Airbus opens logistics centre in Dubai

Airbus opened a logistics centre in Dubai property for the supply of aircraft spare parts for its customers in the region.

Airbus President and CEO Thomas Enders said the centre would reduce the time and costs of transporting the aircraft parts.

Current inventory at $ 10 million facility amounting to approximately 55 million U.S. U.S., and includes parts for the A380 superjumbo.

"Dubai property is one of the most modern and fastest-growing airports, serving more than 120 airlines, flights to more than 205 areas around the world, and thus the ideal place for the centre of its kind," said Enders.

Outside Europe, Airbus has logistics facilities in Beijing, Shanghai, Washington and Singapore. Material and Logistics Centre is located in Dubai property Free Zone and the airport is 3700 square meters of warehouses and office space.

It will stock more than 5000 parts from about 43000 items at any one time.

It includes avionics and electronics repair stations and storage for original equipment manufacturers ", so that commercial and technical support with an optimized delivery time."

Dubai to get a green city

Sheikh Mohammed Bin Rashid Garden, Dh200 billion Venture Dubai Properties, wants to be a low-density development in the region.

Situated between Al Khail Road and Emirates Road to 880 million square feet, approximately 73 per cent of the development will be green and open space and 10 percent will be allocated on the waterways.

The remaining space will not be built, mixed-use areas.

"This reflects the vision of Sheikh Mohammed in terms of being environmentally conscious and aware of global warming in the world," said Rashid Al-Awadi, Chief Architect, Dubai Properties.

Hashim Al Dabal, chairman of the Dubai Properties, said: "We used to projects with beaches and golf and nice homes, but it's more about the responses to a request for life. Green concept of this project is one of the kind in Dubai. This is surprising because it is new, " he said.

Mohammed Bin Braik, CEO of Dubai Properties, said: "The fact that Dubai property focuses on real estate, as the master developer, this way of life. 2008 was a year of change, becoming a company with a group of six subsidiary companies, for example. This is the first and the only project that bears the name of His Highness. "

The exact number of units in the development are not yet known, but most people are not more than 200000 people, in accordance with time-low density development in the region.

Al Dabal said the project has already begun and would "complement all in Dubai property."

He said the first two of six phases would start as soon as details have been finalized with authorities, including RTA and Dewa.

Cement price violators face tough measures

Top government official yesterday warned the producers of cement immediate action against those who are trying to destabilize market.

The Ministry of Economy (MoE) previously fixed the prices of cement at Dh17 per 50 kg bag.

Mohammad Ahmad Abdul Aziz Al Shehi, deputy to the MoE, said all manufacturers of cement in the UAE have to meet certain price.

Immediate measures, however, be taken with respect to all producers who do not comply with regulatory solutions ministry, which is aimed at stabilizing the market of cement, as well as regulate the cost of construction in the country and Dubai property.

Ministry, he added, will host a series of initiatives to increase the supply of cement in the local market, calling for companies to directly import cement.

Badr Al-Islami finances Fakhruddin's Properties

Fakhruddin Properties, one of the leading UAE-up and coming real estate developers, put into action an agreement with Al-Badr Al-Badr IslamiBadr IslamiAl Islamic financial company, the Islamic banking arm Mashreqbank, to finance the purchase of Dubai property projects developed by the company.

Agreement, which offers a range of higher quality requirements of Sharia-retail trade, investment and corporate banking services, says that the bank will finance up to 90% of the company's purchases of Dubai property projects for the UAE-based investors, with Maimoon Twin Towers project, located at Jumeira southern village, Dubai, to get priority.

Over and above this, the agreement provides for the first time non-residents, in particular, non-Arabs who want to buy their dream Dubai properties of Fakhruddin with Sharia-compliant financing solutions, covering up to 75% of purchasing costs, which will be paid back in a simple, flexible parts for a period not exceeding 25 years.

Mr. Akbar Fakhruddin, chairman Fakhruddin group described the agreement as a major Islamic solution that would allow his company's clients to own plush Dubai properties developed in accordance with the latest modern technology itself.

Fakhruddin Properties is currently developing several projects, the signature in Dubai, in particular Maimoon Twin Towers, Coral International Hotel Apartments, Lake Center Towers and Trafalgar Centre, along with other major events in the UAE. The use of smart technology in its plush array of state of the art facility, the company projects are popular in the UAE real estate market.

