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Marina Square Units to be handed over post Ramadan
The master developer of Abu Dhabi's Reem Island, Tamouh Investments has said it will start handing over its Abu Dhabi-based Marina Square project to end buyers after the Holy month of Ramadan. "The first phase of Marina Square is getting prepped up for handover to end-users, with over 3,440 residential units set to be added to Abu Dhabi's inventory. The final stage of approvals on services such as water, electricity and other utilities is expected to come through in the next few weeks," Joe Ong, managing director of Tamouh said. Spread over an area of 66 acres, the mixed-use development incorporates residential, commercial and retail components over a built-up space of more than 827,000 sq m.
| Dubai office rents fall 17% in Q2
According to a report by CB Richard Ellis, office rents in Dubai had dropped by as much as 17% in the second quarter, as new supply put pressure on landlords, Bloomberg has reported. Office supply is increasing by about 5% per quarter in Dubai, mainly in areas including Port Saeed, Al Mamzar, Airport Road and Diyafa Street, according to CBRE. About 240,000 square metres of commercial space became available in areas such as Al Barsha, Tecom C and Jumeirah Lakes Towers, Matthew Green, head of UAE research at CBRE, said in the report. Rates at the Dubai International Financial Centre dropped by 7.5% to Dhs3,982 ($1,084) a square meter when offered by DIFC authority and Dhs2,690 to Dhs3,014 when offered by private developers, the report said.
| Dubai's DSI wins four new contracts
Dubai-based Drake & Scull International said it has won four new contracts in Kuwait, Qatar and Oman. The company said the four new projects had a combined value of Dhs80m ($21.8m), but did not break down the value of individual awards. The projects are the Immigration General Directorate Building in Farwaniya, Kuwait; the Arabilla Tourist and Entertainment Complex in Salmiya, Kuwait, a commercial development in Oman; and the Emergency and Safety College in Qatar. The awards bring the total value of projects awarded to DSI from the beginning of the year to Dhs2.5bn compared to Dhs1.5bn for the same period last year, the company said in a statement.
| Sodic bids for land in Cairo suburb
Egyptian real estate firm Sodic has said it had bid for 426 acres in the Cairo suburb of Sheikh Zayed City, Reuters has reported. "We are planning to develop this land as an extension to Allegria," CEO Maher Maksoud told the news service. The one-month auction for the land, one of Egypt's largest since 2007, began in late June. Sodic plans to deliver about 300 homes in the upscale Allegria project by the end of 2010 and 600 homes in 2011.
| Sorouh posts 79% drop in Q2 profit
Sorouh Real Estate, Abu Dhabi's second-biggest property developer by market value, has reported a 79% decline in second-quarter profit. Net income attributable to owners of the parent dropped to Dhs30.8m ($8.4m) from Dhs148.3m a year earlier, the company said in a statement to the Abu Dhabi bourse.
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