Dubai Ajman Sharjah and Abudhabi Properties

Insulating houses and villa can increase property prices in Dubai

2011-10-11T22:35:00.000-07:00

Dubai is known for its humid and hot climate. The city receives fair amount of sunshine for almost ten months which is no surprise since it’s located within the northern desert belt. Throughout the year the weather remains quite hot but during the months of summer. With the daily average temperate of over 40 degree Celsius, the city can be an inferno. Even during the short lived winters, the temperature does not fall below 24 degrees Celsius.

It’s a matter of common sense that the regions which are too cold or too hot have low real estate values but for Dubai this does not hold true. Despite the hot weather, Dubai is a hotspot for tourists and Dubai property business is the major driver of its economy. The abysmal conditions of Dubai real estate right now are due to the global economic crunch the heat of the desert had its role in keeping away the investors from the colder parts of the world.

To combat this shortcoming, many developers are now considering remolding of their houses to make them well sealed, insulated and properly ventilated. Just like serviced apartments attract more buyers, well insulated properties are also expected to raise the demand of Dubai real estate. Though insulated houses are bit expensive yet they are energy efficient and cost effective in the longer run.

Where to install insulation?

Real estate developers in Dubai should know well where they can install insulations as it helps them to pick the best solutions. Following insulations make the most popular choices.

1) Wall cavity insulation: This insulation prevents 70% reduction in heat as compared to un-insulated walls and blocks rapid temperature changes taking place outside.

2) Loft insulation: This insulation prevents 25% of reduction in heat as compared to un-insulated attic. Consider insulating attic to R-30 level.

3) Window shading insulation: This insulation uses solar controlled window films in the glass of the doors and windows because it saves 5 to 10% exposure to UV rays.

4) Duct insulation: This insulation blocks all the leaks and prevents heat from coming into the house. Before installation of central ACs, ducts should be inspected carefully.

With the advancement in technology, many new techniques of insulation have been introduced including blown insulation, rolls or blankets insulation, rock wool insulation, synthetic insulation, fiberglass insulation, cellulose insulation, spray insulation and many others that drastically prevent heat from turning homes into ovens under the Dubai sun.

Dubai developers if concentrate on installation of insulations along with home staging, the property prices can experience immediate recovery. This is because astute investors are now returning to Dubai properties market with the aim of buying quality and cost effective properties. The insulated properties are the best opportunities for them to save their utility expenses in the longer run.

Real Estate Investor Protection Law is likely to be unveiled this year in Dubai

2011-10-10T23:55:00.000-07:00

Law may empower investors to cancel contracts and get refunds

The Real Estate Investor Protection Law is likely to be unveiled this year, which will empower investors to seek cancellation of contracts if the developer fails to fulfill his contractual obligations, Director-General of Dubai Land Department has said.

In an article published in Al Bayan, Sultan Butti bin Mijrin said: “The new law consists of approximately 30 articles, all in the interest of the investors, providing them a complete and comprehensive legal support to protect their purchases of properties.

The law is due for release this year.”In January, Emirates 24/7 had reported that the law was due for release this year.

The law will address grounds for cancellation such as a developer's refusal to link payments to construction milestones, or if he makes material changes to specifications.

It will also deal with refund or replacement issues in the event of a material defect and financial penalties for delay in delivery.

Mijrin said: “The law will provide the grounds that give the investor the right to resort to cancel the sales and purchase contract with the developer and even recover dues in full.”

Although the Land Department has created a mediation committee that offers remedy only if the developer and the investor agree to settle their issues amicably. In case of disagreement, the issue is to be resolved through the court.

According to Ludmila Yamalova, Managing Partner of HPL Yamalova & Plewka, filing a formal case is an expensive and time-consuming proposition.

The overall cost includes court fee of 7.5 per cent of the value of the case or a maximum of Dh30,000, per contract, which is to be paid before filing of the case; translation costs as every document submitted to the court has to be translated into Arabic and, finally, the attorney cost, which varies greatly, but is required to be paid up front.

“Most of the time, the minimum expense of litigating a case is Dh150,000,” she added.

A number of investors have been aggressively forming groups and have been petitioning Real Estate Regulatory Agency (Rera) to take action against erring developers. Rera has said it has cancelled 202 projects and expects the number to rise this year.

New visa rules may not be enough to absorb oversupply, analysts say

2011-06-29T06:05:00.000-07:00

The UAE federal government’s decision to extend visas for real estate investors from six months to three years will boost demand for property but is unlikely to cover the massive oversupply that still exists in the market, analysts told Arabian Business.

According to a report on newswire WAM, the decision was taken during a cabinet meeting on Tuesday chaired by vice president and prime minister of the UAE and ruler of Dubai HH Sheikh Mohammed Bin Rashid Al Maktoum.

The move has been universally welcomed by the industry as a positive move for the beleaguered real estate sector.

“We believe this could significantly boost demand in the UAE’s residential real estate sector, particularly in Dubai, as the promise of a long-term residency visa was a major driver of second-home purchases during the real estate boom prior to mid-2008,” said Farouk Soussa, a Dubai-based economic analyst at Citigroup.
The real estate sector in Dubai was one of the biggest markets bit by the global financial crisis and impact of the credit crunch and lack of finance led to property prices tumbling by up to 60 percent and nearly half of projects being canceled or stalled.

The slowdown also led to a major oversupply problem in the emirate as demand dried up. A report by Jones Lang LaSalle estimated over 50,000 new residential units will be completed in Dubai between now and the end of 2013, raising the current stock of homes by some 15 percent.

According to Soussa , the industry needs to be realistic about the impact the new visa rule will have as the “overall impact on the property market will likely be somewhat muted by oversupply issues that are being exacerbated by the ongoing completion of new properties.”

At the height of the real estate crisis, confusion over the visa regulations for non-residents led to Federal authorities announcing in mid-2009 that real estate investor visas were only for six months, which had to renewed at a cost of around AED2,000 ($544).

The u-turn by authorities has been welcomed by real estate agents, with Richard Paul, head of residential valuations at the Cluttons agency describing the move as “all good news.”

“It was a learning curve reducing it to six months and everyone disagreed with that and they have now reverted back to the three years... Talking to banks and clients it was something that needed to be done.

“If you are trying to market your property market as an international hub for investors you have to make it as easy as possible from them and that wasn’t the case with the reverting to six months,” Paul said.
Qatar changed its visa regulations for investors earlier this year and Paul believed this may have been the catalyst for the UAE to follow suit.

John Davis, CEO Middle East of real estate consultancy Colliers International welcomed the move and said it “will certainly have a positive effect on the market” but some investors will take a wait-and-see approach as to what the terms of the new regulations will entail.

“Several investors were historically promised “foreign investor status” type visas which didn’t materialise,” he said, adding some investors will be cautious to see what the terms of the regulations will be.

One drawback is the current visa rules are only open to investors with a property valued at over AED1m ($272,257). Davis said it will be interesting to watch whether this minimum figure will be revised
Once the full terms and conditions are announced, Thomas Bunker, an investment sales consultant at real estate agency Better Homes added it will be vital to know if there are any restrictions on some nationalities availing of the new three-year residency visa or whether the rule will be widespread.

“I must add that this new visa term may not be as significant as the market hopes if it does not extend to all of the nationals who in the past have shown a strong interest in the UAE market. If the visa rules do not apply equally to all nationals, the effect of the new visa term will be lessened,” observed Bunker.

While the change in visa regulations is unlikely to have any immediate impact on prices, Jesse Downs, director of management consulting at Jones Lang LaSalle, said it would help to reinforce Dubai and UAE’s image as a safe haven for international investors.

“This is definitely positive news because this will help to restore market confidence… When combined with the regional events surrounding the Arab Spring, this solidifies the UAE’s position as a business and investment hub in the region.”

Dubai Pearl construction under progress

2011-05-16T00:06:00.000-07:00

Dubai is the best place to live. The soaring number of immigrants every year is the proof for it. It is a hub of most modern lifestyle and accommodation. Dubai real estate prospers, even though there was a surge in the property market during the past two years due to recession.The tax free status of Dubai is a big attraction, which will get bigger when other countries are levying more taxes on high income people. Then you will find world class living facilities that are envy to many. Which destination in the world has so much more to offer in such bulks? It is not easy to scrap Dubai’s potential for a recession that is world spread. We should also look at the fact that in spite of Dubai’s internal problems and liquidity crunch it has been one of the least affected countries from recession.one of the best example is Dubai Pearl.Dubai Pearl is a world class, mixed-use, 20 million sq ft integrated development being implemented by Pearl Dubai FZ LLC. Overlooking the Palm Jumeirah Island in the heart of the Dubai Technology and Media Free Zone, the development sets a new benchmark for sustainable urban communities in Dubai. Dubai Pearl’s prime location will offer an unparalleled combination of free-hold in the convenience of a free zone with luxury, energy efficient sustainability and state-of-the-art technology.

The development will ultimately provide a home for 9,000 people and a workplace for 12,000. Dubai Pearl is expected to be completed in 2013,

It is envisaged as a world class, mixed-use, 20 million square foot integrated development under the ownership and management of Pearl Dubai FZ LLC, a consortium of investors led by the UAE’s Al Fahim Group. The group’s portfolio also includes oil field support, automotive and industrial development, hospitality, travel and tourism, and it is already recognised as one of the leading real estate developers in the region.

Pearl Dubai headed by leading UAE businessman Abdul Majeed Ismail Al Fahim, who is chairman. Prior to Pearl Dubai, Al Fahim was executive director of the Private Office for a member of the Abu Dhabi ruling family. He has also held key positions at a number of leading financial institutions in the Middle East including the National Bank of Abu Dhabi, the Islamic Financial Consultancy (Bahrain) and the Abu Dhabi Investment Company.

Pearl Dubai’s president and CEO is Santhosh Joseph, a highly experienced investor who has worked for many years in the real estate sector. Joseph sees the development as a ground-breaking project that will set a new international benchmark, bringing together luxury, sustainability and state-of-the-art technology in a way that has never been attempted before in the region.

He points out that the retail component of the development will be unique in offering a cluster of so many leading global brands in a single location. Baccarat, Bellagio, MGM and Quintessentially are among the array of glittering brands that have already pledged a presence within the 1.8 million square foot mixed-used destination.

When completed, the development will set a new quality standard for sustainable urban living in Dubai—a 24 hour community where people can work, visit, live and play in style.

“We have set out to create a unique destination and community. We conceived and planned Dubai Pearl as an international quality landmark that will reinforce Dubai as a global city of excellence. Arguably the best location in Dubai deserves nothing less,” Joseph stated at a recent press conference.

Schweger Associated Architects of Germany are the lead architects and master planners of Dubai Pearl. Their design has focused on column-free living and working space that will allow flexibility of use and capture unobstructed views of the beautiful surroundings. The column-free design of the development is a pioneering approach that will create 20 per cent more usable space than is the norm within the region. At street level, the development will give the impression of a low rise city centre that will interact harmoniously with the symbolic tower and landscape to give a very special aesthetic character and sense of place to the development.

Impressively, the development has already achieved LEED Gold pre-certification status. LEED is an internationally recognised green building certification system developed by the US Green Building Council, which provides a comprehensive framework for identifying and implementing practical and measurable green building design, construction, operations and maintenance solutions.

Saudi Arabia Real Estate Sector – Initiation of Coverage

2011-03-23T22:41:00.000-07:00

• Saudi real estate equities are trading at a 55% discount to TASI on PBx basis versus a 4-year average discount of 48%

• Strong fundamentals owing to attractive demographics coupled with large undersupply of residential units, but financing is the key constraint

• Strong Buy - DAAR - TP:SAR11.37, Hold - EEC - TP:SAR7.20, Strong Buy - Akaria - TP:SAR30.40

Saudi real estate equities trading at a 55% PBx discount to TASI

As of March 2011, TASI is trading at 2.0x PBx versus 0.9x for real estate equities at a 55% discount. Real estate average PBx needs to trade at a target of 1.1x to be inline with the historical 48% discount to TASI between 1Q07 and 4Q10. The PBx discount of Saudi real estate equities can be justified by investors preference of real asset ownership and the sector’s low RoE and RoA. The market, however, is missing on the large premiums to land value reported at cost in the books of listed equities compared to their realizable fair values

Attractive fundamentals, but sluggish project financing strains developments

The Saudi residential market suffers from a large supply shortage, especially in the low-mid income segment. We estimate that a current shortage of 0.7mn units exist in the market and an additional 1.2mn new units will be needed by 2014, offering attractive potential for Saudi realtors. Off-plan sales are largely restricted leading to financing bottlenecks for developers who are forced to fully finance projects prior to realizing cash inflows from unit sales. Moreover, the dry credit market for real estate developers in 2009-10 has further substantiated the funding quandary and led to execution delays.

The mortgage law is an initial step in the right direction, but not the sole solution

The proposed mortgage law is critical to unlock part of the pent up demand for real estate in Saudi but it’s capacity to deliver an efficient solution to the sector vulnerabilities remains feeble. Our view is devised given low base effect and limited reach owing to the disparity between the strict financial requirements expected from lenders and the wide base of inadequate borrowers. We prefer saying more credit extended to developers, which should yield better results in the short to medium term.

Initiate coverage on Saudi real estate

Initiate on Dar Alarkan (DAAR) with a Strong Buy recommendation and a target price of SAR11.37, Emaar Economic City (EEC) with a Hold recommendation and a target price of SAR7.20 and Saudi Real Estate Company (Akaria) with a Strong Buy recommendation and a target price of SAR30.40.

New defence vehicles, satellite technology and advanced geospatial mapping among highlights of the UAE’s IDEX defence offering

2011-02-22T01:03:00.000-08:00

Abu Dhabi, 22 February 2011: The 10th International Defence Exhibition and Conference (IDEX) and inaugural Naval Defence Exhibition (NAVDEX) are proving a prime forum for the UAE’s growing defence industry to highlight new technology. The 169 UAE companies exhibiting are central examples of advanced research, development and manufacturing capabilities from across the emirates.

UAE companies occupy more than 12,000sqm of space at IDEX 2011 with 169 exhibitors including Tawazun Holding, Mubadala Development Company, and the Telecommunications Regulatory Authority.

A number of UAE companies are also exhibiting in the First Time Exhibitors Zone, benefiting from the exclusive location and visibility the zone offers.

“IDEX has historically been a major forum for UAE companies to exhibit their advancements and technological prowess,” says Mohamed Al Mashgouni, IDEX 2011 Show Director. “Each year, the UAE contribution to IDEX grows and the evolving nature of our country’s defence and security industry becomes more apparent. This year, with a more than 50 percent increase in the number of UAE participants compared to ’09, the technologies we see exhibited are becoming a major force in the local and global defence industry.”

Notable UAE companies exhibiting new technology at this week’s exhibition include Tawazun subsidiaries Caracal and NIMR, as well as Yahsat and Bayanat, both Mubadala subsidiaries.

Caracal International is the first arms manufacturer in the country and is exhibiting its line of innovative defence products. Notable additions this year include the Caracal H type - a high performance single action pistol aimed primarily at the sporting market and developed by Caracal’s in-house design team. Caracal is also exhibiting its first line of rifles with both hunting and defence applications.

Exhibiting for the first time at IDEX as a Tawazun subsidiary is NIMR Automotive, the first UAE defence manufacturer to produce a range of land vehicles specifically designed for active military applications. NIMR’s vehicles range from 6x6 armoured personnel carriers and armoured patrol vehicles, to heavily and lightly armoured 4x4 command and recon vehicles – all built for high endurance in demanding desert terrain and extreme weather conditions. Their 6x6 short wheel base platform vehicle, launched yesterday by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai, is the first defence vehicle platform designed and manufactured in the UAE.

Exhibiting for the first time at IDEX is Bayanat, the UAE’s premier and leading geospatial service provider. As a trusted partner and strategic provider of the UAE armed forces, Bayanat processes and distributes up-to-the-minute topographical, hydrographic and aeronautical information across the UAE. Beyond the government, these services are now available to public sector agencies and institutions.

Yahsat is Abu Dhabi’s first satellite company. Once launched this quarter, their first satellite will provide ultra secure Ka band coverage for the region. This coverage will facilitate governmental and civilian communications in areas including secure networking, mission critical applications, border control, disaster recovery and backup for key data networks.

Celebrating its 10th edition in 2011, IDEX is considered to be the ideal platform within the region for the defence industry to showcase emerging technology, equipment, trends and strategy. In total, more than 1,060 exhibitors representing over 50 countries are participating in the show.

Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, IDEX will continue through February 24th at the Abu Dhabi National Exhibition Centre (ADNEC).

The sale prices likely to continue declining in the first quarter of 2011, for medium and low quality units- Landmark Advisory

2011-01-16T02:19:00.000-08:00

Dubai, United Arab Emirates – 16 January 2010: Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, today released its January Dubai sales guide for Dubai which indicates that sale prices are likely to continue declining in the first quarter of 2011, particularly for medium and low quality units, due to the ongoing demand for high quality.

According to Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory, “there is a high degree of oversupply already prevalent in the Dubai Market, and with a considerable amount of new supply due to come online shortly, this will only have an adverse affect, putting downward pressure on sale prices.”

In line with previous sales guides, Landmark Advisory’s latest report has identified a significant price bifurcation based on quality, particularly in relation to the apartment segment of the market: “Although we have not seen as steep a decline in sales prices as we have with lease prices, there have still been significant reductions and, what is more, this has happened ubiquitously throughout Dubai,” explained Ms. Downs.

Findings since August 2010 indicate that poor quality units have been the worst performing asset: “While price declines have also affected more attractive, better quality units, it is certainly not to the same extent,” said Ms. Downs. “For instance, during Q410 prices for lower quality units in Dubai Marina fell up to 10%, whereas higher quality units in the same area saw little or no decline.”

According to the latest Dubai guide, sale-change patterns in Q410 differed between villas and apartments. “Villa sale price performance was a function of location, with declines much more significant in Central Dubai, where, for instance, prices in The Springs and The Meadows fell by over 12%,” said Ms. Downs. “However, in other areas of Dubai there was little change. For example, four and five bedroom units in Victory Heights actually increased in price due to less supply available on the market. However, the majority of these prices drops occurred in Q3, with Q4 itself being reasonably stable.”

Apartment prices fell more consistently across Dubai, with quality seemingly the defining factor: “Apartments are more susceptible to price declines dependent on quality, with greater supply leading to greater choice for prospective buyers. This is further exacerbated by that fact that there are considerably more apartments than villas coming online in the near future, increasing the already existing oversupply and continuing to bring prices down.” continued Ms. Downs.

Turning to the commercial sector, most demand continues to focus on renting, with few transactions occurring for sales. However, Landmark noticed some significant declines in prices, most notably in JLT due to the new supply recently delivered there. Standard quality office space dropped as much as 30% in some cases, with good quality space down as much as 15%.

Ms Downs concluded that “while we are no longer seeing the same sorts of declines in sales prices that initially occurred post 2008, this is not to say that the market has fully bottomed out yet. It is our belief that prices will continue to fall for a while. However, the relatively shallow declines seen in the last quarter represent something of a boost for the property market in the Emirate.”

