AME Info, Abu Dhabi, United Arab Emirates, real estate briefs

Source: AME Info, Abu Dhabi, United Arab EmiratesSept.mini storage 05--PALM HILLS TO BOOST CAPITAL TO EGP2.7BN: Egyptian real estate developer, Palm Hills has said it has received approval from the regulator to raise EGP600m ($85.9m) in a rights issue to help it finance its building programme, Reuters has reported. The firm, which has 1.05 billion shares outstanding, will sell 300 million new shares, increasing its capital to EGP2.7bn. "The money will be mainly allocated to finance project construction," said Palm Hills spokeswoman, Ibtessam Zayed.QATAR IN TALKS TO BUY PROPERTIES IN FRANKFURT, LONDON: REPORT: Qatar us negotiating with IVG Immobilien to acquire The Squaire, the mixed-use jewel in the portfolio of the embattled German real estate firm, Property EU has reported. A report in German magazine, WirtschaftsWoche, said that the Gulf country, acting through investment company Precision Capital, is in talks with IVG to acquire the office and hotel scheme for €850m. Qatar is also interested in buying the Gherkin tower at 30 St Mary's Axe in London for about €700m, the report said.SHARJAH ADOPTS B2 BUILDING CODE: Sharjah Municipality (SM) has revised the code of construction of buildings against seismic activity and earthquakes and adopted the more cautious B2 code, Gulf Today has reported. The civic body adopted the B2 code instead of A2, in an effort to improve the level of services and to ensure the highest degree of quality and safety in buildings, said assistant director-general of the engineering and projects department at the municipality, Abdul Aziz Al Mansouri. "SM has adopted this new code of construction after completing engineering and geological studies on the seismic activities in the region and to apply the highest standards of safety and security in building construction," he said.JORDANIAN EXPATS DRIVE KINGDOM'S PROPERTY SECTOR: According to data by Jordan's Department of Land and Survey (DLS), Jordanians paid more than JD350m to buy residential apartments in different parts of the kingdom, Jordan Times has reported. The majority of the transactions were made by Jordanian expatriates visiting the country for the summer holiday. A total of 19,757 apartments were sold in the first eight months of 2013, of which 5,243 were sold during July and August, the figures showed. The DLS monthly report showed that trading in the kingdom's real estate sector during the January-August period reached JD4.17bn, 20 percent higher than it was in the same period of last year, when trading stood at JD3.48bn.MAF PROPERTIES APPOINTS NEW CEO: Dubai-based developer, owner and operator of shopping malls and mixed-use projects, Majid Al Futtaim (MAF) Properties has appointed George Kostas as its new chief executive officer. Kostas, who assumed his new role at MAF Properties, replaces former CEO, Peter Walichnowski.DSI AWARDED DHS415M MEP CONTRACT FOR LOUVRE ABU DHABI: Drake & Scull International (DSI) has won a Dhs415m ($113m) contract for the implementation of the complete MEP works for the iconic Louvre Museum project in Abu Dhabi. The contract involves the execution, in coordination with Habtoor Leighton Specon, of all incidentals MEP works on the project scheduled to be completed in the fourth quarter of 2015.WORK ON 43 RESIDENTIAL NEIGHBOURHOODS IN MAKKAH TO START AFTER HAJ: The mayor of Makkah, Osama Al-Bar has announced development and infrastructure works on the holy city's western district project, which will include 43 residential neighbourhoods, will commence soon after the upcoming Haj season, Arab News has reported. "The secretariat of Jeddah will rely on investment funds to finance this project," said Al-Bar. A memorandum of understanding was recently signed between Dyiar Al-Balad, Adeem Capital Co and Retaj Co to establish Shari'ah-compliant funds for the establishment of the Retaj district, one of the first projects within Makkah Gate, he said.GCC PROJECTS EXPECTED TO HIT $1.35TRN BY 2013-END: According to MEED GCC Projects Index, the current value of the Saudi projects market stands at $956bn, Arab News has reported. The Riyadh Metro (mini-rail) project ranked first as the biggest contract for the month of July in the Middle East region valued more than $22bn, or two-thirds of the region's overall projects, whose cost is worth $31.6bn, the report said. The GCC projects sector is expected to see another buoyant year in 2013, where the value of projects to be awarded is estimated to hit $1.35trn by the year-end, compared with $730bn in 2012, it said.OMAN BUILDING 190 HOUSES FOR FLOOD-HIT YETI RESIDENTS: The municipality of the Omani capital, Muscat, has announced the construction of 190 houses at Al Hisn Heights in Yeti village is progressing well and is nearing completion, Oman Daily Observer has reported. The project aims to provide permanent accommodation for residents of the village, whose homes were damaged by flash floods, and to relocate them to a safer area. The 220-metre houses were designed according to the traditional Omani style each with four bed-rooms, a sitting-room, hall and a toilet, the civic body said.JEDDAH TO USE GPS TO MONITOR CONSTRUCTION VIOLATIONS: The municipality of Jeddah has announced plans to introduce electronic services, including GPS, to improve its operations, Arab News has reported. Building safety and the prevention of violations are the main objectives of electronic services, in addition to expediting the permit process. The civic body will now accept only electronic copies of land locations and proposed designs for buildings, and