Eagle Hills, the Abu Dhabi property developer fronted by Emaar chairman Mohamed Alabbar, is to run a series of roadshows in Saudi Arabia aimed at drumming up interest in its huge Bahrain project.
Eagle Hills Diyar, a joint venture between Eagle Hills and Diyar Al Muharraq, a vehicle owned by the bank KFH Bahrain and several other Bahraini investors, said it had sold about 10 per cent of the 250 apartments it is currently marketing to investors from Saudi Arabia in the Marassi Al Bahrain project, but hoped to increase that figure significantly.
The company said it has sold about 75 per cent of the 250 apartments it is marketing in the first phase of a project that is eventually slated to include 5,600 homes. The developer hopes to build 2,000 of these homes over the next five years in an ambitious project that will also contain a 178,000 square metre mall linked to two hotels, and up to 500 serviced and private apartments.
“We are trying to increase the number of sales to Saudi Arabia,” said Maher Al Shaer, the chief executive of Eagle Hills Diyar. “At the moment, there is not much from Saudi Arabia. They are one of our key target markets. Maybe the low price of oil is affecting them.”
Each year about 10 million visitors from Saudi Arabia cross the King Fahd causeway to Bahrain, putting Bahrain high on the investment list for many rich Saudis.
However, as global oil prices have fallen since 2014, property investment by Saudi nationals has slowed down.
According to official Saudi figures, oil accounts for 42 per cent of the country’s GDP.
In July, JLL said house prices in Riyadh and Jeddah continued to fall as domestic buyers cut back.
When completed, Eagle Hills estimates that Marassi Al Bahrain could provide a boost of as much as 4 per cent to Bahrain’s GDP.
The project will contain 1.29 million sq metres of built-up space on an 875,000-sq-metre site on the eastern shore of Diyar Al Muharraq, a 12.2 million sq metre reclaimed island close to Bahrain International Airport.
Mr Al Shaer said the company was talking to local and domestic banks to get funding to build the development and that it expected to award a main construction contract for the project at the start of 2017.
lbarnard@thenational.ae
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T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
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Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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Andy Murray (GBR) v Benoit Paire (FRA)
Grigor Dimitrov (BGR) v Roger Federer (SUI)
Rafael Nadal (ESP) v Gilles Muller (LUX)
Adrian Mannarino (FRA) Novak Djokovic (SRB)
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,400m. Winner: Rio Angie, Pat Dobbs (jockey), Doug Watson (trainer).
7.05pm: Handicap Dh170,000 (D) 1,600m. Winner: Trenchard, Pat Dobbs, Doug Watson.
7.40pm: Maiden Dh165,000 (D) 1,600m. Winner: Mulfit, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh210,000 (D) 1,200m. Winner: Waady, Dane O’Neill, Doug Watson.
8.50pm: Handicap Dh210,000 (D) 2,000m. Winner: Tried And True, Pat Dobbs, Doug Watson.
9.25pm:Handicap Dh185,000 (D) 1,400m. Winner: Midnight Sands, Pat Dobbs, Doug Watson.
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
UAE currency: the story behind the money in your pockets
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross
Results
Elite men
1. Amare Hailemichael Samson (ERI) 2:07:10
2. Leornard Barsoton (KEN) 2:09:37
3. Ilham Ozbilan (TUR) 2:10:16
4. Gideon Chepkonga (KEN) 2:11:17
5. Isaac Timoi (KEN) 2:11:34
Elite women
1. Brigid Kosgei (KEN) 2:19:15
2. Hawi Feysa Gejia (ETH) 2:24:03
3. Sintayehu Dessi (ETH) 2:25:36
4. Aurelia Kiptui (KEN) 2:28:59
5. Emily Kipchumba (KEN) 2:29:52
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Real Madrid 1
Ronaldo (87')
Athletic Bilbao 1
Williams (14')
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Sri Lanka squad for tri-nation series
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On sale: Now
EVIL DEAD RISE
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Stars: Alyssa Sutherland, Morgan Davies, Lily Sullivan
Rating: 5/5
The specs
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Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.+
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
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She was held in her native country a year later.+
COMPANY PROFILE
Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars