NEWS BRIEF 29 - Asteco Property Management · dubai office rents dragged down amid glut of new...

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

RESEARCH DEPARTMENT

NEWS BRIEF 29 SUNDAY 17 July 2016


© Asteco Property Management, 2016 asteco.com | astecoreports.com

IN THE MIDDLE EAST FOR 30 YEARS



REAL ESTATE NEWS UAE

UAE RESIDENTS WITH DH8,000 SALARY LOOK TO BUY PROPERTY IN DUBAI

UAE SUMMER FRET: TRAVELLERS FEAR VFS GLOBAL STRUGGLING TO CLEAR RUSH

UAE EMPLOYERS REVEAL WHAT IS YOUR BEST CHANCE OF PAY HIKE THIS YEAR

UAE MID-DAY BREAK: DH5,000 FINE PER WORKER FOR VIOLATIONS

ACCOR ACQUISITION GIVES HOTEL CHAIN BIGGER FOOTPRINT IN THE MIDDLE EAST

ABU DHABI, DUBAI HOME PRICES AND RENTS CONTINUE FALLING

DUBAI

DUBAI PROPERTY MARKET SHOWING SIGNS OF RECOVERY

DUBAI'S 'MAN WHO LIVED IN CLOUDS' BACK ON GROUND AFTER 730 DAYS

HOW DUBAI PLANS TO KILL CARBON EMISSIONS

DH48BN IN 5 MONTHS: TOP BUYERS OF PROPERTY IN DUBAI

AL HABTOOR TO OPEN WESTIN DUBAI IN SEPTEMBER

BOUNCING RENT CHEQUE CAN LEAD TO FREEZING OF DUBAI TENANT'S BANK

ACCOUNT

EMIRATI HEALTH, SAFETY OFFICER MANDATORY FOR CONSTRUCTION SECTOR

RENTS IN PRIME CENTRAL DUBAI OFFICES DROP 6%

DUBAI OFFICE RENTS DRAGGED DOWN AMID GLUT OF NEW SUPPLY

DUBAI VILLA FIT FOR AN EPISODE OF FOOTBALLERS’ WIVES

DUBAI DEVELOPER DAMAC LAUNCHES THE BEACH AT NAVITAS HOTEL & RESIDENCES

AT AKOYA OXYGEN

DUBAI ECONOMIC OUTLOOK BRIGHTENS WITH BUOYANT TOURISM, RETAIL

ABU DHABI

ALDAR PROJECTS CONTINUE TO PROGRESS

ARABTEC AGREES TO DH400M DEBT FACILITY FROM AABAR

ALDAR'S WEST YAS HEADLINES PROJECTS ON ROAD TO COMPLETION






DUBAI PROPERTY MARKET SHOWING

SIGNS OF RECOVERY

Friday, 15 July 2016

With a clear 12 month trend of relatively stable sales prices, the general sentiment has been cautiously optimistic

towards a recovery commencing in the second half of this year, according to consulting firm ValuStrat.

“Evidence from the market place also indicates that both investors and end-users are now doing deals on well-

located and correctly priced properties,” the consultancy said in its second quarter 2016 real estate review.

“For the second quarter of 2016, Dubai Land Department transaction volumes for the ValuStrat price index (VPI)

coverage areas witnessed quarterly increases of 14 per cent for apartments and 7 per cent for villas,” said Haider

Tuaima, ValuStrat Research Manager.

The VPI is a comprehensive data driven representation of the monthly price change experienced by typical

freehold properties.

The second quarter index displayed an overall 1.1 per cent annual decline in values. However, the monthly growth

rate of residential values has been broadly stable since July 2015.

April and May’s residential VPI registered 98.0 index points while June dipped slightly by 0.1 per cent to 97.9 index

points. Statistical analysis has shown further indications of an early recovery in some areas, signalling possible

signs of a bottoming-out in property values across the VPI coverage locations during the course of the year.

Residential investment yields saw some gain as the median asking rents this quarter were 1.3 per cent higher

than the fourth quarter 2015 and 2.8 per cent higher than first quarter 2016.

For 2016, the latest estimated total supply of residential apartments and villas to be completed amounts to

16,326 units. Compared to data reported in the previous quarter, just over half of the scheduled units will be

delivered this year. Nine off-plan residential projects were launched in the second quarter to add more than 2,500

units to the residential pipeline by 2020.

Office transaction sales prices fell by 10.6 per cent since last year and only 1.1 per cent since the last quarter.

Median asking rents for office space fell 4.6 per cent annually, and 4.8 per cent since the previous quarter. The

median asking rent for office space was Dh1,130 per square metres (Dh105 per square feet).

Source: Emirates 24/7

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DUBAI'S 'MAN WHO LIVED IN CLOUDS'

BACK ON GROUND AFTER 730 DAYS

Thursday, 14 July 2016

He is now temporarily been assigned ground duty after having worked for almost two years working as crane

operator for 425-metre Marina 101, the tallest tower in Dubai Marina.

Not for any other reason, but work on 425-metre Marina 101, the tallest tower in Dubai Marina, is nearing

completion.

“Work the tower is almost complete and so I rarely go in the crane cabin. In the past 10 to 12 days (of Ramadan), I

haven’t been there once,” Amit Kumar Sharma from India told Emirates 24|7.

“Working on the crane, which almost reaches 465 metres, is a very skilful job... you have to have full concentration

on your work. It was only when I had some free time I would look around and enjoy the beautiful skyline of

Dubai.”

So when is the crane finally being removed?

Sharma says he was not aware of that decision, but believes that it will take around 30 days to disassemble the

crane.

He is now being assigned a ground job.

“Well, I do miss going up there... but work is work,” he mentions.

In August 2015, Emirates 24|7 first reported that Sharma spends almost half of his day in the clouds, sitting in a

small air-conditioned cabin, perched up at around 425 metres.

Hailing from Uttar Pradesh in India, Sharma has been working as crane operator for the past six years and

currently works for TAV Construction Company, the contractor of Marina 101.

“It’s my daily chore. I get to the cabin every morning at 5.30am and stay there till 6pm. The first time I felt scared,

but now have no such fears,” he had told this website.

Sharma used to get a three-hour break every day when working as a crane operator. However, he would spend

the time in his cabin.

“I used to take my breakfast and lunch with me. And I ensured that I drank almost 3-3.5 litres of water every day,”

he added.

