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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 to focus on revenues from rental
Sorouh Real Estate is pinning its hopes on a rise in revenues from rental properties over the next two years after posting a second-quarter profit drop of almost 80 per cent. Sorouh is now counting on the delivery of homes at Sun and Sky Towers, on Al Reem Island, and Al Rayyana to boost rental income to Dh400m from Dh170m by the end of 2012.
Sorouh ranked as one of top GCC brands
Abu Dhabi-based Sorouh Real Estate announced on Saturday that a report recently ranked the company as one of the top 50 brands in the GCC, making it the only real estate developer to rise in its brand value.
U.A.E. lays groundwork for $ 400 million Dubai polysilicon plant
In June, Abu Dhabi-based Masdar revealed plans to build the world’s biggest concentrating solar plant with the help of French oil company Total and Spain’s Abengoa Solar. The $600 million Shams 1 project could displace 175,000 metric tons of carbon emissions annually once it is completed in 2012. Abu Dhabi is also planning to build a $22 billion zero-emissions city, also with Masdar.
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”.
Aldar HQ completion to double office space
HQ is the first of many other planned developments at Al Dana, the Central Business District of Al Raha Beach. A key part of the Abu Dhabi 2030 Plan, Al Raha Beach is perfectly located for accessing the traditional Central Business District on Island as well as future locations such as the Capital District, the release claimed. Aldar is offering a range of integrated tenant services and there will be a comprehensive range of facilities that include a gym, numerous food and beverage outlets, convenience stores and restaurants, the company said.
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.”
Aldar posts Dh789m loss
Dubai: Aldar Properties, Abu Dhabi’s property development, investment and management company, posted a net loss of Dh789.5 million for the first six months of 2010, compared to a net profit of Dh1.14 billion for the same period last year as sales declined. The company expects better results for the second half of 2010 on the back of revenue generated from the delivery of the Al Raha Beach and Al Gurm projects. The company also made Dh695 million worth of sales during the first six months of this year which will be recognised in future periods.
