Race to Dubai draws a wealth of talent to the European Tour - Wednesday, 19 November 2008

On the eve of the HSBC Champions tournament in Shanghai, the first event of the 13-month "Race to Dubai" that carries a $20 million (about 12.5 million) prize fund at the season-ending Dubai World Championship next November, the organisation's main backer, Leisurecorp, claimed yesterday that its deal with the European Tour is "crunch-proof".

"The budget for the Race to Dubai has been built into our plans on existing business and is not reliant on future property sales," David Spencer, the chief executive of Leisurecorp's golf division, said. "We have made a five-year commitment to the European Tour and the world of golf. We know the responsibility of that commitment and are driven by delivering on it and, hopefully, exceeding it."

With the Dubai-based property and golf-course development company - which also owns Turnberry, venue for the 2009 Open Championship - putting up in excess of $170 million over the next five years, George O'Grady, the tour's executive director, has been able to beef up his schedule, the extra rewards helping to persuade new players, among them Camilo Villegas, of Colombia, and Anthony Kim, of the United States, to join the tour.

"When you look down the field and see who is playing here, it is beyond our wildest dreams," Spencer said. "Look at the three-ball of Phil Mickelson, Ian Poulter and Jeev Milkha Singh: it represents a wide diversity of international talent."

Six of the world's top ten are here - the champion last year, Phil Mickelson (No 2), Sergio Garcia (3), Padraig Harrington (5), Robert Karlsson (6), Villegas (7) and Kim (8) - plus a host of other star players.

"Stunning" properties on offer in Dubai - Tuesday, 18 November 2008

Dubai is appealing to a growing number of British investors due to the number of high-quality properties being built in the emirate.

This is according to Shelter Offshore, which states that Dubai contains "some stunning and superior properties for sale that have been built to the highest standards by reputable developers".

Both lifestyle buyers and investors are attracted to Dubai, as its growing reputation as an international holiday and business destination means that investments in the emirate are likely to produce high returns.

The website states: "Property in Dubai is much in demand and highly sought after, it can make for a high returning investment asset [and] it can provide you with an incredible home."

However, Shelter Offshore also recommends that people proceed carefully when looking to invest in Dubai, as the high level of development and unfamiliar sale process can be confusing for buyers.

"Think about every single element of the transaction," the website advises.

Dubai-based developer Nakheel recently unveiled plans for the Nakheel Harbour & Tower, a development containing a skyscraper which will rise to one kilometre above the Dubai skyline.

EIB Enters into Agreement with RERA - Tuesday, 18 November 2008

With the ongoing unprecedented real estate boom in the UAE, Emirates Islamic Bank (EIB) has entered into a strategic agreement with Dubai's Real Estate Regulatory Authority (RERA).

According to the agreement, Emirates Islamic Bank will utilise RERA's expansive network of marketing channels, online and otherwise, to make their unique and wide product portfolio available to RERA's customers.

The Memorandum of Understanding (MoU) between the two parties was signed earlier this week by Ebrahim Fayez Al Shamsi, the Chief Executive Officer of Emirates Islamic Bank and Marwan bin Ghalita, the CEO of RERA.

"Our products and services include the convenient Manzili home finance options that will be invaluable to the home finance customers and the overall real estate community in Dubai, Escrow account opening facilities as well many other offerings tailor-made to make life easier. Providing the Islamic financial services benefits to the maximum number of people has been our goal, and this agreement with RERA is another key step in that direction," disclosed said Al Shamsi. (Khaleej Times)

 

Nakheel prepares to greet legendary liner''s arrival - Tuesday, 18 November 2008

Dubai''s master-developer Nakheel, which is set to take over the operations and management of the luxury liner Queen Elizabeth 2, said on Sunday excited preparations are underway for the arrival of the world''s best loved ocean liner.

The ship left Southampton last week on her final voyage and is now en route to her new home here. Nakheel will provide a fitting welcome for this queen of the waves, and its investment will safeguard the future of an icon of global maritime history.

QE2 is set to arrive at Dubai Port Rashid on November 26. Upon arrival, she will be greeted at The World islands by a flotilla of local yachts, boats and leisure craft led by a Royal Navy frigate.

Once refurbished, QE2 will be set afloat on the eastern side of the trunk of Palm Jumeirah at the end of a specially designed, prestigious land bridge that will evoke the grandeur, luxury and exclusivity associated with ocean liners. Plans for QE2 include her transformation into an ultra-luxury floating hotel where she will form the centre-piece of a luxurious residential, entertainment, marina, and hotel development off the trunk of Palm Jumeirah.

