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.

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.