NEWS BRIEF 15 - Asteco · # Baiti Properties Development Al Qurashi # Yra Enterprises Limited Schon...

ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

RESEARCH DEPARTMENT

NEWS BRIEF 15 SUNDAY 10 April 2016

DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2016 asteco.com | astecoreports.com

IN THE MIDDLE EAST FOR 30 YEARS

ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

REAL ESTATE NEWS

UAE

FAILURES MAKE FOR BETTER LEADERS, SAYS EMAAR PROPERTIES CHAIRMAN MOHAMED ALABBAR

BREXIT A HOT TOPIC FOR BRITISH EXPATS IN THE UAE

FARNEK TO ROLL OUT SYSTEM FOR TRACKING STAFF THROUGH SMARTPHONES AND WATCHES

EXECUTIVE TRAVEL: A FEW GLITCHES, BUT EMIRATES BUSINESS CLASS TO CEBU AND CLARK IS WORTH THE MONEY

DUBAI

INVESTORS GET REFUND FROM CANCELLED PROJECTS IN DUBAI; MANY REVIVED

SAVE ON RENT: DUBAI DEVELOPER SELLS UNITS AS PROJECT NEARS COMPLETION

TOO EARLY TO FEEL UPBEAT OVER DUBAI REALTY

INTERNATIONAL PROPERTY SHOW FOCUSES ON RETAIL, MIDDLE-INCOME HOUSING

REGION’S WEALTHY PRIMED FOR COMMERCIAL REALTY

DUBAI MARINA UNITS SHINE IN FIRST QUARTER OF 2016

DUBAI STILL THE MOST POPULAR DESTINATION FOR HIGH NET-WORTH GCC INVESTORS

DUBAI PROPERTIES TO LAUNCH PHASE TWO OF ARABELLA TOWNHOUSES IN DUBAILAND

FIRST UNDERWATER ‘FLOATING SEAHORSE’ VILLA BUILT IN DUBAI

DUBAI’S EXPO 2020 INFRASTRUCTURE SPENDING TO BOOST UAE CONSTRUCTION SECTOR


DUBAI RENTS DROP FURTHER IN FEBRUARY

ABU DHABI

MASDAR CITY’S ‘INNOVATION ECOSYSTEM’ DRIVING EXPANSION

FOR ALDAR, MAKING DESTINATIONS IS WHAT COUNTS

PROPERTY DEVELOPERS GEAR UP FOR CITYSCAPE ABU DHABI

GCC

SAUDI ARABIA DRIVES DEMAND FOR HOTELS WITH MID-MARKET ROOMS

UAE DEVELOPERS EAGERLY ANTICIPATE FORMATION OF SAUDI HOUSING COMPANY



• ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

RED SEA BUYS MALAYSIAN MODULAR HOUSING BUILDER FOR $7 MILLION

GERMAN DEVELOPER PRESENTS TANZANIA AS ALTERNATIVE TO INVESTING IN GULF HOUSING

MIDDLE EAST COMPANIES NOT SETTING ASIDE ENOUGH MONEY FOR END OF SERVICE BENEFITS, STUDY ASSERTS

DH72M KENSINGTON PENTHOUSE AT THE DOORSTEP OF GREAT LONDON ATTRACTIONS




INVESTORS GET REFUND FROM CANCELLED PROJECTS IN DUBAI; MANY REVIVED

WEDNESDAY 06 APRIL 2016

Dubai Courts has issued the latest list of cancelled projects in the emirate, which reveals five projects have been liquidated so far with proceeds being distributed among investors.

Published on March 16, 2016, the following project names have been listed under the category “Cancelled projects which have been liquidated and amount distributed among investors.”

# Khyool Investment’s Abjar Tower and Faras

# Zenith Real Estate Development’s Zenith Tower

# Khalifa Alabbar Real Estate Development’s Spark

# Hydra Properties Hydra Towers

Twelve projects have been mentioned under the category of “Lands related to cancelled real estate projects that have been sold through auction”. Below are the developer and project names:

# Khalifa Alabbar Real Estate Development Spark

# Alternative Capital Invest Victory Bay Tower

# Fortune Serene Limited Fortune Serene

# Ahmed Abdul Rahim Al Attar Properties Toronto

# Ahmed Abdul Rahim Al Attar Properties Vancouver

# Alternative Capital Invest Gmbh Sami Q Tower

# Dujan Properties Ltd Eden Blue

# Escan Real Estate Escan Tower

# ME Development Windsor Residence

# IR Investments Holding Company Limited Tonino Lamborghini-Elettra Residence

# 32 Group Properties Limited Paris Residence

# Arabia Group Development Limited Moon Tower 2

The list puts 104 projects under the category of "Cancelled projects transferred to the cancelled real estate projects committee at Dubai Courts from Dubai Land Department’s cancellation section."

# Bangash Investments Limited Bangash Residence




# German Holding Group Mira Palace

# UAE Waterfront Group Limited Royal Bay

# UK-CIG Developments (JVS) Limited Metropolis Lofts

# Baiti Properties Development Al Qurashi

# Yra Enterprises Limited Schon Suites and Schon Residence

# D10 Awf Investment Limited Aquarius Gate Tower

# V Resorts Ltd V-Greece on the World

# Premier Group (FZC) Berlin City Center

# Neel Devcons Limited Phoenix Wings

# Alternative Capital Invest Gmbh (Branch) Sami Q Tower

# Galadari Investment Office Limited G-office Tower

# Arabia Group Development Limited Moon Tower 2

# Jasmine Garden Limited Jasmine Garden

# Rufi Heaven Limited Rufi Heaven

# Fortune Serene Limited Fortune Serene

# Anis Holdings Limited Chase Residency

# Sunland Nur (JOC) Limited Nur

# Makaseb Properties Quattro West

# Gulf Line International Ltd North Gate Business Tower

# Sanali Holdings Fze Sanali Business Tower

# Sanali Holdings Fze Sanali Business Heights

# Bela Vida Limited Dolce Vita

# Alternative Capital Invest Gmbh (Branch) Wings of Arabia

# Alternative Capital Invest Gmbh (Branch) Ferretti Luxury Beach Residence Twin Tower

# Reliance Estate Development Reliance 4





# Premier Group Properties Berlin Business Tower

# Memon Property Ventures (FZC) Gardenia 4, Gardenia 3

# Noorzak Investments Limited Jehaan 4









# Posh Holdings Limited Posh Lifestyles

# Aaa Facilities Management Services Eclipse Tower

# DSEC Corporation Fzc Oval Tower

# DJA414 Investment Limited Sienna Square

# Plus International Three Limited Wave Residence 2

# Kleidienst Properties the K Suites

# Elan Investment Limited Sanali Quantum

# Flamingo Investments Limited Sanali Flamingo

# Umesh Kumar Vinodrai Chug Insignia Residence

# ACW Holding Ltd Platinum 2

# Mahdi Amrollahi (Partner) Antar Marzooq Pisa Tower Residence

# Luxor Investments Limited The Signet

# Sheffield Real Estate LLC Sheffield Classique

# City-d Investments Limited Pangkor Laut Luxury Residence & Spa Village

# Integral Properties Development Integral 05

# Smart Home Properties Elegant Tower

# Diamond Arch Limited Diamond Arch 1

# Diamond Arch Limited Diamond Arch 2

# Rufi Century Tower Limited Rufi Century Tower

# Rufi Down Town Residency Limited Rufi Royal Residency

# Rufi Luxury Heights Limited Rufi Luxury Heights

# Makaseb Properties Rufi Lake View

# C7D1 Limited Monarch Residency

# Liquid Assets Limited Turquoise

# Ahmed Abdul Rahim Alattar Properties Vancouver

# Al Faraa Properties Burj Al Faraa

# Ahmed Abdul Rahim Al Attar Properties Toronto




# Al Zahra Properties Eden 2

# Al Zahra Properties Sunset Gardens a

# Al Zahra Properties Sunrise 2

# Escan Real Estate Escan Tower

# I.R. Investments Holding Company Limited Lamborghini-Eettra Residence

# Alternative Capital Invest Gmbh Victory Bay Tower

# Sunland Waterfront Bvi Ltd the Atrium

# 32 Group Properties Limited Paris Residence

# Me Development Windsor Residence

# Sungwon (Fze) Santeview

# High Rise Properties Dorna Tower

# High Rise Properties Orchid Residences

# High Rise Properties the Heights-golden

# High Rise Properties Waves Business Tower

# High Rise Properties the Heights-silver

# High Rise Properties Rotating Residence

# High Rise Properties High Rise Boulevard 1

# Orbit Holdings Ltd Orbit Holding

# Parshwa Holdings Limited Sapphire

# Dujon Properties Ltd Eden Blue

# G&G Partners Limited Villa Caria

# Bux Holding Limited Beti Ul Funoon

# Makaseb Properties Rufi Tower (Quattro)

# Remah Holding Limited Tower 88

# Al Zahra Properties Eden 1

# Sharm Land Limited Sharm Land Tower

# Sanali Holdings Fze Sanali Capital Avenue

# Syndicate Sealine Limited Mystica

# Kleindienst Properties the K Hotel

# Rufi Grand Apartments Limited Rufi Grand Apartments

# Galadari Investment Office Limited Real Estate G-tower

# New World Investments Limited Jouri-1




# New World Investments Limited Soraya Tower 1



# Plus International Two Limited Pixel Tower

# Mena Capital Investment Amwaj Tower

# Syndicate Developer Limited Celestica

Stalled projects restarted

In December 2015, Dubai Land Department told Emirates 24|7 that 51 projects worth Dh12 billion have been revived under its Tanmia initiatives since 2011, with 12 projects, worth Dh2 billion, were activated in the last one year.

