DUBAI - Emaar Development shareholders approved the Board of Directors’ proposal to distribute a dividend of AED2.7 billion (US$740 million), representing 68 percent of the share capital. The announcement came during the Emaar Annual General Meeting, where the Board of Directors reviewed the company’s financial performance for 2024 and discussed its future growth strategy. The Board’s report on the company’s activities and financial position, as well as the Auditor’s report, were also approved. Emaar Development reported property sales of AED65.4 billion ($17.8 billion) in 2024, reflecting a 75 percent increase compared to the previous year. Total revenue for the year amounted to AED19.1 billion ($5.2 billion), up 61 percent from 2023, while net profit…

UAE-based Azizi Developments has announced that 80% of the released units at Azizi Ruby, its newly launched residential tower in Jumeirah Village Circle (JVC), have now been sold. The project offers studio, one-, two-, and three-bedroom homes that cultivate a family-friendly atmosphere, complemented by amenities such as a clubhouse, cinema, swimming pools, a fully equipped gym, and children’s play areas. Of the 20 nationalities that have acquired units, Emiratis account for the the largest demographic share at 9%. Investors from Western and European countries — such as the United Kingdom, US, Italy, and Portugal — comprise 29%, while those from South Asian nations, notably India and Pakistan, make up 27%. Buyers from the GCC and Mena region, including the Kingdom of…

The Abu Dhabi Housing Authority (ADHA) and Abu Dhabi Real Estate Centre have begun handing over 306 villas to Emirati beneficiaries of the Al Saad residential project in Al Ain following the completion of the allocation process. The project features five-bedroom villas spanning 505 square metres, built on plots of 2,025 square metres each. It includes integrated community and service facilities, comprising three commercial complexes with 18 stores, three mosques with a total capacity of 2,260 worshippers, 34 parks, and a community centre (majlis). The AED993.7 million project includes 306 residential units, spread over 1.23 million square metres.

The Abu Dhabi Housing Authority (ADHA) and Abu Dhabi Real Estate Centre have begun the handover of 306 villas to Emirati beneficiaries of the Al Saad residential project in Al Ain following the completion of the allocation process. It includes integrated community and service facilities, comprising three commercial complexes with 18 stores, three mosques with a total capacity of 2,260 worshippers in addition to 34 parks and a community centre (majlis). The project features five-bedroom villas spanning 505 sq m, built on plots of 2,025 sq m each. Early last month ADHA had stated that it had distributed housing benefits worth over AED63 billion in the emirate over the past five years.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate…

Saudi Arabia has launched a one-month domestic poll about a new off-plan real estate law which is intended to protect dealers and prevent any malpractices. The Real Estate General Authority (REGA) is conducting the poll on its 'Istitlaa' website within the public and private sectors to seek their opinion before it is enforced. REGA said the poll, which started on 9 March and ends on 8 April is designed to get remarks and ideas about the new rules ahead of enforcement. “This poll will enable the public as well as government agencies and the private sector to express their views and observations on it before its approval,” REGA said. It said that the “draft guide” about off-plan property sales includes 55 “procedural” documents aimed at regulating the…

Dubai Land Department (DLD) launched the pilot phase of the ‘Real Estate Tokenisation Project.’ This initiative, introduced under the Real Estate Innovation Initiative ‘REES,’ establishes DLD as the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate. DLD anticipates that this groundbreaking initiative will drive significant growth in the real estate tokenisation sector, with its market value projected to reach AED 60 billion by 2033, representing 7% of Dubai’s total real estate transactions. As part of this initiative, DLD organised…

Construction costs in the UAE have risen sharply, now ranging between 250 UAE dirhams and AED 300 ($68.07-81.68) per square foot compared to AED 50 to 80 per square foot a decade ago, Ali Jaber, Chief Executive Officer of G J Properties, told Zawya Projects. However, construction costs in Ajman remain significantly lower than in Dubai due to lower labour costs, cheaper raw materials, reduced land prices, and lower permit fees, he said. Additionally, Ajman benefits from its proximity to the northern UAE, where raw materials are sourced, further reducing logistics expenses. “Cost-effectiveness makes Ajman a highly attractive market for developers and investors,” he stated. Interview excerpts: What market factors compelled you to earmark 4 billion UAE dirhams ($1.1 billion)…

The Department of Municipalities and Transport (DMT) has announced the launch of a new Value Housing Programme to bolster versatility in the emirate’s real estate market. The initiative, which will be rolled out in strategic phases, aims to improve the living standards for individuals and families alike, strengthening social integration and foster community bonds– which form key elements underpinning the Year of Community. By ensuring the housing units are both affordable and of exceptional quality, the programme underscores a commitment to cultivating dynamic and inclusive communities. As part of this effort, DMT signed a Memorandum of Understanding (MoU) with Sdeira Group (formerly KEZAD Communities) to develop a range of residential units and commercial assets. The Group…

The real estate sector in Sharjah is undergoing a major transformation with the launch of the Ajmal Makan City – Sharjah Waterfront project in Al Hamriyah, a coastal development valued at AED25 billion (US$6.8 billion). The project spans over 60 million square feet and features a mix of residential, commercial, and tourism facilities. Sultan Al Shakrah, CEO of Ajmal Makan Real Estate Development, provided an update on the project, highlighting that it will accommodate more than 60,000 residents across eight islands, integrating modern urban living with sustainable and eco-friendly practices. He stated that as construction progresses, Ajmal Makan City will contribute significantly to the expansion of Sharjah’s real estate sector and will continue to create thousands of jobs…

SOL Properties, a leading real estate developer in the UAE, has launched its latest flagship project, ‘SOL Levante’, an exquisite Gross Development Value (GDV) of AED 1 billion mixed-use development located in the thriving community of Jumeirah Village Triangle (JVT), with panoramic views of the Dubai Marina skyline & Bluewater Islands. A real estate development arm of the Bhatia Group, SOL said the project has been designed to set a new standard for modern living. SOL Levante will combine innovative design, top-class amenities, and seamless connectivity to create a vibrant and inspiring environment for both residents and businesses. It will feature 612 residential units, which include studios, one-bedroom, one-bedroom with study, and two-bedroom with study apartments,…

Global Partners Limited, a DFSA-regulated institutional fund manager specializing in alternative investments, has signed up Dubai Contracting Company (DCC) for its premium project - Eden House The Park, featuring one- to four-bedroom apartments and penthouses set within a vibrant, walkable environment along the Dubai Water Canal. Designed to inspire connection and a balanced lifestyle, Eden House The Park features lush green spaces, top-tier wellness facilities, and a refined, contemporary living experience, said the statement from Global Partners Limited. This is its second project under Global Partners Property Fund I (GPPFI). With enabling works now completed at the project site, DCC will lead the delivery of construction on Eden House The Park, which is expected to be delivered in…

Meraas, a member of Dubai Holding Real Estate (DHRE), has announced the launch of the final phase of The Acres, its exclusive standalone villa community, centrally located in Dubailand. Featuring 106 villas and 102 mansions, the final phase offers a blend of well-being, nature and elevated lifestyle amenities with a mix of three-, four- and five-bedroom villas, alongside The Acres Estates, featuring the exquisite Amber and Ivory Collections with five-, six- and seven-bedroom mansions. Each residence embodies a distinct architectural style while upholding the highest standards of luxury, sustainability, and refined living, said the developer. According to Meraas, The Acres is designed with sustainability weaved into every aspect of its architecture and the community is committed to an…