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Real Estate News Alert.

Real Estate News Alert is a roundup of the most recent news that gets updated daily to keep you always up to date on the world's most attractive projects in the real estate market from the UAE (Dubai, Abu Dhabi, Umm Al-Quwain, Ajman, Ras Al-Khaimah, Sharjah and Fujairah) and sometimes from the GCC or other countries and from various news sources.


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Thursday, April 30, 2009

Dubai Sorces Phoenix Solar Energy Development

Dubai, Phoenix to sign trade pact
Bizjournals.com - Charlotte, NC, USA
The city of Phoenix and the Persian Gulf emirate of Dubai are signing a trade, transport and solar energy pact Wednesday.
The agreement has been in the works since last year and includes promise to promote trade, develop solar energy sources in both places and to try to bring direct commercial flights between Dubai and Phoenix. ...

MGM MIRAGE and Dubai World Agree over CityCenter

MGM MIRAGE, Dubai World and CityCenter's Lenders Reach Agreement for Completion of CityCenter
PR Newswire (press release) - New York, NY, USA
LAS VEGAS and DUBAI, United Arab Emirates, April 29 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) and Dubai World through subsidiary Infinity World, 50/50 joint venture partners in the CityCenter project, today announced that the companies have reached an agreement on a revised joint venture agreement and also reached an agreement with CityCenter's lenders on a comprehensive plan to fully fund the completion of CityCenter for its scheduled opening later this year. ...

Two New 5-Star Hotels in Dubai

DUBAI // Majid al Futtaim Properties is launching two upmarket hotels attached to its Dubai shopping centres to try to attract more business travellers, the company announced yesterday.
Accor Hospitality will manage the two hotels under the Pullman brand, an entry-level, five-star chain.
The first Middle East Pullman, a 491-room hotel under construction. ...

Wednesday, April 29, 2009

AED 1.9Bn Projects for Delivery

Omniyat to deliver Dh1.9bn worth of projects this year
Emirates Business 24/7 - Dubai, Dubai, United Arab Emirates
Omniyat Properties has put its overseas expansion plan on hold because of the global economic crisis and is focusing on completing and delivering projects on time, a top executive has revealed. ...

Tuesday, April 28, 2009

5 Hotels to be Awarded in Abu Dhabi

Five Abu Dhabi hotels to award contracts
AME Info - United Arab Emirates
Five major hotel projects in Abu Dhabi will make construction awards in the coming months, reported MEED. The hotels, which will have more than 1,700 rooms in total,...

Monday, April 27, 2009

Dubai Property Investors Gets Full Refund

Full refund for cancelled developments in Dubai
Property Wire - St. Albans, England, UK
Property investors in Dubai who find that the development projects they have invested in are cancelled by the state's real estate regulators will receive a full refund, it has been revealed. ...

Dubai's Jumeirah Group to Manage China Hotels

Jumeirah chief targets expansion in China
The Standard - Hong Kong
Jumeirah Group, the Dubai-based luxury hotel and resort operator, is in the final stages of negotiations about managing hotels in Beijing, Sanya and Hangzhou, executive chairman Gerald Lawless told The Standard. ...

MAG Group to Buy Continental AG Factory

DUBAI, April 26 (Reuters) - United Arab Emirates-based industrial and property group MAG said on Sunday it was in "initial" talks with Continental AG to buy a factory in France but it was too early to talk about striking a deal. ...

Abu Dhabi and GCC Metro Projects

DOT primed to put metro up for tender
The National - Abu Dhabi, United Arab Emirates
A tender for Abu Dhabi's planned 340km tram system will be sent out within the next two months and a consultant selected for the 130-km metro system in the capital in August, the Department of Transport (DoT) said yesterday....

Samsung Engineering to bid for GCC metro projects
SteelGuru - Gurgaon, Haryana, India
It is reported that Korean contracting giant Samsung Engineering is preparing to bid for the upcoming metro projects across the GCC. ...

MENA Rail Projects to Boost Related Industries

Ambitious Rail Projects In MENA Region Will Boost Demand For Digital Signage By Over 500%
Middle East Events (press release) - Dubai, United Arab Emirates
The flurry of activity around rail projects in the MENA region is boosting the fortunes of related industries, including the digital signage segment, which is set to grow by over 500%, according to conservative estimates. ...

Dubai To Meet Contractual Oligations

April 27 (Bloomberg) -- The government of Dubai, the second largest sheikhdom in the United Arab Emirates, denied a press report that it will not settle all of its debts with construction companies. ...

Emaar Progress at Tinja - Morocco

Tangiers, Morocco; April 26, 2009: Emaar Morocco, the country subsidiary of Emaar Properties PJSC, has made strong progress on the construction of Aldea villas and townhomes in Tinja, its pioneering master-planned community in Tangiers. Foundation work on the homes is currently progressing and the first phase is scheduled for completion in 2010.