The Tanmia initiative was launched in September 2011 and was aimed at getting semi-government/private investors on board to get projects completed. Under the scheme, property investors were also given the right to register their stalled projects with the department.

The Tayseer initiatives, which are guaranteed funding initiatives, were launched in June 2010 and DLD said it saw completion of 1,110 units valued at Dh137 million.

Currently, there are eight organisation listed under the scheme. Though names have not been disclosed, previously it was reported that Emaar Properties, Wasl Properties, ICD-Brookfield were among some of the entities listed under the initiatives.

The initiatives initially covered 40 projects across Business Bay, Dubai Marina and Jumeirah Lakes Towers. As to qualify under the scheme, projects must have adequate infrastructure planned or in place; escrow trust account has to be properly managed; technical reports need to show that a minimum 60 per cent of construction is complete and a minimum of 60 per cent of the project has been sold.

Source: Emirates 24/7

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SAVE ON RENT: DUBAI DEVELOPER SELLS UNITS AS PROJECT NEARS COMPLETION

TUESDAY 05 APRIL 2016

A new Dubai-based developer has ditched the formula of selling off-plan to fund the project, rather is selling residential units as its project nears completion.

Radiant Star, a real estate development company, expects to complete its Dh325-million Riah Towers in Culture Village, a master development off Dubai Creek, by September 2016, with 70 per cent of the construction work already completed.

“We are nearing completion of the development, with major construction milestones met. Hence, this makes our project a compelling proposition in today’s realty market,” Balaji Parthasarathy, Director, Radiant Star Group of Companies, said on Monday after launching the project.

The tower, construction of which had begun in 2014, will house 156 residential units with the developer claiming 20 per cent of the project already being sold. Sales prices are expected at Dh1,250 per square feet while estimated service charge will be Dh16 per square feet, including the chiller cost.

# Market on recovery mode

Sharing his view on the current market state, the company official said that Dubai’s property market continues on the recovery mode and with the rapid infrastructure development taking place in the context of Expo 2020 and other positive indicators of strengthening non-oil economy.

In response to a question by Emirates 24|7 on how the company plans to challenge established players, Parthasarathy said: “There will be challenges, but we will grow as we deliver projects over the time.”

The developer claims return of investment to be between seven and 10 per cent per annum.

The Global Property Guide, a website that compiles and analyses property price performance of the world's big economies, has said Dubai offers rental income on average of 7.1 per cent, which is one of the highest in the world. In comparison, gross rental yields in Hong Kong are 2.82 per cent, India 2.22 per cent and Singapore 2.83 per cent, London between 2.72 per cent and 3.20 per cent.

In March 2016, Dubai Land Department Director-General Sultan Butti Bin Mejren told Emirates 24|7 that the emirate had registered transactions worth Dh68.48 billion in the first 53 days of 2016, showing signs of “thriving” property market.

KPMG, a consulting and audit firm, has said property prices in the emirate will be under pressure this year due to lower oil prices and strong US dollar, the market will start to recover in 2017 as infrastructure work surrounding the Expo 2020 gets under way.




Dubai has already named the designers of the Expo 2020 pavilions, will start work on the Route 2020 – the Dubai Metro extension from Nakheel Harbour and Station to Expo 2020 site, and begin design work on Metro Green Line extension next year.


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MASDAR CITY’S ‘INNOVATION ECOSYSTEM’ DRIVING EXPANSION

SUNDAY 03 APRIL 2016

Masdar City in Abu Dhabi, one of the world’s most sustainable urban developments, will undergo significant expansion over the next five years driven by its emergence as a hub for research and Development and the commercialisation of clean technologies.

"Around 35 per cent of the planned built-up area will be completed over the next five years – up from 5 per cent today – and nearly 30 per cent has been committed to, including private homes, schools, hotels and more office space," said Anthony Mallows, Executive Director of Masdar City, adding that all available space within its existing buildings, and those under construction, is fully leased.

"Masdar City’s expansion is gathering pace because today we are recognised as an innovation ecosystem – a hub for R&D, technology, human capital building, business opportunity and investment."

Plans for a purpose-built community serving the Middle East’s first dedicated R&D cluster integrated with a world-class research institute will be unveiled at Cityscape Abu Dhabi, the property exhibition and conference taking place from April 12-14.

Besides 2,000 residential apartments, the concept involves developing restaurants, cafes, a premium school and green open spaces within walking distance of a number of Masdar City’s flagship R&D and pilot facilities, which include ground-breaking projects in solar energy, energy storage, green building and urban sustainability.

The City’s growth will yield more opportunities for collaboration with the Masdar Institute of Science and Technology, the world’s first graduate-level university focused on advanced energy and sustainable technologies and the nucleus of Masdar City, as well as opening the door to further research and training cooperation with the wider business and clean tech community.

"Effective research and development of viable technologies requires a culture of collaboration and an environment where scientific theory and practical insight can flourish," said Dr Noura Al-Kaabi, Director of Research and Development Office at the Masdar Institute.

"The pilot research projects located at Masdar City, many of them led by or closely involving Masdar Institute scientists and students, are accelerating the acquisition of scientific knowledge in the clean tech industry and paving the way towards the development of real-world commercial applications. As the surrounding community at Masdar City grows, so the R&D cluster will also expand."

Masdar City’s participation in this year’s Cityscape Abu Dhabi will highlight the many R&D and pilot facilities within the development, including the Eco-Villa Prototype.

The project incorporates innovative water- and energy-saving technologies and design features that significantly reduce its environmental impact compared to existing villas – and it can even export excess electricity to the national grid when fitted with photovoltaic panels.

With a gross floor area of 405 square metres (sqm), the four-bedroom Eco-Villa is designed to consume 97 kilowatt-hours (kWh) per sqm per year (sqm/yr) without solar panels. That is 72 per cent less energy than older villas in Abu Dhabi typically consume, and 46 per cent less than newer properties.




The Eco-Villa Prototype is also designed to displace up to 63 metric tons of carbon emissions each year and use 35 per cent less water than regular villas.

The ‘Net Zero Energy’ version of the prototype equipped with 80 rooftop PV panels can supply up to 40,000 kWh per year to the national grid, easily offsetting its own electricity requirements.

The Smart Home Energy Management System (SHEMS) research project led by the Masdar Institute is currently testing ‘intelligent’ IT systems to manage energy consumption within the Eco-Villa Prototype, and potentially other buildings at Masdar City, more efficiently.

Masdar and Masdar Institute specialists are also studying energy-efficient indoor climate control technologies, known as Variable Refrigerant Flow (VRF) systems, for the Eco-Villa project and other residential and commercial real estate.

Elsewhere in the R&D cluster, the Electric Energy Storage Solutions Hub is exploring the potential of electrochemical technologies (Redox Flow Batteries) to enhance the capacity of renewable energy systems to store power, enabling their wider adoption in the energy mix.

Another trailblazing project is evaluating geothermal energy as a possible power source for district cooling. With geothermal wells already sunk to a depth of 2,500 metres within the grounds of Masdar City, the research initiative is the first of its type in the Middle East and may be converted into a full-fledged demonstration project.

Other Research, Development & Pilot Facilities at Masdar City include:

Masdar Solar Hub, a globally recognised centre of excellence in photovoltaics and solar thermal energy technologies, jointly managed by Masdar and the Masdar Institute, comprising:

The Masdar Institute Solar Platform (MISP) featuring a Concentrating Solar Power (CSP) and thermal energy storage test facility, known as a ‘beam-down’ tower.

The Photovoltaic (PV) Test Centre, operated in partnership with Masdar Institute and T?V Rheinland, providing independent measurement of the performance, reliability and durability of PV modules, their panel coatings and other related technical equipment.

Seawater Energy & Agriculture System (SEAS) supporting the nascent aviation biofuel industry in the Middle East and increasing food security through the cultivation of salt-tolerant plants with the waste water of an integrated aquaculture farm. SEAS is an initiative of the Sustainable Bioenergy Research Consortium at the Masdar Institute whose partners include Etihad Airways, Boeing, Takreer, Safran and GE Aviation.

The Masdar Institute for Science and Technology Field Station, a standalone testing, demonstration and development facility for built environment technologies, in particular cooling technologies that seek to optimise energy and water demand management.

Personal Rapid Transit (PRT) System operating since 2010 as a pilot project in driverless, emissions-free urban transport solutions and a practical link between Masdar City’s north-side parking lot and the Masdar Institute.

Construction Waste Management to reuse and recycle waste building materials from Masdar City, including metal, plastic, wood and construction aggregate – and in the future, to process waste from other construction sites.

"All its different yet complementary elements have given rise to a thriving community at Masdar City," said Anthony Mallows, Executive Director of Masdar City. "They are also attracting growing interest from prospective tenants, developers, investors and research partners eager to participate in the




development of clean technologies, and to profit from their many economic, social and environmental benefits.

"Further integrating Masdar City’s existing and planned R&D platforms with the surrounding urban community will only add to the city’s appeal."

"This year marks Masdar’s 10th anniversary and the continued evolution of the City is helping us to deliver on our goal for the next decade: to make clean energy an essential part of the energy mix worldwide," added Mallows. "By making clean energy commercially viable, we help preserve the planet, inspire innovation and new industries, and diversify the UAE economy and economies around the world."


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DUBAI RENTS DROP FURTHER IN FEBRUARY


The cost of renting apartments in Dubai continued to slow down in the first few months of the year, contrary to speculations that the property market is heading towards a turnaround.

According to the latest data, apartment and villa rents dropped by at least 5 per cent in February compared to a year ago. Rental figures for flats registered a 5.4 per cent year-on-year decline, while villas posted a 5.7 per cent decrease.

