Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai has $240 billion worth of mega projects under way  Join our daily free Newsletter

MENAFN - Khaleej Times - 03/06/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) Meraas holdings? jumeirah gardens project the biggest in terms of value is estimated at 89.

huge developments in dubai are expected to drive growth in the economy. — kt file photo

ten mega projects in dubai worth almost 240 billion are set for completion over the next six to 16 years data compiled by meed projects shows.

meraas holdings’ jumeirah gardens project the biggest in terms of value is estimated at 89.5 billion and is due for completion in 2021 followed by dubai holding’s dubai land development valued at 61 billion with a completion date set in 2020 according to meed projects which tracks various construction projects across the region.

the ongoing 16.7 billion dubai world central development that will be completed in 2030 came in next followed by limitless’ downtown jebel ali project estimated at 14.6 billion set for completion in 2020 said the data released ahead of the forthcoming dubai real estate 2020 conference.

“rounding up the top five is the al jadaf area development culture village [arabian bays] project by dubai holding which has a budget of 11.6bn to be completed by 201” said meed.

the landmark projects include the ongoing business bay project currently valued at 11.2 billion which is expected to be fully completed in two years’ time; as well as mohammed bin rashid city which is being developed jointly by dubai holding emaar and meydan sobha at a cost of 11 billion for completion in 2023.

emaar’s downtown dubai development project with a budget of 10.9 billion is expected to be fully realised in 2020 the time when meydan also hopes to complete the full development of its meydan city project at a cost of 7.3 billion. add to this the dubai government’s expo 2020 build-up which will cost 7 billion and will be in place by 2019 meed said in a statement.

“as the market revives there is an imperative need for more accurate real-time and definitive information on dubai’s real estate sector to manage the risk of overheating of the sector” said edmund o’sullivan chairman of meed events the organisers of dubai real estate 2020.

the event will create a platform for dubai’s regulators and leading real estate institutional investors government and private developers lenders advisors consultants and property proessionals to discuss issues and identify solutions for the emirate to move towards a more mature real estate market. highlights of the conference include critical discussions by the uae central bank the dubai land department and the real estate regulatory authority on fiscal regulations reducing the dependency of developers on investors and limiting speculative buying as well as a dubai municipality presentation outlining the future real-estate development plans land release programmes and the overall master plan for the city.

the dubai real estate 2020 conference will address the development and sustainable evolution of dubai’s real-estate market — the world’s fastest growing real-estate market according to forbes magazine — with fresh insights from leading local and international property experts.

“the uae property market is currently experiencing an exciting phase in its development with a number of significant projects scheduled to break ground and many already underway. these projects will drive growth in the property market and the wider uae economy including the hospitality and retail sectors. winning world expo 202 added further stimulus to a buoyant economy underpinned by a rising population booming tourism industry and significant environmental cultural and infrastructure projects” said ian albert regional director of colliers international middle east.

business monitor international said in its second-quarter 2014 update that construction projects worth 212 billion are under construction in the uae but only 25.3 billion projects are in the tendering or pre-tender phase.

chesterton an international property agency said projects valued at more than 12 billion had resumed construction work in the uae over the past year-and-a-half. projects worth more than 5 billion have reportedly been awarded during the first quarter of the year and around 23 billion worth of projects are expected to be awarded in 2014. “this clearly reflects the positive sentiment in the investment scenario of the economy which is expected to continue in medium term” chesterton said in a report.

according to estimates by property experts the total value of project awards in the uae will be close to 50 billion in 2014 which is 10 per cent higher than 2013 when projects worth 44 were awarded.

— issacjohn?khaleejtimes.cm


Khaleej Times

  MENA News Headlines
 Nov 27 2015 - Qatar- Buoyed by strong buying, QSE snaps four days bearish spellGulf Times
(MENAFN - Gulf Times) Snapping four days of bearish spell, Qatar Stock Exchange gained a marginal 11 points, mainly on buying in the transport, realty and insurance stocks.Domestic institutions ...

 Nov 27 2015 - Saudi Aramco plans to invest more in Indonesian oil sectorGulf Times
(MENAFN - Gulf Times) Saudi Aramco is looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry, the company's CEO said yesterday, after initiating a ...

 Nov 27 2015 - Despite $500bn loss, Opec seen holding the line at Vienna meetGulf Times
(MENAFN - Gulf Times) It'll take more than $40 crude to make Opec change its mind, analysts said before the group's December 4 meeting in Vienna.In the year since the Organisation of Petroleum ...

 Nov 27 2015 - Qatar- WTCC season finale set to light up Losail circuitGulf Times
(MENAFN - Gulf Times) This time at the Losail International Circuit, the screeching wail of the MotoGP and the WSBK motorcycles will be replaced by the guttural exhaust note of the touring cars ...

 Nov 27 2015 - UK- Time to start bombing IS, Cameron tells lawmakersGulf Times
(MENAFN - Gulf Times) Prime Minister David Cameron told lawmakers yesterday it was time to join air strikes against Islamic State militants in Syria, saying Britain cannot "subcontract its security ...

 Nov 27 2015 - Blogger case still before Saudi courts: ministerGulf Times
(MENAFN - Gulf Times) The case of Saudi blogger Raif Badawi, whose flogging sentence created worldwide outrage, is still before the courts, Foreign Minister Adel al-Jubeir said on Thursday."The legal ...

 Nov 27 2015 - Palestinian hits Israeli soldiers with car in West Bank, shot deadGulf Times
(MENAFN - Gulf Times) A Palestinian rammed his car into Israeli soldiers at a bus station in the occupied West Bank Friday before being shot dead, police said. "A Palestinian car hit two Israelis ...

 Nov 27 2015 - Envoy meets head of Qatar-EU Friendship GroupGulf Times
(MENAFN - Gulf Times) Qatar's Ambassador to Belgium and head of Qatar's mission to the European Union, HE Sheikh Ali bin Jassim al-Thani, met at the European Parliament the head of the ...

 Nov 27 2015 - Qatar- Traffic diversion for 2 years in Al Rayyan areaGulf Times
(MENAFN - Gulf Times) A traffic diversion for almost two years will come into effect on Gharrafat Al Rayyan Street between Gharrafat Al Rayyan Roundabout and Qatar Foundation (Civil Defence) from ...

 Nov 27 2015 - KSA's Aramco plans to spend big-cash in IndonesiaMENAFN
(MENAFN) Saudi Aramco seeks further investment chances in Indonesia's downstream refining and petrochemicals industry, amid its recent USD5.5 billion development to enhance Indonesia's biggest ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help