QE2 was purchased last year by Nakheel''s parent company, Dubai World. She is arguably one of the world''s most famous ships and has circumnavigated the world 25 times, crossed the Atlantic more than 800 times and carried more than 2.5 million passengers including kings and queens, prime ministers and presidents, astronauts and many international celebrities. (Gulf News)

UAE ranked top in prosperity index - Tuesday, 11 November 2008

The UAE is ranked the most prosperous GCC country and the second most prosperous country in the Middle East by the Legatum Prosperity Index for 2008.

The country ranks 28th among the 104 countries surveyed in the Legatum index which goes beyond GDP in its assessment of national prosperity and defines prosperity as material wealth coupled with quality of life.

"The UAE is among the top Arab countries in the world, there is an especially high quality of life here," said Dr William Inboden, senior vice-president of the Legatum Institute.

The UAE ranks fav-ourably in capital stock, in freedom of choice, high incomes, net migration and the availability of opportunity. (Gulf News)

Britain''s Brown arrives in Saudi Arabia for Gulf tour - Sunday, 2 November 2008

British Prime Minister Gordon Brown arrived in Saudi Arabia on Saturday at the start of a tour of Gulf states to ask for aid for countries hit by economic turmoil.

Brown was met by Saudi Foreign Minister Prince Saud Al Faisal at Riyadh airport. He was later holding dinner and talks with King Abdullah. Brown will spend four days in the oil-rich region holding talks with leaders as he pursues his efforts to help coordinate the global response to the world economy''s plunge.

The former finance minister says Gulf states and China should be among the biggest donors to an expanded scheme. "The Saudis and other countries in the Gulf states are very important, they are the countries with great revenues and oil wealth," Brown said, just before leaving London.(Gulf News)

Celeb Chef Jamie Oliver's First Course For Dubai - Tuesday, 14 October 2008

British TV chef Jamie Oliver has signed a deal to open two new restaurants in residential Jumeirah Golf Estates project in Dubai.

The businesses, an Italian and a barbecue-inspired eatery, will both be included in the Water neighbourhood of the development and developed through Government backed Leisurecorp and luxury brand giant Poggenpohl.

The celebrity chef, who also personally designed each kitchen in the homes on the Jumeirah Golf project, said he was excited to be working in Dubai. 
"Leisurecorp and Poggenpohl have allowed me to express myself through these fantastic kitchens which I hope will inspire people to cook good food and entertain. Friends and family round the table is one of the things that I''m passionate about and these kitchens will offer the perfect opportunity to get into cooking and have fun," he said.

Oliver described Dubai as an "amazing" place to open his first Jamie''s Italian.

"In the UK, people really love the high-quality, affordable, and authentic Italian food and I know it will be the same in Dubai. The BBQ restaurant will be a new concept and it''s something that we''ll be developing over the next few months."

Jumeirah Golf Estates is owned by Leisurecorp, a unit of the Dubai government. Leisurecorp was established by Dubai World in July 2006, to identify, acquire and develop sport, leisure and lifestyle-related investments in Dubai and across the world.

Tennis Star Boris'' Smashing Plan For UAE - Tuesday, 14 October 2008

Tennis legend Boris Becker has served up plans for a major new tennis academy for the UAE.

The AED 3 billion tennis academy will be created in partnership with Dubai-based ACI Real Estate  in the UAE emirate of Ras Al Khaimah.

The former Wimbledon champion will hold a 50% partnership in the academy and part ownership in the rest of the resort.

The Boris Becker Beach Resort and Tennis Academy is ACI''s first hotel project and Becker''s first tennis academy that he will co-own. The resort will also have a 223-room hotel and 1,000 serviced apartments. The academy will have four outdoor courts and two indoor courts.

Dubai Group Bid for Charlton - Tuesday, 14 October 2008

A Dubai based business consortium is bidding to take over veteran English soccer team Charlton Athletic. Zabeel Investments is the latest group from the Middle East region to attempt to step into the UK soccer world.

Zabeel had been looking at an opportunity to invest in a leading English football club and had been monitoring the situation at Charlton Athletic closely. The board of Charlton Athletic said the indicative cash offer is subject to a number of preconditions however "it is at a level at which, should the offer be made formally to shareholders, the board would recommend shareholders to accept it."

"The passion of the fans at Charlton, the heritage of the Club and the unique status it enjoys in the community make it an exciting proposition for us," explained Mohammad Al Hashimi, executive chairman of Zabeel Investments as news of the bid was released.
"We feel now is the right time to make a strategic, long-term investment in Charlton and get CAFC back to the English Premier League where they belong," Al Hashimi said.
The club''s board said it will keep the shareholders, fans and employees updated with any further developments.