The Rental Price Index by Reidin, a major real estate data provider in Dubai, dropped by 0.9 points, from 99.3 to 98.4, representing a decline of 0.93 per cent in February. Overall, rental numbers slipped by 5.5 per cent year-on-year.

In Abu Dhabi, the rental index posted an increase of 1.1 points, from 65.8 to 66.9, an increase of 1.69 per cent in February 2016. Overall, figures posted a minimal increase of 0.9 per cent year-on-year.

Some industry sources had earlier claimed that Dubai’s property market is likely to stabilise, as more properties are expected to come through this year. According to property portal Bayut.com, apartment rents in Dubai actually increased by 3 per cent in January. The company said that rental values will likely stay “more or less steady” over the course of the year.

However, other analysts have argued that a recovery is not likely to happen in the near term. A separate report from Core, UAE associate of Savills, said that both prices and rentals in Dubai’s property market will likely soften further over the next 12 months. The observation is echoed by other analysts who are monitoring the real estate market.

According to Alp Eke, senior economist at the National Bank of Abu Dhabi, a further two per cent to three per cent reduction in rents is likely to happen this year.

Source: Gulf News

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TOO EARLY TO FEEL UPBEAT OVER DUBAI REALTY

MONDAY 04 APRIL 2016

It may be too early to call time on the decline in Dubai’s realty prices, according to a new report by Phidar Advisory. Instead, it says, there will be further declines in occupier demand and which would force further drops in property values.

“The available real-time indicators do not support the story of a short-term turnaround” said Jesse Downs, Managing Director. “And ignoring the bad news now can create a crisis later.

According to Phidar, during Q1-16, apartment lease rates were down 2.1 per cent, while sales values dipped 1.9 per cent, “keeping yields relatively steady at 7.7 per cent [gross] and 6.6 per cent [net].

“The strong dollar, low oil price, rising cost of debt all reduce liquidity and consumption” said Downs. “This has filtered through the economy and is now impacting job growth, occupier demand, and rents.”

The rental pressures continue to be felt most at the high-end, “more specifically for apartments and single-family homes with an asking rent above Dh200,000 per annum. Anecdotal evidence indicates this trend may be spilling over into the mid-high income housing market with longer void periods for housing with rents above Dh100,000 per annum.

“The implication is that affordability constraints, or at least concerns, have shifted demand away from expensive units. The bigger concern is the drag effect this will have on other middle and mid-high income units.”

Source: Gulf News

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INTERNATIONAL PROPERTY SHOW FOCUSES ON RETAIL, MIDDLE-INCOME HOUSING

SUNDAY 03 APRIL 2016

Retail space and middle income housing are likely to draw crowds at this year’s International Property Show, organisers said on Sunday.

Retail space across the UAE, the wider Arab Gulf region and in other parts of the world will be available for direct purchase at this year’s show to be held from April 11 to April 13 at the Dubai World Trade Centre, the organisers said in an emailed statement.

The organisers will also “put emphasis on middle-income housing to cope with requirements.”

Source: Gulf News

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REGION’S WEALTHY PRIMED FOR COMMERCIAL REALTY


There is only so much of multimillion residential assets that the Middle East’s wealthy can buy. That is why more from their ranks could be turning their attention to possibilities in commercial property.

According to the Knight Frank consultancy, in the next 10 years, only 53 per cent of Middle East ultra high networth investors are going to pick up residential property. This is quite a turnaround from the 82 per cent who did so during the last decade. (These are based on findings from Knight Frank’s 2016 “Attitudes Survey” in conjunction with the consultancy Wealth-X.)

“Despite the recent decline in oil prices and the slowdown in global trade and commercial volumes, UHNWIs are committed to the growth of ... the industrial, logistics and transport sectors over the next decade,” said Dana Salbak, Head of Mena Research at Knight Frank. “While residential property was historically seen as a secure form of investment, the volatility of the asset class has made the commercial sector more appealing as its value extends beyond the ability to produce income.”

The regional buyers’ allocation on offices will rise from a 41 per cent share between 2005-15 to 53 per cent between 2015-25. Warehousing and logistics will also be a “key element” in their portfolio over the next decade, with 32 per cent saying they would invest in such assets.

Such sentiments instantly raise the prospect for the recently announced Dubai Wholesale City, a multibillion dollar development that, in the next decade, will anchor Dubai’s commercial real estate prospects.

Existing office space

According to the Knight Frank “Wealth Report”, “As more international corporations establish regional headquarters and expand and consolidate existing office space, there will be a greater focus on quality in Dubai. We see opportunities in well located, wholly owned Grade A office developments and in logistics warehouses connected to the new Dubai airport.”

If it is further afield that the region’s investors have an eye on, the “global gateway cities” will continue to top the charts. “The availability of diverse investment products (e.g., REITs (real estate investment trusts)) have made property more accessible to a wider range of investors, while the high level of market transparency and diverse expertise across these markets enables private investors to overcome their knowledge gaps,” Salbak adds.

According to Real Capital Analytics data, total cross-border investment from Asian and Middle Eastern capital totalled 18 per cent of the global overall at the peak of the last commercial property investment cycle. That has now touched 35 per cent, more often than not focused on the gateway cities.

At the bottom of the cycle in 2009, investment into global office, retail, industrial and hotel properties stood was an estimated $216 billion (Dh792.7 billion), RCA data shows. A year later, global investment for these had risen 67 per cent to $362 billion. Four years down the line, it has exceeded of $700 billion.

Factbox: The push towards commercial realty




Commercial property sectors popular with Middle East and North Africa’s wealthy investors (Percentage of respondents)

Over the past 10 years Over the next 10 years

Residential 82% 53%

Offices 41% 53%

Retail 15% 21%

Hotels 47% 38%

Source: Gulf News

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RED SEA BUYS MALAYSIAN MODULAR HOUSING BUILDER FOR $7 MILLION

SUNDAY 3 APRIL 2016

Red Sea Housing Services Company has announced that its Dubai subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million. The Jeddah company said that the deal, under which it will pay an initial $3m in cash and the rest in annual instalments, will boost its plans to expand into the South East Asian market and allow the company to get its hands on an “unconventional construction technology" that would allow it to build concrete structures of up to 12 floors quickly and using less manpower. In a statement to the Saudi stock exchange, the group said the deal would add about 100m Saudi riyals (Dh97.95m) to its revenues for this year. The deal will be financed through existing bank facilities and cash flow. AM Modular is a designer and manufacturer of prefabricated modular buildings with three factory sites in Malaysia. The company was set up in 2007 and opened an Australian arm in Adelaide in 2009. Red Sea Housing Services provides temporary and permanent modular housing used by companies to house staff working in remote locations. It has provided accommodation to companies in the mining, oil and gas sectors and recently had a deal with the Australian government to provide housing for asylum seekers at a processing centre in Papua New Guinea. Last month, the company announced it had won a contract with the Qatari real estate company Daruna, worth 144m Qatari riyals (Dh145m), to build accommodation for 4,000 people. Red Sea declared a 56 per cent decline net profit last year to 76.1m Saudi riyals. Revenue fell by 7 per cent to 1 billion riyals. Amr Al Dabbagh, the chairman, said the company had been affected by lower oil prices, which resulted in some projects being called off and others suspended.

Source: The National

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FOR ALDAR, MAKING DESTINATIONS IS WHAT COUNTS


Aldar Properties isn’t done with destination building. The developer of the Yas Mall and its adjoining racing circuit as well as signature properties such as the World Trade Centre Abu Dhabi is coming back for more. And with enough reasons.

“We will continue to build on our destination development strategy and recently launched West Yas and Mayan on Yas Island, and Meera in Shams Abu Dhabi on Reem Island as we continue to see demand for high quality communal residential assets,” said Talal Al Dhiyebi, Chief Development Officer. “This is supported by the performance of our current developments that continue to outperform the wider residential market.”

On its web site, Aldar gives a hint that a new launch is headed investors’ way, timed with next’s Cityscape Abu Dhabi. It calls on prospective investors to register and be among the “first to know” about the new “living experience”.

“Our land bank is certainly significant — at 77 million square metres. Seven million of this is on Yas Island — one of our major focus points as we develop Mayan, West Yas and Ansam to complement the existing entertainment and lifestyle amenities on the island. We also have 3.6 million square metres of Al Raha Beach to develop — and that is just two of our main land plots.

“We have the land, we have the ambition, and we are proving that we can deliver over the near, medium, and long term.”

So much so, Aldar seems to be the sole developer to keep on adding to the project pipeline in Abu Dhabi. If one were to exclude Aldar from the equation, the pace of new launches in the emirate has subsided significantly, especially in the residential space. Private developers are focusing more on opportunities in retail and hospitality, biding their time with residential releases until the next upturn comes around.

UAE nationals

Which sort of leaves the field open for Aldar to lock in much of the buying activity in the emirate for itself. In recent quarters, the developer has seen fit to raise the number of buying options exclusively for UAE nationals and which “are selling well — particularly West Yas”.

But shouldn’t the slackness in overall buying activity within Abu Dhabi get Aldar to space out their launches? More so, since they have the residential space — seemingly — all to themselves?

Al Dhiyebi gives a guarded response — “We are always watching the market, talking with other participants and listening to what our customers are saying. This, in addition to our own experience, helps us to ensure we only bring the right products to the market at the right time.

“We continue to see demand in high quality communal residential assets — so we will launch projects to satisfy demand if in-line with our development guidance.

“Of course we have to address what the market wants in terms of real estate. And this is why we always ask ourselves if we are delivering the right product, at the right time and for the right price.




