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Abu Dhabi will soon set up the largest space centre in the Middle East and North Africa (MENA) that will receive, analyse and utilize data from satellites orbiting the earth. A cluster of 4 satelliteAbu Dhabi, Middle East and North Africa, MENA, Space Centre, Gulf Earth Observation Center, 4C GEOC, 4C Controls Incorporated, Hydra Trading, [...]
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Metro trains will start operations in the UAE capital city by 2016 and trams expectedly by 2014, officials said. Last week the department invited bids from international consultancies to prepare the Abu Dhabi Metro Study, one of the largest in the world. The Abu Dhabi Metro Study is a result of the Surface Transport Master Plan [...]
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DAMAC Properties, Dubai-based luxury lifestyle provider, has affirmed that the demand in the Qatar’s property market will continue to grow in medium term outlook even as other markets start to feel the impact of the global economical crises. The real estate developer believe that with current Qatari economic conditions, the government will continue to carry out [...]
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Al Habtoor Leighton Group, one of the largest contractors in the Gulf, expects growth of up to 40% in 2009 bolstered by new real estate projects in Abu Dhabi and Qatar. The contractor has signed a Dh1.1 billion contract with the Abu Dhabi government to recycle the emirate’s construction waste. Although Al Habtoor Leighton’s expectations [...]
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The Wave, Muscat took part in a 3-day Tourism Festival held recently at Sultan Qaboos University (SQU) in which Abdulla Al Shidi, Deputy CEO, The Wave, Muscat gave a presentation to students specialising in the tourism industry. Speaking about the project, Al Shidi said: “Construction at The Wave, Muscat is well underway with over 800 [...]
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Leading real estate and development experts have expressed strong confidence in the continued growth of the Abu Dhabi property sector based on stable and genuine market demand rather than speculation. More than 150 real estate and property executives and investors participated at the first Cityscape Connect business breakfast in the UAE capital to explore the [...]
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Labor cards of Dubai-based companies with over 50 employees can be cancelled electronically beginning March 1, Ministry of Labour official said. Introduction of new e-cancellation service came in the wake of applicants grouse towards ministry’s complaint system. This would expedite the cancellation in the face of rampant job cuts in Dubai real estate sector recently. [...]
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The Government of Abu Dhabi is planning to put in Dh16 billion into banks based in the capital such as Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank. “Given current global economic conditions, the government believes that this strategic initiative is an appropriate [...]
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The real estate sector in the Middle East should start to see signs of recovery in the second half of 2009, according to a leading economist. Although the industry has suffered from between 30 and 40% price falls it should grow again along with oil prices and the stock market, said Adnan al-Haddad, chief executive [...]
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Tamweel Posts Dh40m first-quarter net loss as property income slumps
by admin on June 1, 2009
in Middle East Real Estate
Dubai: Dubai Islamic mortgage provider Tamweel said on Thursday it made a Dh40.76 million net loss in the first quarter as income from properties held for sale slumped and it took provisions. Tamweel booked an impairment provision against financing and investing assets of Dh52 million in the three-month period. This was up from Dh6.3 million [...]
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