Zabeel Investments had been linked with a takeover at Newcastle earlier this season after Mike Ashley declared he wanted to sell.

Charlton Athletic play in the Coca-Cola Football League Championship, the highest division of the Football League and second-highest division overall in the English football league system after the Premier League.

 

Dubai developer launches 54bn Jumeirah Gardens scheme - Thursday, 9 October 2008

Meraas Development unveils tower-led gardens development in Dubai. Dubai-based developer Meraas has unveiled the $95bn (54bn) Jumeirah Gardens scheme. Its crowning feature will be Dubai 1, already being boasted as "one of the tallest and largest buildings in the world" and an immediate rival to the recently revealed Nakheel's kilometre-high tower.

The giant development will also feature 1 Park Avenue, and Park Gate, six paired towers each between thirty and forty storeys high. The first phase of the development will straddle in the Satwa area of the city, and will include seven offshore islands.

Construction of Jumeira Gardens' first phase has already started, with the first buildings due for completion at the end of 2011.

Dubai Investors Being Lined Up For Wembley? - Thursday, 9 October 2008

Dubai investors are being lined up to share in the revamp of legendary UK landmark Wembley Stadium!

The move was revealed by heads of the Quintain Estates company, the organisation that is undertaking a vast regeneration scheme for the area. Deputy chief executive Nick Shattock says developer is seeking a strategic partner in Bahrain or Dubai for Wembley regeneration Quintain Estates is looking to sell up to 50% of its Wembley City regeneration project to Arab investors, according to Shattock.

Shattock told delegates at Cityscape Dubai that Quintain was in talks with investors from Bahrain and Dubai about selling a stake in the Wembley City project. Wembley City is the 2.5bn project to redevelop 34ha around the revamped Wembley Stadium. John Sisk and Balfour Beatty are among the contractors building commercial and residential elements of the scheme.

Shattock said: "We are looking to market a stake in Wembley, which is as much as 50%, to a long-term strategic partner. We are aware that anybody interested in a scheme the size of Wembley would also like to acquire a strategic stake in Quintain stock." Quintain revealed in its interim results  that it has let 2ha of its Silvertown site to Laing O''Rourke, which will use the space as a transport link for materials to and from Olympic Park.

Dubai developer builds women-only office tower - Thursday, 9 October 2008

A Middle Eastern developer is building a female-only tower for commercial use in Dubai''s Business Bay area.

The project, named Eve''s Tower, will be a 20-storey building in which only women can rent or own office space. Men will, however, be allowed to work inside the building.
Sulaiman Al-Fahim, chief executive of UAE-based real estate company Hydra Properties, said: "We have conceptualised the building as a tribute to the nurturing spirit of womanhood the world over."

A spokesperson added that Eve''s Tower would "foster female entrepreneurial spirit while taking the Gulf traditions into account". Eve''s Tower forms a part of the Hydra Towers project that consists of five high-rise buildings in the upcoming Business Bay. The work is being carried out by the Middle East Foundations company. National Engineering Bureau has been appointed as engineering consultant.

There are women-only malls in the Gulf - in such states as Saudi Arabia, but this project is thought to be the first commercial development of this kind. Hydra Properties said that excavation work for the tower has already finished. It is estimated that the building will be completed in 2010.

Dubai Property Prices Soar - Thursday, 9 October 2008

House prices in Dubai soared by a staggering 76 per cent during the first half of this year!

The astonishing growth came as a result of rampant inflation and a booming economy which saw property prices house prices in Dubai rocket in the period up to join new figures reveal. Yet, while recording massive an annual increase in property values, the latest House Price Index for Dubai released by real estate brokers Colliers' International  also claimed that  house price growth slowed from 42 percent in first quarter of 2008 to 16 percent in the second quarter of the year, fuelling fears the market is heading for a slowdown.

Releasing the figures, Ian Albert, Colliers regional director said: "If you consider the performance of other global cities over the same period, Dubai offered attractive returns comparative to these markets." However Albert warned house price inflation would slow further.

"Looking forward to future quarters we expect a return to fundamentals as the demand-supply dynamic moves towards equilibrium," he added. Dubai has benefited from a six-year real estate boom triggered by the introduction of foreign ownership rights while an influx of expatriates has driven prices higher as developers have struggled to keep pace with demand for top-end apartments and villas.

