Iceland rejects Chinese tycoon's $200m land purchase proposal

London: Iceland's government denied Chinese billionaire investor Huang Nubo permission to purchase land in the island's north, saying such a transfer of property would be "incompatible" with the country's laws. The government won't let Huang, through his company Beijing Zhongkun Investment Group Co, proceed with a planned acquisition of 300 square kilometres of land, the Reykjavik-based Inter ... more

CM for completion of uplift schemes on priority basis

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah on Monday said that after restoration of the Commissionerate System in Sindh, the funds in development heads were withheld till the matters pertaining to the limits of funds are fixed. He said the previous system was not delivering, as such the present system has been evolved. He was speaking at a high-level meeting at the Chief Minister’s Hous ... more

CDA approves building construction plans

The Capital Development Authority (CDA) on Wednesday (November 16, 2011) formally approved the building plans and granted the permission for the construction of new building of the embassy of the United States of America in Islamabad. According to the sources in the CDA, the ‘Design Vetting Committee for Approval of Building Plans in Islamabad’ in its meeting held Wednesday at the CDA Headqua ... more

Parking plaza to be functional from December 1

Work on the first phase of RDA Parking Plaza has almost been completed and it would start functioning from December 1 for parking of private vehicles near Fawara Chowk. Construction engineer Mohammad Aftab and contractor Mohammad Mobeen confirmed that 95% of work has been completed and the remaining 5% would be done in a week. “We have handed over the project to the RDA for launching,” they s ... more

Abu Dhabi adjusts to economic realities

Abu Dhabi: Abu Dhabi was set to avoid the pitfalls suffered by its Gulf neighbours with a decades-long plan to replace oil revenue with industry and tourism as drivers of growth. Now those plans need to be scaled back as companies behind some of the biggest developments cut jobs and push back projects, said Gassan Chehayeb, associate director of research at Dubai-based Exotix. Delays include  ... more

Should Obama let vultures clean up the housing mess?

Washington: Here's a unique proposal for the Obama administration, which has been casting around for ways to revive the housing sector: Let the market do its job. Housing ranks among the biggest drags on the US recovery. Almost 11 million households still owe more on their mortgages than their houses are worth. Foreclosures are piling up as banks take years to repossess and sell homes. Those  ... more

Deyaar posts Dh45m profit as revenues rise, costs fall

Dubai: Deyaar Development made a profit of Dh45 million in the first nine months of 2011 and is poised to deliver two towers by year-end, the company said in a statement to Dubai's bourse yesterday.

The real estate firm was affected by the collapse of Dubai's property sector and posted a net loss of Dh489 million in the corresponding period last year.

Deyaar did not provid ... more

Final master plan of DHA City unveiled

KARACHI: The final master plan of DHA City Karachi (DCK), an upcoming residential-cum-commercial project on Super Highway, was unveiled in a special meeting of DHA’s Executive Board, chaired by its president Lt Gen Zahirul Islam, held here on Monday.

A DHA statement said that the Executive Board appreciated the DCK Master Plan and development strategy prepared by a consortium of lea ... more