Matthew Green News
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Residential and commercial rents in Abu Dhabi are expected to drop further as homes and offices are built four years after the credit crisis roiled the United Arab Emirates’ real estate market, according to CBRE Group Inc.
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Dubai, the Persian Gulf sheikhdom with the tallest building and biggest shopping mall, plans to build a Ferris wheel that would beat New York’s attempt to set the world height record with a Staten Island attraction.
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Residential rents in Dubai rose 17 percent on average amid population growth and limited supply in certain areas, according to CBRE Group Inc.
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Dubai just can’t kick its building habit.
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Standard Chartered Plc searched for more than two years for new headquarters in Dubai, where more than 40 percent of the office properties sit empty. In the end, the U.K.’s third-largest bank decided to build its own tower.
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Nakheel PJSC, Dubai’s biggest developer by assets, told creditors it wrote down its real estate by 78.6 billion dirhams ($21 billion) after property values in the Persian Gulf emirate fell by more than half.
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Joseph Kony, the Ugandan warlord who’s become the subject of a global social-network campaign, is evading capture amid tensions between Central African nations where his Lord’s Resistance Army operates.
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Jean-Luc Desbois, a Dubai mortgage consultant, has increased his sales force by 40 percent this year as low interest rates and depressed prices help the desert sheikhdom emerge from a three-year property slump.
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Dubai’s developers, battered by three years of falling prices for homes and offices, are seeking refuge in retail assets as shopping tourism powers the economy.
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Rents for the best office buildings in Abu Dhabi fell for the sixth straight quarter as new developments increased the amount of available space, CB Richard Ellis Group Inc. said.
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