Unlike Abu Dhabi, Dubai's oil reserves are small, so the emirate has been forced to broaden its economy by developing tourism and building massive real estate projects like the offshore Palm island trilogy and the vast theme park Dubailand. Increasing construction costs, rising inflation, rental growth and the weakening of the UAE currency, have all contributed to spiraling property values in Dubai, the report said.

Projects at or near handover saw a pronounced spike in prices, Colliers noted, with competitive interest rates and increased mortgage availability, also driving house price inflation. In the year ending June, the cost of apartments grew by 83 percent, villas by 73 percent and townhouses by 38 percent. The price of property under construction in the second quarter of 2008 stood at $519 per sq ft, with the cost of a completed home cheaper at $485 per sq ft.

Sky's The Limit For New Dubai Tower! - Wednesday, 8 October 2008

Dubai developer Nakheel is set to reach for the sky...with plans to build the world's tallest tower! The plans mean that the ever changing skyline of Dubai will have a new landmark thanks to Nakheel's plans to build the world''s tallest building, that will dwarf even the existing record breaking tower the Burj Dubai being constructed by rivals Emaar.

Nakheel is poised to build a tower that will be more than one kilometre high, as part of a 140 billion-dirham ($38.12 billion) project that will include the world's first inner city harbour.

Emaar''s Burj Dubai, currently the tallest man made structure in the world at over 630 metres, is expected to be up to 900 metres tall upon completion in early 2009. The company has refused to reveal its final height. Plans for the new Nakheel tower were unveiled during a reception  attended Hollywood golden couple Michael Douglas and Catherine Zeta Jones who joined company officials and local dignitaries as a huge model of the structure was revealed.

"It will be ambitious, creative and innovative," chief executive Chris O'Donnell said of the Nakheel Harbour & Tower, which will be funded through a combination of private land sales and other project financing.

The development, located at the intersection of Sheikh Zayed Road and the $11 billion Arabian Canal currently under construction, will cover an area of more than 270 hectares and eventually house more than 55,000 people.

"It is four towers contained in a single structure connected by sky bridges," O'Donnell said.

Nakheel said the project will take more than 10 years to complete, but  some stages will be available earlier. The structure will include 19,000 residential apartments, ranging from affordable family homes to exclusive penthouses, it said. High speed shuttle lifts will enable visitors to see the sunset twice, from the bottom and again from the top of the tower.

Dubai Mortgage Giants To Merge - Wednesday, 8 October 2008

Two of Dubai's mortgage lending giants are set to merge. Amlak Finance and Tamweel, Dubai''s two leading Islamic mortgage lenders, have begun "exploratory discussions"  over a possible merger which could be completed next year.

 Negotiations will be monitored by Goldman Sachs International who will advise on the merger.

The companies said the merger would create "meaningful" operational and financial synergies and give the combined entity the increased financial strength, size and scale to pursue "significant" growth plans in domestic and regional markets.

Amlak chairman Nasser bin Hassan Al-Shaikh said the combined company would have a balance sheet in excess of 27 billion dirhams ($7.35 billion).

The merger will "serve as a financial powerhouse with the increased critical mass required to lead the region's real estate finance markets to the next stage in their ongoing organic growth", Al-Shaikh said.

Tamweel chairman Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said the major shareholders of both companies - Emaar Properties for Amlak Finance, and Dubai Islamic Bank and Dubai World for Tamweel - are fully supportive of the merger discussions.

"We hope to move the process forward quickly and efficiently with minimal disruption to our customers and employees," Sheikh Khaled said.

Dubai Construction Firm Aims to Build ''New City'' - Wednesday, 8 October 2008

A Dubai government firm aims to shrug off the effects of the current global financial crisis... by announcing plans to build an entirely 'new city' in the emirate!

The mixed-use Jumeirah Gardens development  is to be built by  Meraas Development  at a cost of  $95 billion over the next 12 years. The company aims to construct "an integrated city within a city."

Details of the proposals were unveiled in Dubai during Cityscape 2008, one of the world's biggest international real estate exhibitions.

Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai''s main thoroughfare linking it to the oil-rich emirate and UAE capital of Abu Dhabi, 150 kilometres to the south.

Meraas Development said that Jumeirah Gardens will comprise business, residential and leisure facilities linked by a transportation network and including some of the city''s biggest towers, and with a large canal running through the development.

Bollywood Star Debuts in Property Scene - Monday, 29 September 2008

Bollywood superstar Shah Rukh Khan is developing a property in the UAE.

His first project, in association with TSA International Investments, will be a cluster of buildings on Al Dana Island in Ras Al Khaimah, one of the UAE's seven emirates.

