August 2019

Abu Dhabi - Mubasher: Aldar Properties, a leading property developer in the UAE, on Sunday revealed it has awarded two contracts worth a combined around AED 1 billion for the development of Alreeman and Reflection.

Aldar has awarded an AED 794 million contract to Tristar Engineering & Construction LLC for implementing the infrastructure work at Alreeman, according to a press release.

The infrastructure work at Alreeman, a master-planned residential and commercial investment zone in the Alshamkha, has commenced in July.

The work of the 2.8 million-square-metre development is expected to be delivered by July 2021, Aldar said.

Under the 24-month contract, Tristar, the main contractor, will be responsible for the construction of roads and infrastructure along with all works related to earth, storm drainage, and sewerage at Alreeman.

Tristar will also handle the installation of the gas network, waterworks, irrigation, and telecom systems, as well as general road works, street lighting, and landscaping.

Moreover, Aldar has awarded an AED 220 million main contract to Fibrex Construction Group in April for the construction work at Reflection, the boutique two-tower residential development offering 374 homes set for completion over a 24-month period.

Aldar also reported steady progress at its flagship golf and waterfront villa and townhouse development on Yas Island, Yas Acres.

The company has launched 652 villas and townhouses at Yas Acres after the completion of structure for all villas and it will maintain progress with the advancement of the golf course earthworks, roads, and hardscape.

Structural works at Aldar’s Water’s Edge have progressed across all 13 buildings, while the concrete works at Mayan project, a luxury apartment development, were complete.

The company also posted a strong progress at its developments on Saadiyat Island, including Mamsha Al Saadiyat and Jawaher Saadiyat, the island’s exclusive gated community of villas and townhouses.

Construction work at Mamsha Al Saadiyat has been completed substantially with finishing works underway and the conveying system at its final stages of installation, Aldar said.

Jawaher Saadiyat is also making great progress ahead of handovers in 2019, with joinery and other interior fixtures and fittings works entering their final stages.

Meanwhile, work progress at the Bridges on Reem Island, a six-building with 1,272 homes development, is on track, and is due completion on schedule, with concrete works in phase one (buildings 1-3) completed in February 2019 and superstructure works at phase two (buildings 4-6) near completion.

Aldar further noted that the excavation works at its sustainability-focused master-plan, Alghadeer, are almost complete, with foundations, waterproofing, and binding progressing.

Infrastructure works at Alghadeer, which features over 14,000 high-quality homes, commercial properties, cultural and institutional amenities, and entertainment attractions to be built over the coming 15 years, have commenced, with work on the mock-up villas is well underway, Aldar said.

Dubai – Mubasher: Dubai-based Deyaar Development and the global hospitality management company Millennium Hotels & Resorts on Sunday announced that the completion of work at Millennium Al Barsha Hotel.

The four-star hotel and superior serviced apartments are expected to open in August 2019, according to a press release.

Millennium Al Barsha Hotel, the seven-story property, comprises a total of 408 units, including 109 serviced apartments, with 93 one-beds and 16 two-beds and 299 hotel rooms, the two companies revealed.

The new hotel features two lobbies; one for hotel and one for residences, a Moroccan cuisine restaurant with outdoor space, all-day dining restaurant, spa, gym, and kids play area, as well as leisure facilities including dedicated areas for men and women.

Saeed Al Qatami, CEO of Deyaar, said: “Here at Deyaar, we are honored by this chance to continue to support Dubai’s Tourism Vision 2020. The city wants to attract more families and more mid-market travelers. Millennium Al Barsha Hotel, with its modern rooms at affordable prices, will help do just that.”

In turn, president of Millennium Hotels and Resorts Middle East and Africa Ali Hamad Lakhraim Alzaabi said: “Early this year, we announced the opening of Millennium Atria Business Bay, our first hospitality venture with Deyaar and today marks our second hotel opening with Deyaar in Al Barsha neighbourhood, and we are delighted to expand our reach.”

The two companies also unveiled their upcoming development, Millennium Mont Rose serviced Apartments, which is currently in its final stages and is set for opening late 2019 at Dubai Science Park.

In May, Deyaar Development reported it had generated a net profit of AED 18.3 million for the first quarter of 2019.

Dubai – Mubasher: Emaar Malls achieved a year-on-year growth of 3% in net profits during the first six months of 2019.