Aldar Properties Signed MOU with Abu Dhabi Investment House

Aldar Properties in JV with Abu Dhabi Investment House
SteelGuru - Gurgaon, Haryana, India
Aldar Properties confirmed that it has signed a MOU with Abu Dhabi Investment House. As per report, the MoU will pave the way for the creation of a new JV to develop fresh investment opportunities.
According to news agency WAM, it is envisioned that the new JV will initially focus on the Al Remila part of phase 2 of Al Raha Beach. ...

Markus Giebel: Deyaar to Buy Distressed Debts

Deyaar to set up series of distressed debt funds
Reuters - USA
DUBAI, April 27 (Reuters) - Dubai real estate developer Deyaar DEYR.DU will launch a series of funds of up to 1 billion dirhams ($272.3 million) to buy distressed debt, including its own, as it looks to boost returns for shareholders, its chief executive said. ...

Sunday, April 26, 2009

Makah Gate Project

New Project Set to Change Skyline of Makkah
Khaleej Times - Dubai, United Arab Emirates
JEDDAH - A new real estate development project in the holy city — Makah Gate — that reflects the growing partnership between the kingdom's public and private sectors, is set to change the face and skyline of Makkah. ...

AED1.4b for Dubai Road Improvement

Roads & Transport Authority - Mohammed Al Munji: HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, endorsed the designs of several road & bridge network projects comprising Phase 4 of Al Khail Road Improvement Project (Intersection of Al Khail & Umm Suqeim Roads), Al Wasl Road Improvement Project, and Trade Center Roads Improvement Project, costing 1.4 billion dirham in total.

Dh2.9bn Spent on Dubai Infrastructure

Zawya
Dubai: Multi-billion infrastructure projects in Dubai are underway in full gear despite the global economic downturn.
Three major road projects worth Dh2.9 billion were approved by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, according to the Dubai Roads and Transport Authority (RTA).

Mayadeen to Award AED 130m Projects at Shams Abu Dhabi

Mayadeen to award Dh130m contract in two months
Emirates Business 24/7 - Dubai, Dubai, United Arab Emirates
Mayadeen says it plans to award a Dh130 million contract to build two automated car parks at its Shams Abu Dhabi project during the next two months.
Nasser K Bourislee, Chief Operating Officer, Mayadeen, told Emirates Business recently that the company's initial budget of around Dh140m went up to Dh200m last year.

Saturday, April 25, 2009

Masdar Free Zone Starts June 2009

ABU DHABI - The Masdar City, a tax-free industrial free zone for clean and renewable energy business, will start operations by June 2009, an official said.
There has been a positive response from global companies associated with renewable energy,  as over 100 firms have shown interest in setting up offices and carrying out research and development in the tax-free zone. ...

Construction to Start on Dilmunia RAK Project

Crown Dilmun to start construction of USD 500 million RAK project
SteelGuru - Gurgaon, Haryana, India
Chairman of Crown Dilmun Development announced that the Bahrain based property developer will commence construction at its first project in Ras Al Khaimah in the UAE, which is mixed use project worth USD 500 million. ...

Dubai Dreamz to Invest in Pakistan

Dubai Dreamz Group enters Asian Markets
Zawya - United Arab Emirates
Dubai's leading Property Investment & Development Company, Dubai Dreamz Group has agreed to invest in low to medium cost of housing projects in major cities of Pakistan.
Dubai Dreamz & West Incorporated Group has teamed up again for their latest low cost housing projects in Islamabad, Karachi & Lahore. ...

Friday, April 24, 2009

Tender Invitation for Reem Island Phase II

Reputed local and international contractors are being invited to participate in the tenders for the second phase of construction and infrastructure development on Reem Island. ...

Abu Dhabi Set to Weather the Economic Crisis

Construction in Abu Dhabi set to weather crisis
AFP
DHABI (AFP) — It is not exactly business as usual, but the construction sector in the deep-pocketed Gulf emirate of Abu Dhabi appears set to weather the economic crisis, pressing ahead with major developments. ...

Crown Dilmun Development New $500m Project in Ras Al-Khaimah

Abu Dhabi: Bahrain-based property developer Crown Dilmun Development plans to start construction at its first project in the UAE, a $500 million (Dh1.84 billion) mixed-use project in Ras Al Khaimah next October, company chairman Ebrahim Ali Abdulaal Al Fahad said on Wednesday. ...

New Contractor for Dubai Airport

New contractor for third concourse at Dubai Airport
The National - Abu Dhabi, United Arab Emirates
Al Jaber Engineering and Contracting (ALEC), the subsidiary of Abu Dhabi's Al Jaber Group, will take over construction of a third concourse at Dubai International Airport, an informed source has confirmed. ...

