Summerfest Abu Dhabi – An upgrade of annual summer promotion

With a refreshed identity and enhanced entertainment offerings, SummerFest Abu Dhabi – an upgrade of the emirate’s annual summer promotion – has been expanded into a 52-day extravaganza spanning mid-summer, the Holy Month of Ramadan, Eid Al Fitr and the destination’s traditional EidFest celebrations. Read more

June 6th Declared Public Holiday

Thursday June 6th will be a paid official public holiday for all workers of the private sector companies and enterprises nationwide to observe the anniversary of Isra Wal Miraj, according to a circular issued by Saqr Ghobash, Minister of Labour. Read more

Aldar, Sorouh shares will continue trading upward today

Shares of Aldar Properties and Sorouh Real Estate surged in heavy trading yesterday, by 12.9% and 11.7% respectively. This is close to their daily upward limit of 15%, which is higher than in Dubai where the limit is 10%. The both property developers were for many years top performers on ADX and favorite market leaders to local investors and traders. Read more

Continuous Growth in Retail Spending Causes Ecessive Shopping Malls Construction in Abu Dhabi

As of Q1 2013, total retail space across the Abu Dhabi metropolitan area stands at approximately 1.78 million sq m, according to JJL latest real estate report.

The retail stock increased by around 11,600 sq m of GLA during Q1 2013, primarily due to the partial opening of the Al Muneera and Al Zeina retail components. Read more

Abu Dhabi Plans to Set Up a Financial Free Zone

Abu Dhabi is preparing to establish a financial free zone which will be similar to the one in Dubai. The aim of this financial zone will be to compete with the Dubai International Financial Centre, according to media sources. Read more

Abu Dhabi’s aggregate supply could reach 252,000 residential units by 2015

Approximately 2,000 residential units were delivered in Abu Dhabi during Q1, according to the latest real estate market report issued by JLL. The majority of these units were in the Al Bateen Park Development, Al Reef Community, Saadiyat Beach Residences and Nation Towers on the Abu Dhabi Corniche. These new deliveries add to the total residential stock, which is estimated to reach around 208,000 units by the end of Q1 2013. Read more

Abu Dhabi Ranks Number 10 in Global Shopping Centre Development

Global Shopping Centre Development Grows 15% in 2013

Emerging Markets Fuel Annual Pipeline Increase

Abu Dhabi has more than 0.8 million square metres of new retail space under development, placing the UAE capital amongst the leading cities globally for shopping centre development. Across the world, an unprecedented 32 million square metres (sq m) of shopping centre space is currently under construction, representing a 15% increase year-on-year (28m sq m in 2012), according to the latest research from global property advisor CBRE. Read more

Public tenders invited for the development of community Centre in Khalifa City B, Abu Dhabi

The Municipality of Abu Dhabi City is poised to invite public tenders shortly to develop a community Centre in Khalifa City B based on Buy-Operate-Transfer (BOT) model.

The centre will be funded, built and operated through putting it out to tenders for the private sector, as per preset parameters and rules through which the Municipality intends to build a large-scale network of community centers offering multiple shopping options to community members. Read more

Abu Dhabi Commercial and Residential Rents Set to Fall, Report

Abu Dhabi’s rental deflation on the commercial and residential markets is predicted to continue in the course of 2013. That was reported by a recent research prepared by CBRE Group Inc.

According to the study, the rental drop can be explained with the continuing increase in the amount of total property stock. The many cheaper housing options have also lead to a lower tenant loyalty.

Read more

Aldar to build 996 new villas in Abu Dhabi

Abu Dhabi-based, largest property developer, Aldar Properties, today revealed it has won a contract to build 996 villas. The company’s chairman said on the sideline of Cityscape Abu Dhabi, which opened in the capital earlier today. He also added that he expects to see at least 2 percent growth in the emirate’s real estate market this year. Read more

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