The development is called Shah Rukh Khan Boulevard, according to Indian celebrity website Masala.com, sister site of Arabian Business. The Indian actor will be in Dubai to announce the project at real estate expo Cityscape Dubai, to be held from October 6 to 9.

Buyers have been invited to offer refundable 'expression of interest' cheques for the proposed studio, one and two bedroom apartments, but sales will begin only after the official launch by Khan on October 20.

Michelin Stars Fall on Atlantis, The Palm as Four Renowned Chefs Debut Restaurants in Dubai - Monday, 29 September 2008

The long awaited opening of the luxurious Atlantis Hotel at The Palm, is set to bring with it the latest batch of international super chefs and fine dining to Dubai.

Four restaurants from four internationally renowned chefs will launch  at Atlantis, The Palm , aiming to make the new entertainment resort the culinary destination in the city, in the hotel which boasts no new fewer than 17 restaurants, from Italian to Seafood and Sushi.

They are led by world-class Master Chef Nobu Matsuhisa who opens Nobu with partner Robert DeNiro; British television personality and two star Michelin Chef Giorgio Locatelli unveils Ronda Locatelli; Parisian sensation and two star Michelin Chef Michel Rostang debuts Brasserie Rostang, and world-renowned three star Michelin Chef Santi Santamaria, known also as "The Architect of Food," introduces his first venue outside of Europe with Ossiano, a gourmet seafood restaurant.
Each celebrity restaurant is designed with its own unique style created by some of the world's most talented designers including Jeffrey Beers, David Rockwell, Adam Tihany and Wilson and Associates.

At Ronda Locatelli, Giorgio Locatelli creates a rustic, warm and inviting restaurant that blends the charm of an Italian countryside with the modernity of Dubai. Sophisticated trattoria-style cooking uses the freshest of ingredients and is served family style, from brick-oven pizzas and antipasto to delicate pastas. The bar serves favourite Italian cocktails such as Bellinis, Campari, Proseccos, as well as wide variety of Italian wines, and a large selection of special Italian liqueurs. 
 
Rostang, The French Brasserie offers breakfast, lunch and dinner in a traditional French brasserie with a modern twist. A traditional French patisserie will serve fresh home-baked pastries and breads with coffee in the morning for breakfast and warm baguettes and other speciality sandwiches throughout the day. A wine display and raw bar adjacent to the kitchen offer a lavish presentation of oysters, prawns, mussels, crab claws and scallops, all which will complement the modern French cooking, while the bar offers classic French drinks to compliment the continental menu. 

Nobu is the first outpost in the Middle East for the famed restaurant that world-renowned chef Nobu Matsuhisa created to redefine Japanese cuisine. Nobu Atlantis blazes a new trail for the acclaimed chef, infusing his cutting-edge Japanese style with Arabian influences to create a distinctly urban experience. Incorporating Nobu's signature dishes, as well as new surprises, the menu will be complemented by a sushi bar and a wood burning oven.
 
Santi Santamaria opens his first restaurant outside of his native Spain with the romantic, Ossiano  which offers seafood in a stunning setting in the underwater world of Atlantis,  with unmatched views into the marine habitat filled with live sharks and fish.

Sevens Tickets Finally Go On Sale - Monday, 29 September 2008

The wait is finally over! Tickets for this year's Emirates Airline Dubai Rugby Sevens, which takes place from November 27-29th, go on sale on October 6.

Organisers have urged those planning to attend the event, which always proves to be one of the city's best social and sporting highlights of the year, to purchase their tickets early to avoid disappointment.

This year's event will take place at the new purpose-built Emirates venue, aptly named 'The Sevens', which is on the Al Ain Road, just beyond the Outlet Mall. The new venue will have over 10,000 more seats than the previous location at the Dubai Exiles Ground and sell-out crowds are once again expected for the award-winning event.

Tickets are on sale at Emirates headquarters and the Emirates/Dnata Building on Sheikh Zayed Road as well as all MMI shops in Dubai and selected Costa outlets in Dubai and Abu Dhabi.

The Costa outlets where tickets are on sale:  Mall of the Emirates, Deira City Centre, Al Whada Mall Abu Dhabi, Jumeirah Beach Residence, Shoreline (Palm Jumeirah), Dubai Festival City (in the Atrium), Greens Centre, Arabian Ranches.

The MMI outlets where tickets are on sale: Al Wasl Road, Deira, IBN Battuta, Mall of the Emirates, Sheikh Zayed Road, Trade Centre Road, Green Community, Bur Dubai, Karama, Dubai Silicon Oasis.