Value and quality

“We continue to see demand in our primary destinations of Al Raha Beach, Shams Abu Dhabi and Yas Island. We shouldn’t think purely about price, but in terms of value and quality. Shams Meera which we launched last year shows us that affordable doesn’t have to mean compromise on quality.”

And the developer is not too keen on picking up options in markets outside of its home territory. “Abu Dhabi is our home market, and it is here where we are focused on delivering the best quality real estate that we can. We have a great number of projects under development, be it Al Jimi Mall in Al Ain, Ansam, Hadeel, West Yas, Meera, Mayan to keep us busy. So, right, now we aren’t looking to other markets.”

There is also more that it can try and get from its existing assets, not least the Yas Mall. Since the November 2014 opening, the retail behemoth has had 20 million visitors trooping in, of which 18 million did so last year alone. (Talk of a spin-off of Aldar’s retail assets is premature, Al Dhiyebi makes it clear.)

Aldar’s hospitality interests, meanwhile, had a 79 per cent occupancy last year. “Occupancy is stable, but given the prime location of the majority of our hotel portfolio — and with Yas Island continuing to grow — we are confident that this is still a key part of our diverse portfolio,” Al Dhiyebi said. “As well as this, given how close we are to the new airport which will open next year, there is still room to grow further.”

Factbox: Paring down the debt levels and much more

* As of December 31, 2015, Aldar Properties had a debt exposure of Dh6 billion after the developer paid off another Dh3.1 billion during the year. “This is in line with our policy to maintain gross debt at 35-40 per cent against the value of our recurring revenue assets,” said Talal Al Dhiyebi. “We are very comfortable with our debt levels right now.”

* Aldar’s stated goal is to generate recurring revenues of Dh2.2 billion by 2020. “Clearly rental income is a big play for us, and it complements our development business very well,” Al Dhiyebi said. “We have already committed 30 per cent of this plan, which includes the acquisition of Daman House earlier this year.”

* The recent passage of Abu Dhabi’s real estate laws invests Aldar with the status of “master-developer”. “We have always been a master-developer, but the award of a license that confirms that status under the new law shows we are serious in ensuring that we comply with the new requirements,” said Al Dhiyebi.

Source: Gulf News

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GERMAN DEVELOPER PRESENTS TANZANIA AS ALTERNATIVE TO INVESTING IN GULF HOUSING

SUNDAY 3 APRIL 2016

Amid a slowdown in the residential sector in the region, a German developer will this month promote its housing project in Tanzania to Arabian Gulf investors.

The developer, CPS Live, will be making its pitch at the Arabian Travel Market, which runs from April 25 to 28 in Dubai. The project is in a free economic zone, which enables foreigners to get a title in the form of a 99-year lease under their name.

“Economic slowdown in the Arabian Gulf region currently motivates investors to search for new markets," said Sebastian Dietzold, the managing director of the Fumba Town Development and the founder of CPS Live. “The [Arabian Gulf] is currently the strongest growing touristic market [for Zanzibar], which has historically strong links to especially Oman and the UAE."

The first 400 units of the 1,500-unit, US$120 million project on the coast are to be handed over starting at the end of next year. The entire project is to take about five years to be complete.

CPS Live is to continue to manage Fumba Town for at least 10 years after completion, including letting and management services for house owners living abroad.

A German prefabrication factory is under construction near the site to supply the villas, and is expected to be ready in September. It would have an annual capacity of 250 homes a year.

The project started rolling in 2011, when CPS Live and the Zanzibar Investment Authority started talks for a residential project on the island.

The demand for affordable housing is on the rise in the country. The capital city, Dar es Salaam, remains the major residential market in Tanzania, and foreigners cannot own apartments. The public sector is building a large number of low and middle-income housing across the country, and in Dar es Salaam alone, pension funds were expected bring to the market at least 8,000 residential units last year, according to a report from the consultancy Knight Frank last year. The Tanzania Buildings Agency also plans to build 2,500 units across the country, it said.

Tanzania’s government is implementing austerity measures, which includes state spending cuts, according to the research company IHS.

The GDP per capita by purchasing power parity in 2014 for Tanzania is US$2,000 to $2,999, according to the IMF.

According to Mr Dietzold, the first phase of the Fumba Town Development is about 80 per cent sold, mostly from Tanzanians at home and abroad. Located on Unguja, also known as Zanzibar Island in the archipelago, the development aims to be a satellite township for Zanzibar town.




The developers expect a 15 to 20 per cent return on rentals and a capital appreciation. Prices start at $45,900 for a two-bedroom villa.

Mr Dietzold started CPS Live in 2004 in Germany and moved to Zanzibar in 2011.


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EXECUTIVE TRAVEL: A FEW GLITCHES, BUT EMIRATES BUSINESS CLASS TO CEBU AND CLARK IS WORTH THE MONEY

SUNDAY 3 APRIL 2016

Emirates airline’s new Dubai-Cebu-Clark daily circular service has just two classes – business and economy. When I board the Boeing 777-300ER from Dubai International Airport and proceed to find my seat – just a few rows back from the forward doors – it feels like I’m flying first class, as there is no one else in a section in front.

I’d just come from the first-class lounge. As a special treat, those of us in business had been given access for Wednesday’s inaugural flight on this route.

Ordinarily, passengers flying business with Emirates are given access to the business lounge.

The transition from lounge to plane was seamless. We were fast-tracked and able to make our way swiftly to our allocated seats, of which there were 42 in a two-three-two configuration.

Unfortunately, it’s just a few steps on to the plane before I realise I’m seated in the middle of a row of three. I immediately begin feeling less than impressed (I wasn’t able to choose my seat as I was on a group booking). But I accept it and decide to make the most of the extra leg room and flat-bed set-up – after all, it is already past 3am.

The flight’s scheduled times are takeoff from Dubai at 2.55am and landing in Cebu at 3.50pm. Before take-off, the staff are very particular about the stowage of all bags and shoes in the overhead lockers.

Refreshments are served as soon as we reach our cruising altitude. At this time the steward checks in with me about my special meal request, while other guests hand over their suit jackets which are tagged and stored in a private cupboard.

There are a couple of things that are slightly annoying. The television unit doesn’t have touchscreen capability, and the USB drive isn’t easy to locate.

I sleep through the light breakfast that is served about an hour or so into the flight, and still feel groggy when “lunch" is served two hours before landing. This is testament to the comfortable bed-like seats, which are worth every cent of the Dh8,775. For economy you pay Dh2,385.

And with just three business seats to spare on the flight, which seats 428 across both classes, I’d say that’s a good indication most people agree.




q&a links with the Philippines

Melinda Healy gives more details about Emirates and its Philippine connection:

How many aircraft does Emirates airline have in its fleet?

Currently the airline has 236 passenger aircraft and 15 freighter aircraft and it has another 252 aircraft pending delivery.

How many destinations does the airline fly to?

The Emirates network has more than 150 destinations. It flies to 80 countries in six continents.

How many Filipino cabin crew does Emirates employ?

It has more than 1,050 Filipino crew to help local residents feel right at home when travelling with the UAE carrier.

How many new routes have Emirates added in the past year and how many more are forthcoming this year?

Emirates last year launched six routes – Bali, Indonesia; Multan, Pakistan; Orlando, Florida; Mashhad, Iran; Bologna, Italy; and Sabiha Gokcen, Turkey. This year, in addition to the Cebu/Clark circular service, it will launch Yinchuan and Zhengzhou, China; Yangon, Myanmar; and Hanoi, Vietnam.

How many passengers has Emirates carried since it launched flights to the Philippines back in 1990?

In the past 26 years, Emirates has carried more than 7.5 million Filipinos, international tourists and business passengers. In 2015 alone the airline hosted more than 550,000 on the Manila-Dubai route.


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MIDDLE EAST COMPANIES NOT SETTING ASIDE ENOUGH MONEY FOR END OF SERVICE BENEFITS, STUDY ASSERTS

MONDAY 4 APRIL 2016

A majority of Middle East employers fail to set aside funds to cover end of service benefit payments, but there is a growing demand to make it mandatory for companies, according to research from Zurich Global Life.

The average end of service benefit (EoSB) payment made to expatriate workers when they leave a job has risen by 140 per cent over the past six years as the average length of service increased to seven years from less than five years, said the report published yesterday.

Employees are entitled to 21 days’ basic salary for each complete year of service for the first five years, according to the UAE Labour Law. For each complete year of service over five years, they are entitled to 30 days of basic salary. A cap is set at two years’ remuneration. If the companies do not have assets to pay the liabilities, there is no legal requirement to make them pay.

About 83 per cent of companies surveyed make the payments as they become due from their working capital, according to Peter Cox, head of international pension plans at Zurich in the Middle East.

The research was based on a survey of chief financial officers and a round-table discussion, organised by the consultancy firm Insight Discovery. In November, Zurich surveyed 106 chief financial officers and finance executives across a range of sectors. Nearly a third of them work for construction companies. About 90 per cent of the respondents work with companies that are headquartered in the UAE. Around half of the companies have more than 1,000 employees.

“Companies in the Middle East struggle to see the prudence of de-risking an ever-growing financial issue," Mr Cox said. “Because in their mind, it is not a significant [sum of money] but they are not valuing the liability correctly, not in line with the international standards."

Zurich administers, invests and facilitates employee communications for about 50 employers in sectors such as in hotels and hospitality, oil and gas, and financial services in the UAE on EoSB funds.

It is the right time to set aside funds for EoSB, when the economy is slowing and there are talks of levying a corporate tax, according to Mr Cox.

“Due to the financing pressure, if they don’t have assets when they are laying off people, timing couldn’t be worse," he said.

At least 85 per cent think of the respondents polled in the report said it would be a good idea if they did set aside funds for the payments.




