courtesy of Eqarat

May

Dubai Mercantile Exchange Forging Ahead With New Commodities Operation

Dubai likely to unveil Law this month

Dubai is one of the worlds great economic miracles

$7bn for Dubai, transport projects

Dubai land deals at $216m

Value of Dubai Waterfront project may exceed Dh100b

Dubai launches Dh55b aviation hub

The Palm tunnel completed

BREAKING NEWS:New Draft Property Law as Expected, No Surprises

Works Starts on Palm Monorail

$477m Madinat Al Arab sales

Dubai, $192m land deals

Wind properties to participate at Major Exhibition

Competition stumped as Alpine wins first contract

Burg Dubai to be challenged

The Dubai Mercantile Exchange (DME) on Tuesday unveiled recent developments in the creation of a new commodities exchange that will initially develop and trade a Middle East Sour Crude Oil Futures contract.

The Dubai government is expected to announce the new property law this month, the final copy of which awaits the Rulers approval, said a senior government offical. The new law is expected to allow a combination of 99year renewable lease and freehold rights in limited locations in Dubai.

Dubai has been described as "one of the worlds great economic miracles" by the head of the United Nations.

Kofi Annan, the organisations Secretary-General, highlighted the fact that less than 10 per cent of Dubais economy is based on oil even though the city is "in the heart of the worlds oil region".

"[The UAE] is a country whose leaders and people have learned the importance of using scarce resources efficiently," he said."It is a civilisation grounded in strong cultural and spiritual values, which recognises that sustainable development will not succeed without caring for and conserving the worlds natural capital."

Annan also expressed his sadness at the recent death of Shaikh Maktoum Bin Rashid Al Maktoum, whose passing he said "came as a shock to us all". "During this period of grief, our condolences go especially to Shaikh Mohammad and the rest of the Al Maktoum family," he said.

Dubai is spending in excess of Dh25 billion($6.80) to improve its road,traffic and transport services.
The plan has allocated Dh15 billion for Dubai Metro and Dhs10 billion for roads,traffic and public transport said Mattar Mohammad Al Tayer RTA(road and transport authority executive director,according to a report in the Gulf News.One of the main objectives is to put in place a world-class public transport system and to encourage people to use it,he said.
Explaining the master plan consisting of 5 major elements, the RTA chief said the authority had prepared a plan covering 5 major sectors.One part is to review the strategic plan for transporation and traffic, the RTA will prepare a traffic and transportation model for the next 15 years until 2020.
The 2nd part of the plan is a study on launching water transportation.A new mode of transportation consisting of water taxis will be introduced once the project is launched.The 3rd part of the greater plan is improvement of public transport services.RTA has earmarked Dh100 million to buy new buses,including articulated vehicles and luxury VIP buses to encourage people to use public transport.The 4th part of the plan is to carry out the match needed"short term projects."
The authority has hired 11 global consultant to analyze the study and give the best soultions to ensure smooth traffic movement.

Dubai land deals worth more than$216m were recorded in the past week, of which $119.8 were land sales and $96.2 were mortgages, according to figures from the Lands and Property Department. The biggest sale was for plot in the Trade Centre-1 area, which changed hands for $70.8m

The total value of the Dubai Waterfront project is expected to exceed Dh100 billion, according to study done by Nakheel Properties. "Three companies introduced their bids to Nakheel company in order to win the deal of infrastructure development of Madinat Al Arab, the heart of the Dubai Waterfront project" said Madinat Al Arab General Manager Khalid Al Huraimel. "the infrastruture work would start this year by the time the investors would invest would receive the lands they owned, while the work was under way to select the company that would undertake the development works, which will finish before the end of this year" Al Huraimel added.

Dubai yesterday launched another landmark initiative to tap a Dh3.67 trillion($1 trillion) global aviation industry and to transfer international aviation and aeronautics technology to the region. Theinitiative,to be based in the 140-square km Jebel Ali Airport City(JAAC), will create the worlds largest aviation hub and prepare Dubai to participate in major aircraft manufacturing programmes in furure, most likely the Airbus A350 programme. DAE, which will become the holding company for six operational subsidiaries involved in manufacturing and services in 14 industry segments, will be the worlds largest aviation company in terms of activities, officals said.

Nakheel has announced the completion of a sub-sea tunnel at The Palm, jumeirah.Located 30 metres below sea bed level the tunnel is the first of such depth to be constructed in the U.A.E.The tunnel, which was built by Al-Naboodah Engineering Services, connects one of the fronds on the western side of The Palm jumeirah with the cresent of the island and is one of the two tunnels that will be built on the project.

Lawyers who have seen the latest draft of the Dubai Property Law are impressed. Dubai residents looking to buy a new home will be granted outright ownership of both the property and the land. There will be no back peddling from freehold to leasehold.
The new Dubai Property Law will mean that for the first time foreigners will be allowed to register properties under own names in the Dubai Land Department. And if the latter conjures up images of Dickensian title deeds think again, this department offers the very atest in electronic land and property title registratior.
Previously buyers held a contract of sale from the developer which allowed transfer of ownership only through the developer, with an agreement in the contract that a full and unencumbered freehold title would be granted on the property as soon as it became available

The new law means that this moment has arrived and that foreign owners can expect to have their title deeds available for collection in due course; not that their legal entitlement to sell the property has ever been in doubt.

A ground breaking ceremony by Nakheel and the Marubeni Corporation of Japan has launched the construction of the Palm Monorail on the Palm, Jumeirah.The monorail will link the trunk to the cresent and will take 3 years to complete

Al Burg Real Estate Limited has announced sales of $477m within two months of offering properties for sale in phaseI of madinat Al Arab at the heart of Dubai Waterfront. At the board meeing chairman Dr Mohammad Khalfan said the company would now concentrate on strategic investment opportunities, including the acquisition of villa plots in phaseII of of Madinat Al Arab.

Dubai recorded land deals worth more than $190m this week, which included land sales worth around $135m and mortgages valued at $56.5m.
The most active area for property sales wasMirdiff, according to the Dubai Lnads and properties department. But the biggest sale was in the Trade centre 1 area where a plot went for $46.3m

Wind Properties has announced that it is set to participate at Cityscape 06, at the Dubai Inetrnational Exhibition Centre, from December4-6.
It had previously taken part during the last edition of the property exhibition last Sep and was extremely happy with the response, which it received.
Wind Properties had recently participated at exhibitions in London and Dubai during the month of Jan.The company has also started that it is likely to participate at a major real estate exhibition in Moscow in April 06.

An Alpine Bau Deutschland and Belbadi Engineering (Alpine-Belbadi) joint venture has picked up the main construction contract for the US $81.7 million(AED300 million) Cricket Stadium to be built in Dubai Sports City.
Construction will start later this month and is expected to be completed by the first quater of 2008.

Burg Dubai, which is on its way to becoming the tallest tower in the world, could be confronted by another Dubai landmark, Al Burg, before its completion in 08, officals told a Meed projects conference recently. "With more than 700 meters in height and more than 160 floors, Burj Dubai will be the tallest tower in the world".
Al Burg will be at least 700 meters tall nad one of the tallest towers in the world.