‏أغسطس 2019 الصورة

By: Mahmoud Gamal

Reportage Properties, a real estate firm based in Abu Dhabi, plans to deliver its latest project, Al Waha Residence located in Masdar City, in the second quarter of 2021, the company’s CEO of operations Islam Ahmed Sulaiman revealed.

The construction work at Al Waha Residence project, which will feature 612 units, has notably progressed, Sulaiman added in an interview with Mubasher.

The company also aims to expand in Dubai, especially after Mohammed bin Rashid Al Maktoum, the UAE’s Prime Minister and Ruler of Dubai, recently unveiled the long-term residency scheme of the golden card, he said.

He also noted that the company has recently delivered the Leonardo Residence project in Masdar City, which boasts 177 apartments and spans a land area of 4,250 square metres.

Reportage Properties is one of the largest developers in Masdar City in terms of the number of projects it developed there, Sulaiman remarked.

The company has on-going projects in Abu Dhabi and Dubai, including four projects in Al Reem Island, Al Maryah Island, and Yas Island and two projects in Dubai Sports City and Downtown Jebel Ali, he indicated.

Most of the company’s projects will be delivered within three years, in which the customer can pay 36% of the property’s total price, he highlighted, adding that the remaining 64% can be paid over a five-year period at a rate of 1% per month.

He stressed that the real estate market in the UAE has been improving in line with the recently announced legislation and government decisions.

These decisions will attract further investors to the market and encourage developers to launch new projects, Sulaiman said.

Translated by: Mai Ezz El-Din

Riyadh – Mubasher: Saudi Arabia’s government continuous spending on major projects, along with growing developments in the entertainment sector, is likely to stimulate demand in the real estate market across the kingdom, reducing its reliance on oil, according to JLL’s 2019 mid-year review report.

The report provided an overview of the Saudi real estate’s market performance in light of macro-economic factors and new government initiatives affecting the market’s future outlook.

Saudi economy grew by 1.6% during the first three months of 2019, compared to 1.3% in Q1-18, according to the data issued on Wednesday.

“With conditions remaining soft across most sectors of the market in the first half of 2019, the hospitality and entertainment industries witnessed a number of major development announcements,” the report highlighted.

These announcements included the revealing of Al Qiddiya’s master plan in Riyadh, aiming to cement the city’s position as the “Capital of Entertainment, Sports, and the Arts”, in addition to launching the Kingdom’s first art house “Cinema El Housh” in Jeddah, apart from religious tourism.

“These projects are expected to generate large opportunities for job creation and private sector participation in the economy, particularly in the hospitality sector, while also enhancing the quality of life of the local population,” Dana Salbak, Associate at JLL MENA, commented.

She added that this could positively affect the number of tourists arriving in the kingdom, boosting hotel performance levels.

The report pointed out that the office market remained under pressure across main cities in Saudi Arabia.

That said, in the medium-to-long term, corporate demand is expected to pick up as business conditions improve, owing to various new projects such as Riyadh’s 176.7 kilometres metro and Dammam’s King Salman Energy Park (SPARK).

However, the residential sector across Riyadh, Jeddah, Makkah and Dammam Metropolitan Area (DMA) continued to soften during Q2-19.

Various government initiatives are expected to stimulate demand in the long-run, especially those launched by the Saudi Ministry of Housing.

Dubai – Mubasher: Emaar Properties, listed on the Dubai Financial Market (DFM), on Thursday revealed it has only signed a preliminary memorandum of understanding (MoU) with Bejing New Aerotropolis Holding (BNA).

The two parties have not signed a final binding agreement yet, the leading property developer clarified in a statement to the DFM.

The preliminary MoU was signed to permit further discussion between the two companies, the company noted.

“The preliminary estimates indicate that the project value, including value of land and development costs, is expected to be $11 billion and the duration of the project may extend to approximately 11 years,” Emaar said.

It was reportedly announced that Emaar had signed an MoU with China’s BNA to develop Business and Tourism Complex, integrating retail, entertainment, office, hotel hospitality, convention, sport, art and lifestyle functions in a one-stop solution.

