Dubai Travel Guide

This week Damac announced its plans for new projects worth US $544 million (AED2 billion), eight of which will be awarded by the end of this year. Construction Week finds out what they are and when to expect tender documents.

1- DAMAC Heights, Dubai Marina

Description: This is a 90-storey residential tower at Dubai Marina featuring one-bedroom units up to duplexes and penthouse apartments.
Status: Enabling works contract award expected in Q4 2009.
Tender: Enabling works contract expected to be tendered this week, the main contract tender is due in October, while the main contract award can be expected in early 2010.

2- Amber Residence, Dubai World Central

Description: Ten-storey residential complex located at Dubai World Central residential city. The development will have retail outlets on the ground floor and feature studio, one and two bedroom units.
Status: Enabling works have been completed by National Piling and the main contractor is due to be appointed in Q3 2009.
Tender: Main contract expected to be tendered in June.

3- Park Central

Description: This is a 17-storey project designed to give views across the lake from three sides of the tower. It has parking on four levels.
Status: Enabling works have been completed by Al Habtoor STFA and the main contract is due to be awarded in Q3 2009.
Tender: Main contract expected to be tendered in June. Read the rest of this entry »

A Jacksonville provider of major turnkey temporary power generation services received $30 million in investment from a Dubai-based private equity firm.

APR Energy Cayman Ltd. will use the minority investment from Levant Capital Ltd. to buy new equipment and support research and development, said Paul Marcroft, APR Energy’s vice president of sales and marketing.

“We very much appreciate the confidence Levant has shown in us and our growth plans during this period of global financial turbulence, and we look forward to working with Levant’s seasoned investment team and with their investors to expand our operations, particularly in the Gulf region and North Africa,” APR Energy CEO John Campion said in a news release.
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Empty office space in Dubai has doubled to 16% in the past six months, according to Jones Lang LaSalle, the property and investment firm.

In its February 2009 “Dubai City profile – A Review of the Dubai Property Market”, new research shows that vacancies in Dubai’s office market are at the highest rate ever recorded.

The report states: “The turmoil in the global economy is continuing to cause volatility and uncertainty in the Dubai real estate market. The major economic influences on the market include the significant slowing of economic activity, falling employment levels and a severe tightening of credit.”

An additional 4.7 million square ft of office space was released into the market in the second half of 2008, bringing the total stock to approximately 29.5m square ft; an increase of almost 20% over six months.
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