Real Estate

  Dubai / Emirates Business Dubai Land Department (DLD) announced that its work on Dubai’s Building Classification project is now being carried out at an accelerated pace, with the organisation expecting to complete its survey of all buildings across the Emirate this year. The announcement came following Dubai Land Department achieving a 50% classification rate for all Dubai properties, with ...

  ABU DHABI / WAM Mubadala Investment Company, the newly-formed strategic investment company wholly owned by the government of Abu Dhabi, announced that its Board of Directors, chaired by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and its vice-chairman, HH Sheikh Mansour bin Zayed Al ...

  RAS AL KHAIMAH / WAM Ras al-Khaimah Chamber of Commerce and Industry (RAK Chamber) hosted a high-level Belgian delegation led by Pieter De Crem, Belgian Secretary of State for Foreign Trade, to explore investment opportunities, enhance economic relations and bolster means of cooperation. The meeting was part of the Belgian delegation’s visit to the UAE, organised by the UAE ...

  Dubai / WAM Dubai Municipality confirmed that more than 85% of the existing buildings and establishments in the Emirate of Dubai comply with the approved planning and construction rules and regulations. “One of the main tasks of the Building Inspection Section in our Buildings Department is the constant control and inspection of all existing buildings and establishments in the Emirate ...

  Dubai / WAM Global developer Emaar Properties PJSC recorded a robust full-year 2016 net profit of AED5.233 billion, 28 percent higher as compared to the FY 2015 net profit of AED4.082 billion. Emaar achieved FY 2016 revenues of AED15.540 billion, an increase of 14 per cent over FY 2015 revenues of AED13.661 billion. Highlighting the strength of its diversified business ...

  Dubai / Emirates Business DAMAC Properties Dubai, a leading property developer in the Middle East, on Tuesday announced the financial results for the full year 2016. During 2016, DAMAC recorded revenues of AED7.16 billion, with gross profit margins at 56%. Net profit for the reporting period stood at AED3.69 billion, achieving net margins of 52%. Total assets increased 5% ...

  Abu Dhabi / Emirates Business Abu Dhabi National Hotels PJSC (ADNH), one of the leading diversified UAE based Hospitality Company with interests in hotels, catering, transport and retail announced its preliminary financial results for the year ended December 31, 2016. During the year 2016, the company posted AED 1.3 billion in Operating revenues against AED1.38 billion in 2015. ADNH ...

  Bloomberg Rising housing investment is a sign that the Bank of Japan’s negative-rate policy is working, according to Bank of Japan (BOJ) Governor Haruhiko Kuroda. But it also has a lot to do with tax changes, and ironically, the increasing supply of new homes might drag down Japan’s inflation rate, the opposite of what Kuroda wants. Speaking in June, ...

  Bloomberg China’s biggest cities aren’t done trying to tame their soaring property markets. Shanghai, where prices of new homes jumped 27 percent in July, is preparing to discuss a fresh round of curbs including potential restrictions on mortgages and loans to developers, according to people familiar with the matter. Beijing and Tianjin are also contemplating new measures to rein ...

  Bloomberg Blackstone Group LP is in a $1.8 billion deal to buy the US real estate assets of Alecta, the Swedish pension manager that is seeking to exit investments that don’t fit with its strategy, according to a person with knowledge of the transaction. The purchase mainly consists of retail and office properties, said the person, who asked not ...