Officials at the ground-breaking ceremony.

New terminal for Audi

CONSTRUCTION work has begun on a Dh100-million ($27 million) Audi Terminal following a ground-breaking ceremony last month at the Sheikh Zayed Road site in Dubai. The terminal is expected to open in the third quarter of next year. Audi established its fully-owned subsidiary – Audi Middle East – in 2005.

Abu Dhabi to get cultural quarter

AWARD-winning architectural practice Austin-Smith:Lord – which has just launched a new international arts and culture sector – has signed its first major international project in partnership with the Abu Dhabi Authority for Culture and Heritage (ADACH) to build a cultural quarter in the historic centre of Abu Dhabi.

“The large-scale civic project will create a unique mix of venues and spaces that will place arts at the heart of the Emirati culture,” says a spokeswoman for the practice. “It will include expansive areas of open public spaces and gardens, broadening the use of communal and pedestrian areas in the city.”

Austin-Smith:Lord’s arts and culture sector will be led by design director Nadim Khattar from the Abu Dhabi studio whilst Partner Chris Pritchett will head up UK projects from the Manchester office. It will cover galleries, museums, libraries, theatres and buildings for cultural businesses and in addition is planned to offer design and lead consultancy services.

Dubai property trends highlighted

THE Dubai property market carried on where it had left off after the first quarter of 2011, with only minor sales price declines of three per cent for apartments and villas.

Apartment rental rates dropped by three per cent but there was little or no change in the rental rates for villas, according to the Q2 2011 report from leading UAE property management company, Asteco.

Another trend was the migration of tenants from two- or three-bedroom apartments to townhouses or small villas and should this trend continue, landlords will have to adjust rates and terms for larger apartments to retain or attract potential tenants, the report said.

Danube records 21pc growth

DANUBE Building Materials, a leader in construction, building materials and shopfitting industries, has posted a 21 per cent growth in revenue for the first half of 2011.

This has brought the company one step closer towards achieving the target of $1 billion in revenue for 2015. The growth follows the company’s impressive 25 per cent rise in revenues during 2010 – despite the global slowdown – in addition to a similar growth projection in 2011, taking its revenues to $435 million.

Danube’s also revealed its plans to continue with its expansion initiatives and is looking to target the opening of 15 more branches in strategic locations across the Middle East by 2012.

Meanwhile, Danube Buildmart, its retail arm, has also revealed that it was able to key in 46 per cent growth in 2010.

Landmark in exclusive rights deal

LANDMARK Properties, one of the largest property brokerage agencies in the UAE, has been awarded the exclusive rights as the leasing agency for the newly-built Salam headquarters, a 19-floor purpose-built office building located in Abu Dhabi.

With the demand for smaller, fitted offices in central Abu Dhabi on the increase, Landmark Properties believes Salam headquarters’ fully-equipped spaces, ranging from 65 to 104 sq m in area, fully address this widening market gap.

Landmark Properties, director, Michael Michael said that the building was conveniently located in a prime location on the new Salam Street expressway from Maqta, Sheikh Zayed Bridge and Saadaiyat Bridge.

Al Majid Interiors opens showroom

AL MAJID Interiors, a newly-established company of Juma Al Majid Group in the UAE, has recently opened its new showroom in Dubai offering well-tailored design solutions and international brands of modern furniture, carpets, curtains, wall paper and parquet.

Located on Al Ittihad Road in Deira within an easy reach of Dubai’s residents, the showroom features products from internationally-acclaimed brands such as Arte Vivo, Mohawk, Sorayai, Kraus, and Merinos, amongst others.

Alternative energy investments rise

THE UAE sees private sector investment opportunities in alternative energy projects reaching $100 billion by 2020. International firms are gearing up to tap opportunities in the Middle East and North Africa solar power sector but the lack of a regulatory framework will hinder growth. Dubai Electricity and Water Authority (Dewa) said it expected energy use in Dubai to increase by six to seven per cent in 2011 over last year.