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Feb. 7--DP TO HAND OVER 5,000 UNITS: Dubai Properties plans to launch and hand over approximately 5,000 commercial, residential, and retail units from across its diverse portfolio of projects during 2008, reported Khaleej Times. The company will be opening 100 outlets at The Walk at Jumeirah Beach Residence by April 2008. Over 300 additional outlets are scheduled to be open by the end of June.

 

 
DUBAI-BACKED FUND BUYS QUEEN'S PROPERTY: A Dubai government-backed consortium has bought prime west London property from the Queen's portfolio, reported AFP. The Crown Estate, which manages Queen Elizabeth II's real estate, said that it had sold the Metropole building and 10 Whitehall Place to a consortium led by International Hotel Investments for 130 million pounds ($255m). One of IHI's principal shareholders is Istithmar, the investment arm of state-owned tourism company Dubai World.

SINOGULF ACQUIRES JORDAN LAND PARCEL: UAE-based SinoGulf Investments has acquired a 16,823 square metre parcel -- the largest land parcel to date -- within the new Abdali downtown development in Jordan. The land parcel stands next to the capital's landmarks: the Palace of Justice, Parliament, King Abdullah Mosque and the residential Abdali towers. Jamal Itani, CEO of Abdali, said the agreement brings the total UAE investments in the Abdali project to more than $1bn.

EMAAR MGF CUTS IPO PRICE: Emaar MGF Land, an Indian joint venture of Emaar Properties, cut its initial public offer price on Wednesday for a second time and extended it to February 11, reported Reuters. A banking source said Wednesday was the 'was the wrong day to close the IPO with most markets in Asia down'. The IPO, scheduled to close one Wednesday, received 61.8 million bids, or 60 percent of the issue of 102.57 million shares, mostly at the lower end of the price band.

ALDAR INKS $327M DEAL FOR AL RAHA DEVELOPMENT: Abu-Dhabi based real estate developer Aldar Properties has entered a Dhs1.2bn ($327m) joint venture with Investment Holdings, a local company, to develop the Al Khubeira precinct at its Dhs55bn Al Raha Beach development, reported Gulf News. Al Khubeira is a 50,000 square metre development that will comprise residential towers and waterfront villas. Aldar's Al Raha Beach development is a beachfront project under development in Abu Dhabi, along the Abu Dhabi-Dubai highway.
 
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