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Oman

Oman planning its biggest property trust IPO

Oman REIT Fund is planning an initial public offering that could raise about $100m

Aldar eclipses Emaar as top UAE developer on $8bn deal

The company expects more government projects to come its way

Aldar, ADQ sign agreement on Dhs30bn of Abu Dhabi projects

Aldar will also have management oversight of Musanada projects ranging from education, healthcare, infrastructure, social services and facilities management

Dubai Land Department fines 10 real estate companies, warns 30 for non-compliance with advertising laws

Each fine starts at Dhs50,000, and may escalate leading to cancellation of the licence of the violating real estate company

Aldar HQ Abu Dhabi

Aldar Properties offers UAE frontline workers Dhs4,000 Yas Mall vouchers, refunds on property purchases

Those eligible for this scheme will also be offered a 30 per cent discount across Aldar’s hotels, golf resorts and food and beverage outlets

Union Properties Dubai Autodrome

Profits for Dubai’s Union Properties exceed Dhs500m in Q3 2020

The value of its assets increased 5 per cent from Dhs5.9bn to Dhs6.2bn

Dubai’s Damac Properties awards contract for Zada project

The contract worth Dhs181m was awarded to Trans Emirates Contracting to begin main work on Zada

UAE’s Al Habtoor Group completes preparations for Cairo office

The office will act as a liaison unit, and will be tasked with finding opportunities in the local market

Saudi Arabia Riyadh

Saudi Arabia scraps VAT for property deals

However, a new tax of 5 per cent – the Real Estate Transaction Tax – will be levied on property deals in place of the VAT

Union Properties approves Dhs400m offer for stake in Dubai Autodrome

The board will continue to evaluate the acquisition of other real estate assets in the UAE

Dubai registers 2.2% increase in real estate transactions in August

Of the transactions recorded in August, 31.5 per cent were in the off-plan segment and 68.5 per cent in the secondary segment

Dubai Autodrome

Union Properties receives Dhs400m offer for a 40% stake in Dubai Autodrome

The company said its board will also discuss the acquisition of other investment real estate assets in the UAE

Egypt’s Emaar Misr, Tahya Misr Fund tie up to develop Sidi Abdel Rahman village

Emaar Misr has committed to contribute roughly $1.26m to support the first phase of infrastructure and service improvements in Sidi Abdul Rahman village

Nearly 50% residents in the region intend to move houses in next 12 months due to pandemic

Apartments are the most widely adopted form of accommodation in the region

Dubai’s ICD Brookfield Place receives first set of tenants

Tenants include the likes of Julius Baer, Natixis, Latham & Watkins, and Akin Gump, among others

Majid Al Futtaim Elan Tilal Al Ghaf

Phase III of Majid Al Futtaim’s Elan neighbourhood in Dubai sells out in 48 hours

Construction on the Elan neighbourhood began in July this year

Rizwan Sajan

Exclusive: Dubai’s Danube chairman on why the UAE will see a V-shaped recovery from the Covid crisis

The UAE is poised for a rapid rebound from the Covid-19 pandemic, mainly led by tourism, opines Danube Group’s Rizwan Sajan

Emaar Malls appoints Rajiv Suri as new CEO

Former Emaar Malls CEO Patrick Bousquet-Chavanne stepped down in 2019

Dubai

Dubai Land Department introduces AI into real estate valuation process

The valuation will be provided via DLD’s app called Dubai REST

Dubai’s Emaar Properties posts 35% drop in net profit for H1 2020

It recorded Dhs9.032bn in revenues for H1 2020

Dubai property market expected to pick up in H2 – Land Department chief

In June, real estate sales transactions grew by 64 per cent compared to May

Dubai Design District

Dubai Design District to organise architecture festival in November

The d3 Architecture Festival will be held from November 11-13

UAE developer Azizi Developments announces Dhs3.5bn investment

The developer will construct 45 buildings comprising over 11,000 homes across MBR City, Dubai Healthcare City and Al Furjan over the next 2-3 years

Arada Aljada Sharjah

Arada awards Dhs423m construction contract for phase two of Aljada development in Sharjah

The East Village contract includes the construction of 16 apartment blocks with the project set to be completed by 2021

Covid-19 impact: Is this the right time to invest in Dubai property?

The housing market in Dubai remains a top choice among investors even at times of crisis

Developer Emaar inaugurates Address Marassi Golf Resort in Egypt

The resort is located in the Sidi Abdelrahman bay

Dubai’s Emaar removes all job titles, with Alabbar also dropping his title of chairman

Alabbar said new business cards issued to employees will simply state their name with the department

Oman’s tourism arm ends deal with Damac for waterfront project

Damac International is a joint venture between Damac and DICO Group

Saudi Arabia’s Fannie Mae buys up $800m of mortgages

The refinancing company was established to buy home loans from banks and other finance companies, freeing up the lenders to book more mortgages

Property prices in Dubai ease out in H1 2020

According to the Dubai Land Department, 15,897 sales transactions were recorded in Dubai between January to June 2020