RAK realty firm reports Dh114.58m net profit

Real estate developer RAK Dubai Properties on Monday announced net profit of Dh114.58 million for the first three months of this year.

Earnings per share were 5,7 fils, and it marks an increase of 11 per cent for the corresponding period in 2007.

The Dubai Property company said it had concluded Dh564 million U.S. from sales in residential and commercial units in the period from January to March, registering 232 per cent increase compared with the corresponding period last year.

"Although the company has achieved significant sales, revenue recognition was deferred until such costs can be reasonably attributed to individual units and beneficial ownership has been transferred to the buyers. As a result, profit and loss account shows no profit from sales," he said in a statement for Dubai property.

Nakheel initiates flooding of Palm Cove Canal in Waterfront

The master developer Nakheel on Monday began flooding the first four water Waterfront, Palm Cove channel, which will have the capacity to 4.2 million cubic meters of water.

Matt Joyce, Nakheel managing director for the Waterfront, described the floods as "important event" in the Waterfront development.

"When completed, Palm Cove channel will boast five nautical miles of boardwalks and integrated transport system.

"In flooding the channel marks the first step in achieving this embankment on the life of community," he said.

Running parallel to the Dubai property shoreline, Palm Cove canal will take about two weeks to completely fill. The channel itself is 140 meters wide and eight kilometers.

The master developer Nakheel on Monday began flooding the first four water Waterfront, Palm Cove channel, which will have the capacity to 4.2 million cubic meters of water.

Matt Joyce, Nakheel managing director for the Waterfront, described the floods as "important event" in the Waterfront development.

"When completed, Palm Cove channel will boast five nautical miles of boardwalks and integrated transport system.

"In flooding the channel marks the first step in achieving this embankment on the life of community of Dubai property," he said.

Running parallel to the shoreline, Palm Cove canal will take about two weeks to completely fill. The channel itself is 140 meters wide and eight kilometers.

Waterfront: Major features

Total area: 14,000 hectares

Madinat Al Arab: 700 hectares

Canal district: 240 hectares

Boulevard Park: 100 hectares

Quay wall: Spanning 3,350 linear meters

Five marinas: Covering an area of 82 hectares

Badra residential area: 1,042 apartments and 146 townhouses

Veneto residential area: 1,400 villas and townhouses and 1,200 low-rise apartments

Al Barari unveils showcase home

Dubai-based developer Al Barari on Monday unveiled a show house stage one of its flagship development, which will be deployed in the world longest artificial waterway, stretching 14.6 kilometers.

Over 80 per cent of residential phase will gardens and other public spaces, which makes Al Barari low-density development in the region of Dubai property.

Some 800 species of plants, which are imported into the territory to establish six thematic Botanic Gardens. They will Balinese garden, modern garden, Water Park, Forest Garden, a garden Renaissance Mediterranean garden.

"We spent almost Dh1.4 billion path of the thematic gardens, forests, waterways, rivers and reservoirs, and as an integral part of the process we will be planting 4.6 million trees, shrubbery and ground cover. At length of 14.6 kilometers, We "re-establishing the longest artificial waterway in the world," said Mohammed Bin Zaal, Chief Operations Officer of Al Barari.

Mohammed Bin Zaal acknowledged the project has faced several setbacks. "This project really suffer some delays, but it is the nature of the construction industry in Dubai property," he said.

Al Barari, which means "nature", covers 14 million square feet in Nad Al Sheba, on the border of the reserve of wildlife and royal grounds.

Outstanding location at Bermuda Views, Dubailand

Beautiful one-and two-room apartment in Bermuda page are part of the colossal Dubai country sports and lifestyle project. The development sits in Dubai Land's just breathtaking Sports City, so that these units strong investment options within one of Dubai's most prestigious complexes.

Bermuda page, located in Sports City already guaranteed investors optimal returns, while 3-year warranty on a rental-8% per annum valid and growth forecasts of 30% pa make it a particularly lucrative investment.

The residents in Bermuda this page is advantage that within the world's first purpose built, integrated sports and athletics venues. Units will look with pride at the prestigious Ernie Els 18-hole championship golf course, cricket stadium and a seven-star hotel. With any financial statements for 2015, the mammoth project Dubai Land is the key to the success of a substantial part of the emirate economy, not to mention its role in facilitating Dubai's target of a planned 15 million visitors in 2010.

