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October 6th, 2008 |
Abu Dhabi projects total $500bn |
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The Abu Dhabi Department of Planning and the Economy (DPE) has announced that the value of real estate projects underway in the UAE capital now exceeds $500bn. The cornerstone developments behind the growth are Al Raha Beach, Al Reem Island, Das Islands and the Saadiyat Island development.
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October 6th, 2008 |
Dubai home prices to be flat till 2010 |
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A new report by Colliers has found that home prices in Dubai are likely to remain flat until 2010 after five years of sharp gains. About 140,000 new homes will be completed in Dubai by the end of 2010, adding to the existing stock of about 300,000 units, the report noted. Home prices average $5,420 per square metre, or $504 per square foot, in Dubai, compared with $6,500 a square metre in Abu Dhabi, reported Bloomberg.
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October 6th, 2008 |
Al Barari development launches |
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Al Barari Phase Two will be launched today at Cityscape in Dubai. The $6.bn development is spread over 14.2 million square feet and located in the royal area of Nad Al Sheba. The development has a number of zones, such as The Living Wall which encompasses a walled garden walkway; The Cultural Island with its open air markets, galleries, exhibition halls, theatres and Art Guild acts; The Grand Mosque and shops and markets in the Old Souk
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October 6th, 2008 |
Bollywood star launches UAE project |
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Bollywood actor Shah Rukh Khan has become the latest celebrity to enter the UAE's real estate market with a property development near Ras Al Khaimah. The Dhs8bn ($2.2bn) Shah Rukh Khan Boulevard, which will be located on Dana Island off the Ras Al Khaimah coast, will have modern residences including specially designed studios, and one- and two-bedroom apartments and townhouses.
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October 6th, 2008 |
Emaar stock plunges |
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Shares of Dubai-based Emaar Properties, the Middle East's biggest publicly traded real-estate company, lost the most since 2000 on concerns that the US bank bailout won't be enough to stop the global credit crisis reaching the emirate, reported Bloomberg. Emaar fell as much as 13.9% to 6.67 dirhams in Dubai, the biggest one-day drop since March 2000, according to Bloomberg data. It ended the day down 12.26% to close 6.80 dirhams.
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