Dubai Visa Rules and Procedures: No six-month work ban from January 1, 2011 in UAE

2010-12-19T02:37:00.000-08:00

Dubai Visa Rules and Procedures: No six-month work ban from January 1, 2011 in UAE: "Expatriate workers can move to new employment without no-objection certificate if they have served out two-year contract.The Ministry of Lab..."

Dubai Visa Rules and Procedures: Dubai property should revive 2011 and UAE to grow ...

2010-12-12T22:25:00.000-08:00

Dubai property should revive 2011 and UAE to grow ...: "Dubai’s real estate market is gradually stabilising and should begin to gain traction next year and thereafter on the back of improving domestic economic and financial conditions, according to a Credit Suisse study.

Dubai's troubles with its slumping property market and cash-strapped state-owned firms mean a longer road back to health, which is holding back overall GDP growth in 2010. Key sectors such as construction and real estate have in fact continued to undergo protracted adjustments. Demand for purchasing new homes remains weak as credit conditions are tight and rental prices are still falling, the bank said in its report ‘United Arab Emirates: 2011, the year of recovery’ as part of its latest Emerging Markets Quarterly, Q1, 2011.

That said, the real estate market is gradually stabilising and should begin to gain traction in 2011-2012 thanks to improving domestic economic and financial conditions. Meanwhile, exports have rebounded, providing a much-needed lift to growth this year, the report added.

Headway on debt restructuring and higher oil prices have been a boon for confidence. Dubai World struck a debt-restructuring deal with its creditors in September. The accord has helped to ease concerns over Dubai's debt crisis, boosting investor confidence, it noted.

Rents Continue to Decline in Abu Dhabi According to Landmark Advisory

2010-11-22T23:21:00.000-08:00

Abu Dhabi, United Arab Emirates – 23 November 2010: According to the November Leasing Guide for Abu Dhabi, released today by Landmark Advisory, rents have continued to decline across the capital since the last lease guide was released in July 2010.

“As expected, lease rates have continued to decline since our last lease guide in July 2010. This has impacted some areas more than others, particularly those where new supply is being delivered,” explained Ms. Jesse Downs, Director of Research & Advisory, Landmark Advisory. “Going forward, lease rates will need to compete with Dubai, as there is currently oversupply in that market, causing steep price declines, coupled with better quality than is available in the capital.”

Landmark Advisory recommends that landlords need to be acutely aware of the market when considering how to price their units: “New developments such as Al Bandar and Marina Square have the potential to create competition for both the current Abu Dhabi market and the Dubai market. These new developments will upset the market, leading to a complete recalibration of rents around the new developments, which often offer better amenities and facilities,” said Ms. Downs.

The report identifies that the capital needs to compete on an infrastructural level with Dubai before people will show preference to living there. “Rents in Abu Dhabi continue to be closely linked to rents in Dubai. New tenants in Abu Dhabi and existing tenants not protected by rental increases on their old contracts, are no longer prepared to accept sub-standard quality for premium prices leading to a significant decline in rents for those units,” commented Landmark’s Abu Dhabi Branch Manager, Mr. Hesham Ikhwan.

“With rents continuing to fall in Dubai, rents in Abu Dhabi – especially for the lower quality on-island buildings – will need to decline further to continue to attract demand,” added Ms. Downs. “Abu Dhabi faces additional challenges in retaining and attracting new demand to the capital, infrastructural issues, such as traffic, parking and schools, all need to be addressed to optimize demand.”

In terms of apartments, rental rates in Abu Dhabi have declined throughout with only few exceptions, with an overall average decline of 5%.The biggest on-island declines were in the Corniche area, where rents fell by 16%. “Here, in particular, new supply has resulted in intense competition from those landlords looking to poach tenants from older buildings where the quality in no way matches the rent being charged,” explained Ms. Downs. “Those Landlords of older or poorer quality buildings, who now have vacancies, are being forced to lower their apartment rents significantly in order to attract demand.”

The November report found that as a result of the new supply being delivered, tenants are no longer willing to pay Abu Dhabi premiums for low quality units. This has been exacerbated by new higher quality off-island supply and continued rent declines in Dubai, as people show a willingness to commute.

“The handover of Al Bandar, and imminent delivery of other off-island supply such as Marina Square, will only deteriorate on-island apartment rents, especially those of lower quality. These new communities should generate demand once handovers are completed as the fit out and community integration of the developments is significantly superior to the vast majority of on-island supply,” said Ms. Downs.

turning to villas, off-island villas saw the largest decline of 4% overall, with Al Reef villas predominantly suffering, experiencing a 15% decline due to factors such as disappointing quality, inconvenient location and landlord competition. According to Landmark Advisory, the majority of landlords in this area are expatriates, meaning that they are more interested in continued cash flow rather than holding out for higher rents. In contrast, Golf Gardens witnessed a marginal increase.

“This is symptomatic of the problems landlords of off-island properties face,” explained Ms. Downs. “Being located off-island means they are more susceptible to commuter demand and there is very little demand for some of the larger off-island villas. The cost of renting a large villa is prohibitively expensive for many. However, those who can afford these large villas are now spoilt by choice in Dubai and most would rather do the additional commute from Dubai to enjoy a higher quality lifestyle, as well as higher quality units for comparable or cheaper rents. As such, demand for large off-island villas is very limited.”

The latest guide found that commercial rents have fallen 6% since June 2010, however this was exacerbated by an extreme 23% decline on-island. According to Landmark Advisory, the majority of companies prefer to remain in their existing offices while they wait for further price reductions and higher quality supply.

“Landlords are attracting new tenants by offering lower lease rates, longer term leases, and increased incentives such as rent free periods, fit-out allowances, and increased cheque options. Going forward, location and incentives are set to play a key role in attracting tenants within the commercial sector,” concluded Ms. Downs.

Saud is Ras Al Khaimah ruler as UAE mourns Shaikh Saqr

2010-10-27T00:00:00.000-07:00

His Highness Shaikh Saud Bin Saqr Al Qasimi has been appointed new ruler of Ras Al Khaimah after death of Shaikh Saqr Bin Mohammad Al Qasimi, the late ruler of the emirateRas Al Khaimah: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan sent his condolences after Shaikh Saqr Bin Mohammad Al Qasimi, the late ruler of Ras Al Khaimah, died at dawn on Wednesday in Ras Al Khaimah.

The official mourning has been declared with effect from Wednesday for a week through which the flags will be flown at half mast.

Obituary: Shaikh Saqr Bin Mohammad Al Qasimi

Timeline: Key events in Shaikh Saqr's life

UAE mourns Ras Al Khaimah ruler

His Highness Shaikh Saud Bin Saqr Al Qasimi has been appointed Supreme Council member and new ruler of Ras Al Khaimah.

All government institutions in Ras Al Khaimah will remain closed for seven days and flags will fly at half mast for 40 days.

Shaikh Saqr's funeral prayers will be performed after Asr prayers on Wednesday at the Ras Al Khaimah Eid musalla. May Almighty Allah rest his soul in peace.

Shaikh Saqr belonged to the Al Qasimi dynasty that ruled the northern part of the Greater Oman Region, following the fall of Ya’aribah state and emergence of Al Busayidi state in Suhar and Muscat in 1747.

He was born in Ras Al Khaimah city in 1920, where he was brought up in an Islamic Arabic environment under the care of his father, Shaikh Mohammad Bin Salim, who ruled the emirate between 1917-1919.

DAMAC Properties’ Jumeirah Village Projects Approach Completion

2010-10-12T01:50:00.000-07:00

12th 2010: The Middle East’s largest private luxury developer, DAMAC Properties, has nearly completed the lion’s share of its projects at Jumeirah Village in Dubai. Of DAMAC’s three main projects in the north section of Jumeirah Village, one has been delivered to customers and the balance are in the final stages of completion. In the south, DAMAC has two projects under construction, which are progressing well.

DAMAC Properties has been handing over units from its ‘Emirates Gardens 1’ development for several months, while the finishing touches are being put on its sister project ‘Emirates Gardens 2.’ The Tuscan Residences are also more than 95% complete, with snagging works now underway. “DAMAC Properties is progressing well with the handover of 550 units from Emirates Gardens 1, and once we begin delivering Emirates Gardens 2, and Tuscan Residences, that number will rise to above 1500 units” said Ziad El Chaar, General Manager of DAMAC Properties. “We believe it’s our commitment to creating luxurious interiors, by paying attention to details such as quality fixtures that sets DAMAC apart from our competitors. It’s these types of details that make a house a home” added El Chaar.

Emirates Gardens 1 is a low rise development, consisting of three structures, each four storey’s high. Emirates Gardens 2 is a near mirror image of the first. They’re bright and colourful, fusing elements of Mediterranean and Arabic architecture. Tuscan Residences, as the name suggests, draws inspiration from the iconic Italian homesteads perched on the rolling hills of Tuscany. The apartments and terraces at Tuscan Residences overlook a piazza, with a water fountain as the centrepiece. “DAMAC has a vision for Jumeirah Village; we wanted to create a sense of community, while also delivering a relaxed, comfortable and luxurious lifestyle. We are beginning to see the realization of our vision” said El Chaar.

Jumeirah Village is ideally situated in the heart of new Dubai, with close links to Media and Internet cities, Sports City and the Jebel Ali Free Zone. “DAMAC’s apartments and terraces at Jumeirah Village are highly sought after by people who want more space, but still want to live in a central location. We are offering the best of both worlds” El Chaar said.

DAMAC has almost a dozen projects nearing completion across its entire portfolio, including developments in the Marina, the DIFC and Business Bay. During the downturn, DAMAC has remained focused on construction and delivery, and over the next 12 months, will be delivering almost 4,000 units to the market.

Average Abu Dhabi/Dubai Vacancy Rate of 10% in 2010 Landmark Advisory Q410 Real Estate Report

2010-10-06T01:57:00.000-07:00

Dubai, UAE – 6 October 2010: Landmark Advisory, one of the leading real estate companies in the Middle East, today released its Q4 2010 Dubai and Abu Dhabi Real Estate Report, which assesses the aggregated supply-demand between Abu Dhabi and Dubai in order to account for the commuter effect on each housing market

The report found that across both emirates, buyers and renters continue to commute between the cities necessitating an aggregate evaluation of the markets. “Even if the supply-demand patterns differ between Abu Dhabi and Dubai, the two main residential markets in the UAE are relatively interchangeable, which creates greater fluidity in demand and pricing trends,” said Ms. Jesse Downs, Director of Research & Advisory Services at Landmark Advisory.

Cumulative analysis of both markets indicates an average vacancy rate of 10% in 2010, which gradually increases to peak at 12% in 2012. According to Ms. Downs, “While all housing supply in Dubai is not a perfect substitute for Abu Dhabi housing demand, the current vacancy rates in areas preferred by Abu Dhabi commuters are within range of these estimates. These figures tell a more robust story than when simply evaluating each market in isolation. Importantly, Abu Dhabi companies also benefit through the availability of affordable and often higher quality housing alternatives for staff.”

In Dubai, Landmark Advisory found that the apartment sale prices and rents continued to erode on the back of increasing supply with average quarterly declines of 6.3% and 5.8% respectively. In terms of residential volumes, sales and rents diverged, with sales volumes down 30% QOQ and rental volumes up approximately 25% QOQ according to Ms. Downs: “Various factors continue to push Dubai residential sale prices and volumes down like increasing supply and the existing limitations on the residency visas for property owners. Equally important, limited mortgage activity means investors continue driving demand.”

“The widespread expectation of additional price erosion keeps many investors on the sidelines waiting for opportunistic investments,” continued Ms. Downs. “In some cases this is a fallacy. Although we expect the average residential sale price to continue to decline into 2012, high quality, well position properties in well designed communities with limited supply pipeline are expected to remain relatively stable.”In Abu Dhabi, the asked apartment sale prices fell by 9%, but the actual transaction prices remain relatively unchanged amid low transaction volumes in Q3 2010. Villa transaction sale prices fell by 6%. Commenting on this Ms. Downs said: “The decline in listed sale prices in the capital shows that investor expectations increasingly reflect market realities. Sale volumes, especially for apartments, remain low because of further handover delays and regulatory uncertainty. Once projects like Marina Square commence handover and a title deed system is implemented, we expect volumes to improve.”

Turning to the commercial office market, the Q410 report found that both Abu Dhabi and Dubai continue to face supply pipelines that will virtually double the existing supply in both cities. In Abu Dhabi, office sale prices declined 4%, while lease rates declined 6%. In Dubai, capitalization rates for offices continue to increase as office sale prices declined 6.2%, while lease rates declined 11%.

“Albeit at a more modest rate, companies are still drawn to Dubai by the high quality of infrastructure and tax-free status. Price, rent and supply trends create challenges for existing owners of offices space in Dubai, but this also creates opportunities by augmenting the existing attractiveness of Dubai as a national, regional and global hub, concluded Ms. Downs.”

Dubai real estate may slump 80% from peak prices of 2008– JP Morgan

2010-10-04T04:11:00.000-07:00

The Dubai real estate market has not yet hit rock bottom and is likely to decline by around 80 percent from the peak prices of 2008, the managing director of JP Morgan’s private banking arm has said.

Paolo Moscovici, head of JP Morgan’s Middle East private banking unit, said prices are currently down by 60 percent and forecast they “might go down another 20 percent. I think that is realistic.”

“It has continued to drop and, peak to trough, I think it could be down 80 percent,” Moscovici told Arabian Business.

Last month it was revealed that 495 of the 980 projects registered with the emirate’s Real Estate Regulatory Agency (RERA) have been scrapped. A poll of regional banks by Reuters found that Dubai property prices have tumbled 55 percent since their peak in 2008.

Moscovici said he believed it would take years for the oversupply problem in the emirate to be rectified. “I personally think it will take five years for all that supply to be absorbed, so prices continue to come down. Do I believe things will come back in Dubai? Yes, but it will take time,” he said.

Michael Atwell, head of Middle East operations for real estate firm Cushman and Wakefield, said the decline in prices may help to eliminate the perception that Dubai is an expensive place to set up business.

“The perception of Dubai still lies in its older view of the market in that it is expensive; office rents are very high and it’s an expensive place to recruit people and house them in terms of housing costs. We all know that has changed significantly in the past couple of years; rents have fallen. There is an opportunity for Dubai to change its image in the market,” said Atwell.

Nick MacLean, managing director of global real estate consultancy CB Richard Ellis in Dubai, agreed with Moscovici’s forecast for a further decline in prices. However, he believed the emirate’s property market is fragmented, with some areas having already hit bottom.“I think that [Moscovici] is right in certain locations. Some parts of the market are still clearly falling and have a long way to fall.”

However, he said some areas, such as Dubai International Financial Centre (DIFC), Emaar Square and Sheikh Zayed Road have shown some price stability and prices were unlikely to decline further.

“The best located buildings, in single ownership [and] of a high standard have reached the bottom, but those that are geographically challenged still have some way to go,” he said.

Indian and Chinese businesses see Dubai as the leading business Location -Cushman & Wakefield Middle East

2010-10-03T22:49:00.000-07:00

DUBAI // Indian and Chinese businesses see Dubai as the leading business centre in the region, but negative perceptions regarding occupancy costs still remain according to a new report, ‘Retreading The Silk Road’, published today by Cushman & Wakefield Middle East (C&W), part of the world’s largest privately held commercial real estate services firm.

Based on feedback from the firm’s agency division which suggested that commercial leasing by companies from South Asia and Asia Pacific has been on the rise, C&W conducted a series of interviews with Chinese and Indian companies already established in Dubai as well as with those companies considering setting up in the region. The companies interviewed cover a range of sectors – Financial Services, Professional Services, IT, Leisure and Tourism, Industrials and Manufacturing.

Across the board, Chinese & Indian companies believe that Dubai offers the best business environment as a result of its location, as well as its superior infrastructure and transport links in comparison with its regional peers. However, there remains a perception in the market that Dubai is as expensive and overcrowded as it was in the boom years of 2006-2008.

Dubai based companies

• Superior quality of space – Respondents believe that Dubai offers suitable space, in terms of both quality and size, for a range of businesses at competitive rental values in comparison with neighbouring business centres within the region.

• Satellite Offices - Despite being part of much larger organisations, the majority of businesses are currently operating small satellite offices, with limited space requirements and minimal headcount.

• Business Uncertainty - Most companies express significant uncertainty regarding the business environment, with no plans or visibility beyond 3 years.

Businesses considering opening an office in the region

• Dubai remains most attractive despite downturn - Those companies with plans to expand in the region do envisage establishing a Dubai office within the next 3 years.

• Office Requirements - most companies surveyed will initially seek either serviced office space or a business park location, within a building less than 5 years old, close to the CBD.

The report, released to mark the start of Cityscape Global, also provides key advice for Dubai based landlords, existing and potential occupiers, and Dubai as a whole, as well as anticipated trends for the coming years.

Commenting on the report, Michael Atwell, Head of C&W’s Middle East Operations, said:

“Indian and Chinese companies are quite clearly looking at Dubai as the ideal strategic location for their regional business activities. However, it is vital that the city’s landlords offer the flexibility and support that these new entrants, who are taking a cautious approach to regional expansion, require. Although rents in areas like DIFC remain relatively high, Dubai now offers improved affordability for those looking to set up operations and the city must work harder to challenge any misconception.

We expect the number of enquiries from China over the short term to remain relatively constant as companies focus on both home and neighbouring Asian markets. However, over the longer term we see this as a very strong growth market for Dubai.”

C&W’s teams in China and India contributed to the research for this report and Kausuv Roy, Executive Director Cushman & Wakefield India, added:

“When Indian companies talk to us about setting up an office in the Gulf, Dubai is naturally uppermost in their minds because it meets their needs, offering a friendly business environment, a large expatriate population and historic trade links with South Asia. We therefore anticipate an increased number of enquiries for office space to come out of India in the coming period.”

First RV Venture Park in Middle East – Relax RV Camping and Resort- ready to open in October 2010

2010-09-26T04:01:00.000-07:00

Here you can experience the desert in a comfortable lodging. The Bedouin tents, where local food is served, shall give you a feeling of the Bedouin life. Candle lights add to the atmosphere. Most of the RVs have already arrived and sit in an oval formation on a desert site located about 30 minutes from Dubai. Each RV has a palm-leaf hut in front of it with a sitting area and barbecue. The site will also have a playground for children, a paintball area, and a giant inflatable tent that could hold 2,000 people for weddings or company events. RV Camping is a new, very traditional kind of tourism. It’s about the culture of Arabs and the culture of the desert. Instead of riding a camel in a circle around the site, guests will be able to ride far into the desert in the spirit of the Bedouins

Each of the thirty tents is carefully placed for commanding views over the desert wilderness. They are extremely luxurious - more like mini-marquees with smart polished traditional camping style teak furniture, rich jute rugs and lovely custom designed block-printed tent linings. Large windows have pull up flaps to allow light and fresh desert air through and permanent insect netting to keep out any unwelcome visitors. The attached tiled bathrooms have running hot and cold water, flush toilets and proper wash basins. For cold desert nights each tent is provided a electric blower for heat.

