Damac Shelves Expansion And Denies IPO, Merger Plans

Dubai’s largest private real estate developer Damac Properties on Tuesday said it was not the right time to go for an Initial Public Offering (IPO) and that it has shelved plans to expand operations into India, Pakistan, Morocco and Tunisia due to the current market conditions.

Omniyat May Restructure Its Payment Plans

Dubai-based developer Omniyat Properties plans to restructure its payment plans to boost sales and says that all of its Dhs21bn of projects are either are under construction or awaiting launch, reported Gulf News.

Construction Firms Feel The Heat Of Real Estate Slowdown

From prefabricated walls to pipework and fittings, Gulf construction companies are putting plans on hold and see tough times ahead in Dubai, as developers review and slow projects due to the global credit crisis. The once-booming real estate sector of the emirate is feeling the pain as projects are scaled back, property prices fall, and jobs are cut.

Emaar's Alabbar Real Estate Sector Must Unite

Emaar Chairman Mohamed Alabbar has said it is time for Dubai's real estate sector to 'unite and collaborate'. About 70% of Dubai property projects are controlled by three companies - Emaar, Nakheel and Dubai Holding, and this, he said, was good for the strength of the market. Alabbar admitted property prices were slipping, but said this was not a bad thing for the market.

Omniyat Cuts Nearly 100 Jobs

Dubai-based developer Omniyat has sacked nearly 100 employees over cash flow problems, Gulf News has reported, citing a source. However, a spokesperson for the developer issued a statement saying that the number is 'completely incorrect', adding that it 'is less than 100'.