TECOM Group shareholders approve $54.49mln cash dividend for H2 2022
TECOM Group has approved the Group’s financial statements for the year ended 31st December 2022. The Board of Directors approved to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million. The announcement came during the Annual General […]
Deyaar launches seafront residential tower Mar Casa
Deyaar Development has launched its seafront project Mar Casa with a total value of AED1.1 billion. A residential destination at Dubai Maritime City where heritage meets modernity, Mar Casa is connected to the old city, the financial centre of Dubai and the Jumeirah area. Mar Casa presents an iconic architecture that seamlessly blends […]
Dubai’s Union Properties returned to profit in 2022 but faces dissolution vote
Dubai-based Union Properties (UPP) returned to a profit of AED 30 million ($8.2 million) in 2022. However, the developer will present a recovery plan to the UAE’s stock market regulator as accumulated losses reached 67.73% of capital ratio. The company revealed a full year profit after a loss of AED 966.7 million in 2021. Revenue […]
Over 70% units of St Regis residential tower in Dubai sold out
UAE brokerage Driven Properties has announced that it has received an overwhelming response from investors for its 232-unit residential tower – St Regis Residences, Financial Center Road, Dubai – with 70% of all the units sold out within the first hour of its launch, netting over AED1 billion ($272.2 million) in sales. The event was […]
Dubai property market may break more records in 2023
Many people were of the view that the rising interest rate is a threat to Dubai real estate. There were no major effects noticed in this regard in 2022. There comes a stagnant period after a continuous streak of highs, where the growth stops, and things start to go downwards. This is something the Dubai […]
DWTC’s One Central to use AI platform to drive energy management
Property operations software platform Facilio has announced an agreement with Dubai World Trade Centre’s One Central, a grade-A commercial development, to optimise energy consumption and reduce carbon emissions using a software-led approach. One Central will see the deployment of Facilio’s IoT-led connected buildings solution, which uses AI and machine learning to analyse and benchmark building […]
4-bedroom luxury penthouse at Dubai’s Palm Jumeirah leased in one of most expensive deals ever
Luxury properties in Dubai are in high demand, a fact made evident with the latest leased deal for a residential property at Palm Jumeirah. A four-bedroom penthouse at the iconic man-made island secured a whopping Dh1.7 million rental deal for a year, as the tenant does not want to miss out on the Omniyat […]
Dubai’s Deyaar FY 2022 profit more than doubles to $39mln
Dubai property developer Deyaar on Wednesday reported a surge in full-year 2022 profit on the back of strong revenues. Profit for the year-ended December 31, 2022, reached 144.24 million UAE dirhams ($39.27 million), up by more than 183% from the same period in 2021. Total revenue for the full year rose 61% to 803.4 million […]
Arada completes over 1,600 new homes in East Village in Sharjah
Arada has announced the completion of the first homes in East Village, the third residential phase in its AED24 billion Sharjah megaproject Aljada. In total, 1,621 apartments have been finished across 14 buildings. Featuring 2,000 units in total, East Village is targeted at the younger generation and consists of 16 apartment blocks that […]
Ellington Properties, DMCC to launch $327mln residential project in Dubai
Dubai-based boutique developerEllington Properties and Dubai Multi Commodities Centre (DMCC) have joined hands to develop 1.2 billion UAE dirhams ($326.70 million) Upper House, a new residential development in Jumeirah Lakes Towers (JLT). Ellington’s first residential project in JLT, which will house 377 units, is slated for completion by early 2026, the developer said in a […]