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IQI Dubai Weekly Recap 10th – 16th Feb 2018

Dubai Land Department appoints Century 21 to promote real estate in US

Dubai Land Department (DLD) has signed a partnership agreement with Aqari Global Ltd ‘Century 21’ United Arab Emirates to promote real estate in the US.

His Excellency Sultan Butti bin Mejren, Director General of DLD, commented on the partnership: “We pay close attention to the US market, especially as US investors are among the top foreign nationalities to invest in Dubai’s real estate market each year. The US is full of investors looking for exceptional investment destinations around the world, and Dubai is certainly capable of answering this demand with the city’s diverse investment opportunities.”

Her Excellency Majida Ali Rashid, Assistant Director General and Head of the Real Estate Investment Management and Promotion Center, the investment arm of DLD, added: “Over the past three years, US investors have made 2,298 investment transactions worth over AED4bn. US investors managed to achieve a leading position among the top ten foreign national investors during the same period, ranging from seven to nine in terms of value and number of investments.”

Aqari Global Ltd ‘Century 21’ will help attract investments and introduce investors to the services provided by DLD globally. The company will also support DLD by participating in exhibitions and overseas real estate promotions organised by DLD in the US.

Shadi Bteddini, CEO of Aqari Global Ltd ‘Century 21’, said: “As DLD’s real estate promotion trustee in the US, we will raise awareness of the real estate opportunities available in Dubai among US investors, comply with regulations and legislation, provide assistance in English, and host orientation sessions. Our approach is to create a platform where US investors feel encouraged, safe and protected”.

Source : Arabian Business

DAMAC Properties deliveries surpass 20,000 unit milestone

DAMAC Properties Dubai Co. announced the financial results for 2017 year end, reporting a total revenue of Dh 7.5 billion, a 4 per cent increase over last year and net profit of Dh2.8 billion.

DAMAC also announced that it has delivered 20,236 units as of 31 December 2017, marking a milestone for the company and the industry as a whole.

Gross Profit for the year is at Dh3.6 billion, 9 per cent lower than last year as gross margins declined to 48.8 per cent versus 55.9 per cent last year. Margin decline was mainly due to international project deliveries during the year, UAE projects margin remains healthy at 52.1 per cent.

As of 31 December 2017, DAMAC’s booked sales stood at Dh7.5 billion versus Dh7 billion in 2016. The company has completed 2,304 units during the year bringing a total of 20,236 unit deliveries to date.

Total cash and bank balances stood at Dh7.5 billion. Gross debt stood at Dh4.8 billion as at 31 December 2017. This represents a debt to equity ratio of 0.34 versus 0.30 as at 31 December 2016. Earnings per share stood at Dh0.46 for 2017. The board proposed a dividend of Dh1.5 bn (Dh0.25/share) for 2017 year end, which will be paid upon approval by the relevant authorities and the shareholders during the general assembly.

DAMAC expanded its villa offering at AKOYA Oxygen, its second master community in Dubai land, introducing new villa types designed for buyers seeking value in an integrated golf community. It’s partnership with the Roberto Cavalli Group in 2017 led to the launch of the highly-successful ‘Just Cavalli’ villas, featuring the designer’s distinctive signature style.

DAMAC’s residential leasing at DAMAC Hills comprised of 328 units, and is 97 percent leased out as at 31 December 2017. DAMAC also commenced operations of its 305-key DAMAC Maison Royale The Distinction, in Downtown Dubai, bringing the number of hotels in operation to six.

Construction continues on over 6,500 villas, apartments at AKOYA Oxygen, while its golf course, and community infrastructure is shaping up. The community’s amenities, including wellbeing facilities, retail outlets, as well as hospitality, food and beverage elements, are in various stages of planning and progress.

Source: Khaleejtimes

Azizi to launch key phases of $3.2bln Dubai project

Azizi Developments, a leading private real estate developer in the UAE, has announced that construction of the Phases Three and Four of its Dh12-billion ($3.26 billion) canal development, Azizi Riviera, located in Meydan One, is scheduled to begin later this month.

The project will boast 69 mid-rise residential buildings comprising studio, one-, two- and three-bedroom apartments, a mega integrated retail district and two hotels.

Azizi Developments said the construction of Phases One and Two began in July last year and is on track for completion early next year.

The Emirati developer said the plan was to work round-the-clock on the third and fourth phases to complete the waterfront community within the third quarter of 2019. Once completed, all the four phases will comprise a total of 16,000 apartments.

Mirwais Azizi, the chairman of Azizi Group, said: “The project’s accelerating progress represents the vision of the company to transform the cityscape of Dubai through rapid development.”

Source: Zawya Reuters

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