“A [majority] think that a mandatory fund requirement would be a good thing, in that it would focus employers’ minds on a growing financial issue," according to Nigel Sillitoe, the chief executive of Insight Discovery.

A majority of the companies – 72 per cent – do not expect the government to introduce a mandatory funding requirement.

A separate report estimated that the aggregate liabilities across the Arabian Gulf could rise to US$75 billion by 2020, according to the consultancy Towers Watson in 2010.

“Those employers who facilitate workplace savings will find that they become an employer of choice with significantly improved recruitment and retention results," Mr Cox said.


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FAILURES MAKE FOR BETTER LEADERS, SAYS EMAAR PROPERTIES CHAIRMAN MOHAMED ALABBAR


The man whose company built Burj Khalifa knows a thing or two about scaling great heights in the business world.

Mohamed Alabbar, the chairman of Emaar Properties, shared his story when he gave a talk in Abu Dhabi in February at the invitation of the Salama Bint Hamdan Al Nahyan Forum for New Ideas.

Mr Alabbar, 59, started off by showing his audience a black-and-white photo of a dhow, taken in the 1950s when he was a child and Dubai was a quiet fishing port. It was his father’s ship, said Mr Alabbar, who was the eldest of two children raised in Dubai’s Rashidiya area.

“As captain of a ship, my father took risks, he went into the unknown," Mr Alabbar said.

“He sailed with no GPS system, no weather forecast, there were pirates at sea, and these ships used to leak. Who chooses to sail for days on end with that in mind? You have to be brave and learn how to make big decisions."

The lessons of his father’s courage were not lost on Mr Alabbar as he navigated through the choppy waters of business in his own career.

After graduating from Seattle University with a degree in finance and business administration, his first job was as a manager for the Central Bank of the UAE in Abu Dhabi. “I got married and had my first child. But I was restless in this city, wanting to do more – I wanted to be active," he said.

After 25 years in Abu Dhabi, Mr Alabbar accepted a job offer to become the director of Al Khaleej Investments in Singapore, where the government-owned company had significant real estate interests. “It was a completely new environment, and I was eager to learn from this new government and business structure," he said. “More than anything, in Singapore I learnt to be positive and not to hesitate."

In 1992, Mr Alabbar, who by then had four children, decided to go back to Dubai with his family.

Upon his return, he was given the role as the founding director of the Department of Economic Development (DED).

Although Dubai at that time was a very different city to the one he had grown up in, it was also a fraction of the size it is today.

“It was a time for change," Mr Alabbar said. “I took on new government partners and brought in new people who would work day and night, people who had pride in our city. We were dismantling the government system and we were passionate about making a change for our country. We took decisions and we acted to get the results. Continuous action is a must, in anything, in order to succeed."




In 1996, Mr Alabbar initiated and organised the Dubai Shopping Festival to promote retail trade in Dubai.

As well as serving as a member of the Dubai Executive Council and the Dubai Economic Council, Mr Alabbar was also the vice chairman of Dubai Aluminium Company (Dubal) and Dubai World Trade Centre, and chairman of Dubai Cable Company.

Over the next six years, he said he worked around the clock to fulfil his obligations. “But to me it was not work. I was fulfilling a vision and an ambition, a passion that I have."

Mr Alabbar says he was not motivated by financial gain. “There was no money in it anyway. The salary was about Dh22,000. It was the love that was really important, the pride that we could do it."

In 1997, Mr Alabbar founded what became Dubai’s biggest listed property developer, Emaar Properties.

“I had a passion that our city would grow, so that’s how I started my first project, the Dh15 billion Dubai Marina project. Had I done it before? No. Did I have experience? No. I had a lot of love and a passion to learn."

Emaar Properties’ next project was the Dubai Downtown development, which included the The Dubai Mall and Burj Khalifa, the world’s tallest building.

Construction of Burj Khalifa began in 2004, and continued despite the financial crisis that prevented the completion of several other high-profile building projects between 2007 and 2010, the year Burj Khalifa opened.

“Again, it was not about money or business," he told his audience. “It’s about that child standing in front of the Burj Khalifa, looking at it and smiling and saying, ‘I belong to a civilised country and I am proud’."

There were times when Mr Alabbar had his doubts as to whether he was the right man for the job. “I once asked Sheikh Mohammed [bin Rashid]: ‘Have you ever asked me if I have ever built anything like this before in my life?

“Did you ever ask me if I had hired someone who had ever built a building like this?’ He smiled and replied: ‘I trust you.’"

Despite his many achievements, Mr Alabbar spoke candidly with his audience on the subject of failure.

“I invested in the US and lost some money. I didn’t choose my partners well and it was a tough time. The biggest mistake I made was in not bringing in more good people around me earlier, and I am fixing that mistake. You need hungry people around you, hungry people can do things."

Mr Alabbar said his failures have made him a stronger leader today. “Without failures we would be useless, failure makes you resilient. We grow because of our failures."


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BREXIT A HOT TOPIC FOR BRITISH EXPATS IN THE UAE


When the UK prime minister David Cameron announced in February that the country is to stage a referendum on Britain’s membership of the European Union, you could have been forgiven for thinking the cut and thrust of Westminster politics would have little to do with the sunny Emirates.

But with 100,000 Britons currently living in the UAE, most of whom are likely to be eligible to vote in the “Brexit" referendum on June 23, the debate among British expatriates over here has been hotting up.

Last week a hundred or so Dubai-based Brits even headed to the emirate’s Capital Club to listen to the pro-Brexit former defence minister Liam Fox explain why he thought the UK should withdraw from the European Union.

“[The campaign is] energising all sorts of people who wouldn’t normally be involved in politics," Mr Fox told a packed room of British businessmen and women. “When we’ve had rallies, we’ve had a big turnout. What that means in terms of voter turnout, I’m not sure. The pollsters tell us that we’re heading for a relatively low poll, which is likely to favour the leavers, whose voters are much more likely to want to come out and vote."

Those in favour of a Brexit, such as Mr Fox and the London Mayor Boris Johnson, argue that by leaving the European Union Britain will have more say over its own laws, will be able to control its own borders, will free itself from the troubled euro-zone economy and will be free from the high charges and many rules they say have been imposed on Britain by the EU.

Those on the opposite side of the debate, including Mr Cameron, the chancellor, or finance minister, George Osborne and the home secretary Theresa May, believe Britain gets a big boost from EU membership – it makes selling things to other EU countries easier and, they argue, the flow of immigrants, most of whom are young and keen to work, fuels economic growth and helps pay for public services. They also believe Britain’s status in the world would be damaged by leaving and that the country is more secure as part of the bloc.

On Monday February 22, after Mr Johnson’s dramatic weekend decision to back the Leave campaign, the pound fell sharply. So far 36 FTSE-100 chief executives have come out in favour of remaining within the EU. The Bank of England governor Mark Carney is also in favour of Britain remaining.

Despite a number of vociferous speeches supporting Mr Fox’s position at the Capital Club, a vote at the end of the debate indicated that Brits based in the UAE are evenly split between the two camps.

Aside from the political issues that have been dealt with elsewhere, for many floating voters the key question boils down to: “How will this affect my own pocket?" – especially regarding the UK property market in which so many British expatriates and GCC investors have put their cash.

“Most of the clients we have been advising are of the opinion that a Brexit won’t happen and that as the pound is pretty weak at the moment it’s a good time to invest in the UK," says Richard Bradstock, a director at IP Global based in Abu Dhabi who specialises in advising UAE residents on investing in overseas property.




“We’ve actually seen a marked increase in business this year compared with last year and, for the few of our regular clients who have decided not to buy, it seems that they are using the Brexit vote as an excuse and their real concern is a lack of job security in Abu Dhabi caused by low oil prices," he adds.

Most commentators suggest that, as with the general election in 2015 and the Scottish Independence referendum in 2014, the uncertainty surrounding the outcome of the June vote is likely to subdue sales until it has been decided. In both 2015 and 2014 potential investors waited to see what would happen before piling back into the market afterwards and sending house prices even higher.

“If, as we predict, Britain votes to remain in the short term, uncertainty between February and June would be lifted, potentially leading to a strong rally in the London housing market," says Jennet Siebrits, the head of residential research at CBRE Residential.

She points out that after the Scots voted to remain part of the UK in September 2014, housing market activity picked up again, with the total value of sales across Scotland registered between October and December 2015 increasing by 16.3 per cent to just under £4.83 billion (Dh25.23bn) compared with the same period a year earlier. This represented the highest value of sale for any quarter since the first of 2008-09.

“Clearly a weaker economy would be a potential risk for the housing market, but there are strong reasons to believe that whatever happens, the London property market will continue to thrive up to and beyond the June poll," Ms Siebrits adds.

“Most official guidance suggests that 40,000 to 50,000 new homes need to be built in London every year and, with only 20,000 now being built annually, supply is nowhere near meeting demand. This makes it very hard to see how London house prices can fall."

Tom Bill, the head of London residential research at Knight Frank agrees.

“The extent of the uncertainty in the run-up to the vote means the country is likely to experience a ‘Brexit effect’, irrespective of whether the country votes to leave the EU. The uncertainty means investment decisions, including property, are more likely to be delayed until after the vote," he says.

Moreover, if Britain did vote to leave the EU he says that the resultant drop in the value of the pound could encourage overseas investors to pile into the London market.

“In addition to a weaker Sterling, economic uncertainty may keep interest rates lower for longer, both factors that, in more ordinary circumstances, would be positive for the prime London property market," Mr Bill adds.

But others warn that the growing uncertainty is increasing the likelihood of the market stalling for the 54,000 high-end London flats that are currently being developed and which are often marketed almost exclusively at overseas buyers.

Last week it emerged that British banks have increased interest rates for that most risky area of property finance – development loans for luxury London housing – by about 75 basis points.

