Dar Al Arkan, DIFC sukuk
The Dar Al Arkan Real Estate Development Company has listed a $600m sukuk on the Dubai International Financial Centre. The sukuk is the first from a Saudi issuer to list on the DIFX and takes the total number of sukuks listed to six, with a total value of $9bn. The sukuk is solely listed on the DIFX and was sold to investors in Europe, South East Asia and the Middle East.
Strong sales in Kuwait
A report by the National Bank of Kuwait has revealed 1,140 property sales transactions, worth $1.1bn, were recorded in April, a 7% lift on the previous month and 85% up on the same month in 2006, reported the KUNA. The residential and commercial sectors saw growth of 31% and 33% respectively. In the first four months of the year, there were 70% more sales than during the same period last year.
Memon offers Cambridge
Memon Investments has launched the Cambridge Business Centre, a $21.8m development located at the Dubai Silicon Oasis. The commercial tower is slated for completion in 2009 and will occupy a 160,000 sqft plot. The ten storey property will house 108 offices of varying sizes and 11 retail outlets on the ground floor.
Deyaar launches BB towers
Deyaar has launched two towers at Dubai’s Business Bay: the Mayfair Tower and the Mayfair Residency, at a cost of $97.9m. The towers will offer one and two bedroom apartments, with the Mayfair Tower comprising 218 residential units and the Mayfair Residency 213 apartments. Those interested in purchasing a unit need to pay a 10% booking fee before making the next instalment in June 2008.