Delicious Indian Meals are provided in the strategically located dining tent (the central durbar) which offers breathtaking views of the sunrise, sunset and the surrounding country side. Evenings are livened up by camp fire, marshal, and local musicians & dancers. With stunning sunrises, mesmerizing sunsets and dazzling night skies, life in this peaceful wilderness is spectacularly elemental.

All RV have heating in all rooms, are fully furnished and have Wireless Broadband Internet Access, a color TV, DVD Player, and Freest TV Channels. All come fully equipped with cutlery, crockery saucepans etc. to cater for either four or six people.

The bed linen is provided (apart from cot linen), and the beds made up with duvets and pillows, for your arrival. Depending on which RV you stay in, we can provide either a Cot, or Cot-side & high chairs free of charge, if requested on the booking form. Outside, the RV has picnic benches. This superb modern bedroom RV has a pitched roof and double glazing throughout. The lounge has luxurious sprung seating, fitted gas fire and a wide range of cupboards.

The fitted kitchen has a full size cooker, hob & grill, microwave, under worktop fridge/freezer, gas water heater & is equipped to an exceptionally high standard. The shower room has shower with folding glass door, a heated towel rail, porcelain washbasin. This superb modern bedroom RV has a pitched roof and double glazing throughout. The lounge has luxurious sprung seating, fitted gas fire and a wide range of cupboards. The fitted kitchen has a full size cooker, hob & grill, microwave, under worktop fridge/freezer, gas water heater & is equipped to an exceptionally high standard. The shower room has shower with folding glass door, a heated towel rail, porcelain washbasin.

There is also a separate cloakroom with WC and washbasin. The master bedroom has a double bed, warm air heater, double wardrobes, dressing table with light & shaver point. Bedroom 2 has two single beds, wardrobe and warm air heater. Bedroom 3 has two single beds, wardrobe and a warm air heater. A bed guard/cot-side can be fitted to one of the single beds.

UAE set to become more attractive place to live and work as rents decline in Dubai and Abu Dhabi

2010-08-05T04:41:00.000-07:00

Dubai, UAE – 4 August 2010: Landmark Advisory, one of the leading real estate companies in the Middle East, today released its Q3 2010 Dubai and Abu Dhabi Real Estate Report, which identifies that accelerated rent declines are helping to improve affordability in both emirates. The latest quarterly report, available at www.landmark–advisory.com, forecasts that declines in residential and office rents will help make the UAE a more attractive place to live and work.

According to Ms. Jesse Downs, Director of Research & Advisory Services at Landmark Advisory commercial office supply is set to virtually double in Dubai and Abu Dhabi over the next 3-4 years: “New commercial properties coming online will infuse the market with higher quality office supply and drive down office rents, making both cities more attractive centers for business. The market now needs stimulus initiatives to leverage the improved affordability and to encourage the growth of industries that will diversify the local economies and fill the expanding vacancies projected over the next 3-4 years.“

Dubai

Residential oversupply in Dubai is also set to peak in 2012 with vacancies projected at 25%-28%. Meanwhile the commercial oversupply will continue to grow, with up to 45.9 million square feet of empty office space by 2014. Vacancies are expected to reach 53% in 2011 and peak at 58% in 2013/2014.

In Dubai, there has been a slight reversal of the coastal-inland villa bifurcation, however, coastal properties have maintained significant premiums. “The coastal-inland bifurcation abated marginally in Q2-10 with steeper sale price and rent declines in coastal villa communities compared to inland communities. Nevertheless, coastal communities still maintain rent premiums up to 61%, depending on the unit type,” said Ms. Downs.

According to Landmark Advisory, distressed sales are leading to accelerated price declines. “As prices are falling faster than rents, this is pushing up yields,” explained Ms. Downs. “This is positive for the market as higher yields are required to attract investors wary of the weak market fundamentals and perceived downside risk. At the moment, financing remains limited, which means investors continue to dictate market trends.”

The report found that sale volumes slowed in Q2-10 compared to Q1-10; sale price declines accelerated to 5.0% for villas and 5.8% for apartments in Q2-10, a result of limited mortgage-backed transactions, particularly for apartments, which, based on Landmark’s transactions, were almost wholly cash transactions. In addition, limited buyer interest has forced motivated sellers to slash price expectations during the slower summer months.

In terms of leasing, villa rents fell 4.4%, while apartment rents fell 5.8% during Q2-10. Commenting on this trend, Ms. Downs said: “Amid a strong sale price decline, the ongoing yield compression trend that has been witnessed since early 2009 reversed in Q2-10. Net villa yields increased from 4.9% to 5.7%, while apartment yields increased from 5.4% to 7.4% based on actual sales and rental transactions.”

Abu Dhabi

Quality issues in Abu Dhabi may lead to rapid reshuffling of the market as the new higher quality supply is delivered, according to Landmark Advisory’s latest report: “Only 20% of pipeline properties advertised as high-end will actually meet that standard, and short-term price/rent performance of medium quality deliveries will behave as though they were higher-end. However, we predict that this trend will be temporary, with performance weakening and not recovering once the truly high-end developments are delivered,” said Ms. Downs.

Sales demand for Abu Dhabi’s investment zones has remained weak due to further project delays and the lack of appropriate regulatory framework, which in turn has caused concern among potential owner occupiers and investors. Current sales demand in the capital is price-sensitive and largely focused on Marina Square, according to the Landmark Advisory report.

Rental decline sharply increased in Q2-10 with an 11% decline compared to the marginal 3% decline observed in Q1-10. “These declines are supply driven following new on-island deliveries such as Khalidiyah Palace, Al Aryam Tower, Silver and Wave Tower,” explained Ms. Downs. “Static sales prices and declining rents have resulted in further yields compression; currently at 5.1%, and we anticipate that yields will continue to compress in the short term.”

Turing to the commercial office segment, sale prices have remained stable while office rents fell 10% since March 2010. Offices in the City Center and Tourist Club Area witnessed the biggest declines – up to 20% – especially for low-quality space. “Stagnant sale prices are attributed to virtually non-existent transaction volumes and sticky asking prices,” concluded Ms. Downs. “In the leasing market, office rents will continue to decline on the back of rapidly expanding office supply; in 2010 alone there will be a 32% increase in supply.”

GCC business optimism is high; 5% growth predicted for 2011

2010-06-21T05:19:00.000-07:00

June 2010: Manama, Bahrain: As the half year draws to a close it is time for businesses to conduct an engine check, according to Ron Ribeiro, Chief Executive Officer, Aryan Business Consulting.

He said that although the nuances of the unprecedented economic cycle continue, businesses are now able to operate with a much greater degree of knowing than one year ago. He also said that the region is set for growth.

“The GCC is an extremely important market to be in right now. Recent reports from the World Bank indicate 4.4 per cent growth in 2010, with 4.9 per cent expected next year.

“This beats expectations and proves a resilient market. However, it also suggests that competition will be stiff. A lean and effective business structure can be the make or break in times like this.”

Ribeiro was speaking in advance of a seminar on organisational assessment in Bahrain alongside America-based Robert Etten, President & Founder of Insight Solutions Group (June 22).

Etten suggested that organisations are ‘living organic systems’ that must be deliberately designed and constantly nurtured if they are to achieve their full purpose.

“We deliver a systemic process that is region-focused and perfect for this time of shift. We assess where the organisation is right now, what it wants to achieve, and what it needs to do to make that happen.

“With our microscope-like process, this approach challenges management with new perspectives. We study the organisation structure, people, work flows, technologies and strategies, he said.

Ribeiro cited a recent survey from Deloitte that indicates 69 percent of Chief Financial Officers (CFOs) in the region are more positive about the financial prospects of their company compared to the last six months.

“This optimism is a very good sign but should not lead to false hope. Given the recent cycle senior management would be wise to go back to basics. They need to ask few simple but crucial questions as they prepare for growth,” he warned.

“It has been a rough ride and the critical parts of an organisation can easily get out of alignment if left unattended. The biggest agenda for top management must be to build and sustain organisations that work to fulfil relevant missions and objectives, and meet customer expectations.”He concluded that businesses which focus on a sustainable organisation structure will reap the benefits.

The day seminar is organised by Veritas Events, in partnership Sakana Holistic Housing, Oufi Colombotti and Bahrain Tribune (June 22 2010; from 18.00h, Movenpick Hotel Bahrain).

$364bn of UAE construction projects on hold, cancelled

2010-06-09T04:19:00.000-07:00

A total of 1,296 construction projects worth more than $418bn are currently being built in the UAE, research company Proleads said on Sunday.Its new report also said an additional 303 projects worth $143bn were in the design, planning and or bidding stage.

It said 842 projects with a total value in excess of $350bn were on hold as a result of the economic slowdown and a further 111 projects valued at more than $14bn have been cancelled. The total state of the UAE civil construction market included a total of 2,552 projects with a combined total budget value of almost $930bn, Proleads added.

“The construction boom has slowed down in the UAE as it has elsewhere but there is still 1,600 projects worth over $560 billion either in execution or about to start construction in a more sustainable approach to development,” said Graham Wood, group director of CityBuild Abu Dhabi organiser IIR Middle East.

The Proleads investigation considered projects with a budget value greater than $10 million and divided the market into five sectors - commercial, retail, hospitality, residential, and healthcare and education sectors.

In a sector breakdown, Proleads said the total commercial sector consisted of 462 projects valued at $253bn.

Although a large proportion of projects were in execution, many have been placed on hold or even cancelled since the fourth quarter of 2008, the research house added.

New project construction starts have also slowed, while those completing are increasing, the report said.

The total retail sector consisted of 336 projects valued at $148bn with 64 percent of projects still active while the hospitality sector consisted of 392 projects valued at $162bn with 63 percent active.

The residential sector included 682 projects valued at $306bn with 62 percent of projects active.The education and healthcare sector included 680 projects valued at $58bn with 64 percent of projects active.

The research was done on behalf of CityBuild Abu Dhabi which opened on Sunday and is being held alongside Cityscape Abu Dhabi.

Announced project cancellations and suspensions in the UAE

Project Value                        (US$mn)               Client                                          Status

Nakheel Harbour and Tower 38,000                  Nakheel                                      On hold

Al Salam City                           8200                 Al Rajhi Group, tameer Holding      On hold

Asia-Asia Hotel                        3270                Tatweer                                          On hold

Al Salam City (Phase 1)           2700               Al Rajhi Group, Tameer Holding      On hold

Dolphin City                             1700               Emirates German Group                 On hold

Western region Aluminium Smelter Power Plant 1500 Abu Dhabi Water and Electricity Authority On hold

Nad El Sheba Racecourse        1300                 Meydan LLC                                    Cancelled

Redevlopment of Mina Rashid 1000                 Nakheel                                            On hold

Aqua Dunya (Dubvailand): Phase 2 950           Aqua Dunya                                      On hold

Aqua Dunya (Dubvailand): Phase 1 950           Aqua Dunya                                        On hold

Investment Corporation of Dubai (ICD) 817 Investment Coprporation of Dubai On hold

High Rise Boulevard              817                High Rise Real Estate                              On hold

Anara                                    800              Tameer Holding                                       On hold

Plaza Mayor (Jumeirah Village) 800             Tasees, Makaseb Holding, Ishraqah          On hold

Falcon City of Wonders (Dubailand) 680     ETA Star                                                  Cancelled

Atrium Project                     654                 Sunland Group                            On hold (for redesign)

Palm Deira: Mixed-use Building Project 600 Nakheel                                                On hold

Palm Trump Hotel and Tower 600                  Nakheel, Trump Organization                  On hold

The Vantage                           545                 Cirrus Developments                                   On hold

Light Rail and Tramway (Dubai Waterfront) 500 Nakheel                                               On hold

Rotating Tower (Jebel Ali) 500                   Merjen Group                                               On hold

Tiara United Towers        480                   Investments, United Group Holdings               On hold

Dubai Exhibition City       450                 n/a                                                             Cancelled

Jumeirah Hills                  450                      Sama Dubai (Dubai Holding)                   On hold

Esplanade                         422                       Muzoon Holdings                                       On hold

Cactus Theme                 420                       Nakheel                                                         On hold

Lagoon Club Hotel and Residences 400             Tourism Development and Investment Co   On hold

Signature Towers (Business Bay) 400                Dubai Properties                                          On hold

DRI and Meltshop Plant         400                    Al-Tuwairqi Group                                     On hold

Emivest - DSO - Towers         400                  Emirates Investment and Development PSC On hold

International Powers/Mitsui - Umm Al Nar RO Plant 350 Abu Dhabi Water and Electricity Authority On hold

Replacement of Infirld Pipelines (Zakum Field) 350 Abu Dhabi Marine Operating Company On hold

Desert Gate Hotels and Towers 350                      Bawadi                                                    Cancelled

X2 Towers 300                                                    Al Odaid                                                 On hold

Borouge - Melamine Plant 300            Abu Dhabi Polymers Company Ltd (Borouge)            On hold

Ain Al-Fayda 300                               Al Qudra Real estate                                                    On hold

Sharjah Sports City   250                   Government of Sharjah                                               On hold

Tatweer Towers       250                           Mizin                                                                   On hold

Dubai Healthcare City - Phase 2 235           Tatweer                                                               On hold

Forbidden City    222                              Nakheel                                                                 On hold

Residential Towers on Plot 39 210               Emaar                                                                On hold

Porsche Design Towers (Business Bay) 200 Dubai Properties                                               On hold

Pilkington Emirates - Float Glass Factory 200 Pilkington Emirates                                        Cancelled

Sienna Square         150          Cirrus Developments                                                             On hold

Sea Gull Tower      145                   East & West Properties                                              On hold

Image Residences 137                        Al Fara'a Properties                                                    On hold

Canal Point          136                        Istithmar                                                                  On hold

Seascape Topwer 135                       East & West Properties                                           On hold

Dubai Marina - Ice Tower 130 Mada'in Properties Abyaar Real Estate Investment               On hold

Waters Edge (Busienss Bay) 125           Damac Properties                                                Cancelled

Mina Rashid - Mixed-use Tower 110    Azizi Investments                                                       On hold

West End Tower 1 and 2 (Jumeirah Village South) 110 Al Rashid Investments                          On hold

Business Bay - Burjside Boulevard 100           Damac Properties                                        On hold

Dolphon Towers 100                                         Damac Properties                                    Cancelled

West Bay Tower (Business Bay) 88 Snasco, International Investment Bank                         On hold

Al Odaid - Palm Tower 80                 Al Odaid                                                                   On hold

Nadra Tower (Business Bay) 70           Tamweel                                                               Cancelled

Jumeirah Village - Green Park 50             Damac Properties                                                On hold

Palm Island Hotel Resort 50                Al Fardan Group                                                    On hold

Source: HSBC Global Research

Strata Law - New rule empowers home owners in Dubai

2010-06-04T01:24:00.000-07:00

Dubai: Dubai's developers have six months to hand control to home owners associations (HOA) since the Land Department added the much-awaited regulations or guidelines accompanying the ‘strata law' Wednesday.

"Transparent strata management guidelines are essential to the property market stability and will provide a range of benefits boosting confidence of foreign investors, increasing property values and allow residents to enjoy quality life and peace of mind," said Peter Crogan, chief executive officer at BCS Strata Management Services.

The guidelines, implementing Law No. 27 of 2007 ‘Concerning Ownership of Jointly Owned property in The Emirate of Dubai', known as the ‘strata law', give home owner associations control over who maintains their units, chose service levels and costs and with that control the much-disputed service fees.

Developers now have six months to bring their existing projects under the law, said Gary Budgen, Executive Chairman at PRDNationwide Middle East. As an international strata law specialist he has been assisting with drafting the regulations.

In essence, this means that developers have to register their sub-division plans, defining common areas and private units, as well as create home-owners associations."It's a very positive step, but I believe Rera [Dubai's Real Estate Regulatory Agency] is aware that implementation problems will occur which would require adjustments along the way," Budgen said.Developers could try to prepare documents, such as on common areas, for the handover in their favour rather than that of the home owners, he cited.

Hands-on role

"They could come up with all sorts of tricks, but Rera intends to take a hands-on role, making sure owners are not unfairly treated is a large part of the implementation process," said Budgen.

Indeed, training for HOAs has already started at the Dubai Real Estate Institute and the Land Department's survey department will set rules and guide surveyors when calculating the dimension of units and common area entitlements. Rera will also have the power to temporarily administer a development to deal with owners' breach of ‘community rules'.

Once registered with Rera, the HOA takes control and can hold their first board meeting after three months.

"The HOA will be able to scrutinise the services of existing maintenance providers and decide whether to keep them.

"They may be bound by some existing service contracts embodied in the original sales and purchase agreements, but many are shaky," said Budgen.

In addition, he explained, that as the HOA legally didn't exist at the time of service agreements being entered most contracts would be frustrated (invalidated) by the coming into existence of the HOA.

The guidelines clearly set out the rights of unit purchasers in relation to the real estate developer, including the participation in the HOA and those related to services provided and fees, Mohammad Khalifa Bin Hammad, Rera's Director of Real Estate Relations, said in a statement.

"For example, there are provisions to restrict developers' ability to enter into supply agreements on behalf of Owners Associations," he added.

Mediterranean Garden Opens in Heart of Al Barari

2010-04-21T05:05:00.000-07:00

A little piece of the Mediterranean took root in Dubai yesterday (Wednesday) when Al Barari, the only family owned and operated property development in Dubai, celebrated the opening of the first botanical garden in the heart of its flagship, multi-billion dirham residential project.

More than 650 guests and residents of Al Barari enjoyed a spectacular evening of celebration and entertainment in the 20,000m² Mediterranean Garden, the first of six botanical gardens in the exclusive residential development that has become one the most coveted addresses in Dubai.

Capturing the summery warmth, simplicity and rural-rugged nature of the Mediterranean coastline, the spacious garden integrates effortlessly with the lush gardens already being established around the 275 homes at Al Barari. One of the lowest density developments in the region, more than 80 percent of Al Barari features open spaces, botanical gardens, lakes and waterways, walking/jogging tracks, dedicated outdoor yoga areas, and recreational and community facilities.

The Mediterranean Garden is planted with more than 10,000 plants, shrubs and groundcovers and over 250 palms and trees, including a number of majestic century-old olive trees. The use of stone and gravel within the greenery and waterways, together with the simple architectural statements punctuating the open spaces, and the blue and turquoise hues of the children’s play area, create the timeless environment of a Mediterranean paradise.

Mohammed bin Zaal, CEO of Al Barari said: “We are delighted to be celebrating another milestone, and one that epitomizes the very essence of what Al Barari is – a haven from the hectic pace of modern life. The gardens that form such an integral part of our development encourage outdoor living and enable Al Barari residents to enjoy unique landscapes within their own residential environment.”

Handover of homes within the development, which is situated within the royal enclave of Nad Al Sheba, is now well underway, with more than 26 families already resident at Al Barari and a further 83 villas ready for handover. The project remains on track, with all 275 villas, retail and community amenities in the first phase scheduled for completion by the end of the year.

