News trends in Arabia for the month of February:

Aerospace | Automobiles | Banking | Real Estate | Telecommunications | Travel and Leisure

The Arabian Real Estate industry flourished as expected. Many new projects were launched and the existing ones progressed satisfactorily. Prominent among the new projects were Sorouh Real Estate’s Sky Tower complex for which it awarded a Dh2.3b contract to Arabian Contracting Company; Tulip Business Developers’ Sienna Lakes, a 68-villa community at Dubai's premier residential golfing development and Ahmed Seddiqi and Sons’ 63 storey Rolex Tower.

Also, Enshaa Holdings, a portfolio company of Abraaj Capital along with its joint venture partner National Logistics Corporation of Pakistan announced the launch of Karachi Financial Towers, state of the art twin towers that will be the tallest structure in Pakistan.As expected Emaar Properties was at the helm of affairs with its Dh220b international portfolio further increasing by a Dh85b project in downtown Algiers. Any speculation about delay in its "Burj Dubai”, on course to become the tallest tower in the world were rest aside by the company. Further, the company is offering the ambience of loft living with the launch of the East Tower in the Loft Towers residential complex within Downtown Burj Dubai. Also, it is negotiating with Jordan-based Arab Bank to buy a 10% stake.

A new significant player in luxury real estate brokerage in the Middle East and North Africa region is likely to emerge with the joint venture partnership agreement between Qatari Diar Real Estate Investment and Development Company, and NorthCourse of the US.  The month of February witnessed a few firsts. Al Dar Properties plans to become the first Abu Dhabi listed property company to open ownership of its shares to non-UAE nationals. Al Mazaya Real Estate Development Company launched the first property index in the region under the name of Al Mazaya Real Estate Index. Emaar Economic City opened investor registration for its Industrial Zone while King Abdullah Economic City’s first phase of the 63m-sqm zone dedicated to industries is getting ready for a launch. On the other hand DAMAC Properties opened its first office in Egypt for the USD16.3b Gamsha Bay project near Hurghada on the Red Sea coast.

While all the attention was on the new projects, the other on-going developments continued. Marina West Real Estate Company appointed PCC-Terna as the main contractor for the country's Marina West development and the Abyaar Real Estate appointed Modern Executive Systems Contracting as its main works contractor for its Dubai Marina towers Pier 24 and Pier 8. Also, the well-known USD1.4b "Gateway to Morocco" project, owned by Gulf Finance House (GFH) will be jointly managed by the Bonyan International Investment Group and Bureau Veritas.

At the finance front, Al Dar Properties announced the launch of a USD1.3b exchangeable trust certificate with additional 15% increase option while its USD2.53bn Islamic bond was more than five times oversubscribed. And, Deyaar plans to become a joint stock company.

Overall, February conformed to the Middle East’s lavish lifestyle with luxury being re-defined. Apart from the residential towers and villas, the industrial zones also shared the limelight. Conclusively, the real estate companies had nothing to worry about but everything to be happy about.

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