Tameer set to deliver UAQ project
Monday, July 27, 2009
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Tameer, speaking about its project Al Salam City in Umm al Quwain (UAQ), said that it could be worked out in the future, although it is currently on hold.
Several investors in the project were refunded 100 percent of their money.
The President of Tameer, Federico Tauber, confirmed that so far more than seventy percent of investors have been refunded, and the refunding process to all investors will be complete by end of September.
Tauber said that the project would surely be considered in future. There is a significant investment, but it is not the company's priority now. For now, Al Salam City aims to satisfy its customers and refund them, as the company now aims to deliver the projects in hand at present.
The Al Salam City project was being developed by Tatweer, together with Umm al Quwain government. With a long overdue shift in management, the company now aims to handover its remaining eight projects, with a total value of Dh.20bn, under the guidance of Tauber.
Tauber says that it is a major milestone in Tameer's history, as it is the first major project to be delivered. Tameer announced the delivery of its Dh.500mn Palace Towers in Dubai Silicon Oasis, a 25-storey commercial tower, with 150 offices and another 22 storey residential tower with 424 apartments.
The company's project in Al Majid City and Jordan will be handed over next month, while the tower in Business Bay will be ready by December.
Several investors in the project were refunded 100 percent of their money.
The President of Tameer, Federico Tauber, confirmed that so far more than seventy percent of investors have been refunded, and the refunding process to all investors will be complete by end of September.
Tauber said that the project would surely be considered in future. There is a significant investment, but it is not the company's priority now. For now, Al Salam City aims to satisfy its customers and refund them, as the company now aims to deliver the projects in hand at present.
The Al Salam City project was being developed by Tatweer, together with Umm al Quwain government. With a long overdue shift in management, the company now aims to handover its remaining eight projects, with a total value of Dh.20bn, under the guidance of Tauber.
Tauber says that it is a major milestone in Tameer's history, as it is the first major project to be delivered. Tameer announced the delivery of its Dh.500mn Palace Towers in Dubai Silicon Oasis, a 25-storey commercial tower, with 150 offices and another 22 storey residential tower with 424 apartments.
The company's project in Al Majid City and Jordan will be handed over next month, while the tower in Business Bay will be ready by December.
Labels: Tameer, Umm Al Quwain
Meidin Holding announces Dh 6bn worth projects in UAE
Saturday, April 25, 2009
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Meidin Holding, the Abu-Dhabi based property investment firm, has announced its plans to invest Dh.6bn in two projects in Umm Al Quwain.
This includes development of a Dh.4.5bn Amwaj Resort, which includes residential and commercial units, a hotel, and a large shopping mall. The project houses 1820 apartments in two residential towers, a 408 room hotel, and a shopping mall spread across 30,365 square meters and 588 car parking space.
The second project is a shopping mall spread across 2.7mn space, namely the Delma Mall, to be opened in Musaffah shortly. This is worth Dh.1.5bn. The Chairman of Midein Holding, Omair Saoud Arrar Al Dhaheri, said that the construction of the projects will be funded by the company's own resources, and it will not seek funds from the banks, as it would make the projects more expensive under the current situation.
Amwaj has already received a strong investor response, with 70 percent sales achieved, majority of which are from expats.
The hotel too will cater mostly to western tourists, as Umm Al Quwain has a calm and serene environment, away from the busy city life, and several tourists come here to enjoy the natural beauty and serenity of the place, Al Dhaheri said.
Apart from these projects, the company is currently building a fifty storey commercial tower at the Dubai Square.
This includes development of a Dh.4.5bn Amwaj Resort, which includes residential and commercial units, a hotel, and a large shopping mall. The project houses 1820 apartments in two residential towers, a 408 room hotel, and a shopping mall spread across 30,365 square meters and 588 car parking space.
The second project is a shopping mall spread across 2.7mn space, namely the Delma Mall, to be opened in Musaffah shortly. This is worth Dh.1.5bn. The Chairman of Midein Holding, Omair Saoud Arrar Al Dhaheri, said that the construction of the projects will be funded by the company's own resources, and it will not seek funds from the banks, as it would make the projects more expensive under the current situation.
Amwaj has already received a strong investor response, with 70 percent sales achieved, majority of which are from expats.
The hotel too will cater mostly to western tourists, as Umm Al Quwain has a calm and serene environment, away from the busy city life, and several tourists come here to enjoy the natural beauty and serenity of the place, Al Dhaheri said.
Apart from these projects, the company is currently building a fifty storey commercial tower at the Dubai Square.
