NEWS BRIEF #38 - Asteco Property Management · 2016-05-29 · New project on sale in Downtown...

DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2013 asteco.com | astecoreports.com

IN THE MIDDLE EAST FOR 28 YEARS


REAL ESTATE NEWS UAE

Contracts worth Dh1.5bn cleared for housing projects Ritz-Carlton interested in UAE expansion after new Abu Dhabi hotel success Dusit Thani hopes to increase UAE presence

DUBAI

Mohammed issues decree establishing 'Rental Disputes Settlement Centre' in Dubai DMCC is now UAE's largest free zone New project on sale in Downtown Dubai: Prices starting at Dh1m Changing face of Dubai’s realty projects Final set of villas released at Sanctuary Falls 98% of units sold at Viceroy Dubai Palm Jumeirah Dubai's JLT, Marina, Jumeirah Islands face water issues DAMAC Maison introduces Privé - Time is Running Out for best waterfront hotel

apartments in the Burj Area, Dubai Arady Developments Announces Successful Sale of All Phase-I Residential Units Offered at

Central Park Sales Event Abyaar Receive Apartments Building and Ready to Lease Emaar launches serviced residences in The Address Residence Fountain Views III in

Downtown Dubai StanChart, ENSHAA ink $69m financing deal

NORTHERN EMIRATES

Ras Al Khaimah reaps the benefits of affordable luxury as international hotel groups move in

QATAR

Experts warn of low-cost homes crisis in Qatar KSA

New Radisson Blu Hotel rising in Riyadh Nowayrah launches 'Obhur Townhouses' project SBG to build Damac luxury housing project in Riyadh Makkah house prices up 100% KAEC inks SAR210m deal with RCC for Al-Murooj villa project

OTHER

460 housing units in Qurayat completed Tenders worth RO491,000 awarded for housing units in three governorates in Oman UAE Developers Launch $4.5 billion (Dhs 16.6 billion) Residential Project in Baghdad Oman rail project to unlock huge business opportunities


DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 1

MOHAMMED ISSUES DECREE

ESTABLISHING 'RENTAL DISPUTES

SETTLEMENT CENTRE' IN DUBAI

SUNDAY 22 SEPTEMBER 2013

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued Decree No. 26 of 2013 establishing the ‘Rental Disputes Settlement Centre’ as part of the Land Department in the emirate of Dubai.

The establishment of the centre aims to enhance legal procedures that facilitate the settlement of rental disputes which, in turn, will reflect positively on socio-economic stability among members of the community.

The regulations set forth by the decree apply to the Special Judicial Committee for Rental Disputes which was established by Decree No. 2 of 1993 and its amendments.

The mandate of centre, as per Decree No. 26 of 2013, includes the settlement of all rental disputes for properties in Dubai and free zones within the emirate (unless such disputes are assigned to judicial committees or special courts for the purposes of rent dispute settlement), lawsuits arising from such disputes, requests for urgent action by either of the disputing parties, appeals on rulings and sentences which may be challenged for appeal as per the decree and its ensuing regulations and decisions.

As per the decree, the centre is not tasked with the settlement of rental disputes arising from financial leasing contracts in addition to disputes arising from long-term rent contracts that fall under the provisions of Law No. 7 of 2006 concerning property registration in the emirate of Dubai.

The Chairman of the Dubai Judicial Council is authorised to issue necessary decisions to implement the provisions of the decree.

The centre, its committees and departments are to be headed by judges. Members of various committees will comprise legal professionals and experts.

Decisions and rulings are to be issued on behalf of His Highness the Ruler of Dubai unanimously or by a majority vote.

The decree defines the organisational structure of the centre, both legal and administrative.

The legal section will include departments for conciliation and mediation, trial chamber and appeals chamber in addition to a department tasked with implementing sentences and rulings.

The administrative section will include a number of organisational units tasked with providing technical and administrative support to the legal section.

The decree will be published in the official gazette and is effective after 60 days from its date of publication.

Hamdan orders organising of award to coincide with Global Islamic Economy Summit

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Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council has ordered organising of the ‘Islamic Economy Award’.

The award aims to honour the efforts of business leaders, who provide the best innovative Sharia-compliant solutions globally.

Sheikh Hamdan said: "Through the Islamic Economy Award, we would like to boost the role of the Islamic Economy in line with the Sheikh Mohammed bin Rashid's vision to make Dubai: the Capital of Islamic Economy, where the award affirms the role played by the Dubai: Capital of Islamic Economy Initiative in developing that sector.”

‘We realised through the vision of Sheikh Mohammed bin Rashid the importance of supporting excellence and innovation culture in various fields and particularly in the business society sector in order to upgrade it to the highest standards, therefore the commitment to the excellence and quality standards in the Islamic Economy sector is an inevitable requirement so as to maintain the achievements and gains that have been achieved in that sector in the recent years" Sheikh Hamdan added.

He added that the award will include 14 different categories in the Islamic Economy in cooperation with the ‘Thomson Reuters’ and in conjunction with holding the Global Islamic Economy Summit, due to be organised by the Dubai Chamber of Commerce and Industry from November 25-26 in Dubai.

Mohammed bin Abdullah Al Gergawi, Minister for Cabinet Affairs, Chairman of the Sheikh Mohammed bin Rashid Al Maktoum's Executive Office and chairman of the Higher Committee for Development of Islamic Economy Sector in Dubai said that the Islamic Economy Award comes within the efforts of Dubai: Capital of Islamic Economy' initiative to honour leaders of the Islamic Economy who have provided distinguished achievements in order to stimulate them for more developments and support in the light of the Sheikh Mohammed bin Rashid's vision and the directives of Sheikh Hamdan bin Mohammed to make Dubai: Capital of the Islamic Economy in the world.

Source: Emirates Business 24/7

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DMCC IS NOW UAE'S LARGEST FREE

ZONE


The Dubai Multi Commodities Centre (DMCC) Free Zone is now the UAE’s largest Free Zone with over 7,330 active registrations.

With an average of 200 companies choosing to join DMCC each month and a 94 per cent retention rate, DMCC also remains the UAE’s fastest growing free zone.

“We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity.

“Our expansion plans, including the DMCC business park and the world’s tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in DMCC’s and Dubai’s growth,” said Ahmed Bin Sulayem, Executive Chairman, DMCC.

As the demand for commercial space within the DMCC Free Zone continues to grow, with over 74 per cent of the development already occupied, DMCC recently announced plans to build the world’s tallest commercial tower in order to cater to this continued demand. The construction of the tower and business park will add an additional 50 per cent of commercial space to the existing 2.9 million square metres of built up area.

“We continue to innovate and complement key trading hubs across the globe to further support Dubai’s ambitious economic development programme. Currently, we are concentrating on serving markets along the new Silk Route and have become a strong facilitator of trade for producing countries in African and consuming nations in Asia, ASEAN, Europe, South America and the US,” Bin Sulayem added.

In terms of member demographics, a third of DMCC member companies are from South Asia, a third from the Middle East (including the UAE), and a third from Western Europe and North America respectively.


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CONTRACTS WORTH DH1.5BN CLEARED

FOR HOUSING PROJECTS

SATURDAY 21 SEPTEMBER 2013

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs has approved contracts for phase one of a project to build and renovate 10,000 houses for the UAE citizens in the different emirates at a total cost of Dh1.5 billion.

The housing scheme is one of the projects overseen by the Follow-up Committee of Initiatives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Sheikh Mansour said the vital project reflects President Sheikh Khalifa bin Zayed Al Nahyan's keenness to provide decent living standards and prosperity to the people of the UAE.

