected by the world’s oil powerhouse.
Banks report 'normal' business after four years of decline, survey finds
The level of business in the financial services was regarded as "normal" in the last three months of 2011 following less than usual amounts of activity for more than four years.
Alex Salmond in battle with David Cameron over Scottish referendum
David Cameron is to take a high-stakes gamble with the union this week by telling the Scottish first minister, Alex Salmond, that he can have a binding referendum on Scottish independence.
According to a survey conducted by the Oman?s Public Authority for Consumer Protection, steel prices in the country rose again at distribution points in Muscat Governorate since the start of this month, Oman Daily Observer has reported. The study covered Omani, Turkish, UAE and Qatari steel and focused on the prices of four main companies; Bahwan, Al Ansari, Al Sharq Al Awsat, and Oman Contracts and Construction Materials. The survey indicated that the price of UAE steel at Bahwan rose by OR3 ...
Nakheel said it has negotiated so far contractor claims worth Dhs1bn ($272.24m) and hopes to issue the second tranche of its sukuk within the next six months, Reuters has reported. "So far we have been successful in the negotiations," said Nakheel chairman, Ali Rashid Lootah. The developer, which issued the first tranche of a $1.31bn Islamic bond to trade creditors in August as part of its restructuring, said the second tranche of Dhs1bn would be used to settle claims of the contractors. "We ...
UAE-based property services firm, Asteco has said a group of completed projects adding thousands of homes to the market will force housing prices and rents to continue its decline in the country next year, despite growing demand for homes in many neighbourhoods, The National has reported. "Unless we see a real pick-up in demand driven by population growth and job creation, I can only see the downward trend [in prices] continuing," said Paul Maisfield, general manager in Abu Dhabi for Asteco.
The Bahraini housing ministry has signed a BD208m ($551.6m) Public Private Partnership (PPP) agreement with real estate developer, Nassej to build more than 4,000 affordable homes within three years. The project involves delivering more than 4,100 housing units, of which 3,110 are social housing units within a period of less than three years.
Dubai-based Emaar Properties expects the emirate?s property market to record positive growth in 2012 across all sectors, Zawya Dow Jones has reported. The company said it will continue to focus on affordable housing through its Dawahi Development subsidiary in the new year. ?Following the socio-political changes emerging from the Arab Spring, elsewhere in the Middle East, more businesses are looking to establish their regional headquarters or expand their market presence to the UAE and Dubai. ...
The Dubai Mall achieved a record-smashing year in 2011 to become the world?s most-visited shopping and leisure destination, welcoming more than 54 million visitors in 2011. The number of visitors in 2011 is about 15% higher than the 47 million visitors in 2010.
Dubai Mall-Metro link to open by 2013
A project has been launched to build a 820-metre-long link that directly connects Burj Khalifa/The Dubai Mall with the nearby metro station by travelators.
Abu Dhabi airport marks 30 years
Abu Dhabi International Airport, which is undergoing a Dh25 billion redevelopment plan, has handled 126 million passengers in 30 years since its inauguration on January 4, 1982.
UAE National ID card application and renewal can now be done online
Residents who apply for national ID cards online using a credit card will be able to save the Dh30 typing fee.
Going green will weigh on fees at new-look HOS flats
Owners of new Home Ownership Scheme flats may have to pay more in management fees because of new and green designs.
Pan-democrat rivals stake out home turf
Would-be chief executive candidates Albert Ho Chun-yan and Frederick Fung Kin-kee clashed over the "hegemony" of developers in the first televised debate.
Oman?s economy shows robust growth in 2011
The national economy showed robust growth in spite of the severity of the international financial and economic crisis that affected most of the advanced economies.
Dubai realty in recovery mode with sales rising 20% in 2011
The Dubai Land Department has revealed that sales of land and property rose 20 per cent in 2011.
Aldar fears fade after $4.6bn Abu Dhabi bailout
Aldar Properties Islamic bonds rallied the most in eight months after the developer got AED16.8bn ($4.6bn) from the Abu Dhabi government.
The Dubai Mall, the flagship development of Emaar Malls Group and the world?s largest shopping and entertainment destination, has launched a project to build a 820-metre long pedestrian link that directly connects the Burj Khalifa/The Dubai Mall Metro Station with the iconic attractions in Downtown Dubai, including the mall and Burj Khalifa, the world?s tallest building.
Abu Dhabi registers 893 firms
The Abu Dhabi Department of Economic Development (ADDED) registered 893 new construction firms under 42 categories last year.
Eida says ?register now? for ID cards
The Emirates Identity Authority (Eida) recently launched a campaign to spread the importance of registering for the Emirates Identity Cards among the residents.