ADNOC to Award $2 Billion of Contracts

ABU DHABI, April 23 (Reuters) - The onshore division of UAE state-run oil firm ADNOC plans to award around $2 billion of contracts to expand capacity before the end of the year, a top official said on Thursday.
Falling construction and raw material costs have cut almost 50 percent from the cost of energy projects, Abdul Munim al-Kindy, the general manager of onshore unit ADCO, told reporters. ...

Tuesday, April 21, 2009

Fifth UAE LEED Building Certification

UAE's fifth green building gets US certification
GulfNews - Dubai, United Arab Emirates
Dubai: The UAE's fifth green building has been certified as US LEED platinum while 450 buildings are currently waiting to be certified in Abu Dhabi and Dubai as building codes for both emirates are being drawn up. ...

Cityscape Abu Dhabi Day 3 News

Cityscape Abu Dhabi, a great sucess. Some of you may not have been able to view all stories from day 1 and day 2. Don't be left out, please go to Cityscape Abu Dhabi news.
Last day to visit the show that has set new standards for the real estate markets by providing the perfect networking platform for global players.
With over 30% increase in exhibit area and a significant rise in number of major institutional investors from worldwide, Cityscape Abu Dhabi has reinforced its significance as an ideal B2B networking platform and a "must-attend" event. Be part of the exhibition on the last day when major deals will unveil.

Attend the Post-Conference Workshop on Real Estate Marketing: Being Unique In a World of Carbon Copies and gain insights from industry gurus that will help you establish a strong foothold on the market. For more information you may require to
effectively plan your visit.

NOTE: Business/National Dress and Business card required for entry. General public & visitors under 18 years are not allowed.
Other Real Estate News:
Green Precast Systems and Technologies LLC and Al Rayan Investments unite in Dhs450m contract to provide environmentally friendly...
  • Chesterton Opens Its First Uae Office In Abu Dhabi
  • Aldar Properties unveils housing project
  • UAE construction firm posts in Q1 2009
  • Funders can unlock value and reduce default loan exposure on distressed assets

Monday, April 20, 2009

Dubai a Successful Economic Model at a Global Level

'Dubai a global model for success'
GulfNews - Dubai, United Arab Emirates
Dubai: In a frank question and answer session online with the local and regional media, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Saturday said the UAE is not disturbed by negative campaigns, mainly in the western media, targeting the state of the national economy, which he said was firm and stable. ...

Global Pharmaceutical Company to be Established in Saudi

Sagia and Emaar, The Economic City sign MoU with Sanofi-aventis to establish entity in KAEC
AME Info - United Arab Emirates
Saudi Arabian General Investment Authority (Sagia) and Emaar, The Economic City have signed a Memorandum of Understanding (MoU) with Sanofi-aventis to establish an entity of the leading global pharmaceutical company in King Abdullah Economic City (KAEC), the single largest private sector development in the region. ...

Cityscape Abu Dhabi 2009 - Information

Visit Cityscape Abu Dhabi, 19 – 22 April at the Abu Dhabi National Exhibition Centre between 10am to 7pm, daily. Network with over 300 exhibitors from over 30 countries at Abu Dhabi's premier International Real Estate Investment & Development Event. Browse through the Online Exhibitors Directory and plan your meetings with exhibitors.

See the Event schedule for all the information you may require to effectively plan your visit.

Attend DAY-2 of the Real Estate Finance & Investment Conference to find answers to some of the crucial questions affecting today's real estate industry and network with leading global and regional players.

NOTE: Business/National Dress and Business card required for entry. General public & visitors under 18 years are not allowed.

GCC's Strongest Property Market

7 facts about Abu Dhabi's property market
Kipp Report - Dubai, United Arab Emirates
According to the Second Investor Sentiment Survey, released by global real estate firm Jones Lang LaSalle last week, the real estate market in the Middle East will attract more investors than any other region over the next one to two years. ...

New Cable Factory In RAK

Abu Dhabi, Apr 18th, 2009 (WAM)--Hadeed Emirates Contracting, the leading industrial contractor and developer in the UAE, today signed a contract with Saudi Arabian Middle East Specialised Cables Company (MESC) to establish a cable manufacturing plant in the emirate of Ras Al Khaimah for AED150 million. ...

Report on GCC Real Estate Released

Colliers International releases GCC Overview Report at Cityscape Abu Dhabi
Zawya - United Arab Emirates
UAE: Colliers International, the global real estate consultancy, today releases the GCC Overview Report, which indicates that the impact of the global economic and financial crisis on Gulf real estate markets has been swift and dramatic leading to a decline in real estate capital values and rents...

