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Aldar Properties (“Aldar”) has acquired Basatin Landscaping (Basatin) as part of a drive to scale up its integrated property and facilities management platform -- Aldar Estates. Valued at Dh 150 million, through this transaction Aldar will hold 75% stakes in Basatin with the remaining 25% will be held by a strategic partner. The transaction complements the services already provided through Aldar Estates platform, which is a key operating segment under Aldar Investment business. The platform has been expanding rapidly, supported by solid organic growth and a number of acquisitions over the last year. This transaction adds significant weight to the capabilities of Aldar Estates. It enables it to provide a more holistic range of services to Aldar’s growing customer base. Basatin is a provider of a wide range of landscaping services including design, installation, paving, gardening, and green waste disposal. With over 1,000 employees, the company has provided landscaping servi...

As record-breaking deals in the prime category continue to occur, demand for Dubai’s ultra-luxury penthouses and residences continues to attract the ultra-rich. And, there are no signs of slowing down this trend. The most expensive penthouse in Marsa Al Arab was sold for a record-breaking Dh 420 million on Tuesday, according to luxury real estate firm Luxhabitat Sotheby’s International. Luxhabitat Sotheby’s International Realty sold the opulent property for Dh 17,000 per square foot. The buyer’s name and country of citizenship were not made public, though. The previous most expensive penthouse was sold for Dh 410 million at the Bvlgari Lighthouse on Jumeirah Bay Island in February 2023. Dubai’s thriving real estate landscape, particularly in the luxury sector, provides an exceptional platform for remarkable accomplishments. This sale is a testament to the vibrant and progressive luxury property market in Dubai. The Marsa Al Arab penthouse, whic...

The real estate sector is gaining substantial ground across the globe after a gradual recovery from the Covid-19 pandemic. But this sector is struggling in Pakistan because of volatile political scenario, deteriorating economy and ever-depleting rupee against dollar. Overseas Pakistanis’ lack of trust is another major factor attributed to the sharp slump in property sector. They invested in housing schemes, but are awaiting to construct dream homes because these schemes lack basic utilities. Overseas Pakistanis Foundation (OPF) is the main culprit which has failed to complete housing schemes launched in early 80s. It is alarming that housing schemes launched under the auspices of the OPF four decades ago are still lying incomplete. Reportedly, inaction on part of OPF is main reason for this delay. This has sent shockwaves among Overseas Pakistanis, who are uncertain about their investment and the future of these housing schemes. The Overseas Pakistanis accuse OPF for th...