He added that the selection of different house models took into consideration the lifestyle of the Emirati families, functionality comfort and privacy.

The project is scheduled for completion by the end of 2017.

Ahmed Juma Al Zaabi, Deputy Minister of Presidential Affairs and Chairman of the Committee, said the project features mixed-use housing complexes, each containing 100 villas and associated facilities.


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NEW PROJECT ON SALE IN DOWNTOWN

DUBAI: PRICES STARTING AT DH1M


A pre-launch presentation showcasing Burj Pacific, the latest high-end development in the Downtown Dubai area, is being held for local, regional and international investors over two days (September 14-15).

Situated less than 500 metres from Burj Khalifa, the 20-storey tower comprises 140 one-, two- and three-bedroom apartments and three-bedroom duplexes. The presentation, being held by Dubai-based real estate specialist Sherwoods Properties, is running at the Address Hotel Downtown Dubai.

Iseeb Rehman, CEO, Sherwoods Properties, said: “This a high quality development and with prices starting at just over Dh1 million for a one-bedroom apartment, Burj Pacific offers exceptional value for money, particularly when one remembers that it is located in the most sought after residential and business district in the region.”

With its distinctive L-shaped design, more than 60 per cent of the apartments have a view of the iconic Burj Khalifa, the property advisor said in a media statement.

The eight floors that make up the ‘Signature Residences’ feature fully-furnished, exclusive contemporary interiors by Tony Ashai. The California-based award-winning architect is no stranger to the UAE, having worked on innovative projects such as Dubai Lifestyle City, Shah Rukh Khan Boulevard in Ras Al Khaimah and the Santori Resorts.

“We are also offering a very attractive payment plan. After an initial booking deposit of 15 per cent, an additional 35 per cent is spread out over the construction period and the remaining 50 per cent balance is due upon completion of the project, which is scheduled for the second quarter 2016,” he added.

The Burj Pacific was designed by architects H-AO which was founded by Manoj H. Rathod, whose working experience in Dubai encompasses a number of outstanding projects including the Marriott Marquis and the Grosvenor House hotel Dubai.

“Our bespoke, architect designed interiors are fashioned to attract the most discerning investors. The theme of this project is ‘Celebrate Life’, which is precisely what Burj Pacific represents,” said Parvez Khan, Chairman of Pacific Ventures the developer of Burj Pacific.


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CHANGING FACE OF DUBAI’S REALTY

PROJECTS

WEDNESDAY 18 SEPTEMBER 2013

If you are planning to invest in a property on the basis of master plans, experts advise caution. The sprawling golf course or exclusive club or a lush green landscape planned by the developer may not happen as the project evolves. We list some examples where this has happened. As the property market heats up again and several projects roll out, we visit some prominent communities to report on the status of some finished and unfinished projects.

THE LAKES, EMIRATES LIVING

900 villas and townhouses

WHAT WAS PLANNED

Vast expanses of greenery

WHAT WAS DELIVERED

Related Links

Dubai home prices 31% off 2008 peak

Abu Dhabi’s retail offerings go upscale

Over 100 villas called Al Ghadeer

Developer Emaar’s response

No response despite several reminders

Resident speak

A Lebanese homeowner said: “When I moved here in 2008, the place was a lot greener but not anymore. Now there are hundreds of villas on those vast expanses. It does bother me, but I still love this place and don’t want to relocate elsewhere”

JUMEIRAH ISLANDS

750 villas in 46 clusters within manmade islands spread over 300 hectares

WHAT WAS PLANNED

A 3-par 6-hole golf course, club-house and recreational facilities

WHAT WAS DELIVERED

Luxury villas called Jumeirah Islands Mansions on the space earmarked for the golf course and club house

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WHAT WAS PLANNED

A park, row houses, retail outlets and restaurants

WHAT WAS DELIVERED

Jumeirah Heights (2,300 apartments) and Jumeirah Islands townhouses (84) none of which were in the original master plan

WHAT WAS PLANNED

Landscaped areas in the community

WHAT WAS DELIVERED

More independent villas

WHAT WAS PLANNED

A fancy entrance with decorative water fountains alongside the gate

WHAT WAS DELIVERED

A plain entrance with just a makeshift cabin for security guards

Developer Nakheel’s response


Resident speak

A British homeowner said: The new developments took place without our consent. We want answers from Nakheel and urgently need an Interim Owners Association (IOA) to take up concerns with the developer.

JUMEIRAH BEACH RESIDENCES (JBR)

36 towers along a 1.7 kilometre waterfront stretch in Dubai Marina

WHAT WAS PLANNED

Exclusive private beach club access to residents as per the sales and purchase agreement

WHAT WAS DELIVERED

Public beach club. JBR residents have to take club membership to access the facility

WHAT WAS PLANNED

Free parking for visitors

WHAT WAS DELIVERED

A new development called ‘The Beach’, comprising 70 retail outlets have come up on the space earmarked for free parking

Developer Dubai Properties Group (DPG) response

‘The Beach’ project involves the creation of more than 1,000 underground parking spaces which is a lot more than what was originally available in the open parking lot. This will greatly alleviate traffic and parking issues at The Walk at JBR. In addition, the venue will provide a variety of retail and entertainment offerings for both JBR residents and visitors. Although a beach club was originally part of

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the JBR map, no commitments were made to provide free resident access as this had never been planned. We have announced plans to develop a beach club at JBR with work expected to commence in the next few months.

DPG’s master-plans are constantly evolving to address changing consumer needs and market demand. As the master-developer of The Walk at JBR, DPG will continue to enhance it — not just for thousands of residents living here — but also for millions of visitors it receives annually.

Resident speak

A German resident of Iraqi origin said: “JBR is getting some really massive and fabulous developments which will surely attract visitors. However, we wish it could have been built elsewhere instead of the JBR beach coastline. JBR is popular for its beach and we wonder if it will be compromised. Already, traffic is a big concern for residents. I fear it will get even worse.”

MOTORCITY

Motorsport themed development that includes residential units, business towers, retail outlets and motorsports facilities

WHAT WAS PLANNED

Dubai Autodrome

Auto Mall

Five-star hotels

Business Park MotorCity

F1-X theme park entertainment

Green Community MotorCity

UPTOWN MotorCity

WHAT IS YET TO BE DELIVERED

- F1-X theme park entertainment

- Five-star hotels

- Business Park MotorCity

-Auto mall built, but yet to open

Developer Union Properties’ response


Resident speak

An Indian homeowner said: “We invested into MotorCity based on the things promised in the master-plan. Many years on, most of the developments are yet to see the light of day. We feel cheated. We did not just buy a unit here, but bought into the larger community. Since that is still not up, we decided to rent our apartment out and live elsewhere in Dubai.

JUMEIRAH LAKES TOWERS (JLT)

Mixed-use development comprising 65 residential and commercial towers and 200 retail outlets.

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WHAT WAS PLANNED

Four lakes

WHAT WAS DELIVERED

Three lakes; the space earmarked for the fourth one has been used to construct:

- A 55,000 sqm park to be completed by 2013 end.

- A new mosque

- A parking and landscaping area.

Developer DMCC’s response

A Dubai Multi Commodities Centre Authority (DMCC) spokesperson said: “We have made and planned enhancements in line with the evolving demands of the community. The park, for example, was a much requested feature that we have accommodated by converting one of our four lakes and has been well received by residents and owners alike. The mosque has always been a part of the master plan, but the location has changed as the community has naturally evolved in the 11 years since the original master plan was drawn. The upcoming business park and world’s tallest commercial tower, which we are building in response to demand, will be constructed on land that has always been intended for future development – as part of the original master plan. There are more than 75,000 people living and working in the community and we maintain a constant dialogue with the Interim Owners Associations (IOAs) of JLT towers. As a result of these conversations, we have decided to pursue enhancements to the community.

