Construction Industry News

UAE Central Bank Hints at Dubai Real Estate Markets Likely Overheating-Land Department Denies Likelihood

UAE Central Bank Hints at Dubai Real Estate Markets Likely Overheating-Land Department Denies Likelihood

10th June 2014

On Sunday the UAE Central Bank came out with a warning that the real estate markets in Dubai were possibly overheating, stating in its financial stability report that, "Current average rental yields in Dubai and Abu Dhabi are approximately 70 and 130 basis points below historical averages, which could indicate growing imbalances - overheating real estate market. "[..]

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Accor ties with Al Ahlam Holding to open New Ibis Hotel at Jeddah

Accor ties with Al Ahlam Holding to open New Ibis Hotel at Jeddah

9th June 2014

Accor Hotels Middle East today inked a deal with Al Ahlam Holding to open a new 300 room Ibis hotel at Madinah Road, Jeddah in Saudi Arabia. This will be Accor's fifth Ibis branded hotel in the Kingdom and fifteenth in the region. Accor Prince Abdullah Bin Saud Bin Mohammad Al-Saud, owner of Al Ahlam Holding Group, said: “Al Ahlam Holding is delighted to partner with France-based Accor group, a global leader in hospitality. Our first successful experience with the ibis Yanbu was undeniably an encouraging factor to pursue further cooperation with Accor. "We are confident that ibis Jeddah Madinah Road will be a remarkable property and a valuable addition to Jeddah City, ‘the bride of the Red Sea’. Leveraging its great location and capacity, the future ibis Jeddah Madinah Road will cater to the growing need for quality economy hotels.”[..]

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Upgrade of Al Ain to Oman Border Road Planned

Upgrade of Al Ain to Oman Border Road Planned

9th June 2014

Road improvement works are proposed on a large scale along the road from Al Ain to the UAE-Oman border post, a high traffic commuter route between the two countries and for en-route traffic. On completion the project is likely to benefit the areas of Mazyad, Dhaher, and Al Kharir.[..]

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