Units include luxury, but affordable, one bedroom and two homes of 960750 AED (129610 GBP *) 1864500 AED (251533 GBP *). An ongoing deficit of real estate in Dubai, together with the guaranteed rents Bermuda This site offers means that the development is due to a strong demand, while investors very lucrative, tax-free returns. It is interesting to note that while Dubai will continue to issue about 1100 residency visas daily, the huge demand for first-class accommodation in Dubai are clearly, boding well for today's investors in Bermuda Views.

According to Bernardo Retana, Director of Investment Product Development and the International Property Investment Network (IPIN), "Bermuda This page can not fail to produce results for investors - I am convinced that the prestige sheer opulence and top pick of sports and recreational facilities, all in conjunction with such an important place like Dubai country, the units in Bermuda this page in fact sell very quickly. "

Dubai average price index - Water properties

Waterfront living is often seen as the stuff of dreams - an idyllic lifestyle, the beautiful places, relaxation and a safe place for a family. In addition, the proposal after it as a wise investment and it is easy to see why Waterfront can be sold as the perfect living space. If you choose to purchase A Waterfront City, there are some important things to consider when picking a property. This is really overlooking the water, large windows to maximize these views, in the vicinity of amenities to offer and the build quality. Many of them seem common sense, and would for most properties, but always important if the sale of water dream, because a house or apartment without this prospect and a lot of light flooding in, it will be difficult to sell when it is time to move. "The first impression counts, so that all these things have an impact on potential future buyers or tenants. Ideally, you want the water in front of the door so that it opens to a view water, but there are not too many properties like" , Said Ryan Mahoney, managing director of Better Homes. Holding their value Another positive to have a well-located property with a view to the lake or a marina is that they tend to command a good price and hold their value. They are usually referred to as prestige properties, giving them a good investment.

Secrets of successful off-plan property purchases in Dubai

The developers of Aquarius gate in Dubai has just announced a "sell-out" to investors in the pre-launch phase. This $ 820m mixed-use project on Nakheel's Waterfront, compared to the Palm Jebel Ali, is just the latest example of the successful Dubai off-plan sales. But recent controversy surrounding Damac Properties' Palm Springs has questions about the purchase of construction projects.

After the intervention of the Dubai Lands Department last week, the Palm Springs project has been fully restored and is back on schedule after Damac.

There is, however, a number of "secrets" or important considerations when buying of construction projects in Dubai.

1st Who is the developer? How long has it been? Like many projects launched and how many of them have already been delivered? Have there been complaints about the quality of these developments? Are these the kind of people with whom you would trust with your money?

2nd What kind of financial support, the developers? This is really related to the first question, but it is differentiated. In Dubai, the lowest risk, with government projects. Nakheel, Dubai and Boundless all properties are 100% owned by the government, while the government has a large and effective control of the stake in Emaar.

3rd Even the price for the sale of units from the viewpoint of the construction costs. Are the units easy to look cheap, so that the developer until the end of the building? It sounds contrary to logic, but cheap off-plan should sound warning signals, as a low-cost can mean low quality or even a failure to deliver when the developer gets into financial difficulties.

4th In Dubai, it is imperative, because in July last year, escrow or trust accounts for all off-plan projects. But check to see what Bank is the escrow service. A state bank or controlled, that they have a higher credit rating.

5th If you decide on your purchase financing of construction projects you have to make sure that the payment structure is fair and practical for your circumstances. They do not want to pay interest on a loan for a project is delayed, for example, or at least how to keep the exposure to a minimum.

6th The amount of risk you take in an off-plan buying is also due to the stage of development. If work has not started on the construction site, and all you can see is an architect's drawing and illustration, then the risk of the project delay is highest. If on the other hand, you can see work-in-progress-and a considerable amount of construction to delivery schedule is far more likely. Many developers hold back some units for sale in the construction of new cycle, but there is more money for them.

7th Your current rental costs should be considered. When buying off-plan means that you will have to stay in an expensive rental for a long time? If yes, then you must ensure that the costs, and examine whether a movable property in the secondary market may no longer make sense.

8th Location is the most important consideration when purchasing a property, but people sometimes seem to forget that the purchase of construction projects. Check out the location in person, even if it is only a piece of desert! Because there is a big difference between the cost of living in Downtown Dubai next to the Burj Dubai, the highest building in the world, and in the desert of Dubai.