The cost of tickets is Dhs 170 for Friday, November 28th, Dhs 230 for Saturday, November 29th, or Dhs 300 for a season ticket, which is valid for both days. Entry on Thursday, November 27th, for the local and social competitions is free.

Corporate hospitality packages and reserved seating tickets are also on sale. To book these packages and for more information on how to get to The Sevens, log on to www.dubairugby7s.com.

UAE Expat Numbers to Swell - Monday, 29 September 2008

The number of expats pouring into the UAE is set to swell next year! New official figures reveal that the ratio of foreign to local population in the UAE is expected to widen in the future because of a rapid growth in expats.

The country''s total population was estimated at around 4.48 million at the end of 2007 and is projected to grow 6.12 per cent to 5.06 million at the end of 2009, Ministry of Economy statistics show.

The figures, showed that the 2007 population comprised 864,000 UAE nationals and 3.62 million expats... most  based in Abu Dhabi and Dubai. A breakdown showed the native population grew by around 2.9 per cent in 2007 while growth in expats was 6.9 per cent.

In 2008, the local population is forecast to grow by 3.2 per cent against 6.8 per cent for the expats while growth in natives next year is projected at 3.4 per cent and in the foreign population at nearly 6.9 per cent.

The figures also reveal that Dubai is projected to outnumber Abu Dhabi for the first time at the end of this year and in 2009 as high numbers of expats continue to arrive seeking new careers and lifestyles. Dubai had the largest ratio of expats in 2007, standing at 75.8 per cent, while Umm Al Quwain had the lowest ratio of 61.5 per cent.

New Island Resort for Dubai - Wednesday, 24 September 2008

Dubai based developer Limitless is to create a $350mn, 10.5 hectare luxury resort on a manmade island 14 kilometres off the Dubai coastline,

Comprising 53 villas and water homes, including 23 privately-owned villas offered for sale by invitation, World Island Resort, on the north-east perimeter of The World development, will be showcased at Cityscape Dubai next month.

The 23 private villas, ranging from 650 to 820 square metres in size, will each enjoy a beachfront location or sea frontage with a private jetty, summerhouse and mooring facilities, as well as their own spa treatment room, swimming pool, rooftop garden with outdoor kitchen, landscaped ground floor garden overlooking the sea and internal elevator.

Each villa will be serviced by the hotel on the island and can be leased back to the hotel when they are not being used by their owners.

Focusing on health and relaxation, cuisine and the arts, the hotel - the first of several luxury hotels planned by Limitless - will feature a 2,000 square metre spa, specialty restaurants, art galleries, auction rooms, conference facilities and libraries, with accommodation provided in 30 villas or water homes.

A lagoon will form the heart of the hotel with water features and a social clubhouse. A reception suite on the Dubai mainland will be from where residents can reach the island by private boat.

Construction on the tenth project in Limitless' portfolio is scheduled to start towards the end of 2008 and the company says it will be completed in line with international sustainability and environmental standards. The project will be finished in around two years.

"In delivering World Island Resort we will draw on our expertise in waterfront development and the creation of distinctive projects that enhance and enrich people''s lives," said Saeed Ahmed Saeed, chief executive officer of Limitless.

"World Island Resort will set a new global benchmark in the design and operation of luxury resorts. It is the flagship for Limitless'' waterfront hospitality developments and the launch pad for a range of high-end hotels we are planning in other waterfront and city locations."

UK, US slowdowns, boost Dubai market - Tuesday, 23 September 2008

The slowdown in the propery market in Europe and the US has boosted Dubai'' market, Yaqoob Al Zarouni, deputy chief executive officer of Dubai Properties, told. He said slowdowns that have occurred in the rest of the world have worked in Dubai''s favour because ''investors are always looking for places where they can have high returns and the Dubai market fulfils that''.

Housing Shortage Pushes Up Dubai House Prices - Monday, 22 September 2008

Property prices in Dubai have risen as much as 10 percent more than expected this year due to the continued lack of housing supply in the market.
The new findings were published in the latest report from Egyptian investment bank EFG-Hermes which claimed that  report residential property prices have jumped 14.4 percent so far in 2008, compared to an expected rise of 5-10 percent for the entire year.

The bank said delays in building homes were supporting high prices, the result of a shortage of contractors and construction materials, as well as rising costs.
The supply of new property "came short of our expectations for a fourth year", Sana Kapadia, an EFG-Hermes, said in the report. "The supply of new units remains a key determinant of the timing of a potential correction."

EFG-Hermes had previously forecast around 64,000 housing units would be delivered this year, but said in the report this is unlikely to be met.