According to Savills, over the past six months as the Brexit vote loomed, financing costs for large projects in central London have risen by the highest rate since 2012.

By contrast average interest rate margins for UK housing developments fell to 381 basis points from 453 basis points in the year to the end of June 2015, according to a survey of lenders by De Montfort University.

But estate agents say it is the recent tax changes rather than the result of the EU referendum that is more likely to affect the prime London market. These new rules include increases in stamp duty, capital gains tax and taxes on properties held in corporate wrappers, and reductions in tax advantages for buy-




to-let landlords. Under the new rules the stamp duty for a £7.5 million residence to be used as a second home is now more than £1m.

According to Knight Frank prime central London house prices fell 0.6 per cent in the six months to the end of February 2016 – the biggest fall since June 2009.

“The [new tax rules] seem to be of more importance to Mena investors than the Brexit and have led to shift in demand from properties over £1,500 per square foot to those under £1,000 per square foot producing higher rental yields," says Robert Pearce, the head of residential development and investment at Chestertons.

Back in Dubai’s Capital Club Liam Fox, too, was using housing as an argument for leaving the EU, claiming that allowing mainland Europeans to settle in the UK is pushing house prices as well as squeezing public services.

“In the past 10 years, 1.162 million net EU citizens have settled in Britain," he says. “That puts a lot of pressure on public services – on school services, the national health services, on housebuilding. “We may have actually chosen to have 1.162 million more people living in the UK, but my point is we didn’t get a choice. They automatically had a right to come."


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FARNEK TO ROLL OUT SYSTEM FOR TRACKING STAFF THROUGH SMARTPHONES AND WATCHES


The facilities management company Farnek is rolling out a system that will track the activities of its 3,500 maintenance workers, cleaners and security guards.

The company is implementing a system based on a Google platform run through smartphones and watches that allows it to identify exactly where staff members are, and how long they spend on a specific site.

This information will then be used for its own payroll purposes, as well as for billing clients.

Markus Oberlin, the chief executive of Farnek, said that smartphones were being issued to all of its maintenance staff, as well as supervisors of cleaners and security guards.

The cleaners and guards themselves will be issued smart bands. The company will issue about 2,500 bands, and about 500 smartphones to staff who do not already own one.

“The watch we use has orig¬inally been developed for parents, for children’s supervision," Mr Oberlin said.

“You can also talk to the watch, give messages and you can geofence it. So when your child is at school, if they go past a certain border you get an alarm."

For Farnek, the technology has two benefits.

First, it can feed this data directly into its payroll system, cutting out the requirement for employees to fill out and process paper time sheets.

Second, it offers Farnek’s customers greater transpar¬ency over who is in locations and for how long, which also leads to more accurate billing.

Mr Oberlin said that a pilot period has already taken place and there were no concerns raised about privacy or excessive monitoring from staff members.

Mr Oberlin added: “At the end of the day, the employee understands that he gets paid exactly as he works.

“We’ve sometimes had issues in the past where somebody works overtime and it hasn’t been recorded properly.

“In this way, it’s recorded exactly as per minutes and ¬seconds."

It also prevents abuse of the time-sheet system by people booking too many hours, he said.




Farnek pointed to a study by US corporate-investigations firm Kessler International, which conducted an anonymous poll of more than 500 US employees, which found that more than 30 per cent admitted to falsifying time sheets and 80 per cent admitted to conducting some form of personal activity during working hours.

Meanwhile, maintenance staff with smartphones can be sent regular training videos being created by the company to walk employees through common scenarios such as servicing air conditioners.

“That means we can give our employees [the tools] so they can double-check before they maintain a critical asset. “They can watch it so they don’t make any mistakes," Mr Oberlin said.

“We can see how many times the employee watched the video, which can also be important for health and safety. Let’s assume one of the employees did something wrong and we see that he did not watch the video. We can use this during the performance appraisal."

Employees can also watch videos during downtime, such as travel to and from sites on company buses, Mr Oberlin said.

And if they are working on a project where they need advice, they can send images to technical support staff at head¬quarters.

A Google spokesman told The National that although its platform had been used to create Farnek’s employee tracker, a third party vendor, Exeo, had developed the time and attendance monitoring system used by the company.


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DUBAI’S EXPO 2020 INFRASTRUCTURE SPENDING TO BOOST UAE CONSTRUCTION SECTOR TUESDAY 5 APRIL 2016

The UAE construction market remains on course to grow at a faster pace than the wider economy, fuelled by infrastructure spending in Dubai, according to one analyst.

BMI Research is forecasting growth of 6.6 per cent for the UAE construction market this year, considerably ahead of the IMF’s forecast of 2.6 per cent growth for the wider economy.

The value of the UAE’s construction industry is set to increase to Dh181 billion next year from about Dh162bn this year, the company said. BMI Research also predicts growth of more than 6 per cent for the following three years as Dubai ramps up spending ahead of Expo 2020, but a fall-off of 2 to 3 per cent a year after 2020.

It said that Dubai’s planned projects in real estate and energy are “progressing well", but said that Abu Dhabi had been more exposed to the downturn in commodities as government and private sector spending were more reliant on the oil and gas market.

Using remittances from the emirate to Pakistan as a proxy for construction activity (because so many labourers in Abu Dhabi come from the country), it said there was a slowdown in activity for most of last year.

Despite this, BMI Research said that major projects such as the Route 2020 Metro extension on the Red Line in Dubai, the expansion of Jebel Ali Port and Al Maktoum Airport would continue to drive activity. It said that even the postponed Etihad Rail phase two – the link to Dubai and Abu Dhabi – is likely to be built, as it has been assured funding by the Federal Government and there remains a solid business case for the UAE to build its own network, regardless of the wider GCC project.

“The UAE would gain a major competitive advantage over regional peers with the introduction of a rail service," the report said. “Congestion on the UAE’s road networks has become a major issue, so removing significant volumes of freight traffic would be of benefit to businesses and the population."

William Bodie, an executive vice president at the US-based building consultancy Parsons, agreed with the report’s assertion that Dubai is likely to drive growth in the near future. “In our work as a consultant, we’re seeing a heavier volume of proposals and work orders in Dubai as compared with Abu Dhabi."

Yet Patrick McKinney, the head of Gulf States for the contractor BAM International, said that BMI Research’s 6 per cent growth figure was “very optimistic". “The real estate sector in Dubai is holding up for now, but generally I don’t think anyone is saying it is growing at 6 per cent. A lot of stuff has been … pushed back and delayed," Mr McKinney said.

“If you talk to the big consultants, they’re laying people off, which is a harbinger of bad times coming."


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DUBAI STILL THE MOST POPULAR DESTINATION FOR HIGH NET-WORTH GCC INVESTORS


Wealthy property investors in the GCC are taking advantage of depressed conditions by snapping up assets at the bargain end of the market.

Consultancy Cluttons said that Dubai remains the most popular destination for high net-worth investors in the GCC, favoured as first-choice destination by 27 per cent of respondents to its Middle East Capital Survey, compared with 21 per cent citing Abu Dhabi and 8 per cent for Sharjah.

Survey respondents were individuals who own at least US$1 million outside their city of residence, and almost two-thirds said they were planning to spend at least $1m on property this year.

However, rather than seeking trophy assets in Palm Jumeirah or Dubai Marina, the top three destinations for residential purchases were The Springs, Bur Dubai and Deira. There is also considerable demand for worker accommodation due to the high yields generated.

Richard Paul, a director of residential valuations for Cluttons, said that prices were continuing to soften, with anecdotal evidence of job losses in the banking and oil and gas markets weakening sentiment. He expects capital values to drop by a further 5 per cent this year.

Despite this, he said that there are submarkets that have already bottomed out offering attractive yields.

“The Springs has probably felt the hardest drop in values over the last 18 to 24 months – in certain communities down 20 per cent," he said. “The people in the know feel, and I would agree with them, that it’s reaching its lowest ebb and people are trying to get in at a choice time."

He said that The Springs remained a popular area, attracting typical rents of Dh115,000 to Dh135,000 per year for a two-bed property, giving investors a yield of 5.5 to 6 per cent.

Similarly, GCC investors have been keen to snap up entire buildings – residential and commercial – in Deira and Bur Dubai.

Rents in Bur Dubai for a two-bed property are Dh83,000 to Dh112,000 per year, giving the owner of an entire residential building a yield of 8 to 8.5 per cent.

Office buildings in Deira let for between Dh60 to Dh120 per square foot, generating yields of 8.5 to 9 per cent.

Murray Strang, the head of investment and agency at Cluttons, said that such space is often older and more dated, meaning that it requires more hands-on management.

“But it very rarely lies vacant – the occupancy levels are extremely strong. They might not always be the best buildings to look at but in terms of the reliability of income and strength, you’re getting yields of 8.5 per cent to 9 per cent compared to 7.5 per cent in Downtown Dubai."




Worker accommodation can attract yields above 10 per cent, and is growing in sophistication, said Mr Strang, with many corporate occupiers seeking entire buildings to house staff.

“Build to suit" deals, such as the five towers under construction in Dubai Silicon Oasis for Emirates airline staff, are popular with occupiers, he said.

“If not build to suit, [occupiers are] looking at taking space in bulk that means they’re not managing accommodation spread across the city in different locations and different contracts."

Earlier this week, the research firm Phidar Advisory warned against those calling the bottom of the market, with the managing director, Jesse Downs, stating there had been “a flurry of positive headlines over the past month with limited evidentiary support or analysis".

It said that prices dropped by 2.2 per cent year-on-year in the first quarter of this year, adding that the continued strength of the US dollar, weak oil prices and the rising cost of debt had reduced liquidity and consumption, were negatively affecting jobs and occupier demand.

