Iraq, Jordan consider Joint Industrial Zone

Scion Industrial Engineering

Jordanian Prime Minister, Omar Razzaz, on Monday met with Iraqi Defence Minister, Irfan Hayali, to discuss the Jordanian-Iraqi relations.

Razzaz underlined the depth of the historic Jordanian-Iraqi relations and the keenness to enhance joint cooperation to serve the interests of both countries and their peoples.

The premier also pointed to the directives of His Majesty King Abdullah II to increase cooperation and integration between the two countries.

Hayali conveyed the greetings of Iraqi Prime Minister, Haider al-Abadi, to the prime minister as well as his keenness to cooperate in all civil and military fields.

He pointed to the importance of the agreement signed yesterday between the two countries on military and security cooperation, exchange of expertise and information in the field of border protection, capacity development, and combating terrorism.

The meeting also dealt with the Turaibeel border crossing and the need to focus on promoting trade and investment exchange and establishing a joint industrial zone near the border between the two countries.

Source:http://www.iraq-businessnews.com/2018/08/14/iraq-jordan-consider-joint-industrial-zone/

How Dubai’s big names dominated property sales in early 2019

Scion Industrial Engineering

Dubai master developers Emaar Properties, Dubai Hills Estate and Nakheel accounted for the bulk of property sales transactions in Dubai in the first two months of 2019, according to new data from Property Finder.

According, Emaar sold 1,374 homes in January and February, representing 24 percent of the total.

Dubai Hills Estate – a JV between Emaar and Meraas – sold 601 homes (10 percent), compared to Nakheel’s 359 homes (6 percent).

Property Finder said the three companies are among the few developers to launch off-plan projects in the last few months, with most developers in Dubai focused on clearing their existing inventory.

Positive residential sales were also recorded by Damac Properties, Dubai Holding, Seven Tides International, Azizi Developments and Danube Properties, the data shows.

In terms of value, Emaar secured deals worth AED 3.56 billion, compared to AED 1.08 billion for Dubai Hills Estate and AED 664 million for Dubai Holding.

“In Dubai last year, we saw a number of long-time renters who converted to homeowners, in part due to attractive prices and payment plans in newly handed over projects,” said Lynette Abad, Property Finder’s director of data and research.

“The combined effect is a healthy trend where off-plan investors are profiting from affordable housing and the number of homeowners is also increasing,” she added.

In terms of off-plan sales, Emaar sold 1,043 homes (34 percent) compared to 539 homes (18 percent) for Dubai Hills Estate and 163 (5 percent) for Dubai Holding.

“Emaar share value has risen by 13% since the beginning of the year as they have taken over 49% of the market share in the first two months of 2019,” Lynnette added.

In terms of the value of off-plan sales, Emaar sold properties worth AED 2.45 billion, or 49 percent, compared to just AED 688,200 (14 percent) for Dubai Hills Estate and AED 308,242 (6 percent) for Dubai Holding.

Source:https://www.arabianbusiness.com/news/416999-dubais-master-developers-dominate-property-sales-in-jan-feb

New Abu Dhabi entertainment hub set for 2020 completion

Scion Industrial Engineering Pvt. Ltd.

Al Qana waterfront project will offer waterside eateries, cinema, the Middle East’s largest aquarium, marina, a wellness hub and outdoor skatepark

Al Barakah International Investment (BII) has announced that its Al Qana wterfront project in Abu Dhabi is on course for completion in the fourth quarter of 2020.

Al Qana, which spans over 2.4km and will offer waterside eateries, cinema, the Middle East’s largest aquarium, marina, a wellness hub and outdoor skatepark, is being developed as part of a public-private partnership between BII and Abu Dhabi Municipality.

Al Qana is located on the historic natural Khor Al Maqta, the waterway bordering the mainland close to the Sheikh Zayed Grand Mosque and will dedicate over 50 percent of the leasable area being assigned to entertainment.

To underline this, Al Qana has brought on board a key partner, The National Aquarium of Abu Dhabi, which will be the largest of its kind in the Middle East.

Moataz Mashal, managing director of BII, said in a statement: “In line with the capital’s vision for 2030, this new landmark destination will play a key role in supporting the government to realise its vision of enhancing Abu Dhabi’s status as one the world’s most popular destinations for business, leisure, lifestyle and entertainment.

“Al Qana will offer a new lifestyle for residents through exciting dining destinations and convenient facilities, whilst also being an attractive place for tourists to visit, in close proximity to many of the most famous landmarks in the capital.”

Stuart Gissing, general manager of Al Qana, added: “Since the launch of the project, our team of experts have been working closely with the authorities and our partners to ensure a unique, vibrant mix of complementary commercial services and facilities that bolster the value to investors, tenants and customers.

“We have been looking for the best experts in their fields and made key hires as we remain committed to create a quality multi-excitement destination that will keep pace with ever growing need to offer entertainment and memorable experiences at every level, with the requirements of visitors, whilst also reflecting Abu Dhabi’s multicultural society.”

Al Qana is the first build-operate-transfer model implemented by the Abu Dhabi Municipality. International Construction Contracting Company is the lead contractor of the project.

Source:https://www.arabianbusiness.com/construction/416874-new-abu-dhabi-entertainment-hub-set-for-end-2020-completion