Corporate Actions

Dubai - Mubasher: Damac Properties, a leading property developer in the UAE, on Tuesday announced it has topped off its master development, Paramount Tower Hotel and Residences on Sheikh Zayed Road.

The 64-storey mixed-use development features the ultra-luxurious, five-star Paramount Hotel and luxury residences, according to a press release.

Envisioned by Damac in collaboration with Paramount Hotels & Resorts, the development features one of the highest infinity pools in Dubai on the 64th level that will offer guests and residents an outstanding of the Burj area from a height of 235 metres.

The tower’s external façade is over 80% complete and the casting work of the infinity pool is fully completed, Damac noted.

The designs of the hotel rooms and suites, as well as the residences, are inspired by Hollywood glamour and the chic Californian lifestyle, the leading developer highlighted.

Guests at the hotel can enjoy in-room home theatre systems and access to a library of Paramount films.

Meanwhile, the residences feature multiple bedrooms and spacious interiors with separate dining and living areas, offering premium amenities and services.

Niall McLoughlin, Senior Vice President of DAMAC Properties, said, “The topping out of Paramount Tower Hotel and Residences with one of Dubai’s highest infinity pools overlooking Downtown Dubai is testament to our commitment to bringing the most differentiated living experiences to the region. We are thrilled with the progress on this project, which stands tall as a distinctive addition to Dubai’s iconic skyline. Our vision resonates with Dubai’s growing relevance as one of the world’s top tourist destinations.”

Damac aims at developing mixed-use projects to attract investors, residents, and tourists as part of its strategy in line with Dubai tourism’s strong performance and positive outlook.

Dubai – Mubasher: Union Properties, a leading property developer in the UAE, announced that it has completes 30% of the second phase of Dubai Autodrome Business Park.

Business Park Phase 2 is set to be delivered on schedule in February 2020, according to a press release.

Foundation work at the 100% pre-booked phase 2 has been completed by 95% with progress in the erection of steel structure at 60%, Union Properties highlighted.

The groundbreaking on the Dubai Autodrome Business Park Phase 2, dedicated to racing teams and other motorsport related businesses, took place in June 2019.

The project’s scope of work will cover the construction of two utility buildings comprising seven units spanning an area of 33,900 square metres situated next to Phase 1, the company indicated.

Ahmad Ibrahim, marking and communication director at Union Properties, commented: “The construction work of Dubai Autodrome Business Park Expansion is on track and we expect to complete 50% of the project within the upcoming month as we commit to delivering it in Q1-2020.”

“Securing a 100% booking of all our units before we begin construction reaffirms our successful strategy in supplying the right product in the market, and we are currently conceptualizing the design of Phase 3,” Ibrahim added.

In proximity to the 5.39-kilometre race circuit at Dubai Autodrome, the Dubai Autodrome Business Park project that records a total investment of AED 25.5 million plans for Motor City Phase 2, Union Properties noted.

For his part, Dubai Autodrome’s general manager Faisal Al Sahlawi said: “We aim to continually support the motorsport industry in the UAE and the region. This project presents equipped facilities designed to serve this niche industry and our expansion efforts are driven by strong market demand and the success of Phase 1 of the Business Park.”

Motorcity is a master development by Union Properties that encompasses six projects; namely Avenue District, Dubai Autodrome, OIA Residence, Uptown MotorCity, Green Community MotorCity, and Business Park MotorCity.

IMKAN, an Abu Dhabi-based real estate developer, announced it has signed an agreement with Nael & Bin Harmal Hydroexport Co LLC (NBHH) to commence construction work of the first phase of AlJurf, one of Abu Dhabi’s newly established freehold development on Sahel Al Emarat.

NBHH has already started the construction enabling works for AlJurf Gardens, phase one of the development, which will include 293 residential villas and land plots, according to a press release.

The development will feature upscale facilities and amenities including sophisticated residential communities and serviced residences, a world-renowned wellness clinic, and resort, a private beach, a private marina and community centre.

The agreement was signed by CEO of IMKAN Walid El-Hindi and NBHH‘s managing director Tony Saliba, the release highlighted.

Walid El-Hindi commented: “Appointing an established name like NBHH as enabling contractor falls in line with our commitment to collaborate with like-minded partners. AlJurf gardens is the first phase of the entire community and a true reflection of the promise we make to create places that specifically suit the lifestyles of both our residents and visitors.”

Furthermore, IMKAN revealed that it is ready to deliver five projects in 2019, which has been marked as its ‘Year of Delivery’.

