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News Brief 31 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 31 SUNDAY, 05 AUGUST 2018 RESEARCH DEPARTMENT ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2018 asteco.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC GCC PROJECT PROGRESS TAKES KUWAIT'S MAZAYA TO $10M PROFIT IN H1 2018 BAHRAIN WATER PARK SET FOR PARTIAL COMPLETION IN 2018 SAUDI'S ROU'A AL HARAM TO BOOST MAKKAH REAL ESTATE SHOULD BUYERS INVEST IN OFF-PLAN OR READY BUILT IN THE UAE? MAJID AL FUTTAIM'S FIRST HALF REVENUE SOARS AS EXPANSION REAPS BENEFITS BRINGING CHINA TO THE MIDDLE EAST IN A BIG WAY UAE'S ARKAN REPORTS 38% DROP IN H1 NET PROFIT OMAN'S REAL ESTATE DEALS DECLINE TO $4BN 10 KEY FEATURES OF A HOME MORTGAGE UAE INVESTORS WILL FIND GERMANY A WINNING DESTINATION BAHRAIN'S WEALTH FUND TRIPLES PROFIT IN 2017 SAUDI REAL ESTATE DEVELOPER REPORTS 892% PROFIT HIKE SAUDI KING ARRIVES FOR HOLIDAY AT UNBUILT $500BN MEGA CITY UAE’S FOUNDATION IN TALKS TO BUY HEALTH AND EDUCATION ASSETS DUBAI DEYAAR’S FIRST-HALF NET PROFIT AT DH65.2M EMAAR MALLS FIRST HALF NET PROFIT RISES 8% CONSTRUCTION ON PHASE 3 OF MEYDAN’S MBR CITY STARTS DAFZA REDUCES BUSINESS SET-UP FEES BY UP TO 65% WHY AIRBNB IS PRICEY, YET POPULAR IN DUBAI PANTHEON DROPS SERVICE CHARGES ON JVC PROJECT DIFC EXPANDS SERVICES TO TARGET CHINESE PROPERTY INVESTMENT AMENDED CONSULTANT REQUIREMENT CUTS DUBAI CONSTRUCTION COSTS BY 12% CHINESE FIRM WINS $150M EPC CONTRACT FOR DUBAI'S CALIFORNIA VILLAGE DUBAI’S HOSPITALITY PROJECTS HIT $43BLN IN Q1, UP 6.1% ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management | 2018 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS DAMAC UNVEILS EXCLUSIVE APARTMENTS AT REVA HEIGHTS DUBAI FREEZES RENTS ON ASSETS LEASED TO SCHOOLS DUBAI LANDLORDS UPGRADE OLD HOMES TO STAY RELEVANT AL HABTOOR CITY HOTELS TO BE REBRANDED FIRST 'HEART OF EUROPE' HOMES SET TO HANDOVER BY YEAR-END BINGHATTI ON TRACK TO COMPLETING $16M PROJECT BY SEPTEMBER DUBAI INVESTMENTS POSTS H1 2018 PROFIT GROWTH BROKERS GET CREATIVE WITH INNOVATIVE PROPERTY SALES STRUCTURES READY PROPERTY SALES HOLD STEADY IN DUBAI DUBAI'S MAJID AL FUTTAIM REPORTS 13% H1 REVENUE HIKE DUBAI'S TOURISM APPEAL CONTINUES TO FLOURISH THE WORLD ISLANDS ECO-VILLAS DEVELOPER TO OPEN DUBAI OFFICE DUBAI LAND DEPARTMENT ISSUES SEIZURE OF DEVELOPER'S ASSETS MAF RETAIL EXPECTS CARREFOUR EXPANSION TO RAKE IN 10% REVENUE GROWTH ABU DHABI ABU DHABI EXPANDS COMPANY LICENCE PACKAGE TO BOOST GROWTH ABU DHABI LAUNCHES E-MORTGAGE SERVICES DH10,000 FINE FOR UNREGISTERED RESIDENTIAL UNITS IN ABU DHABI ABU DHABI DEMOLISHES 220 BUILDINGS IN NEW CRACKDOWN NORTHERN EMIRATES BELHAIF AL NUAIMI ORDERS OPENING OF ENTRANCE TO AL SALMA IN UMM AL QAIWAIN TO TRAFFIC 1,000TH HOME SOLD AT SHARJAH'S AL ZAHIA PROJECT RAK PROPERTIES POSTS A NET PROFIT OF DH29M IN H1 2018 NEW PROPERTY LAW COULD SOON BOOST SHARJAH PRICES INTERNATIONAL LONDON ESTATE AGENT FOXTONS HAMMERED BY DOWNTURN IN UK CAPITAL DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2018 asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS BUYERS IN IRELAND PAY 32 PERCENT PREMIUM FOR SEA VIEW HOMES PENDING HOME SALES IN U.S. UPTICK IN JUNE UK HOUSE PRICES PICK UP A LITTLE SPEED IN JULY US HOME PRICES MARCH HIGHER IN MAY, THROTTLING SALES DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2018 asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION GCC PROJECT PROGRESS TAKES KUWAIT'S MAZAYA TO $10M PROFIT IN H1 2018 Sunday, July 29, 2018 Developer Al Mazaya Holding has a reported progress on its construction schemes under way in Kuwait, the UAE, and Oman, driving its H1 2018 net profit to $9.6m (KWD2.90m). Eng Ibrahim Al-Saq’abi, group chief executive officer of Al Mazaya Holding, said the company’s total operating revenues in H1 2018 amounted to $44.6m (KWD13.5m), adding that the firm “continued to secure high occupancy rates” from its work in Kuwait, Dubai, Saudi Arabia, and Bahrain. The developer said it is currently “working on full-fledged financial and technical business plans […] for developing residential cities in Jaber and Sabah Al Ahmad areas as part of the public-private partnership programme”, which is being implemented by the Public Authority for Housing Welfare. Meanwhile, in Kuwait’s Al Sharq area, the Gensler-conceptualised Mazaya Downtown’s schematic design has been completed by Pace, with preparation in progress to receive construction licenses from state departments. In the UAE, construction on Q-Zone 1, Al Mazaya’s project in Dubailand’s Liwan locality is 30% complete, and the 