Dubai-based Indian realtor to expand portfolio to 5 bn dirhams

April 3rd, 2008 - 9:39 pm ICT by admin  

(Gulf Business Capsule)

Dubai, April 3 (IANS) Dubai-based Indian real estate developer Iris plans to expand its portfolio to 5 billion dirhams ($1.4 billion) this year as it announces the launch of its latest project, the 100-million dirham ($27.2 million) Iris Asmar. “As the property market is growing at such a fast speed, the main concerns are finding good contractors and good consultants. Selling is not the challenge here. The challenge is finishing the project on time,” the Gulf News quoted Ashwin Sheth, director of Iris Properties, as saying.

Iris Asmar is a seven-storey residential building located in Cultural Village.

Two more projects will be launched later this year, including one in April, in Business Bay and Maritime city, which will increase the company’s Dubai portfolio to 5 billion dirhams spread over six projects on four million square feet, including parking areas, according to the report.


Oman’s non-oil exports cross 1 bn riyal mark

Oman’s non-oil exports crossed the 1 billion Omani riyal ($2.6 billion) mark for the first time in 2007.

The Oman Centre for Investment Promotion and Export Development (Ociped) said the non-oil shipments of Omani origin reached 1.3 billion riyal in 2007 compared to 813 million riyal, marking a rise of around 60 percent.

“The performance has been in line with the export strategy adopted by Ociped, which has identified thrust products and target markets for the period 2006-10,” the Khaleej Times newspaper quoted Aiman Ambusaidi, director of export development at Ociped as saying.


New glass manufacturing plant coming up in Qatar

A new glass manufacturing company is being set up in Qatar with an investment of 25 million euros ($39 million) to meet increasing demand for architectural glass in the region.

The new company is being launched by Special Projects Co, Al between QRSeal Contracting and Trading, Nasser Bin Khalid and Sons Holding Co (NBKS) and some strategic investors, reports here said.

The company, to be called SiAl Qatar, will manufacture tempered, laminated and insulated glass.

The plant, now under construction, would produce over one million square metres of glass a year in the beginning.


Deal signed to set up $1.5 bn Qatar Entertainment City

Abu Dhabi Investment House’s Qatar Entertainment City (QEC) and Majid Al Futtaim Group have signed an agreement to start implementing the key precinct of the upcoming $1.5 billion QEC.

The partnership between QEC and Al Futtaim Group comprises two separate agreements to build over 50 percent of the city, a mixed use being development located at Lusail in Qatar.

The waterfront development will comprise three components: residential, retail and entertainment, which are divided into five districts.

The partnership adopts a phased approach, with the agreement being implemented over two phases in separate precincts.

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