In August 2015, Sharman had said that once working on the crane a helicopter had come very close to the crane,

but the pilot immediately moved away so avoid any accident.

Asked again, he says there have been no such spine-chilling experiences in the past one year.

“It has been smooth. There were no such incidents,” he reveals.







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HOW DUBAI PLANS TO KILL CARBON

EMISSIONS

Wednesday, 13 July 2016

Dubai Municipality, aims to reduce the consumption of electricity by 20 per cent, water consumption by 15 per

cent, carbon dioxide emissions by 20 per cent and waste by as much as 50 per cent.

"Carbon dioxide emissions will see a reduction of 7.3 million tonnes over the next five years, producing the same

effect as planting 36 million trees – 40 times the size of Zabeel Park,” Khalid Mohammed Saleh Al Mullah, Director

of Buildings Department, Dubai Municipality said.

Dubai Municipality on Tuesday launched Al Safat, a new green building rating system for buildings, which aims

meet Dubai Plan 2021 key drivers of sustainability and smart innovations.

Al Safat will ensure structures are environmentally responsible, resource-efficient and produce less carbon

emission throughout its life cycle, by assessing areas such as energy, water and material consumption.

Hussain Nasser Lootah, Director General of Dubai Municipality said: “The emirate has made significant strides

toward achieving its goals to be the number one city globally in terms of sustainability.”

The new system will apply to all buildings such as residential, commercial, industrial and other facilities and will be

split into four classifications: platinum, gold, silver and bronze.

At least, achieving the requirements for bronze certification is mandatory for all building owners, investors and

developers.

Since 2010, 1,433 green building projects have been completed across the city with more than 90 per cent of

buildings already possessing the necessary criteria to qualify for Al Safat certification. Since the launch of green

buildings code, the municipality has registered in excess of 120 million square feet of real estate.

Essa Al Haj Al Maidoor, Deputy Director General, Dubai Municipality, said Al Safat standards will assist a building

to produce savings in energy use of up to 34 per cent when compared with the current performance and

consumption of buildings.

The Municipality has launched a website dedicated or green buildings (www.Alsafaat.ae), which contains

information about Savat system, special training and electronic section, among others.


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UAE RESIDENTS WITH DH8,000 SALARY

LOOK TO BUY PROPERTY IN DUBAI


The launch of affordable housing projects in Dubai is making UAE residents, with salaries of even Dh8,000 a

month, consider the option of becoming home owners.

A new report by compareit4me.com, a finance comparison website, points to the “renter to owner” movement

with home mortgage enquiries going up substantially in the first four months of 2016, particularly salary earners

of between Dh8,000 and Dh19,999 per month showing a three-fold increase in March and April.

The increase registered is based on the average number of enquiries received in past 22 months. Similarly, those

falling in the salary bracket of Dh12,000 to Dh14,999 a month saw a growth of 240 per cent in March and 260 per

cent in April, while Dh15,000 to Dh19,999 bracket earners showed an increase of 96 per cent in March and 150

per cent in April.

Prices of off plan affordable projects for studio units range between Dh375,000 and Dh450,000 in Dubai

Investment Park, Arjan and Dubailand. Though apartment sizes are small, low prices allows people with low

salaries to buy an apartment.

compareit4me.com CEO Jon Richards says: “The UAE’s new mortgage cap rules, announced in October 2015,

teamed with the cascading effects of the drop in crude oil prices certainly had an impact on the general public’s

attitude to real estate. Added to this, the strong US dollar – and therefore dirham – and the subsequent retraction

of attention from foreign investors all culminated together to create falling housing prices, resulting in hesitancy

in the market.”

He added: “The surge in availability of more affordable housing projects seems to have activated pockets of

residents who were previously confined to renting. I believe this could explain the spikes we have seen in

mortgage enquiries from mid-level salary earners as these new projects are opening the door to them being able

to step onto the UAE’s property ladder.”

Jessica Horie, Senior Director at Prestige Real Estate, states, “There are more buyers in the market now than the

beginning of the year, and I would say this is due to the general consensus that we are at the lowest level of

pricing and that the market will soon recover and prices of property will start to increase again.”

“New developments targeting end user buyers and lower salary brackets are definitely drawing more buyers into

the market. I foresee a trend towards more affordable housing projects and for people with salaries Dh10,000

and below a month to start to being interested in owning they’re own homes rather than paying rent.”

Michael Cullen, Director of Sales and Leasing at Sloanes Real Estate Brokers reveals they have also seen a rise in

buyer enquires since March.

“Tenants are taking advantage of more relaxed mortgage products and extended payment plans by developers in

order to soften the initial outlay and get their foot on the property ladder. Off plan has continued to do well with






high quality, but affordable prices in developments. As we see the population continuing to increase in Dubai,

more and more people are looking at areas other than Dubai Marina and Downtown.”

In February 2016, Dubai Land Department Director-General Sultan Butti Bin Mejren told Emirates 24|7 that they

were expecting real estate transactions to reach Dh300 billion in 2016 compared to Dh267 billion in 2015.


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DH48BN IN 5 MONTHS: TOP BUYERS OF

PROPERTY IN DUBAI

Monday, 11 July 2016

Investment in the Dubai real estate market rose by a whopping 92 per cent in April and May combined, taking

total investment in the sector to Dh48 billion in the first five months of 2016, Emirates 24|7 can reveal.

The investment figure stood at Dh25bn in the first three months, according to information shared by Dubai Land

Department (DLD) with this website.

The total number of nationalities investing in the emirate were 127, with UAE Nationals (Emiratis) topping the

chart with investments worth Dh12.024bn.

Indians followed with investment during the first five months totaling Dh5.885bn followed by Saudis who bought

properties worth Dh3.655bn.

British citizens and Pakistanis stood at fourth and fifth position, investing Dh3.313bn and Dh2.676bn, respectively.

In April, the DLD said total transactions (buying, selling and gift) reached Dh54.782 billion through 12,568

transactions.

Citizens of Gulf Cooperation Council states contributed Dh9bn with the total value of foreign investment

amounting to over Dh12bn with 105 nationalities.

# Trust in Dubai

In an interview with Emirates 24|7, DLD Director-General Sultan Butti Bin Mejren said: “People talk of a

correlation between lower oil prices and property, but we haven’t seen any such thing. People are buying and not

all of them have any business with oil. There are a lot of investors with money who have trust in Dubai.”

