Last week in real estate: 4 May – 11 May

Yet another week has gone by in 2018, and summer is well and truly here in the sunny UAE. Real estate market news has also been heating up this week, with high-profile announcements and updates. With the holy month of Ramadan just around the corner, let’s look at some of the most exciting UAE property news from the past week.

Aldar acquires AED 3.7B worth of assets in Saadiyat Island

Since the launch of the Louvre in Abu Dhabi, Saadiyat Island has become a central topic in UAE property news. Master developer Aldar has acquired properties from the current developer of Saadiyat Island, Tourism Development & Investment Co (TDIC), amounting to AED 3.7B. The acquisition does not include the Louvre, but it does extend to TDIC’s other projects on the island, including, hotels and residential communities.

Talal Al Dhiyebi, CEO of Aldar said, “We believe this landmark acquisition will further advance the Abu Dhabi real estate market and accelerate the development of Saadiyat Island, taking it to the next level.”

With their reputation for delivering excellence with mega real estate projects such as Yas Island, Aldar is sure to add value to those looking to invest in properties on Saadiyat Island.

Finnish group Kone Corporation joins the list of names associated with the Dubai Hills Mall

Finland-based Kone corporation won an order from Emaar and Meraas to supply 156 escalators, elevators and travelators for their upcoming retail project Dubai Hills Mall. The mall is predictably located on the upscale Dubai Hills Estate, and upon completion will be home to more than 650 retail outlets, a supermarket, an 18-screen cinema, family entertainment spaces and other recreational facilities.

Commenting on this much-talked-about project in the UAE property news segments, Pierre Liautaud, the executive VP for South Europe, Middle East and Africa at Kone, said: “Dubai Hills Mall will become a key venue for lifestyle experiences at the Dubai Hills Estate. Visitors will expect the highest level of ease and efficiency when moving within the premises, and we are extremely proud that our solutions were selected to support the realization of this vision.”

The mall will be a welcome addition to the sustainably designed properties on Dubai Hills Estate, a multipurpose development stretched over 2700 acres of land, and part of the landmark Mohammed bin Rashid City.

Construction of Binghatti stars in Dubai Silicon Oasis on track for 2018 completion

One of the most highly anticipated projects in Dubai Silicon Oasis, the first smart city in the emirate. is the Binghatti Stars development. Close to the Silicon Park project, this brand new set of apartments in Dubai Silicon Oasis will help to diversify the real estate projects in the area. The 362 flats in the complex comprise a mix of studios, 1 and 2-bedroom apartments. The project is expected to be completed by December 2018 and appears to be on schedule as per the authorities.

Commenting on the project, the CEO and head of architecture for the Binghatti Developers,  Muhammad Binghatti, said: “We are very pleased with the progress of construction with regards to Binghatti Stars. We consider our commitment to delivery times as a priority, which is a well-known fact solidified by timely deliveries of Binghatti’s past projects.”

Al Ahli Holding Group announces ‘Nomad’, the Largest entrepreneurial hub in the world

In one of the most refreshing announcements in UAE property news this week, Al Ahli group announced their new mega project ‘Nomad’ which is set to become the largest entrepreneurial hub in the world. A development unlike any other, Nomad, will be located close to The Echo Plex (off Al Ain Road) to offer offices and co-working spaces in Dubai with state of the art studios and creative spaces to cater to the media, culinary arts, arts and design, and gaming and technology arenas; with one of the largest 3D printing facilities in the world. It will also have subsidised residential facilities to help startups and SME’s looking to make it big in Dubai. The first phase of the project is set to be completed by the end of 2019.

“The sheer size, scope and proposition of Nomad will put the UAE on the map as a global game changer when it comes to the type of creative, disruptive and outstanding entrepreneurship that will guarantee a bright, thriving future for generations to come. Nomad will make it entirely feasible for both local people, and those from outside the UAE, with fantastic business ideas and talent, to put down roots here, and see their company grow, supported by a range of practical and financial support services and advanced on-site facilities,” said Mohammed Khammas, CEO of Al Ahli Holding Group.

Nakheel and Al Nasr Cultural & Sports Club announce new mall in Al Khawaneej

Rounding off our list of UAE real estate news for this week is the announcement from master builder Nakheel and Al Nasr Cultural & Sports Club about the latest new mall in the UAE. Al Khawaneej, which has recently seen a surge in interest thanks to the popular Meraas development, The Yard, will be home to this mammoth new mall spread over a whopping 72,000 sq. m. of land. It will certainly be a welcome addition to the diverse portfolio of retails projects in the Dubai real estate market and will feature a variety of stores, cinemas, dining and recreational outlets.

“The new mall at Al Khawaneej will unite the Middle East’s largest retail developer and one of the region’s most prominent sports and cultural organisations,” said Ali Rashid Lootah, Chairman of Nakheel. “ We are proud to team up with Al Nasr Club to create what will become the vibrant centrepiece of Al Khawaneej. We look forward to building on our ever-growing retail real estate success story with this new venture, and to a long and fruitful partnership with Al Nasr Club.”

With the Holy Month of Ramadan fast approaching, we may see a slower pace in the next few weeks when it comes to UAE real estate news, but there will certainly be no shortage of interesting updates from the UAE real estate market. Now that you are caught up with all the updates from the Dubai property market and the rest of the UAE, pop into one of the fun events happening in Dubai this May and get your weekend off to a spectacular start.