Property briefs of the week

Umm Al Quwain unveils island project

The government of Umm Al Quwain and real estate developer Sobha Group will jointly develop Firdous Sobha, a resort and residential island development in Umm Al Quwain. The 53-million-sq-t development will feature a luxurious villa community, hotels, retail outlets, golf course, and entertainment amenities.

Emaar's retail business up

Emaar Malls, the shopping malls and retail business majority owned by property developer Emaar Properties, reported a net profit of Dh529 million in the first quarter, a 22 per cent increase compared with Dh433 million in the first quarter last year. Rental income for the first three months of the year was Dh833 million, a 14 per cent increase. The company also reported a 96 occupancy level in the first quarter.

IMG WOA theme park opens

IMG Worlds of Adventure will open its theme park on August 15, according to Ilyas and Mustafa Galadari Group. The 1.5-million-sqft theme park in Dubailand will be the first multi themed destination to open in the region.

Manazel announces profit growth

Manazel Real Estate has announced a 29 per cent growth in net profit to Dh195 million last year from Dh152 million in 2014, which it credited to a successful restructuring strategy. Revenues were flat at Dh740 million. Shareholders also approved a 4 per cent bonus share.

Check out the property briefs of last week

Source: Property WeeklyPW


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