IQI Dubai Weekly Recap 11th – 17th Nov

Shaikh Mohammad amends Dubai property registration law

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a new law amending the law on interim property registration in Dubai.

The amendments aim to protect real estate investors and developers.

The new law specifies policies and procedures that will be applied in cases of breaches of sale contracts by the buyer.

The law specifies that in such an event, the developer must notify the Dubai Land Department (DLD). Once the notification is received, the DLD must give a 30-day notice to the purchaser.

The notice must be dated and given in writing, and delivered to the purchaser directly by registered mail, electronic mail or any other method specified by the Department.

If the developer and buyer reach an amicable settlement, it must be added to the sale contract and signed by both parties.

If the buyer fails to fulfil contractual obligations or accept an amicable settlement, the DLD may issue an official document stating that the developer has fulfilled his legal obligations, specifying the percentage of completion of the property.

Source: Gulfnews

Dubai Holding, Emaar to revive world’s longest luxury hotel chain

Bawadi, announced as the largest hospitality and leisure development in the world in 2007, is being revived in Dubai, Dubai Holding Chief Executive Officer told Emirates 24|7.

“The Bawadi project, a joint venture between Dubai Holding and Emaar, is currently in its early stages and progress will be communicated in due course,” Fadel Al Ali said.

No other details were shared.

Launched in October 2007, Wam reported the Dh60-billion signature development would be an equally-owned venture wherein Bawadi, a member of Tatweer, owned by Dubai Holding, would contribute 70 million square feet of land (worth Dh3.85 billion) in lieu of its ownership interest, whilst Emaar would contribute Dh3.85 billion in cash to the joint venture.

Source: Emirates 247

Drake & Scull losses deepen as restructuring continues

Drake & Scull International (DSI), the under-pressure Dubai-based contractor posted, deeper losses for the third quarter, which it blamed on a lack of liquidity ahead of the completion of its recapitalisation programme.

The company posted a loss of Dh318 million for the three months to the end of September, compared with a loss of Dh78m for the same period a year ago, and a Dh182.7 loss for the second quarter of 2017.

The third quarter loss came in well below the Dh119m loss prediction calculated by Bloomberg from an average of analyst forecasts.

Contract revenue declined by a third year-on-year to Dh590m, while general and administrative costs almost doubled to Dh114m.

DSI launched a recapitalisation programme earlier this year in the face of mounting accumulated losses, with Dubai-based investor Tabarak Investment becoming the company’s largest shareholder with an investment of Dh500m.

Source: The National

Sharjah project beats its own sales record

Dubai: All 115 units at an apartment block in Sharjah’s Aljada project got sold in one day, by far the best single-day performance by any developer in the emirate. This came about after developer Arada released Areej 5, the apartment block in Aljada’s Phase 1, on November 9.

All 115 units, which included studios and one-bedroom apartments, sold out on the same day, beating the 102 units sold on Aljada’s launch day.

“It’s clear that investors agree with our vision to provide a lifestyle that is second to none in Sharjah, at a price point that is realistic for all,” said Shaikh Sultan Bin Ahmad Al Qasimi, Chairman of Arada. “We look forward to breaking ground on Aljada at the beginning of next year.”

Delivered in phases starting in 2019, construction on Aljada will begin in the first quarter of 2018 and the entire project is expected to be completed by 2025.

Source : Gulf News