Construction begins on Heart of Sharjah project
The Sharjah Investment and Development Authority (Shurooq) has announced the commencement of construction works on the 'Heart of Sharjah' project. The multi-phase project includes ongoing development works with the aim of reviving the historic and heritage areas of the Emirate. Construction on the first phase of the project began last week, and is scheduled for completion within two years.

Nakheel set to pay creditors $408m next month
Ali Lootah, chairman of Dubai-based developer Nakheel has said the firm plans to pay Dhs1.5bn ($408m) of bills it owes to trade creditors next month, Reuters has reported. The company expects to pay 40% of the money owed to trade creditors in cash and 60% through a tradeable sukuk, Nakheel said. The company said on August 24 it paid Dhs2.5bn it owed trade creditors in July.

Al Hamra RAK development to begin handover in September
Ras Al Khaimah-based Al Hamra Real Estate Development has announced that Phase 3 of the Royal Breeze freehold residential development has entered the final stages of construction, and units will be delivered in phases to investors starting September 2010. Type A town houses will be the first units to be delivered to investors starting next month, while Type C town houses, which have been fully constructed and are now undergoing finishing works, will be delivered by March 2011.

Abu Dhabi to launch new green building code
A new mandatory green building code is to be introduced in Abu Dhabi this week, aimed at reducing by 40% energy bills in new homes to be built across the emirate, The National has reported. As of September 1, all new buildings must meet sustainability and urban design requirements to receive approval for construction to begin. Developed by the Urban Planning Council (UPC), the Estidama Pearl Rating System mandates that all buildings achieve at least a one-pearl rating.

Dubai developers rushing to 40% completion mark
Dubai developers are reportedly taking advantage of an upturn in construction activity in order to put investors in difficult financial positions, the Gulf News has reported. The daily claims that some developers are rushing through to the 40% completion stage on projects, in order to issue default notices to buyers who have missed instalments.

Sorouh looks for additional $136m in loans
Abu Dhabi-based developer, Sorouh Real Estate plans to approach banks for an additional Dhs500m ($136m) in loans before the end of August, Meed has reported. The deal is intended to bring a Dhs2.35bn loan raised in July up to around Dhs3bn. Proceeds from the deal will be used to repay existing debt and fund the development of projects in the emirate. Sorouh revealed in July that profit for the second quarter of the year fell by 87%, to Dhs20m.

Nakheel bank debt stands at $10.9bn
According to a restructuring document, Dubai-based Nakheel has $10.9bn of bank debt and will receive key assets from parent company Dubai World for its business plan after separation, Reuters has reported. The developer currently has $5.1bn of trade creditor claims and $9.2bn of customer liabilities, according to the document. The government will pump $7.3bn of new equity and equitise a further $5.3bn of claims to recapitalise Nakheel, the document said.

Sharjah restricts property ownership to UAE and GCC nationals
The ruler of Sharjah, Dr Shaikh Sultan Bin Mohammad Al Qasimi, has issued a decree restricting foreign ownership of land and properties to UAE and GCC nationals, Gulf News has reported. "The law has limited the right to own real estate in the emirate to the UAE nationals and nationals of GCC Gulf Arab states and corporate bodies fully owned by them. But the exception may be granted by [the] Ruler to own property through the inheritance transition in accordance with Shari'ah declaration, legitimate or waiver of the owner to a relative of the first degree as prescribed by executive regulations of this law," the decree said.

Piling work completed on Louvre Abu Dhabi
Abu Dhabi's Tourism Development and Investment Co (TDIC) has announced piling work on the Louvre Abu Dhabi project is complete, and the development is on schedule for completion in 2013. Bauer International of Germany has been working onsite in the Saadiyat Island Cultural District since March 2010 to place 4,536 pilings. The piling works constitute the second sequential contract to be issued for the Louvre Abu Dhabi since its groundbreaking in May 2009.