Real estate

UAE – Mubasher: Sobha Realty, a premium real estate developer based in Dubai, intends to file for an initial public offering (IPO) in 2022, the Banker Middle East reported.

The company will wait to meet expected profitability before making a final decision on the IPO, the founder of Sobha P.N.C. Menon said.

Menon also added that the company has not make a final on where to list the shares.

Sobha is expected to generate around AED 2 billion ($545 million) in sales revenue this year, compared to AED 620 million in 2018 as it delivered more homes in its Sobha Hartland development.

The property developer will hand over nearly 6,000 homes at the $4 billion project over the coming six years, Menon revealed.

UAE- Mubasher: Azizi Developments, a leading private developer in the UAE, announced the completion of 92% of the construction work at Farishta, its new residential tower in Al Furjan.

Farishta comprises 284 high-end residences featuring a mix of 137 studios, 124 one-bedroom, 15 two-bedroom apartments, and eight spacious penthouses, according to a press release.

The construction work of the project is on-schedule for delivery set in the fourth quarter of 2019, Azizi Developments said.

Farhad Azizi, CEO of Azizi Developments, said: “It fills us with pride to know that we will soon be delivering another remarkable project in Al Furjan, a promising area that is very dear to us. With the strong customer response that this development has received, delivering the 284 units on time remains a top priority to us.”

The external works of Farishta have been completed by over 70% to date, with nearly 100% of the structure and 99% of the blockwork done.

Tiling works and the heating, ventilation, and air conditioning (HVAC) have been completed at around 99% and 92%, respectively.

Meanwhile, the work progress at the second fix of mechanical, electrical, and plumbing (MEP) works are at 95%, the façade works are at 92%, and overall finishing at 89%.

The Abu Dhabi-based developer IMKAN announced the appointment of the Chinese construction company CNTC as its main contractor for its Pixel project in Makers District on Reem Island.

This partnership comes in line with the UAE capital’s support for the China Belt and Road Initiative, according to a press release.

An official signing ceremony has been held at IMKAN’s head office, where Abu Dhabi Capital Group’s (ADCG) CEO Abubaker Seddiq Al Khoori, board member in Royal Strategic Partners LLC Hamad Abdulqadir Al-Ali, IMKAN’s CEO Walid El-Hindi, and vice president of CNTC Xinrong Xu tackled the first major steps to construct Pixel’s seven towers.

Walid El-Hindi commented: "CNTC is one of the biggest construction companies in China, and their experience combined with our commitment to developing research-based communities, gives us confidence that Pixel’s seven towers will be delivered utilizing some of the most innovative and diverse construction solutions in the region.”

Meanwhile, Xinrong Xu said: “Through this partnership, CNTC and IMKAN will translate our shared foresight for Pixel into reality. China and the UAE enjoy a symbiotic relationship that encompasses culture, investment and trade and is underpinned by a deep understanding of the important role we both play in the region’s economic development and prosperity."

Work on the seven towers of the Pixel project will start immediately, the release noted.

The project, which comprises 525 residential units, is set for completion in the fourth quarter of 2021.

The towers will feature nearly 26 exciting amenities, including homegrown food and beverage, retail, interactive public areas, co-working spaces, and creative hubs.