Real Estate

In Brief

September 2018

Nakheel builds new marinas on Palm Jumeirah

Nakheel is building a new marina at Azure Residences.

Nakheel is building a new marina at Azure Residences.

Dubai-based master developer Nakheel is investing Dh15 million ($4.08 million) to increase boat mooring capacity on Palm Jumeirah, with two new marinas that will bring the total berths on the island to 600.

New marinas are on the way at Nakheel’s Azure Residences waterfront apartment and restaurant complex on the island’s eastern trunk, and at The Pointe, Nakheel Malls’ upcoming seafront dining and shopping destination. 

Nakheel has appointed Majestic Marine Engineering  to build the new facilities, with Applied Technology & Management (ATM) the appointed consultant.

Due for completion this year, the marinas will accommodate a total of 44 boats and yachts up to 30 m long, and will complement Nakheel’s two existing marinas on the island, at Palm Views East and West, which are already at full capacity with 556 moorings.

Nakheel is also building six marinas, at a cost of Dh165 million, at its new waterfront master development, Deira Islands. Between them, they will accommodate 614 boats and yachts up to 60 m long.

 

Majid Al Futtaim unit in tie-up with Enova

Majid Al Futtaim, a major mall developer and leisure pioneer in the region, says its retail unit has signed an agreement with Enova to help it advance its sustainability ambitions, by lowering its utilities consumption, and explore and execute renewable energy solutions.

The arrangement will apply to crucial functions across all markets where Majid Al Futtaim Retail operates, and includes energy and facilities management, renewable energy and technical and advisory services.

This new partnership with the regional leader in integrated energy and multi-technical services comes as a result of Majid Al Futtaim’s group-wide Net Positive objectives to reduce its businesses’ water consumption and carbon emissions to the extent that the group will put more back into the environment than it takes out.

Enova, a joint venture between Majid Al Futtaim and global leader in optimised resource management Veolia, boasts a track record of being at the forefront of industry innovation and having the ability to offer integrated smart solutions to customers.

Hani Weiss, chief executive officer of Majid Al Futtaim Retail, says: “Our sustainability ambitions required a strategic partner that can bring the latest solutions to achieve optimum efficiency and end-user comfort. Today’s signing with Enova reflects our ongoing commitment to our business sustainability and to the communities in which we operate.”

Anne Le Guennec, chief executive officer, Enova, comments: “Majid Al Futtaim has already recognised the criticality of corporate environmental stewardship and the company’s vision is perhaps the most ambitious in the region. Our unique integrated offering seamlessly combines energy and facilities management, creating win-win situations which concurrently reduce the environmental impact and operating costs. We look forward to helping our colleagues at Majid Al Futtaim Retail optimise both.”

 

Saudi real estate brokerages face inspections over Ejar

Saudi Arabia’s Ministry of Housing has intensified inspections of real estate brokerage offices in Jeddah and other cities across the kingdom to check compliance with the new rental agreement system, Ejar, said a report.

Ejar was introduced to bring transparency in the residential sector and protect the rights of tenants at all stages of the rental process, reports the Saudi Gazette.

The new system aims to help end tenancy disputes after the Ministry of Labour and Social Development and the Ministry of Housing announced their plan to link the renewal or issuance of work permits with the authentication of house rent contracts in the Ejar network, states the report citing experts.

Following the inspections, many real estate offices in Jeddah, mainly dominated by Sudanese expatriates, have downed their shutters. Others are working to install Ejar system software to avoid heavy penalties, the report says.

The fee for the registration of a house rent contract is SR250 ($67) as fixed by the Ministry of Housing. However, many real estate offices are charging a higher amount, according to sources.

The new system enables authorities to monitor the real estate market conditions where landlords are bound to fulfil some of their basic obligations such as paying Zakat, reports the Saudi Gazette.

In addition, the system prevents landlords from illegally converting bigger flats into smaller housing units. It will also ensure that the accommodation is properly maintained. There have been cases where workers have lost their lives in fire mishaps that occurred in unauthorised accommodations, it adds.




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