Resident speak

An Indian homeowner said: “It’s a good move to convert one of the lakes into a park. We needed it badly. There are no mosques here so it’s good to have one”

Source: Gulf News

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FINAL SET OF VILLAS RELEASED AT

SANCTUARY FALLS

TUESDAY 17 SEPTEMBER 2013

Shaikh Holdings has launched its final phase of villas at Sanctuary Falls development in Jumeirah Golf Estates.

Prices range from Dh8.9 million to Dh22 million, with a payment plan of 40 per cent payable during construction and 60 per cent on completion. This phase also contains newly introduced five- and six-bedroom floor plans at some of the project’s prime locations.

Source: Gulf News

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98% OF UNITS SOLD AT VICEROY

DUBAI PALM JUMEIRAH


Dubai-based real estate firm SKAI Holdings has secured Dh2.4 billion following sales of 98 per cent available units at its Viceroy Dubai Palm Jumeirah projects.

The firm, who launched the Dh3.67 billion project with Viceroy Hotels and Resorts in May, stated in a press release it had sold 470 hotel rooms and hotel apartments and 219 residential apartments and villas to date.

Source: Gulf News

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460 HOUSING UNITS IN QURAYAT

COMPLETED


Muscat Municipality has completed construction of 460 houses in the areas of Hail al Ghaff, Wad Ghamar and Dhaban in the Wilayat of Qurayat for the citizens whose house were affected by the adverse weather conditions. This is in addition to other housing units already completed in the areas of Al Mazarie and Al Einein, said Sultan bin Hamdoun al Harthi, Chairman of Muscat Municipality noting that the Municipality has handed over the new houses to the office of the governor of Muscat for distribution procedures in accordance to the regulations. Meanwhile, work in under way in the construction of further 90 houses in Al Salha area and 82 houses in Hajir Qurayat and is expected to be completed by mid-2014. The new houses are built to the original Omani architectural design with modern-age touches. Muscat Municipality will soon float tenders for construction of a mosque, children's park and other public amenities, said Al Harthi pointing out that the Municipality has chosen a suitable location for the housing project to avoid flash flooding and other risks.

Source: Oman Daily Observer

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NEW RADISSON BLU HOTEL RISING IN

RIYADH

SATURDAY 21 SEPTEMBER 2013

Capitas Group International (CGI) and Mafaz Properties are working together to bring a new Radisson Blu Hotel to Riyadh, targeting the growing segment of business travelers for the Riyadh market.

The hotel project is situated on Riyadh's North Ring Road close to the Riyadh Business Gate, King Abdullah Financial District, Princess Noura University and the Riyadh Exhibition Center.

The project is just 15 minutes from the Riyadh airport and 20 minutes from the city centre and the commercial business district (CBD) of Riyadh's King Fahd Road.

The 15-storey mixed-use property will feature a 200-key hotel and 87 serviced apartments under the Radisson Blu brand, with luxurious banquet hall, grade-A offices and a retail podium.

The project sponsor, Mafaz Properties, is a subsidiary of Mafaz International Development Company, the investment arm of the well established Abnaee Holding Group, with a diverse portfolio of assets in a range of sectors, including medical, engineering, industrial and manufacturing and numerous indirect local and international investments.

CGI's team of real estate development managers are working with Mafaz Properties to manage the development of the project across the complete cycle and assisting in the financial planning for the project.

Commenting on the engagement, Emad Al-Hubayyeb, Managing Director of Mafaz International Development Company, said: "I am very pleased to have formalized this relationship with Capitas Group International.”While we considered working with several firms, CGI's significant value-add is their ability to combine technical real estate expertise with a deep understanding of the financial issues involved in real estate development. We are excited to move forward."

Naveed Siddiqui, CEO of Capitas Group International, added: "We are very pleased to be working on this coveted project. The demand for this type of hospitality product is expected to increase by 7 percent annually over the next decade. In addition, the demand for branded, serviced apartments is severely underserved - with only two existing properties in Riyadh."

Source: The Saudi Gazette

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EXPERTS WARN OF LOW-COST HOMES

CRISIS IN QATAR

FRIDAY 20 SEPTEMBER 2013

With house rents on the rise in Qatar, fuelled by massive infrastructure projects and the increasing inflow of foreign workers, experts have called for more housing units in the low and medium segments to address a possible shortage in supply.

They warn that the situation may go back to the 2006-2008 level if measures are not taken to diversify the sector and end the dominance of a few players in the market.

The Qatar National Bank (QNB), in its latest report, said the rapidly growing population that is set to cross two million by the end of this year could further push up house rents, the main contributing factor to the rising inflation in the country.

Inflation has gone up to 3.1 percent over the past one year, which is mainly attributed to a hike in house rents.

With 120,000 new jobs expected annually over the next two years, demand for residential units from expatriate workers will see a drastic rise.

"House rents have started rising but the situation has been stable until now. The country is not likely to witness a severe shortage of residential space in the short term. But a situation close to what existed during 2006-2007 may arise again, when work on new projects go in full swing, attracting huge number of foreign workers to the country," Ahmed Jassim Al Jolo, Chairman of the Qatar Engineers Forum, told The Peninsula yesterday.

He said, despite the increasing demand, a number of housing units still remain vacant because the owners are not in a hurry to rent them out, anticipating a further hike in the prices.

Al Jolo called for more housing units in the medium segment as well as "labourers' cities" to accommodate the large number of foreign workers being recruited by the country.

He, however, noted that a two-bed room flat may no more be available at QR4,000 or QR5,000, with a rapid rise in demand.

According to recent statistics, the average monthly rents for a fully furnished two-bed room and three-bed room apartments in areas like Al Sadd, Najma, Bin Mahmoud, Airport Road, Muntaza and Mansoura have reached QR7,300 and QR8,600, respectively. Rents for high-end apartments in West Bay and The Pearl Qatar range between QR14,500 and QR15,000.

"We need more housing units in the medium segment -- say between QR9,000 and QR10,000 -- instead of the luxury segment," said Al Jolo.

Source: The Peninsula

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TENDERS WORTH RO491,000

AWARDED FOR HOUSING UNITS IN

THREE GOVERNORATES IN OMAN

THURSDAY 19 SEPTEMBER 2013

H E Eng Saif bin Amer al Shaqsi, Undersecretary in the Ministry of Housing, presided over the weekly meeting of the committee of internal tenders. The meeting awarded projects worth RO491,265 to build new housing units.

The meeting awarded tenders to build five residential units in the governorate of Muscat - three in the wilayat of Seeb and one each in the wilayats of Amerat and Quriyat at a cost of RO129,718; 25 annexes at the housing unit project in Dima and Al Tayeen in North Sharqiyah governorate at a cost of RO336,672; two mosques in Mahout in Al Wusta governorate at a cost of RO323,358; as well as a special tender for rebidding the contract of building one housing unit in Masirah in South Sharqiyah governorate at a cost of RO24,875.

The meeting opened bids of four tenders for consultancy services for the construction of 20 housing units, a mosque, a public majlis in Sur in South Sharqiyah governorate; construction of one housing unit in Seeb in Muscat; consultancy services for the construction of 50 housing units at seven locations in Al Jazir in Al Wusta; and technical support and maintenance of software applications (Oracle) at the ministry's headquarters.

