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business / International Real Estate

Emaar to build Khalifa City in Egypt
The Abu Dhabi Municipality has contracted Dubai-based Emaar Properties to build a residential community in New Cairo, Egypt. The city is a gift from the Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, to Egyptian youth with limited income. Fully funded by a grant from the ruler, the $100m Sheikh Khalifa bin Zayed City will be built by Emaar's Egyptian subsidiary, Emaar Misr for Development, on a 200,000 square-metre site donated by the Egyptian government.
ameinfo.com Thursday, December 18, 2008

Burooj eyes IPO in 2010
Adel Ahmed Al Zarouni, managing director of Burooj Properties, told AME Info that the company is hoping to launch an IPO in 2010. The Abu Dhabi-based company is preparing itself internally to be ready for the listing, Al Zarouni said, but the deciding factor about whether the firm will proceed with the offering will be market conditions. 'At the end of the day it is the shareholder's call,' he noted.
ameinfo.com Thursday, December 18, 2008

UAE property sector to become more 'mature'
Chairman of Damac Holdings Hussain Sajwani said that he believed that although the property sector in the UAE was undergoing a 'correction,' this would ultimately lead to a more mature market where strong companies would continue to be successful, reported The Peninsula. Sajwani also told the daily that he believes the market will recover in 2010 and that Damac will be well placed to take advantage of the turnaround.
ameinfo.com Thursday, December 18, 2008

Investors warned against 'illegal groups'
Dubai's Real Estate Regulatory Authority says unnamed 'illegal groups' are sending out misleading and baseless information about property laws. Authorities have asked investors to consult Rera before entering into any deals and stay alert. The circulation of such information is both highly misleading and deceptive to investors. This will directly cause investors to lose money if they do not thoroughly read their contracts and seek proper legal advice, Rera officials said. The officials urged the investors to consult them for official information on Dubai's property market and their investments.
ameinfo.com Thursday, December 18, 2008


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