Real Estate

Nakheel awards $626m contracts for three retail developments Dubai-based master developer Nakheel has awarded construction contracts worth nearly Dh2.3 billion ($626 million) for three major projects in its growing retail portfolio in the UAE.

Gulf Related has signed a Dh2.3-billion ($626 million) agreement with Abu Dhabi Commercial Bank (ADCB) to provide project financing for the construction of the 3.1-million-sq-ft Al Maryah Central mixed-use retail development.

Marriott International has signed its first property from the Residence Inn brand portfolio in the UAE with the Residence Inn by Marriott Al Jaddaf maintaining the pace of its regional development plans.

Leading regional developer Emaar has announced the launch of the second phase of Maple Two project featuring green getaway residences in the 2,700-acre Dubai Hills Estate area in Dubai, UAE.

Cayan Group, a leading property developer, has joined hands with Saudi-based Al Ajlan Holding and Al Saeed for a new mixed-use development in the north of the Saudi capital Riyadh, estimated at SR1 billion ($266.66 million). Renowned design consultant Khatib and Alami (K&A) has been appointed as the main consultant for the project.

West Yas Two to draw Emiratis Aldar Properties, a leading real estate company based in Abu Dhabi, has launched the second phase of sales for West Yas, a masterplanned residential development located on Yas Island. This comes in response to the strong nationwide demand recorded in Phase One where 300 units were sold to Emiratis.