The meeting also dealt with four change-orders on building 24 housing units in Al Sininah in Buraimi; constructing three residential units in Amerat in Muscat, and constructing one housing unit in the wilayat of Dima and Al Tayeen in North Sharqiyah.

Source: Muscat Daily

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DUBAI'S JLT, MARINA, JUMEIRAH

ISLANDS FACE WATER ISSUES

THURSDAY 19 SEPTEMBER 2013

Three communities in Dubai experience service disruptions as Dewa had to shut down two main lines in the area

Parts of three communities in new Dubai were left without water for hours this week thanks to some planned maintenance work and an incident.

Dubai Electricity and Water Authority (Dewa) this week closed two main pipes in two different communities.

"There is mainline closed in Marina due to maintenance work by the contractor. Notices are sent to the customer beforehand," it tweeted on Wednesday afternoon 3 PM.

A customer representative claimed that services had resumed around 11 AM in the morning that day, however, the tweet suggests that the mainline was still closed.

It is not clear which residences are or will be affected by the closure. When Emirates 24|7 inquired about the situation, no residents we spoke with had faced service disruptions.

Another mainline was closed in Jumeirah Lakes Towers (JLT) earlier this week. On September 15, Dewa announced on Twitter that services would be disrupted in the community from Monday 7 PM to 1 PM the next day.

On Wednesday 3 PM, DEWA tweeted: "There was a mainline closed in JLT, it was partially opened now and customer will get water in 2hrs time."

That the closure was not welcomed by JLT residents should not come as a surprise, as the community has become the hotspot of news making issues, the horrendous traffic situation being the last of the communities' frustrations. (www.emirates247.com/news/emirates/jlt-traffic-gridlock-eases-after-office-goers-got-stuck-for-hours-residents-unable-to-exit-buildings-2013-09-09-1.520354)

On Monday a user who goes by the Twitter handle @rmdarnell tweeted: "Tried to come home early tonight in #JLT before Dewa turns water off. 30 minutes and still in traffic."

However, two days later nothing much had happened in his cluster S, he said, as the owners association had filled up the tank with a tanker.

Also here, it is not clear which clusters are and have been affected.

Meanwhile, residents in Jumeirah Islands were left without water on Tuesday. "Are you aware that Jumeirah Islands and JLT have had no water all day today for over 14 hours? Dewa still doesn't know when it's gonna come back," wrote an Emirates 24|7 reader to this website on Tuesday evening, while other Jumeirah Islands residents vented out their frustration about the same on Twitter.

Asked whether services had come to a standstill in Jumeirah Islands over the past days, Dewa did not respond, and customer service representatives said not to have heard of any problems in Jumeirah Islands.

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It is unclear whether services have been retained in the community.

On Tuesday residents in Jumeirah Park were affected by a broken pump. "The house of horrors saga continues, today we have no water. Thank god for dry shampoo!" tweeted a user named @KrysiaJ on Twitter.

The problem was resolved on the same day, she tweeted one day later.


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UAE DEVELOPERS LAUNCH $4.5

BILLION (DHS 16.6 BILLION)

RESIDENTIAL PROJECT IN BAGHDAD


Dubai-based Al Handal International Group and Abu Dhabi-based Bloom Properties have jointly announced signing an investment deal to develop 'City of the Future' in the Iraqi capital Baghdad. The residential project is valued at 16.6 billion dirhams (4.5 billion dollars) spread across a surface area of 58 million square feet and can accommodate up to 150,000 people.

The project, which will be built in phases spanning seven years, will include 30,000 residential units, 5 shopping centers, 18 schools and 12 kindergartens, several commercial buildings, a state-of-the-art hospital, a police and civil defense station, a mosque and as well as a health centre. The new project, which will be built to international standards and specifications, is targeted at most slices of Iraqi society, mainly the middle-income segment.

A signing ceremony took place in Baghdad in the presence of Iraqi Prime Minister, Nuri Al Maliki to announce the launch of the project which marks a unique Emirati-Iraq partnership; the first of its kind and the largest in the history of real estate development in Iraq.

The deal was signed by the Chairman of the National Investment Commission, Dr. Sami Al-Araji and Vice Chairman of Handal International Group, Mr. Hardan Al Handal, and was attended by a number of prominent Iraqi officials and figures in the business and finance sectors.

The Chairman of the National Investment Commission, Dr. Sami Al-Araji said that the City of the Future will become one of most prominent modern urban residential projects in Baghdad, emphasising that the National Investment Commission and all stakeholders in Baghdad will provide the necessary support to ensure the success of the project that would also encourage other investors to launch similar projects that would usher in a new era of real estate development and ultimately economic growth in Iraq.

The project features contemporary architecture designs of its residential buildings and 50% of its total surface area is green open spaces, making it environmentally-friendly and offering a modern sustainable lifestyle for the Iraqi family.

Mohammed Handal, General Manager, Handal International Group, said that following necessary approvals from the authorities, the Group is ready to start implementing the project and work on the construction of the infrastructure.

He added that the City of the Future project will provide more than 10,000 jobs, in direct construction of the project as well as ancillary businesses and operations associated with the project.

Source: Press Release

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DAMAC MAISON INTRODUCES PRIVÉ -

TIME IS RUNNING OUT FOR BEST

WATERFRONT HOTEL APARTMENTS IN

THE BURJ AREA, DUBAI


In response to increased customer demand, DAMAC Properties, the region's largest private luxury developer in the Middle East, is launching a new concept of luxury hotel living to the Burj Area of Dubai, with the launch of 'Privé by DAMAC'.

On sale from Saturday the 21st September, the stylish twin tower development is one of the last remaining plots located directly on the waterfront in the Burj Area with all hotel apartments having direct views over water.

The AED1.35 billion, 30 storey twin project is located on over 100 metres of direct waterside frontage and will features luxurious studios as well as one and two bedroom serviced hotel apartments each offering stunning views across the Waterfront. Scheduled for completion in Q3, 2016, Privé by DAMAC offers a real estate choice and access to the pulsating heart of new Dubai to buyers looking for a solid investment.

Demand is outstripping supply in Dubai's hotel sector, resulting in DAMAC Properties launch of this new luxury serviced hotel apartments to cater to the growing number of international investors returning to the market.

According to latest data released by STR Global, Dubai's hospitality sector witnessed increases in supply (5.81 percent) and demand (30.4 percent) while occupancy rose 23.3 percent to 72.6 percent.

Managed by DAMAC Maison, Privé by DAMAC comes complete with all of the luxury services expected in a five-star hotel, including a luxurious spa, high-end restaurants, stunning lobby areas with meeting space, a kids club & baby-sitting service with dedicated and qualified staff, and fully-fitted kitchens throughout.

"Privé by DAMAC are iconic towers, with fully serviced amenities. It's one of the last prime property spots left in the Burj Area and the concept was specifically developed to create an exclusive, private space," said Ziad El Chaar, Managing Director, DAMAC Properties.

"From its excellent location and accessibility to the cosmopolitan lifestyle it affords, those who enjoy Dubai's vibrant city atmosphere will feel completely at home in Privé by DAMAC," added El Chaar.

"As prices continue to rise in Dubai, it is a great time for investors looking for healthy returns - luxury serviced living is proving time and again to be the driving force of the real estate market. Fully-finished and serviced hotel apartment units in prime locations allow these investors to truly enjoy their assets," added El Chaar. ''We are introducing this product to the market on Saturday the 21st September and we expect them to sell quickly on the back of our customer demand.''