New Projects During Cityscape Abu Dhabi 2009

New projects to be announced at Cityscape
GulfNews - Dubai, United Arab Emirates
Abu Dhabi: Cityscape Abu Dhabi-2009, a four-day event beginning on Sunday at the Abu National Exhibition Centre, will bring together a slew of international and regional investors, real estate developers and government authorities to discuss the current market challenges and strategies to tackle them....

Sunday, April 19, 2009

Arabtec's First Job in Saudi Arabia

Arabtec embarks on its first project in Saudi Arabia
Middle East North Africa Financial Network - Amman, Jordan
Arabtec Construction LLC, a subsidiary of Arabtec Holding PJSC, announced yesterday that it has broken grounds on its first project in Saudi Arabia on 2 April 2009, less than one month after signing the MOU for the formation of Arabtec Saudi Arabia on 7 March, 2009. ...

Aldar Abu Dhabi to launch $2.6 Billion Housing Project

Abu Dhabi, Aldar Properties launch $2.6 bln dev't
Reuters - USA
Aldar Properties ALDR.AD, the largest real estate developer in Abu Dhabi, is launching a 9.4 billion UAE dirhams ($2.6 billion) mid-income housing project and the government signalled more could follow....

Friday, April 17, 2009

Property Auction on 19 - May 2009

Madania Real Estate to hold property auction in May
Middle East North Africa Financial Network - Amman, Jordan
Madania Real Estate, a subsidiary of Al Tamimi Investments, will hold a property auction in May 19th, which will offer people the opportunity to buy properties at reasonable prices, Gulf News reported. Chief executive officer of Madania said that the properties to be auctioned include town houses, villas, studios and apartments, and the company may hold similar auctions on a monthly basis. ...

AmaZulu World Project to Go Ahead

Controversial project to go ahead
eProp.co.za - South Africa
The KwaZulu-Natal government is not going to give up on its R44-billion AmaZulu World project, as long as Dubai investment company Ruwaad Holdings is interested in going ahead with the North Coast development.
Earlier this month, the provincial government hit its second stumbling block in the project when its memorandum of understanding with Ruwaad expired. ...

Saudi Arabia Project Worth $192m Awarded

Local construction firm bags $192-M Saudi Arabia project
BusinessWorld Online - Quezon City, Philippines
EEI 
Corp., one of the country's largest construction companies, recently announced the acquisition of a new project worth $192 million under its joint venture firm Al-Rushaid Construction Co. Ltd. (ARCC) in Saudi Arabia. ...

Leighton JV Withdraw from Airport Contract

Consortium Withdraws From $1.3b Dubai Airport Project
Khaleej Times - Dubai, United Arab Emirates
DUBAI - Al Habtoor Leighton group and its joint venture partners have come to an agreement with the Dubai Department of Civil Aviation to withdraw from a $1.32 billion contract to build the Dubai Airport's Concourse 3, Leighton said on Thursday. ...

Jeddah - Makkah Monorail

SR21B Monorail To Link Jeddah Districts
Zawya
JEDDAH: A SR21-billion monorail project will soon be established along Jeddah's 12 main streets
as part of a comprehensive transport system to facilitate traffic in the city. Transport Minister Jabara Al-Seraisry yesterday presented a major plan to develop public transport in Jeddah to Makkah Gov. Prince Khaled Al-Faisal during a meeting at the governor's office. ...

Thursday, April 16, 2009

DUCAB Buys Aluminium Shares

Brazil's mining giant sells 19% shares to Dubai aluminium firm
Xinhua - China
RIO DE JANEIRO, April 14 (Xinhua) -- Brazil's mining giant Companhia Vale do Rio Doce (Vale) announced Tuesday that it had sold
a 19-percent stake in its subsidiary Companhia de Alumina do Para (CAP) to Dubai Aluminium Company Limited (DUBAL). ...

Hamptons International Launches the ’Best Of British’

Hamptons International Launches The 'Best Of British' Road Show With An Auction In Aid Of Charity
Middle East Events (press release) - Dubai, United Arab Emirates
Hamptons International, one of the UK's leading property agencies, held a high profile auction evening at The Address, Downtown Burj Dubai, to mark the launch of its Best of British property road show in Dubai.


The city's socialites mingled with businessmen and investors at the glamourous evening where His Royal Highness Prince Michael of Kent was the Guest of Honour. ...

Abu Dhabi Property Prices Drops

Prices fall to earth in secondary market - The National Newspaper
The National
Properties on offer in Abu Dhabi's secondary market are dropping back
to the original developers' asking prices as investors move to cut their losses. ...