Net profit stood at to AED 1.130 billion ($308 million) in H1-19, compared to AED 1.102 billion ($300 million) in the corresponding period a year ago, according to a bourse filing on Wednesday.

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a revenue AED 2.227 billion ($606 million) in H1-19, an increase of 6% when compared to AED 2.103 billion ($573 million) in H1-18.

During the second quarter of 2019, the company which listed on the Dubai Financial Market (DFM) posted an 8% rise in revenues to AED 1.152 billion ($314 million), compared to AED 1.065 billion ($290 million) in the same quarter last year, while Emaar Malls registered a 7% increase when compared to AED 1.075 billion ($293 million) in the first quarter of 2019.

“Creating sustained value for its shareholders, Emaar Malls distributed a cash dividend of AED 1.301 billion ($354 million), equivalent to 10% of share capital, for the fourth consecutive year, during the second quarter of the year,” the company’s statement added.

Dubai – Mubasher: Emaar Malls, the shopping malls and retail business unit of Emaar Properties, is planning to open its brand-new asset Dubai Hills Mall in 2020.

Located in Dubai Hills Estate, the new mall will offer a gross leasable area (GLA) of approximately 2 million square feet, the company said in a press release.

Dubai Hills Mall will feature nearly 550 retail and entertainment destinations including four major family entertainment and leisure centres, in addition to a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 dedicated parking spaces, Emaar Malls highlighted.

Moreover, the company is redeveloping Meadows Village, set for completion in 2020, to boost its GLA by around 95,000 square feet, according to the release.

On Wednesday, Emaar Malls reported a 3% year-on-year increase in net profits for the first half of 2019, recording AED 1.130 billion, compared to AED 1.102 billion.

Dubai - Mubasher: Deyaar Development, a leading property developer in Dubai, reported a 7.5% year-on-year growth in revenues for the first half of 2019.

Revenues stood at AED 337.6 million during the six-month ended 30 June 2019, compared to AED 314 million in H1-18, according to a press release.

Moreover, the company had generated AED 36.7 million in net profit for H1-19, versus AED 65.2 million in the year-ago period.

In the second quarter of 2019, revenue grew 17.6% to AED 161.8 million from AED 137.6 million in Q2-18, Deyaar said.

The company has achieved a net profit of AED 18.5 million during the April-June period of 2019.

Saeed Al Qatami, CEO of Deyaar, said: “2019 so far has seen positive growth for Deyaar as we continue to embrace our diversification efforts and draw near completion on our ongoing projects. With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts MEA and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come.”

Furthermore, Deyaar revealed that the Afnan district, located in its family-friendly community development Midtown, is over 96% complete, while the Dania district is 87% complete.

Sales in the two aforementioned districts have surpassed 90%, and handover is due in H2-19, the company noted.

The company is also preparing for a soft launch of its Millennium Al Barsha Hotel project, being built in partnership with Millennium Hotels and Resorts MEA, this month.

In Q1-19, Deyaar had achieved a net profit of AED 18.3 million and reported a revenue of AED 175.8 million.

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) on Sunday announced it has signed a memorandum of understanding (MoU) with City Properties Real Estate (CPRE), a leading leasing and property management service providers in the UAE.

Through this partnership, RAKBANK’s Business Banking unit will be able to refer specialised services to its real estate customers on preferential terms, according to a press release.

Customers will be also provided with discounts on property management fees, legal services, online monitoring, and utilities payment modules under the MoU.

The MoU was signed by chief operating officer of RAKBANK Geoff Stecyk, managing director of Business Banking Dhiraj Kunwar, senior manager of Business Banking at RAKBANK Kunal Roy and CEO of CPRE Abdulla Al Shaibani.

Geoff Stecyk, COO of RAKBANK, commented: “This is a valuable addition to the diverse range of products and services that are offered by RAKBANK Business Banking. Both RAKBANK and CPRE are committed to addressing property owners’ challenges by providing innovative solutions that will reduce costs and improve operating efficiencies.”

“As a Bank, we strive to continually introduce new platforms that will assist our customers not just financially, but in direct support of their business objectives. This latest partnership is fully aligned with that philosophy.”

City Properties is the first company in the UAE to offer high-privileged e-services in property management to RAKBANK and its clients.