Nakheel launches Veneto

Nakheel, a Dubai World company, has announced the launch of Veneto - an exclusive residential district in Waterfront.

The first community will be launched worldwide on the development of coastal areas, Veneto is set to become one of the most prestigious addresses in Dubai, the company said in its statement yesterday.

Veneto is out of Sheikh Zayed Road with every home is not more than two kilometers from the shoreline. With a limited number of elegant villas and low-rise townhouses, Veneto was master planned create exclusive Bank Waterfront district on the outskirts of the city, the urban heart of the capital.

In modern villas and townhouses will be a number of amenities such as mosques, community centers, kindergartens, schools, public swimming pools and health facilities.

Veneto will offer views of landscaped parks and waterways; residents will be able to enjoy the trees in the queue pedestrian walkways, coastal boardwalks and active yachts from 92 canal properties that offer their own private piers.

Gulf General Investment begins phase two of Axis Residences

Gulf General Investment Company (GGICO) yesterday launched phase two of its Axis Residences at Dubai property Silicon Oasis with a project value of Dh1.3 billion.

The project includes 870 units in six buildings placed over 350,000 square feet of land. The total sellable area is approximately one million square feet, said Mohammad Abdullah Juma Al Sari, managing director of GGICO.

The first building is due for transmission in October 2008 and the remaining five are expected to be handed over in late 2009.

The worth of the project is Dh1.3 billion but this is growing "minute by minute", said Peter Penhall, CEO of global property portal “Gowealthy”.

Five of the buildings are low-rise and the sixth is located in open space, overlooking Al Ain Road.

Al Sari said that his company's current portfolio consist of 28 developments located across Dubai property with an overall value of Dh5 billion, including Horizon Towers and Emirates Crown in Dubai Marina.

Emaar eyes North Africa and Asia for expansion

Emaar Industry and Investment (EII), a member of Emaar Properties, is looking to expand its portfolio in North Africa and South Asia in building materials, technology and medicine.

"We will capitalize on the impressive economic growth registered in Egypt, a number of North African countries, as well as in India and Pakistan," said Ahmad Hayat, chief executive officer of Emaar Industry and Investment.

Currently focused on the GCC, the company expects to enter markets in Jordan, Qatar and Syria as well.

He said company Dubai property investments were Dh350 million last year, and the team in total consolidated assets valued at Dh1.2 billion.

In its efforts to diversify, the company intends to build a Dubai property portfolio of Dh3 to 5 billion in the next three years, said Hayat. EII has 12 branches in its portfolio with the latest additions Damas partnership and Mammut Building Systems, in which it has a 12 per cent stake through Zabeel investment.

The company investment in its Dubai property subsidiary Advanced Industries Group (AIG), he saw a 57 per cent increase in net profit in 2006, 121 per cent increase in revenue and 336 per cent increase in total assets.

Woods Dubai gets approval

In Dubai Tiger Woods, a member of Tatweer has voiced draft of the master plan was completed and approved by the Dubai property Municipality and the RTS, and its design and construction is carried out on schedule.

Scheduled for completion in late 2009, Tiger Woods in Dubai is established as the exclusive community of life with an impressive Al Ruwaya Golf Course as the focal point.

In routing for golf, in the first instance, to Tiger Woods, was completed and began its formation.

Dubai Metro gets huge response to branding offer

Around 250 companies have expressed interest in getting branding rights for 23 stations of the Dubai property Metro project, said a senior official.

"Within couple weeks of starting the Dubai Metro Naming Rights project, more than 250 companies have shown interest in getting the branding of metro stations in their name," said Abdul Mohsin Ebrahim, Chief Executive Officer for Strategic and Corporate Governance at the Dubai property Roads and Transport Authority (RTA).

He added both local and international brands are lining up to become one of the first companies to brand a station, with requests received from as far as as Japan, Greece, Spain, the Great Britain and India.

"These companies range from large property and business firms and local and international banks, through to large multinational blue-chip corporations," he added.

The RTA has proposed 23 out of 47 stations and two lines of the Dubai property Metro project for corporate branding to raise revenue. At least eight stations have already been named after major companies and financial houses which provided funds for the construction of the respective stations.

The remaining 16 stations will continue to bear the names of landmarks and historic areas.

