By Tuqa KhalidDUBAI (Reuters) - Dubai's real estate downturn is forcing construction and engineering firms to cut jobs and halt expansion plans, in turn raising fresh risks for the wider economy.gi Known for its glittering skyscrapers and luxury villas, the Dubai property market is oversupplied, especially in the residential sector where prices have fallen steadily from a peak in mid-2014.Many towers stand half-empty, and some construction sites have been left dormant. "We stopped expansion," said Samer El Achkar, chief executive of Al Qabdah, which built the Kempinski Hotel on the man-made Palm Jumeirah island.Al Qabdah culled 10 percent of its roughly 7,400 workforce in June. "We are trying not to reduce our employees but when we complete or deliver a project we let go of some employees if we don't need them in other projects," El Achkar said. A diplomatic row with former ally Qatar and sanctions against Iran, a major trading partner, have curbed foreign demand for property, while a … [Read more...] about Builders bruised by Dubai’s real estate market woes
Real estate
Donald Trump’s Potential Dominican Republic Real Estate Deal May Violate the Constitution, Report Reveals
World Donald Trump President’s Donald Trump’s new real estate deal in the Dominican Republic could, if completed, violate the U.S. constitution's Emoluments Clause, according to a new undercover investigation by the organization Global Witness. The Trump Organization abandoned its ambitious plans to build dozens of luxury buildings in the Dominican Republic around a decade ago when the global economy crashed. The project ended with an acrimonious lawsuit in which the Trump Organization accused the Dominican developers, Ricardo and Fernando Hazoury, of fraud. But despite his promise not to pursue new foreign business deals while in office, evidence has emerged that the Trump Organization, which is now run on a day-to-day basis by the president’s two adult sons, is again pursuing a similar deal with the same Dominican developers the organization cut ties with many years ago. Many lawmakers and experts note that this project could constitute a conflict of … [Read more...] about Donald Trump’s Potential Dominican Republic Real Estate Deal May Violate the Constitution, Report Reveals
Interior Secretary Ryan Zinke resigns amid scrutiny of conduct and real estate dealings
Updated at 9:50 a.m. to reflect that Zinke has submitted his resignation. WASHINGTON - Interior Department Secretary Ryan Zinke submitted his resignation to the White House Saturday, facing intense pressure amid multiple probes tied to his Montana real estate dealings and conduct while in office.President Donald Trump announced Zinke's exit via Twitter Saturday morning and offered praise for the embattled Interior chief."Secretary of the Interior @RyanZinke will be leaving the Administration at the end of the year after having served for a period of almost two years," the president tweeted, trailing off in a second sentence. "Ryan has accomplished much during his tenure and I want to thank him for his service to our Nation......."While the former Navy SEAL and Montana congressman worked aggressively to promote Trump's agenda of expanding domestic energy production, administration officials concluded weeks ago that he ranked as the Cabinet member most vulnerable to congressional … [Read more...] about Interior Secretary Ryan Zinke resigns amid scrutiny of conduct and real estate dealings
Real estate transactions: Bimbo Bakeries, Hunton Distribution ink deals
By Katherine Feser Updated 9:57 am CST, Friday, December 14, 2018 Hunton Distribution, a distributor of Trane heating and cooling equipment and parts, has opened a 77,000-square-foot facility at 735 FM 1959 (Dixie Farm Road) in southeast Houston. Hunton Distribution, a distributor of Trane heating and cooling equipment and parts, has opened a 77,000-square-foot facility at 735 FM 1959 (Dixie Farm Road) in southeast Houston. Photo: Hunton Group Photo: Hunton Group Image 1 of / 7 Caption Close Image 1 of 7 Hunton Distribution, a distributor of Trane heating and cooling equipment and parts, has opened a 77,000-square-foot facility at 735 FM 1959 (Dixie Farm Road) in southeast Houston. Hunton Distribution, a distributor of Trane heating and cooling … [Read more...] about Real estate transactions: Bimbo Bakeries, Hunton Distribution ink deals
Real estate developer signs on to explore rehabilitation of SS United States
The SS United States Conservancy, the nonprofit dedicated to saving and repurposing the retired passenger liner, announced this week it’s reached an agreement with a real estate developer with an eye toward revitalizing the decaying ship. Built in 1952 and docked on the Delaware riverfront for more than two decades, it is the only remaining ship carrying the country’s name. At the time of the ship’s debut, it was the fastest ocean liner in the world. The conservancy announced Monday that it entered into an agreement with RXR Realty, a New York-based real estate development firm. Over the next few months, the conservancy said, RXR Realty will work to determine the viability of the SS United States’ redevelopment and “explore a range of potential locations” for the ship. RXR also issued a statement alongside the conservancy’s announcement: “The SS United States is one of America's great vessels and an icon of American … [Read more...] about Real estate developer signs on to explore rehabilitation of SS United States