Property News: Developments
14 February 2019
Aldar Properties, the Abu Dhabi real estate developer, posted a 2 per cent revenue rise for full-year 2018, attributed to higher returns from revenue raising assets and new acquisitions.
Net profit attributable to equity holders slipped 5 per cent year-on-year to Dh1.8 billion in 2018, while revenues rose to Dh6.3bn, boosted by Dh2.6bn of development sales, the company said in a filing to Abu Dhabi stock exchange, where its shares are traded, on Wednesday.
The net profit decline was partly due to … Read more ›
07 February 2019
State-owned Abu Dhabi National Oil Company has awarded a contract worth Dh5 billion to a UAE-based company for dredging, land reclamation and marine construction for artificial islands being developed as part of its offshore ultra sour Ghasha concession.
The National Marine Dredging Company (NMDC) will execute the project for the first phase of the scheme which includes construction of ten new islands, two causeways as well as expansion on an existing island, Al Ghaf over the course of 38 months.
“This award … Read more ›
06 January 2019
While the pace of new project launches eased last year as developers adopted a more cautious approach in response to market conditions, the outlook for 2019 is “encouraging”, a new report from property services firm Asteco found.
According to Asteco’s UAE Real Estate Report Q4 2018, transactional volumes and values declined across all sectors and emirates, although a number of government initiatives, including residency visa changes and 100 per cent ownership of companies outside free zones, will have a positive effect … Read more ›
20 December 2018
Abu Dhabi: Abu Dhabi-based Miral is currently undertaking projects worth Dh6.2 billion on Yas Island to boost tourism and attract more visitors to the island, the company’s chief executive officer said on Tuesday.
“We want Yas Island to be top 10 family destination by 2022. We want to have enough attractions and facilities for families to enjoy the time on the island,” said Mohammad Al Zaabi speaking to reporters in Abu Dhabi.
The privately owned company supported by Abu Dhabi … Read more ›
28 November 2018
Middle East real estate portal Property Finder Group targets up to 50 per cent annual growth in revenues and website users in the near term, as it invests in new staff and technology after clinching $120 million (Dh440.7m) in its latest funding round, announced on Monday.
The Dubai-based company, which has operations across eight markets in the Middle East and North Africa, is also open to acquisitions, after investing in a Turkish firm last year, and may consider an initial public … Read more ›
28 November 2018
Emaar Hospitality Group, a subsidiary of Dubai’s biggest listed developer Emaar Properties, is selling five of its hotels, including the flagship Address Dubai Mall and Address Boulevard, to Abu Dhabi National Hotels (ADNH), the company said on Tuesday.
“Emaar’s hospitality business has recorded robust growth since its inception in 2007 and moving to an asset-light model will enable the business to unlock its potential,” said Emaar Properties’ chairman Mohamed Alabbar.
The transaction is subject to conditions and expected to be completed in … Read more ›