Though KPMG, a consulting and audit firm, expected property prices to be under pressure this year due to lower

oil prices and a strong US dollar, it said the market will start to recover in 2017 as infrastructure work surrounding

the Expo 2020 gets under way.

# Expo 2020

Dubai is the host city for Expo 2020, which will run for a period of six months, starting October 20, 2020 till April

10, 2021. It aims to draw more than 25 million visitors, expecting Dh25 billion in total investment in infrastructure-

related projects, with the creation of 277,000 new jobs.

The emirate has already named the designers of the Expo 2020 pavilions and work will start on Route 2020 – the

Dubai Metro extension from Nakheel Harbour and Station to Expo 2020 site – by end-2016.


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AL HABTOOR TO OPEN WESTIN DUBAI IN

SEPTEMBER


Dubai-based Al Habtoor Group will open the Westin Dubai, its third hotel, in the Dh11 billion Al Haboor City on

Sheikh Zayed Road in September, company Chief Executive Officer told Emirates 24|7.

“The 1004-room Westin Dubai will open in September, followed by the opening of The St. Regis hotel in Dubailand

in December,” Mohammed Al Habtoor said after opening the new Metropolitan Catering Services facility in Jebel

Ali Free Zone.

The 356-key W Dubai and 234-key St. Regis Hotel are already operational in the Al Habtoor City.

Mohammed Al Habtoor, Vice-Chairman & CEO, Al Habtoor Group inaugurating the new Metropolitan Catering

facility.

The City, which covers an area of 10 million square feet, will have more than 40 restaurants and entertainment

destinations in the heart of Dubai.

Speaking about the new catering facility, Al Habtoor said that the group's operations in the catering sector began

in 1992, but the focus was more on hotels and other investments now.

“There is a huge potential and so we recently decided to expand the catering services and have invested Dh25

million in bringing new equipment and facilities. We are expecting to increase our production capacity from 4,000

meals to 45,000 meals daily in the coming two years.”

The facility has can increase production capacity to a maximum 55,000 meals a deal.

Chef Paul Hage, Group Culinary Director, Habtoor Hospitality, told Emirates 24|7 that as of now, Metropolitan

Catering cooks 1,400kg of chicken, 250kg of mutton, 780kg of rice and 220kg of fish every day.


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BOUNCING RENT CHEQUE CAN LEAD TO

FREEZING OF DUBAI TENANT'S BANK

ACCOUNT

Sunday, 17 July 2016

The Rental Disputes Centre (RDC), the judicial arm of the Dubai Land Department (DLD), and the UAE Central Bank

have signed an agreement that allows for freezing of the bank account of a tenant if his/her rent cheques bounce,

Emirates 24|7 can reveal.

“After the judgment is passed by the RDC, it will be informed to the Central Bank, which will pass the information

to the banks. It could also lead to blocking of tenant’s bank account,” a DLD spokesperson said.

“This process will now take two days instead of 60,” the spokesperson added.

In a statement, the DLD said the aim of the MoU, signed by RDC Director Abdulqader Musa Mohammed and UAE

Central Bank’s Assistant Governor for Banking Supervision, Saeed Abdullah Al Hamiz, was to create an electronic

framework of cooperation to facilitate the implementation of decisions and judgments.

The proposals will speed up procedures and reduce transaction time from six months to two working days

following the transition from paper-based to electronic systems. Both parties agreed to establish a platform

utilising the UAE Central Bank’s existing Customer Information Request (CIR) system.

As per the agreement, the Central Bank will direct queries submitted by the RDC to enable the efficient execution

of judicial committee decisions and judgments. These verdicts will be directly implemented by the banks, which

will also provide immediate responses to enquiries.

RDC’s Mohammed said: “This move is consistent with our ongoing efforts to improve upon existing frameworks of

cooperation with official bodies, with the aim of improving government procedures and promoting cooperation

between all institutions.

“It is expected that this MoU will pave the way towards promoting transparency for all property transactions and

procedures, benefiting all parties and guaranteeing the protection of their rights.”

The number of RDC judgments to be implemented for 2016 stands at 2,630, all of which will all now be rapidly

implemented by the effective system set in motion as an outcome of this MoU, he added.

UAE Central Bank’s Al Hamiz emphasised the vital role that the RDC plays in supporting the stability of the

national markets and in upholding transparency, providing greater peace of mind and ensuring a higher level of

security for all parties involved in property contracts.

“The CIR system at the Central Bank has safeguarded stability across many of Dubai’s industry sectors and we are

certain that this will also be the case for our cooperation with the RDC and DLD. Our plan will help the emirate’s

real estate sector by maintaining the rights of all parties, ensuring justice through the fair and efficient application

of the provisions of UAE law,” he said.







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UAE SUMMER FRET: TRAVELLERS FEAR VFS

GLOBAL STRUGGLING TO CLEAR RUSH


Just two days before going on holiday to Germany a Dubai resident was waiting at the VFS global centre in Wafi

Mall, to collect her passport (hopefully with the Schengan visa stamp on it).

“This is cutting it too close. It has been so stressful. We applied 4 weeks ago, but it hasn’t helped. We have been

monitoring the VFS global website to check the status of the application,” she said, requesting anonymity.

Another traveler, whose daughter needed to renew her Canadian visa had to wait 6 weeks. After numerous

follow-up calls through VFS Global, she got her daughter’s visa a day before they were set to travel.

“It’s not like I applied late. It has been such a stressful experience. Both me and my husband have valid Canadian

visas and were travelling on a family holiday, but this entire process has been stressful. It was a close call,” said

the Indian national, who did not wish to be named.

In an e-mail interview with Emirates24|7, Srinarayan Sankaran, COO- Middle East & Head – Business

Development at VFS Global said, “Usually, during peak season, we expand capacity so as to take in as many

applications based on the Embassy/Consulate’s capacity to process applications.

“We also increase our submission timings and have services like Prime Time and after Iftaar submission timings

during Ramadan (where we maintain extended working hours so that applicants can submit applications in the

evening), based on demand.”

He added, that “VFS Global does not influence the visa decision or the turnaround times for visa issuance”.

“I’m travelling to Portugal next week and the whole visa process was stressful. We applied over 4 weeks ago, and

even though the VFS website clearly states 15-20 calendar days for processing, it has taken us so long,” recalled

Neal Abraham, a Dubai resident.

