Newsletter December 2013
$38m Dubai tower ready for handover
Dubai-based Tiger properties have announced the completion of its Dh140 million ($38.1 million) Dana Tower, a residential project, built on a total area of 250,000 sq ft at Jumeirah Village Circle. “Dana Tower” comprises a three- storey underground, G + 20 storey offering 160 residential units ranging from studio and one, two bedrooms, in addition to 10 commercial shops available for leasing. The project also includes facilities to service the residents such as a swimming pool, health and a sport club, said a statement from Tiger properties.
The developer will start handing over the keys of the new units to the buyers in the next few days.
In addition the community is close by the most vital centers in Dubai and located in strategic location to be on the top of the list of investors and tenants.
“Dubai’s real estate market witnesses strong demand and it has seen a dramatic upturn since the start of 2013, helped by the return of investor confidence in Dubai and fueled by strong demand and a stable economic environment,†Taha Al Zoubi, the CEO of Tiger Properties, noted.
The company plans to launch similar projects in Dubai, Sharjah and Ajman during the next year focusing mostly on residential projects as there is a growing demand for such projects from buyers and investors.
Saudi Arabia:
Jeddah Economic Company (JEC) awards $44m Saudi tower contract
Jeddah Economic Company (JEC), chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has signed up top British company EC Harris Mace to provide project management services for its Kingdom Tower project, which on completion will become the world’s tallest tower standing tall at over 1000m.
The SR162 million ($44.1 million) contract includes the management of all aspects of the project’s delivery with specific emphasis on the management of program and cost.
Commenting on the progress, JEC board member Talal Al Maiman said about 80 per cent of the piling works at the Kingdom Tower site had been completed by Saudi Bauer Company and it would be fully over by year end.
The skyscraper is being developed by Saudi Bin Laden Company in Jeddah at a cost of around SR4.6 billion ($1.2 billion). Speaking at the board meeting, Prince Alwaleed said: “This contract further confirms that the Jeddah project continues on its strategic path.â€
Saudi expat dependents now permitted to teach in International Schools
After a confusing several months, a Saudi Ministry of Labour source has stated that female dependents of expat relatives will be given yearly work permits allowing them to teach in International Schools. The move seems to be a tentative first step toward full legalization of the status of women dependents wishing to teach in the Kingdom’s popular private education facilities. A license or certification will be required, and work permit forms are already being submitted by a number of International Schools.
Female staff members are normally sponsored by their spouses or parents, and many teachers left their positions or stayed away from school during the recent inspection campaign. The work permits will be an alternative to transferring their sponsorships to the schools and losing the many advantages of parental and spousal sponsorship including travel tickets and medical insurance.
The plan has been introduced to discourage expat female teachers from deserting their posts and bringing the lucrative International School system to its knees. It will also help the Ministry of Labour in determining the exact number of expat teachers employed, thus eliminating work irregularities.
Many Riyadh female expat teachers have expressed relief at the introduction of the work permit scheme, saying it gives security without having to lose the benefit of male family sponsorship. The permits will contain the holder’s name, their sponsor’s residency number, the school’s name, and the scope of work undertaken and the duration of authorization, at present one year at a time.
Bahrain:
Bahrain to resume air route to Iran
Flights resume after a two-year break due to deteriorating relations
Manama: Bahrain’s flagship carrier Gulf Air says it will resume routes to Iran more than two years after suspending flights over claims that Tehran’s leaders supported the 2011 disturbance in the kingdom.
Next month’s restoration of air service is a rare thaw in relations. Air links with Iran were cut after the beginning of the protests in February 2011 by Bahrain’s opposition seeking a greater political voice in the nation. Iran has lauded the ongoing demonstrations, but denies giving any direct assistance.
The independent newspaper Al Wasat reported that flights will resume December 15 to the eastern Iranian city of Mashhad, which has an important Shiite shrine. Gulf Air confirmed the report.
Bahrain is home to the US Navy’s 5th Fleet.
Egypt:
CAIRO FESTIVAL CITY MALL has just opened its’ doors to the customers on Wednesday, November 27th, 2013.
At the heart of Cairo Festival City the Cairo Festival City Mall, a super-regional shopping mall with 160,000 sq. m gross leasable area(GLA)has finally opened its doors, it features over 300 shops and services and 95 restaurants and cafes anchored by a 10,755 sq. hypermarket (Carrefour) and furniture flagship store IKEA with 32,047 sq. m of GLA, two department stores (Marks & Spencer and Debenhams), and a 16-screen Cineplex, all servedby over 6,500 parking spaces.
Other Countries:
India
Cyprus