Affordability is the Key to Bolstering Corporate Interest and Creating Job Growth in the Emirates Landmark Advisory Q2 2010 Report

2010-04-19T23:57:00.000-07:00

Abu Dhabi, UAE – 19 April 2010: Today Landmark Advisory released its latest quarterly report, which focuses on the impact of upcoming property deliveries in Abu Dhabi and Dubai. The report highlights the effects of 15,000 new units expected in the capital in 2010, which will have an impact on both the Abu Dhabi and Dubai markets.

Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory, explains “In Abu Dhabi, much of the new supply expected for delivery this year will rejuvenate a market that has a low average standard of quality for existing housing supply. About 5,000 of these residential units will be delivered in the Investments Zones, like Marina Square, and we expect most of the hand-overs to be concentrated in Q3 2010, which will result in a few key trends.”

According to the report, the new supply will push down sale prices and rents in the capital. In terms of the sales market, actual price declines experienced within developments are linked to the payment plan structure. “In Marina Square, for example, payment plans are back-loaded with up to 70 percent due near completion, which is causing prices to approach the AED 1,000 per square foot mark. While we expect some marginal price decline as we approach handover of developments, these recent price declines are already closing the gap between seller and buyer expectations, which will continue to attract investment, and result in more transactions.” continued Ms. Downs.

Turning to leasing trends in Abu Dhabi and Dubai, rents continue to decline in both cities. Landmark Advisory predicts that rents will decline up to 20 percent by the end of 2010, with the sharpest declines occurring in H2 2010, following the handover of large portions of supply in the investment zones. Ms. Downs explains, “Once these units are available in the leasing market and rents decline, relocation within the city will increase, and we predict that middle-high and high-income commuters will gradually start relocating back to the capital.”

According to Ms. Downs, Abu Dhabi and Dubai’s rental markets are interlinked through commuter patterns. “Dubai rents are declining and will continue to decline due to increasing supply within Dubai and sluggish job growth. In 2009, rental demand in Dubai was driven by relocation, with Abu Dhabi commuters comprising a significant portion of that demand. As commuters and new residents working in Abu Dhabi move into the capital’s new developments, this will put additional downward pressure on residential rents in Dubai.”

Turning to the Dubai sales market, the report maintains that residential and office prices experienced further declines in Q1-10 with residential sale volumes decreasing due to the widespread anticipation of further price declines by potential investors. According to the report, increasing liquidity constraints continue to restrict mortgage availability and affordability; this limits owner-occupier demand and leaves investor sentiment steering demand.

Ms Downs continues, “The silver lining is the recent increase in commercial leasing demand stemming from corporates looking to relocate or establish operations in Dubai. Reduced office rents and a general reduction in costs associated with establishing and operating a business in Dubai is generating relocation interest from within Dubai, from other Emirates, and also from the broader GCC. In addition to affordability, regional companies are attracted to the high quality of infrastructure in Dubai and the improved capacity to attract and retain talent.”

“In Dubai, this is the trend to watch for forecasting demand for both the office and residential sector. Increased demand from corporates looking to relocate to or expand within Dubai will lead to job growth with expatriate job growth in particular set to bolster residential demand for the master developed communities,” concluded Ms Downs.

Real Estate Investors Worldwide See Market Ready to Rebound

2010-04-14T02:37:00.000-07:00

Dubai UAE, April 14, 2010 – Middle East respondents to Colliers International’s 2010 Global Investor Sentiment Survey view the market as being in the down part of the cycle, putting the recovery at between 4 o’clock and 5 o’clock on the “Global Property Clock.” Respondents also expect the Middle East market to reach 7 o’clock within 12 months.
The Global Property Clock equates market cycles to specific times, with 12 o’clock representing the top of the market and six o’clock representing the bottom. Each six-hour period in between designates rising (after 6:00, to 12:00) or declining (after 12:00, to 6:00) cycles.

Real estate investors worldwide are painting a more optimistic picture of the market, with many convinced that the next up cycle will begin in the year ahead. That optimism is reflected by two out of three respondents who expressed a desire to expand their portfolios in the next 12 months.

Overall, findings from Colliers International’s inaugural Global Investor Sentiment Survey – compiled from 244 major institutional and private global investors with a total investment portfolio exceeding $300 billion – note that a majority of respondents believe the market is at or near bottom and the largest two groups, 41 percent, see the market between five and six o’clock.

“Investors clearly see the market resetting overall and about to enter the next up cycle. In the Middle East the market is approaching its reset phase,” said John Davis, Regional CEO and Director of Colliers International’s Global Investment Services (GIST) team.

Respondents view Latin America (8:30) and the Pacific region (7:00) as already on the upswing. The Pacific region includes Australia and New Zealand. The USA and Asia at 6:00 were viewed as at the market’s bottom, while Western Europe and Canada were all still viewed as in the down part of the cycle. With the exception of Eastern Europe, respondents believe all these areas of the world will be in various stages of the “up” phase of the market in the next 12 months.

While those seeking to expand their portfolios expressed a higher comfort level doing so in their home markets, they also saw future opportunity in several emerging markets, such as Poland, Ukraine, Vietnam, Brazil and India.

“Despite this overwhelmingly positive outlook, investors are still cautious and expressed some areas of concern,” said Davis.

One of those major concerns is financing. Respondents were evenly split on whether financing is more or less accessible today than it was one year ago. However, their optimism shined through once again when taking a look at the year ahead. Nearly 90 percent of respondents believe that financing will be easier to secure within the next twelve months. Most, however, thought the cost of financing would increase.

Investors in the Middle East and Eastern Europe saw less availability to financing. Investors from Asia, Canada, Latin America and Western Europe indicated an improvement in access to financing over the last year, while those in the USA and the Pacific saw no change.

Another theme running through the survey was a shifting preference towards high-quality and income-producing properties. The move back towards income and less emphasis on capital appreciation was best captured by the sentiment from one survey respondent who said, “Capital gains are just a bonus; we buy property for income.”

On the capital markets side, the survey results also revealed a considerable divergence of opinion regarding the market’s return to “normal” (defined as 7.0 – 7.5 percent capitalization rates for office product), although most respondents anticipate that their respective markets will return to “normal” within the next 18 months.

On a geographic basis, Middle Eastern investors expect to see the domestic market return to normal by Q2 2011, comparable to other regions globally. Investors in Asia and the Pacific expect a return to normal by the fourth quarter of 2010, followed by those in Canada, Latin America, Eastern Europe and Western Europe by the first quarter of 2011, and the United States in the second quarter of 2011.

Another important conclusion to be drawn from the survey is the perception of how the market has changed structurally, according to Ian Albert, Regional Director of Consultancy Services for Colliers International.

“Many investors expressed the view that real estate cycles are now shorter and more severe than historical norms, which serves as a warning to others that going forward, market participants will need to be more nimble. Access to current and insightful analysis will be more important than ever,” he said.

Additional findings from the survey:

• Many investors viewed the events of the last two years as a good reminder that commercial real estate is highly cyclical and timing is critical to making profits.

• Globally, rents are anticipated to hit bottom this year – the first quarter of 2010 for the office sector was the most frequent response, followed by the second quarter of 2010 for industrial, and the third or fourth quarter 2010 for retail.

• There appears to be a genuine feeling that despite a challenging economic backdrop, particularly in the United States and certain European countries, real estate prices today represent good value, and many are willing to look past what could be a difficult period in terms of rents and vacancies and to better times down the road.

The report can be found at http://www.colliers.com/.

GCC residents to be included in new Qatari visa regulations

2010-04-11T22:16:00.000-07:00

A consular official at the Qatari consulate in Dubai has confirmed to Arabian Business that all expatriate GCC residents will have to apply for a visa prior to arrival in Qatar, as part of new rules being enacted by the emirate from May 1.But only fourteen working days before the new regulations come into force, a number of key details are still unclear.

The official said that application process for a visa would take “two to three days” and that he was not aware of any professions that were exempted from the regulations.He also said that he had “no idea” as to the cost of the fees for processing the application.

British and American citizens will be among the nationals of 33 countries that will have to apply for a visa prior to arrival in Qatar, according to a statement posted on the website of Qatar’s embassy in the UK last Thursday.

The regulations also mean that all passengers wishing to travel to Qatar for business purposes will need to have their visas arranged by a local sponsor, via the Ministry of Interior.

Qatar’s Ministry of Interior had no comment when approached by Arabian Business on Sunday. It is still unclear as to why the changes are being introduced.

A British embassy consular official in Doha told Arabian Business on Sunday that no information, other than what was on the Qatari embassy in the UK’s website, had been made available.

But fears that other GCC countries - including the UAE - would follow Qatar’s lead appear to be unfounded.

Sale Prices Remain Dependent on Location and Quality

2010-04-05T02:26:00.000-07:00

Dubai, United Arab Emirates – 5 April 2010: Today Landmark Advisory released its Dubai Sales guide for April, showing that sales price ranges have remained relatively stable for apartments, villas and commercial property in the emirate, but that potential buyers are more informed and looking for better value.

“Potential buyers are focused on views, location, quality and finishing,” explained Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory. “Investors and end-users are increasingly considering the opportunity cost associated with a particular investment; in other words, carefully weighing the merits of selecting a particular unit or development over another. Generally, affordability and lifestyle will be the significant determinants of Dubai residential sales demand and will shape future price stabilization and recovery.”

According to the guide, sale prices have remained relatively stable amid increasing supply due to inventory trends. “This is a critical point. While the aggregate number of completed units in Dubai increased, the actual inventory, or units available for sale or lease, has decreased over the past year (see attached graph: ‘Dubai Residential Sales Index: Jan 09 – Jan 10’),” continued Ms. Downs.

Despite stable sales price ranges for apartments, lower limits are starting to decrease in certain areas like The Greens, Jumeirah Village and JLT. “While product quality is relatively homogenous in many master developments, areas such as Dubai Marina and JLT have a more diverse selection, which makes sale prices prone to greater volatility in the current value-driven market. Demand for apartments is concentrated on the coastal districts, which are defined as those communities directly adjoining Sheikh Zayed Road” explained Ms. Downs.

Although villa price remained relatively stable, the price ranges are starting to compress with locations like The Meadows and The Lakes experiencing slight upper limit declines. “Demand for villas is dispersed across multiple areas,” explained Ms. Downs. “Buyers are weighing their options of whether to buy inland villas or coastal villas based on affordability, quality and overall value.”

Landmark Advisory uses the term “coastal” to describe properties in proximity to the coast, not just those communities directly on the shoreline. Coastal villas are in areas like Jumeirah Islands, The Springs, The Meadows, Emirates Hills and Palm Jumeirah whereas inland communities include areas like Arabian Ranches, Jumeirah Village and Victory Heights. The Dubai Sales guide identified that the most popular inland villas are in Victory Heights and Jumeirah Village Triangle, while the most popular coastal villas are in Emirates Living, which includes The Meadows, Emirates Hills and The Springs.

Regarding commercial properties, sale price ranges have remained stable but actual transactions are suffering. Despite increasing inquiries from investors and corporates, actual transactions are low due to widely divergent price expectations from buyers and sellers.

“Enquiries have increased from corporates, which can give the appearance of increased demand. However, actual demand is still low and not evenly dispersed. The primary demand drivers now are unit size and location. Current corporate demand is primarily concentrated on smaller spaces in JLT and DIFC,” explained Ms. Downs.

“There is a clear expectation disparity between buyers and sellers within both the residential and commercial sectors. While the majority of price ranges seem stable, transaction volumes will remain limited at current pricing. Although inventory trends explain the recent price trends, the long term market fundamentals do not support permanent stabilization for the vast majority of assets in Dubai. In order to stimulate transactions, prices must decline,” concluded Ms. Downs.

New Rental Law Unlikely to Significantly Impact Rent Levels in the Capital

2010-03-23T02:57:00.001-07:00

Abu Dhabi, United Arab Emirates – 23 March 2010: In a follow up to its latest sales guide, Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, today issued its March lease guide for the Abu Dhabi market. Compiled in collaboration with LLJ Property, a leading real estate agency in Abu Dhabi, the guide shows further rental declines in the capital.

Landmark Advisory anticipates that rent declines in the UAE capital will remain closely linked to new supply entering the market. “Even before the change in the rent law, we predicted that lease rates in the capital would gradually decrease in 2010. Over time the new rental law will help to bring down rents; however, in the short-term, it is not likely to significantly impact this rent trajectory,” explained Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory. “Although we do anticipate an adjustment phase during which asked rents are expected to remain static, we maintain that actual rents will continue to decline.”

The report found that after decreasing on average 10-15 percent during Q409, apartment rents in the capital have continued on a negative trajectory with an additional decline of 5-10 percent. “Low quality apartments declined an average of 5% during January and February,” explained Andrea Menown, Leasing Manager, LLJ Property. “Although low quality apartments in many areas have not experienced rent changes, similar units in select areas, such as Muroor and the Tourist Club Area, declined up to 20-percent.”

Rents in off-island communities like Khalifa City and the Mussafah area have been more buoyant than on-island communities such as Muroor or City Centre. According to Landmark, this is because off-island communities had already experienced significant rental declines in previous quarters and rents are now very affordable.

In terms of villas, rents are continuing to adjust. Following an average rent decline of 10-15 percent in Q409, average rents declined another 5 percent during the first two months of 2010. “While on-island villa rents seem more resilient, off-island villa rents declined 5-10 percent in communities like Al Reef, Golf Gardens and Khalifa City A,” continued Menown.

“As more supply enters the market, from both newly completed supply and recently vacated units, landlords will need to bring their rents down in order to remain competitive. We expect an adjustment phase while landlords bring their expectations in line with market fundamentals,” explained Ms. Downs. “This phase will start in Q4-10 and Q1-11 when the new law will take effect. At this time more of the newly developed supply will be readily available throughout Abu Dhabi and specifically in the freehold areas like Al Reem Island and Al Raha Beach.”

The leasing guide also reviews commercial rents. Despite relative rent stability in Q409, commercial rents declined an average of 10 percent in January and February with areas such as Al Nahyan Camp, City Centre and the Corniche experiencing rent declines of up to 20 percent. In Q409, average rents in Abu Dhabi were around AED 2,100 per square meter, but these have since fallen to AED 1,900 per square meter.

“Office demand remains focused on smaller units, as companies in the capital remain extremely price conscious and do not want to commit to large office spaces. The majority of demand for large office space is linked to government bodies or government-related companies,” concluded Ms. Downs.

FAIRMONT BAKU RISES ON THE SHORE OF THE CASPIAN SEA

2010-03-18T02:07:00.000-07:00

Fairmont Hotels & Resorts (“Fairmont”) and Azinko Development M.M.C. (“Azinko”) recently announced the signing of their agreement for Fairmont to manage a new 347-guest room luxury hotel property in the sparkling coastal city of Baku, Azerbaijan.

“This agreement allows Fairmont to establish an unmatched presence among the economic rebirth of an historic and important region,” said Thomas W. Storey, President, Fairmont Hotels & Resorts. “With the acceleration of Baku’s oil and natural gas-rich economy and the growing demand for business and leisure hospitality, we feel Azerbaijan is an ideal fit for the Fairmont portfolio of distinctive properties.”

Fairmont Baku is being developed by Azinko and is located on a prime site next to the Azerbaijan parliament buildings and overlooking the Caspian Sea. This new iconic complex, the Flame Towers, will incorporate hotel, residential and commercial space and will be linked by centrally located retail and leisure facilities. Opening of the Fairmont Baku is planned for early 2011.

“We are honored to work with Fairmont to bring this magnificent property to life,” said Hassan Gozal, Managing Director, Azinko Development M.M.C. “The Flame Towers will be a shining example of the latest in Azerbaijan’s brilliant construction design combined with the warmth and genuine comforts of a world-class hotelier.”

The ancient windswept city of Baku, with its wide cypress-lined boardwalk and café filled streets, is experiencing a new influx of business travel due to the resurgence of the oil sector. With a petroleum-based economy, well-developed manufacturing sector and the busiest harbor on the ancient Silk Road trading routes between Europe and Asia, Baku is well-poised to become a major source of oil supply to the world markets.

“Fairmont is known for its iconic properties located in some of the world’s most striking, dynamic locations and Fairmont Baku in the Flame Towers will be no exception,” said Mr. Storey.

The Flame Towers will become a modern landmark resonating with heritage. In ancient times, the coast of Azerbaijan was infused by natural gas beds that would cause spontaneous fires to rise out of the rock and sea. Byzantine manuscripts refer to “the eternal fires of Baku”. Later writings refer to eruptions of oil fountains and mountainous flames that could be seen from a distance of two days’ journey.

In 2000, the Inner City of Baku with the Palace of the Shirvanshahs and the Maiden Tower was classified as a World Heritage Site. According to UNESCO, “The Walled City of Baku represents an outstanding and rare example of an historic urban ensemble and architecture with influence from Zoroastrian, Sassanian, Arabic, Persian, Shirvani, Ottoman and Russian cultures.”

Anticipated Increase in Mortgage Availablity in the Capital Expected to Improve Transactional Volumes in the Short Term

2010-03-09T02:54:00.000-08:00

Abu Dhabi, United Arab Emirates – 9 March 2010: Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, today announced the findings of its latest sales guide focusing on the UAE capital. Landmark Advisory forecasts that property prices and transactions in the capital are not likely to increase on the back of mortgage rate cuts and delivery of new units expected to take place at the end of the second quarter.

The limited transaction activity observed during the end of Q409 continues into January and February 2010, with existing demand continuing to focus on close-to-completion developments such as Marina Square, Al Reef Villas, Sky Tower and Al Bandar.

“The market has reached a standstill due to the ongoing postponement of delivery dates, especially for projects like Al Bandar (Q309) and Marina Square (Q309),” explained Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory. “This trend extends to Al Reef Villas, where the slow handover process is weakening investor confidence.”

Transactional prices in the capital have experienced only marginal declines of up to four percent as demand levels decrease and sellers become increasingly competitive.

According to Landmark Advisory, the majority of buyers in Abu Dhabi (up to 70-80 percent) purchase property through finance. Commenting on the recent announcement that the Government plans to reduce the cost of home loans in the capital, Hesham Ikhwan, Branch Manager – Abu Dhabi, Landmark Properties said: “Due to the recent rate reduction, projects financed by Abu Dhabi Finance (ADF) should start to see more demand. At present, ADF finances six out of the fourteen towers in Marina Square and we expect that these towers will receive the most interest.”

“With lower rates available and the initial completion of freehold supply, more buyers will be encouraged to purchase rather than lease,” added Ms. Downs.

“The market is currently at a standstill. While these changes are expected to stimulate demand, the improvement will be moderate in absolute terms. We do not expect the volume of transactions to increase significantly in the near future, even for close-to -completion developments. Buyers are now waiting for distressed sales, which are expected to materialize closer to handover, when the largest payment plan installment is due,” concluded Ms. Downs.

