Michael Fahy

Developer first launched the five million sq ft-plus project at Cityscape Global in 2014

Many mega projects involving UAE firms have been announced but have failed to get off the ground

Substantial price fall revealed by Dubizzle, which says the area is the most searched for community in Dubai.

Shares rose the daily limit of 15 per cent this morning on the Dubai Financial Market.

The slide in household wealth in the region comes amid a sharp drop in the price of crude oil, the main driver of economic growth in the Arabian Gulf.

Consolidation among occupiers has led to lower demand and falling rents across many Dubai submarkets.

'Obviously, if the cost of money gets more expensive then it does impact contractors, and ultimately it impacts the industry.'

'I think builders’ merchants are something that has to come into this market. Many of the things we learnt in the UK, we come back here and we don’t find it.'

Arkan has re-stated its 2016 accounts to reflect the impact of the closure and said the move would lead to an annual cost saving of Dh45 million.

Owner of the JustRentals and JustProperty sites to become 'cornerstone' of a property listings business that is set to receive $25 million worth of investment.

Emaar said a limited number will be sold on a first-come, first-served basis.

'Our cycling plan will encourage people to take up cycling as a sport and recreational activity, promoting health and fitness among all age groups,' said Nakheel chairman Ali Rashid Lootah.

The company says it plans to exit all of its current investments over the next two years and return the excess cash to shareholders

The 450km service linking Saudi's two main holy cities is expected to begin operations