“Unsubstantiated optimism can have a destructive impact on a market," said Ms Downs.


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SAUDI ARABIA DRIVES DEMAND FOR HOTELS WITH MID-MARKET ROOMS


The mid-market hotel segment in Saudi Arabia expects to get busy in the next few years as more such properties open in response to demand.

Thousands of rooms from mid-market hotel brands are ready to come on stream by the end of 2018, according to a report from the Germany-based research company Tophotelprojects.

These include 1,433 rooms from Park Inn by Radisson, 1,155 rooms from Hilton Garden Inn, about 1,800 rooms from Four Points by Sheraton and hundreds more from Starwood’s Aloft Hotels, Accor’s Mercure and InterContinental Hotels Group’s Staybridge Suites, according to a report published ahead of the three-day Hotel Show Saudi Arabia next month.

A total of 49,259 rooms from 130 hotels across various market segments from local and international brands are under development in Saudi Arabia as of this month, according to Tophotelprojects.

Hotel demand in Riyadh, Jeddah and Al Khobar is dominated by corporate and meeting, incentives and exhibitions clients, while religious tourism drives the demand in Mecca and Medina, according to Rashid Aboobacker, the associate director at TRI Consulting, a Dubai management consultancy.

Historically, these cities have been dominated by luxury hotels rather than mid-market properties.

“In addition, the demand for mid-market and budget hotels has been growing fast due to cost-cutting by corporates as well as the growing number of domestic tourists who are predominantly from the middle-income category," he said.

“The recent boom in the development of mid-market hotels is therefore driven by both gap in the supply as well as the growth in demand."

It also costs less to build a mid-market property than a luxury one.

In Saudi Arabia, excluding land, mid-market property ranges from US$140,000 to $180,000 per room, Mr Aboobacker said.

In the five-star category, it can cost more than $500,000 a room.

The government push for economic diversification in Saudi Arabia makes it a key growth market, according to Basel Talal, the district director of Rezidor Hotel Group Saudi Arabia.

It expects to open two Park Inn by Radisson Hotels in Mecca by next year.

These are among a pipeline of 17 hotels accounting for 3,780 rooms to be ready in the next five years in the country.




The French hotel operator Accor expects to open a four-star Novotel with 450 rooms, an Adagio Aparthotel with 77 rooms and a three-star Ibis and ibis Styles with 463 rooms by the end of next year.

Holiday Inn, part of InterContinental Hotels Group, opened two Holiday Inn properties and signed two more, including the world’s largest, Holiday Inn Makkah Abraaj Al Tayseer, last year.


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MASDAR CITY PUSHES FOR TENANT GROWTH

THURSDAY 7 APRIL 2016

Masdar City aims to grow its tenant base nearly four-fold by 2020 as the free zone and investment zone is pushed as a site for private sector development and diversifying the economy.

The plans include an expansion of the net leasable area – the area minus the hallways, stairwells, lobbies and utility rooms – within the free zone by 32 per cent every year over the next four years. Masdar City is the capital’s sustainable urban development that houses Masdar Institute of Science and Technology, the world’s first university focused on advanced energy and sustainable technologies.

“As both a free zone and investment zone, Masdar City offers both flexibility and scalability to prospective tenants and investors, catering to micro businesses and large-scale corporations alike," said Ahmed Baghoum, the director of Masdar Free Zone. He said that about 35 per cent of Masdar City’s planned built-up area will be completed within the next five years, and all existing buildings and those under construction are fully leased.

“Masdar City’s transparent and business-friendly regulations, strategic location next to Abu Dhabi International Airport, and unique positioning as an innovation ecosystem providing access to education, R&D, clean technology and human capital are an attractive proposition to both public- and private-sector organisations looking to set up in Abu Dhabi and the region."

The free zone also offers a one-stop shop service to streamline administrative tasks such as government registrations and visa processing.


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DH72M KENSINGTON PENTHOUSE AT THE DOORSTEP OF GREAT LONDON ATTRACTIONS


West London has been popular because of its parks, shopping, restaurants and the overall quality of lifestyle. The only downside to the city can be its unpredictable weather.

Although there is not much that can be done to change that, the developer of the recently-restored Abbots House building in Kensington has at least given potential buyers of its £13.9 million (Dh72.1m) penthouse the opportunity to enjoy a regular swim in either indoor or outdoor temperatures. This duplex apartment on the eighth and ninth floors, has a mezzanine-level pool area with its own current machine installed to allow for uninterrupted swimming. A retractable glass roof allows its owner to swim alfresco when the weather is kind, and there is also yoga and relaxation space, as well as a drinks bar in the same area.

This four-bedroom apartment, which has been redeveloped by the luxury property development specialist CPC Group, contains a double-height reception room as both its focal point and the main entertaining space, with a bespoke chandelier and dining space in one corner and a main seating are offering views over South-west London alongside.

This is an area that is very popular with the Middle East buyers. Last week, Rokstone, an estate agency specialising in London’s West End, highlighted the emergence of a “Qatari Quarter’ in North-west Mayfair, where members of Qatar’s royal family, its investment funds and other Qatari nationals have bought more than £1 billion of residential properties. Gulf buyers snap up £150m worth of property each year in Mayfair alone. The fact that prices for prime London real estate have soared by 70 per cent since 2009 no doubt adds to the appeal.

This apartment should be seen as more than just an investment though, with the redevelopment creating a space that serves as a home away from home. It has a dedicated lift leading from the underground car park (the penthouse comes with two spaces) into an entrance hall decked out in neutral colours with a timber floor and a fireplace. Beyond that is a Bulthaup-designed kitchen fitted with Miele appliances that also has a built-in larder and a utility room. A master bedroom is located with its own upstairs wing, an adjoining bathroom and dressing room. One of the apartment’s three other (all en suite) bedrooms is on the top floor alongside a study/TV room, while the bigger downstairs area houses the remaining two bedrooms and three separate terrace areas. Alongside the formal dining space, there’s also an informal dining room with a 65-inch TV enabled for both satellite and Apple TV controlled by tablets. Calacatta stone detailing features in all of the bathrooms, while all of the joinery is bespoke, with Tabu timber veneers used around the entrance lobby and living areas.

At 6,200 square feet, it isn’t the biggest luxury property in the world, but its location, just off Kensington high street, is at the doorstep of so many great museums, restaurants and other top London attractions. In fact, should you forget your swimwear, Harrods is only minutes away.




q&a we’re expecting a family

A conversation with Stephen Holmes, a London-based director in the selling agent Savills’ residential flats division:

Who would live in a property like this?

We are expecting a family, although perhaps not with very young children. So far, interest has been from America, India, Germany and Ireland.

What are the main attractions in this area?

Two of London’s royal parks – Holland Park and Kensington Gardens/Hyde Park, are right on your doorstep. There are great schools in the area and plenty of shops and restaurants. Four Michelin-starred restaurants are within easy reach (Kitchen W8, The Kensington Roof Gardens, Ming Jiang and the Kensington Ivy Brasserie), and in Holland Park itself there is also The Belvedere.

Kensington Palace is also nearby, and the UK’s Design Museum will relocate to the area later this year. There is also very good access to Heathrow Airport through the M4 motorway.

Can you tell me more about this apartment’s history?

This has been a residential building as far back as the 1960s, although I believe the penthouse was added at a later date – sometime in the 1980s. It has been completely refurbished by the developer, who also redid the communal entrance hall to the building, landscaped the flower beds and driveway, and replaced all the windows in the entire building.


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DUBAI PROPERTIES TO LAUNCH PHASE TWO OF ARABELLA TOWNHOUSES IN DUBAILAND


Dubai Properties is to launch the second phase tomorrow of its Arabella community of town houses in the Mudon development bordering Emirates Road.

Masood Al Awar, the chief commercial officer at Dubai Properties, said that the developer will release 200 two, three, four and five-bedroom town houses tomorrow, as well as presenting the project at the International Property Show, which takes place at Dubai World Trade Centre from Monday to Wednesday next week.

Dubai Properties launched the first phase of Arabella in May last year and reported that all of the homes on offer sold out on its launch day. Phase one contains 500 units and is currently being built by Trojan General Contracting.

The first phase consisted of three and four-bed properties, but phase two will also have two-bed and five-bed units.

“We are always trying to fill market requirements and customer needs, we have known that these will be required and we have designed a better mix for the people because we want to attract different segments and different categories," said Mr Al Awar, who joined Dubai Properties in December after stepping down from his previous role as the chief executive of Tasweek Real Estate Development and Marketing.

The two-bed units at Arabella start in price at Dh1.3 million, three-beds at Dh1.6m, four beds at Dh2.2m and five beds at Dh2.6m. These will be close to site facilities such as Mudon Central Park featuring jogging and cycling trails, sports courts and exercise stations, and some outdoor cafes, play areas and shops.

Mr Al Awar expects that a contractor for the project will be appointed in six to eight months, with properties to be delivered by the end of 2018. The units are being offered on a payment plan, with a 10 per cent deposit required and a further 30 per cent payable during construction. The remaining 60 per cent is payable on handover.

When asked how it compares with the nearby Nshama Town Square scheme that faces Mudon on Emirates Road, where the first phase of town houses had three-bed units priced from Dh1m and four-beds from Dh1.2m, Mr Al Awar said that Dubai Properties had “done enough benchmarking to make sure that our offering is very competitive".

“Different markets have different segments. I think Arabella 1 was very successful. Built on that, we are launching this product. We understand very clearly that this product is well positioned in the market and it will be absorbed, because we are offering value."




