Sorouh Real Estate may raise debt to Dh4bn
Sorouh Real Estate has said it is planning to raise some Dhs4bn during 2010, Emirates Business has reported. The company has an equity base of Dhs6.026bn and a debt of Dhs2.073bn. A Sorouh spokesperson has said the company expects to increase its debt closer to 100% but it does not mean it will necessarily increase it to 100%, adding it will raise funding as and when it needs it.

Nakheel begins handover of final Marina Residences tower
Nakheel has said that handover of the sixth and final tower of Marina Residences in Palm Jumeirah has commenced, with residents likely to move in within the next few weeks. The waterfront development features six residential towers containing a mix of apartments and penthouses. "We have been working closely with contractors Shimizu Corporation during the past few years to deliver this development on The Palm," said Marwan Al Qamzi, Group Managing Director, Nakheel Development Projects.

Arabtec reports Q4 loss
UAE-based Arabtec Holding has reported its first quarterly loss as a publicly traded company due to higher costs and nonpayment by customers, Bloomberg has reported. The fourth-quarter net loss was Dhs16.8m ($4.6m), according to Bloomerg calculations. The company, which first sold shares in January 2005, reported year-earlier profit of Dhs197.9m.

Abu Dhabi Finance cuts mortgage rates
Ali Eid al Mehairi, chairman of Abu Dhabi Finance, a mortgage provider part-owned by the government, has said the firm has received financial support from the Department of Finance aimed at reducing its rates to the lowest in the country, The National has reported. The unspecified amount, which was obtained at 'commercial terms', will enable ADF to lower the cost of borrowing for home buyers to as low as 5.75%, compared to the lowest rate in the market today of 6.5%. ADF is considering future expansions into other types of finance, such as lending to property developers, he said.

Due diligence extended in Arabtec, Aabar merger
Dubai-based Arabtec, the UAE's largest contractor, has extended the due diligence date for its $1.7bn merger with Aabar Investments to April 16, in a move that will encourage investors that the deal will progress, the company said. 'Because of the enormity of the task at hand and the limited time frame, both parties agreed to amend the subscription agreement and the term sheet to extend the due diligence date to midnight April 16 2010,' the company said in a statement on the bourse website. Under the agreement, Abu Dhabi's Aabar in January had agreed to acquire a 70% stake in Arabtec in a deal valued at about $1.7bn, according to Reuters.

Arabtec halts work on Nakheel's Al Furjan
Riad Kamal, CEO of Arabtec Holding has said the company had halted work on state-owned Dubai developer Nakheel's Al Furjan project at the beginning of the year for not receiving payments, Bloomberg has reported. Arabtec has completed 550 villas of the Al Furjan's 4,000 homes and villas project, designed to include schools, shops, parks and a cycling trail. "We haven't been paid so we stopped working," Kamal said.

First developer breaks ground on The World
Dubai-based Kleindienst Group has officially broken ground on Germany Island, becoming the first developer to start construction on The World islands in Dubai. 'While we are the first developer to begin construction, we are aware of several more that are not far behind us. The World project is very real, it is taking shape as we speak and I firmly believe that when complete it will become the most expensive property in the emirate of Dubai,' chief executive Josef Kleindienst said. Since The Heart of Europe launched in December 2009, Kleindienst Group has sold 11 villas on Germany Island.

Burj Khalifa set to welcome residents
Emaar Properties has said the world's tallest building, Burj Khalifa, will start receiving home-owners of Armani Residences, located on levels 9 to 16 of the tower, next month. The hand-over of the Residences, which comprise 900 apartments, and The Corporate Suites, a collection of high-end offices, can take anywhere from two to six months, the developer said. This will be followed by the opening of the Armani Hotel Dubai, which occupies the concourse to Level 8 and Levels 38 and 39.

Piling works begin on Louvre Abu Dhabi
Abu Dhabi's Tourism Development and Investment Co (TDIC) has awarded German construction firm, Bauer International FZE a contract for the piling works of the Louvre Abu Dhabi museum on Saadiyat Island. The piling works contract constitutes the second sequential package to be issued for the Louvre Abu Dhabi since its groundbreaking in May last year. Following the completion of the piling, a sub-structure contractor will be appointed to construct the concrete and waterproofing works up to ground level.