Kleindienst Group Appoints Contractor for The Heart of Europe

2010-02-16T03:00:00.000-08:00

16th February 2010, Dubai: Kleindienst Group, the developer of The Heart of Europe project on The World islands development has today announced the appointment of Foundation Construction Group Limited (FCG), to begin construction this month.
A specialist foundation engineering contractor, FCG will begin work on Germany Island, the first of the six islands to be developed in the luxury holiday project which attracted worldwide attention when it was announced in December 2009.
Construction will begin with soil testing followed by improvement of the in situ sand of the island, an engineering procedure undertaken to prevent subsidence, increase the overall bearing capacity and ensure the future stability of the island.
The soil improvement operation, called “vibro-compaction”, involves the use of electric depth vibrators that mechanically agitate and lock the sand particles together down to seabed level (a depth of 18 – 20 metres), to ensure that all construction on the island is stable and sound. The technique is recognized internationally and is a standard procedure in the densification of reclaimed land.
“Vibro-compaction will enable the islands to meet or exceed the demands of static effects (bearing capacity or settlement) and dynamic effects (liquefaction, in the unlikely case of an earthquake),” said Francisco Baez, Technical Manager at FCG. “This intensive process, once completed, will result in the increased stability of The Heart of Europe islands and in superior condition to naturally formed islands.”
FCG aims to complete ground settlement works by May 2010 after which Kleindienst Group will commence building its 20 private holiday villas. The villas are scheduled for completion in 2011.
Josef Kleindienst, Chief Executive of the Kleindienst Group said: “The Heart of Europe project is about to commence the most critical phase of ground works to ensure the lifetime stability of our islands. We are pleased to be working with a group of geotechnical engineers that have vast experience in stabilising the foundations of reclaimed land.”
An international company with subsidiaries around the world, the FCG team has been involved in many similar projects. Major projects in the UAE include contracts for manmade islands for the Al Souwah and Eco islands in Abu Dhabi.
Since The Heart of Europe launched in December Kleindienst Group has sold 11 villas on Germany Island.

Dubai rolls out Metro today

2009-09-09T01:24:00.000-07:00

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurating Dubai's Metro rail network tonight, will fittingly see another dynamic aspect of his vision for the emirate come into reality.At 9pm tonight, five train compartments will make their way from Mall of the Emirates to Rashidiya, propelling Dubai into the annals of history.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurating Dubai's Metro rail network tonight, will fittingly see another dynamic aspect of his vision for the emirate come into reality.
The Dubai Metro is a driverless, fully automated metro network in the United Arab Emirates city of Dubai. The Red Line is partly operational, the Green Line is still under construction, and further lines are planned. These first two lines run underground in the city centre and on elevated viaducts elsewhere. All trains and stations are air conditioned with platform edge doors to make this possible.
The first section of the Red Line, covering 10 stations, was ceremonially inaugurated on September 9, 2009 with the line opening to the public at 6 AM on September 10 once the 20km Green line opens in June 2010, the Dubai Metro will overtake the title of longest automated metro network from the Vancouver Sky train, surpassing it by 3km.
Planning of the Dubai Metro began under the directive of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum who expected other projects to attract 15 million visitors to Dubai by 2010. The combination of a rapidly-growing population (expected to reach 3 million by 2017) and severe traffic congestion necessitated the building of an urban rail system to provide additional public transportation capacity, relieve motor traffic, and provide infrastructure for additional development.
In May 2005 a AED 12.45 billion design and build contract was awarded to the Dubai Rail Link (DURL) consortium made up of Japanese companies including Mitsubishi Heavy Industries, Mitsubishi Corporation, Obayashi Corporation, Kajima Corporation and Turkish firm Yapi Merkezi. The first phase (worth AED 15.5 billion/US$4.2 billion) covers 35 kilometres (22 mi) of the proposed network, including the Red Line between Al Rashidiya and the Jebel Ali Free Zone set for completion by September 2009 and the Green Line from Al Qusais 2 to Al Jaddaf 1. This is to be completed by June 2010. A second phase contract was subsequently signed in July 2006 and includes extensions to the initial routes. The Red Line will partially open on 9 September 2009 though according to an RTA official some of the stations will not open due to delays of the project. The construction cost of the Dubai Metro project has shot up by about 80 per cent from the original AED 15.5 billion/US$4.2 billion to AED 28 billion/US$7.6 billion. The authorities said the cost of the project did not overshoot. They attributed the increase in expenditure to the major changes in the scope and design of the project. The authorities also expect to generate AED 18 billion/US$4.9 billion in income over the next 10 years. But they speculate that the Metro would not be a profit-making enterprise since the fares would be subsidized.
Work officially commenced on the construction of the metro on March 21, 2006. Still in February 2009 a top RTA Rail Agency official said "The $4.2 billion Dubai Metro project would be completed on schedule despite global crisis," however, 2 weeks before the planned opening the RTA had to admit that only 10 out of 29 metro station of the red line will be ready to open in time and the project plan slipped embarrassingly
Dubai Metro network
When completed, Dubai Metro will have 70 kilometres (43 mi) of lines, and 47 stations (including 9 underground stations). Two lines are under construction, and three more are planned.

Red Line viaduct in February 2009Red Line: 50 kilometres (31 mi) line with 31 stations from Jebel Ali Port, the American University in Dubai, through the city centre to Al Rashidiya. This line will be the first to open, making history on 9th September 2009.
Green Line: 20 kilometres (12 mi) line with 22 stations from Festival City, through the city centre, Dubai International Airport Terminal 2 and the Airport Free Zone. This line was proposed to open in March 2010, however the Dubai RTA confirmed at the end of August 2009 that the Green Line will not open until June 2010, completing the first phase of the Dubai Metro.
Purple Line: 49 kilometers (30 mi) Dubai International Airport to Al Maktoum International Airport, along Al Khail Road. Construction commenced in March 2009 and be operational by 2012. It will have about 8 stations on the route, 3 with check in facilities. .

Safety and security ensured on board RTA buses in Dubai

2009-08-26T01:34:00.000-07:00

As part of its awareness campaign aimed at highlighting the benefits of using public transport buses, the Dubai Roads & Transport Authority (RTA) is paying special attention to safety and security measures on board its buses, by equipping them with the latest safety systems to ensure meeting international safety standards.

RTA has equipped its new fleet of buses with i-Shift gear system, specially designed to increase driver’s comfort and reduce the risks of road accidents. The buses are also fitted with the Electronic Stability Program (ESP) that gives drivers a better control of the bus, ensures its stability on the road and significantly minimizes the risk of skidding or sliding, thus boosting passengers comfort.

In accordance with international safety and security standards, RTA has fitted all its buses with emergency exits and windows, in addition to modern alarm systems, fire extinguishers and first aid kits.
To make sure these measures are standards and well optimized, RTA organizes special training course for bus drivers so that they know the locations and operation of all emergency exits & windows on both sides of the bus, rear exits as well as roof hatches. Drivers are also trained to know the location and method of lifting the fire extinguisher and First Aid Kit from their brackets, as well as the location and usage of any communication equipment on board the bus.

Dubai faces homes surplus of 30,600 by year-end JP Morgan

2009-08-13T02:58:00.000-07:00

Dubai is set to have a surplus of up to 31,000 residential units mainly due to the decline in the expat population by the end of the year, according to a new report by JP Morgan.
The investment bank's study into real estate in the Middle East and North Africa region said despite a recent small pickup in transaction volumes, supply overhang in the Dubai property market would reach 28,500 units by end 2009 due to the modest economic forecast and negative population growth estimates.
"Our demand supply balance is based on the difference between cumulative supply of 253,000 available by end 2008 and required units derived using average household size of 5.8 per unit and potential repossessions from mortgage defaults.
"This takes our cumulative residential supply overhang to 30,600 by end 2009, though most of the overhang is attributable to fresh supply and incremental supply from repossessed units only accounts for six per cent of the total surplus in 2009, as per our estimates."
Beyond 2009, JP Morgan feels the forecast 3.5 percent population growth for Dubai is unlikely to absorb the upcoming supply of residential units, Emirates Business reported on Thursday, citing the study."However, we expect the impact of this overhang will largely be felt by recently supplied and upcoming units in new and outer Dubai area, where the occupancy levels are relatively low making price recovery a slow and painful process."
The report added: "The prospect of negative population growth and slow economic recovery does paint a cautious picture for Dubai's residential market in the near to medium term, where rising demand supply surplus may hamper price recovery."
However, JP Morgan added that due to Dubai's unique status as a liberal, tax-free and business-friendly destination, the banks could not rule out surprise demand recovery from regional investors.
By contrast, the short-term supply of homes in Abu Dhabi remains fairly limited, according to the report.
"We believe that high occupancy levels are unlikely to ease from near 100 per cent any time soon." JP Morgan said.

Burj Dubai world tallest tower -The last cladding Panel ready for installation

2009-07-29T03:49:00.000-07:00

The last cladding panel – number 24348 – is ready and waiting for installation at Burj Dubai, the world’s tallest building.
In the coming weeks, Arabian Aluminium Company – a member of Al Ghurair Construction Industries LLC – will send the six-metre panel to the site for installation at the bottom of the tower’s spire.
Cladding work on the gigantic project began in April 2007, and panels of more 18 different strength specifications and over 200 sizes have been used on the tower, all of them double-glazed and factory-sealed.
The main materials used in the cladding are reflective glazing, aluminium mullions and textured steel spandrels with vertical stainless steel tubular fins.

Victory Heights hands over the 100th set of keys

2009-07-27T22:51:00.000-07:00

Dubai, UAE, 27 July 2009 — On the 27th July, Victory Heights was delighted to announce another major project milestone, handing over the 100th set of keys to a new homeowner, who will be joining the rapidly growing community in this landmark development within Dubai Sports City.
The handover began in the Estella and Carmen Villages, and has been carried out in a carefully controlled fashion, to ensure that the new residents are able to enjoy a high quality experience as they move into their new homes. Following closely behind the first 100, Victory Heights has also issued handover letters for an additional 150 homeowners, who are expected to move in within the next few weeks. Villas in the Novellia, Esmeralda, and Oliva Villages are next in line for handover.
“We are very proud with the quality of the product which is now being delivered to homeowners, and the reaction of the new residents to their new homes has been exceptionally positive. It is exciting to be witnessing the successful culmination of this project, Dubai’s foremost golf residential development”, commented Victory Heights’ General Manager, Yasser Al Raee.
Mr. Arun Khehar, Victory Heights hundredth client, stated that being part of a milestone of the project has been a delightful experience. “Victory Heights has impressed me with the quality of my home and their commitment to customer service, resulting in my opinion, a smooth and efficient hand over process. I look forward to the experience of being a part of a community that has a unique mix of beautiful landscaping, life style amenities, and of course living close to a championship golf course. It is indeed a very special and exciting moment for my family,” said Mr. Khehar.
Covering some 25 million square feet, Victory Heights is an exclusive villa community offering 963 beautifully designed villas and town homes set in and around The Els golf course. In operation now, the 18-hole championship golf course has been designed by renowned golfer Ernie Els and is complimented by the Butch Harmon Golf Academy. Additionally, tennis legend, David Lloyd will have his academy based within the community.
Located in Dubai Sports City, the world’s first integrated sports city, this sought-after development will present a comprehensive variety of amenities including schools, retail and community facilities and a world-class range of sports and leisure facilities.

The world’s tallest building, the Burj Dubai ready for soft launch in September

2009-06-10T03:48:00.000-07:00

The world's tallest man-made structure, will see a "soft opening" on Sept. 9 this year in tandem with the launch of Dubai Metro.The groundbreaking for Burj Dubai took place in Sept. 2004 and was originally slated for completion by late 2008.

The building is part of the 2 km2 (0.8 sq mi) development called "Downtown Burj Dubai" at the "First Interchange" along Sheikh Zayed Road at Financial Centre Road (previously known as Doha Street). The tower's architect is Adrian Smith, who worked with Skidmore, Owings and Merrill (SOM) until 2006.The Chicago-based architecture and engineering firm SOM is in charge of the project. The primary builders are Samsung Engineering & Construction and Besix along with Arabtec.Turner Construction Company was chosen as the construction manager.
The total budget for the Burj Dubai project is about US$4.1 billion, and for the entire new "Downtown Dubai", US$20 billion. Mohamed Ali Alabbar, the CEO of Emaar Properties, speaking at the Council on Tall Buildings and Urban Habitat 8th World Congress, said that the price of office space at Burj Dubai had reached $4,000 per sq ft (over $43,000 per m2) and that the Armani Residences, also in Burj Dubai, were selling for US$3,500 per sq ft (over $37,500 per m2).

New visa law 'soon' for Dubai property buyers

2009-04-29T04:57:00.000-07:00

A new law that would clarify the rules on issuing residency visas to property buyers in Dubai could be introduced this year, it was reported on Wednesday.

Business leaders say they have raised the issue with government officials who have told them that new regulations will be brought in "soon".

"We believe this has to be cleared. We raised it to the government and the government came back and said there is a law that will come very soon and we feel it has to come," said Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry."The law will clarify who deserves a visa in terms of their investment in the real estate. We don't know when it will be out but the government says it will be soon. I think soon means within this year," he told the paper.

Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property but officials say such guarantees are not within the jurisdiction of any property firm.

Dubai: In a bid to improve the conditions of labourers, the UAE is set to introduce new rules regarding their accommodation and a mechanism for electronic payment of their salaries.

"Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of UAE, will sign a draft resolution on criteria for workers' accommodation," Labour Minister Saqr Ghobash said on Monday. "The requirements will be circulated to all municipalities across the country so as to enforce them on housing facilities of workers," the minister told a seminar on Labour and Human Rights here. "The criteria will provide adequate hygienic and humane conditions for the comfort of workers. The government will not accept less than those conditions," he affirmed.

The minister said electronic payment of workers' salaries will be implemented in the next few weeks. "This will be made possible through a joint initiative between the ministry, banks, money exchange houses and the Central Bank of the UAE," he said. "The project, a core element in the ministry's strategy, will prevent delays in payment of salaries. About 500,000 workers will benefit from this project, he said.

Gobash also announced the Ministry had issued 662,000 labour cards and cancelled 405,000 in the six months from October 2008 up to March 2009. "This means incoming workers continued to outnumber departing peers. The workforce rose by 27 and 32 per cent in 2007 and 2008 respectively," he said.

Gowealthy Capital to launch four funds worth $435m

2009-03-02T22:04:00.000-08:00

Gowealthy Capital Limited, an investment company registered with Dubai International Financial Centre, will facilitate the launch of four funds worth $435 million (Dh1.6 billion) in the second and third quarters of 2009, a senior company executive said yesterday."We have been retained to facilitate and launch four funds worth $435m in the second and the third quarters. Three will be launched on behalf of listed and private developers," said Peter Penhall, Senior Executive Officer, Gowealthy Capital.The funds will focus on acquiring assets in Dubai with emphasis on business-to-business transactions. "We are looking at striking a business-to-business deal and purchase of a portion of the development, depending on its nature and the size. It will be a mix of offices, residential, etc so as to diversify the risk. However, we will not be buying land or plots," he said.The firm has two private trading funds worth Dh38m under management.Asked what kind of returns will the company offer to investors, Penhall said: "The funds, which will be structured around the class of each asset, will give a very attractive return. It will certainly be well above the financial returns that are available in the general market."Gowealthy Capital further plans to roll out a fund every quarter, Penhall said. "At this point of time, we are only looking at three funds and that it is our limit unless something exceptional comes up. Our plan is to launch a fund on a quarterly basis."The company has been attracting lot of interest from other parties who wish to enter or launch real estate funds. "We see a strong interest from people who either are looking at creating their own funds, or looking at appoint asset managers who will assist them in creating funds," he said.According to Penhall, the funds will not buy any "distressed" assets, and will only target "quality" assets. "We are not looking at buying any distressed assets. Our goal is not to enter the market for a short-term gain, our primary goal is to buy quality, income-producing assets that will show a good healthy capital growth," he said.Among the four a $110m fund will be targeting the warehousing and distribution facilities. "Dubai World Central is coming on-stream and Dubai is positioning itself as a distribution hub in the Middle East. So it offers us a natural opportunity."Penhall believes the limiting factor for such a fund is the prevalent short-term leases. "That is not attractive for the fund. So what we intend to do is to structure long-term leases through sale and lease-back opportunities with clients," he added.Gowealthy Capital has no plans to list any of the funds on Nasdaq Dubai since they lack "critical mass". "They are very small in size and you need a fund of $300m to $500m to make it viable for listing as the cost of servicing is quite high." he said.Gowealthy operates under a Category 3 asset management licence, which permits it to trade in a number of financial instruments besides operation of collective investment funds.

Escape, Ajman’s 200 acre equestrian community has received approval from Ajman Real Estate Regulatory Agency

2009-03-02T02:47:00.000-08:00

March 2, 2009, Ajman, UAE: Escape, Ajman’s 200 acre equestrian community has received all required official approvals from the emirate’s recently-established Ajman Real Estate Regulatory Agency (ARERA). Moving ahead with the development’s overall construction timeline, Escape is now in the final negotiations stage to award the villa construction contract, the final decision will be announced shortly.
“I believe that with the establishment of ARERA property buyers will have more confidence in purchasing property and in Ajman itself,” said Anwer Sher, General Manager of Escape LLC. “It’s an excellent move for the emirate. Any regulation in the market that safeguards the interest of home buyers and investors is critical at this time,” he continued.
Sher pointed out that Escape worked quickly and efficiently to answer to ARERA’s call to action, and has in fact maintained a fully functioning corporate office headquarters in downtown Ajman, well before the Agency dictated that all Ajman developers must have an official presence in the emirate.
“In accordance with the new legislation, Escape has established escrow accounts for all home buyers, and additionally maintains a state of the art Customer Service Centre which employs a team of bilingual consultants. Furthermore, we recently introduced a Customer Relationship Management (CRM) programme designed exclusively for the real estate sector making us the first developer in Ajman to enable and encourage direct one on one communication with our investors”, said Sher.
“As a local developer, we took a differentiating lead in launching our CRM Programme. We felt it important to be able to talk directly with our customers and receive their feedback or address their concerns in the recent market downturn,” said Aadil Sher, Sales and Customer Service Manager for Escape.
The landmark equestrian lifestyle community which was launched in January 2008, has kept to a rigorous development schedule. The project team approved all architectural designs well in advance, and already confirmed contracts for residential flooring, kitchens and fittings. Bulk earthworks on site were completed the end of last year, and Escape Management is concluding negotiations with villa contractors who were invited to tender. The contract award is ‘imminent’, and it ‘wont’ be long till actual construction work starts on site,’ according to Anwer Sher.
Consisting of villas, duplexes, apartments, as well as a luxury boutique hotel, the HoofbeatZ™ Clubhouse, a sports hall, an equine spa, and a full complement of equestrian facilities, Escape is located off the Emirates Road, on the border of Sharjah and Ajman, and is conveniently located near to major business hubs in Dubai and the Northern Emirates. Escape’s ARERA registration number is 40453.

