Vice chairman of Abu Dhabi Executive Council Sheikh Hazza bin Zayed Al Nahyan opened AED 687 million Al Hayer residential project in Al Ain City.

The project includes 300 residential villas the design of which was tailored to meet the needs of Emirati families and reflect their local identity and culture, the Emirates News Agency (WAM) reported on Saturday.

Each villa plot spans 2,025 square metres, including a build-up area of 500 square metres, featuring segregated majlises for men and women, three dining and living rooms, five bedrooms, and other utilities.

“The design of Al Hayer Residential Project aims to balance the needs of modern and traditional Emirati homes, with privacy provided both inside and outside, while allowing space for walking between indoor and outdoor areas,” WAM said.

Al Hayer complex will comprise a 2,700 square-metre mosque with a capacity for 1,071 worshipers.

Dubai – Mubasher: The world’s leading digital payment provider Visa has hired the international real estate developer Sweid & Sweid to set up its new Dubai headquarters for the Central and Eastern Europe, Middle East and Africa (CEMEA) region.

Scheduled for completion in June 2021, the new headquarters will expand Visa’s capacity to more than 500 employees and help the digital payment provider strengthen its capabilities across the 96 countries under the Dubai-based management for the CEMEA region, according to a statement on Monday.  

“This is not only an investment in Dubai but in the Central and Eastern Europe, Middle East and Africa (CEMEA) region, which is a rapidly-growing market for Visa,” the company’s regional president for the CEMEA region, Andrew Torre, noted.

Spanning over 100,000 square feet at the heart of Dubai Internet City and Dubai Media City, members of TECOM Group, the new Visa headquarters will include an innovation hub, integrated lobby areas, collaborative office spaces, and outdoor terraces.

Since its establishment in 2006, Sweid & Sweid has “delivered the highest quality projects for our multinational tenants, and look forward to contributing to the development of Dubai’s economy by facilitating the growth of leading technology companies such as Visa and creating jobs for the next generation,” the company’s managing partner, Maher Sweid, highlighted.

“Visa CEMEA’s new headquarters is a welcome addition to [TECOM Group’s] dynamic communities that promote innovation and are currently home to more than 5,600 business partners from around the globe,” TECOM Group’s chief commercial officer, Abdulla Belhoul, remarked.

Dubai – Mubasher: Deyaar Development, listed on the Dubai Financial Market (DFM), announced it has suffered accumulated losses of AED 1.540 billion during the third quarter of 2019.

The company attributed incurring accumulated losses during Q3-19 to the provision for Impairment of assets based on Dubai’s real estate market situation recorded in 2019, according to a bourse filing.

Moreover, the International Financial Reporting Standard 9 (IFRS 9) the company applied in 2018 has resulted in provisions for certain assets totalling AED 661 million that were registered in the opening balance of accumulated losses as at 1 January 2018.

Over the past years, Deyaar has taken a number of measures to offset accumulated losses, including working on the completion of all existing projects and launching new projects, as well as boosting the company’s portfolio of assets.

The company now has three projects in the hospitality sector that will help revenue growth in the coming years.

The DFM-listed firm also plans to keep launching quality projects and to diversify its sources of income through property and facilities management services.

It is worth noting that Deyaar previously reported it has logged a net profit of AED 53 million for the nine-month period ended 30 September of 2019.

The company’s revenues increased by 3.6% to AED 483.3 million for the January-September period of 2019, versus AED 466 million in the corresponding period of 2018.

Azizi Developments has awarded a construction contract in MBR City to India’s Prestige Constructions.

The contract includes the construction of eight buildings in the 29.7 square kilometres Victoria project, according to a company statement. The contract value is set to be several million.

Planned to be built to a British-Georgian design, Victoria community project will comprise 27,555 units across 105 mid- and high-rise residential buildings.

Abu Dhabi – Mubasher: Wahat Al Zaweya Holding has announced that it reduced its stake in Gulf Navigation Holding, according to a bourse statement released on Wednesday.

Wahat Al Zaweya decreased its stake in Gulf Navigation to 6.87% from 9.81%.

It is worth noting that Wahat Al Zaweya posted a 37% year-on-year profit increase in 2018, recording AED 276 million.

Dubai – Mubasher: Damac Properties Dubai Company has successfully acquired two plots in Al Sofouh and Business Bay areas from Dico Properties Company and Soor Foodstuff Company.

The transaction’s total cost valued at AED 285 million, according to Damac’s statement to the Dubai Financial Market (DFM) on Wednesday.

The Dubai-based company noted that the acquisition comes along with its approach to acquire prime plots in distinctive areas in order to expand its land bank for new innovative developments in future to increase its revenues for the benefit of its shareholders.