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Rolls-Royce opens Abu Dhabi office
The office, located in the new “HQ” building, developed by Aldar Properties, will become home to all Rolls-Royce employees in Abu Dhabi. Rob Watson, Rolls-Royce, Regional Director – Middle East, said: “This is an exciting time and an important milestone in the continuing development of our business in the UAE.
Rental prices in Abu Dhabi fell by 10 per cent
Rents in Abu Dhabi fell by 10 per cent in the second quarter as supply continued to outweigh demand amidst expectations that this phenomenon will prevail for the rest of the year whereby up to 14, 000 residential units, primarily high end, will be handed over in Abu Dhabi by the end of 2011.
Dubai house prices seen declining another 20 per cent
Investment bank Rasmala reckons a 20 per cent downside potential to property prices in Dubai, estimating that an additional 35,000 homes will be delivered in the emirate between 2011 and 2013 – boosting the existing housing stock of an estimated 330,000 units by about 10 per cent.
Abu Dhabi rents continue to fall
Two bedroom apartments in a quality development on the Corniche are now renting for between Dh140,000 and Dh170,000 a year, the company reported. One of the few exceptions to the trend is Al Bandar on Raha Beach, where two bedroom apartments are attracting between Dh140,000 and Dh180,000.
Gardens Plaza opens on June 4
Gardens Plaza, a new shopping and community centre in Al Raha Gardens, has been completed by Aldar Properties and will open to customers on June 4. The latest addition to Aldar’s growing retail portfolio, Gardens Plaza will offer a range of retail and leisure opportunities to residents of Al Raha Gardens and surrounding communities in Khalifa City and Al Raha Beach.
Aldar rules out government aid
Abu Dhabi’s biggest developer Aldar Properties does not need financial support from the government of Abu Dhabi, a top official said. “We are in a stable condition, I don’t think there will be a need,” Chief Executive Officer Sami Asad told reporters
Abu Dhabi Tourism Embarks On GCC Roadshow
Abu Dhabi Tourism Authority (ADTA) will later this month launch a six-city road show around the GCC as it looks to build on rising inbound regional momentum and entice families from throughout the region to its fourth ‘Summer in Abu Dhabi’ festival which kicks off next month (June).
Abu Dhabi firms report lower profits
Lower earnings by nearly 30 companies listed on Abu Dhabi’s bourse pulled down the combined income of most listed firms by 6.5 per cent in the first quarter of 2011 despite higher income by banks.