Gowealthy Capital Ltd started functioning

2009-03-02T01:24:00.000-08:00

Gowealthy Capital Limited is an investment company registered with Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Security Authority (DFSA). Gowealthy Capital Ltd operates under a “Category 3” asset management license permitting trade in a number of financial instruments apart from its core activity, that being the Operation of Collective Investment Funds. It is a specialist service provider to the Real Estate industry – strategically focusing on the Asset Management component deliverables and will be instrumental in the establishment of a number of real estate funds

Online property barter system in Dubai attract Dubai land owners

2009-02-19T02:14:00.000-08:00

The property barter concept is new to Dubai property owners and attracted hundreds of land owners and it will get a momentum in coming months. Property Swap is the first formalized online property barter community in the UAE for those looking to shift or exchange real estate stock. Designed by the region’s leading property brand, Gowealthy.com, this web-based solution is aimed at home owners and property investors feeling the pinch of the cautious market conditions.
Gowealthy Prop Shop enables registered users to effortlessly connect with people in similar situations who are willing and able to exchange residential, commercial and even land plots from the comfort of their home. The current economic climate has left many people in the unfavorable position of having to sell and move, but are unable to do so. In addition, many owners and investors have a number of properties they would rather exchange for more desirable or favored properties, than retain as stock. Prop Swap provides such clients with an inexpensive tool to access exclusive organizations or investors seeking properties in new areas. With property sales falling and regular sales chains collapsing, the time is ripe for creative marketing and sales solutions within the property market. Property swapping has the substantial advantage of allowing an owner-investor to take control. It helps initiate sales by matching the properties of people who want to trade up or down but are unable to sell in a normal chain because of market conditions.

Gowealthy introduce Online property barter services In Dubai

2009-02-08T22:17:00.000-08:00

Prop Swap is the first formalized online property barter community in the UAE for those looking to shift or exchange real estate stock. Designed by the region’s leading property brand, Gowealthy.com, this web-based solution is aimed at home owners and property investors feeling the pinch of the cautious market conditions. Gowealthy Prop Shop enables registered users to effortlessly connect with people in similar situations who are willing and able to exchange residential, commercial and even land plots from the comfort of their home.
The current economic climate has left many people in the unfavorable position of having to sell and move, but are unable to do so. In addition, many owners and investors have a number of properties they would rather exchange for more desirable or favored properties, than retain as stock. Prop Swap provides such clients with an inexpensive tool to access exclusive organizations or investors seeking properties in new areas. With property sales falling and regular sales chains collapsing, the time is ripe for creative marketing and sales solutions within the property market. Property swapping has the substantial advantage of allowing an owner-investor to take control. It helps initiate sales by matching the properties of people who want to trade up or down but are unable to sell in a normal chain because of market conditions.
“We have the most comprehensive property swap service to date as Gowealthy is linked to a vast data base of clients who either are looking to buy, or sell. Specialized in swapping, buying and selling, Prop Swap will accommodate everyone from private owners to investors, property brokers and large organizations. Our aim is to help them sidestep the existing market situation and ease the pressure of buying and selling. There is no time-consuming frustration of dealing with multiple estate agents as members of the Prop Swap community can list more than one property,” says Peter Penhall, Chief Executive of Gowealthy.com

EFG Hermes salashes 2009 growth rate for UAE

2009-01-13T00:13:00.000-08:00

The UAE will post flat GDP growth this year, investment bank EFG-Hermes has said in a new report.The regional bank slashed its real GDP estimate for 2009 to -0.04 percent from 3.1 percent, citing the country’s relatively large exposure to the non-oil sector and a correction in the real estate market.

A number of key economic drivers will be impacted by the global slowdown, including the tourism and financial sector, economist Monica Malik said Tourist arrivals are also a key driver of retail spending, she noted.
“This will be amplified by a series of job cuts linked to a property market correction, the cancellation of a number of property related projects and in the financial sector,” Malik said.
She added that the overall outlook of the UAE will be supported by government spending – estimated to increase by more than 20 percent – remaining strong and the continuation of investment programmes.

NBK said on Wednesday that real GDB in the UAE is likely to slow to 1 percent this year from 5 percent last year.“The UAE economy could still outperform other nations in what promises to be a tough year for the global economy. However, set against the recent breakneck speed of expansion, this may feel like small consolation,” economist Daniel Kaye said.
“The ending of the recent multi-year boom in the UAE economy will be sharp and usher in a sustained period of much weaker growth.”

EFG-Hermes remains most positive on the economies of Qatar, Saudi Arabia and Abu Dhabi.
Qatar is forecast to post real GDP growth of 9 percent this year as a result of a substantial jump in gas production. Last year, the gas sector overtook oil as the largest contributor to Qatar's GDP growth.
“Although Saudi Arabia will see a sharp fall in oil revenue, it will continue to focus on investing in physical and capital projects. This is particularly important given the need to upgrade infrastructure and create employment opportunities,” Malik said.
The Saudi economy is forecast to contract by 0.9 percent this year on an average oil price of $50 per barrel, compared with an estimated budget break-even of $40 to $45 per barrel.
“After six years of fiscal surpluses we believe Saudi Arabia is in an extremely strong position to continue its expansionary stance, despite the substantially lower oil price, and can easily finance the deficit,” she said.
The Kuwaiti economy will shrink by 1.2 percent as the political environment continues to weigh on the country’s outlook.
Kuwait's oil sector, along with wider economic reform, is suffering due to political impasse between the government and parliament that has resulted in mega projects being stalled, EFG-Hermes said.
Oman and Bahrain are in a weaker position than other GCC countries to face the current global crisis, given the higher oil price required to balance their budgets.
Although both are likely to see real GDP growth this year, they will also realise the bloc’s largest fiscal and current account deficits, Malik said.
Recession in UAE cannot be ruled out - analystsGlobal slowdown, weak oil price and cooling markets could result in negative growth.

Qatar Real Estate Market Remains Positive

2009-01-12T01:09:00.000-08:00

Citing opportunity cost as a key decision-maker for property investors in the region, Qatar will continue to provide good quality investment opportunities in the medium to long term due to its strong market fundamentals. A growing economy and population built on the back of the country’s expanding oil and gas projects means demand will continue to remain positive in 2009.

Interest from both GCC and expatriate investors continues to be cautious since the last quarter of 2008 but we still expect a healthy outlook for high-end residential properties in Qatar.

· The Pearl, West Bay and Lusail developments commanding the highest sale prices for apartments
· West Bay and Al Sadd areas proving the most popular fully-furnished apartments and demanding the highest monthly rents
o West Bay 2 Bedroom – QR 16,000+, 3 Bedroom – QR 24,000+
o Al Sadd 2 Bedroom – QR 9,000+, 3 Bedroom 11,000+
· West Bay and West Bay Lagoon recording highest villa rental rates - QR 37,000 pcm

Commenting further, Asteco Qatar General Manager David Oayda said “Market confidence is a key factor in the success of real estate markets. Speculation has been rife in the period leading up to the global slowdown; however we’ve not witnessed strong evidence to suggest an overall softening in prices.”

There is still demand for premium grade office accommodation, particularly in Qatar’s newly recognised central business district, West Bay, where multinational companies, particularly within Qatar’s oil and gas industry look to establish offices there.

With existing demand for high quality commercial and residential rental properties, Asteco advise property investors to shift their focus to best managing their property portfolio rather than aiming for resale at this time. The company offers a full range of services such as sales, leasing, property management, valuation, market research and feasibility studies that aim to help customers look after the investment, whilst making it work for them in an increasingly competitive market.

Oayda added “Qatar’s economy is sound and expected to grow in 2009, providing business and employment opportunities for expatriates. Coupled with competitive financing options to own developments here, we expect the Qatar market to continue to provide good prospects for the year ahead.”

- Ends -

Editors Notes

Asteco
Asteco is a Regional Property Services provider headqartered in Dubai with offices throughout the UAE, Qatar, Bahrain, Jordan and Saudi Arabia. Asteco Qatar offers its clients integrated real estate solutions from sales and leasing to independent market analysis, development consultancy, valuation services to asset management and property management services. In addition, Asteco has a strategic global alliance partnership with Savills, a public listed company with offices throughout the Americas, Europe and Asia-pacific which enables us to offer our clients global market coverage.

Released on behalf of Asteco by Hill & Knowlton – for further information or to arrange an interview, please contact:

David Oayda
General Manager
Asteco
Tel: +974 449 7700
Email: davido@asteco.com
Kerry Morris
Account Manager
Hill & Knowlton, Qatar
Tel: +974 413 1292
Email: kerry.morris@hillandknowlton.com

Abu Dhabi National Insurance Company’s New Branding Communicates Competitive Edge

2009-01-11T03:31:00.000-08:00

Abu Dhabi, UAE – January 10, 2009 — Insurance industry leader Abu Dhabi National Insurance Company (ADNIC), launched its new branding campaign introducing a revitalised look and feel for its corporate identity.

The decision to modernise ADNIC’s image came in response to an increasingly competitive marketplace and as part of the company’s overall strategy to maintain its leadership position while entering an era characterised by ongoing changes.

“Since its inception in 1972, ADNIC has endeavoured to be the leading provider of quality, affordable insurance products and services, and we have established ourselves as a reliable insurer,” said HE Khalifa Mohammad Al Kendi, Chairman of the Board of Directors at ADNIC. “We continually develop and enhance our products and services to meet the changing demands of a dynamic global marketplace and our new brand symbolizes our commitment to continue catering to the best interest of our customers.”

Dubai sees $1.1 bln '09 budget deficit

2009-01-11T02:34:00.000-08:00

Dubai expects to post its first budget deficit in 2009 as major infrastructure projects weigh on its budget, but the Gulf trade hub plans to raise spending 11 percent, a senior policy-maker said on Saturday.
The government fiscal deficit was expected to reach 4.2 billion dirhams ($1.14 billion) in a 2009 budget based on an oil price of $45 a barrel, said Nasser al-Shaikh, director-general of Dubai's finance department.
Total government spending in 2009 was expected to reach 135 billion dirhams, Shaikh said, with 37.7 billion dirhams of that to be spent on the public sector alone.
"As far as I know we have never had a deficit in Dubai before," Shaikh said.
"Operationally we are at a surplus of 3 billion dirhams but if you add investment in infrastructure, the deficit is 4.2 billion dirhams," he said, referring to major projects such as the emirate's metro network and new airport.
These projects would not however be delayed or cancelled, he said. "His Highness (the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum) has made it very clear that we will continue with our projects," he said.
Total revenues in 2009 were estimated at 138 billion dirhams, a 4 percent increase from 2008.
The deficit represents 1.3 percent of Dubai's gross domestic product at the end of 2007, Shaikh said, predicting a balanced budget within two to three years. "We have a number of options. One is the capital markets if they open up," he said, adding that Dubai could also rely on its reserves if needed.
Dubai has suspended a tranche of a 15 billion dirham ($4.08 billion) notes programme intended to fund development projects "due to market conditions," he said. [nLA478187]
DUBAI GROWTH REVISED DOWN
Shaikh reiterated remarks made at the end of last year that Dubai's economic growth was expected to be between 4 and 6 percent in 2009, compared to an earlier forecast of 11 percent.
"In the current global environment this (11 percent) is not achievable," he said. "We are in the process of revising our strategy."
Dubai had appointed consultants as part of its decision to seek a sovereign credit rating by mid-2009, without naming them.
A committee set up by the government to tackle the impact of the global credit crunch, to which Shaikh belongs, has focused mainly on the emirate's once-booming property sector, he said.
"On real estate we have a somewhat clear picture of what is coming," he said, reiterating that the number of new residential units in 2009 would -- "best case scenario" -- reach 32,000. "Gradually we need more liquidity injected into the banking system but I don't think anyone can give you the ultimate figure of how much is needed," he said.The United Arab Emirates' central bank set up a 50 billion dirham emergency bank lending facility in September and the government has injected part of a 70 billion dirham rescue facility into bank deposits.
Dubai's sovereign debt stands at $10 billion while debts of state-affiliated firms amount to $70 billion, Mohamed Alabbar, a member of Dubai's ruling council and chairman of Emaar Properties EMAR.DU said in November.

2 decrees by Ajman Ruler to regulate property sector

2009-01-07T00:18:00.000-08:00

posted on 07/01/2009

His Highness Sheikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council member and ruler of Ajman yesterday issued Emiri Decree 11/2008 setting up Ajman Property Regulation Establishment and Emiri Decree 12/2008 amending Emiri Decree 8/2008. The two decrees shall have immediate effect.
According to the 21 article Decree 11/2008, the Ajman Property Regulation Establishment shall have a juridical personality affiliated with the Government of Ajman and shall be administratively, financially independent body with full legal competence.
The Establishment, which is fully tax-exempted, will be tasked with drawing policies for property projects and commercial buildings in the emirates, recommending legislations as well as regulating the relations between property developers and buyers of the various units. It shall recommend speedy, friendly out-of-court approaches to resolve disputes that may arise between the two parties.
It shall also advise the ruler on the allocation of areas for new free zone and property development and commercial buildings. It shall also have the authority to grant licenses to property developers.
Emiri Decree 12/2008 amends Emiri Decree 8/2008, which regulates collective ownership at property projects and commercial building. It is also based on Emiri Decree 11/2008.
The new decree adds "Ajman Property Regulation Establishment" to the definition of "Municipality" and amends the definition of "Director General" to read as follows: "the Director General of Ajman Property Regulation Establishment" and any person authorized to deputize for the Director General.
In Emiri Decree 12/2008, the word "Lands Department" is deleted from Article 9, Article 11, Article 12 and Article 13 and is also replaced by the word "Establishment". The decree deletes Article 4 (Property Projects Committee) and any reference that is made to the committee in Articles 5, 6 and 7.
The word "Establishment" also replaces the term "Property Projects Committee" wherever it occurs in the text of the decree. – Emirates News Agency, WAM

Jash Hamad – Ready-to-Move-In, Fully-Furnished Beachfront Retreats

2008-12-10T01:11:00.000-08:00

Part of the ‘Shoreline Apartments’ project on Palm Jumeirah, Dubai, Jash Hamad is home to elegant one, two, three and four bedroom apartments that are complimented by breath-taking sea views. All the properties at Jash Hamad are freehold and ready to move in. The development is located on the Trunk of Palm Jumeirah, one of most remarkable destinations in the world. A veritable paradise catering to your fantasies, Jash Hamad appeals to those who value quality above anything else!

Jash Hamad, Dubai at a glance…

Ready-to-move-in freehold apartments
Part of the prestigious ‘Shoreline Apartments’ project
Located on the Trunk of Palm Jumeirah, Dubai
Fully-furnished properties presenting exquisite ocean views
12 floors of 1, 2, 3 bedroom apartments/ Penthouses
6 units per each floor
Mortgage finance available from Barclays
Live exclusively in the apartments for any 4 weeks in a year
Chauffeur-driven Limousine service to and from Dubai International Airport during your visit

Average Weekly Returns for Leasing on Palm, Jumeirah

Dh5999/ 1 bedroom apartment
Dh7500/ 2 bedroom apartment
Dh9500/ 3 bedroom apartment

The Jash Hamad properties combine excellent shopping and entertainment activities, all designed to deliver an experience worthy of the 8th wonder of the world. Widely regarded as the Hub of Palm Jumeirah, the Trunk is where the island comes to life. It is home to a dazzling array of entertainment, leisure, green spaces and active marinas and is connected to the rest of the Palm by an innovative monorail network. Buyers/investors for Jash Hamad can now avail of a tailor-made direct 15-month payment plan.

Overview

Location

Facilities

Floor Plans

Sharjah boosts water and power production capacity

2008-12-10T01:08:00.001-08:00

Dec 9, 2008 - 08:57 -

WAM Sharjah, 9th Dec. 2008 (WAM) -- In the first nine months of the current year, Sharjah's production of underground and desalinated water grew by about 5 per cent to 23.9 million gallons of drinking water compared to 22.7 million gallons of drinking water in the corresponding period last year, according statistics released by Sharjah Electricity and Water Authority (SEWA).

As for power, the figures showed an increase of 6.8 per cent to 7483,3 million kilowatt from 7006,9 million kilowatt for the same period under review.

Eng. Ibrahim Demas, Deputy Director of SEWA, said the increase in water and power production were the result of a series of new projects executed and commissioned by SEWA as part of its plans to boost its capacity for producing water and generating power in order to cater for growing demand for these services in the emirate.

Axis Residences Phase 3 Launched at Silicone Oasis Dubai

2008-11-07T09:47:00.000-08:00

Axis Residences 3 is part of the prestigious Axis Residences property development in the heart of Dubai Silicon Oasis Free Zone. Comprising buildings 10 to 21, Axis Residences 3 offers an enticing selection of 1, 2 and 3 bedroom apartments of myriad sizes and layouts. All the properties are moderately priced and come with a payment plan tailor-made for your annual and monthly budgets!

Construction of Phase 3 is well under way.

100 Month Payment Plan
3% Down Payment
AED 9500 per month! (For 18 months during construction from Jan 2009)
Balance in equal installments over 80 months

If you missed our previous launches, don't rue your lost chances. Gowealthy.com provides you with a golden opportunity to own a home at Axis Residences NOW...Our payment plan addresses all the concerns that you may have as a buyer. No paperwork, no bank acceptances, and therefore no hassles...

Finance is available, directly from Gowealthy.com and the developer.

Axis Residences at a glance:

Well-planned community in Dubai Silicon Oasis
Phases I and II of Axis Residences in various stages of completion
Phase I slated for delivery in the forth quarter of 2008
Phase II to be completed by December 2009
Strategic location on Emirates Road
Close to Dubai International Airport and Jebel Ali Free Zone
World class cafes, restaurants and retail outlets on your doorstep

Etisalat acquires 45% in Indian mobile operator Swan Telecom

2008-09-23T04:05:00.001-07:00

WAM Abu Dhabi, Sept. 23rd, 2008 (WAM) -- Emirates Telecommunications Corporation (Etisalat) has signed a definitive agreement to acquire approximately 45% of Swan Telecom Private Limited, a recently licensed mobile operator in India, by subscribing to newly issued shares for a cash consideration of up to $900m, implying a post-money equity value for 100% of the Company.

Swan Telecom holds Universal Access Service Licenses ('UASL Licenses') in 13 telecom service areas in India, and is in the process of acquiring UASL Licenses in an additional 2 telecom service areas.

Together these licenses enable the Company to provide a full spectrum of telecom services, including GSM services, covering a population of over 900 million across India.

The remaining 55% of the shares in Swan Telecom are held by several entities, including the promoter of Swan Telecom, which is controlled by the Dynamix Balwas Group (the 'DB Group'), a Mumbai-based real estate and hospitality business group.

Commenting on the transaction, Mr. Mohammad Hassan Omran, Chairman of Etisalat, said: 'Our entry in India, one of the largest and fastest growing mobile markets in the world today, marks an acceleration of our expansion strategy and brings to us an opportunity which matches the scale of our ambitions.

''We are truly excited by the partnership with the DB Group and the prospect of building Swan Telecom into a leading telecom operator, emulating the successes we have achieved in similar situations elsewhere.' Vinod Goenka, Chairman and Shahid Balwa, Managing Director of the DB Group said: 'We are delighted to be partnering with Etisalat, a leading operator in international telecommunications. We believe that with Etisalat's operational and commercial expertise and with our knowledge of the Indian market, Swan Telecom has the potential to become a leading force in Indian telecommunications.' The transaction is subject to certain closing conditions.

Citigroup Global Markets Limited is advising Etisalat on this transaction. Deutsche Bank is advising Swan Telecom.