Wednesday, April 15, 2009

Sneak Preview into Cityscape Saudi Arabia









With Cityscape Saudi Arabia 2009 fast approaching, take a look at the electronic version of the preview magazine, which highlights the key attractions of the Kingdom's only international real estate event.
This ePreview is packed with essential information about the event, including a comprehensive conference programme and an overview of Saudi Arabia's real estate market.

Cityscape Saudi Arabia is scheduled to take place in June, an exciting, succesful exhibtion and conference.

Enjoy reading the Cityscape magazine!


Click on the magazine cover to start reading online



Tuesday, April 14, 2009

Bahrain International Property Exhibition (BIPEX) 2009 Launched

Top Bahrain property exhibition launched
Gulf Daily News - Manama, Bahrain
MANAMA: The Bahrain International Property Exhibition (BIPEX) 2009, which will run from October 14 to 16, was officially launched last night by the Premier's Court Minister Shaikh Khalid bin Abdulla Al Khalifa. ...

UAE Economy Stable

Moves To Stabilise UAE Economy Working
The worst period for the UAE economy is over and the steps taken by the government to create a sense of stability are positive, Minister of Economy Sultan Bin Saeed Al Mansouri said on Monday. ...

Special Report on Dubai Real Estate Market

Better Homes to release special report on the Dubai real estate market
Zawya - United Arab Emirates
Better Homes has strategically partnered with the expertise of Dubai-based Investment Boutique, a real estate research consultancy firm, to develop a comprehensive examination and forecast of the Dubai real estate market, to be released to the public towards the end of April. ...

Qatar Least Effected By Economic Crisis

crisis fails to puncture Qatar boom
GulfNews - Dubai, United Arab Emirates
Dubai: The construction boom in Qatar is continuing as it cements itself as one of the least affected of all the GCC states, by the global financial crisis.
There are currently 191 major projects in Qatar with a combined value of $82.5 billion (Dh303 billion) at the end of the first quarter 2009, according to a Proleads Global report on Qatar's construction industry, Insight Qatar, released on Monday. ...

Monday, April 13, 2009

300 Leaders Gather in Dubai for Way Out of Global Economic Crisis

300 Insurance leaders gather to lay new foundations for growth of Takaful Industry in the context of the global economic crisis
Zawya - United Arab Emirates
More than 300 industry leaders will today gather at the 4th Annual World Takaful Conference (WTC 2009) to debate the core issues that will shape the future of the global Takaful industry. Again held in strategic partnership with Dubai International Financial Centre (DIFC), this 2 day gathering of market leaders at the Dusit Thani Hotel Dubai is without doubt the most critical in the 4 year history of the conference as senior decision-makers from the leading international Takaful players grapple with a changing economic landscape. ...

UAE Construction to Reach USD 64 Billion

UAE building construction market poised to hit USD 64 billion in 2010
Al-Bawaba - Amman, Jordan
The UAE building construction market is projected to reach USD 64 billion in 2010 - a considerable rise from the market's value at USD 46 billion in 2008, according to a recent industry study, thereby bringing some relief to suppliers as the market is expected to maintain present activity levels over the next three to four years. ...

GCC Cement Industry Stable

Positive outlook for region's cement industry
GulfNews - Dubai, United Arab Emirates
Dubai: The Gulf Cooperation Council (GCC) cement industry will continue to flourish despite the slowdown in construction, according to a new industry report.
As a result of the economic downturn and liquidity crunch, several real estate projects have been put on hold or scrapped altogether. ...

Real Estate Sales in Kuwait Jumped

KUWAIT, April 11 (KUNA) -- Real estate sales saw a significant jump in February following a sharp drop the previous month, with a total of 326 transactions registered at a value of KD 101.2 million, according to the National Bank of Kuwait (NBK) on Saturday.

Sunday, April 12, 2009

Largest Construction Boom in Saudi Arabia

Real estate boom
Gulf Daily News - Manama, Bahrain
DUBAI: As the largest construction market in the Gulf, the value of new construction contracts awarded to main contractors in Saudi Arabia is expected to increase by 15.4 per cent, reaching $60 billion next year, compared to $52bn last year, it emerged yesterday. ...

UAE Prequalify Companies for Its Nuclear Program

UAE set to select firms for N-programme
Trade Arabia - Manama, Bahrain
UAE's state-run Emirates Nuclear Energy Corporation, has begun prequalifying companies for UAE's nuclear programme, according to a report.
The potential prequalifiers include a French team of Areva, GdF Suez and Total, Westinghouse and Shaw Group of the United States, Japan's Toshiba Corp, and Korea Electric Power Corporation (KEPCO), MEED reported, citing sources close to the plans. ...


Saturday, April 11, 2009

14 Power Stations Planned for DIP

Dubai Investments Park plans 14 power stations
SteelGuru - Gurgaon, Haryana, India
TradeArabia reported that Dubai Investments Park has joined hands with Dubai Electricity and Water Authority to construct 14 new power stations to cater to the rising electricity needs of the park's tenants. ...