It said supply is expected to peak in the first half of 2009, with 70,000 units scheduled to come online.

On the severity of a future correction in the property market, EFG-Hermes said the diversion of money to Abu Dhabi, the global economic slowdown and soaring house prices are all factors that could lead to a steeper correction.

Property market may take hit from bank crisis - Sunday, 21 September 2008

Gulf investors are worried about the possibility that the recent US and international mortgage and credit risk problems will affect the real estate market in the region, an official at the Arab Administrative Development Organization told Reuters. Rafat Abdelhalim Alfieri, ARADO''s director general, said Arab governments should update and issue new transparent laws to regulate property markets to maintain the recent growth pace. need to enact changes to management, mortgage financing and environmental requirements, he said.

DSC Releases Final Building of Waterfront - Sunday, 21 September 2008

Dubai Sports City, the world's first integrated sports city, will release the fifth and final building of its signature Mediterranean-style real estate development - Canal Residence West - at Cityscape Dubai 2008.

Canal Residence West is set along the waterway in the heart of the vibrant downtown district and is designed to offer residents everything they could want in terms of facilities, recreation and entertainment.

With views of the canal and the Els Club golf course, each building will offer a key range of facilities including children's play area, outdoor landscaped BBQ area, swimming pool, and health club."Significant research and investment has been deployed to ensure a balance that enhances the lifestyle of Dubai Sports City's residents. A positive atmosphere, a vibrant, thriving community and access to green open spaces have all been carefully considered," said Khalid Al Zarooni, President, Dubai Sports City.

Following the success of the Mediterranean, Classic European, Venetian, and Andalusian inspired buildings, the Arabian inspired residence will be available to buy off-plan from 6 October. Offering studio, one bed, two bed, three bed, terrace apartments, duplexes and penthouses.

Non-oil sector accounts for 64% of UAE''s GDP - Sunday, 21 September 2008

The UAE''s non-oil sector contributed to 64.3% of the country''s total gross domestic product, which grew 7.4% in 2007 to Dh698 ($190bn), reported Khaleej Times. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said the economic policy of the government led to an increase in economic growth rate through various investments in agricultural, industrial, real estate and service sectors.

Credit crunch may hit UAE property firms - Sunday, 21 September 2008

The credit crunch could hurt developers in the UAE, slowing expansion plans, Abu Dhabi-based Sorouh Real Estate chief executive Mounir Haider said.
The emirate''s number two developer by market value said he was unsure whether property stocks, that have fallen sharply recently, have bottomed, but he was optimistic the stock market downturn will end soon.

"The health of the financial markets worldwide is linked to the UAE and we are hoping this would be over soon. Definitely this could have an impact and before we invest in some projects outside the UAE, we must consider all these factors," he said.

"Due to the current crisis, each project will be driven by supply-demand rules and right now I cannot say whether we will put them on hold. We will wait and see."
The developer is looking at developing property in Morocco, Egypt and other markets, and will launch the third and final phase of its Gate Towers on Reem Island during the upcoming Cityscape real estate exhibition in Dubai, he said, adding that the firm is developing projects in excess of 50 billion UAE dirhams ($13.61bn).

Sorouh to Supply 7000-10,000 Housing Units in 3-5 years - Sunday, 21 September 2008

The demand for housing in Abu Dhabi is still high due to limited supply and the emirate will require 100,000 units to meet demand of rising population, said Mounir Haider, CEO of Sorouh Real Estate.

"The demand is not going to wane in the short term, as the emirate's economy is growing at an encouraging pace, which will keep the demand at higher levels," he told  reporters on Wednesday. To meet the peaking demands, Sorouh will launch projects to supply 7,000-10,000 housing units during next 3-5 years, Haider said.

To a question, he said during the past one year the cost of construction materials has risen by 40 per cent, however there has been little respite recently in some of the items. On the contrary, the per square feet prices of properties have gone up on an average of 10-15 per cent, which is very modest. He said that all Sorouh's projects are on track and deliveries would be made on schedule. Mounir Haider said that there has been no impact whatsoever of the recent turmoil on the US financial markets in the efforts to raise money for the projects in the country. However, he didn't rule out some affect on projects been carried out overseas. He said that the projects in Morocco and Egypt are on track, as no project is put on hold.

Haider said that Sorouh Real Estate will launch the sales of a Dh4 billion residential apartments project in the Gates development on the Reem Island, during the CityScape Dubai. The project comprising four multi-storied towers, is the third and final phase of the Gates project launched by Sorouh. To be completed in 2012, it will cost Dh11 billion.

