September 2019

Reportage Properties has announced that it is ready to deliver five new projects in Abu Dhabi within three years.

Located in key investment areas in the emirate of Abu Dhabi, the five projects include 1,600 housing units, Reportage Group’s CEO, Nasser Al Khamees, said, according to a company statement.

Reportage Properties is set to deliver the units at Oasis Residence 1 project in Masdar City during the first quarter of 2021, while Oasis Residence 2 will be handed over in the second quarter of 2022, the top official added.

The UAE-based developer will also deliver units in Gate project, Al Raha Loft 1, and Al Raha Loft 2 within coming years.  

Khamees has recently handed over units in the 4,250-square meter Leonardo Residence project in Masdar City.

By: Enas Bahgat

The profits of the UAE-listed real estate companies declined by 25% year-on-year during the second quarter of 2019.

The reasons for that decline include the increase in the cost of finance and operational costs.

According to data compiled by Mubasher, total profits reported by developers listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) went down to AED 3.05 billion ($830 million) in Q2-19, compared to AED 4.09 billion ($1.11 billion) the year before.

Real estate companies listed on the DFM posted AED 2.56 billion profits in Q2-19, against AED 3.63 billion in Q2-18.

Meanwhile, ADX-listed developers reported a 5.86% year-on-year hike in their profits during the three-month period ended 30 June, recording AED 485.91 million.

Emaar Properties and Aldar Properties topped profitable real estate companies in both Dubai and Abu Dhabi markets.

Emaar’s profits levelled down by 14.82% to AED 1.3 billion in the second quarter of 2019, in comparison with AED 1.6 billion in the year-ago period.

The major company’s revenue sank to AED 1.81 billion from April to the end of June, from AED 2.24 billion in Q2-18.

Meanwhile, Aldar Properties posted a 5.34% year-on-year profit increase in Q2-19, registering AED 470.4 million.

Aldar's revenue rose to AED 1.67 billion in the three-month period ended 30 June, versus AED 1.51 billion a year earlier.

Translated by: Muhammad Abdul-Wakeel

Construction work at Wasl Tower in Dubai, being developed by Wasl Asset Management Group, has progressed, Albayan Newspaper reported.

The 63-storey tower is set to become the  World’s tallest ceramic façade, according to the local newspaper.

Located in the direct opposite of the Burj Khalifa, Wasl Tower will be 300 metres tall.

The mixed-use project, which was previously awarded to Arabtec Holding, is scheduled to be completed in November 2020.

In May 2017, Arabtec Holding announced it had been awarded a $398 million contract for the construction of Wasl Tower on Sheikh Zayed Road.

UAE - Mubasher: Nakheel, a leading property developer in the UAE, announced the launch of an exclusive collection of ready-to-occupy family villas for sale at its new luxurious community Nad Al Sheba in Dubai.

The new development, located off Sheikh Mohammed Bin Zayed Road, now has nearly four- and five-bedroom homes that are available for sale to UAE and GCC nationals, according to a press release.

Prices of the villas start at AED 3.2 million, with the company offering special payment plans.

Nad Al Sheba district, one of Dubai's most popular areas for Emiratis to live, now has 1,572 Mediterranean and Moroccan style villas.

The new gated community, where Nakheel also offers homes for lease, will feature amenities, including five-kilometre cycling and jogging tracks that are currently under construction, as well as a community clubhouse, restaurant, pool, gym, and sports courts.

Nad Al Sheba Mall, which will have around 200 shops, restaurants, and services, including a supermarket, medical centre, multi-screen cinema, and fitness facilities, is also under construction.

In July, Nakheel revealed it had launched the first phase of its high-end villas at Nad Al Sheba community for lease.

Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the Dubai-based real estate firm Emaar Properties, announced signing a contract valued at EGP 1.844 billion with UAE’s Arabtec Construction for the establishment of two urban projects at Uptown Cairo in Mokattam.

Construction in the two projects, which feature 449 residential units, will start immediately, the real estate developer said in a statement to the Egyptian Exchange (EGX) on Sunday.

It is noteworthy that Arabtec Construction is a subsiairy of Arabtec Holding. 

In July, Emaar Misr for Development inked a preliminary agreement with El Nasr Housing and Development to end a dispute regarding Uptown Cairo land. 

El Nasr Housing and Development agreed to drop its lawsuit that demanded Emaar Misr to pay a compensation of EGP 1 billion and return 3 million square metres of land in Mokattam as it claims that Emaar Misr failed to develop the land. 

During the first half of 2019, Emaar Misr for Development’s net profits declined to EGP 94.29 million, compared to EGP 1.10 billion in the year-ago period, including minority shareholders’ rights.

The property developer’s sales slid to EGP 1.45 billion in the January-June period of 2019 from EGP 1.75 billion in the corresponding period a year earlier.

As for standalone business, the company posted a profit of EGP 94.29 million in H1-19, compared to EGP 1.1 billion in H1-18.

During the second quarter of 2019, the company incurred losses of EGP 324.3 million, versus a profit of 598.49 million in Q2-18, the company’s consolidated financial results showed.

MAG Property Development (MAG PD), the property development arm of MAG Group Holding, said it has appointed China National Chemical Engineering Group Co. Ltd. (CNCEC) for the construction of the first phase of its mega project MAG City.

The contract, worth $500 million, was awarded during a signing ceremony held at CNCEC’s headquarters in Bejing, China that was attended by chairman of CNCEC Dai Hegen and chairman and founder of MAG Group Holding and MAGLD Moafaq Al Gaddah, according to a press release.

Additionally, a letter of intent was also signed for the construction of the remaining phases of the project for AED 1.38 billion, the release noted.

Located in Mohammed Bin Rashid Al Maktoum City Meydan District 7, MAG City features 5,100 units comprising studios, one and two-bedroom apartments, as well as units comprising two- three- and four-bedroom townhouses.

The new development is located in close proximity to Dubai International Airport, Downtown Dubai, Dubai International Financial Centre (DIFC), and Dubai Creek Harbour.

Talal Moafaq Al Gaddah commented: “We are pleased with the appointment of CNCE to commence construction works at MAG City. The company was appointed after careful consideration due to their capacity to deliver on time and deliver the quality which we promise our clients.

“MAG City is a unique project from a design perspective, and we already won several international awards as best mixed-use property for. MAG LD emphasises resident satisfaction with every project, appointing the best contractors and working with premium partners to deliver upon our promise of a customer-centric approach that urges residents to expect more,” he added.

For his part, Dai Hegen said: “CNCEC is working on various projects across the UAE, Saudi Arabia, Oman, and Iraq, with a total worth of USD 3.2 billion, and we have a staff of nearly 20,000 people who work in housing, infrastructure, petrochemical, and chemical industries. We are confident that we will build MAG City with the highest quality standards and are pleased to be working with such a prominent developer in the UAE.”

It is worth noting that residents of MAG City will enjoy access to a sports club, ladies lounge area, coffee shop, swimming pool, a dedicated children’s pool, and an indoor play area.

“MAG City also features 48,000 square metres of public facilities, including a private clinic, nursery, and mosque; around 8,000 square metres of retail space; and 84,211 square metres of public parks and green areas complete with a jogging and bicycle track,” the release highlighted.