Singapore's Firms Targets $6 Billion Deals

DUBAI - Singapore's companies are securing $6 billion worth of business ventures in the Middle East which will further strengthen economic ties between the Asian nation and the region.
Singapore's acting Minister for Information, Communication and the Arts, Rear Admiral (NS) Lui Tuck Yew said the UAE is a major trading partner of Singapore and there is great potential to further boost economic ties. ...

Dubai World Plan for Vegas CityCenter

Dubai World to see Vegas project to completion
The National - Abu Dhabi, United Arab Emirates
Dubai World, the investment arm of the emirates' Government, has come up with a new plan to save the troubled Las Vegas CityCentre development, according to reports in the US.
On Friday the Wall Street Journal said the Dubai company, a partner in the US$8.6 billion (Dh31bn) development, had agreed to fund the project through to completion. ...

Friday, April 10, 2009

First Mass Auction of Dubai Properties

UK investors bid for Dubai homes
GulfNews - Dubai, United Arab Emirates
Dubai: Last week saw the first ever mass auction of Dubai properties. However, most of the city's residents are probably unaware of this because the hammer went down in a London hotel. ...

DEWA's New 1500 Megawatt Power Project

DUBAI - Dubai Electricity and Water Authority will launch in September this year a tender for a 1,500 megawatt power project with an estimated cost of Dh22 billion, the government owned utility company said on Wednesday. ...

Horizon Terminals Invests $300m in UAE

Dubai: Horizon Terminals Limited, an Enoc group subsidiary involved in the bulk petroleum products storage business, will invest $300 million (Dh1.1 billion) to build new facilities.
The new investments will add one million cubic metres of storage capacity to the existing five million cubic metres, Horizon chief executive Yusr Hussain Sultan Al Junaidy told Gulf News in an interview. ...

Al-Gamra Project launched by Injaz Development Company

RIYADH: A world-class affordable real estate "Al-Gamra project" was launched by Injaz Development Company, a Riyadh-based master developer and investment giant, yesterday. ...

Johnson Controls' Program to Reduce Energy Consumption

Johnson Controls to partner in US$500 million groundbreaking energy efficiency upgrade at the Empire State Building
Zawya - United Arab Emirates
DUBAI: With its Middle Eastern Headquarters in Dubai, Johnson Controls today announced that it will work with world-class environmental consulting, non-profit, design and construction partners - including the Clinton Climate Initiative (CCI), Rocky Mountain Institute (RMI), and Jones Lang LaSalle (JLL) in an innovative program that is expected reduce energy consumption at the Empire State Building by up nearly 40 percent. ...

Tuesday, April 7, 2009

Why Job Cuts and Layoffs

How Corporate Mentality Chokes Job Productivity?

The news is bad. Job growth has become job loss, with hundreds of thousands of job cuts and layoffs announced everyday, and it's happening all across the world. It looks like the 'safe and secure job' many of us have been enjoying is a thing of the past. Let's review how jobs were created in the past, why layoffs are occurring now and how to survive a layoff in an economic downturn.

The routine for most of us is as follows: Every day you either arrive at work either early, on time, and even on occasion a little bit late. You start to work immediately, have a productive day, and then at quitting time you go home happy with your achievements.

Eventually this gets the attention of your boss. He is surprised to see you happily producing so much while working without any supervision. He thinks perhaps with a little supervision you would produce much more than without supervision! He recruits a supervisor who has extensive supervisory experience and who is excellent at writing reports. A new job is created, thanks to your hard work.

The supervisor's first decision is to set up an attendance system for your department. He also needed a secretary to help him in preparing his reports. He recruits a secretary for this task and to manage the archives and monitor all his phone calls. Thus a new secretarial position is created within your organization.

The chief is thrilled with the supervisor's reports, he asks him to produce graphs to describe production rates and to analyze trends that he can use in his presentations at the board meetings.

The supervisor of course has to buy a new computer and a laser printer but has no idea how to install them so he recruits an IT manager to manage the IT department, and a new IT managerial position is created.

You who had once been so productive and relaxed now hate this new excess of paperwork and meetings which uses up most of your valuable time!

The chief notices a slight dip in production and comes to the conclusion that it is time to nominate a person to be in charge of the department where you have worked to get things back on track. You get a brand new highly experienced manager who of course is in need of a comfortable chair and desk for his new office. Thus another new managerial position is created.

Your new manager is also in need of a new computer and a personal assistant. He purchases the new computer and promotes his former colleague from the previous department to help him prepare budgets, control, plan strategies, and optimize the operation. Consequently, a new personal assistant job is created and another job position is left unoccupied in the other department. (which will of course be filled very soon - school is out and someone's nephew needs a summer job).

