Real estate

Dubai – Mubasher: Real estate transactions closed in the Emirates of Dubai surged 134% since the creation of the emirate’s new Higher Committee of Real Estate at the beginning of September, the Dubai Land Department's (DLD)showed on Tuesday.

The committee was established by Sheikh Mohammed bin Rashid Al Maktoum, vice president, prime minister and ruler of Dubai and chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai, according to the Emirates News Agency (WAM).

"The real estate market indicators show the maturity of an increasingly balanced sector. We have achieved a total value of more than AED 1.4 trillion through 715,000 accumulative investments and 374,000 accumulative investors,” CEO of promotion & real estate investment management sector at DLD, Majida Ali Rashid, revealed.

Year-to-date, the value of investments pumped into the Dubaian real estate sector exceeded AED 56 billion, Rashid added.

By: Enas Bahgat

Dubai – Mubasher: Emaar Properties’ stock, listed on the Dubai Financial Market (DFM), has fallen to its lowest level since July 2019 during Thursday’s trading session.

By 12:30 pm UAE time, the stock shed by 2.32% to AED 4.63 after seeing a trading volume of 9.04 million shares that were exchanged at a turnover of AED 42.334 million through 446 transactions.

This came on the sidelines on the 18th edition of Cityscape Global 2019 being held at Dubai World Trade Centre from 25 to 27 September.

UAE - Mubasher: Nikken Sekkei, Japan-based architectural, engineering, and urban design firm, on Thursday unveiled plans to lift the world’s longest cantilever, The Link, on One Za’abeel, an iconic mixed-use development in Dubai, UAE.

The Link will be hoisted into place in early 2020, according to a press release.

The cantilever, which will measure 230 metres in length and weigh over 8,000 tonnes, will connect the towers of One Za’abeel, the Japanese company noted.

“Designing the world’s longest occupied building cantilever was an ambitious challenge in itself, however, designing an offset cantilever between two towers, 100 metres above a busy highway, was a challenge of ingenuity and imagination that we thrived on,” Nikken’s Executive Officer, Principal responsible for MENA, CIS, India, Australia and Europe regions Fadi Jabri said.

The active highway will be closed to traffic during the construction phase, the release indicated.

In addition to the structure, One Za’abeel, which is being developed by Nikken and Ithra Dubai, features a residential tower, high-end five-star hotel, commercial tower, and retail destination - The Gallery.

UAE - Mubasher: Abu Dhabi's creator of destinations, Miral, on Tuesday unveiled major progress in the $3.3 billion Yas Bay project, according to a company statement.

Yas Bay’s public realm and infrastructure are expected to be completed in December 2019, Miral added, noting that 75% of the construction of Yas Bay Arena was completed.

Situated on 14 million square feet, Yas Bay includes three distinct areas: the Waterfront, Residences at Yas Bay, and twofour54.

The Waterfront will incorporate Yas Bay Arena, two world-class hotels, and a beach club, along with a boardwalk and pier that are set to have 37 cafés and restaurants, and 19 retail outlets.

Residences at Yas Bay community will accommodate 15,000 residents through 35 residential plots. The community will also include 19 recreational parks, 3 Mosques, and 2 schools.

Moreover, the new 3.2 million square feet home of Abu Dhabi's media and entertainment hub, twofour54, is projected to attract 10,000 professionals.

UAE - Mubasher: Khidmah, a leading facilities management and maintenance company in the region, revealed that it has been awarded 14 new contracts in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah following a highly competitive bid process.

In Abu Dhabi, Khidmah has won five contracts from Aldar Properties in Al Saadiyat Island, according to a press release.

Under these contracts, Khidmah will be in charge of providing hard and soft facilities management services for Mamsha Al Saadiyat, Jawaher, Cranleigh Abu Dhabi School Accommodation, Saadiyat Beach Retail, and Marsa Al Bateen.

Aldar Properties has also assigned Khidmah for the provision of facilities management services for a number of first-rate commercial properties including Aldar Headquarters, Al Mamoura, Baniyas Towers, Daman House, and Motor World.

Moreover, Khidmah has been awarded a three-year contract from the Ministry of Education to cater maintenance and facilities management services to its various assets, the company added.

The company has also secured a contract to operate and conduct maintenance of a number of civil and electromechanical works for Nation Towers, the release said, added that Khidmah will offer its services to International Capital Trading.

In Dubai, Khidmah has been awarded the provision of facilities management FM services to the gated community Nada Al Sheba Villas.

“In Sharjah and Ras Al Khaimah, Emirates National Schools will be the latest additions to be added to Khidmah’s roster of clients,” the company noted.

It is worth noting that Khidmah has been awarded a total of 29 contracts across the UAE since the beginning of 2019.

Cairo – Mubasher: El Nasr Housing and Development, a subsidiary of the Egyptian Ministry of Public Enterprise, has signed a settlement agreement with Emaar Misr for Development to end a dispute regarding a project located in Mokattam.

Under the deal, Emaar Misr for Development, an Egyptian unit of the UAE-based Emaar Properties, will pay EGP 100 million as a compensation to El Nasr Housing and Development and complete the entire project by mid-2028 as scheduled, according to a statement released by the Egyptian cabinet on Thursday.

Emaar Misr will also be obliged to pay any arbitration expenses incurred by El Nasr Housing and Development.

Emaar Properties still considers to tap into investment opportunities in the most populous Arab nation, chairman of Emaar Properties, Mohamad Al Abbar, said.

Every year, the real estate sector in Egypt attracts huge local and foreign investments.

This has led to the creation of new jobs in the market, Al Abbar added, noting that Emaar Properties has created 15,000 direct and indirect jobs in Egypt.