Not content with their own world record for the highest tower, Dubai developers Nakheel on Sunday announced plans to build a tower which could stand one kilometer high (3,280 feet)
Sultan Ahmed bin Sulaim, president of Dubai World, a wholly owned subsidiary of the Dubai government, said the project would be “one of a kind.”
More on Kilometer High Tower Planned in Dubai – “It won’t fall over” says CEO
Nobles Properties, the billion dollar real estate investment company launched by former Tameer Holding chief executive Omar Ayesh, will soon announce projects worth another $500 million in various parts of the Middle East
Crane Operator for Burj Dubai Needed
Package details:
- Salary – Not a lot
- Accommodation included – 12 to a room, guaranteed fire hazard
- Life Insurance Package – No
- Chopper for Transportation – Yes, cost deducted from pay packet
The housing situation in Dubai and neighboring emirates is in for a nasty surprise. Following the recent introduction of new laws aimed at curbing speculation in the Dubai property market and preventing immigrant workers from being taken advantage of by dubious landlords, Dubai Municipality announced a 30-day deadline from Sunday for residents sharing villas to vacate them, giving the thousands of tenants a rude shock.
Omar bin Abdul Rahman, Head of the Building Inspection Section at the Dubai Municipality, said on Sunday that landlords must ensure that only one family lives in their villas. If they failed to comply with the new rules within the deadline, the municipality would slap fines up to Dh50,000 on them, the official said. The civic body had already said it would not take the responsibility of making the landlords refund the rents collected in advance. The deadline announced on Sunday is all set to land many tenants in deep trouble. “There cannot be any bachelors, labourers or more than one family in the villas. Though the campaign in this connection has been on for quite a while, the landlords will now have to ensure that regulations are complied within a month, that is 30 days,” Abdul Rahman said.
The developers behind The Tiger Woods Dubai, Tatweer, are interested in developing similar projects in other countries in partnership with Woods. A spokesman said new projects will depend on the Dubai development’s success, but they are keen to continue the partnership. The Tiger Woods Dubai is the golf stars first privately designed course, although he has put his name to a number of other courses.
More on Golf developer and Tiger Woods consider more developments outside of Dubai
The prevailing high prices in Dubai’s real estate sector are not sustainable for long and a slowdown is likely, a top asset management company chief executive said this week
“Prices are bound to stop growing at this maddening scale,” said Shehab Gargash, chief executive officer (CEO) of Daman Investments, on the sidelines of a press conference to announce investment in renewable energy venture. “Will it be a crash? I don’t think so. I doubt we will see a significant long-term bust. But we will see corrections.”
Burj Dubai, the tower being developed by Emaar Properties PJSC, has reached a new record height of 688 meters. The tower became the world’s tallest after surpassing North Dakota, USA’s KVLY-TV mast (628.8 metres; 2,063 ft) in April 2008. With over 160 floors, the tower also has the largest number of storeys in any building.
When completed, Burj Dubai will meet all four criteria listed by the Council on Tall Buildings and Urban Habitat (CTBUH), which classifies the world’s tallest structures. CTBUH measures the height of buildings to the structural top, the highest occupied floor, the top of the roof and the tip of the spire, pinnacle, antenna, mast or flag pole.
Another fire in Dubai has killed at least ten, possibly eleven Indian laborers
India’s consul in Dubai, Venn Rajamony has said that 10 Indians are among those killed in a fire that broke out in a building packed with foreign labourers.
The Master Developers in Dubai have removed the clause that guarantees a residence visa for property buyers from contracts they enter into with sub-developers
“There was a clause in our previous contracts that assured us that master developers will guarantee residence visa. The clause has now been removed,” a developer. Emaar Properties, the master developer of Burj Dubai and Dubai Marina, has sent a notice to sub-developers to hold processing of residency visas until further notice.
The Dubai government introduces new mortgage laws to try and regulateinvestment property in Dubai.
Another new law has just been introduced in Dubai, covering mortgages, and is expected to help better regulate the market and boost investor confidence in investment properties, officials and analysts said on Tuesday.