Your job in the department now consists mainly of paperwork, is now similar in its nature to the work of a letter carrier, and your actual production has dropped drastically.

Then over lunch your new manager convinces the chief of the absolute necessity to expand and diversify. After the chief reviews the costs for running the department where you are working, he finds out that profits are down because the production is now much less than before.

The chief recruits a prestigious and renowned consultant to investigate the lack of productivity and to suggest a solution. With the new business opportunity a new consultant's position is thus created.

The newly recruited consultant spends a couple of months investigating your department and comes up with a report, in several volumes, that conclude: "The department is overstaffed."

Guess who the chief lays off first?

You of course, because you have become unproductive, show a lack of motivation and have a negative attitude towards all your "superiors".

If you have been unfortunate and got laid off recently, here are some tips to help you survive in an economic downtime.

  • Stay positive and optimistic for the future.
  • Don't worry or stress yourself about things that are beyond your control such as the layoffs, job cuts and the bad economy.
  • Reduce your exposure to the news, it adds stress to your life about things that are beyond your control.
  • Read only good news headlines and look for opportunities.
  • Walk away from negative people who are always too anxious.
  • Don't get involved with social conversations that talks about lay offs and job cuts.
  • Think positive. Don't indulge in negative thinking.
  • Reward yourself for all your successes regardless how small they were.
  • Say thank goodness that I'm healthy and still able to work.
  • Laugh at your problems and you'll see them going away.
  • Start exercising, eat healthy, and do something different to expand your horizons. Take a course!
  • Keep in mind that other people aren't as lucky as you are.
Layoffs aren't the right answer during economic downturn and companies are making the economy worse by cutting too many jobs. CEO's and high level managers find it the easy way out to protect their jobs and justify their huge salaries.
Express your opinion, share your thoughts or experiences by adding a comment below.

Monday, April 6, 2009

GE Energy Struck $200 Million Gas Turbines Deal with Emirates Aluminium (EMAL)

DUBAI, April 6 (Reuters) - GE Energy has struck a $200 million deal with Emirates Aluminium (EMAL) to provide the smelter with services for its gas turbines, the companies said on Monday. GE Energy will supply technology to EMAL to help it reduce the environmental impact and improve efficiency of the complex, expected to be the world's largest single-site aluminium smelter complex, and meet regulatory requirements, the two companies said in a statement. ...

Nakheel to Reduce Service Fees

Service fees cut at Discovery Gardens
The National - Abu Dhabi, United Arab Emirates
Owners of properties at Discovery Gardens in Dubai will see their service charges significantly reduced, the developer Nakheel said yesterday.
The company is reviewing its budget for providing services such as security and the upkeep of the project's communal areas, a Nakheel spokeswoman said. The move followed "recent reductions in the cost of services". ...

Sunday, April 5, 2009

DEWA and Dubai Civil Aviation Raised $2.84 Billion in Loans

Dubai Companies Raise $2.84 Billion to Refinance Debt (Update1)
Bloomberg
April 5 (Bloomberg) -- The Dubai Electricity & Water Authority, the state-owned utility, and the Dubai Civil Aviation Authority raised $2.84 billion in syndicated loans to repay their debt, making April a busy month for Gulf Arab debt issues.
Dewa received a $2.2 billion loan from 18 international and local banks to refinance maturing debt, it said in an e-mailed statement today. ...

Corodex Electromechanic Wins Formula-1 Track Contract in Abu Dhabi

Corodex wins contract to build sewerage plant for Abu Dhabi formula1 track
Carz Unlimited - Dubai, United Arab Emirates
Corodex 
Electromechanic, a part of Concorde-Corodex group (CCG) recently announced that it has won the contract for developing the vacuum sewerage system for the first Formula1 track in Abu Dhabi. The Formula1 track which will be first of its kind in UAE is located in the Yas Island, east of the capital city of Abu Dhabi, and will host the first Grand Prix in the capital. ...

UAE Aiming to Host International Renewable Energy Agency (IRENA) in Abu Dhabi.

UAE makes bid to host IRENA in Abu Dhabi
GulfNews - Dubai, United Arab Emirates
Canberra: UAE Ambassador to Australia, Dr Saeed Mohammad Al Shamsi, has conveyed a message from Shaikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister, to Australian Foreign Minister Stephen Smith, on the UAE international lobby to host the International Renewable Energy Agency (IRENA) in Abu Dhabi.

Saturday, April 4, 2009

James Packer Considering Stake in City Center Las Vegas Project

Australia's Crown Considers Stake in Las Vegas Project
Wall Street Journal - USA
Australian billionaire and gambling magnate James Packer is weighing a stake in City Center, the troubled $8.6 billion Las Vegas development owned by MGM Mirage and Dubai World, according to a person familiar with the matter. ...

