Australian Construction Giant CIMIC Writes Off Disastrous Arabian Adventure, After Being Bludgeoned over Opaque Debts

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Shares plunged 20% on the spot, and are down 44% in nine months. By Nick Corbishley, for WOLF STREET: The shares of CIMIC, Australia’s largest construction company, plunged 20% on Thursday to a four-year low, wiping AU$2.2 billion (US$1.5 billion) off its market value, following news that the company was abandoning its Middle Eastern operations with the[…]

Dubai sees ‘first signs of growing confidence’ in property market

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Chestertons delivers upbeat analysis on 2020 real estate prospects in Dubai amid slowing price declines and stabilising rental rates Dubai’s real estate market could be seeing the first signs of growing market confidence, according to new research. Chestertons said this is a result of a notable slowdown in apartment sales price declines and the stabilisation[…]

Dubai state fund chief to chair developer Nakheel

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DUBAI, Jan 21 – The chief executive of Dubai’s state fund, Mohammed al-Shaibani, has been appointed chairman of Nakheel, the state property developer said on Tuesday, replacing Ali Rashid Lootah, who oversaw the firm during a debt restructuring a decade ago. Lootah joined Nakheel as chairman in 2010 after the company was pushed close to[…]

Dubai Tourism Authority issues new guidelines for Holiday Homes sector.

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UAE: The Dubai Department of Tourism and Commerce Marketing has unveiled an expansion to its 2013 guidelines on holiday homes. The original ruling, Decree 41, will be expanded to include definitions of what a holiday home is, the licensing requirements, and most importantly, the rights of homeowners. Its goal is to continue diversification within the[…]

Expo 2020 to kickstart Dubai property market recovery, says developer

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UAE-based upscale developer Seven Tides says stimulus of the mega-event will positively impact the overall property market in the emirate UAE-based upscale developer Seven Tides has indicated Dubai’s property market will start to recover in 2020, driven by Expo 2020, new government initiatives, favourable payment plans and growing flexibility from financial institutions. The company said[…]

Emirates News Agency – New guidelines for holiday homes in Dubai

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DUBAI, 23rd January, 2020 (WAM) — Dubai’s Department of Tourism and Commerce Marketing, Dubai Tourism, announced an administrative order clarifying the law of Decree No. 41, introduced in 2013 to govern holiday home activities in Dubai, to outline regulations for operators, homeowners and authorised tenants, who wish to obtain a holiday home licence. It has[…]

Dubai Tourism releases new guidelines for holiday homes sector

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Loading Share Content… Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) has announced an administrative order clarifying the law of Decree No. 41, introduced in 2013 to govern holiday home activity in Dubai. The order outlines regulations for operators, homeowners and authorised tenants, who wish to obtain a holiday home license, and has been[…]