“My wife had to finally contact the Portugal Embassy in Abu Dhabi directly to sort out the visa delay.”

A call centre agent of the same organisation added that most centres were clearing files based on travel dates.

The summer rush is evident at passport collection points at the VFS Global centre in Wafi as many expats opt for

collection over courier service.

An Indian traveller who was at the centre to collect his passport had to wait over 3 hours, as there was a delay in

transferring the documents from Abu Dhabi.

VFS Global also suffered a technical snag in their email and mobile text notification, leading to worried applicants.

“I didn’t know the status of my application and had to constantly contact their call centre for updates, which was

tiring,” said Neeta (name changed upon request).

Sankaran confirmed there was a problem. “A few weeks ago, we faced some technical issues which impacted the

SMS and email notifications in a few cases.






The issue was resolved as soon as it was brought to our notice.”

According to him, “Most Schengen countries, UK, Canada, Australia continue to be popular destinations for

travellers out of the UAE.”

Tips for travellers

“Keeping in mind the increased travel during the peak vacation season, travellers should plan ahead and get their

documents like itinerary, tickets, insurance and other required documents ready, and book appointments, well in

advance,” detailed Sankaran.

“VFS Global websites/ call centres have country-specific information on guidelines and requirements, and

applicants are encouraged to refer to them closely.”


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UAE EMPLOYERS REVEAL WHAT IS YOUR

BEST CHANCE OF PAY HIKE THIS YEAR


Annual increments across the boards are falling out of favour and employers are looking at rewarding those who

perform, making this variable pay hike the norm now.

According to a report by jobs website Gulf Talent, pay rises are slower than before. Based on their survey of

employers, more bosses are reporting an accelerating shift to performance-based variable pay.

Ones who deliver results are always high up on the list to be awarded financially or otherwise.

This category of employees will come first when it comes to getting increments and bonuses and the trend is

more pronounced now as companies get conservative with their spending.

“Those who hit/exceed their targets are ones who deserve it,” Hasnain Qazi, Middle East Business Manager at

Huxley Associates had told Emirates 24|7 earlier.

Towers Watson experts also point out that high performers will be in line of increments.

Most companies plan to allocate the larger portion of their salary increase budget to high performers, while a few

plan to share the budget allocated to all employees at same rate, its salary budget planning study revealed.

For the majority, nominal pay hikes are what can be expected. Towers Watson pegs the increases at 4.6 per cent

in 2017.

“The inflation rate in the UAE during the past two years has been an average of 4 per cent, however, there has

been an increase in the pay for employees across all industry sectors,” say the experts.

For the region, Towers Watson projects an increase of 4.6% in the region. Lebanon will have the highest increase

in pay growth (5.4%), followed by Saudi Arabia and Kuwait (5.0%), Qatar (4.8%).

The average pay hike may not be that great but the majority of residents in the country are optimistic that the

economy, as well as the state of their personal finances, will improve in the next few months, as per the last

Bayt.com Middle East and North Africa Consumer Confidence Index survey,

Among the respondents, about six in 10 (60 per cent) said they're expecting business conditions to get better in a

year's time, while 48 per cent expect the economy to show some improvement. More than half (51 per cent) feel

that their financial situation will improve in the next six months.

Dubai also stood out in terms of consumer perception on the overall economy and confidence in personal finance

by an analysis of consumer confidence conducted by the Department of Economic Development (DED).


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UAE MID-DAY BREAK: DH5,000 FINE PER

WORKER FOR VIOLATIONS

Saturday, 16 July 2016

The Ministry of Human Resources and Emiratisation has registered 99.8 per cent level of compliance for the

midday break by 29,185 firms since the implementation date till mid-July, while 47 firms violated the laws.

Maher Al-Obed, Assistant Undersecretary for Inspectional Affairs, said the records were gathered across the UAE

by 18 teams of well-trained inspectors, pointing out that 29,232 inspectional visits were carried out during the

past month, and 16,651 informative visits took place during the same period.

He praised those who adhered to implementing the rule which cuts off three working hours on daily basis during

the midday break period, to ensure the safety and health of the workers.

Violators will be fined Dh5,000 per worker found working during the announced break hours, to a maximum

Dh50,000 if the case involved a huge number of workers.

The erring company will be degraded with consideration of suspension.

"We carried out 5,124 inspectional visits in the capital, 3538 visits in Al Ain, Dubai saw 3, 672 visits, 4202 visits in

Sharjah, 4236 visits in Ajman, 4268 visits in Ras Al Khaimah, 2642 visits in Umm Al Qaiwain and 1, 550 inspectional

visits in Fujairah," Al-Obed said.

He described the level of commitment carried out by the inspectors (18 teams) as excellent, noting that the

decent job they have done included recording and photographing violations (for evidence).

The ministry stated that daily working hours must not exceed eight hours in the morning or night shift, and

overtime should be paid to those working additional hours as stated by the Federal Law No. 8 of 1980 on labour

Affairs.

It added that employers should put a daily work schedule in Arabic on notice-board to ease inspectional

observations and other languages for workers to understand.

According to the ministry’s resolution, labourers must not work during the ban hours if they work in open places.

But companies working on urgent projects can resume work after ban timings.

"Workers must be supplied water at all times, as well as minerals which are approved for use by health authorities

in the country. They must be provided access to first aid kits on site in addition to protective umbrellas," the

ministry said.

Humaid bin Deemas, Labour Affairs Assistant Under-Secretary, said for exceptional cases, which require work

continuation during those periods for technical reasons, the employers must supply workers with salt and lemon,

which is approved for use by health authorities in the country.

He added that employers must provide all facilities that cater to the health of workers, including first aid, air-

conditioners, sunshades and cold water.







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EMIRATI HEALTH, SAFETY OFFICER

MANDATORY FOR CONSTRUCTION SECTOR

Saturday, 16 July 2016

The Ministry of Human Resources and Emiratisation has announced that all construction facilities with a 500-plus

workforce must appoint at least one local occupational health and safety officer from 2017.

Saqr bin Ghobash Saeed Ghobash, Minister of Human Resources and Emiratisation explained, "We will stop

granting facilities with over 500 workers any further work permits, if they don’t hire at least one local occupational

health and safety officer."

"The decision came following a strategic plan to promote employment opportunities for locals in the private

sector to implement Emiratisation which is a priority for the leadership," he said.

