Dubai Creek Harbour Project Soon to Resume

Construction works on Dubai Creek Harbour, previously known as The Lagoon, will be soon restarted. The ambitious project will include seven islands, residential units and office buildings, as well as many attractions. However, the highlight of Dubai Creek Harbour is expected to be a tower with a height of over 1,000 meters.

After about three years of a standstill, the Dubai Creek Harbour is finally showing signs of life. Emaar Properties shared that it is now into the final stages of its talks with Dubai Holding for the construction of the project. Formerly referred to as The Lagoon, the development will occupy an area of around 6.5 million square meters. In addition, the urban district will be located at Ras Al Khor near Dubai Creek.

Dubai Creek Harbour is said to include seven islands consisting of shopping centres, marinas, office buildings, residential units, as well as educational, sporting, technology, healthcare, entertainment and commercial attractions.

A major part of the project is reported to be a record-breaking tower. With its height of more than 1,000 meters, the tower will not only be taller than Dubai’s Burj Khalifa, but it will also challenge Saudi Arabia’s Kingdom Tower which is currently under construction. Once completed, the Kingdom Tower will be a little taller than 1,000 meters.

The estimated cost of Dubai Creek Harbour amounts to AED64 billion or nearly $17.5 billion. In addition, the buildings in the project will be constructed around a number of green boulevards and lagoons.

The Dubai Creek Harbour project was frozen around three years ago. The reason was the global financial crisis which, at that that time, was reaching its peak. However, the developers behind the project are now keen to see it through since it will further strengthen Dubai’s reputation as a hub for culture, art, family entertainment, tourism and luxurious lifestyle.

Construction of 10 buildings in Dubai Design District already underway

Following the announcement made on Saturday by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President and Prime Minister and Ruler of Dubai, TECOM Investments, the developers of Dubai Design District, today said that it aims to complete phase one of this dedicated industry community by January 2015, with construction of 10 buildings already underway.

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GCC Construction Sector in Q1 of 2013

A new report overviewing the developments in GCC construction sector during the first quarter of 2013 was released by Kuwait’s Global Investment House. Here are the key findings:

· Contractors record profit of USD61mn, down 2.5%YoY and up 18.4%QoQ
· Backlog rises 2.0%QoQ in 1Q13
· Order receipts/new awards plummet 55.9%QoQ in 1Q13
· Gross margins improve to 11.4% in 1Q13 from 9.2% in 4Q12

Contractors record profit of USD61mn, down 2.5%YoY and up 18.4%QoQ

GCC contractors recorded profit of USD61mn, down 2.5%YoY and up 18.4%QoQ. The rise in income was driven mainly by sector heavyweights Arabtec Holding (Arabtec) and Drake & Scull International (DSI); however, Al Khodari Sons (AKS) registered a decline in profit during the quarter. The increase in net income is mainly ascribed to a rise in operating income, which surged by more than five times.

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New Midday Break for Outdoor Workers in UAE

The Ministry of Labour has announced a new regulation for firms and companies in the United Arab Emirates that bans outdoor work between 12.30 p.m. and 3.00 p.m. The midday break designed to protect construction workers will start in two weeks, on June 15. Read more

Tender for Ibn Battuta Mall expansion announced

Nakheel today announced the tender for the expansion of Ibn Battuta Mall : a new, 28,000 square metre retail hub that will bring another 150 shops to the existing Ibn Battuta complex.

Spread over two floors, with 17,000 sqm of leasable space, the Ibn Battuta expansion will be directly linked to the existing mall and within a few metres of Ibn Battuta Metro station. Read more

Dubai’s newest theme park to be ready early 2014

A brand new theme park will soon open doors in Dubai. The facility is called IMG Worlds of Adventure (IMGWOA) and it is developed by IMG Group. It is expected that Worlds of Adventure will be ready to welcome its first visitors at the beginning of 2014. Read more

Construction of new man-made island begins in Dubai

The construction works on Bluewaters Island started in Dubai this Monday. The newest man-made island will be situated approximately 500 meters opposite of the Jumeirah Beach Residence. The project includes the construction of zones for entertainment and dining, as well as five-star resorts and hotels. Read more

Dubai earthquake code updated

The civic authorities on Wednesday issued new rules asking all new projects to raise the threshold of buildings to withstand earthquake tremors up to 5.9 on the Richter scale.

A senior official at Dubai Municipality told local media that the standard was raised as part of the authority’s aim to ensure the public’s safety and the quality of buildings in the emirate, as a result of the increasing number of earthquakes recorded in Iran. Read more

Dubai Municipality to complete 10 prestigious projects

Eng. Hussain Nassir Lootah, Director General of Dubai Municipality, has said that the civic body is in great confidence to accomplish the two ambitious tourism projects, the Dubai Safari and Dubai Frame by the end of 2014.

In addition eight high-tech specialized markets across the different areas of the emirate are being developed aiming to decentralize the business activities to more spacious and comfortable places enabling the visitors of the emirate, tourists and residents meet their shopping requirements away from the traffic congestion of the city.

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2013 is year of optimism and opportunity in GCC construction sector

With 2013 forecasted to be a year of optimism and opportunity for construction in the Middle East, all eyes are back on governments in the region and how they propose to manage their spending, according to Deloitte Middle East’s newly released annual report on the sector: “GCC Powers of Construction: Meeting the challenges of delivering mega projects”. Read more

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