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The STR Global report also said hotels reported an 8.7 percent increase in average daily rate to AED753.16 and a 34 percent rise in revenue per available room to AED546.61.

Investors in Privé by DAMAC can add their units to the 'rental pool' service, to capitalise on the potentially impressive rental returns that are available in the market.

Offering panoramic water views across the creek in the Burj Area, Privé by DAMAC is located close to the world's tallest tower and just two minutes from the city's elite business district, DIFC, a world-class shopping complex, five-star international restaurants, unrivalled nightlife, up market art galleries as well easy access to Dubai International Airport, the Meydan Race Course and other exclusive Dubai destinations.

Privé by DAMAC combines the finesse of a luxury hotel experience with privacy and exclusivity. Each unit comes ready to move into for the ultimate in ease and convenience.

''Owners can enjoy a premium luxury lifestyle when they are living in their apartments and excellent returns when they are not, due to our unique rental pool option managed by our hospitality division," continued El Chaar.

In addition, a well-connected concierge will allow residents access to the best tables in the city's top restaurants, seamless bookings of stretch limousines, arranging of personal shopper services and more, allowing them to entertain easily and make the most of their time after a hard day at work. A gym, pool, Jacuzzi, steam room, sauna, male and female health clubs on property offers additional relaxation options.

DAMAC Properties has completed 8,887 units to date spanning 9.1 million sq. ft. It also has a further 23,788 units at various stages of progress and planning across the Middle East region covering 28.6 million sq. ft.

In October 2011, DAMAC Properties launched its hospitality division, DAMAC Maison, which will provide bespoke services to residents in 7,351 serviced hotel apartments by the end of 2016. This will position the company as one of the largest Hotel Apartment operators and developers in the world.


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ARADY DEVELOPMENTS ANNOUNCES

SUCCESSFUL SALE OF ALL PHASE-I

RESIDENTIAL UNITS OFFERED AT

CENTRAL PARK SALES EVENT


Arady Developments (LLC), a joint venture between Deyaar Development PJSC (Deyaar) and Dubai Properties Group, today announced its two-day exclusive sales event registered record sell-out of the limited number of units released in phase-1 of its Central Park Residences project.

The exclusive event, held on 14 and 15 September, drew an impressive number of regional and global investors looking for on-the-spot booking of properties. Held at the Ritz-Carlton Hotel in Dubai, the event featured plush studio, one and two bedroom apartments, as well as duplex and triplex penthouses from the Central Park residential tower.

Arady Developments' partnership with Dubai Islamic Bank for the Central Park Residences project served as a distinctive value-addition to potential investors looking for attractive funding options.

Arif Mubarak, CEO, Arady Developments LLC, said: "The phenomenal response from investors for phase-I firmly reiterate the strong growth trends witnessed by the UAE's real estate sector. Amidst such buoyant market sentiment, we at Arady Developments are glad to bring an upscale project such as the Central Park Residences. The property reflects our commitment to providing investors with exemplary investment opportunities."

Located in a prime area in DIFC, off Sheikh Zayed road, the Central Park residential tower is spread across nearly 575,000 sq ft and comprises 426 apartments. Insightfully conceptualised to reflect the upscale lifestyle of its residents, the tower is part of Arady’s ambitious Central Park project, a unique development that directly connects to the retail and F&B outlets at DIFC. The project spans over 1.57 million square feet of commercial and residential space. With nearly 80 per cent of the development complete, Central Park is scheduled to come online in the second half of 2014.


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ABYAAR RECEIVE APARTMENTS

BUILDING AND READY TO LEASE


Abyaar Real Estate Development Company has announced receiving its residential building located within the Dubai Investments Park (DIP) from the contractor and will be leasing the units during the third quarter of this year.

The chairman of Abyaar, Marzooq Al-Rashdan, commented on the delivery of the project: "The modern design of the building and its excellent location makes it special in terms of distance from the traffic and the city racket, the building consists of 100 residential units spread over six floors, in addition to the retail space at the ground floor."

Al-Rashdan added: "The floors of the building are designed based on the idea of open spaces concept allowing maximum floor efficiency. The building has one of the biggest parking spaces compared to similar buildings. It is easily accessible from Emirates Road, and the area is close to major attractions and highways where it takes less than an hour to get to Abu Dhabi."

And on the performance of residential property in DIP which the building is located Al-Rashdan said: "The rental rates of residential units rose in the second quarter of this year compared to the first quarter and with the same period of 2012."

It is noteworthy to mention that Dubai Investments Park is one of the largest business and residential communities in the Middle East. Strategically located within minutes from the Jebel Ali Port and Al Maktoum International Airport, DIP is a self-contained city offering state-of-the-art facilities and world-class infrastructure.


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NOWAYRAH LAUNCHES 'OBHUR

TOWNHOUSES' PROJECT


Nowayrah Real Estate Development Company set out to build residential units on 200 sqm plots of land, named the 'D200 Design' taking into consideration design concept and use of space. This created a very spacious layout, which offers all the amenities one could need in a home, combining with a high standard of building methods, finishes and materials used. This resulted in homes which are fit for a modern family, offering quality with affordable prices.

Nowayrah is creating complete turnkey solutions for the cities' residential and commercial needs. Starting from the careful procurement of land, which considers such attributes as, location, future prospect, and price.

Nowayrah attempts to solve the housing problem in the Kingdom by not only adding to the supply of housing units, but by offering ones in which homeowners can enjoy by living in comfort and style through our careful consideration to the small amounts of space available due to scarcity of land and making them feel spacious and large.

Nowayrah believes in generating return business earned through a good reputation and good work which is worth more to us than earning huge profits on one off projects at the expense of the home owners.

This is why Nowayrah is looking to the future and hopes to revolutionize the modern day concept of living through the creation of harmony between the needs of Saudi families and the availability of resources and facilities.

The base prices for a sin ingle unit phase one of "Obhur Townhouses" Project is SR1,675,000 and goes up to SR1,750,000 depending on whether it is a corner unit or facing the public park. The project offers 12 exclusive duplexes in total on 200 sq.m land, with a 343 sq.m built up area, 6 of which are facing a park. Phase one offers 4 units, 2 of which are facing a park, offering great views of the surrounding area, which are also ideal for watching over your children while they play. Two duplexes have the benefit of being situated on corners, offering access to the main streets. Visit www.nowayrah.com/red to have more information on Nowayrah.


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SBG TO BUILD DAMAC LUXURY

HOUSING PROJECT IN RIYADH


Dubai real estate developer Damac Properties has handed Saudi Binladin Group (SBG) a SR353 million ($96 million) to construct a luxury housing project located on King Fahad Road, Riyadh.

The work will be completed by Binladin subsidiary Haramain Gate for Construction, the main construction contract for Damac's Esclusiva Luxury Serviced Apartments.

The 150m tower will include 100 luxury apartments and features interiors designed by Italian fashion house Fendi Casa.

Saudi Binladin Group is considered the world's largest construction company and recently signed a $1.23 billion deal to build Kingdom Tower, which will be the world's tallest building when complete.

"Damac Properties is thrilled to be working with Biladin group on the construction of Damac Esclusiva which will take the standards of luxury home living in the Middle East to a new level," said Niall McLoughlin, senior vice president, Damac Properties.

"Together we can bring an experience to the market which the region is yet to see. It is a perfect synergy between two visionary companies looking to reach the pinnacle of luxury living," he added.

Damac, one of the property developers worst hit by Dubai's financial crisis of 2008-2009 when a number of its projects stalled or cancelled, has launched several new developments this year on a back of a resurgence in the emirate's housing market.