"The ministry aims to Emiratise the occupational health and safety profession following careful consideration of

the sectors involved in the construction industry and major industrial enterprises where the possibilities were

found to provide attractive and stable opportunities for Emirati job seekers."

Ghobash added that the Ministry will closely follow-up the implementation of the new directives across targeted

facilities. "I personally believe in the adherence and commitment of employers of the decisions, especially since

such a decree emphasises on employing qualified citizens.

It is a joint and shared national responsibility between the government and the private sector," he elaborated.

The minister called upon citizens to seek job opportunities available to them in targeted facilities, and to prove

their abilities to perform required tasks efficiently, especially since many rehabilitation programmes shall be

organised by the ministry to prepare them for such challenging positions.


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ARABTEC AGREES TO DH400M DEBT

FACILITY FROM AABAR


Arabtec Holding, the Dubai-listed construction company, said on Thursday it has agreed to a Dh400 million debt

facility that will be provided by Aabar, a major shareholder of Arabtec.

“With the challenging conditions continuing in the regional construction market, this facility will provide Arabtec

will additional funding to be directly deployed towards delivering our ongoing and newly-awarded projects in a

timely manner,” Saeed Al Mehairbi, acting chief executive officer of Arabtec, stated.

The announcement, which was posted to the Dubai Financial Market where Arabtec is listed, comes as part of

efforts to strengthen financial performance as the company aims to break even this year.

It has already pulled out Dh1 billion out of its statutory reserve to extinguish losses after getting shareholder

approval to do so in June. The Dh1 billion will extinguish 44 per cent of the losses accumulated thus far, and leave

just Dh148 million in Arabtec’s statutory reserve.

The company reported Dh46.4 million in net losses for the first quarter of 2016, and earlier reported Dh2.3 billion

in net loss for the full-year 2015.

Arabtec had been attributing its losses to challenges in a market where profit margins are getting lower and

payment cycles are getting longer. Its

share price ended flat on Thursday at Dh1.5.

Source: Gulf News

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RENTS IN PRIME CENTRAL DUBAI OFFICES

DROP 6%


The upscale office towers on Shaikh Zayed Road are facing intense rental pressures — from the new commercial

properties coming just up — and off — Dubai’s main highway. So much so, the older offices have seen average

rental declines of 6 per cent from the new Grade A supply in Dubai Trade Centre District (DTCD) and Dubai Design

District (D3).

DTCD has already made a mark as the address for blue-chip multinationals, while D3 — with new phases coming

through — is finding favour with local and regional businesses in verticals such as fashion, accessories and the

like, according to the latest Dubai office market update from Core UAE, the property services firm associated with

UK’s Savills.

These spaces are telling on demand for offices in Downtown and the older set of towers on SZ Road. But another

nearby cluster — the more competitively priced units in Business Bay — is also adding to the pressure.

“Both DTCD and D3 offer Dubai Economic Department (DED) and free zone ownership formats within the

developments and witnessing robust absorption, paving the way for future phase deliveries,” states the Core

report. “Interestingly, D3 exhibited an exponential rise of around 70 per cent in rents, largely due to its attractive

lower initial base rents and high phase 1 occupancies.”

Among the city’s established office locations, Tecom recorded the highest rise in rents — by 10 per cent. These

are backed up by 90 per cent plus occupancy rates; even then, “We see a strong demand, especially from existing

technology and media occupiers looking to expand, not being met due to constraints in supply,” the report adds.

Sluggish activity levels

“The only new supply coming to the market — The Edge — was almost entirely pre-leased by Oracle.

Although landlords in Tecom are becoming more flexible, this gap in supply is expected to bolster their

negotiation capabilities.” (Interestingly, Barsha Heights (formerly Tecom C) experienced sluggish activity levels and

saw its rent drop by 7 per cent, according to the report.) Rental gains — though by a more sedate 2 per cent —

were also made by Dubai Healthcare City, helped along by sustained demand from health care and pharma-

based entities over the last two quarters.

Also managing to sustain their tenancy levels were the traditional commercial areas in Bur Dubai and Karama.

The ageing stock and smaller office formats have not diluted the charms of these locations, at least among a

certain class of tenants.

“We see both these locations witnessing rental rises facilitated by steady demand from its captive market,” Core

report notes. “However, Deira at 4 per cent rise in rents, lagged marginally from Bur Dubai’s 5 per cent rise.

Moreover, we also saw newer buildings in Garhoud achieving higher rents and absorption when compared with

Bur Dubai and Deira.”






Business Bay, there is a marginal softening in rentals, by 3 per cent, while occupancy levels are at “just 60 per

cent, the lowest among all office submarkets”. It could be that Business Bay is yet to find the right balance

between the new supply getting delivered — and adding to the existing stock — and tapping demand from

potential tenants.

Absorption levels

According to David Godchaux, CEO of Core UAE, “We see buildings located in the interior of Business Bay facing

decreased space take-up compared to the buildings near Shaikh Zayed Road as a gap in infrastructure and access

is yet to be resolved. However, we expect absorption levels to moderately go up as the development nears

completion along with assistance from the burgeoning demand from start-ups.”

But the cluster where rentals are feeling the downward pressure the most is JLT [Jumeirah Lake Towers] with

rents down by 10 per cent, Core states. “The submarket largely consists of strata owned Grade B stock,” it added.

“New deliveries, such as the Mazaya Business Avenue, add to the existing oversupply while offering entry points

as low as Dh60 a square foot, further lowering the market average.”

But “Grade A properties such as Almas Tower and One JLT, which command almost 60 per cent higher rentals

than JLT’s market average, have maintained relatively steady rentals in this [second] quarter.”

Factbox: A snapshot of future Dubai office supply and sales performance

• Around 7.3 million square feet of new supply is expected to come online by 2018, with Business Bay accounting

for about 30 per cent of this.

• Apart from some strategic purchases by banks of their office headquarters, very little sales activity is taking place

involving office property in Dubai. Business Bay, Tecom C and JLT saw “higher year-on-year decline at 9, 13 and 16

per cent respectively, indicating a declining investor interest in favour of more established locations,” Core

reports. “DIFC [3 per cent decline year-on-year] retained its position as a top performing location as strong

investor demand persists for quality Grade A commercial product that is well managed, with sufficient parking

and lifts, large floor plates and high-profile tenants.”

• At the Downtown, “cash-rich landlords are not pressed to sell in a bottoming market”.

