DUBAI, Sept 22 (Reuters) – An economic rebound has
catapulted house prices and rents in Dubai to Manhattan-like
peaks, the Gulf emirate’s top property website says, forcing
increasing numbers of residents to move to its cheaper outskirts
or even to consider returning home abroad.
Rents fell 1 percent in the third quarter after 10 straight
quarters of price rises, property consultants CBRE reported this
week. But the sustained cost of living surge has driven hundreds
of families to relocate to smaller homes on the fringes of the
opulent, highrise urban canyon that soars out of empty desert.
DUBAI, Sept 21 (Reuters) – One of Dubai’s top government
officials said on Sunday he expected state-owned conglomerate
Dubai World to reach a deal in the near future on
renegotiating its debt repayment schedule.
Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s
Supreme Fiscal Committee, also dismissed concerns the emirate
could overstretch itself again as it announces a raft of new
DUBAI, Sept 14 (Reuters) – Dubai’s Emaar Properties
is seeking to raise as much as 5.8 billion dirhams
($1.58 billion) from an initial public offer of shares in its
shopping malls unit that is expected to be the Gulf’s biggest
stock sale since 2008.
The planned listing of Emaar Malls Group (EMG) underlines
Dubai’s recovery from its financial crisis, which erupted in
2009, and is expected to pave the way for other companies to
list on the emirate’s stock markets after a drought of IPOs.
LAGOS/DUBAI, Sept 8 (Reuters) – Sovereign fund Investment
Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote
Cement, Nigeria’s biggest company by market
capitalisation, for $300 million, a Dangote spokesman said on
Dangote Cement spokesman Carl Franklin confirmed the sale,
but provided no further details.
DUBAI, Sept 8 (Reuters) – Dubai will spend $32 billion on
expanding its second airport to handle over 200 million people
annually next decade, roughly triple the current level of
passenger traffic through the emirate, airport authorities said
The expansion could allow Dubai’s fast-growing flagship
carrier Emirates to shift its operations to the new
facility by the mid-2020s, airport officials said. That might
prompt other international airline operations in Dubai to follow
suit because of business ties to the Emirates group.
DUBAI, Sept 4 (Reuters) – A unit of Dubai Holding, the
investment vehicle of the emirate’s ruler, said on Thursday it
was in talks with lenders to raise a syndicated loan, with
banking sources adding the facility could be worth up to 4
billion dirhams ($1.1 billion).
TECOM Investments, a business park operator and one of the
key assets of Dubai Holding, is expected to use the proceeds for
its growth plans, while some of the cash would also be diverted
to the parent company, one of the sources said.
DUBAI, Sept 1 (Reuters) – Meraas Holding, a state-owned
property firm that is developing some of Dubai’s most ambitious
real estate projects, is in talks with banks to raise up to $4
billion, sources aware of the matter said on Monday.
Dubai has bounced back rapidly from a debt crisis in 2008,
when property prices fell by more than half, and state-linked
property companies have started work on several major projects
in the last two years.
DUBAI, Aug 31 (Reuters) – Emaar Properties will
launch its highly anticipated initial public offer of at least
15 percent of its shopping malls and retailing unit on Dubai’s
main stock market in September, and plans to list the shares in
The offer would be one of the largest equity sales in the
Middle East since 2008, underlining Dubai’s recovery from a
credit crisis that forced many state-linked developers to stall
projects, and some – though not Emaar – to restructure debt.
DUBAI, Aug 7 (Reuters) – Dubai mortgage lender Amlak Finance
said on Thursday that all its creditors had approved a
plan to restructure its debt, bringing to a close protracted
talks over the last major hangover from the emirate’s property
market crash of 2008.
Twenty-eight creditors had been seeking a deal with the
Islamic lender, which had its shares suspended from trade on the
Dubai Financial Market in November 2008 as the crash ravaged its
DUBAI, July 8 (Reuters) – Dubai Holding, the
investment vehicle of the emirate’s ruler, will need 25 billion
dirhams ($6.8 billion) to build an entertainment district that
will include the world’s largest shopping mall, its chief
executive said on Tuesday.
Sheikh Mohammed bin Rashid al-Maktoum announced on Saturday
plans to build the “Mall of the World”, encompassing an 8
million square foot mall connected to a theme park, 100 hotels
and serviced apartment buildings with 20,000 rooms.