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100+ jobs go at Damac |
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At least 100 jobs are thought to have been lost at Dubai-based real
estate developer Damac Properties as the global financial crisis continues to
hit the region.
Arabian Business was contacted by
people close to staff at the company saying the jobs had been cut during the
past two weeks. Company chiefs refused to comment on specific numbers but it is
understood that dozens of employees from across several departments were let
go.
In a statement, Damac Properties CEO Peter Riddoch said: "The
continuing global slowdown will inevitably lead companies to review their
staffing levels and recruitment requirements.
"Damac Properties will
continue to review its own position in line with the market and aim to ensure
that it right sizes/maintains its staffing levels accordingly."
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Ruwaad South African row |
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Controversy continues to surround a Dubai company's $4 billion plan to
build South Africa's biggest themed entertainment and mixed-use destination
development in Kwazulu-Natal.
Ruwaad Holdings unveiled Amazulu
World, a project 10 times the size of the famous Sun City, on the north coast of
Durban at a ceremony in the emirate last month.
Billed as the biggest
development of its kind anywhere in the African continent, the company flew in
the local Zulu King Goodwill Zwelithini and the Premier of KwaZulu-Natal,
Sibusiso Ndebele, to endorse the mega project and a memorandum of understanding
was signed during the visit.
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Palm Jebel Ali prices fall 40% |
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House prices on the Palm Jebel Ali, second largest of Nakheel’s
palm-shaped islands, have fallen by as much as 40 percent in the last two months
as the global financial crisis sees foreign investors move to liquidate assets
in Dubai, according to three Dubai-based real estate agents.
“I
never expected [prices on the Palm Jebel Ali] would have come back so quickly
and by so much,” said Jeroen Van Der Geer, partner at AA Properties in Dubai.
“We are back to a level of one and a half to two years ago.”
The global
financial crisis has hit demand from foreign investors, which make up a large
percentage of property buyers in Dubai, while tightening liquidity has made home
financing more difficult, agents said.
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Ruwaad brings new operators |
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The region could see the introduction of several big name European and
American operators courtesy of developer Ruwaad.
Ruwaad
Signature Properties chief executive Christopher Sims said the company had two
developments - in the Waterfront and Meydan projects - being designed in Dubai
under the company's Signature Properties umbrella.
"For the Waterfront
development we are talking to three major hospitality organisations who are not
yet in the region, but who own some of the biggest trophy hotels in Europe,"
Sims said.
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Keeping Culture |
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Some
developers seem determined to build all things modern but Beit Al
Funoon looks set to entice investors by keeping all things traditional.
Residential project in Culture Village.
Last
weeks launch of Rhodi Residences - Beit Al Funoon at the Raffles Dubai,
comes at a time when opportunities are sourced by such buyers, who
currently find it difficult to obtain mortgages to buy quality homes.
The payment plan associated with these carefully crafted residences is
ideally suited to ease the initial payment requirements found in
today's market.
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The Two Emirates Balancing Act |
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As recently as the late 1970s, Dubai's population hovered around the
quarter of a million mark, with Abu Dhabi home at the time to a similar
number.
Fast forward three decades, and we have two
cities playing host to 1.5 million people, not to mention the millions
of tourists who have visited and will be visiting over the coming years.The
growth of Dubai and Abu Dhabi in terms of size, population and economy
is all the more remarkable when you consider that here lie two cities
separated by only 120 kms - a small footstep in GCC terms.
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Cracks start to show in property market |
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The organisers of the Property Shopper Show are putting on a brave face.
In advance publicity they are claiming that “thousands of investors are poised to attend the three-day networking event”. However, they must secretly be fearing that there will be a dearth of visitors and a line of empty booths. The timing could hardly have been worse. For the past few months, there has been growing concern about the country’s property market. After years of breathless expansion, with property prices falling around the world, wise voices counselled that the same thing could happen here. But while estate agents warned of slowing demand, they promised a “soft landing”.
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Developers and brokers feel bite of credit crisis |
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Developers and brokers in Dubai are trimming staff and freezing recruitment as they face a slowdown in sales after years of breakneck hiring.
The increasingly cautious approach, taken by both big and small companies, appears to be gaining momentum even though many companies say they expect the slowdown to be short-lived.
“The continuing global slowdown will inevitably lead companies to review their staffing levels and recruitment requirements,” said Peter Riddoch, the chief executive of Damac Properties. “Damac Properties will continue to review its own position in line with the market and aim to ensure that it right-sizes and maintains its staffing levels accordingly.’’
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JRA signed to deliver central market |
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British architecture practice John Robertson Architects (JRA) was recently signed by ALDAR as the delivery architects for the Abu Dhabi developer's Central Market masterplanning project.
JRA is to work alongside project architects Foster+Partners to produce the schematics and drawings for the development. "We're very pleased to be working alongside Foster+Partners, and hope this marks the beginning of future expansion in Abu Dhabi," said John Robertson, founder and principal architect at JRA.
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Dubai house prices surge, while rental growth slows |
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House prices in Dubai surge again during the third quarter, while rental growth continued to slow, broker Asteco said in a report published on Monday.
Asteco said villas witnessed the strongest growth in sales prices quarter-on-quarter, with villa prices jumping on average 24 percent in Q3, while apartment prices rose by an average of 20 percent.
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Sharjah freehold law awaiting Ruler's approval |
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The Sharjah Government has structured a new property freehold law that is awaiting approval by the emirate's ruler, informed sources said.
"The freehold law has been worked out and is awaiting the Ruler's approval," a person close to the process told Emirates Business. The person declined to say whether the law will offer property ownership only to Arab nationals or to all expatriates.
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