WAM/TF

Huge fire broke out in Port Khalid Sharjah

2008-09-20T22:50:00.000-07:00

According to media reports the fire started around 2.00am in a garbage bin at a depot owned by Emirates Refining Co. (ERCO), which manufactures edible oils and fats. At least two people have been injured in a huge fire at an oil storage depot inside Port Khalid in Sharjah.

The entire port was shut down and surrounding area cordoned off while civil defence and emergency services attempted to tackle the blaze

Sharjah Police Chief Brigadier Hamid Mohammed Al-Hudaidi, who is commanding the operations at the scene, said an investigation has been launched into the cause of the fire, according to state news agency WAM.

Two firemen and a worker sustained minor suffocation injuries and were treated at the scene, according to Al-Hudaidi.

He called on owners of surrounding factories at the Port to comply with safety precautions and safe storage measures to avoid "such disastrous accidents which wreak havoc upon public properties".

$272mn deal to build Meydan road network in Dubai

2008-09-14T04:06:00.000-07:00

MEGA PROJECT: An artist's impression of Meydan. (Supplied)Dubai’s transport authority has awarded Avecon Co. contract to build phase one of the road network around the new Meydan racecourse complex, worth in excess of 1 billion dirhams ($272.3 million).

The Roads and Transport Authority (RTA) said on Saturday the first phase of development will include construction of three crossings linking Muscat Road with the Dubai-Al Ain Road.

The RTA said phase two of the project, which will be put out to tender in the near future, will cover the elevation of a section of Dubai-Al Ain Road to allow for the passage of canal, a crossing at Al Khor Road, a road branching out of Dubai-Al Ain road towards Ras Al Khor Road, and inbound and outbound roads to Meydan

Dubai bank seizes UK suspect’s project

2008-09-12T23:19:00.000-07:00

Dubai bank seizes UK suspect’s project

Dubai Islamic Bank has seized control of a high-end Dubai real estate project as the British developer behind the project gets dragged into an investigation over allegations of corruption and fraud at the bank.

DIB, the oldest Islamic bank in the region, said on Thursday that it had seized the Plantation, which is being developed by Dubai-based Arthur Fitzwilliam, who has been detained by the authorities as investigators pursue allegations of corruption at several government-linked companies, including DIB.

Gowealthy.com strengthens commitment in Ajman with 10,000 sq. ft. dedicated office

2008-08-27T04:24:00.000-07:00

Dubai, 26 August, 2008: Gowealthy.com the region's global property and lifestyle brand offering comprehensive marketing solutions for property developers, investors and retailers, have opened a dedicated office in the emirate of Ajman, offering developers and investors a professional resource in the developing market.

Based out of the penthouse of the Escape Ajman project, Sheikh Amaar tower, the 10,000 sq. ft. office is the first step in Gowealthy.com's ongoing expansion and commitment to the emirate, boasting a knowledgeable team of twenty property consultants with experienced management and back office support.

"Our expansion into Ajman is not only a commitment to the dynamic and emerging market, but to the community as well. Ajman has tremendous untapped potential in so many respects and they are really starting to shine through. We are here to nurture this spirit of development and excellence both professionally and personally as they mirror our own ideals of providing a solid infrastructure for our partners," commented Peter Penhall, Chief Executive Officer of Gowealthy.com

Gowealthy.com intends to build further credibility in the market, helping to put more developers at ease with their investments by offering the best possible returns. In doing so, this would positively reflect on investor's margins and security as well, further adding a basic foundation for greater development in the emirate.

The state-of-the-art office not only features the latest in modern amenities and interior design but also offers a number of functional elements including a presentation theatre for developer meetings and launches, as well as break out rooms that can be used for one-to-one meetings or presentations. The office will also offer focused advice and service advisors to both investors and property developers looking for the best solutions to get their projects to market.

Get a Dubai visit visa for a family member

2008-07-30T06:07:00.000-07:00

Last updated: July 28, 2008

Please note the new changes to the procedures and fees effective from 29th July, 2008

Criteria:
Visit visas for immediate family members can be obtained by residents (called sponsors), whose monthly salary is not less than AED 4000 or AED 3000 + accommodation.

Validity of Visa:
Short term visa: 30 days
Long term visa: 90 days
No extensions are permitted beyond this period.
Fees
• Short term visa: AED 620 application fee + typing fees
• Long term visa: AED 1120 application fee+ typing fees
Documents Required:
• Typed Application form
• A copy of the sponsor’s passport & family member's passport
• 1 photo of the family member (may be required)
• Marriage contract attested from Ministry of Foreign Affairs or UAE Embassy (for sponsoring a wife or husband)
• Attested birth certificates (for sponsoring children)
• Relationship proof attested from the Embassy (in case relationship cannot be proved from family names in sponsor and relative's passport)
• Attested work contract if the sponsor is working in a private company or a salary certificate if working in government.
Procedure:
1. Go to any authorized typing office & get application form typed.
2. Go to DNRD & submit along with your documents to Visa Section.
3. Send either original or copy to your relative. If only copy was sent, then deposit original at the airport or the DNATA counter at DNRD

Baani and Gowealthy.com launch 'iDubai' twin tower complex at Dubai Maritime City

2008-07-21T01:33:00.000-07:00

Baani Group has announced the launch of their maiden venture in Dubai, the iDubai, a 50-storey residential twin-tower at Dubai Maritime City, sold through Gowealthy.com, the region's global property and lifestyle brand.

Situated at plot R-15 within the precincts of Harbour Residences at Dubai Maritime City, iDubai comprises two 42-levelled buildings; iTower and Sky Tower, conjoined at the podium. Accommodating apartments, penthouses, Sky and Garden Villas as well as Terraced Townhomes, iDubai affords spectacular sea-views from each property. All the properties are competitively priced, with rates starting from Dh3450 square feet. The payment plan for the development entails a 10% down payment, followed by 60% in installments during construction and 30% upon handover.

iDubai now launched at Dubai Maritime City

iDubai, is a 50 storey residential twin tower project at Dubai Maritime City, world's first purpose- built maritime centre. iDubai blends the luxury of azure water and sky to offer a truly elevated lifestyle. Move into iDubai to relish the worlds best ocean views in the charming city of Dubai that never sleeps.....

Freehold residential development
Apartments with ocean views
Commercial spaces and a well-planned retail shopping area
Genuine environmental friendly project
Panoramic views of the rising and setting sun with the harbour on one side and the ocean on the other
lavish podium villas and 1, 2 and 3 bedroom apartments
‘Sky Villas' each occupying a single floor
3-level penthouse suites
Fashionable boutiques and impressive Arabic souqs close by
Smart home technology
Intelligent office spacing
Indoor and outdoor recreational options at doorstep

Dubai property market untouched by inflation : Gowealthy.com

2008-07-07T04:34:00.000-07:00

According to a study by the International Monetary Fund (IMF), inflation in the UAE, estimated at 11 per cent in 2007, is set to drop to 9 per cent in 2008. The IMF's forecast of an easing of inflation came as economists warned of a 3 per cent surge in inflation across the GCC in 2008. The rising inflation in the UAE is mainly due to a weakening US Dollar to which the UAE Dirham is pegged against. A Dirham-Dollar peg means the region has limited ways to control inflation as central banks follow the monetary policy of the United States, where the Federal Reserve has slashed interest rates since the global credit bubble popped last year.

'Inflation will continue to rise for years. Expected inflation in GCC countries is to add 2-3 points in 2008 above its level in 2007.' Dubai property sales in 2007Upon studying the current trend of inflation across the UAE, we observe that contrary to expectations, land prices have been steadily heading north instead of declining. The total value of land transactions in Dubai last year was US$12.94 billion, according to Land Department. Some 2,329 land plots were sold in Dubai during April-June this year with a combined value"

June : Commercial Space – Dubai faces shortage : Gowealthy.com

2008-06-29T04:21:00.000-07:00

June : Commercial Space – Dubai faces shortage : Gowealthy.com:

Our studies estimate that currently some 1.72 million sq ft of commercial space is available in Dubai with a pent-up demand for 7.29 million sq ft. The commercial sector has gained momentum among investors and end-users as the rate of availability of Grade A office spaces is even lesser than 1%.

It is worth noting that the rate of office occupancy in Dubai has touched an all-time high of almost 98-99% with zero vacancy levels.

Our research reveals that more than 90% of Dubai's buildings designated for commercial utility are either under construction or recently launched; with most of the developments adopting 'strata' sales.
demand for commercial space all time high

According to Dubai Strategic Plan 2015, Dubai plans to focus on the expansion and development of the trade and commerce. The emirate aspires to carry forward its current economic performance as the trade sector has experienced the highest increase in GDP in last few years. Dubai wishes to sustain a real GDP growth rate of 11% p.a. for next 10 years and increase the real GDP per capita to $44,000 in 2015.

The issued by the World Conference on Trade and Development (UNCTAD), UAE ha"

Property Projects in Ajman - Months waiting Requiers for getting Electricity and water

2008-06-22T05:40:00.000-07:00

Lack of coordination between government bodies could impede the growth of the real estate sector in the Northern Emirates of the UAE. Over 300 realty projects are under various stages of development in Ajman, Umm Al Quwain and Ras Al Khaimah that might finish in time but may face difficulties in securing water and electricity, according to insiders.

Hassan Abdullah Al Ghasyah, executive director of Supply at the Federal Electricity and Water Authority (Fewa), said: "Local government authorities have not coordinated on precise water and power requirement with Fewa. However, according to the Cabinet decision, Fewa is committed to a minimum 8 per cent annual growth in power and water demand."

Global Property Recession- UAE remains Unaffected, Gowealthy.com

2008-06-15T01:15:00.001-07:00

In the wake of a looming global recession, property markets worldwide are experiencing major shake-ups that are certain to have far-reaching consequences. As they grapple with rising inflation, oil and food prices, the UK, the US and the Asian real estate markets are increasingly showing signs of a meltdown. But the Middle East, especially the UAE seems to have bucked the prevailing trend. The UAE economy attained an overall growth of 7.4 per cent in 2007 over 2006. Oil revenues averaging US$ 69.1 billion constituted 35 per cent of the UAE GDP in 2007, but it was the non-oil sectors, mainly real estate and construction that made a major impact, accounting for 65 per cent of the Gross Domestic Product
As the UAE economy develops, its real estate sector has blossomed into an attractive investment market, offering solid returns. Dubai is currently one of the world's top ten expensive commercial property markets, according to a report by CB Richard Ellis.

In the study, Dubai debuted at number 10 with an occupancy cost of US$128.49. With a near-doubling of occupancy costs, Moscow has climbed four places to second at US$232.37. Ranked 13^th worldwide, Midtown Manhattan is still the priciest market in North America at US$103.43.

UAE president's brother killed in helicopter crash

2008-06-03T06:19:00.000-07:00

TRAGIC ACCIDENT: Sheikh Nasser (pictured) has died in a helicopter crash. (Wam)

The UAE president's brother Sheikh Nasser bin Zayed Al Nahyan has tragically died in a helicopter accident, state news agency Wam announced on Tuesday.

Sheikh Nasser and an unspecified number of colleagues were killed when the helicopter carrying them crashed into the Arabian Gulf, according to Wam.

The Boulevard a landmark for the emirate of Ajman

2008-05-11T02:28:00.000-07:00

The signature development of aaproperty.ae 'The Boulevard' is set to become a true landmark for the emirate of Ajman , with functional and futuristic living spaces and wide ranging amenities. 'The Boulevard' comprises 14 residential and commercial towers, a five star hotel, and a mall with top retail brands, trendy boutiques, hip cafes, restaurants, grocery stores, and 5000 Sq ft of kids playing area, which gives the ideal environment to live, work and entertain you and your family. It takes only 25 minutes from Dubai International Airport and 10 minutes from Sharjah Airport to reach 'The Boulevard'. 'The Boulevard' will create futuristic living spaces that will energize your mind, soul and body.

* Dynamic business environment
* Contemporary & productive work environment
* High-tech office spaces
* Modern living spaces
* Both the mall and hotel will be managed by world class management groups.
* The entire project is freehold and provides residence visas.
* Functional spaces with practical amenities and futuristic designs.
* Strategically located on Emirates road highway; a mere 25 minutes drive from Dubai International Airport, and 10 minutes drive from Sharjah Airport .
* The project comprises 14 towers, a 5 star business hotel, and Shopping mall with brands from around the world.
* Over 2000 basement and podium parking spaces.
* Construction on "The Boulevard" is expected to start soon. The first phase of towers is slated for completion in the 2nd quarter of 2009.

GGICO launches Phase Two of Axis Residences project worth Dhs1.3bn at Dubai Silicon Oasis

2008-04-15T23:46:00.000-07:00

GGICO P.S.C., one of Dubai's leading diversified group of companies listed on the Dubai Financial Market, has launched the second phase of the hugely successful Axis Residences in Dubai Silicon Oasis totaling a value of over Dhs1.3bn.Continuing the successful partnership, Dubai's award winning real estate broker, Gowealthy.com will be exclusively handling the commercial sales and marketing of the 7 towers.

GGICO has developed a focused strategy for the coming years and is poised to replicate its proven track record of highly successful master developments including Horizon Towers and Emirates Crown in Dubai Marina, Olympic Park in Dubai Sports City and the initial phase of Axis Residences which is due for completion in the fourth quarter of 2008. Of the seven towers, one is schedule for completion during 2008, giving further credence to GGICO's commitment to deliver an enhanced value proposition with all its offerings.

'Once again, Gowealthy.com's innovative marketing strategies proved very successful with the first phase of the project accomplishing a complete sellout before the official end of the launch period. In such a competitive market it is imperative we form alliances with partners that can ensure our developments are the focal point in the market place to potential investors. Vision sharing and common goals are basic but intrinsic factors that GGICO implements in all its practices across the 30 subsidiaries and affiliates, and aided in establishing ourselves as a leading diversified business group over the company's 35 year history in the region,' commented Mohamed Abdallah Juma Al Sari, Managing Director of GGICO.

Axis Residence second phase towers boast the same high level amenities investors and home owners have come to expect from GGICO. All of the towers provide tenants with modern and well appointed interiors with spacious balconies and terraces maximising the various views on offer. In addition, buyers can expect a great leisure package including pools, health clubs, male and female gyms, and open air relaxation areas. Safety has been given high priority with every apartment equipped with leading safety features including a security system, fire safety and alarm system, smoke detection system and child-proof electrical switches. Finally, an intercom between all apartments makes the entire property well connected, and MAT TV and satellite infrastructure provide every apartment with world-class entertainment.

GGICO will once again be offering a tailor-made market leading 7.5 year payment plan; an initial booking deposit of 5% of the value of the unit as the first Installment, followed by a further 5% of the value payable within 3 months of booking installment. The remaining 90% is payable in equal 1% installments from October 2008, over 90 months.

'The initial payment plan with the first phase of the project proved to be very successful and an excellent draw for investors in this competitive market. With this second phase we believe GGICO has once again raised the bar with a tailor made plan to facilitate investors - we expect this to take the market by storm!,' commented Peter Penhall, Chief Executive of Gowealthy.com.

Dubai Properties anticipate 2008 last as handover date for Executive Towers

2008-03-27T04:37:00.000-07:00

Dubai Properties, leading master real estate developer, today announced the Dh3 billion Executive Towers, which are markedly visible from Sheikh Zayed Road and Al Khail Road, is nearing completion, and the anticipated handover date will be during the fourth quarter of 2008.

Work is proceeding simultaneously on all 11 buildings of the Executive Towers, which include nine residential units, the Aspect Tower, and the Business Bay Hotel. The development’s outdoor component, the Bay Avenue, is also on its way to deliver 175,000 square feet of retail space as well as water-front terraces.

With all the units of the Executive Towers sold out, the handover of all towers will commence in the fourth quarter 2008.

Dubai Properties’ first project in Business Bay, the region’s new business capital, will also be the second major project to be handed over by the Master property developer following the successful release of Jumeirah Beach Residence in 2007, handing over 6000 apartments.

U.A.E Economy Surpass expectation and touched 16.48%

2008-01-07T01:05:00.000-08:00

The UAE economy will surpass expectations and grow at 16.48 per cent in nominal terms in 2007, driven by higher-than-forecast expansion of the non-oil sectors and record crude prices, the Ministry of Economy said Saturday. Earlier expectations of increase in the country's gross domestic product, or GDP, had peaked at 16 per cent in October when the International Monetary Fund had predicted a GDP of Dh679.1 billion in 2007.
The Ministry of Economy said it expects the GDP for 2007 to reach Dh698bn, compared with the previous year's Dh599.2bn, which was an increase of 23.5 per cent over 2005 in nominal terms and 9.4 per cent in real terms.
In a report, the ministry also expected non-oil sectors to grow by 21 per cent to Dh455bn, making up 65 per cent of the GDP in 2007. Total investment is expected to have risen to Dh144bn, with a growth rate of 19 per cent compared with 2006 when it was Dh121bn.
The private sector will play a big role in the volume of investments in 2007, contributing 58 per cent of total investments, the ministry said. Ministry data show that foreign trade was 149 per cent of the GDP while the trade balance continues to be positive. Exports grew to Dh523bn in 2006 from Dh430bn in 2005. Oil was responsible for 41 per cent of exports in 2006.
Gross fixed capital formation grew by 10.7 per cent in 2006 to Dh121bn, against Dh93.8bn in the previous year, while the surplus in current accounts of balance of payment reached Dh130.4bn, up by Dh60.2bn from 2005.
The report said last year the Ministry of Economy intensified efforts to set up economic and trade partnerships with several countries, and to enter into free trade deals with strategic partners and large economic blocs of the world.
Within the ministry's effort to consolidate strategic partnerships, Minister of Economy Sheikha Lubna bint Khalid Al Qasimi visited the United States, China, Japan, South Korea, India, France, Belgium, the United Kingdom, Saudi Arabia, Libya and other countries.
During her US tour, the minister discussed with American officials means of developing economic co-operation and increasing investment opportunities. In Asia the minister discussed the establishment of joint investment projects.
Al Qasimi held talks with French, British and EU officials to push economic, trade and investment relations between the UAE and the European Union as well as sovereign investment funds as the UAE seeks to expand the scope of its investment in countries with which it has strategic relations.
The UAE last year managed to boost trade co-operation with several countries of the world, either directly or through the World Trade Organisation. Several trade agreements were signed. The ministry also adopted procedures for the UAE to join WTO's Information Technology Agreement and the country became WTO's 70th member.
The ministry took measures to join the International Sugar Agreement and the International Sugar Organisation, which aims to establish a forum for sugar-producing countries and major importers.
The ministry followed up on the UAE's initiative on raw materials, including aluminium, within current negotiations at the WTO.
The report highlighted the growth taking place in the UAE economy. A survey of foreign direct investment by the ministry revealed that in 2006 foreign direct investment grew by 10.8 per cent to Dh68.63bn compared with Dh61.91bn in 2005. According to International Monetary Fund's estimates, the UAE occupied the first position among Arab countries vis-à-vis foreign investment. The country occupied the 22nd position among the best economies of the world.
The International Monetary Fund praised the distinguished performance of the UAE economy, saying the rate of growth amounted to 9.4 per cent in 2006, one of the highest in the world. Within the UAE Government's endeavour to take necessary steps to ensure continued economic success, the Ministry of Economy drafted several economic laws and legislations such as the import-export law, consumer protection law and the law on the establishment of an insurance authority.
Existing laws such as the one on trading companies were amended. The ministry is currently reviewing several other laws to address the growing needs of the national economy and the rise in the role of the private sector. The ministry also prepared draft laws for investments and companies. Both drafts are now being studied by the authorities concerned.
In the meantime, investment in the insurance sector reached Dh17, 270billion last year. Of this, 57.1 per cent was in private shares and bonds and 28.2 per cent in assets. Until the end of 2007, the number of insurance companies operating in the country stood at 48. - Emirates Business 24|7

HAPPY NEW YEAR

2007-12-31T04:18:00.001-08:00

Frankfurt Tower - Overview - Dubai :: Gowealthy.com

2007-11-18T23:50:00.000-08:00

Frankfurt Tower - Overview - Dubai :: Gowealthy.com: "Frankfurt Tower, Dubai is the finest shortcut to find your dream home that makes your living a serene celebration with its world renowned German features & qualities. Frankfurt Tower, Dubai is strategically set in Jumeirah village south, the most sought after community development in the heart of the city. The ideal location would bring you the edge of being in an urban niche which offer an array of facilities fit for a tranquil and dynamic lifestyle. This cute cluster of residential apartments is an artistic fusion of classic and contemporary style of German architecture."

