UAE Banks To Make Dh3bn In Dubai World Provisions

The UAE banks could book up to Dh3 billion in provisions related to Dubai World's debt restructuring in the second half of this year, dampening the banking industry's performance, according to investment bank Shuaa Capital.

Sofia El Boury, a banking analyst at Shuaa Capital's Research Department, said all of the UAE banks have not come clear on their exposure to Dubai World "provisions which could range between Dh2 billion to Dh3bn in the second half considering the latest data."

Saudi Mortgage Law To Focus On Affordable Housing Shortage

Experts have raised a warning against the lack of low-cost accommodation in Saudi Arabia. According to real estate experts, this shortage in the affordable property will reflect in the agenda of the mortgage law, which Saudi Arabia is planning to implement soon.

“Most new developments are targeting the high-income segments of the population which constitute a relatively small share of existing demand,” said Rakesh Kunhiraman, who is the director at the consulting division of Oxford Business Group (OBG).

Egypt’s Amer Group Invites GCC Investors

Egypt’s leading developer and operator of luxury destination resorts, the Amer Group, has launched a special ‘Triple 10 Offer’ for GCC and Middle Eastern investors to celebrate the holy month of Ramadan. The unique offer provides customers with the opportunity to own an apartment at the Group’s flagship resorts – ‘Porto Marina’ and ‘Porto Golf Marina’ by paying only ten per cent in advance with the outstanding balance paid over ten quarterly installments. The third aspect of the offer is ten days free accommodation at the Porto World Egyptian resort of the purchaser’s choice. Real Estate prices at the resort start from US$255,000.

Porto Marina is Egypt’s premier destination resort, providing 885 luxurious homes, a 379 room 5-star standard hotel, shops, restaurants, cinema, health spa, gymnasium, marina and private beach.

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House prices on Palm Jumeirah sink to three year low

Since the start of the property crash in late 2008, prices have now fallen by nearly 70 percent in some parts of the Palm, though across the development the average drop is believed to be closer to 40 percent.

In May this year the Arabian Business Think Tank forecast that prices on the Palm Jumeirah will plummet another 20 percent in the next year. It predicted that average prices for an apartment on Nakheel's man-made island will fall to just AED1,022 per square foot by May 2011.

Meanwhile the latest data from real estate consultancy Colliers said that house prices across Dubai fell by four percent in the second quarter, according to the latest data from real estate consultancy Colliers.

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Ramadan Kareem Wishes!!!!

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Dubai Municipality To Use RERA Index

Dubai Municipality has come up with a new set of rules for the house owners of Dubai. The owners will now have to pay 5% Dubai Municipality (DM) housing fee, even if the property is vacant, provided there is a DEWA connection.

The Dubai Municipality has also mentioned that it is not ready to withstand any kind of cheating the residents are showcasing by listing rents which are very much below the prevailing market rates for the specific region. According to municipality, it will be forced to use RERA, the Real Estate Regulatory Agency, rent index if any kind of malpractice is witnessed.

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Pier Walk Sold Off By Quintain Estates

Quintain Estates and Development, a British property investor, has sold off Pier Walk which is situated at Greenwich Peninsula to the Germany-based DekaBank. The property is situated in a location which is close to Canary Wharf of London. DekaBank is the leading open-ended fund manager of Germany.

A whopping £97.1 million ($154.4m; Dh567m) was paid in cash by Deka Immobilien GmbH in exchange for the property, which is almost 6% up from the face value of the property that had been evaluated during March 2010. The investment yield will stand at 5.9%.

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Jumeirah To Manage Egyptian Luxury Resort

Dubai-based luxury hospitality firm, Jumeriah Group, has disclosed on Monday, 02.08.2010, that it will be overseeing a new deluxe resort located in Egypt. The luxury hospitality organization has mentioned that a deal has been struck with Egypt’s leading development company, Palm Hills Development for the management of Jumeirah Gamsha Bay Resort. The Jumeriah Resort is situated in the Palm Gamsha resort constructed by PHD on Red Sea, Egypt.

Jumeriah will be managing 250-room multi-purpose hotel of Palm Gamsha. It is a comprehensive community and has 20 artificial islands designed as a sea horse. The resort is situated to the north west of Hurghada airport at a distance of 47 km.

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