NMC opens $10.6m Sehla facility
A first-of-its-kind automobile service centre has opened in Bahrain. Customers at the brand new BD4 million ($10.6m), 9,000 sqm National Motor Company (NMC) facility in Sehla.
Govt allots a third of 2012 budget for MDGs
The Aquino administration has set aside at least a third of this year’s budget for poverty reduction and social services sectors to meet key Millennium Development Goals.
House buyers forced to wait as listings plunge
House listings have plunged in the past month and would-be buyers are being forced to wait around for suitable properties to come on the market.
ODB Board okays loan worth RO 3m for various projects
As part of its endeavours to finance the development projects and advance the economic development in the country, the Board of Directors of Oman Development Bank (ODB).
Jeddah Municipality has selected US-based consultancy firm, Parsons to manage the construction of major infrastructure projects in the city, Saudi Gazette has reported. Under the three-year contract, Parsons will coordinate and manage construction projects and will provide other related services, Parsons said. The projects involve new construction and renovations, including bridges, tunnels, roads, transportation systems, buildings, sewerage treatment plants, irrigation systems, pumping ...
A property glut would drive rents down by 25% in prime areas of the Omani capital, Muscat, as thousands of new accommodations are expected to be completed in the summer of 2012, Times of Oman has reported. ?Records in the ministry of housing show that about 35,000 apartments are due to be completed in Muscat by June next and they will be immediately available for rent. More than 70% of these properties will be in the most desired areas of the capital,? Juma Al Saidi, proprietor of Capital ...
Emaar, The Economic City (EEC), a Tadawul-listed company developing King Abdullah Economic City (KAEC), announced the signing of a freehold land contract with Tamer Group for the purchase of 500,000 square meters of freehold land in the Industrial Valley at KAEC, the first of its kind in the Kingdom.
Emaar, The Economic City (EEC), a Tadawul-listed company developing King Abdullah Economic City (KAEC), announced the signing of a freehold land contract with Tamer Group for the purchase of 500,000 square meters of freehold land in the Industrial Valley at KAEC, the first of its kind in the Kingdom.
Dubai Metro operator acquires Mubadala subsidiary
Dubai Metro operator Serco has bought facilities management firm JBI Properties Services Company from Mubadala Development Company, the investment arm of the Abu Dhabi government.
UK commuters 'pay more for trains'
Some UK rail commuters, facing 6% average fare rises next week, are already paying almost 10 times more for their season tickets than their European counterparts.
CBI says business must stop relying on UK consumers and focus on exports
Britain urgently needs to rebalance its flagging economy away from dependence on domestic demand by ramping up exports and business investment.
Leung homes in on fixing housing policy
Chief executive candidate Leung Chun- ying yesterday unveiled an 18-point housing policy. That includes allowing up to 5,000 households a year to buy homes.
$2.2bn budget surplus in 10 months
Oman’s budget surplus reached RO 830.1 million ($2.2 billion) at the end of October, data from finance ministry showed yesterday.
ICBC begins two-day bond sale to bolster capital
Industrial & Commercial Bank of China Ltd (ICBC), the world's biggest commercial bank by market value.
PH gets $500M for reconstruction efforts in Sendong-hit areas
The World Bank on Friday said it released $500 million to help the Philippine government's recovery and reconstruction efforts in areas affected by tropical storm Sendong.
Proposal to end power subsidy, slab benefits
The Planning Commission has proposed withdrawal of power tariff subsidy for consumers using more than 100 units of electricity per month.
Aldar Properties has announced the government of Abu Dhabi has agreed to buy assets valued at Dhs16.8bn ($4.57bn) from, to boost the company?s finances, Bloomberg has reported. The government will purchase 760 residential units in the Al Raha Beach development and retire Dhs5bn of debt related to infrastructure on Yas Island, Aldar said. Aldar will receive Dhs4.5bn in the next two months as part of the agreement, and the balance will be paid over the next four years, the developer added. The ...
Union Development Co (UDC), the developer behind the man-made Pearl island project, has said it negotiating with a state pension fund to make a strategic investment in the developer, Reuters has reported. The Qatar Financial Markets Authority ordered UDC shares halted yesterday, to give investors "equal and sufficient" access to information related to UDC's announcement. The deal, worth QR160m ($43m), would see UCD issue 80 million new shares at QR20 each to The Pension and Social Insurance ...