DLF Riverside - Overview - Kochi, India :: Gowealthy.com

2007-11-14T02:22:00.000-08:00

DLF Riverside - Overview - Kochi, India :: Gowealthy.com: "DLF Riverside is laid out on a 5-acre plot by the side of Chilavannoor River at Vytilla, Kochi. Its unique waterfront location allows incumbents to go on river cruises from the onsite boat jetty. This premium condominium is situated close to Kochi’s prestigious schools and super specialty hospitals. Why invest in DLF Riverside? Kochi is home to the twin IT hubs of Info Park & Smart City, in addition to Kinfra Park and Cochin Export Processing Zone. Given its rising prominence as a technological and business centre, Kochi is the 2nd most attractive destination in India to invest in Information Technology. Currently riding a real estate boom, the city is witnessing a massive demand for quality housing. As a result, the annual appreciation on exclusive properties within Kochi is at an all-time and this trend is bound to continue."

Gowealthy.com honoured regions Best Property Portal at CNBC Arabian Property Awards 2007

2007-10-25T02:28:00.000-07:00

Gowealthy.com has won the coveted 5-Star Property Award for the region’s Best Property Portal at the CNBC Arabian Property Awards 2007 in association with Al Qudra Holding at a glittering gala dinner at the Madinat Jumeirah hotel in Dubai. The award was also followed by another 4-Star Award for the Best Real Estate Agency Marketing for their successful ‘Top Prop’ sales & marketing product.

“Last years award was a testament to the quality of our services within the highly competitive Arabian property arena. This year’s award solidifies the fact that Gowealthy.com has been working diligently on continuously raising the bar in terms of quality and services. Having been given this high recommendation two years running is a true mark of distinction for our public who are becoming increasingly well informed and judicious about the properties they seek to buy,” commented Peter Penhall, Chief Executive at Gowealthy.com.

CNBC Arabian Property Awards are sponsored by CNBC Arabia, the Arab World's first and sole 24-hour Arabic language financial and business information channel. The aim of these awards is to distinguish the highest levels of achievement in a range of property related fields to attract foreign investment in the Arabian property industry.

Gowealthy.com is already working towards further accolades for 2008 as they work meticulously on a complete backend overhaul for the website. The revamped web portal will offer not only more services to their trade partners, but will ensure investors have an even broader range of choice to suit every permutation adding to their existing, highly focused products.

Gowealthy.com currently offers a wide choice of properties from over 100 developers in Dubai to a million visitors who log in every month. In addition, they also feature a range of innovative e-marketing and specialized solutions to property developers, investors and retailers.

The success of the 5-Star Property award means that once again, Gowealthy.com fulfils a prerequisite into the International Property Awards, where Gowealthy.com was bestowed with the 5-Star Award for the Best International Property Portal in 2006.

“We now go in to the 2007 International Property Awards with high expectations. International recognition once again this year would mean that Gowealthy.com goes into 2008 with an even better foundation to serve our public with the best possible online and offline real estate solutions available in the market,” added Penhall.

Gowealthy honored for marketing excellence at CNBC Arabian Property Awards

2007-10-25T01:37:00.000-07:00

First Gowealthy Real Estate Brokers - has added the CNBC Arabian Property Awards 2007 4 Star ‘Best Real Estate Agency Marketing Award’ for its ‘Top Prop of the Week’ concept to its ever growing list of accolades. The award was presented at the recent CNBC Arabian Property Awards 2007 in association with Al Qudra Holding at a glittering gala dinner at the Madinat Jumeirah hotel in Dubai. Gowealthy.com also picked up a 5-Star Property Award for the region’s CNBC‘Best Property Portal’.

Focusing on marketing attributes and service achievements, Top Prop of the Week was recognized as an innovative marketing concept from Gowealthy that provided its property developer partners with a unique model to ensure sales. Based on performance-led parameters, the multi-media sales & marketing tool offers a solid premise by promoting a specific project each week using different forms of popular local and international media including print, online and radio.

“As an integral part of Gowealthy.com, First Gowealthy Real Estate Brokers continually strives to provide the most innovative and relevant marketing solutions. Receiving this award is a tribute to the teams’ commitment and performance in such a highly competitive market,” commented Peter Penhall, Chief Executive at Gowealthy.com.

Burj Dubai tallest Building in The World completed 154 floors

2007-10-14T03:58:00.000-07:00

Burj Dubai is a super tall skyscraper currently under construction in Dubai, United Arab Emirates. It is currently the tallest free standing structure in the world according to its developers, surpassing the CN Tower in Toronto, Ontario, Canada which previously held the record for 31 years,When it is completed in late 2008, it is predicted to be the tallest man-made structure in the world , as well as the tallest building by any measure. Scheduled for occupancy in September 2009, the building is part of a 2 km² (0.8 sq mi) development called 'Downtown Burj Dubai' and is located at the "First Interchange" (aka "Defence Roundabout") along Sheikh Zayed Road at Doha Street.

The building is being built by a joint venture of the South Korean company Samsung, the Belgian company Besix and the UAE Company Arabtec. It was designed by American Adrian Smith before he left Skidmore, Owings and Merrill LLP (SOM) of Chicago to start his own independent practice, Adrian Smith + Gordon Gill Architecture in October 2006. However, SOM continues to lead the architectural, structural engineering and mechanical engineering of Burj Dubai. The total budget for the Burj Dubai project is about $4.1 billion US dollars and for the entire new 'Downtown Burj Dubai', $20 billion US Dollars.

Current height and time line of events

As of 8 October 2007, Burj Dubai's official website reported its height to be 574.5 m (1,885 ft), with 154 completed stories

Burj Dubai's last two milestones will be to surpass the 628.8 m (2,063 ft) height of the KVLY-TV Mast in North Dakota, United States to become the world's tallest structure, and to pass the Warsaw radio mast in Gąbin, Poland (646.4 m (2,121 ft) until it collapsed in 1991) to become the world's tallest structure of any type ever built.

History of height increases

Though unconfirmed, Burj Dubai has been rumoured to have undergone several height increases since its inception. Originally proposed as a virtual clone of the 560 m (1,837 ft) Grollo Tower proposal for Melbourne, Australia's Docklands waterfront development, the tower was redesigned with an original design by Skidmore Owings and Merrill (SOM) seen above and discussed below. This design should put it at approximately 705 m (2,313 ft). Contradictory information abounds regarding the official height of the building, which is to be expected, considering the building seeks to acquire the designation as the world's tallest structure upon completion in 2009. One website mentions a rumoured final height of 916 m (3,005 ft) in a September 28, 2006 posting, but this is contradicted by a September 20, 2006 article listing a height over 940 m (3,084 ft).

The design architect, Adrian Smith, felt that the upper-most section of the building did not culminate elegantly with the rest of the structure, so he sought and received approval to increase it to the currently planned height. It has been explicitly stated that this change did not include any added floors,, which is fitting with Smith's attempts to make the crown more slender. However, the top of the tower, from the 156th floor onward or from 585.7 m (1,922 ft) to the top, will be a steel frame structure, unlike the lower portion's reinforced concrete. The developer, Emaar, has stated this steel section may be extended to beat any other tower to the title of tallest; however, once the tower is complete the height cannot be changed.

Malaysia's Eversendai Corporation has won a US $14.7 million (AED 53.9 million) contract from Samsung Corporation for the structural steelworks on Emaar's Burj Dubai.

Work on the steel structure is set to begin this week - making Eversendai the first company in the world to carry out steel works at a 555.3-metre height.

"We can confirm that Samsung has taken on Eversendai to carry out the steel works for the Burj Dubai and to construct the spire at the top of the building," Eversendai will require more than 4,000 tonnes of structural steel for the Burj Dubai.

The company will build the spire from the inside of the building, and will then use a hydraulic pump to extend the spire out of the top. This will mean that the height is adjustable.

"The finished spire will actually be dropped down and built inside the building, and will be jacked up to full height; when it's ready the height will be locked off," said Fred Durie, executive director, Emaar.

In September, Burj Dubai surpassed Toronto's CN Tower to become the tallest free-standing structure in the world.According to the most recent estimation, the tower stands at 555.3 metres.

FEES FOR NON FREE HOLD PROPERTIES IN DUBAI

2007-07-30T04:51:00.000-07:00

Sale	1.5% of the sale value shall be on the purchaser account. 0.5% as local charges on the seller’s account.
Donation	0.125 % of the value of the gifted property
Transferring by way of heir ship	AED 1000
Settlement	0.125 % of the amount subject of testament.
Pledge	0.25% of the pledged debt.
Transfer of pledge	0.25% of the transferred debt.
Pledge lifting	AED 1000 whatever the amount be
Expansions of payment in pledge contract	AED 1000 whatever the amount be.
Dividing among partners	0.25 % of the value of money THE subject of division.
Creation of Inter-Successor Endowment	0.1 % of the endowment value provided that the fee is not exceeding Dh. 1000.
Issuance of deed of title in lieu of lost one	800 Dhs
Issuance of a Map	100 Dhs
Immovable property estimation (evaluation)	2000 Dhs

Burj Dubai tallest Building in The World completed 141 floors

2007-07-24T03:12:00.001-07:00

It's going to be taller -- a lot taller -- but a Chicago-designed skyscraper still under construction in the United Arab Emirates is already the tallest building in the world.

Over the weekend, the Burj Dubai, designed by Chicago architect Adrian Smith while he was a partner at Skidmore, Owings & Merrill, reached 141 stories and 1,680 feet, said its developer, Emaar Properties. That makes it slightly higher than the world's previous tallest building, Taiwan's Taipei 101, which stands at 1,671 feet, according to Emporis, a firm that monitors building heights.

It also pushes the twin Petronas Towers in Malaysia down a step on the world's-tallest list, followed by Skidmore, Owings & Merrill's Sears Tower in Chicago and Jin Mao Tower in Shanghai, also designed by Smith.

Smith, who started his own firm, Adrian Smith + Gordon Gill Architecture, told the Sun-Times that Burj Dubai's eventual height is likely to remain a carefully guarded secret until construction is complete in 2009.

But he added that the building, whose name translates to "Dubai Tower," will be substantially taller than any of its nearest rivals.

"I think it's an extraordinary event that Burj Dubai has now surpassed Taipei 101, even though the building is still a considerable way from being topped out," Smith said. "The exterior walls have been slow in coming, but overall the building is doing very well, both financially and in terms of the construction schedule."

Cappadocia - Jumeirah Village Dubai

2007-06-19T05:18:00.000-07:00

Freehold residential development of Cappadocia is laid out amid green spaces within Jumeirah Village South in Dubai. If you crave for serene evenings after a hard day’s work at the ubiquitous business centres in Dubai, Cappadocia is the ideal retreat for you. Cappadocia, Dubai boasts a contemporary yet unique architectural design complete with manicured parks, linear low-rise townhouses, central courtyard and swimming pool. Privacy is the keyword here where you enjoy the comforts of life in a style of your own. The building plot faces large public amenity sites and green parks on the front façade and linear low-rise townhouse neighborhoods on the side.

* Strategically located in Jumeirah Village South, Dubai

* U-shaped building design with a central courtyard

* All the freehold residential units offer panoramic & tranquil vistas

* Multifamily living environment

* Ideal outdoor lifestyle

* Attractive & functional layouts of apartments

* 67 distinctive living units

* Studios, 1 BR, 1, 2, 3 BR Duplex & 2, 3 BR Penthouse Duplex loft apartments

* Ground floor apartments open out to private gardens

* Building laid out in accordance with climatic considerations

Construction work on Cappadocia, Dubai is expected to commence soon. This project is slated for completion in the first quarter of 2009. Cappadocia, Dubai has 4 storeys and the 5th storey is set back 3m. from the street and alley edges of the building; 4 units of spacious 2 / 3 bedroom duplex loft apartments in each section have their own private pools on the roof terraces & provide magnificent views of the large park which is set amidst the compound.

World’s tallest penthouse Tower – The Pentominium – Dubai

2007-05-31T06:18:00.000-07:00

Tallest residential tower in the world The Pentominium 120 floor Freehold TowerDubai located at

• An unique architecture that blends ‘condominium’ & ‘penthouse’ hence –The Pentominium

• Each floor is a single unit with spectacular oceanic views (approx. 6500 sq.ft)

• Most prominent location in Dubai Marina, offering exclusive views of Palm Jumeirah, the 8th wonder of the world.

• Exclusive use of Rolls Royce cars & Azimut yachts

• Offers a wealth of luxury premium brands

• Six Senses Spa, one of the top 10 spas in the world, according to the Forbes

Project features

HBA/Hirsch Bedner & Associates
World renowned interior designers
Exclusive designers of the Ritz Carltons, Grand Hyatts & Four Seasons worldwide
For the Pentominium, they lend their exquisite taste in interiors.

Six Senses Spas
One of the top 10 spas of the world, according to the Forbes

Swaroski chandeliers
Bang & Olufsen

Ouintessentially Reserve, the world-renowned club offering wildly expensive perks. Membership brings the chance to enjoy a collection of goods, services, treats and practical help. Membership also makes you part of the highly exclusive Qube

Residents of the Pentominium allowed exclusive use of Azimut yachts, the Rolls Royce among yachts & Rolls Royce luxury cars.

Unique Features

• Freehold luxe penthouses - luxurious custom designed 4 bedroom penthouses

• 1 penthouse per floor with private foyer (Unit area – approx 6500 sq.ft)

• Separate family lounge with a 40 inch or larger LCD screen along with Bang and Olufsen home theatre sound system pre-installed

• Designer kitchen with built-in appliances & breakfast counter

• Separate maid’s room with built in closets & en suite bath

• 3rd generation home automation systems with touch screen panel - Biometric Access Control Systems

• 3 assigned car parking Spaces

• Chauffeurs quarters with en suite bath

• Utility room with pre-installed washer & dryer

Other Features

• 516m edifice the tallest residential tower in the world

• First time bouquet of premium luxury brands

• Services on the 101st floor - Sky Lounge, Sky Pool, Business Center & Pvt Observation deck

• Cigar lounge (101st level) stocked with Davidoff cigars

• Clubhouse floor (390.6m), men/women health club

• Squash courts, banquet /pre-banquet hall

DEC Business Tower - Business Bay, Dubai

2007-05-11T00:14:00.000-07:00

DEC Business Tower is strategically situated alongside the picturesque canal that runs through the Business Bay in Dubai. Developed on 64 million square feet off Sheikh Zayed Road in Dubai, Business Bay is the emerging commercial nerve centre of the Middle East. The free-standing DEC Business Tower with its 20 floors of superbly done office units has been designed with the sole purpose of offering entrepreneurs an exclusive environment that adds value to their businesses.

DEC Business Tower houses state-of-the-art business centres and offices overlooking the busy districts and the blue lake within Business Bay in Dubai. Evidently, the prevailing ambience is one that inspires and empowers. The office units are of variant size, ranging from 1130 to 6500 square feet; they are serviced by express elevators & facilities, which ensure productive utilization of time and resources.

The freehold properties at DEC Business Tower are a good investment proposition because the rate of annual appreciation within Business Bay, Dubai is one of the highest in the world. Aside from office units and corporate centres, DEC Business Tower, Dubai showcases prime retail area and exotic restaurants, perfect for a power lunch or dinner. Elegant yet muted interiors, prime fittings and exquisite finishes make this freehold project a cut above the rest!
Location

A semi-cylindrical high rise with 20 levels, DEC Business Tower overlooks the serene waters of the creek that runs along the Business Bay in Dubai. The 64 million square feet Business Bay is a free zone with scores of residential and commercial buildings stretching from Ras Al Khor to the arterial Sheikh Zayed Road.

Home to some of the biggest names in the corporate world, Business Bay is,

• A few minutes from Dubai International Airport

• Near Dubai Media City, Dubai Internet City & Knowledge Village

• Is close to international hotels like Emirates Towers & The Fairmont, Dubai

• Adjacent to Burj Dubai, the tallest tower in the world

The Exchange Corporate address in Business Bay Dubai

2007-04-28T04:27:00.000-07:00

Rising high at an exclusive location in Business Bay, the commercial and business nerve centre of Dubai, The Exchange is what many would consider a dream investment choice in the City of Lights. Uniquely designed, this freehold office development comprises a ground plus 28-floor building that has 2 sections merging into each other to constitute an architectural whole. The Exchange, besides the stupendous views of Dubai, offers investors facilities that drive modern business ahead. Most importantly, this office tower has been crafted to reduce the employees’ stress levels and subsequently make work less cumbersome.

At The Exchange, all offices come with covered parking spaces, high-speed elevators, the latest in communication technology, state-of-the-art electrical and safety systems as well as 24X7 security; the occupants do not have to go too far for the best in leisure and lifestyle living. Bordering the edifice are lush green open spaces, smooth thoroughfares, quaint walkways, lagoon-side cafes and restaurants. Work or pleasure, The Exchange is the ideal business haunt where employees can share the latest news or gossip over a cup of tea.

The Exchange allows residents to live in their own rhythm of life with the added convenience of having everything under a single roof. Also, it has supplementary amenities and services like banks, beauty salon, clinic and pharmacy. Common utilities within the purely commercial project cater to an executive work style. No effort has been spared and all the properties are equipped with accessories of exceptional elegance, keeping in mind not just work and leisure requirements but also the comfort of the users.

Location

Purely commercial, The Exchange is strategically located within Business Bay, the 64 million square feet commercial centre in the heart of Dubai. Business Bay was deemed a free zone in 2006 and is a thoroughly modern ‘city within a city’ housing both commercial and residential towers amid beautifully landscaped gardens and waterways. It is a project of mammoth vision which when completed will be on par with international business districts like Manhattan in New York and Ginza in Tokyo