Arab Today, arab today real estate developments mushroom in gulf arab countries
Last Updated : GMT 21:01:20
Arab Today, arab today
Arab Today, arab today

Real estate developments mushroom in Gulf Arab countries

Arab Today, arab today

Arab Today, arab today Real estate developments mushroom in Gulf Arab countries

Dubai - XINHUA

Amid solid economic prospects, driven by constant high oil prices and relative political stability, developers in the Gulf Arab region announce on an almost daily basis new mega projects worth billions of U.S. dollars, with the Emirate of Dubai taking a lead. The biggest Middle East developer Emaar Properties from Dubai and the state-owned investment firm Dubai Holding said earlier on Monday that they had entered a joint venture to built The Lagoons, a residential and hospitality district adjacent to the world\'s largest man-made lagoon in Mohammed Bin Rashid (MBR) city, a planned new \"city within the city.\" According to the e-mailed statement by both entities, The Lagoons is a waterfront city spreading over 6 million square meters. The project just came one day after the Dubai-based developer Crystal Lagoons said it will build for 7 billion U.S. dollars the world\'s largest man-made lagoon water reservoir with a surface of 40 hectares in the heart of Dubai. Led by the Dubai Tourism Vision to record 20 million visitors by the turn of the decade, the project will help firmly establish Dubai as one of the top 10 global cities by 2020, said the statement. Competition for global attention is fierce in the Gulf region, as the six Gulf Cooperation Council (GCC) countries are stepping up efforts recently to launch new residential, commercial and infrastructure projects amid a positive economic prospects in this region. Last Saturday, the International Monetary Fund (IMF) expected the region\'s gross domestic product to grow at 3.7 percent this year, which would be lower than the exceptionally strong average rate of 6.4 percent in the year of 2010-12, \"but favorable by global standards.\" US crude oil prices have gained over 15 percent in the last 12 months, feeding the GCC states\' budget surpluses. Meanwhile, the two major oil suppliers Saudi Arabia and Kuwait are accelerating construction on the two landmark towers which are poised to become the tallest buildings in the world. Saudi started in Jeddah at the Red Sea the Kingdom Tower which shall have the oriental height of 1001 meters, whose construction would last for six years. The northern Gulf state of Kuwait also builds a record-breaking high tower, the Burj Al-Mubarak Al-Kabeer, which shall also have a height of 1001 meters. At the end of July, the Saudi capital Riyadh awarded contracts worth 22.5 billion dollars for the construction of the Riyadh metro. The driverless system that spreads on a network of 176 kilometers length shall help ease traffic in Riyadh\'s chronically congested streets. Nevertheless, progress in building is not always a ride on the fast lane. The gas-rich Gulf state of Qatar had to postpone the opening of its mega project, 5,400-acre New Doha International Airport last month due to a legal dispute with Dubai-based interior design firm Depa, as both sides blame each other of alleged delays in the inner fit-out work. The real estate boom is also visible in leading developers\' profits. Earlier in the day, Dubai\'s state-owned company Nakheel announced that it generated in the first nine months of this year a net profit of 1.77 billion Dirham, or 482.68 million dollars, representing a year-on-year increase of 58 percent. The surge was driven by \"a return of investor confidence,\" Nakheel said in a statement on its website.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today real estate developments mushroom in gulf arab countries Arab Today, arab today real estate developments mushroom in gulf arab countries

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today real estate developments mushroom in gulf arab countries Arab Today, arab today real estate developments mushroom in gulf arab countries

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday