Bloomberg Allianz Real Estate is set to make its biggest Asian investment to date, in a first step toward adding as much 3 billion euros ($3.3 billion) of real estate in the region within three years. The $150 million pan-Asian fund investment will allow Allianz SE’s property unit to test the water before buying buildings directly, Francois Trausch, chief ...

  AFP Barcelona city hall on Tuesday announced a 20-fold hike, to €600,000 euros ($660,000), in the maximum fine that can be levied against home rental sites such as Airbnb if they promote illegal accommodation. Under a 2012 regional law, any apartment rented to visitors in Catalonia must be logged in the province’s Tourism Registry and have a permit. In ...

  AP U.S. home prices scaled new heights in April, with seven cities — Boston, Charlotte, Dallas, Denver, San Francisco, Seattle and Portland, Oregon — setting highs. The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.4 percent in April compared with a year earlier, just below the 5.5 percent year-over-year gain posted in March. Home values are now just ...

  Bloomberg In 1910, an attorney named Albert Barnes Boardman bought close to 10 acres in downtown Southampton, N.Y., and spent $250,000 (approximately $30 million today) to build a 24-room, four-story mansion modeled after the Villa Medici in Rome. There were formal gardens, fountains, sprawling lawns, a tennis court, and a gatehouse. Boardman owned it until 1927, after which the ...

  DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approved Executive Council Resolutions numbers (22), (23), (24), (25), (26), (27), (28) and (29) of 2016, approving new appointments at the Department of Economic Development, DED. The new Resolutions include the appointment of Ali Ibrahim Mohamed Ismael ...

  Abu Dhabi / EMIRATES BUSINESS Etihad Airways and Abu Dhabi Global Market (ADGM) signed a landmark agreement that sees the airline become the Official Airline Partner of ADGM. The agreement harnesses the roles of both entities as ambassadors of Abu Dhabi and key players in delivering on Abu Dhabi’s vision as a world-leading business, tourism, and cultural destination.

  Dubai / Emirates Business There is room in the global market for an official ‘Made-in-UAE’ trademark, one that would play an instrumental role in the growth of the country’s manufacturing sector, according to Erwin Bamps, CEO of Emirates-based yacht and boat builder, Gulf Craft. A government regulated national label would not only lend credibility to the country’s producers through ...

  Dubai / WAM Under the directive of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Parks and Resorts will extend its support to the proposed development of a Six Flags theme park in Saudi Arabia. This directive calls for an exception to the destination’s GCC exclusivity clause with American theme ...

  Dubai / Emirates Business The Dubai Hotel Market Overview prepared by JLL for The Hotel Show Dubai 2016 reveals that 621 new hotel rooms opened in Dubai during Q1 2016, and 9,400 additional rooms will be added to the market by the end of the year. New properties opening in the coming months include: W Dubai – Al Habtoor ...

  Abu Dhabi / WAM The Executive Committee of the Executive Council, chaired by Saeed Eid Al Ghafli, Chairman of the Executive Office, adopted the implementation plan of the future vision of Mussafah, which aims to limit the current and future challenges that faces the region by setting a practical steps to address them and enhance development. The Committee adopted a ...