Wednesday, August 23, 2017 4:40 AM


Eagle Hills gets Dh300 million financing facility for The Address Fujairah Resort

Eagle Hills, an Abu Dhabi-based private real estate investment and development company, has signed a Dh300 million facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of The Address Fujairah Resort + Spa, a luxury hotel and residential development in Fujairah.


Damac subsidiary awards GBP240 million contract to Multiplex to build Aykon London One

Nine Elms Property Ltd, a wholly-owned subsidiary of leading luxury real estate developer DAMAC International, has awarded a GBP240 million contract to global contractor Multiplex for the construction of its luxury property Aykon London One.


Wasl expands freehold areas near Zabeel Park with Wasl1

Wasl Asset Management Group, a Dubai Government-owned property developer and asset manager, is fast expanding the freehold areas of Dubai by adding a new master-planned mixed-use freehold community, next to Zabeel Park and opposite Dubai World Trade Centre – that will help businesses and residents and create a new community next to Dubai Metro.


Gulf Sotheby’s International Realty acquires majority stake in SPF Realty

Gulf Sotheby’s International Realty – the international luxury real estate firm – said, it has acquired a majority stake in SPF Realty – a leading property brokerage, based in Dubai.


Union Properties investigates accounting errors that caused Dh2.8 billion write-down, resulting in Dh2.3 billion quarterly loss

The new board of Union Properties, developer of the Motor City in the UAE, has ordered a forensic investigation on possible accounting errors that caused Dh2.8 billion write-down and resulted in a US$624 million (Dh2.3 billion) net loss for the second quarter of 2017, compared to $19.53 million (Dh71.7 million) net profits recorded in the corresponding period last year.


Nakheel gets lowest bid of Dh900 million for Dragon City residential towers

Dubai-based master developer Nakheel, developer of the two palm-shaped islands off the coast of Dubai, is assessing five proposals, with bids starting at just under Dh900 million, for the construction of Dragon Towers, its twin-building residential complex at the rapidly-expanding Dragon City community in Dubai.


UAE consumer spending forecast to exceed $261 billion in 2021: analysis

Consumer spending in the UAE that reached $183 billion in 2016, is forecast to rise at a compound annual growth rate (CAGR) of 7.5 per cent over the next five years to exceed $261 billion in 2021, Dubai Chamber of Commerce and Industry said in a report.


Damac profits decline 15.7% to Dh1.6 billion in the first half of 2017

Damac Properties reported a 15.7 per cent decline in net profits to Dh1.6 billion in the first half of 2017, compared to Dh1.9 billion reported for the corresponding period last year.


Dubai records launch of Dh21 billion worth of real estate projects in H1 2017

Dubai Land Department (DLD) said, it has registered 68 real estate projects worth Dh21 billion in the first six months of 2017, about 680 per cent jump in the number of project registration compared to 20 in the 12 months of 2016.


Real estate transactions in Dubai exceeded US$106 billion in 18 months

The total value of real estate transactions in Dubai exceeded Dh390 billion across 95,000 transactions in 18 months (1 Jan 2016 – 31 July 2017), according to Dubai Land Department. This is higher than the nominal gross domestic product (GDP) of 150 countries in the world.