By: Enas Bahgat
Abu Dhabi – Mubasher: Aldar Properties’ stock, listed on the Abu Dhabi Securities Exchange (ADX), has captured 40% of the market’s total liquidity early Monday.
By 11:00 am UAE time, the stock rose by 1.49% to AED 2.05.
The stock has achieved an AED 7.59 million in liquidity after 3.71 million shares were traded through 82 transactions.
Meanwhile, the ADX’s general index added 0.19% to 5,045.38 points.
Cairo – Mubasher: Orascom Construction Plc has signed new contracts worth $1.3 billion during the third quarter of 2019, rising by 150% year-on-year and 39% quarter-on-quarter.
During the first nine months of 2019, total new awards stood at $2.7 billion, registering a 79% growth from $1.5 billion in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
Projects in Egypt accounted for 75% of total new awards in Q3-19 as the company continued to strengthen its leading position in the transportation sector.
A consortium including Orascom Construction will design, establish, and operate and maintain two monorail lines in Egypt.
Moreover, an Orascom Construction joint venture will implement all track works stretching for 160 kilometres for the new electric light rail transit project in the most populous Arab nation.
Meanwhile, projects in the US represented 25% of total new awards in the three-month period ended 30 September with new projects that include additional work in the data centre sector.
The company's estimated consolidated backlog reached $5.1 billion as of the end of last September, compared to $4.2 billion as of 30 September 2018 and $ 4.6 billion as of 30 June 2019.
It is noteworthy that during the first half of 2019, Orascom Construction Plc, listed on the EGX and Nasdaq Dubai, posted a net profit of $67.2 million, compared to $87 million in H1-18.
Dubai - Mubasher: Damac Properties, a leading property developer in the UAE, on Tuesday announced it has completed the final floor slab of the North tower of Damac Tower Nine Elms, the company’s first project in London.
Niall McLoughlin, Senior Vice President at DAMAC Properties, said: “Being our premier development in London, and the first in Europe to be designed in partnership with the legendary Italian fashion house, Versace Home, DAMAC Tower Nine Elms has been a very exciting project for us.
“The premium development was designed to provide a new level of luxury housing in the heart of London, and is set to become a new icon on the city’s skyline. With over half of the units sold, we have received great interest from investors who are seeking premium branded real estate in London, and we are proud to see that the project is progressing ahead of schedule,” he added.
Damac revealed it is optimistic about the demand for new homes in London due to the emerging decrease in prices resulted from uncertainties around Brexit.
Regarding the property market situation in London, McLoughlin commented: “Despite the uncertainty in the UK’s political environment, there is a good demand for new homes, and declining prices and fluctuations in the British pound make for an ideal market for both international investors and buyers.”
The project is being developed by Nine Elms Properties, a wholly-owned subsidiary of Damac International Limited, the project in London’s newly renovated Nine Elms area on the south bank of the River Thames.
Damac Tower Nine Elms is a 50-storey tower comprising studios, one-, two- and three-bedroom apartments and features special 'winter gardens'.
In August 2019, the core and floor slabs of the South Tower were 100% completed.
Earlier this year, Damac had secured a $229 million financing package from three leading lenders in order to complete the project.
Abu Dhabi – Mubasher: Aldar Investment Properties, a wholly-owned subsidiary of the leading Abu Dhabi-based developer Aldar Properties, has appointed a group of banks to arrange investor meetings ahead of a planned US dollar-denominated sukuk or Islamic bonds, Reuters reported, citing a document issued by one of the banks.
The group of banks includes Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered, according to the London-based news agency.
The document noted that the company plans to sell sukuk with a 10-year maturity and a benchmark size of not less than $500 million.
On 1 October, Aldar Properties announced it contributed an amount of AED 36 million to the UAE’s national fund Sandooq Al Watan, bringing its total contributions in the fund to AED 120 million.
In the second quarter of 2019, Aldar had recorded a net profit of AED 476 million, versus AED 445 million in Q2-18.
Abu Dhabi – Mubasher: The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) and the Department of Urban Planning and Municipalities of Abu Dhabi (DPM) signed an agreement to push the property registration processes in the UAE's capital forward.
RA and DPM will streamline processes of property title registration by qualifying ADGM entities, such as ADGM foundations, real estate investment funds founded in ADGM, and special purpose vehicles, according to a statement on Sunday.
Under the deal, ADGM entities will be able to acquire title to property inside or outside the designated investment zones in Abu Dhabi.
In addition, share transfers of qualifying entities based in ADGM will be contingent on the non-objection and incumbency certificates issued by the RA.
“The signing of the cooperation agreement with the Abu Dhabi Global Market will enhance the procedures supporting the real-estate trading processes,” director general of the Municipality of Abu Dhabi, Saif Bader Al Qubaisi, said.
For his part, CEO of the RA, Dhaher bin Dhaher Al Mheiri, noted that “this partnership will help entities based in ADGM to own land or property in the capital that is located outside ADGM’s geographical area.”
This step complies with the recent amendments made to the property and real estate law, enabling foreigners to own property or land inside the investment areas of Abu Dhabi.
Indian investors who live in Dubai have purchased properties worth AED 94.45 billion ($25.71 billion) within the emirate during the past six years, Al Khaleej newspaper reported, citing data by the Dubai Land Department (DLD).
Indian residents in the emirate represent the largest stake of foreign investors in Dubai’s real estate sector, according to official data.
In the same vein, the Dubai-based Danube Properties recently announced it has opened a sales and marketing office in Kochi, India.
It is worth noting that last week the Vice President and Prime Minister of the UAE and Ruler of Dubai Mohammed Bin Rashid Al Maktoum stated that a Higher Real Estate Planning Committee was formed in Dubai to achieve balance between supply and demand in the real estate sector within the emirate.
The Real Estate Planning Committee was established under the chairmanship of the Deputy Ruler of Dubai and membership of senior real estate developers Maktoum Mohammed Bin Rashid Al Maktoum.
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