Suburb’s July war ruins rebuilt
A round 60 percent of the residential areas in the southern Beirut suburbs destroyed during the July 2006 war have been rebuilt, while the remaining 40 percent will be handed over soon, said Waad, a private construction firm affiliated with Hezbolla h, according to the Daily Star. While talking to a municipality delegation from Geneva that visited the southern suburbs, Hassan Jashi, the director general of Waad added that more than 25 new buildings will be delivered by the end of the month, raising the number of finished buildings to 70. He also said the project’s total cost will amount to $400 million, of which $180 million came from the Lebanese government, while Waad covered the remainder.
Beirut’s newest luxury hotels
A number of high-profile International hotel brands are expanding their investment in Lebanon or looking to establish their presence in the country for the first time. Hotel management company Rotana announced in October the opening of its third hotel in Lebanon. The $60 million ‘Raouché Arjaan’ hotel, located at the Raouché boulevard, will include 176 studios and suites as well as recreational facilities, including a rooftop swimming pool and a Bodylines Health and Fitness centre. ‘Le Gray’, owned by CampbellGray hotels and located at the Beirut Central district also opened its doors to visitors in October. The hotel has 87 rooms and suites, as well as 5 restaurants, a bar, swimming pool, health club and other facilities. The Four Seasons also announced that its new hotel, located at Beirut’s corniche, will be ready to receive clients as of December this year. The hotel will feature 230 guest rooms, all featuring furnished terraces, as well as a rooftop pool.
Late summer land sales boom
The latest figures from Lebanon’s General Directorate of Land Registry notes sales transactions in August saw a 4 percent increase compared to July and 28 percent compared to June. Total value of sales transaction also increased 12 and 6 percent compared to June and July respectively. Construction permits also witnessed a substantial rise in August, increasing some 140 percent on July, but numbers were still lower than June. According to Bank Audi, construction permits in square meters in the first eight months of the year rose by 10.3 percent compared to 2008 and 38 percent compared to 2007. Mount Lebanon accounted to 48 percent of the total permits, followed by North Lebanon (21.9 percent), South Lebanon (16.1 percent), Beirut (7.7) percent and the Bekaa Valley (6.2 percent).
Palestine invests in hilltops
The Palestine Investment Fund (PIF) launched a $220 million real estate project in the West Bank on October 12. It is comprised of 30,000 new housing units and will be completed in the next five to 10 years, PIF Chairman Mohammed Mustafa told reporters.
“We want to see projects on the hilltops other than [Israeli] settlements,” he said. Mustafa added that the projects aims to create jobs and economic opportunities for Palestinians in the occupied territories and attract Arab and foreign investors. The project will be developed by the newly-launched Amaar Real Estate Group, which will be publicly listed on the Palestine Stock Exchange and will also take in more than $1 billion worth of existing housing and tourism construction projects. PIF is expected to double the investment to $2 billion in the next five years, said Mustafa.
Burj Dubai nears completion
Construction of the world’s tallest building is soon to be finished. Mohamed al-Abbar, chairman of Emaar Properties PJSC, told CNN that the Burj Dubai will open its doors on December 2. “We are aiming for… the United Arab Emirates National Day,” he said. The news came shortly after the company announced that the exterior cladding of the tower has been completed. The Arabian Aluminum Company, in association with Hong Kong-based Far East Aluminum Work, began work on the cladding in May 2007. Emaar said in the press release that the last cladding panel numbered 24,348, weighed 750 kilograms and was placed at a height of more than 662 meters. “Burj Dubai’s construction and engineering techniques are unprecedented, and they are our contribution to the science of high-rise development… The materials used, as well as withstanding the harsh summer temperatures, keep heat out of the building, allowing for a significant reduction in the amount of air-conditioning required,” said Abbar.
Real estate salaries down but still not paid
The average base salary of real estate professionals across the Middle East region stands at $10,340 per month, according to the third ‘Middle East Salary Survey’ done by property recruitment specialists Macdonald and Company, in collaboration with The Royal Institution of Chartered Surveyors (RICS) and Cityscape Intelligence. That salary is 7.2 percent higher than the 2007 number but 3.7 percent lower than last year. Moreover, the survey said that compared to 71 percent of respondents who received salary increases last year, only 21 percent received a raise this year and 19 percent received a salary reduction (compared to 1 percent in 2008). A total of 2,083 real estate professionals in the region participated in the online survey, conducted in July and August. Of the participants, 43 percent worked in Dubai, 19 percent in the Abu Dhabi and the rest were from across the region.
Nakheel cuts jobs sales
Nakheel, the Dubai government-owned real estate developer, is set to cut 500 more jobs now that Cityscape 2009 is over, according to a mid-October report in The Independent newspaper in the United Kingdom.
“Nakheel continues to evaluate its projects and commitments against market conditions and opportunities. In doing so, the company also evaluates its cost base and efficiencies,” the company told Zawya Dow Jones in an email. The developer had already cut 500 jobs in November 2008.
Shortly after the job cut announcement, Nakheel said it had sold two islands from its “The World” project for $65 million each, according the daily Emirates Business 24/7. The islands were sold in July and August, and only four islands remain in the market, according to the company’s plans.
“Despite some false reports in media, progress on The World continues and Nakheel remains committed to this landmark project.” Marwan Al Qamzi, group managing director of Nakheel Projects, told the press.