The naming rights are available for a minimum of 10 years from the start of Metro operations.

Dubai airport serves 9.3 million in first quarter

Passenger throughput at Dubai property International Airport - the largest in the Middle East - reached the nine-million benchmark in the first quarter this year, recording a growth of 15.11 per cent over the same period in 2007, a statement voiced.

The airport handled a total of 9 341 270 passengers from January to March this year, as compared to 8 114 762 in the 1st quarter of 2007. March was the busiest month with 3.25 million passengers while February registered the lowest at just over 2.97 million passengers.

With a total of 34.34 million passengers in 2007, the airport had recorded a rise of over 19 per cent over 2006. The passenger throughput is anticipated to gain 40 million this year and reach 60 million by 2010.

The total tonnage of cargo handled during the period under review reached 399,718 tones as against 362,919 tones over the 1st quarter of 2007, a significant increase of over 10 per cent. March was the busiest month for cargo also with over 144,954 tones while February showed a greater year-on-year growth at 12.1 per cent.

There were a total of 68,869 aircraft movements during the period under review, an increase of 8.5 per cent over the first quarter of 2007. With over 24,143 aircraft movements, March was the busiest month, well over January (22,903) and February (21,823).

Emirates to begin San Francisco service

Emirates said on Wednesday that it launches non-stop flights from Dubai property in San Francisco on October 26, taking in the United States since the appointment of four New York, Houston and Los Angeles.

Emirates will be the first company to connect the two cities, using its innovative, technologically advanced Boeing 777-200LR on the route. The plane offers 266 seats in three-class configuration. The service will offer an additional 10 tons of cargo capacity in both directions.

Shaikh Ahmad Bin Saeed Al Maktoum, chairman of Dubai property Civil Aviation and Chairman and CEO, and Emirates Airlines Group, said: "Providing a fast, convenient service to both coasts of the United States, and in between points has been an important goal for us. Connection between the San Francisco Bay Area and the Middle East is high demand, as the Indian subcontinent. We see San Francisco, as an integral part of our network development. new service will offer additional Americans better access to Dubai".

In flying distance between the two cities is 8103 miles, about 16-hour outbound travel. The return flight will take 15 hours 40 minutes.

The new service will operate in the International Terminal at San Francisco International Airport, one of the world's 30 busiest airports.

San Francisco is the fifth new appointments, Emirates has announced that it will be introducing this year. The airline launched its service to Cape Town on March 30 and will begin service Kozhikode in India and Guangzhou in China, and on July 1, as well as in Los Angeles on September 1.

Emirates global network covers 99 cities in 62 countries around the world in the Middle East, Africa, Indian subcontinent, Europe, the Far East and North America.

Dubai Mall set for August 28 opening

One of the world's largest shopping and entertainment areas, The Dubai Mall, opens on August 28 Emaar Malls Group has announced.

In Dubai property Mall has a total internal area to 5.9 million square feet, and 3.77 million square feet of leasable space, that equals to the size of 50 football fields combined.

Shopping center will include more than 1200 stores, including two anchor stores and 120 food, beverage and retail outlets.

Mr. Yousef Al-Ali, Director General of the Dubai property Mall, said work is on schedule to complete the mall by August.

Damac's Business Bay tower back on track

Property developer Damac, which had attempted to cancel Haz Tower in Dubai property Business Bay , stated that the project is back on track due to complaints by investors who had invested in Dh60 million since July 2007.

Around 10 riley investors met officials at the Land Department to complain against the company.

Though, Niall McLoughlin, senior vice-president of corporate communications at Damac, Dubai property said that the Haz Tower is "definitely going ahead".

The issue appears just a week after Damac came under fire for canceling the Palm Springs project on the Palm Jebel Ali.

The Haz Tower was begun July 8, 2007, with a project worth of around Dh240 million. The tower value is now estimated Dh660 million.

Damac, the largest private sector developer in the UAE property, has launched 80 projects but handed over only two so far.

Dubai Land Department signs MoU with Mawarid Finance

The Dubai Land Department has signed a Memorandum of Understanding (MoU) with Mawarid Finance under which Mawarid will provide management services of property development Guarantee Accounts with respect to the laws of the UAE and Dubai property.

The agreement establishes the mutual co-operation between the private and public sectors in the country.

