IQI Dubai Weekly Recap 10th -16th March

Dubai’s DED, RERA to monitor real estate facilities

The Dubai Land Department has signed a memorandum of understanding (MoU) focused on the creation of a mechanism to monitor and inspect real estate facilities licensed by the Dubai Economic Department’s Real Estate Regulatory Authority (RERA).

Under the agreement, the DED’s Commercial Compliance and Consumer Protection (CCCP) section will monitor the facilities to ensure compliance with local laws and regulations.

The signing of the memorandum, which authorises CCCP to carry out the field inspections of real estate companies, stems from our keenness to ensure compliance with the laws and legislations for the practice of real estate activities,” said RERA CEO Marwan Ahmed bin Ghalita.

“This agreement will contribute to the realisation of DLD’s vision to establish transparency and accountability in order to preserve the rights of all parties in a safe environment that operates under regulations and legislation respected by all,” he added.

Source: Arabian Business.

UAE’s Azizi awards $410m contracts for massive Dubai project

UAE-based Azizi Developments said on Wednesday it has awarded two contracts worth AED1.5 billion ($410 million) for the construction of phase 1 of Azizi Victoria.

Two contractors have been appointed to build 32 buildings with 4,000 units. Green Modelling Contracting has been appointed to construct 16 buildings and Modern Civil International Contracting Company will build the remainder.

Mirwais Azizi, chairman of Azizi Group said: “Azizi Developments has developed a strong reputation in the market for its ability to develop multiple mega-projects and deliver them ahead of schedule.

Source: Arabian Business

Nakheel heads to property summit in Cannes

Nakheel is heading back to MIPIM, a property summit, for a third consecutive year to showcase real estate opportunities collectively worth more than $2.5 billion.

Nakheel is in Cannes, France, to encourage more international investors to become part of Dubai’s real estate sector.

The centrepiece of Nakheel’s marquee at MIPIM is a scale model of the Palm Jumeirah. PALM360, a twin-tower hotel and residential complex, is also on show. PALM360 comprises a Raffles hotel, Raffles-branded residences, including 16 penthouses each spanning 12,000 sqft and the world’s largest rooftop infinity pool.

Also featured is the Deira Islands waterfront city. Deira Islands is home to the Middle East’s biggest mall – Deira Mall – for which Nakheel awarded a construction contract for $1.1 billion last month.

Sanjay Manchanda, CEO of Nakheel, said: “Our large and diverse range of existing and upcoming projects is pivotal to further enhancing Dubai’s position as a global hub for living, trade, tourism, leisure – and investment. We are delighted to return to Cannes and honoured to represent Dubai for a third consecutive year.”

Source: Khaleej Times