business / International Real Estate
NBAD, Randall Evans set up $500m fundThe National Bank of Abu Dhabi plans to set up a joint venture fund with a target size of $500m with London-based Evans Randall to offer mezzanine investments in European
real estate, reported Reuters. The joint venture will focus on the British and German markets and seek to capitalise on the growing gap in the capital structure of property investments between senior debt and common equity, NBAD said in a statement.
ameinfo.com Wednesday, December 17, 2008Damac hands over Terra Del Sol projectDubai-based Damac Properties has announced that it has commenced the handover process at Terra Del Sol, the company's project at Discovery Gardens. Two buildings comprising of 99 units each, Terra Del Sol one and two are part of the Discovery Gardens project that is spread across a 26 million square foot plot. Discovery Gardens consists of six themed communities inspired by garden living, and includes Zen, Mediterranean, Contemporary, Mogul, Mesoamerican and Cactus courtyard gardens. Terra Del Sol is part of the Mediterranean community.
ameinfo.com Wednesday, December 17, 2008Saudi firm wins Jeddah Towers contractLocal contractor Saudi Freyssinet has been awarded a $200m contract for the Headquarters Business Park in Jeddah, MEED has reported. The contractor had received a letter of intent from the client, Aldar al-Khasa, in June. The contract covers the engineering, procurement and construction of two towers.
ameinfo.com Wednesday, December 17, 2008Ezdan gets $89m Islamic loanQatar's largest property developer, Ezdan
real estate, has received an $89 loan to fund construction works, Bloomberg has reported. Ezdan Trading and Contracting obtained the Islamic loan from Al Yussor, a unit of International Bank of Qatar.
ameinfo.com Wednesday, December 17, 2008Construction firm to cut up to 1,000 jobsAl Shafar General Contracting plans to trim up to 1,000 jobs following project delays and suspensions, Arabian Business has reported. CEO Bishoy Azmy said the company was forced to cut staff as clients struggled to make payments and monthly income dried up. Several projects under negotiation had been suspended as developers review their ongoing and future assignments amid the economic crisis. Staff on probation will be among the first to leave, along with underperforming employees, Azmy noted.
ameinfo.com Wednesday, December 17, 2008British Tourism to Lanzarote Up 6%Give up holidays abroad? Not likely. That seems to be the message conveyed by many British consumers. As Spanish airport operators AENA have just released new figures revealing that British tourist numbers to Lanzarote have actually increased this year. With a total of 708,506 visitors from the UK arriving on flights to the island during the first ten months of 2008. News that makes happy reading for owners of apartments and holiday villas in Lanzarote.
homesgofast.com Wednesday, December 17, 2008US Fed Cuts Interest Rates to Record Low17/12/08-The United States Federal Reserve Bank cut interest rates to between 0 and .25 percent, a record low. The previous rate was 1.0 percent, and the bank indicated that it was willing to keep rates low for an extended
period of time to battle the ongoing recession.
homesgofast.com Wednesday, December 17, 2008New Zealand Tourism to Take a Hit in 2009With the worldwide economic crisis hitting everywhere, the Bank of New Zealand is predicting that the country will lose 32,000 jobs in the tourism sector alone in 2009. The finance sector has already lost 4,600 jobs and the tourism industry has lost over 10,000 this year so far. Additionally,
real estate agents have taken a large hit, and expect to see more losses in the coming year.
homesgofast.com Wednesday, December 17, 2008Lille is Experiences a RenewalThe northern French city of Lille is using a creative public initiative to help reinvigorate previously downcast neighborhoods. The initiative is called Maisons de Mode, and it is helping the countrys fourth largest metro area to bring new life to older areas of the city with fashion and clothing designers.
homesgofast.com Wednesday, December 17, 2008Interest Rates and Euro Exchange RatesWith press speculation that Sterling Euro exchange rates might reach parity (£1 = 1), what is
driving sterling down against the single currency at the moment?
One of the main drivers is interest rates. The Bank of England have cut rates from 5.75% last December, to 2% now. This means that international investors (pension funds,
hedge funds and other investments) get a lower rate of return on sterling-denominated assets, so they move their money elsewhere.
homesgofast.com Wednesday, December 17, 2008 1 2
Archived international real estate news stories.
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