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Nakheel axes new projects
Chris O'Donnell, chief executive of Nakheel, has said the developer has no plans to launch any new projects, as sales are slowing down. Last month Nakheel announced plans to reduce its workforce by 15%, but has since said it is not planning on making any more redundancies. Nakheel is one of a number of Dubai developers which have cut staff, scaled back and reviewed projects as the global financial crisis hits Dubai's real estate sector.
ameinfo.com Tuesday, December 23, 2008

Aldar and Sorouh tie up with RAKBank
Aldar and Sorouh Real Estate have signed agreements with RAKBank to launch a mortgage finance service. The agreement offers up to 90% mortgage finance and a 25-year loan tenure for a large number of existing and upcoming properties in Abu Dhabi. Projects include Al Raha Beach and Yas Island by Aldar, as well as Sorouh's Shams project on Reem Island.
ameinfo.com Tuesday, December 23, 2008

Union Properties looks at alternative project funding
Union Properties is looking at issuing up to Dhs2.5bn ($681m) of convertible bonds. Union Properties plans to seek regulatory approval to issue the bonds to 'strategic investors'. Hamood Abdulla Al Yasi, general manager at Emirates International Securities, said selling bonds is a tool to get money and the strategic investor is entitled to an interest dividend of 6% or 7%.
ameinfo.com Tuesday, December 23, 2008

Property sales down in Kuwait
Kuwait saw a 43% year on year drop in property sales in November, compared to the same period last year, with the value of those sales down by 30%. However, the National Bank of Kuwait said that not including sales conducted through agents, real estate sales volumes in November were at their highest since July. In total, there were 515 transactions registered - a rise of 77% compared to October - worth just under KD137m. Sales volumes rose 44% month on month. NBK said that November's growth was led by the residential sector, where sales volume and the number of transactions rose by 101% and 117%.
ameinfo.com Tuesday, December 23, 2008


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