Union Properties is in negotiations with contractors for the completion of two hotels at its MotorCity development in Dubai.
The Renaissance Dubai MotorCity and the Marriott Courtyard, which are about 75 per cent finished, have been at a standstill while the developer raised cash to complete construction.
Khalid bin Kalban, the chairman of Union Properties, said the company was in discussions with a number of contractors as part of a plan to resume work on developments that are close to completion.
Nasa Multiplex, the original contractor for both hotels, is involved in the talks but is not guaranteed to be rehired.
"The market has changed fundamentally so now we're looking to get a reasonable rate," said Mr bin Kalban. "Whoever gives us the better price, we'll go along with it."
Both hotels, which will have a total of almost 600 rooms, were due to be completed last year as part of the sprawling motor racing-themed development that includes hundreds of homes and offices.
Work on F1-X, a Formula One theme park, was also put on hold last year because of a shortage of credit.
Union Properties, the third-largest developer in Dubai by market value, hired the consultancy Ernst & Young late last year to raise finance for the theme park's completion, although work is yet to resume.
Union Properties is selling some of its prized assets to pay debt and help revive stalled projects. The developer said in February it had US$3.8 billion (Dh13.95bn) worth of sellable assets.
Mr bin Kalban said two potential buyers were considering taking a 50 per cent stake in Emicool, its district cooling unit, which had been valued at between Dh400 million and Dh500m.
"The evaluation has been done and we are awaiting their response," he said.
Meanwhile, the company is still finalising "the legalities" of the sale of its Ritz-Carlton Hotel at Dubai International Financial Centre to a UAE buyer, having just missed the asking price of Dh1.5bn, Mr bin Kalban said.
Union Properties, which is 47.69 per cent owned by Emirates NBD, accumulated Dh6.5bn of debt during the boom, of which Dh2.8bn has been rolled over for repayment to next year from last.
The developer reported a loss of Dh349.4m for the second quarter, up from a loss of Dh227.9m in the same quarter last year, as it took provisions on falling property values and recorded few handovers of homes to buyers.
@Email:agiuffrida@thenational.ae
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
'Jurassic%20World%20Dominion'
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Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Barbie
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The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
UAE currency: the story behind the money in your pockets
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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