Saudi Aims to Pay Dues Owed to Contractors by Year’s End

• Tuesday, 8th November 2016
• by Karim Mohy

Saudi Arabia's Council of Economic, Development Affairs on Monday decided to immediately start paying back dues to private construction and development companies, aiming to finish payments by the end of the year.

Aldar Records 16% Gain in Net Profit y-o-y

• Tuesday, 8th November 2016
• by Karim Mohy

Abu Dhabi-based property development and management company Aldar Properties announced a 16% gain in net profits in the third quarter of 2016 compared to the same period in 2015.

Empower Completes Cooling Infrastructure for Damac Project

• Monday, 7th November 2016
• by Karim Mohy

Emirates Central Cooling Systems Corporation (Empower), a UAE-based company, has finished the district cooling infrastructure project network at Damac Towers by Paramount.

CBRE to Become Property Manager of Andalusia Gardens

• Monday, 7th November 2016
• by Karim Mohy

Global real estate advisory and management company CBRE has been appointed as property manager and marketing advisor for Andalusia Gardens, an extension to Bahrain's Andalusia Complex.

Emaar Malls Records 16% Increase in Q3 Net Profit

• Monday, 7th November 2016
• by Karim Mohy

Emaar Malls, a shopping and retail business majority-owned by Emaar Properties, reported an increase of 16% in its net profit to AED 1.42 bn in the first nine months of 2016, up from AED 1.22 bn in the same period last year, according to an earnings release on Sunday.

Abu Dhabi Sees Slide in Rents: CBRE

• Monday, 7th November 2016
• by Karim Mohy

Residential rents in the emirate of Abu Dhabi declined by 2% quarter-on-quarter while rents for office space as well as hotel occupancy rates also declined, according to CBRE's Q3 2016 Marketview for Abu Dhabi.

Damac Records 23% Drop in Nine-Month Net Profit

• Monday, 7th November 2016
• by Karim Mohy

Dubai-based real estate developer Damac Properties reported net profits of AED 2.84 bn in the first nine months of 2016, marking a drop of 23% compared to the same period last year.

Dubai Property Values Show Signs of Recovery -Report

• Sunday, 6th November 2016
• by Karim Mohy

Dubai's property values, on the decline since 2014, show signs of recovery as declines slow considerably, with some communities even recording a gain in prices, according to recent reports by Reidin-GCP on the changes in the Dubai real estate market and on the Dubai and Abu Dhabi Real Estate Price Indices.

Saudis Enraged by Housing Minister’s ‘Preachy’ Tweet

• Sunday, 6th November 2016
• by Karim Mohy

Saudi citizens heavily criticized their housing minister after a tweet in which he quoted Prophet Mohammed asking people to be generous to their neighbors, claiming he should focus on his work rather than preaching.

Dubai Properties Launches More Homes at Its Casa Dora Project

• Sunday, 6th November 2016
• by Karim Mohy

Dubai Properties announced the launch of additional homes at its Casa Dora at Serena project in Dubailand.