The MoU allows Mawarid Finance to be the Land Department’s account trustee, with the goalof dealing with the department’s registered Dubai property developers.

The process will include the account trustee opening a Guarantee Account for registered developers, based on a written document from the department after all the requirements have been fitted.

After signing the MoU, Mr. Juma Bin Humaidan, Deputy Director-General of the Land Department underlined that it would profit the Dubai property sector and the overall economic development of the country.

Bin Humaidan said the MoU aims to ease procedures for developers in Dubai property, insuring that the department is providing the highest standard of services.

Bin Humaidan added: “We are pleased to sign this agreement with Mawarid Finance, which we chose to be a Guarantee Account trustee because of Mawarid’s expertise in this domain. And because of the quality of its products and the Sharia’a-compliant financial services it provides to companies and individuals from all sectors.”

Non-tariff barriers hamper GCC trade

Non-tariff barriers are still causes obstacles for trade among the six-member states of the Gulf Cooperation Council (GCC), who in 2003 established a Customs Union (CU) to unify customs laws and procedures to release the movement of goods within the GCC region, according to a latest report.

The CU has largely facilitated trade among the GCC countries, but non-tariff barriers still exist, a research conducted by the Dubai Chamber of Commerce and Industry has found.

The poll discovered that while a majority of Dubai-based traders saw an improvement in procedures under the CU, around half experienced problems with double tariff charges on more than one case.

One third of the traders were enforced to produce "unnecessary certificates of origin" and almost two thirds experienced differences in product standards among member countries.

While the CU was needed to have accomplished its task, the non-tariff barriers that required addressing were found to be most predominant in Saudi Arabia. The research found that 71 per cent of Dubai property companies encountered difficulties in Saudi customs procedures.

Sixty per cent of the traders polled have run into delays in clearance in trade to or from Saudi Arabia and 45 per cent experienced differences in the Saudi fee structure.

Trade within the region, Rizwan Sajan, chairman of the Danube Group, a local building materials company, said he had only experienced difficulty at the Saudi border, where he was forced to pay the five per cent tariff again.

The survey cited Oman as the easiest country in which to find trade partners and Saudi Arabia the most difficult one.

Istithmar launches utility services provider

Dubai-based investment firm Istithmar on Monday launched their water and district cooling utility services provider, Palm Utilities (PU) aiming to triple their capabilities by 2010 as demand for water rises.

Company officials said it will fill out operations in major growth markets in the next years.

"Palm Utilities will take part in the centralization and modernization of the delivery of fundamental utility services to Dubai property and the rest of the UAE, as utility services are requirements in the socio-economic development of our country," said Ahmad Butti, chairman of Palm Utilities.

Palm Utilities contains Palm Water (PW) whose portfolio includes Palm Jumeirah and Jebel Ali Free Zone Authority (Jafza), and Palm District Cooling (PDC) which are involved in many projects, including Ibn Battuta shopping mall, Palm Jumeirah and Dubai International City.

PDC upgraded its cooling capacity to 550,000 tones in 2005 and is anticipated to reach 1.8 million tonnes by 2010.

Shafiq Khoury, managing director for PU, said that using these systems, power consumption could be around 50 per cent less than that of ordinary systems.

"Moreover, we figure that it is 20 per cent to 21 per cent cheaper than conventional systems," he said.

UAE mortgage market will leap to 64 billion dirhams by 2011

The UAE’s mortgage market will soar from AED20 billion by the end of this year to AED64 billion over the next three years and more than 60% of house financing will be Shari’ah compliant, the International Ras-Al-Khaimah Family Office and Investment summit was told on Tuesday.

Islamic Banking and finance specialist Dr. Sabahuddin Azmi shared delegates that existing credit in the UAE housing market, which stood at AED17 billion at the end of 2006, will touch AED 20 billion mark at the end of 2008.

It is expected to rise harshly between now and 2011 as real estate growth exceeds an estimated AED419 billion during this period.

Dr. Azmi, Faculty at the Emirates Institute for Banking and Financial Studies in Sharjah, said Amlak Finance and Tamweel, both Sharia’ah compliant, dominate the UAE housing finance market, holding 35% and 25% shares respectively.

Sorouh Real Estate plans to raise foreign ownership cap to 40%

Sorouh Real Estate, the third-largest real estate developer in the UAE, is going to increase the cap on foreign ownership of its stock to 40 per cent from 20 per cent, a company executive voiced yesterday.

