Dubai Launches Sky Lounge at Burj Dubai
December 31, 2008 by Ray Lester · 1 Comment
The Address Hotels and Resorts have announced the opening of The Address at Downtown Burj Dubai. The much talked about flagship development is touted as the latest in international luxury hospitality. The highest lounge, located in Dubai City, has been dubbed Neos. The name was created from the Greek word “neo, which means “new,” and “eos,” which means “dawn.”
Reef Real Estate Signs Deal with RYDGES
December 24, 2008 by dhugger · Leave a Comment
Reef Real Estate Investment has signed a operator’s contract with RYDGES Hotels & Resorts to oversee two impending projects, AL WADI Hotel & Residence at MizinMizin and Crystal Tower at Business Bay. Read more
Investments Can Plague the Well-Informed
December 16, 2008 by Marko Eisenhower · 5 Comments
There are many people complaining about the current state of the economy and who have suffered great losses in the various markets. There are also some who are suffering from embarrassment, because they feel they should have known better.
Atlantis Resort Opens with a Bang
December 9, 2008 by Marko Eisenhower · 5 Comments
Last month Dubai was the place to be for over-the-top celebrations and fanfare. The $1.5 billion Atlantis resort opened with an all out celebration that reportedly cost $20 million. In attendance were celebrities such as Robert DeNiro, Charlize Theron, Michael Jordan, and Lindsay Lohan. Reports have stated that the fireworks were so enormous that they could be seen from outer space.
Morgan Stanley Cuts Jobs in Dubai
December 4, 2008 by Ray Lester · 5 Comments
Parts of the Middle East were able to hold off the credit crisis longer than most, although it seems that the region is realizing the impact of the economic downturn. Morgan Stanley, the U.S.-based banking conglomerate, has announced that it will lay off approximately 10% of its office staff in Dubai. The total number of positions being cut is in the range of 10-15 people. There have been no reports on which employees or departments are being downsized.
Nakheel Cuts Workforce by 15%
December 1, 2008 by Kate Fox · 5 Comments
Nakheel, the development company owned by the government of Dubai, has announced that it has cut 15% of its workforce, which equals 500 jobs. Analysts say that the announcement proves that the real estate market in the Gulf region has suffered from the global financial crisis after avoiding it for so long.
Trump Keeps Eye on the Prize
December 1, 2008 by Ray Lester · 2 Comments
Dubai has become the center of real estate for the Middle East as well as the rest of the world. At the Worldwide Property Show, agents were on hand to show off Donald Trump’s newest venture in real estate - The Trump Ocean Club in Panama City.
Dubai Prices Continue to Drop
November 19, 2008 by Marko Eisenhower · Leave a Comment
Although the government of Dubai issued declarations to streamline, and therefore benefit, its real estate market, the prices in key areas continue to fall by as much as 20 - 25 percent. Regions most affected by the decreased prices include Business Bay and Palm Jumeirah.
Dubai Launches Property Registration Website
November 19, 2008 by Amy Howells · 1 Comment
The Dubai Government recently announced the launch of a new property registration website called Oqood. Experts are claiming that the site will allow for a “higher level of transparency” and will assist in creating a virtual Property Price Index (PPI).
Dubai Introduces New Rules on Lending
November 13, 2008 by Amy Howells · 5 Comments
The Dubai Land Department announced on Wednesday that real estate buyers who breach contracts or default on payments will be required to forego 30 percent of the property’s sale price to the developer. The developer will have the option to withhold payment until the property can be resold. Additionally, developers may keep 30 percent of any payment made over and above the initial 30 percent installment. Read more