Richard Paul, a director of residential valuations at Cluttons, said on Wednesday that a developer’s track record can play a major role in pricing, with those who have managed to bed down established communities such as Emaar Properties and Dubai Properties able to charge a premium.

“If they’re brand new to the market, they have to overdeliver everything and really put out a shining example of what they can do. And not cut corners.

“The speculators have left. If we’re talking about owner-occupiers they’re going to be here for five or 10 years and they will want to know what this place is going to look like in five or 10 years."


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FIRST UNDERWATER ‘FLOATING SEAHORSE’ VILLA BUILT IN DUBAI


DUBAI // The first partially underwater villa, “The Floating Seahorse", is now in position 4km off the coast of Dubai in The World islands project.

Pictures emerged on social media of the first of the 42 villas in a cluster of islands known as the Heart of Europe.

The villas, described as “the first of its kind in the world", initially cost Dh5 million each.

The project was launched by developer The Kleindienst Group at the Dubai International Boat Show last March.

Each villa, designed and manufactured on a dry dock in Dubai Maritime City, will have three levels — one underwater, one at sea level, and an upper deck — with a submerged master bedroom and bathroom.

They are also equipped with a kitchen, dining area, and a glass-bottomed jacuzzi.

Plans are in place to also make the concept available for sale, said Kleindienst Group, the developer, adding the company has received interest from investors in Saudi Arabia, Maldives, Seychelles, the Caribbean, and Norway.

“We are confident it will set a benchmark in the luxury lifestyle market worldwide for outstanding innovation, contemporary design and underwater living at its best," said chief executive Josef Kleindienst. “The seahorse is an endangered species and we will create an artificial coral reef beneath the luxury retreats which will be a protected area in which seahorses can safely live and breed."

All 42 villas are expected to be in place by the end of this year.


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UAE DEVELOPERS EAGERLY ANTICIPATE FORMATION OF SAUDI HOUSING COMPANY

SATURDAY 9 APRIL 2016

The revelation by Saudi Arabia that it will launch a state-backed development company in a bid to ease its housing shortage has sparked the interest of UAE developers.

Saudi Arabia’s housing minister, Majed Al Hogail, told Bloomberg it would create a development company that will give businesses plots of land, and provide a mortgage guarantee fund that would serve as a useful method for bringing financing to schemes.

The moves are being made with a view to breathing life into a mass house-building plan that was announced by the late King Abdullah in 2011, who had issued a decree to set aside 250 billion Saudi riyals (Dh244.85bn) to facilitate the construction of half a million homes.

A spokesman for Emaar Properties described the decision to set up the development company and the fund as “a welcome move that will further energise the property sector and help meet the growing need for houses, especially from the kingdom’s youth population".

“It will also open up opportunities for developers with proven expertise in developing thoughtfully designed communities to partner in the initiative by the ministry. The focus on paving the way for home ownership through the mortgage-guarantee will also drive demand," the spokesman said.

Emaar Properties has been involved with three master-planned schemes through its residential-led Saudi joint venture, Emaar Middle East, including a 4.6bn riyal masterplanned villa community in the Eastern Province known as Al Khobar Lakes. The Emaar spokesman said the ministry’s new initiative “will be an incentive for Emaar, which already has a strong presence in the kingdom, to explore further opportunities".

The property consultancy JLL had predicted more government action on affordable housing in February, pointing out that 60 per cent of households in the country fall within the middle-income segment, which it defines as those earning between 6,000 and 20,000 riyals per month. On such salaries, most areas in major cities such as Jeddah and Riyadh are unaffordable for those looking to buy property.

Saudi Arabia has been attempting to address this. Late last month, the housing minister signed a deal with a consortium led by the South Korean contractors Hanwha E&C and Daewoo E&C for up to 100,000 new homes to be built near King Khalid Airport north of Riyadh over 10 years. The deal is reportedly worth US$20bn.

Ajay Rajendran, the vice-chairman of Sobha Middle East, said that for developers, “land acquisition is very expensive and it is not as freely available in the market" as in other parts of the GCC. “So I think the government is playing a role with this new company they are putting together."

Mr Rajendran said: “At this point in time, we are not looking at operations in Saudi Arabia but at some time in the future, when we are ready, we would be happy to explore it."




Ramzi Darwish, a consultant at Cluttons, said the new development company would be financed, in part, by the white land tax that was introduced in January. This was also aimed at encouraging investment by taking undeveloped land, which has been held as a store of value by many Saudi investors in recent years. “The tax is already putting a downward pressure on land values and more pressure on land owners to either develop or sell," he said.


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Enough indicators of a gradual build up in demand for key locations


Dubai: Dubai’s property market, even at the premium end, can take heart from the first quarter numbers with Dubai Marina recording the highest transactional value of Dh578 million. It was followed by the apartments sold at the Palm Jumeirah, which totalled Dh341 million, according to numbers released by Luxhabitat, the estate agency.

On why investors are again picking up premium realty in Dubai, Ian Kirkby, Luxury Sales Director, said: “The main reasons include the new accounting policies from private banking in European countries, changes in tax laws in India and the general global economic situation. A lot more UHNWIs (ultra-high networth investors) are finding Dubai to be a safe haven.”

In the villa domain, Emirates Hills dominated with Dh263 million in sales followed by those at Palm Jumeirah with Dh237 million and The Springs and Meadows at Dh236.7 million.

“The end of 2015 saw a little bit of low hanging fruit opportunity in the Emirates Living area, but nothing too dramatic,” said Sally Ann Ghai, Luxury Sales Specialist at Luxhabitat. “There has been consistent interest from buyers over the last year, but many have been too opportunistic and not genuinely motivated.

“This is an affluent area in a prime location — so massive value drop expectations are unrealistic. However, there has been some sustained price softening in the Lakes and Meadows, and the more confident buyers have seen enough price stability recently to call the bottom of the market in this area and make a measured, realistic judgement call.

“It’s still an end-user community, so this is a long term decision, but I think we will start to see prices slowly gain by the end of this year and into 2017. Buyers who are waiting for further reductions may find themselves disappointed if they don’t make a move soon.”

Source: Gulf News

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PROPERTY DEVELOPERS GEAR UP FOR CITYSCAPE ABU DHABI

SATURDAY 9 APRIL 2016

Abu Dhabi: Real estate developers in the emirate are gearing up for the upcoming Cityscape Abu Dhabi, with announcements on the launch of their latest projects aimed at boosting the property sector.

Bloom Holding said it will launch Bloom Gardens phase 4. The company has already started construction of phase 3 of the overall approved Bloom Gardens community master plan, which features 147 housing units.

The developer will also showcase to investors some of its other projects including Bloom Central, the Abu Dhabi Marina, Park View and Soho Square projects, and Stella Maris.

Meanwhile, Al Qudra Real Estate will also be at Cityscape Abu Dhabi to showcase its latest projects, namely Al Sadu Towers — a residential and commercial development comprising five towers. It is located on Al Reem Island and spans 17,532 square metres.

Aldar Properties, the Abu Dhabi-listed real estate developer, had earlier said it plans to launch a “major development” on Yas Island shortly before Cityscape kicks off. In an invitation sent to journalists, the company said it will announce the “launch of our largest and most significant project to date”.

Aldar already has multiple residential, hospitality, and retail developments on Yas Island including the company’s largest asset, Yas Mall.

Anniversary

Also participating at Cityscape is the Abu Dhabi Urban Planning Council (UPC), which said it will launch an upgraded online design tool to help develop enhanced streets, and announce detailed approvals for key developments in the entire Abu Dhabi Emirate.

Marking its tenth anniversary this year, Cityscape Abu Dhabi runs from April 12-14 at Abu Dhabi National Exhibition Centre (Adnec). Various exhibitors are set to attend from countries that include the UAE, Saudi Arabia, Turkey, Morocco, Cyprus, Mauritius, the UK, the US, and Bosnia and Herzegovina.

Source: Gulf News

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With 30 years of Middle East experience, Asteco’s Valuation & Advisory Services

Team brings together a group of the Gulf’s leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai, Northern Emirates, Qatar, Jordan and the Kingdom of Saudi Arabia not only provides a deep understanding of the local markets but also enables us to undertake large instructions where we can quickly apply resources to meet clients requirements.

Our breadth of experience across all the main property sectors is underpinned by our sales, leasing and investment teams transacting in the market and a wealth of research that supports our decision making. John Allen BSc MRICS Director, Valuation & Advisory +971 4 403 7777 [email protected]

Julia Knibbs MSc Manager – Research and Consultancy - UAE +971 4 403 7789 [email protected]

VALUATION & ADVISORY Our professional advisory services are conducted by suitably qualified personnel all of whom have had extensive real estate experience within the Middle East and internationally. Our valuations are carried out in accordance with the Royal Institution of Chartered Surveyors (RICS) and International Valuation Standards (IVS) and are undertaken by appropriately qualified valuers with extensive local experience. The Professional Services Asteco conducts throughout the region include: • Consultancy and Advisory Services • Market Research • Valuation Services

SALES Asteco has established a large regional property sales division with representatives based in UAE, Saudi Arabia, Qatar and Jordan. Our sales teams have extensive experience in the negotiation and sale of a variety of assets. LEASING Asteco has been instrumental in the leasing of many high-profile developments across the GCC.

ASSET MANAGEMENT Asteco provides comprehensive asset management services to all property owners, whether a single unit (IPM) or a regional mixed use portfolio. Our focus is on maximising value for our Clients.

OWNER ASSOCIATION Asteco has the experience, systems, procedures and manuals in place to provide streamlined comprehensive Association Management and Consultancy Services to residential, commercial and mixed use communities throughout the GCC Region. SALES MANAGEMENT Our Sales Management services are comprehensive and encompass everything required for the successful completion and handover of units to individual unit owners.



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