Earlier this year it announced its Akoya by Damac development, which will include a gold course designed by flamboyant US business magnate Donald Trump.

The residences will each have views of the golf course, the first in Asia by Trump's Trump International. Akoya by Damac is the company's largest development to date, spanning 28 million square feet off Umm Sequim Road.

It will also include a spa, boutique hotels and international schools from kindergarten to secondary, as well as globally-recognized retail brands, leisure and entertainment offerings and a sports complex.

The land has already been bought from Dubailand, but no timeline for construction has been announced.

Damac, regarded as the largest luxury developer in the Middle East, is also building two mixed-use developments in partnership with movie producer Paramount.


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MAKKAH HOUSE PRICES UP 100%


House prices in Makkah have risen 100 percent as a result of high demand.

Residents whose houses were demolished to make way for expansion projects around the Grand Mosque have also called for new houses.

Citizens are now eyeing the suburbs of the holy city, including Al-Nawaryeh, Al-Sharaie and Al-Sabhani, according to local media. Prices of these houses are estimated at around SR2 million, against SR1 million last year. Demand for land for construction is on the decline as people now prefer to buy ready-built houses.

The price of 1 square meter of land exceeds SR2,000 in areas such as Al-Sharaie and Al-Nawaryeh on the outskirts of Makkah. The injection of funds from outside Makkah had earlier contributed to the rise in land prices.

The prices have since leveled. Prices are expected to decrease once the Ministry of Housing begins delivering land plots and embarking on the construction of houses, which will be handed to citizens when building operations end.

Shareef Mansour Abu Raiyash, chairman of the Makkah Chamber's Real Estate Committee, said real estate speculation contributed to the phenomenal hike in the prices of these projects.

"The prices will drop when these arbitrators take their capitals out of the market," added Abu Raiyash.

Another developer, Osama Fergally, expected the collapse of prices of projects that are not served because the majority of speculators are from Makkah.

Prices will begin to decline once the Ministry of Housing embarks on building residential units for citizens, said Saad Al-Ghamdi, another developer.

Source: Arab News

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OMAN RAIL PROJECT TO UNLOCK HUGE

BUSINESS OPPORTUNITIES

MONDAY 16 SEPTEMBER 2013

The development, construction, operation and maintenance phases of the Oman National Railway Project promise to spawn a bonanza of investment and business opportunities encompassing virtually all aspects of the multibillion-rial venture, top officials overseeing the ambitious undertaking emphasised here yesterday. Opportunities associated with the mammoth project were outlined at a well-attended national symposium organised by the Ministry of Transport & Communications at Al Bustan Palace - A Ritz Carlton Hotel. Transport & Communications Minister Dr Ahmed bin Mohammed al Futaisi underlined the project's potential to serve as a powerful enabler of transformational national development. Further, in line with the 'in-country' principle governing the implementation of the project, Omani firms and the local economy will be suitably primed to capitalise on the abundance of the investment and business opportunities linked to this venture, officials stated.

A sense of the sheer physical scale of the project was provided by a senior representative of Italffer (Gruppo Ferrovie Dello Stato Italiane), the engineering consultancy arm of Italian Railway, which was recently awarded a contract by the Omani government to provide Preliminary Design Consultancy services linked to the Oman National Railway Project. According to Luka Beccastrini, Middle East Regional Head of Italferr, construction of the 2,244km national network traversing the length of the Sultanate will require the supply of an estimated 12,000 kilometres of rail. In this regard, a rail production plant in the Sultanate, designed and equipped to produce high quality rails, will not only be viable, but also lucrative in terms of catering to the future maintenance requirements of the network, he said. Further, the requirement of an estimated 10.2 million concrete sleepers to be laid all along the length of the network gives rise to the potential need for at least five production plants to be established at key locations along the alignment. Output from a medium sized plant is about 300,000 sleepers per year, he said.

In his presentation, Beccastrini also underlined the potential for investment in at least 10 quarries for mining stone required for the estimated 23 million cubic metres of ballast and sub-ballast required for the project. Opportunities for investments in associated crushing and screening plants, and concrete batching plants, are promising too, he said. Listing other business prospects, he said significant investments will be required in the establishment of plants and facilities for civil works. In this regard, he underlined the potential for entire townships to mushroom at worksites expected to emerge at intervals of between 50 -- 100 km alongside the alignment. Stockyards for the storage of large quantities of construction material, such as soil for embankments, granular material, ballast and precast elements, are envisaged as well. Beccastrini also foresaw the potential for investments in precast plants to be set up close to major structures planned along the route. These facilities are necessary for the fabrication of viaduct slabs, double walls, façade elements, noise barrier walls, prefabricated cells and concrete sleepers.

Opportunities also abound across other elements of the gigantic project, he said. Given the undulating terrain through which the alignment runs, a staggering 1.7 billion cubic metres of cut-and-fill will be required, along with some 20.250 million cubic metres of earthworks. The project scope also calls for 60 million square metres of geotextiles, 2.250 million metres of drainage pipes, 13,500 manholes, 3,000 kilometres of unmetalled roads along the right-of-way, 1,000 kilometres of paved dual carriageways, 6,500 kilometres of security fencing, 1,200 pedestrian gates, and 300 vehicle gates - requirements that

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will fuel demand for investment in facilities and services, the expert said. Underscoring the magnitude of the construction work at hand, an estimated 35 kilometres of tunnels will be required to be built along the network, in addition to 45km of viaducts, 39 kilometres of rail bridges and 48 kilometres of wadi bridges. Scores of other structures will be built en route as well, including 245 flyovers and underpasses, 98 pedestrian crossings and 310 animal crossings.

Likewise, the massive project foresees a plethora of contracting, business and investment opportunities in the development of stations, depots and maintenance yards along the route. A master plan envisages the construction of 30 small stations, 10 intermediate stations, six large stations, eight marshalling yards, nine intermodal yards, five rolling stock service facilities, 3 heavy duty maintenance workshops, six central maintenance workshops, one main operational control centre and six operational control centres. Substantial outlays will also be required towards rolling stock for freight and passenger transportation. Rolling stock needs include 40 freight locomotives, 30 shunting locomotives, 5 recovery locomotives, 30 diesel multiple units (DMU) for passengers, 15 diesel locomotives for passenger trains, 80 passenger coaches and 500 freight wagons of all kinds.

Source: Oman Daily Observer

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EMAAR LAUNCHES SERVICED

RESIDENCES IN THE ADDRESS

RESIDENCE FOUNTAIN VIEWS III IN

DOWNTOWN DUBAI


Global property developer Emaar Properties PJSC has unveiled The Address Residence Fountain Views III, the fully furnished serviced residences in Downtown Dubai. The sale in Dubai, Abu Dhabi and London, and showcase in Jeddah, will take place simultaneously on September 21, 2013; online registrations open at www.emaar.com on September 18, 2013.

Located directly opposite The Dubai Mall, the world's largest shopping and entertainment destination, The Address Residence Fountain Views III offers customers the choice of 1, 2, and 3-bedroom serviced residences, situated above The Address Fountain Views hotel, and managed by The Address Hotels + Resorts, Emaar 's flagship five-star premium brand. The residences also provide unparalleled views of Burj Khalifa, the world's tallest building, and The Dubai Fountain, the world's tallest performing fountain. Adding to the convenience of residents, the development features significant retail space with high-end stores and F&B outlets along the boulevard.