• An immediate revival in sales prices in the near term looks unlikely, though yield levels have improved “as rental

drops have not echoed the sale price drop to the same extent”.

Source: Gulf News

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ALDAR PROJECTS CONTINUE TO PROGRESS


Aldar Properties, the Abu Dhabi-listed real estate developer, said it has continued to make progress across its

portfolio of residential projects, with key infrastructure almost complete at West Yas.

In a statement on Wednesday, Aldar said that piling, sewerage, utility, telecommunication, and lighting work was

almost complete at West Yas, the company’s first villa community on Yas Island.

The main school in that development, which will be operated by Aldar Academies, is in the process of being

handed over. After an evaluation by the Urban Planning Council in May, the project was awarded a two-pearl

rating, confirming its compliance with Estidama standards.

Aldar also said it will imminently appoint the main contractor for other projects like Shams Meera, a mid-market

development on Reem Island; Nareel, an island community; and Al Merief, a development for Emiratis in Khalifa

City.

Looking at other projects by the company, the development structure at Al Hadeel and at Ansam, two residential

projects, are now complete. Mechanical, electrical, and plumbing services (MEP) and internal block works are

ongoing on both projects.

As for Al Jimi Mall in Al Ain, civil and MEP works have commenced and remain on schedule as part of plans to

expand the mall and add 65 stores, a cinema, and a retail park.

Source: Gulf News

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ABU DHABI, DUBAI HOME PRICES AND

RENTS CONTINUE FALLING

Sunday, July 10, 2016

Villa and apartment prices in Dubai and Abu Dhabi fell between 4 per cent and 6 per cent during the second

quarter compared to the same period last year as the economy slows amid softening oil prices, according to the

property consultants Cavendish Maxwell.

Home prices, however, are expected to remain stable in the third quarter as the slow months of summer and

Ramadan put a damper on the number of transactions. Banks are also still cautious when it comes to approving

mortgages, exacerbating the slowdown.

“Transaction activity is expected to remain muted during the third quarter, in line with past trends," said Manika

Dhama, a research manager at Cavendish Maxwell.

“Developers are promoting Ramadan-linked payment plans and the ‘affordable’ tag continues to be aimed at first-

time buyers. However, this is unlikely to ramp up buying activity in the short term among this target segment

given the restrictive mortgage-lending requirements and overall liquidity in the market."

Declines were steeper in the second quarter in Dubai, where there is a bigger supply of real estate than Abu

Dhabi.

In the capital, property prices eased 4 per cent year-on-year. When compared to the first quarter of this year,

however, prices in both emirates fell less than 1 per cent.

The consultancy said that house prices have been easing since the second quarter of 2014, when the price of oil

began its descent. Since then, property prices in the country have dropped by 12 per cent.

Rents have also declined by about the same amount as prices during the second quarter versus the first quarter,

Cavendish Maxwell said.

Drops, however, were most pronounced in certain high-end properties in Abu Dhabi such as Al Raha Beach

because of job losses in the emirate’s energy industry.

The price falls has been somewhat cushioned by the fact that the pipeline of new units coming on stream is less

in Abu Dhabi than Dubai.

About 2,800 residential units were completed in Dubai in the second quarter, compared with 570 units in Abu

Dhabi.

More than 30,000 units are scheduled to be completed in Dubai during the second half of this year, while an

additional 3,100 units are slated to be completed in Abu Dhabi during the second half.

“Low oil prices and job losses in the oil and gas and construction sectors have impacted demand. However,

average declines have reduced marginally from the first quarter, when rents had fallen between 1 per cent to 2

per cent," Cavendish Maxwell said.






Source: The National

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DUBAI ECONOMIC OUTLOOK BRIGHTENS

WITH BUOYANT TOURISM, RETAIL

Monday, July 11, 2016

Rising tourism and retail sectors pushed Dubai’s non-oil private sector to a 10-month high last month, according

to the latest data from Emirates NBD.

The bank’s Economy Tracker Index, which takes a monthly reading on indicators such as new orders, employment

and inventories, stood at 54.6 last month, indicating a slightly higher expansion rate than the previous month’s

54.5, although still below the trend of the past three years.

Emirates NBD said Dubai’s wholesale and retail sub-sector was the best performer, with a reading of 58.2,

followed by travel and tourism at 54.1. Those two made up for a sluggish – though still expansionary –

construction sector at 51.5. Any reading above 50 indicates expansion.

The pickup in the tourism sector was encouraging but Emirates NBD said that as with the broader UAE purchasing

managers data released earlier this week, the rise was not accompanied by an improvement in employment.

“The recovery in the travel and tourism sector last month is particularly encouraging as this sector had been

relatively soft in previous months," said Khatija Haque, the head of Middle East and North Africa research at

Emirates NBD. “However, we note that the expansion has not led to increased employment, suggesting that firms

are becoming more efficient in their operations."

The lack of hiring despite the improved business activity contrasted with rising employment numbers during the

past four-and-a-half years, the bank said.

Some companies said that uncertainty about the economic outlook had led to more cautious hiring strategies,

while also offering discounted prices to clients.

The report is in line with that of other forecasters who see Dubai’s – and that of the broader UAE – economy

improving tentatively over the next year or so, with tourism and retail expected to outpace the rest of the

economy.

Credit Suisse last week forecast that UAE’s non-oil economy would expand by 2.9 per cent this year, picking up

momentum and growing by 3.7 per cent next year.

“Tourism will again be among the stronger-performing sectors," with easing sanctions against Iran playing a part

in the improvement, as well as preparations for Expo 2020 in Dubai, said Berna Bayazitoglu, an analyst at Credit

Suisse. But “tourism remains vulnerable to weaker external demand, with continuing economic troubles in Russia

and regional instability".

Euromonitor, a market research company, sees tourism’s contribution rising significantly over the next few years,

with inbound trips expected to increase by 39 per cent over the next four years to nearly 28 million annually and

revenue from leisure arrivals increasing to Dh59 billion by 2020 from Dh42bn last year.






“A lot of growth is expected to come from Asian countries and less politically stable Arab countries, visits from

friends and family, and shopping is one of the key leisure activity that tourists engage in," said Rabia Yasmeen, a

Euromonitor analyst.

The trend also is backed by a robust advertising campaigns by the Dubai government to attract visitors in the run-

up to Expo 2020.

The effect on the UAE – including Dubai tourism – of the UK’s vote to leave the European Union is not yet clear.

