In alignment with Dubai’s commitment to expand and diversify endowment investments, and to support the social and economic objectives of the Dubai Plan 2033, the Endowments and Minors’ Trust Foundation in Dubai (AWQAF Dubai) has announced the development of 21 endowment real estate projects valued at over AED202 million. These projects include malls, residential buildings, shops, and mosques, which are currently at various stages of design and implementation.       The endowment real estate projects encompass a range of purposes, including educational and humanitarian buildings, general charitable contributions, and mosque endowments. These projects are funded via contributions and donations from endowment backers, in addition to the reconstruction…

- Azizi Developments, a leading private developer in the UAE, has announced its partnership with Larsen & Toubro, a multinational conglomerate, for the supply of top-tier MEP isolators across various projects in Dubai.       The projects cover those in Dubai South, MBR City, Dubai Studio City, Al Furjan, Dubai Sports City, and Dubai Healthcare City, including Azizi Venice, Riviera, Azizi Vista, Azizi Central, Azizi Grand, and Creek Views III.   Larsen & Toubro (L&T) is a global powerhouse in engineering, construction, manufacturing, technology, and financial services.   Tizian H G Raab, Head of PR & Communications at Azizi Developments, said: “Partnering with Larsen & Toubro reflects our unwavering commitment to delivering…

UAE-based Ayana Holding, a network of companies renowned for its expertise in construction, architectural design, infrastructure and real estate sales, has set up a new entity, Amaal, that aims to reshape urban living in UAE.   An innovative real estate developer, Amaal said it will tap into an extensive network of global resources and expertise, transcending borders, boundaries, and benchmarks in real estate. By seamlessly blending sophisticated design with modern convenience, Amaal is set to revolutionise the real estate landscape, delivering residential masterpieces that cater to the evolving demands for an elevated living experience, said the statement from Ayana Holding. At the helm of this ambitious initiative is Abdulla Lahej, Chairman of Amaal and Founding Partner of…

UAE - Taraf, the real estate division of UAE-based investment group Yas Holding, has signed up TMF Euro Foundation as the enabling works contractor for Cello Residences, a set of premium residences located in the heart of Jumeirah Village Circle (JVC).   A key project, Cello will usher in a new era of refined living to one of Dubai’s most vibrant and well-established areas. The residences will feature distinctive architecture and serene interiors, offering a seamless integration of work, living, and leisure. From open studios to spacious one-to-three-bedroom apartments and four-bedroom penthouses, CELLO will epitomize contemporary living. Taraf's signature attention to detail and comfort will ensure each property strikes a perfect balance between functionality and ambiance,…

Sales of previously owned homes in the United States edged up in July, industry data showed on Thursday, breaking a four-month trend of declines.   Homebuyers in the world's biggest economy have been grappling with a surge in mortgage rates after the US central bank rapidly lifted the benchmark lending rate in 2022. But the popular 30-year fixed-rate mortgage ticked down slightly in late July, potentially offering some relief to buyers. Existing home sales rose 1.3 percent from June to an annual rate of 3.95 million, seasonally adjusted, said the National Association of Realtors (NAR). This was slightly above a Briefing.com consensus of 3.9 million, and an uptick from June after four straight months of falling sales. "Despite the modest gain, home sales are still sluggish,"…

UAE - Short term rentals in Dubai are reshaping the rental market with a 30% increase in demand compared to this time last year.   Industry Experts claim that the trend is revolutionising the region’s real estate scene, offering remarkable returns for savvy property owners, and attractive accommodation options to visitors. “Over the past year, we have seen short-term rentals in Dubai surge, with a 30% increase in bookings due to rising tourism and a demand for flexible living options,” explains Myles Rothwell, Managing Director at Edwards and Towers, a leading real estate brokerage and surveying practice in Dubai. Investor returns up “This has led to investor returns up to 20% higher than traditional leases. In comparison, long-term rentals offer steady…

Dubai business park operator TECOM Group has announced an investment of 340 million UAE dirhams ($93 million) to develop Grade A office spaces in Dubai Internet City with the launch of the new Innovation Hub Phase 3, which is set for completion mid-2027.       The latest announcement will take the group’s total investments to AED 2 billion, which includes the acquisition of new commercial and industrial assets as part of an AED 1.7 billion strategic plan announced in May.   The acquisition of additional land further expands TECOM Group’s managed land leasing portfolio to 179 million sq ft.

DUBAI: Arada has announced its first expansion outside its home UAE market with the launch of operations in Australia. The Dubai-based master developer has set up a new office in the Sydney suburb of Pyrmont, and is already planning multiple projects in Australia’s most populous city. Valued at AED6 billion, Arada’s extended pipeline of projects will aim to contribute towards urban renewal required to address the current housing shortage in Sydney. Adding over 2,500 homes to the Sydney housing market, sales and construction for Arada’s initial projects will begin in 2025. With significant land holdings, the sites will deliver extensive commercial and retail components, providing significant employment opportunities in the local community. Since its inception, Arada has…

"Finance World", the prominent  financial and business  magazine in the Middle East and North Africa,  ranked Andrea Nucera, the Managing Director of Reportage Properties, on the 2024 list of the top 50 leaders in the UAE real estate sector. The magazine  shed light on the leaders who reshaped the real estate sector  and set global standards for urban innovation. Andrea Nucera, who held his current position since Reportage Properties inception in 2014, is one of the prominent leaders in the local and regional real estate sector. Thanks to his extensive experience in the real estate field, Nucera led "Reportage Properties" to expand and launch many distinguished projects inside and outside the UAE. The company's  portfolio now includes 35 projects in the…

ENBD REIT has sold two Dubai residential towers as part of a turnaround strategy which it said is for growth and portfolio optimisation. The Al Ramth towers in Remraam on the outskirts of Dubai, were sold for an undisclosed sum, with proceeds deployed to reduce debt with loan to value down to 49.4% from 51%, the real estate investment trust said.   The two Remraam residential towers, Al Ramth 57 and 59, are located in Dubailand and offer a total of 105 units with a net leasable area of 112,154 square feet.   A bourse filing said the decision to divest is in line with the REIT’s turnaround strategy and proactive asset management.   The units were acquired in September 2015 and represent 4% of the REIT’s portfolio value.   ENBD REIT, managed by…

Al Habtoor Group, a pioneer in the construction and real estate industry, has announced that steady progress is being made on its premium luxury development - Al Habtoor Tower - in Dubai with more than 30% of the work already completed.       Poised to become a new icon on Dubai's skyline, Al Habtoor Tower has, within its first year, established unprecedented benchmarks in construction, utilising 100-m-deep barette foundations - a world record.   The project boasts an innovative six-day floor cycle time for construction above ground, showcasing the rapid pace and efficiency maintained despite the complex structural demands. ADVERTISING       The Habtoor Group said this landmark project was setting new standards in architectural design and…

Azizi Developments, a leading private developer in the UAE, has announced completing 41% construction of Azizi Vista in Dubai Studio City, one of Dubai’s most distinguished residential areas.     Featuring studio apartments and one- and two-bedroom residences, the development’s projected completion date is set for Q1 of 2025.   With overall finishes currently at 23%, progress on Azizi Vista is advancing rapidly. The structural work is 100% complete, blockwork at 96%, internal plaster at 74%, and HVAC and MEP at 39% and 36%, respectively. The total manpower has been increased to 447. Innovative construction technology   Farhad Azizi, CEO of Azizi Developments, said: “Through our rigorous quality control measures, strong partnerships, and…