The contracts, awarded by ADNOC and ADCO, were awarded to Arabtec’s Target Engineering unit.
Safi Qurashi has been ordered to pay Dhs11 million to the property developer for a case relating to the Dubai Waterfront project.
The company attributed the fall to losses in financial investments, higher operating expenses and finance charges.
Although the developer recorded a slowdown in sales during the second half of 2014, prices have stayed the same, says chairman.
The firm is seeking a three-month extension to a debt repayment due at the end of 2014.
The company made a net profit of Dhs3.68 billion ($1 billion) in 2014, up from Dhs2.57 billion in 2013, its chairman said.
Reef Towers will comprise of 378 units and seven retail units, the developer said.
The emirate’s real estate market is also seeing a growing demand for affordable luxury homes, he said.
The loan will be used for capital expenditure and general business purposes, Al Hamra said in a statement.
The newly launched firm is aiming to establish a real estate portfolio worth Dhs500 million by the end of this year, the company’s chairman said.
Dubai’s residential sector is likely to remain subdued over the next 12 months with the market absorb 25,000 extra units in 2015.
Emaar said the pricing on the loan had fallen by 1.5 per cent.
The minister’s comments suggested increasing political momentum for the tax, which could provide the government with additional revenues.
Real estate deal values have declined from 2013, according to the Dubai Land Department.
The company has purchased plots in Dubai’s Umm Suqeim area and Riyadh’s King Fahed Road to develop its latest projects.
The new company, created through the joint venture, will operate under the Engel & Völkers brand, the developer said.
Damac traded at Dhs3.19, up 14 per cent from its London close last Friday.
The investment firm sold the development rights to a plot of land measuring 3.66 million sqm in Qatar’s Lusail City
Certain locations in the city including International City and The Greens offer cheaper monthly mortgages, finds research.
The series of private island villas will be located within the OQYANA World First development forming the continent of Australasia.
Damac received approval from the UAE Securities and Commodities Authority in December to list on the DFM.
Under the new structure, the company will focus on carrying out professional project management, ensure timely delivery of all projects and improve its customer service.
Jain was previously executive director of finance and group chief financial officer at Emaar, according to the company’s website.
Dubai Investments is seeking to profit from a market recovery in the emirate after one of the world’s worst property crashes during the financial crisis in 2008.
The company originally announced in June that the government had seized a 1.05 million square metre plot in the Al Faisaliah district of Riyadh with a book value of SAR105.3 million.
The firm said that it would make a further announcement on its organisational structure at a later date.
Experts say that Dubai real estate would not be able to escape a temporary impact from cheaper oil but noted that the economy is well diversified to sustain the lull in oil prices.
The Dhs600 million seafront project registered Dhs432 million in sales during the first phase of launch.
The emirate’s off-plan sales market has been attracting strong investor interest despite a fall in house price growth, a new report says.
Residential rents in Dubai grew just seven per cent in 2014 while sales prices rose 18 per cent, a new report says.