Euromonitor has not addressed the Brexit vote and the UAE specifically but it estimated that Saudi Arabia would

be one of the economies hit hard by the decision.


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DUBAI DEVELOPER DAMAC LAUNCHES THE

BEACH AT NAVITAS HOTEL & RESIDENCES

AT AKOYA OXYGEN

Tuesday, July 12, 2016

Dubai developer Damac Properties will start marketing off-plan apartments in five new towers of its Akoya

Oxygen development at the outskirts of Dubai.

Damac said units at its first phase of apartments at the The Beach at Navitas Hotel & Residences projects will go

on sale on Wednesday. The company, whose shares are listed on the Dubai Financial Market, said that it would be

selling off-plan three bedroom apartments – with prices starting at Dh1.25 million – at Maison Café in Business

Bay.

The housing complex within the 55-million-square foot Akoya Oxygen project will overlook a golf course and

artificial sandy beaches.

Damac did not say how many apartments would be included in the sale.

Last week Damac, launched a series of three- and five-bedroom villas with a starting price of Dh1.2m, dubbed

Akoya Imagine which it said were designed to appeal to millennials, or those reaching adulthood since the year

2000.

In May Damac reported a 33 per cent decline in year-on-year sales for the first quarter as buyers shied away from

the Dubai housing market waiting to see if house prices would fall further.


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ACCOR ACQUISITION GIVES HOTEL CHAIN

BIGGER FOOTPRINT IN THE MIDDLE EAST

Wednesday, July 13, 2016

The completion of Accor’s takeover of FRHI Holdings makes the expanded hotel chain one of the bigger players in

the Middle East.

The world’s sixth largest hotel group will now include FRHI’s three luxury brands of Raffles, Fairmont and

Swissotel and run 90 hotels in the Middle East with a further 60 in the pipeline.

The acquisition will also add 450 luxury and upscale hotels to Accor’s assets along with the management of many

of the world’s historic hotels such as The Savoy in London, The Plaza in New York and Raffles in Singapore.

The deal to buy Qatar Investment Authority’s and Kingdom Holding’s stake in FRHI for about €2.9 billion

(Dh11.81bn) was originally announced in December.

“This not only adds three prestigious luxury brands to our portfolio but strengthens our global presence," said

Jean-Jacques Dessors, the chief executive of hotel services for the Mediterranean, Middle East and Africa.

Mr Dessors said he expected the deal to result in cost reductions.

“We both have head offices in Dubai and we will be looking at whether we need two," he said, referring to Accor

and FRHI. “We expect synergies of €65 million in three years. We expect any decisions to be made in October, but

we are not looking at job losses, we want to keep the talent."

The softening economic climate of the Middle East and FRHI’s focus on luxury and upscale inventory was not seen

as incongruous when across the UAE and GCC mid-market offerings were increasingly being encouraged.

“Our luxury offerings here in Dubai are doing very well," said Olivier Granet, the managing director and chief

operating officer of hotel services Middle East.

He said Dubai’s visitor numbers were growing and the theme park attractions combined with Emirates Airline’s

vast network meant the UAE was still a very vibrant market. “We have the support of the government, the key

stakeholders and a now luxury portfolio, which will attract a lot of our frequent visitors."

The Accor acquisition comes after Marriott bought Starwood in the first quarter of the year for US$13.6bn,

creating the world’s biggest hotel group and suggesting the hospitality industry was about to see a wave of

consolidation and acquisition.

Accor, though, is thought to have bought into areas with regard to geography and where it was not strong.

“Many analysts are predicting the likelihood of more M&A activities in the near future," said Rashid Aboobacker,

the associate director at TRI Consulting, a leisure-industry consultancy in Dubai. “Although Accor owns luxury

brands such as Sofitel … the operator has been more successful with its mid-market brands such as Novotel and

Ibis. The addition of Fairmont and Raffles will significantly strengthen its position in the luxury segments and

improve its competitive position against other major hotel management companies as well as increase its

geographical coverage and customer base, particularly in North America."







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DUBAI VILLA FIT FOR AN EPISODE OF

FOOTBALLERS’ WIVES

Thursday, July 14, 2016

Whoever buys this secluded mansion, surrounded by lush gardens on the outskirts of the city, can have all of the

trappings needed for a Dubai magnate.

The completely rebuilt six-bedroom, 11-bathroom villa in Al Barari, a private housing complex aimed at the super

wealthy, is on the market for a cool Dh50 million.

For the right price, property broker Luxhabitat says the seller will also throw in a Range Rover, a Porsche and a

Rolls-Royce Ghost.

The house also comes with all of the trimmings necessary to set up as a Dubai magnate.

Certainly, a stroll across the silk carpets, the marble floors and past the purple velvet-covered seats and gold sofas

of the reception rooms, study and library makes one feel a little bit like walking across the set of the once-popular

British TV series Footballers’ Wives.

The villa includes a large swimming pool and deck, a private Jacuzzi, three balconies, three kitchens (one main one

and two back kitchens for staff) as well as a maid’s room, driver’s room, dry pantry and storage room.

Having been completely stripped down and rebuilt over two years, the seller, a British national who lives in

Monaco, has set about rebuilding and furnishing this villa with the latest technology and the most opulent fixtures

and fittings possible.

The villa comes with what its brokers claim to be the most comprehensive home control system in the UAE, where

you can remotely switch on lights, security systems, air conditioning, water heating, fountains, blinds, TVs and

sound systems in every room of the house or garden via iPads or from your mobile phone anywhere in the world.

The house is also fully wired for new technology.

The basement includes a six-seater home cinema with snazzy special effects including integrated 4DX, meaning

that your seat vibrates along with the action of the movie. Each seat includes an integrated drinks cooler.

Elsewhere, the master bedroom has its own 200-inch projector screen with surround sound while the gym and

living room also include 100-inch and 65-inch television screens with surround sound. Even the maid’s room has a

55-inch TV.

Q&A

Luke Jones of luxury broker Luxhabitat, tells Lucy Barnard more about the Dh50 million villa:

Why is this villa on the market for so much money when others in Barari are going for about Dh15m?

There are 189 villas in Al Barari and most of them are valued at between Dh15m and Dh15.5m. But there are a

handful of trophy villas – perhaps only four to six – which have been built on an extended plot and are not

standard. Moreover, this villa has been modified and rebuilt so it really is a one off.






