The
Nurai
island project, by the developer
Zaya
,
is on track despite losing eight of the initial 48 sales to the global credit crunch
.
Nadia Zaal
, the chief executive of Zaya, showed off the first villa on the island yesterday, which is quite a sight. It's built into a mound facing the sea, with a grass-covered roof as well as a swimming pool and private beach. The island is just off the tip of Saadiyat Island. (We'll post more pictures later).
Up to 30 per cent of the buyers at
Dubai Pearl
at the entrance to Palm Jumeirah
have rescheduled payment plans
, Alex Delmar-Morgan at Arabian Business reports. This has led the company to ask its shareholders for a loan of up to US$500m to meet construction costs over 2009 and 2010. Last year,
DIFC Investments
invested Dh3bn in the project.
Al Hamra Village in Ras al Khaimah
, Nathalie Gillet reports. Meanwhile, people in RAK are spooked about the property market with widespread fears that some developers will not be able to meet their obligations. Meanwhile, in Ajman, the property regulator is
ordering all payment plans be linked with construction milestones
.
Mubadala Development
, the investment arm of the Abu Dhabi Government,
is in talks to increase its ownership of Abu Dhabi Finance to 52 per cent
.