Dubai?s property regulator has said Nakheel has no right to deny residents of the palm-shaped island access to communal facilities by turning them into exclusive clubs, Bloomberg has reported. Earlier this month, Nakheel stopped homeowners and tenants at the Palm Jumeirah from using the property?s beach, swimming pools and gyms. ?By law, no one can stop an owner or a registered tenant from using the communal areas once they have paid service fees,? said Marwan bin Ghalita, CEO of Dubai?s Real ...
Abu Dhabi rescues Aldar with Dh16.8b
The Abu Dhabi government yesterday came to the rescue of the emirate's biggest property developer, Aldar Properties PJSC, with a Dh16.8 billion lifeline in exchange for strategic assets.
Delays expected in Eida card delivery
Delays can be expected in the delivery of Emirates ID cards to residents who have completed registration procedures in November and December.
Labour mission 'to defeat despair'
Labour leader Ed Miliband is urging his party to show they can "make a difference" at a time when the challenges facing the country are the "greatest in a generation".
Bahrain market key for Honda GCC operations
Bahrain has proved to be a very aggressive and resilient market and vehicle sales have not been affected due to the recent crisis.
Massive hike in gas tariff from January 1
Amid an acute shortage of natural gas across the country, triggering public protests in various areas, the government decided.
Markets slide on dismal imports data
Philippine share prices on Wednesday tumbled for the second consecutive session on the back of mixed indicators from the United States and disappointing local imports data.
Saudi-based Savola Group has said it is to sell its 80% stake in a property firm to Knowledge Economic City, Reuters has reported. The sale of the stake in Al-Mujamaat United Company for Real Estate is valued at SR631.1m ($168.29m), Savola said. As part of the deal, Knowledge Economic City will get two parcels of land in Medina covering just over 2 million square metres.
Contract registration rule will only apply to tenants in Dubai
Registration of residential and commercial rental contracts with the Dubai Land Department through Ejari system is mandatory only for those living in Dubai.
GCC economies to slow down in 2012
The economies of Gulf hydrocarbon producers are projected to race by nearly seven per cent in 2011 but growth could tumble to nearly half that rate because of an expected decline in crude prices.
Unemployment 'set to rise in 2012'
Unemployment will increase to 2.85 million in 2012, while the number of people in work will fall by 120,000 as jobs continue to be lost in the public sector.
The Iranian and Syrian governments are in talks over a mega project which includes building 50,000 residential units in Syria, Fars news has reported. The two countries are trying to reach a consensus on the final price for the project, said Iraj Rahbar, chairman of the Iranian Syndicate for Mass-Construction Companies, adding that construction materials, including sand and cement, are three times more expensive in Syria than their price in Iran. "Therefore the final price of the housing units ...
Gulf Arab economies to slow in 2012, analysts say
Economic growth is likely to slow in most of the Gulf's wealthy oil exporters next year but governments will remain able to spend to counter the impact of any global slump.
Saudi unemployment benefit may hinder Nitaqat scheme
Plans to introduce a monthly unemployment allowance for more than 700,000 men and women in Saudi Arabia could hinder the Kingdom’s ability to implement its new Nitaqat programme.
Etihad Airways signs $1b deal with technology firm Sabre
In its second big deal this week Etihad Airways signed a 10-year contract with aviation computer technology provider Sabre Airline Solutions in a deal valued at more than $1 billion.
Egypt's Orascom Construction Industries (OCI) has been awarded an $810m contract for work on the Egyptian Grand Museum in a joint venture with BESIX Group, Reuters has reported. Located on the Cairo-Alexandria highway overlooking the pyramids, the project was awarded on a turnkey basis and the final signing is expected within days, OCI said. To be completed by July 2015, the project will have an advanced security and communication system to secure the artefacts. The project is 65% funded by the ...
Office space market crash feared
Thousands of square metres of new office space due to come online in Riyadh over the next two years has raised fears of an office market crash after 2012.
OPEC heads for highest income in 51 years
A surge in oil prices and output will likely lift OPEC’s crude export earnings this year to their highest level since the cartel was created 51 years ago.
UAE and Britain agree to initiate joint highway project in Afghanistan
HH Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister of the United Arab Emirates, today hosted William Hague MP, Foreign Secretary of the United Kingdom, at the Ministry of Foreign Affairs in Abu Dhabi.
Consumer confidence falls to post-recession low
British households are at their gloomiest since the recession, according to a report released on Wednesday that will send further shockwaves through retailers.
BFX trading turnover posts steady growth
The Bahrain Financial Exchange (BFX) has seen steady growth in its trading turnover and the successful completion of four weeks of trading on its conventional platform.
Analysts Forecast 2 More Interest Rate Cuts in 2012
Analysts forecast two more overnight cash rate cuts by the Reserve Bank of Australia (RBA). By how much will the cut be and when will it be made depends on the impact of the European recession.
