Luxury lifestyle provider Damac Properties is adding a new tower to the skyline at Tecom as its Smart Heights development reaches the half way point of construction.
Smart Heights, which will feature some of the latest gadgetry and office technology, has now reached the 15th floor and is on schedule to reach its final 21 storey height and be completed by the end of 2009. The main contractor for the building is ECC.
The development is one of two projects that Damac Properties has...
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More than 12 developers have registered with the new Rakia Rera, the Ras Al Khaimah Investment Authority's property regulation arm.
Rakia Rera will first oversee the implementation of the escrow account law for freehold projects.
There are currently a minimum of 100 developers in Ras Al Khaimah presiding over the same number of projects, said Wahid Atalla, board member of Rakeen, which is developing Al Marjan Island, Gateway City and RAK Financial City among others.
The Emiri...
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Leading Dubai-based property developer, Nakheel, has established a revised budget for its Discovery Gardens community following detailed review of suppliers and scope.
The new price has been arrived upon, together with Dubai's RERA (Real Estate Regulatory Authority), and gives a reduction of Dh.5 per square foot in service charges for homeowners.
The Managing Director of Nakheel Asset Management and Design (NAMAD), Abdulrahman Kalantar, mentioned that initially when the service...
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Residents of the UAE capital will be commuting on trams and metro because the first phase of the planned Abu Dhabi Metro project will be ready for use in 2015.
According to the Mena Rail 2009 conference in Dubai, 42.5km track for the first metro line would be 2.13km at grade track (ground level), 4.91km elevated, 16.2km cut and cover tunnel and 19.26km in the bored tunnels.
All the rail networks, including the tramway, will have two-way tracks and will be completed by 2030. DoT...
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Effective from June, all visas given to owners of properties across the UAE will be cancelled after their expiry and they will not be renewed according to former rules.
The naturalization and residency departments (NRDs) of various emirates will ask property owners and developers to change their status as per the new ministerial resolution, which introduced a multi-visit entry visa on Sunday.
These will not be limited to a specific number of renewals. The conditions for visa...
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Owners of properties and residential units will be able to enter the UAE on a multi- trip entry visa that allows them to stay up to six months.
The move is line with a ministerial resolution issued by Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Interior Minister, with the aim of enhancing the local economic environment and providing all fundamentals that help ensure economic growth and prosperity in the country. Under the resolution, the multi-entry permit can be renewed under...
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The UAE economy recorded a growth of 7.4% in 2008. Preliminary data issued by the Central Statistics Department of the Economy Ministry indicates that total Gross Domestic Product (GDP) at fixed price amounted to Dh 535.6 billion in 2008, representing a growth rate of 7.4 per cent, against Dh 498.7 billion, and a growth rate of 5.2 per cent in 2007, whereas the GDP at current price totaled to about Dh 929.4 billion in 2008 over Dh 729.7 billion in 2007.
According to Sultan Bin Saeed...
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The Ministerial Council for Services passed today a federal bill on formation of the Union Railway Company, a fully government-owned entity.
The move falls within the government's policy to boost the domestic transport sector through building a modern railway network.
The new company's main mission is to underpin national economy through facilitating transportation of passengers and goods, increasing inter-emirate trade exchange and easing traffic congestion.
The federal...
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