Sunday, November 19, 2017 2:18 PM

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Construction of Dh21 billion Royal Pearls starts with 10% works complete

Construction of the Dh21 billion (US$5.72 billion) Royal Pearls, being developed by Oriental Pearls Real Estate Developers, is making steady progress with 10 per cent of phase One already complete, a company statement said.


Drake and Scull reports Dh359m loss in Q3

Drake and Scull reported net losses of Dh359 million despite achieving Dh590 million revenue in the third quarter of 2017, prior to the Dh500 million cash injection by Tabarak Investment and the board shake-up.


Azizi Developments on Course to Complete Dh350 million Azizi Aliyah Project

Azizi Developments, a fast growing real estate developer operating in the UAE for over a decade, has announced that Azizi Aliyah Residences, one of its first major projects in Dubai Healthcare City, is on track to be completed in Q3 2018.


GCC oil & gas project value hits Dh1.21 trn

The combined value of the 361 active oil and gas projects in the GCC has crossed US$331.4 billion (Dh1.21 trillion) in November 2017, according to the latest Oil and Gas Construction Analytics report issued by BNC Network, the largest and most comprehensive project research and intelligence provider in the Middle East and North Africa (MENA) region.


Apple Pay enters realty

Allsopp and Allsopp, a brokerage, claimed to be the first real estate agency in the UAE to accept Apple Pay, the mobile payment and digital wallet service by Apple Inc., that lets users make payments using an iPhone, Apple Watch, iPad or Apple Mac computer.


Emaar Properties records 20% growth in net profits to Dh4.34 bn in 9 months

Emaar Properties, developer of the world’s tallest tower Burj Khalifa, said it has recorded a 20 per cent growth in net profit to Dh4.34 billion (US$1.18 billion) during the first nine months of 2017, over the net profit of Dh3.62 billion (US$986 million) during the same period in 2016.


Khalifa Al Mubarak is new chairman of Aldar while Talal Al Dhiyebi becomes CEO

Aldar Properties announced the appointment of Mohamed Khalifa Al Mubarak as chairman, who has been the chief executive of the developer for a number of years, while its board appointed its chief development officer Talal Al Dhiyebi as the new chief executive officer.


Aldar Properties report Dh1.86 billion net profits in 9 months of 2017

Aldar Properties, Abu Dhabi's leading listed property developer, said its gross profit grew 38 per cent to Dh588 million in the third quarter of 2017, excluding one-off transaction that happened in the third quarter of 2016, on a 27 per cent growth in revenues to Dh1.38 billion.


Land Department urges all parties to use rent calculator to fix rents

Dubai Land Department (DLD) urges landlords and tenants to use Rent Calculator to fix rents as most landlords would sent out rent renewal contracts within a few weeks for the tenancy agreements for 2018.


Damac Properties awards Dh350 million contract to Towers Contracting for 448 villas

Property developer Damac Properties said, it has awarded a construction contract worth Dh350 million to build 448 villas to Towers Technology Contracting Co. LLC at its largest residential community development, Akoya Oxygen in October.