will monitor compliance stipulatself storaged in the permit for construction through a GPS system, it said.EGYPT TO SETTLE EGP4BN IN CONTRACTOR DUES: Egyptian finance minister Ahmed Galal has said that government agencies are set to pay between EGP2.5bn and EGP4bn in arrears to contracting companies in the coming weeks, Daily News Egypt has reported. Egypt's budget deficit has reached 14 percent of GDP, while public debt has increased to 20 percent. The country's balance of payments deficit has reached $2bn, while unemployment rates have reached 13 percent, said Galal.UAE RELEASES 900 NAMES OF ZAYED HOUSING BENEFICIARIES: The UAE's Sheikh Zayed Housing programme has announced the names of 900 citizens eligible for housing aid ahead of a final approval, Wam has reported. The Dhs1.2bn programme is continuing to announce the names of batches of beneficiaries endorsed by Sheikh Mohammed Bin Rashid Al Maktoum during his recent visit to the programme, said Dr Abdullah Nuaimi, public works minister and chairman of programme.LONDON ACCOUNTS FOR 50 percent OF MIDEAST REAL ESTATE INVESTMENTS IN EUROPE: REPORT: Global commercial real estate services firm, CBRE Group Inc. has said London was the destination for almost 50 percent of Middle East investment in European commercial property in the first half, as political stability and growth prospects attracted buyers, Bloomberg has reported. The Middle East accounted for 9 percent of all commercial real estate bought in Europe during the period, up from 6 percent a year earlier. Almost half of the Middle East investment in Europe comes from the region's sovereign wealth funds, according to the report. "London remains the destination of choice for foreign investors due to its solid growth potential and its status as a global financial hub, alongside its stable political environment and a transparent legal system," Nick Maclean, Middle East managing director at CBRE, wrote in the report.MAKKAH GATE TO BE IMPLEMENTED IN FOUR PHASES OVER 20 YEARS: The mayor of Makkah, Osama al-Bar, has said the recently-approved Makkah Gate city project is to be implemented in four stages over 20 years, Arab News has reported. Al-Badr said that 70 percent of the project is located inside the borders of the Grand Mosque. "The infrastructure network proposed is proportional to the phases of development and is in accordance with a development plan that extends between 15 to 20 years, five years being allocated for each phase," said al-Bar.MITSUBISHI HEAVY INDUSTRIES TO EXPAND IN IRAQ WITH BASRA OFFICE: Japan's Mitsubishi Heavy Industries has announced it will open an office in the second-largest city in Iraq, on September 1, Japan Today has reported. The new office in Basra will function as a base for flexible sales support and information gathering activities, and help the firm respond swiftly to emerging large-scale social infrastructure improvement projects, the company said.DUBAI MUNICIPALITY RECORDS OVER 6,700 BUILDING VIOLATIONS: The municipality of Dubai has said the majority of the 6,747 violations building inspectors recorded in the past six months comprised illegal additions and unapproved partitions, Gulf News has reported. "Most of the violators had been booked for constructing additions without obtaining a licence," said acting director at the Building Department, Marwan Abdulla. Other violations included accommodating bachelors in residential areas, two families staying in one flat and using the building for purposes other than what is permitted.GALFAR SETS RECORD DATE FOR RIGHTS ISSUE: Omani construction firm, Galfar Engineering and Contracting Co has set September 1 as the record date for its upcoming OR13.86m rights issue, Muscat Daily has reported. The proceeds from the issue will be used to boost the firm's balance sheet and support long-term growth, said Galfar. The company had reported a 56 percent jump in net profit to OR5.04m in the first half of 2013, compared with OR3.23m in the same period last year.KSA APPROVES NEW CITY PROJECT NEAR MAKKAH: The governor of Makkah, Prince Khaled Al-Faisal has approved the master plan for a new residential and administrative city outside the holy city to accommodate more than 600,000 people, Arab News has reported. The Makkah Gate project to be developed on the Makkah-Jeddah Highway with private sector support, will have 45 model districts. Spanning an area of 83 million sq m, the project will include educational institutions, government offices, shopping centres, housing units and a national park.QATAR PRIMARY MATERIALS TO EXPAND GABBRO FACILITY: Qatar Primary Materials Co (QPMC) has awarded FLSmidth and Six Construct an EPC contract for the design and engineering of the Gabbro Terminal Expansion Project in Mesaieed, the Peninsula has reported. The project includes an integrated set of conveyors, dust suppression systems, sub-stations and stackers. The Gabbro Terminal Expansion Project will help import large volumes of gabbro, as well as reduce truck traffic into the gabbro berths.SAUDI ARABIA RECRUITED 33 percent MORE FOREIGN CONSTRUCTION WORKERS IN 2012: The Saudi labour ministry has said the number of work visas issued to the country's construction sector accounted for 58 percent of the total work visas issued by the ministry last year, Arab News has reported. In 2012, the ministry issued nearly 1.6 million work visas, of which 900,000 were allocated to the building and construction sector, it said.Copyright: ___ (c)2013 AME Info (Abu Dhabi, United Arab Emirates) Visit AME Info (Abu Dhabi, United Arab Emirates) at .ameinfo.com Distributed by MCT Information Services迷你倉