Depa Limited, the interior design contractor who fitted out the Emirates Palace Hotel, Burj Al Arab and Burj Khalifa, has signed a $60m contract in Angola, the Dubai-based company announced on Wednesday. Based in Dubai, but with sixteen offices and 8,000 staff worldwide, Depa has worked on projects such as the Atlantis Hotel, Armani Hotel and Burj Al Arab in Dubai, Yas Island and Emirates Palace hotels in Abu Dhabi, the Dubai Metro, Dubai Airport and the Savoy and Waldorf hotels in London.
It added that the total hotel supply increased to around 46,000 rooms as of Q2 2010, up eight percent since the end of 2009, following the completion of projects including the Armani Hotel and the Sofitel and Movenpick hotel on Jumeirah Beach.
Emaar Properties, the developer of the world’s tallest tower in Dubai, incurred a loss of 38.5 million dirhams ($10 million) from the sale of Hamptons Group Ltd.’s operations in Europe, UK and Asia to Countrywide. The property sold is building Number 5 in the Emaar Square project near Burj Khalifa, the world’s tallest tower, and houses the local offices of HSBC Holdings Plc, The National newspaper reported today, citing people it didn’t identify.
“Even if events remain fluid and the impact on the property sector is difficult to gauge at this stage, we believe the Egyptian real-estate market is likely to remain uncertain for some time,” analysts Nabil Ahmed and Athmane Benzerroug said in a note to clients dated on Thursday.
British engineering firm Hyder Consulting said on Tuesday that it was on track to beat profit forecasts in its full-year results, despite still being owed GBP9.4m ($14.9m) by Dubai clients.The company, which advised on Dubai’s Burj Khalifa project, said it was poised to report full year revenue and operating profit “slightly ahead” of market expectations, after absorbing operating costs of around GBP3m.
Liz O'Connor, director of residential sales and leasing at Better Homes said that she has seen some distressed sales entering the market, especially as the final payments on properties becomes due. “There are some distress sales in the market… We have seen secondary Burj Khalifa properties coming on line; for many owners the final installment is due to be paid shortly which is promoting some to sell,” said O’Connor.
Organisers said on Tuesday that an exclusive preview of the new BlackBerry Pearl 9105 smartphone device in Dubai has been cancelled. Arabian Business can reveal that the preview party, which was due to be held at Prive at the Armani Hotel on Wednesday evening, has been postponed until a later date. The decision follows an announcement on Sunday by the UAE that it will ban certain BlackBerry services in the country from October 11.
Nominations for the prestigious Arabian Business Achievement Awards have opened, with the winners to be announced at a glittering ceremony on November 30th at Dubai’s Armani Hotel. This year’s awards will span 15 categories, including technology, media, retail and the sought after titles of Businessman and Businesswoman of the Year.