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Qatar's Msheireb Properties eyes new financing
Qatari developer, Msheireb Properties is considering seeking financing next year for part of the $5.5bn Msheireb Downtown development, The National has reported. "So far, cash is not an issue for us," said Issa Al Mohannadi, the chief executive of Msheireb Properties. "But to be a sustainable developer, we are gearing up toward 2013 to be ready for any scenario.” Msheireb Downtown is a 31-hectare site in the downtown area of Doha that is designed around green and sustainable concepts. It is being built in four phases. Phase one is expected to be completed by the end of this year, with all four phases due for completion by 2016.
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UAE housing market to sink further, analysts point to oversupply
Analysts have said the four-year decline in house prices in the UAE isn’t expected to end in 2012, as oversupply and concerns over the health of global economy weigh on the market, Reuters has reported. Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai's property prices to recover after plunging by two-thirds from their 2008 peak. Prices in the emirate will ultimately ease another 8%, while neighbouring Abu Dhabi, which is now showing signs of pressure, will see housing prices fall by as much as 11% this year. “Macro-economic concerns compounded with an ongoing supply-demand mismatch will further delay the recovery of the UAE property market,” said Patrick Rahal, manager at Doha-based investment company The First Investor.
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Kuwaiti fund buys luxury apartment building in Manhattan
The investment arm of Kuwait’s social-security system bought a luxury apartment building in Manhattan’s Noho neighbourhood, as demand for multifamily properties surges, Reuters has reported, citing two people with knowledge of the deal. Wafra Investment Advisory Group Inc. last week completed the purchase of 2 Cooper Square, a 144-unit building that includes a rooftop pool, video-game centre and private movie- screening room, according to the source.
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Abu Dhabi attempted Aldar sale, falling asset value
The Abu Dhabi government has held talks to sell all or part of a 49% government stake in Aldar Properties in an attempt to stop its falling asset value from dragging down state investment fund Mubadala, Reuters has reported, citing two unnamed sources familiar with the discussions. The recent discussions revolved around shifting the Aldar stake to an Abu Dhabi-based bank through a swap deal, the sources said, declining to say whether the talks were still ongoing or had stalled. Mubadala, which made a loss in 2010 and in the first 2011, would provide an equity bridge loan to the bank for taking up the assets, said one of the sources. A spokesman at Mubadala denied that such discussions had taken place.
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Qatar developer faces withdrawal of strategic shareholder
Qatari developer, United Development Co (UDC) has announced the withdrawal of a strategic shareholder and said the agenda of the company's extraordinary meeting to be held in February will be amended, the Peninsula has reported. The firm said it has received a letter from Qatar National Bank, representative of the strategic shareholder, explaining that the shareholder "stipulates his joining before the annual general meeting that will distribute the bonus shares to the current shareholders". The letter said the shareholder has decided to withdraw if his stipulation was not met.
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