Ahmad Al Matrooshi, Managing Director, Emaar Properties PJSC, said: "The Address Residence Fountain Views III is a stunning tribute to Emaar’s commitment to provide world-class service, awe-inspiring design, and unparalleled architecture. Located in the heart of our flagship development, Downtown Dubai, The Address Residence Fountain Views III provides investors from across the world the opportunity to reside in one of the most dynamic communities in the city."

Potential customers can register interest for the serviced residences in The Address Residence Fountain Views III from September 18, at www.emaar.com, at 9am in London, 11am in Jeddah and 12pm in Dubai and Abu Dhabi.

The event will take place in all four cities simultaneously on September 21. In the UAE, the sale in Dubai will take place at Emaar Sales Centre in Downtown Dubai, and in Abu Dhabi at the Emaar Sales Centre in Al Nahda Tower, from 1pm; while the London sale will be held at the InterContinental London, Park Lane, from 10am (GMT). Customers interested in viewing the new property in Jeddah can visit the showcase at Jeddah Gates Sales Centre, King Abdullah Road, from 12pm.

Described as 'The Centre of Now,' Downtown Dubai's various attractions serve as a magnet to attract investors. The 'most prestigious square kilometre on earth,' it is a thriving mixed-use community with world-class hotels, shopping malls, must-visit tourist attractions and landscaped gardens and the 3.5 km boulevard dotted with sculptures by world-renowned artists.


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KAEC INKS SAR210M DEAL WITH RCC

FOR AL-MUROOJ VILLA PROJECT


King Abdullah Economic City (KAEC) has awarded a construction contract worth SR210 million to Ruwaad Construction Company (RCC), one of the largest companies in the Saudi construction industry, offering development and project management services throughout the region.

RCC will be responsible for the construction and interior finishing of 270 attached villas and a multifaceted community center located in the KAEC's Al-Murooj district. The estimated handover date for the completed units is scheduled for year-end 2014.

"Ruwaad Construction Company has earned an exceptional reputation for delivering quality projects in Saudi Arabia according to the highest international standards," said Fahd Al-Rasheed, MD and CEO of KAEC. "We have full confidence in their qualified workforce led by a seasoned team of engineers and supervisors who employ the latest international management systems focusing on quality, safety and precision. This latest project will further enhance Al-Murooj district, which offers a unique premium lifestyle in proximity to the Red Sea and access to the extraordinary existing amenities within KAEC."

Expressing his satisfaction at the contract signing, RCC President Shaher Al-Taki said: "King Abdullah Economic City is a ground-breaking project, which is playing a pivotal role in the development of the national economy. Winning this prestigious contract is a validation of the work we have already completed for KAEC and we embrace the challenge with enthusiasm and dedication. We will be deploying the very best of our continuously expanding resources and expertise to complete this project efficiently, on schedule and with excellence."

Charles Biele, head of residential development in KAEC, said: "The Al-Murooj district features an excellent balance of well-appointed villas and townhouses for families who wish to reside in an upscale and family-friendly environment. The district's luxurious, private neighborhoods and lush landscaping make it one of the most desirable residential communities in Saudi Arabia."

Biele added: "Al-Murooj is one of the most exclusive areas within King Abdullah Economic City, and we are fortunate to be able to offer a range of investment opportunities for discerning purchasers. The Al-Murooj district enjoys a pristine setting along the Red Sea and its expansive 4.6 million sqm area provides the opportunity to create a unique amenity rich lifestyle environment for residents to relax and enjoy life."

KAEC is one of the largest and most important private sector initiatives in the Middle East, encompassing a total area of 168 million sqm along the coast of the Red Sea. Through its Industrial Valley KAEC has succeeded in attracting more than 50 national and international industrial companies.

Strategically located and with its own seaport, KAEC offers a wide range of housing solutions that are suitably priced for different income levels, which are all supported by a high quality infrastructure and a complete range of services and facilities such as The World Academy School, which is already open with a future total capacity of 2,250 students, and a medical center for primary care and emergency operated by Dr. Soliman Fakeeh Hospital Company.

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In addition, retail stores have been fully leased and a number of restaurants, cafes, sales outlets and pharmacies are already open.

Source: Arab News

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STANCHART, ENSHAA INK $69M

FINANCING DEAL


ENSHAA said on Monday they have signed a finance facility agreement of AED255m ($69.4m) for the D1 Tower project in Dubai.

The real estate project, located close to the Palazzo Versace development, is planned to be completed in the second half of 2014, a statement said.

ENSHAA said the agreement was part of its commitment to the delivery of its projects including the D1 Tower.

The company has also developed projects such as Palazzo Versace Dubai and Emirates Financial Towers.

Standard Chartered said the deal demonstrated its "continuous support of its key clients in the UAE and the region".

Fergal G Harris, regional head, Commercial Real Estate, Standard Chartered Bank said: "As Dubai's housing market continues to recover on the back of improving economic conditions, D1 project represents a best in class asset.

"Standard Chartered is pleased to support ENSHAA's premium luxury tower as we continue to extend financial support to our clients from the various sectors in the UAE and the region."

Raza Jafar, CEO of ENSHAA, added: "ENSHAA is pleased by the confidence that banks such as Standard Chartered Bank have shown in our projects. We are looking forward to a long and prosperous relationship with Standard Chartered Bank."

Source: Arabian Business

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RAS AL KHAIMAH REAPS THE BENEFITS

OF AFFORDABLE LUXURY AS

INTERNATIONAL HOTEL GROUPS MOVE

IN


Ras Al Khaimah is reaping the benefits of rising tourist arrivals as international hotel groups make the emirate their latest target for expansion.

Some 577,900 people visited the emirate in the first half, generating about US$84.95 million.

Most of them came from the UAE and Germany followed by Russia, Ukraine and Italy – the top five source markets for the emirate.

At beach hotels and resorts, occupancy rates reached almost 74 per cent and the average daily rate touched $175.71, bringing in total revenues of $69.035m.

In the city, hotel occupancy reached 61 per cent and the average daily rate was $73.67, generating revenue of $15.560m.

In comparison, the average daily room rate across Dubai for July, which is considered a low season, was $196.87, according to HotStats Mena.

The driving force behind RAK’s tourism confidence is affordable luxury, says John Podaras, a Dubai-based independent consultant. With little business travel reaching the emirate, most RAK hotels generate the lion’s share of funds from leisure travelers.

Five years ago, the corporate sector was the more lucrative one in the UAE, and corporate rates were higher than leisure rates, he said. But that changed after the financial crisis as corporates got more price-sensitive. He added that the emirate’s proximity to Dubai Airport was one of its main selling points. It’s ultimately down to marketing and price positioning,” he said.

The RAK government set up Ras Al Khaimah Tourism Development Authority (Ras Al Khaimah TDA) two years ago as part of its effort to shore up tourism. It had also targeted to invest $500m in tourism development projects through 2013.

Currently the emirate has nine beach and resort hotels offering a total of 2,239 rooms and six city hotels offering a total of 1,130 rooms,” said Khalid Motik, the RAK TDA director.

But the hotel landscape is set to change as more hotels expect to open their doors next year.

Projects under construction include the $1.8 billion Al Marjan Island, the first man-made island project to be developed within Ras Al Khaimah.

In the next 10 months [more] new hotels will open on Marjan Island,” Mr Motik said.

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These include the 657-key Rixos Bab Al Bahr Resort, which is expected to open in February, the 315-room Marjan Island Resort and Spa, the 265-room Santorini Hotel from The Bin Majid Group, and the 484-key DoubleTree by Hilton Resort, Marjan Island.

The UAE’s first Crowne Plaza Resort with 442 rooms is expected to open in 2015 on the cluster of Al Marjan Islands.

