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ADFD reviews progress of projects worth Dh423 million in Albania

Abu Dhabi Fund for Development (ADFD) is reviewing progress of the Dh423 million Tirana River Rehabilitation project in Albania, a statement said. A technical delegation from the Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, visited Albania to review the status of three of its financed ventures – the Tirana River Rehabilitation project, Tirana River Northern Boulevard project, as well as the Tirana-Elbasan Road project.

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Arabtec Construction gets $171 million Damac contract to build 1,296 villas at Akoya Oxygen

Dubai-based property developer Damac Properties said, it has awarded Arabtec Construction LLC with a US$171 million (Dh628 million) contract to develop 1,296 villas at Damac’s Akoya Oxygen master development. Arabtec will begin construction in Q3 2017 at the 55-million-square-foot green development in Dubailand, and is expected to complete the project within 24 months.

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Saudi real estate market softens

Saudi real estate market appears to be softening, according to a latest report by Jones Lang LaSalle (JLL), as crude oil prices remains well below the $50 a barrel threshold.

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Properties Investment delivers Dh97 million worth of projects at Green Community West Dubai

Properties Investment LLC, a joint venture 70 per cent owned by Dubai Investments PJSC and 30 per cent by Union Properties, said, it has handed over of 76 townhouses in the stage 1 of its Green Community Dubai Investments Park

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Majid Al Futtaim starts construction of Dh2.6bn shopping mall in Sharjah

Majid Al Futtaim, the region’s leading property and shopping mall developer, broke ground on the US$708 million (Dh2.6 billion) shopping mall City Centre Al Zahia in Sharjah. It will be the company’s largest mall within the UAE’s third-largest emirate – Sharjah. Once complete in 2020, City Centre Al Zahia will be a valuable addition to the developer’s growing City Centre brand portfolio.

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Nakheel reports Q1 2017 net profit of Dh1.48 billion

Dubai property developer Nakheel reported a net profit of Dh1.48 billion for the first quarter of 2017 – a time when it handed over 412 land and built form units to customers, with its retail, hospitality and residential leasing businesses continuing to perform solidly.

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Hydra Village is 70% ready

Hydra Properties has announced the progress of two of its developments, Hydra Avenue and Hydra Village, at the Cityscape Abu Dhabi property exhibition.

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Damac Properties launches Golfotel, a 2,000 room hotel cluster

Damac Properties, a Dubai-based property developer, launched Golfotel, a premium 5-tower hotel property surrounded by a golf course in Dubai.

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Dubai to classify property developers

Dubai Land Department, the emirate’s land and property registry, is planning to classify the real estate developers based on their performance and delivery track record, in order to boost the sector and help attract investment, a top official said. Sultan Butti bin Mejren, Director General of the Dubai Land Department, told Gulf Property that his department is working on the plan that will help identify the good developers based on their performance.

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United Engineering awarded construction contract for Deira Mall

Master developer Nakheel has awarded a Dh 4.2 billion construction contract to United Engineering Construction LLC to build Deira Mall. The mall, with 4 million square feet of leasable area, will be the biggest in Dubai in terms of retail space.

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