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News Istithmar World acquires Kerzner’s 50% stake in Atlantis hotel

Abu Dhabi: Istithmar World, a subsidiary of Dubai World, yesterday announced that it had bought out Kerzner International Holdings Limited’s 50 per cent stake in Atlantis, The Palm for $250 million (Dh918 million), becoming the sole owner. Atlantis, Dubai’s mega resort flagship, has 1,537 rooms, a waterpark and 18 restaurants. Istithmar World and Kerzner jointly developed [...]

Dubai deal on underwater hotels and floating cities

Drydocks World, the shipbuilding arm of Dubai World, said on Wednesday it has signed a deal with Big Invest Consult, a Swiss company, to develop underwater hotels and floating cities. The deal was inked at the Annual Investment Meeting held at the Dubai International Convention Centre. “The project is based on a unique concept that aims [...]

Dubai tenants: Expect a 5% hike on rent by year-end

Tenants in Dubai can expect to pay another 5 per cent more on their rents from the current rate. This is in addition to a 15 per cent hike already witnessed over last year, according to an expert with a leading real estate brokerage company. “Real estate in Dubai has been the center of attraction for investors, [...]

Landlords want new rent cheques as banks ‘bounce’ old ones

Landlords have put up notices in their buildings, asking tenants to replace the old rent cheques issued last year, as banks have stopped accepting them. “Kindly bring new cheques as old cheques are no longer being accepted by our bank,” said a notice posted in one building. An owner of a building in Bur Dubai told this [...]

Four of world’s tallest residences in Marina

Within a few metres of each other in Dubai Marina, stand the world’s three tallest residential towers. A fourth is in the same area, but a few hundred metres away. The 107-storey, 414-meter Princess Tower currently holds the title of world’s tallest residential tower in the Council on Tall Buildings and Urban Habitat rankings. Click to know the [...]

Know your rights: By how much can rent be hiked in Dubai?

Rents are going up in Dubai and are likely to go up further by the end of the year. Many residents in Dubai, who were breathing easy as rents came down, fear a repeat of 2008, when greedy landlords would jack up the rents arbitrarily. However, this should not be the case as there are legal [...]

Developer Tamouh expects 2014 completion of City of Lights

Abu Dhabi Reem Island developer Tamouh will deliver its City of Lights project comprising 13 buildings including one commercial tower by 2014, a senior company executive told Gulf News. “We plan to deliver eight buildings on Reem Island in 2013 and five in 2014. The City of Lights project is fully sold to institutional investors,” said [...]

Emaar’s income jumps as sales surge

Abu Dhabi: Real estate developer Emaar Properties, builder of the world’s tallest tower, said yesterday its fiscal first-quarter profit rose 44 per cent on increased sales of properties in Dubai, delivery of homes in Egypt, and strong revenue from malls and hotels. Net income climbed to Dh606 million, or 10 fils a share, from Dh421 million, [...]

Aldar’s profit hits Dh478.2m

Abu Dhabi: Aldar Properties said yesterday its fiscal first quarter net profit jumped to Dh478.2 million from Dh189.1 million during the first three months of 2012. Revenue rose to Dh3,589.1 million from Dh784.7 million in the corresponding quarter last year, Aldar said in a statement to the Abu Dhabi Securities Exchange (ADX), where its shares are [...]

Sorouh profit rises 22% as project revenues grow

Abu Dhabi: Developer Sorouh Real Estate said yesterday the evaluation process to look at the legal and business aspects of a potential merger with the emirate’s largest real estate developer Aldar Properties is under way. “The ultimate outcome of this process will take into account the best interests of shareholders. A further update will be made [...]
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