500-unit mid-income homes are due to complete in early 2019. Additionally, design and licensing work has been completed for Q-Zone 2, which includes 450 homes. Over in Oman, construction work has been completed for Al Mazaya Residence’s first phase, with power connections made, and the building completion certificate issued to begin handovers. A total of 148 apartments and shops make up Phase 1 of the integrated project, located behind the City Centre outlet in Al Seeb. Work is 40% complete on Phase 2 of Al Mazaya Residence, which includes 132 residential and retail units. Al-Saq’abi said the developer’s total assets were valued at $731m (KWD221.2m) at the end of H1 2018, adding that the firm is considering “a number of investment opportunities available in the markets it is working in, in addition to those available on global markets, especially in Europe”. Source: Construction Week Online Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2018 asteco.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION BAHRAIN WATER PARK SET FOR PARTIAL COMPLETION IN 2018 Sunday, July 29, 2018 Construction work on a water park in Manama, Bahrain, will be partly completed by the end of the year. Phase 1 work on the 6.5ha water park will be finished before 2018 ends, the undersecretary for municipal affairs at Bahrain's Ministry of Works, Municipalities Affairs , and Urban Planning, Dr Nabil Abdul Fateh said. The project update came as Fateh visited the construction site, and was given a report on the project's progress. Building the water park falls under the directives of Bahrain's Vision 2030 strategy, which, among other things, aims to increase the number of public parks and places of leisure and entertainment nationwide within the next 12 years. Alongside the government ministry, Capital Trustees and the National Initiative for Agricultural Development are involved in the water park project, according to Bahrain's state news agency. It is unclear how many phases will be included in the project, what the work entails, or what the official name of the water park is at this stage, but Fateh called for the scheme to be completed in line with its intended timeline. Meanwhile, Bahrain's Ministry of Works, Municipalities Affairs and Urban Planning has launched a series of road improvements to address traffic congestion in the country. Last week, the ministry announced its plan to build an exit road from the village of Buri to the Sheikh Khalifa bin Salman Highway to increase road capacity from 500 to 900 vehicles per hour. Source: Construction Week Online Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2018 asteco.com Page 6 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION SAUDI'S ROU'A AL HARAM TO BOOST MAKKAH REAL ESTATE Monday, July 30, 2018 The Makkah investments of Public Investment Fund’s (PIF) Rou’a Al Haram are expected to contribute $2.1bn (SAR8bn) to Saudi Arabia, a new study has found. Rou’a Al Haram Company was formed in October 2017 by PIF, which is led by Saudi Crown Prince Mohammed bin Salman. Phase 1 of the company’s projects will cover an area of 85.4ha, delivering 115 buildings of various architectural designs. The development will help to boost Makkah’s economy and diversify Saudi Arabia’s economic base, in addition to contributing $2.1bn to the country’s gross domestic product (GDP). Rou’a Al Haram’s scheme will also “boost the city’s capacity to host pilgrims, contributing to the 2030 Vision’s target of attracting 30 million Umrah pilgrims annually”, a study by JLL has found. The Makkah Real Estate Market Overview – H1 2018 report by JLL states that the project, situated 1,400m from the Holy Mosque, will add 9,000 residential units to Makkah’s pipeline. These homes, however, are “not expected to be handed over before 2024, at the earliest”. “The project will include [36ha] of commercial space and prayer areas to support over 400,000 worshippers,” the report continues. JLL’s study examines how Makkah’s various real estate segments have performed during the first half of this year. The report has found that “approximately 2,000 standalone villas and apartment units were completed over H1 2018”. It adds: “Noteworthy completions expected later this year include apartments in the second and fourth phases of the Jabal Omar Development, with further completions expected in 2019 as part of the third phase.” Saudi’s Ministry of Housing announced this April that reservations for 4,550 units within the Retaj Makkah development had opened for housing support.
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