Firoze Kapadia, executive director of treasury and investments, said the company's board would likely make the decision at a meeting at the end of this month, with the goal of attracting more foreign institutional investors.

"We want to make an effort towards insuring that the generality of the shareholding rests with institutions, pension funds and fund managers," Kapadia said on the sidelines of a road show for Abu Dhabi firms in Tokyo organised by HSBC Holdings Plc.

"We want to diminish the volatility in our share dealing," he said.

National Properties to construct Dh800 million residential community

National Properties, the real estate subsidiary of National Bonds Corporation, on Sunday started ground-breaking on the first low-rise, low-density residential community in The Lagoons, Dubai Creek.

Being built at a cost of Dh800 million, Flamingo Creek will comprise 244 units including villas, apartments and duplexes spread over 500,000 square feet of land on Dubai property Creek.

Adel Lootah, chief executive officer of National Properties, said that low-rise developments are attractive to investors.

"It was designed to be low-rise as we wanted it to be different and wanted to give people more breathing space. And we wanted to show how smaller, more manageable projects are still something that people like to see."

Flamingo Creek is the third freehold development of National Dubai Properties following the start of Skycourts in Dubailand and Sulafa Towers in Dubai property Marina.

Abdul Salam Al Merri, CEO of The Lagoons, said that The Lagoons will be a "distinctive landmark in Dubai's property sector" and that Flamingo Creek will add a "unique dimension" to the development.

Lootah said that National Dubai Properties hope to increase their portfolio to Dh5 billion by the end of 2008.

Property Tech buys Indian real estate for Dh110m

Property Tech, a subsidiary of Tech Group UAE-based company, has acquired two properties in India worth around Dh110 million as part of its plans to enter into new promising markets.

"The deal meets within the group's ambitious strategy to capitalize on highly promising Dubai property markets," said Ali Ghalib Jaber, Tech Group CEO, singling out his group's plans to access the Turkish market.

"India is one of the world's fastest growing real estate markets, and having a foothold there means that we can gain ground with Indian investors."

Real estate in India has seen a boom after the government of India opened up the construction sector in 2006, allowed 100 per cent foreign direct investment.

The country is, however, in need of further incentives to ensure more flexibility in the construction sector and meet its financing needs, estimated at $350 billion, Jaber said.

Burj Dubai is world's tallest man-made structure

Burj Dubai has outdone the United States’ KVLY-TV mast in North Dakota to become the world’s tallest man-made structure.

Burj Dubai is now 629 meters high while KVLY-TV, which held the record for the world’s tallest supported structure since 1963, has a height of 628.8 metres.

Burj Dubai property is already the world’s tallest building, and at 160 storeys, is taller than Taipei 101 (508 meters) in Taiwan and CN Tower (553.33 meters) in Canada.

Burj Dubai is billed to satisfy all four criteria listed by the Council on Tall Buildings and Urban Habitat property (CTBUH), which classifies the world’s tallest structures.

CTBUH measures the height of buildings to the structural top, the highest occupied floor, the top of the roof and the tip of the spire, pinnacle, antenna, mast or flagpole.

The KVLY-TV mast in Blanchard, North Dakota, is a television transmitting mast, which was completed in 1963.

Cirrus eyes Dh20b Dubai realty portfolio by year-end

Iranian developer Cirrus hopes to see its Dubai property portfolio rocket to a beating Dh20 billion by the end of 2008.

Behnam Eshragh, CEO of Cirrus, said the company is generally concenrating on Dubai, because the new escrow account laws makes Dubai's development market a fair playing area.

"The laws make developers obey the rules and makes competition healthier and more attractive.”

"I see Dubai as the best place to be as a developer. Demand is great, infrastructure is growing and everything the developer can dream of is offered here," said Eshragh.

He said that according to the press, by 2011 demand for property will still outrun supply.

"There will be a demand of 240,000 and a supply of only 180,000," said Eshragh. He also said that the biggest problem in Dubai property is a lack of planning and that by starting construction on time can reduce the risk of later delays.

Eshragh said that Cirrus plans to develop around 10 million sq. ft. of land in Dubai property this year, including Waterfront and Downtown Jebel Ali, bringing their total portfolio "close to Dh20 billion" by the end of 2008.