LBS Bina bullish on meeting sales target
Property developer, LBS Bina Group Bhd, is confident of achieving RM800 million sales target despite tough market conditions.
Egypt's largest listed company, Orascom Construction Industries (OCI) has said it would redeem bonds worth EGP1.65bn ($274m) early, as part of a debt refinancing package for its fully-owned fertiliser subsidiaries, Reuters has reported. OCI in late 2010 sold EGP1.65bn in five-year bonds with an interest rate of 11.75%. "By raising offshore debt and settling local debt, our balance sheet will benefit from interest expense savings related to the large interest differential between the Egyptian ...
The regulatory arm of Dubai Land Department (DLD), the Real Estate Regulatory Authority (RERA) has issued warnings to 23 real estate brokerage companies for violations committed through their advertisements in the media, Wam has reported. The firms have not indicated their registration numbers issued by RERA in the advertisements published in newspapers, magazines and websites or distributed via e-mails, the regulator said. "RERA will impose an administrative fine of Dhs50,000 against firms ...
Emaar Properties PJSC has signed a new Islamic and Conventional financing facility amounting to Dhs3.6bn (approximately $1bn) with Dubai Islamic Bank PJSC, National Bank of Abu Dhabi and Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners.
The Dubai Land Department (DLD) has introduced two initiatives, Tayseer and Tanmia, to revive and support the real estate market in the emirate, Gulf News has reported. Tayseer aims to support certain projects in Dubai through the arrangement of financing via local banks, while Tanmia -an initiative by Real Estate Investment, and Promotion and Management Centre (REIPMC) under DLD - aims to reduce the number of incomplete projects, reignite stalled projects and improving Dubai's appeal for ...
$150b investments likely in Saudi petrochemicals
Saudi Arabia's petrochemical industry will have attracted $150 billion (Dh551 billion) in total cumulative investments by 2016.
UAE, Qatar fail to net emerging market upgrade
Index provider MSCI on Wednesday maintained the United Arab Emirates and Qatar as frontier markets, once again delaying a much-awaited promotion of the Gulf states.
UAE following 'good' nuclear safety standards, say experts
The UAE, aiming to be the first Gulf Arab nation to develop nuclear power, is following “good” safety standards as it builds its reactors.
Andrew Lansley orders independent assessments of NHS boards
Andrew Lansley, the health secretary, has ordered "independent assessments" of the boards of NHS trusts after a powerful parliamentary committee found that half of them had issues.
Emaar Middle East has announced the first homes in its landmark Jeddah Gate development are set to be handed over soon, Arab News has reported. Spread over a plot area of 12,300 sq m, Abraj Al Hilal 1 is located centrally in the Jeddah Gate community. The residential towers feature exclusive retail outlets, restaurants, parks, health and fitness facilities and landscaped gardens. Jeddah Gate is located on over 400,000 sq m of land in Jeddah's new downtown. The project will serve as a centre ...
UK-based architecture and building design firm, Capita Symonds has unveiled the design plans for a new SR117m mixed-use development on the east coast of Saudi Arabia. Designed for a private client, the 50,000 sq ft development has been and comprises six floors of open-plan office space, retail units on the ground floor and a new gymnasium and spa facility. The design features a triple skinned facade with chevrons of stainless steel set apart as a grid by a thousand individually LED-lit faceted ...
Abu Dhabi-based developer, Aldar Properties has awarded Jacobs Engineering a contract to provide project management support services during construction for the new Yas Mall at Yas Island in Abu Dhabi. Under the terms of the contract, Jacobs is to provide project management support services including construction management; design and leasing change coordination; project controls; logistics coordination; coordination of site, project health, safety, security and environment (HSSE) and quality; ...
High land prices crimp plans for low-cost homes
The GCC’s rising land prices are hurting government drives to tackle chronic affordable housing shortfalls and deterring developers from building low-cost homes.
UAE ranked 5th worldwide for efficiency in government spending
The UAE was ranked fifth in the world in terms of efficiency of government spending in the 2011-2012 Global Competitiveness Report of the World Economic Forum (WEF).
Construction labour costs fall 8.6%
The cost of construction labour in Abu Dhabi fell 8.6 per cent in November from the previous month, Statistics Centre - Abu Dhabi (SCAD).
'Big society' project lacks clarity and leadership, say MPs
David Cameron's "big society" project is confusing the civil service, charities and the public because it lacks a clear plan and a leader.
UAE economy set to grow 4%
The UAE economy is forecast to grow by at least four per cent in 2012, Economy Minister Sultan Al Mansouri said on Thursday.
