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Dubai - Mubasher: Emaar Hospitality Group, Emaar Properties’ hospitality and leisure business unit, announced it has the launch of the seventh hotel under its premium luxury Address Hotels + Resorts brand in Dubai, Address Fountain Views.

The three-tower hotel has 193 affluent guestrooms that offer uninterrupted views of the iconic Dubai cityscape, according to a press release.

Located centrally in Downtown Dubai, guests of Address Fountain Views can enjoy breathtaking views of Burj Khalifa and The Dubai Fountain.

The new hotel is also connected to The Dubai Mall, the world’s most-visited retail and lifestyle destination, through a link bridge.

Customers now can book now for stays at Address Fountain Views from October 2019.

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.

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.

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.