The project will be established at the Aero-Economic Area of Beijing Daxing International Airport in China, expected to the world’s largest airport.

Last Monday, Reuters reported that Emaar had signed an agreement valued at $11 billion with China’s Beijing Daxing International Airport to set up a residential development with leisure facilities at the Chinese airport, according to Reuters.

Dubai – Mubasher: Emaar Properties, a leading global property developer, is ready to hand over up to 5,335 residential units and a number of Expo Golf Villas in Emaar South development in 2019, sources familiar with the matter told Al Bayan newspaper.

The units are located in Emaar South’s Golf Views, Urbana I, Urbana II, and Urbana III, the sources added.

The real estate company will also open a shopping centre located between Urbana II and Urbana III, as well as a central garden featuring retail outlets, mixed-use areas, and skiing areas, they said.

The sources stressed that completed phases of the project will embrace 4,562 residents whom the company will welcome in a special event to be held in the central garden.

On Wednesday, Emaar Properties unveiled the launch of the fifth phase of Expo Golf Villas, comprising a limited collection of 302 three- and four-bedrooms villas ranging in size from 123 to 155 square metres.

This comes following the sell-out response to the launch of the fourth phase of Expo Golf Villas in Emaar South.

The price of villas at the project starts at AED 1.077 million and customers have the convenient option of a two-year post-completion payment plan.

Expo Golf Villas project is set for completion in September 2022.

UAE - Mubasher: IMKAN, a real estate developer based in Abu Dhabi, announced it has acquired a substantial plot of land in New Cairo, Egypt.

The property developer has also appointed Ahmed Fathallah as the new CEO for its real estate business unit in Egypt, IMKAN Misr, according to a press release.

The acquisition of the 166-acre plot in New Cairo was finalised within five days at a value of EGP 5 billion (AED 1.1 billion), IMKAN revealed.

The agreement comes in line with a new initiative by the Egyptian government for land allocation, which was previously unveiled by the Egyptian housing minister Essam El-Gazzar, upon which land plots are allocated directly to investors as per their orders.

Moreover, IMKAN Misr is set to hand over AlBurouj, a 5 million-square-metre mixed-use residential development, next month, which will feature a park, international schools, a retail center, an office park “smart village”, sports club and cultural hub.

Walid El-Hindi, CEO of IMKAN, said: "Our latest plot acquisition in New Cairo is a clear indication of our company’s progression and outlook on the future. We believe the new residential community we are developing has the potential to enhance Egypt’s housing market while further solidifying our international footprint.”

“This is an exciting and opportune time to expand into Egypt, with the government actively facilitating and reforming its legislature to improve the industry. These positive changes are resulting in an ever increasingly robust real estate market. Procuring this plot is an indication of the ambitions of our international portfolio and the positive direction Egypt's real estate industry is moving towards. We are truly well on the road to successfully completing our fruitful 'Year of Delivery’," he highlighted.

Ahmed Fathallah, CEO of Imkan Misr, previously stated that the company purchased a 166-acre land plot in New Cairo from the New Urban Communities Authority (NUCA) at a value of EGP 5 billion.

Fathallah also said that the company plans to invest around EGP 25 billion in the residential project over the next five years.

Abu Dhabi – Mubasher: RAK Properties, listed on the Abu Dhabi Securities Exchange (ADX), has posted a profit of AED 15.83 million for the first half of 2019, versus AED 28.95 million in H1-18.

Revenue stood at AED 78.46 million during the six-month period ended 30 June 2019, versus AED 75.43 million in H1-18, the company’s board of directors revealed in a report to the ADX.

The company’s total assets amounted to AED 5.46 billion at the end of June 2019, compared to AED 5.34 billion as at 31 December 2018.

RAK Properties previously posted an AED 4 million in its profits for the first quarter of 2019, down 84% from AED 24.6 million in Q1-18.

The ADX-listed company’s revenues fell by 22% year-on-year in Q1-19 to AED 32.2 million from AED 38.3 million.