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LATEST NEWS

Manazel reports 81% increase in Net Profit recording to Dh56.5 million for H1 2017

16/08/2017
Manazel Real Estate, an Abu Dhabi-based property developer, reported an 81 per cent jump in net profits to Dh56.5 million in the first six months of 2017, compared to Dh31.2 million in H1 2016. Consolidated revenues for the period were up 54 per cent to Dh412 million, compared to Dh267 million in H1 2016.

Drake & Scull fires CEO and reduces Q2 losses by 12% to Dh199 million

14/08/2017
Drake & Scull International, the Dubai-based mechanical, electrical and plumbing (MEP) contractor, has fired its Chief Executive Office Wael Allan while reporting a 12 per cent reduction in net losses to Dh199 million in the second quarter of 2017, down from Dh226 million recorded in the second quarter of 2016, as the Tabarak Holdings take control with a bail-out package to rescue the troubled company.

Dubai to create one-stop shop to speed up building permit processes

14/08/2017
Dubai Government is planning to create a ‘one-stop shop’ to speed up building permits and reduce project delivery time for developers – as the emirate sees a strong interest in property developers ahead of the World Expo 2020.

Dubai’s non-oil foreign trade rises 2.7% to reach AED 327 billion in Q1 2017

14/08/2017
Dubai’s non-oil foreign trade grew 2.7 per cent to US$89.1 billion (Dh327 billion) in the first quarter of 2017 compared to Dh318 billion in the same quarter of 2016, according to data published by Dubai Customs.

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Union Properties investigates accounting errors that caused Dh2.8 billion write-down, resulting in Dh2.3 billion quarterly loss
The new board of Union Properties, developer of the Motor City in the UAE, has ordered a forensic investigation on possible accounting errors that caused Dh2.8 billion write-down and resulted in a US$624 million (Dh2.3 billion) net loss for the second quarter of 2017, compared to $19.53 million (Dh71.7 million) net profits recorded in the corresponding period last year. Read More...
Nakheel gets lowest bid of Dh900 million for Dragon City residential towers
Dubai-based master developer Nakheel, developer of the two palm-shaped islands off the coast of Dubai, is assessing five proposals, with bids starting at just under Dh900 million, for the construction of Dragon Towers, its twin-building residential complex at the rapidly-expanding Dragon City community in Dubai. Read More...
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