Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the Dubai-based real estate firm Emaar Properties, denied reports claiming that the company will not be able to register the sale of residential units sold to its customers in Marassi on the North Coast.

The real estate developer stressed that claims of ownership of part of Marassi project land by a businessman are baseless, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

After reviewing all submitted ownership claims of Marassi project land, the Real Estate Registration Office registered the land in the name of Emaar Misr, the company affirmed.

The Marassi project land was purchased by Emaar Misr in a public auction carried out by the Egyptian government and the price was paid in full.   

These claims will have no financial impact on the company, the statement added.

During the first half of 2019, the property developer’s net profits slid to EGP 94.29 million, compared to EGP 1.10 billion in the year-ago period, including minority shareholders’ rights.

Sales retreated to EGP 1.45 billion in H1-19 from EGP 1.75 billion in H1-18.

As for standalone business, Emaar Misr posted a profit of EGP 94.29 million in the six-month period ended 30 June, compared to EGP 1.1 billion in the corresponding period a year earlier.

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

Azizi Developments, a leading private property developer in the UAE, announced it has appointed Mika Toivola as the company’s chief financial officer (CFO).

Mika Toivola has over 25-year of international and UAE experience in senior executive roles at major multinational corporations, according to a press release.

The Dubai-based real estate developer’s executive team would benefit from Toivola’s extensive background in corporate finance, treasury, financial planning and analysis, investor relations, strategic planning, and risk management along with his solid grasp of the real estate and construction sectors.

Farhad Azizi, CEO of Azizi Developments, commented: “Mika is an exceptional executive who has risen rapidly in his career and has had significant responsibilities in financial management, leadership, and capital markets. His background is well suited to help us drive our strategy, adding long-term value to the financial stability and progression of our organisation.”

“We are committed to promoting international best practices in financial governance and compliance that will further strengthen the organisation’s performance and boost Azizi Developments’ standing locally and globally. We are delighted to have Mika on board and look forward to him overseeing our ongoing financial planning and strategy initiatives,” he added.

Following the appointment of Mika Toivola as Azizi Developments’ CFO, the company aims to strengthen its internal control systems, risk management, and financial strategies.

Toivola, who holds a Master’s Degree in economics and business administration from the University of Jyväskylä, previously served as group CFO at Dar Al Arkan Real Estate Co, Al Arrab General Contracting, Tellabs, and ABB Industry/Drives Group.

Dubai – Mubasher: Emaar Properties is proceeding work at its Creek Beach District with Sunset, the second cluster of residential lifestyle homes at the development, with SSH serving as the project’s lead consultant.

This comes after the launch of Breeze, Emaar’s first residential cluster within Creek Beach District, according to a press release.

The second cluster of the waterfront development features limited-edition one-, two-, three- and four-bedroom apartments that would be the nearest to the beach than any other building in the district.

Residents of Sunset will enjoy a pedestrian-friendly community with private gardens, waterfront views, and resort-style amenities.

“SSH’s scope on this prestigious master plan is as lead consultant, architectural partner and structural engineer, and providing building services,” the release highlighted.

The wider Creek Beach District is set to be an urban city that offers residents a unique lifestyle experience unlike anywhere else in Dubai.

“Flanked by the Ras Al Khor Wildlife sanctuary, this waterfront development with spectacular views towards the Dubai skyline, will act as an integral link between the Calatrava-designed Dubai Creek Tower & Plaza, and Creek Island Dubai developments within the Dubai Creek Harbour master plan,” the release said.

The district will be established in two phases spanning a total gross floor area of around 343,700 square metres.

In July, Emaar announced plans to commence construction of the first residential cluster ‘Breeze’ within its Creek Beach District development in Dubai.

The master-planned project would feature three clusters of one- to four-bedroom apartments inspired by traditional Middle Eastern architecture, as well as amenities including a private courtyard with barbecue facilities, private pool, gym, and a large play area.

In May, the leading master planning and project management firm in the MENA region SSH was selected as a lead consultant to operate Emaar’s Creek Beach District in Dubai.

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.