UAE Pavilion at Shanghai Expo 2010 Brokes Ground

Foster + Partners UAE Pavilion at Shanghai Expo 2010 Breaks Ground
V1 Magazine - Denver, CO, USA
Foster + Partners' design for the UAE pavilion at the 2010 Shanghai Expo has broken ground. Drawing inspiration from the form of a sand dune, the pavilion is a reference to this symbolic feature of the desert landscape shared by each of the seven emirates. ...

Habib Rafique (Pvt) Limited Awarded Alma Contract in Pakistan

Emaar Pakistan, Habib Rafique Group start JV
Daily Times - Lahore, Pakistan
ISLAMABAD
: Emaar Pakistan, the country-subsidiary of global property developer Emaar PJSC awarded the contract for construction of 80 Alma Townhomes at Canyon Views in Islamabad to Habib Rafique (Pvt) Limited (HRL) Friday. ...

Friday, April 3, 2009

Qatar Ashgal Awards $485 Million Contract

The Public Works Authority (Ashghal) in Qatar has awarded a QR1.78bn contract for the construction of the Main Pump Station and Pumping Mains, a major component of the multi-billion riyal Doha North Sewage Treatment and Associated Works Project. ...

5 Towers on Sale in April 2009 at Reem Island

The National Newspaper
ABU DHABI // Tamouh Investments, an Abu Dhabi-based property company, is planning to launch sales for five towers on Reem Island at Cityscape Abu Dhabi this month, a senior executive says. ...

Nakheel Joins for 17 Luxurious Residences in Thailand

Nakheel to develop island resort in Thailand
GulfNews - Dubai, United Arab Emirates
Bangkok: Nakheel, Dubai's master developer, has joined Thailand's Amburaya Hotels & Resorts to transform Thailand's idyllic Koh Samui Island with the launch of a stunning integrated resort development comprising 17 luxurious private residences and a 75-key all-villa hotel. ...

Emaar E.C. Earned 2 Billion by March 2009

Emaar nets SR2b from the sale of residential units
GulfNews - Dubai, United Arab Emirates
Riyadh: Emaar, the Economic City (Emaar E.C.) - a subsidiary of Dubai-based Emaar Properties that is developing King Abdullah Economic City (KAEC) in Jeddah - announced that it has so far earned SR2 billion (Dh1.9 billion) from the sale of the first phase of residential units. ...

Solidere Shares Solid Despite Fall

Lebanon's Solidere confident in spite of share fall
Reuters - USA
BEIRUT, April 3 (Reuters) - Lebanon's largest company real estate developer, Solidere (SOLA.BY)(SOLB.BY), remains confident about the future of the company, in spite of recent falls in its share price, a top company official said. ...

Group of Investors Targeting Malaysia Project

Gulf property quartet invest Dh800m in Malaysia
The National - Abu Dhabi, United Arab Emirates
Abu Dhabi's Aldar Properties and Mubadala Development, together with partners Kuwait Finance House and Millennium Development International, of Lebanon, have so far invested Dh800m (US$217m) in Medini, a Dh73.4 billion urban development in Malaysia. ...

Wednesday, April 1, 2009

TAQA to Invest $2.5 Billion into Three Electric Power Plants in Morocco and Tunisia

TAQA To Invest $2.5B In Morocco And Tunisia
Zawya
ABU DHABI - The Abu Dhabi National Energy Company, or TAQA, will invest $2.5 billion into three electric power plants in Morocco and Tunisia over the next four years, a senior official said on Monday.
TAQA Managing Director for North Africa and Middle East Majid Iraqui told Khaleej Times that construction of the projects will begin sometime this year, while commercial operations will commence in 2012 and 2013, respectively. ...

Al-Ghurair Group Signs $347.2 Million with Financial Institutions

The well-diversified Al Ghurair Group has signed a $347.2 million (Dh1.275 billion) Islamic facility with a group of financial institutions including Mashreq, top executives told Emirates Business.
The facility has been structured in Ijara and Musharaka that require a sale and lease-back of the asset owned by the client, a Mashreq executive said. ...

Bahrain's New $80m Projects at Al-Seef

Bahrain's Seef eyes $80m projects
Trade Arabia - Manama, Bahrain
Bahrain's
Seef Properties plans projects worth 30 million dinars ($79.58 million) this year with state-owned housing bank Eskan, the firm's chairman said in remarks published on Tuesday.
Abdul Rahman Fakhro, chairman of Bahrain's largest developer by market value, said the projects would be in the Saar neighbourhood, local daily newspaper Al Wasat reported.