Already open is the 346-room Ras Al Khaimah Waldorf Astoria, which was the Hilton luxury brand’s first in the UAE. The emirate plans to add 10,000 rooms by 2016.

The tourism sector is also buoyed by its economy, which has a healthy outlook, according to credit rating agency analysts.

In April, Fitch Ratings gave Ras Al Khaimah a stable outlook and highlighted its budget surplus allowing it to undertake new investments without incurring deficits or new debt.

By 2021 RAK expects tourism to generate about 20 per cent of its GDP.

The direct contribution of travel and tourism to the UAE’s overall GDP was Dh89.7bn, or 6.6 per cent of total GDP, last year, according to World Travel and Tourism Organization. The figure is forecast to rise by 4 per cent this year, and touch Dh153.5bn in 2023.

Inbound and domestic leisure travel spending is expected to grow by 5 per cent this year for the UAE to touch Dh 127.7bn, and rise by 4.5 per cent each year to Dh198.4bn in 2023. In comparison, business travel spending is expected to grow by around 3 per cent this year to Dh36.7bn, and rise by 4.3 per cent annually to Dh56.1bn in 2023.

Ras Al Khaimah attracted more than 1.1 million tourists last year generating US$ 159.9m, compared to 835,000 the previous year and generating $108m.

Source: The National

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RITZ-CARLTON INTERESTED IN UAE

EXPANSION AFTER NEW ABU DHABI

HOTEL SUCCESS


Ritz Carlton is interested in expanding further in the Emirates, according to a senior executive with the company.

The chain currently has 10 properties in the region, including two in Dubai and one in Abu Dhabi, which it opened in March.

The new Abu Dhabi property has done “extremely well” since opening in March, said Pascal Duchauffour. It is expected to achieve occupancy of 60 to 65 per cent, which is average for the capital, by the fourth quarter.

It was a good entry into the market and we see now demand growing for the rest of the year and a very big interest for next year in terms of clients who would like to organise larger events. We are very happy with what we have achieved so far in this new destination for us,” said Mr Duchauffour.

The brand is not actively looking for new projects in Dubai, but if anything interesting came up it would look at it, while Abu Dhabi could become home to a second Ritz-Carlton. However, he ruled out entering any other emirates in the foreseeable future.

The area we would be looking at in the UAE would definitely be Dubai opportunistically and Abu Dhabi a resort, a purely on the water project we think would be very interesting,” said Mr Duchauffour.

We wouldn’t be necessarily looking at other emirates today, only because our clients are not asking for us to be in those destinations.

Elsewhere in the region, Ritz-Carlton will add another five properties in North Africa over the next 18 to 24 months, with three new- build properties in Morocco, one in Tunisia and a conversion in Cairo.

Ongoing violence in Cairo may delay the opening of its property there, the takeover of the Nile Hilton. But it has done nothing to dent the chain’s confidence in the country’s future, said Pascal Duchauffour, area vice president for Europe and the Middle East.

When we build hotels we build them for a 30 or 40 years period and we understand that within that time frame there will be ups and downs and there will be some challenges, he said.

In Cairo we have slowed down the construction but this hotel could potentially be delayed by six months because of what has happened. But in the long term we believe that Tunisia is a great destination. We believe that Egypt, once recovered, will be as it used to be, a great tourist destination, a great business location.

Ritz-Carlton plans to add 20 hotels through to 2016, bringing the total number of properties in its portfolio to 100.

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Five new Ritz-Carlton hotels are scheduled to open in the last quarter of this year, including The Ritz-Carlton Chengdu and The Ritz-Carlton Tianjin in China, The Ritz-Carlton Aruba, The Ritz-Carlton Almaty in Kazakhstan and The Ritz-Carlton Bangalore in India.

The robust pipeline of hotel projects indicates a continued strong demand for Ritz-Carlton products and services,” said Herve Humler, the president and chief operations officer.

Across the globe, and especially in Asia and the Middle East, we will be the undisputed top-tier luxury hospitality brand by 2016,” he added.


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DUSIT THANI HOPES TO INCREASE UAE

PRESENCE


Dusit International plans to add more hotels in the UAE as it follows in the slipstream of the region’s big airlines.

We mirror in many respects what airlines industries are doing,” said David Shackleton, the chief operating officer at the Bangkok-based hotel chain. “When we see huge investments by Emirates, Etihad and Qatar Airways in the region in their capacity, it is natural for hotels to follow on.” He was in the capital on Monday for the official launch of Dusit Thani Abu Dhabi.

The hotel chain expects to open two properties under the dusitD2 Hotels and Resorts brand in Dubai. Four more, including another Dusit Thani and Dusit Devarana, may come to Dubai within seven years, said Andrew Shaw, Dusit International’s regional director of development for Middle East.

While one of these six projects is expected be a conversion hotel, the rest would be new projects.

But Dusit has no immediate plans to add more properties in the capital. Abu Dhabi Tourism and Culture Authority said last year that it was being selective in the issuance of new hotel permits.

The market will absorb the current supply, and now is probably a good time to start signing deals [for properties] which will open in three years’ time,” Mr Shaw said, referring to Abu Dhabi.

As of the end of August, Abu Dhabi had 84 hotels with about 19,500 rooms, and 25 in the pipeline, which would add about 1,400 more rooms to the market, according to STR Global.

In the capital, the hotel is eyeing the meetings and conference sector to drive its business.

We expect to get 20 to 25 per cent of our business from meetings and conferences,” Mr Shackleton said.

Dusit Thani Abu Dhabi, which comes with 402 rooms besides 132 serviced apartments, expects 60 per cent occupancy for the first year of operations with an average room rate of Dh600. Its conference centre can accommodate 2,000 guests.

For the first year of operations it is expecting a 60 per cent occupancy, and average room rates at Dh600. Abu Dhabi is a destination in the making,” said Chiheb Ben Mahmoud, the head of hotel advisory at Jones Lang LaSalle, Middle East and Africa region.

All the stakeholders are, however, confident because all the ingredients are there for a successful and great destination, or more precisely a great bundle of micro-destinations, in Abu Dhabi, capital of the UAE and major power centre of the region.

With Etihad Airways and Emirates Airline entering more code share agreements with overseas airlines, the hospitality market expects more tourists to visit the UAE.

First it was Singapore, then Bangkok and now it’s Dubai that’s the hub of the world, said Thierry Douin, Dusit International’s regional vice president for Middle East and Africa.

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The investment in infrastructure and marketing of Dubai as a destination is part of a long-term plan, say analysts.

The foundations have been laid several years ago, Mr Ben Mahmoud said. The current infrastructure that had been decided in 2005 and 2006 comes as a support to the Dubai tourism engine.

Dusit International had a more cautious approach to expansion in the UAE compared to other international hotel chains.

Dusit entered the Middle East with its Dusit Thani Dubai hotel in 2001. Its serviced apartment unit opened Pearl Coast Premier Hotel Apartments in Dubai in 2007, followed by Dusit Residence Dubai Marina in 2008.

Five of the hotels in Dusit International’s pipeline are in China followed by two in the United States. Its property in Kenya, which would mark its first foray into Africa, would be open in the first quarter of next year. Also planned are a property in Turkey and serviced apartments in Doha.


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With 28 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]

Jenny Weidling BA (Hons)

Manager – Research and Consultancy - Dubai +971 4 403 7777 [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.

NEWS BRIEF #38 - Asteco Property Management · 2016-05-29 · New project on sale in Downtown...

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Transcript of NEWS BRIEF #38 - Asteco Property Management · 2016-05-29 · New project on sale in Downtown...