Who lives in a house like this?

The owner is a British national who lives in Monaco and has a design background. He bought the property from

the developer in October 2014. His idea was to set a new benchmark in luxury living.

What sort of buyers are you expecting?

This house would be suitable for someone with a high disposable income. Perhaps it would suit someone who

has a pre-existing property portfolio but needs to be in Dubai for tax reasons.

With house prices in Dubai falling, why is now a good time to buy?

Transaction volumes are certainly down in Dubai and the market is always slow in the summer but for a Dh50m

villa the market doesn’t really affect the sort of people who would be in the position to buy a villa like this.

What else should we know about this house?

This villa really does have all the mod cons. It has automatic, in-house fingerprint and facial recognition. It has 19

security cameras, to ensure there are no blind spots.

Luke Jones of the luxury broker Luxhabitat tells Lucy Barnard more about the Dh50m villa:

Why is this villa on the market for so much money when others in Barari are going for about Dh15m?

There are 189 villas in Al Barari and most of them are valued at between Dh15m and Dh15.5m. But there are a

handful of trophy villas – perhaps only four to six – which have been built on an extended plot and are not

standard. Moreover, this villa has been modified and rebuilt so it really is a one off.

Who lives in a house like this?

The owner is a British national who lives in Monaco and has a design background. He bought the property from

the developer in October 2014. His idea was to set a new benchmark in luxury living.

What sort of buyers are you expecting?

This house would be suitable for someone with a high disposable income. Perhaps it would suit someone who

has a pre-existing property portfolio but needs to be in Dubai for tax reasons.

With house prices in Dubai falling, why is now a good time to buy?

Transaction volumes are certainly down in Dubai and the market is always slow in the summer but for a Dh50m

villa the market doesn’t really affect the sort of people who would be in the position to buy a villa like this.

What else should we know about this house?

This villa really does have all the mod cons. It has automatic, in-house fingerprint and facial recognition. It has 19

security cameras, to ensure there are no blind spots.


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DUBAI OFFICE RENTS DRAGGED DOWN

AMID GLUT OF NEW SUPPLY

Thursday, July 14, 2016

Office rents in some of Dubai’s most established business locations fell in the three months to the end of June as

a glut of new office stock drove markets south.

Rents for offices in Downtown Dubai and along Sheikh Zayed Road fell by 6 per cent in the second quarter,

compared with the same period last year, because of competition from new supply at a time when the economy

is suffering from tumbling oil prices and the strong US dollar, according to Core, the UAE associate of property

broker Savills.

Rents were forced down by thousands of square metres of new stock at Dubai Trade Centre District and Dubai

Design District, coupled with competitively priced buildings at Business Bay.

Rents fell 3 per cent in Business Bay where Core estimates that about a third of all office space remains empty.

About 30 per cent of the 7.3 million sq feet of new office space currently being built in Dubai and expected to be

completed by 2018 is in Business Bay, Core said. Dubai has about 90 million sq feet of office stock, a third of

which qualifies as prime.

JLT was the Dubai district where rents fell the most – with a 10 per cent drop in the second quarter of this year –

as the area continues to suffer from an oversupply of grade-B offices, which are often owned by hundreds of

owners who undercut each other to levels as low as Dh60 per sq foot.

And Core says that in real terms rent declines in these areas are even bigger.

“Both JLT and Business Bay have seen a steady shift in sentiment as tenants strengthen their position while

landlords slowly respond to the market conditions amid growing competition," said David Godchaux, Core’s chief

executive. “As a result, landlords are offering a raft of incentives such as contributions in fit-outs, extended rent-

free periods and shorter lease terms to retain or attract new tenants, although aiming to keep headline rentals

steady."

But strong demand from media companies and banks meant that rents continued to rise in two of Dubai’s most

established office locations.

Rents in Tecom – an area favoured by media and internet companies – rose by 10 per cent during the period. And

rents in the popular DIFC increased by 6 per cent during the quarter, thanks to demand from banks and insurers.

In May, Cluttons predicted that office rents in Dubai could fall by as much as 10 per cent over the second half of

the year following redundancies in banking and finance.

“The current weakness in some sub-markets of Dubai’s office market is expected to persist, with further rental

declines likely as we move into the summer months," said Faisal Durrani, the head of research at Cluttons.


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ALDAR'S WEST YAS HEADLINES PROJECTS

ON ROAD TO COMPLETION

Saturday, July 16, 2016

Aldar Properties, Abu Dhabi listed property development, investment and Management Company, continues to

make strong progress across its portfolio of residential projects.

Residential construction activities continue to progress at West Yas, its first villa community on Yas Island, with

piling, sewerage, utility, telecommunication and lighting work almost complete.

The main school, to be operated by Aldar Academies, is currently in the process of being handed over. Following

an evaluation by Urban Planning Council in May, the project was awarded with a two pearl rating, confirming its

compliance with Estidama goals.

The appointment of the main contractor for Shams Meera, mid-market development located in Abu Dhabi’s Reem

Island; Nareel, a master planned island community and Al Merief, a community specifically designed for UAE

nationals in Khalifa City, are all imminent.

All authority approvals have been secured and the tendering process is in the evaluation stage.

The development structure at Al Hadeel, the latest residential community to complement Al Raha Beach’s suite of

existing luxury residences and at Ansam, an Andalusian style apartment development on the West side of Yas

Island, are now complete, with MEP and internal block works ongoing.

Al Jimi Mall, Al Ain’s shopping and entertainment destination attracting 8 million visitors annually, is in the process

of a significant expansion programme to add a further 65 stores, including a 10-screen cinema, and a retail park

to the existing 94 outlets, bringing the total leasable area to 75,000 square metres. Civil and MEP works have

commenced and remain on schedule whilst shoring, excavation and structural works are progressing well across

the construction site.

Abu Dhabi Plaza is on track for delivery during Q1 2017. An integrated large mixed use iconic development of the

circa 500,000sqm located in Astana, the capital of Kazakhstan, the development includes residential apartments,

commercial offices, a 26,000sqm retail mall an hotel, and a serviced apartment building. Progress is being made

on the structural work across towers within the development and with MEP, block work, cladding and interior

work all underway across the hotel and serviced apartment blocks.


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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,

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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

Associate Director – Research and Consultancy

+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.

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Royal Institution of Chartered Surveyors (RICS) and

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the region include:

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