Emirates City Forum

The Dubai Financial Services Authority (DFSA) announced that it has accepted an Enforceable Undertaking given by Roberto Da Silva, the former Compliance Reporting Officer of GFS Investments (Middle East) Limited (GFS Investments).

Sweet Homes, a leading UAE-based developer and total solutions provider to the real estate sector, has awarded a Dh450 million contract to Sharjah-based Master Civil Construction Company for the construction of Towers B10, B14 and B15 - three out of the nine towers comprising its Dh1.7 billion Rainbow Towers project.

The Dubai Financial Services Authority on Tuesday said it had accepted an enforceable undertaking given by Roberto Da Silva, the former compliance reporting officer of GFS Investments.

WCT, whose $1.3 billion contract to build a Dubai racetrack was cancelled, may lose as much as 300 million ringgit on the project, more than analysts' estimated profit this year for the company.

The Ajman Government on Tuesday amended a law creating Ajman Real Estate Regulatory Establishment, which will regulate the emirate's property and construction sector, which has seen more than Dh340 billion investment in the last two years.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has instructed the Shaikh Zayed Housing Programme to speed the delivery of houses to judges and give them priority to improve their living conditions.

Dubai Investment Properties (DIP) on Monday launched a multi-million 'Sunset' mixed-use development project in Dubai.

Real estate developers in Dubai have begun offering innovative payments schemes to attract the captive end-user market in a bid to overcome the current crisis.

Ajman developer R Holding has apparently relaxed investor instalments on its Dh15 billion Emirates City development in light of the current financial crisis.

Coral Hotels and Resorts, a home-grown hotel chain, soft launched its latest property in Dubai yesterday, taking the number of hotels to 16 in less than six years - making it one of the fastest growing hospitality chains in the region.

Tenants in Dubai are concerned that this year's rent cap has not yet been announced, despite the current one due to expire as we enter 2009.

Property Developers in Abu Dhabi seem to be immune to the current situation faced by the real estate sector - the prime driver of economies in Dubai, Sharjah, Ajman and Ras Al Khaimah.

Last year started off with a bang in Dubai's real estate sector, with sky high sale prices and rents, and a series of attention-grabbing projects in the pipeline.

Complaints by investors and buyers are piling up against brokers and developers as Dubai's real estate market enters the New Year.

Property developer the Fortune Group is soon to announce the main construction package for the 108-storey Burj Al Alam, the world's tallest commercial tower, being developed at the Business Bay, a top official said.

In just 30 years, the face of Abu Dhabi's landscape has undergone tremendous changes due to a boom in building activities.

The government of Dubai has transferred ownership of Emirates airline and air travel services firm Dnata to state-owned Investment Corporation of Dubai (ICD), Emirates said yesterday.

Abu Dhabi Marine Operating Company (Adma Opco) has awarded an engineering, procurement and construction contract on Das Island worth $21 million to Metito.

No more freelancers will operate in Dubai's property sector as all real estate licensing procedures are now set to be operated under one, uniform system, according to an agreement signed by the Department of Economic Development (DED) and Dubai's Real Estate Regulatory Authority (Rera).

Some companies come up with unreasonable extra fees, but they have no legal grounds to modify the terms of the contract.