Labels: Real Estate Projects, Umm Al Quwain
Seven percent rent cap for UAQ
Tuesday, May 29, 2007
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The rent cap for Umm Al Quwain (UAQ) has been fixed at seven percent a year, as against ten percent earlier. This was announced by Sheikh Abdullah bin Rashid Al Mualla, the Deputy Ruler of UAQ, as an amendment in a new law regulating the tenants and landlords.
Also the annual rent rise for industrial and commercial properties has been fixed at ten percent, earlier this sector was unlimited.
The landlords have been advised to keep the tenants informed three months in advance to the contract expiry date, in case of any increase in rents.
Tenants, while vacating, are advised to leave the property in the same condition, as found earlier, apart from damaged items through normal use. Earlier tenants had to carry out minor maintenance works before returning the keys to landlords.
Also residential landlords are advised against demanding a tenant to vacate a property unless five years have elapsed from date of signing the contract, as earlier this was fixed for three years. For industrial and commercial properties, this period has been raised from three to ten years.
Any disputes or disagreements pertaining to these matters will be assessed by the Rent Dispute Settlement Committee
Also the annual rent rise for industrial and commercial properties has been fixed at ten percent, earlier this sector was unlimited.
The landlords have been advised to keep the tenants informed three months in advance to the contract expiry date, in case of any increase in rents.
Tenants, while vacating, are advised to leave the property in the same condition, as found earlier, apart from damaged items through normal use. Earlier tenants had to carry out minor maintenance works before returning the keys to landlords.
Also residential landlords are advised against demanding a tenant to vacate a property unless five years have elapsed from date of signing the contract, as earlier this was fixed for three years. For industrial and commercial properties, this period has been raised from three to ten years.
Any disputes or disagreements pertaining to these matters will be assessed by the Rent Dispute Settlement Committee
Labels: Property Law, Rentals, Umm Al Quwain
Arabtec wins Dh.370m contract for Umm Al Quwain Marina
Wednesday, May 09, 2007
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Arabtec Holding yesterday announced that it has been awarded a Dh.370m ($101 million) contract of designing and constructing villas at Umm Al Quwain Marina.
About 277 villas are being planned under the leadership of Emaar Properties. The project will be completed within two years.
With this, the total number of villas currently under construction by Arabtec will reach a total of 2,801, with 759 villas for Emaar, 558 for Dubai Properties and 1484 villas for Mohammed bin Rashid Housing Programme.
During the last four years, Arabtec had already completed 4,964 villas with 4,386 villas for Emaar properties at Emirates Lakes, Emirates Hills, Springs, Meadows, Arabian Ranches and about 560 villas for Dubai Silicon Oasis.
About 277 villas are being planned under the leadership of Emaar Properties. The project will be completed within two years.
With this, the total number of villas currently under construction by Arabtec will reach a total of 2,801, with 759 villas for Emaar, 558 for Dubai Properties and 1484 villas for Mohammed bin Rashid Housing Programme.
During the last four years, Arabtec had already completed 4,964 villas with 4,386 villas for Emaar properties at Emirates Lakes, Emirates Hills, Springs, Meadows, Arabian Ranches and about 560 villas for Dubai Silicon Oasis.
Labels: Arabtec, Emmar, New Contracts, Umm Al Quwain, Umm Al Quwain Marina
White Bay project in Umm Al Quwain
Thursday, November 09, 2006
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Shaikh Abdullah Bin Rashid Al Mualla, Umm Al Quwain Deputy Ruler, and Shaikh Tariq Bin Faisal Al Qasimi, Chairman of the Emirates Investments Group LLC (EIG) have recently signed an agreement for the establishment of White Bay.
White Bay is proposed to be a master planned community and tourism resort in Umm Al Quwain. The project is worth more than Dh8 billion. It will be marketed and managed by Emirates Sunland Group (ESG). ESG is 50:50 partner of Sunland Group, an Australia based property Development Company, and UAE-based Emirates International Holdings Ltd.
White Bay is proposed to be a destination for those who would like to experience the facilities and services of a world-class resort, all in the natural environment of Umm Al Quwain.
White Bay is proposed to be a master planned community and tourism resort in Umm Al Quwain. The project is worth more than Dh8 billion. It will be marketed and managed by Emirates Sunland Group (ESG). ESG is 50:50 partner of Sunland Group, an Australia based property Development Company, and UAE-based Emirates International Holdings Ltd.
White Bay is proposed to be a destination for those who would like to experience the facilities and services of a world-class resort, all in the natural environment of Umm Al Quwain.
Labels: Resorts, Umm Al Quwain
