UAE - Mubasher: Vice President and Prime Minister of the UAE and Ruler of Dubai Mohammed Bin Rashid Al Maktoum on Monday revealed that a Higher Real Estate Planning Committee has been formed in Dubai.

The Real Estate Planning Committee has been set up today under the chairmanship of the Deputy Ruler of Dubai and membership of senior real estate developers Maktoum Mohammed Bin Rashid Al Maktoum, the Vice President posted on his official Twitter account.

The committee has been established to achieve balance between supply and demand in the real estate sector within the emirate.

Moreover, the committee also aims at eliminating the launch of similar projects, as well as the real added-value of projects to the national economy.

Cairo – Mubasher: Cairo For Investment and Real Estate Development on Monday announced that its board of directors has approved to purchase 60% of the capital of the UAE-based Star Light Education DMCC.

The board has agreed to buy the stake from WD Capital Limited at a total value of EGP 100 million, Cairo Investment said in a statement to the Egyptian Exchange (EGX).

The company also noted that the independent advisor’s report have set the fair value (FV) of British Columbia Canadian International School (BCCIS) at EGP 194 million or EGP 18.47 per share.

It is worth noting that Cairo Investment’s capital amounts to EGP 233.11 million, distributed over EGP 582.7 million at a nominal value of EGP 0.40.

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.