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Contractors build on their profile
The biggest job went to Yapi Merkezi in 2005 when it was awarded a contract to build the Dubai Metro as part of a consortium led by Japan’s Mitsubishi. Nurol Construction grabbed a slice of the action in Abu Dhabi, gaining a $60.7 million contract in 2007 to build a number of bridges for Shams Abu Dhabi.
Austrian Embassy signs 10-year lease at Sorouh’s Sky Tower
Sorouh Real Estate Company PJSC ‘the Company’ or ‘Sorouh’), the Abu Dhabi-based real estate developer today announces that the Austrian Embassy in Abu Dhabi has signed a 10-year lease for commercial office space in Sky Tower, part of Sorouh’s Shams Gate District on Al Reem Island.
Renting still the best option for most
Nearly two years after the start of the financial crisis and property slowdown, the vast majority of the UAE’s residents do not own homes here, according to a survey of attitudes about the UAE’s economy. Property developers have focused on convincing UAE residents to buy property. Several developers, including Emaar Properties in Dubai and Sorouh Real Estate in Abu Dhabi, have launched “rent-to-own” schemes in which tenants can opt after a period to apply a portion of their rent payments towards purchases.
Sorouh says profit plunges to Dh20m
Nomura stated: “Sorouh missed our Dh430 million revenue expectation by a lot. We had forecast the revenue risk to the downside in the eventuality that Sorouh could not maintain its quarterly run of ‘smoothing transactions [land sales, joint venture sales/exits etc]. In the previous quarter, revenues were boosted by a Dh216 million land plot sale in Shams Abu Dhabi”.
Abu Dhabi’s Aldar posts $129.4m Q2 net loss
The company said first-half loss was AED789.5m after a profit of AED1.14bn a year earlier. “The decrease was principally due to lower property sales recognised,” Aldar said in an e-mailed statement. “The second half of this financial year is expected to be different due to the revenue generated from the delivery of Aldar’s projects at Al Raha Beach and Al Gurm.”
UAE tops US$ 1.3 trillion GCC construction market with growth expected in 2011
The five are the US$ 40 billion development of the Capital District situated between Abu Dhabi International airport and Mohammed bin Zayed City, the US$ 37 billion Yas Island development, the US$ 27.5 billion development of Sadiyat Island, the US$ 22 billion creation of the Masdar sustainable city, the US$ 15 billion development of Al Raha Beach and the US$ 12 billion Road Transport Authority project to construct 500 km of roads.
Abu Dhabi property market continues to cool
In terms of new property, most of the high-end supply will be concentrated on Reem Island and Al Raha Beach, with mid-end supply coming up on the Abu Dhabi Main Island and more affordable lower end stock on the mainland, which includes the first phase of Al Reef Downtown.
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