The company will hand over three projects in the UAE this year; Sheikha Fatima Park, Nudra, and Thanaya, as well as delivering the first phase of Alburouj in Egypt and Villa Diyafa in Morocco.

Dubai – Mubasher: Emaar Properties on Monday announced it has listed a $500 million sukuk on the Nasdaq Dubai with the company’s chairman Mohamed Alabbar celebrating the listing by ringing the exchange’s opening bell.

The 10-year sukuk, which is part of Emaar’s $2 billion bond issuance programme, has an annual return rate of 3.875%, according to a press release.

The company aims at bolstering its regional and international expansion plans via the capital raised, Emaar noted.

Mohamed Alabbar said: “The growth of the sukuk market has been tremendous and has helped bridge the gap in infrastructure financing particularly with projects linking to the real economy. Listing our Sukuk on Nasdaq Dubai provides our issuance with a well-regulated platform with high visibility and close links to market participants regionally and around the world.”

The global property developer previously listed a $750 million sukuk on Nasdaq Dubai in 2016. A $750 million sukuk by Emaar Malls was listed in 2014.

For his part,: “This listing by Emaar Properties underlines the strong activity that we are seeing in the Sukuk sector, with listings so far this year on Nasdaq Dubai from UAE and overseas issuers valued at a total of 8.85 billion US dollars,” chairman of Nasdaq Dubai Abdul Wahed Al Fahim said.

Moreove, Hamed Ali, CEO of Nasdaq Dubai stressed that the exchange would reinforce collaboration with the Emaar to support its financing activities and position as “one of the UAE’s most dynamic and prominent enterprises”.

“As one of the world’s largest exchanges for Sukuk listings with a total nominal value of 58.7 billion US dollars, with 55% of that value coming from non-UAE issuers, we are preparing for further listings from a range of regional and international public and private sector issuers,” Ali added.

On 17 September, Emaar Properties revealed it had signed the final terms of issuing $500 million trust certificates that have an annual return of 3.875% and will be matured in 2029.

Abu Dhabi - Mubasher: Aldar Properties, a leading real estate development, management, and investment company based in Abu Dhabi, announced the contribution of AED 36 million to the UAE’s national fund Sandooq Al Watan.

This brings Aldar’s total contributions in the fund to AED 120 million, according to a press release.

As a part of the contribution, the company is dedicating AED 4.5 million to fund research grants into water scarcity and usage.

The research funding will be managed by Sandooq Al Watan as a part of its SWARD programme via its platform - researcher.ae, the release highlighted.

The SWARD programme aims at connecting academia and industry in the UAE to deliver substantial social and economic outcomes.

Talal Al Dhiyebi, CEO of Aldar Properties, said: “We are immensely proud to support Sandooq Al Watan with an annual contribution to support its incredible works to create new opportunities for the next generation of UAE Nationals.”

For his part, Mohamed Al Qadi, director-general of Sandooq Al Watan, said: “Aldar is not only one of our biggest donors, it is a key partner in delivering some of our biggest initiatives to date. By leveraging their experience in education, investment, and retail, we have been able to maximize the impact of our initiatives and benefit over 5,000 Emiratis since our inception in 2017.”

UAE – Mubasher: IMKAN, an Abu Dhabi-based real estate developer, announced on Tuesday it has handed over Villa Diyafa Boutique Hotel & Spa, a high-end boutique hotel in Rabat, Morocco.

Construction work at the hospitality project, located in the embassy district of Rabat, is 100% complete, according to a press release.

The five-star hotel is ready to welcome guests on 16 October 2019, the property developer highlighted.

Villa Diyafa Boutique Hotel & Spa, is set to be a hub for diplomats and esteemed guests from all over the world, has a built-up area (BUA) of 3700 square metres and comprises 38 deluxe rooms.

The luxurious boutique hotel offers premium service authenticated by IMKAN's commitment to develop specially-made places that meet the desires and lifestyles of visitors.

The Abu Dhabi-based developer further noted that the Ziryab inspired project will be operated by its sister company H Hospitality Collection which was founded in 2015 by Abu Dhabi Capital Group.

Walid El-Hindi, IMKAN’s CEO, said: “Delivering Villa Diyafa, is another major milestone in a successful year for IMKAN after our recent acquisition in Egypt. Today marks the next step on our journey to international markets and I’m proud of the hard work carried out by our team in partnership with our sister company and hotel operator H Mark hotel.”

IMKAN also pointed out it will deliver three projects in the UAE this year; Sheikha Fatima Park, Nudra, and Thanaya in Abu Dhabi, in addition to handing over the first phase of Alburouj in Egypt.