Morning round-up: Game parks abroad, cost cutting back home

Dubai World is investing in a Zimbabwean game park as part of its plans to diversify in Africa, Rebecca Bundhun reports in The National today. This comes after major investments in Senegal and South Africa.

The master developer of Marmooka City is weighing two rather grim options: scale the 200-tower development back or cancel it altogether. Nathalie Gillet has the details here.

Analysts want more clarity on the new visa law, like whether the Dh1m minimum is the purchase price or current selling price, according to 7Days. A widespread lowering of prices in the last six months has pushed many apartments below the Dh1m mark.

Tamouh Investments, a property developer under the Royal Group in Abu Dhabi, is cutting costs by supplying its contractors with materials that it has acquired from around the world in bulk. I believe this is something that all major developers and many mid-range developers do, but tell me if I am wrong.

Damac Properties says it will award Dh2bn worth of construction contracts in 2009. That's a good idea because they have a lot of projects to build. As of last November the company had less than a dozen finished projects, but now they are planning to have delivered (over the lifetime of the company) a total of 25 towers by the end of the year, according to Emirates 24/7 Business.

The property and construction sector will contribute about 1 per cent less to the economy than it did last year, according to Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry. I guess we can all rest easy then.