UAE property market shows rapid growth - Sunday, 21 September 2008

The UAE boasts 365 days of sunshine, reliable economic and population growth, a booming tourism industry and massive demand for rental properties. For prospective buyers those factors, when added together, make for a very tempting package.

But what should be making investors sit up and listen right now is the recent introduction of a new property law regulating the mortgage process and therefore protecting the rights of lenders and borrowers; while significant advances in the UAE''s home financing market means there is more choice for consumers than ever before. Yes, compared to property markets in places like the United Kingdom and the United States, the UAE''s equivalent may be just starting out (the property sector was first opened to foreign investment in 2002) but with central bank data showing that mortgage lending in the UAE jumped 55 per cent in the year to March, it''s fair to say that the market is rapidly-developing.

Another enticing factor when considering home ownership in the UAE is the rapacious demand for rentals in the residential sector. Last week I talked about massive demand in the commercial rentals, but the same situation can be applied here.

Business people who have relocated to the emirates are also rapidly becoming disposed towards buying homes in the UAE. Supply simply can''t keep up with demand right now and thanks to the new 35-article law, which oversees every aspect of a mortgage clearly defining the interaction between lender and borrower and the legal ramifications for both parties, buying property in the UAE is a more clearly-defined process than at any other time. Mortgage lenders are amenable to offering finance for both end-user and investment purchases, making the prospect of buying-to-rent and even second-home purchases increasingly attractive. The fact that some confident owner-occupiers (who make up 60-70 per cent of the market) are willing to take out finance against an existing property to raise cash for a secondary purchase indicates just how well the market in the UAE is viewed.

Home financiers, led by the Islamic organisations which at the moment enjoy a 60 per cent slice of the market, are facing increasing competition from foreign banks keen to get in on a slice of the action. The days when certain banks would only lend to investors buying from certain development companies are beginning to change.

International and local mortgage lenders are striving to make it easier than ever to borrow money for a property purchase in the UAE and most mortgage providers can offer customers a list of lenders to choose from.

Flexible and varied home loans are available from a variety of sources which are becoming increasingly amenable to financing commercial, under-construction and off-plan properties (assuming the planned property is registered with the Dubai Land Department under the terms of the new mortgage law).

It''s also worth remembering that while the UAE market stands firm and, on the evidence given here in this column, rather bullish in the face of a global slowdown, the dirham is still pegged to the dollar. That means that while supply is outstripping demand, meaning that rates can be sizeable, the UAE central bank is forced to track a number of US interest rate cuts and home loan rates are lower than at the same point three years ago.

Recent reports cite that property prices in Dubai have increased over 70 per cent since the beginning of 2007 and over 20 per cent since the start of this year. So right now buyers in the UAE are not looking at the two to three per cent profit gain in a year that they may make elsewhere, but instead the margins are considerably higher. With profits like that, interest rates can easily be seen as a secondary consideration.

Sorouh confident current turmoil will not affect its Dh50b portfolio - Sunday, 21 September 2008

Sorouh Real Estate''s portfolio is currently valued at more than Dh50 billion, according to the CEO of the Abu Dhabi-based property developer. "This includes Lulu Island in our portfolio," said Mounir D. Haidar. Haidar said he expects the UAE markets to bounce back after the collapse on Sunday of banking behemoth Lehman Brothers. The collapse was the primary reason for the total loss of Dh25.39 billion on Monday and Tuesday on the bourses in Dubai and Abu Dhabi. "The health of financial markets in the world is tied to the UAE as well. It will have an impact. But, we are confident we will not be affected and hopefully, it will be over soon," said Haidar.

Asked if Sorouh would consider buying back its shares at its current valuation, Haidar said: "This has to be discussed at the board level." He did not elaborate.

Sorouh''s stock on the Abu Dhabi Securities Exchange was up marginally on Wednesday at Dh5.60 a share in afternoon trade. Haidar said Sorouh is going ahead with its expansion plans, including its proposed mixed-use projects in Egypt and Morocco. He said the property market in Abu Dhabi is strong mainly due to the demand-supply mismatch.

"There''s a strong demand for residential property in Abu Dhabi and the supply is still not up to the level of demand," said Haidar, adding that there is an estimated demand for 100,000 residential units over the next 8-10 years in Abu Dhabi. "We will be providing 7,000-10,000 residential units over the next 3-5 years," said Haidar.
Haidar said Sorouh has raised $1.1 billion through asset-backed securitisation to fund its projects. The company''s future fund borrowings would be need-based, he added.
Haidar noted that the cost of building materials has risen 40 per cent over the last 12 months.

"Our prices are based on the cost of construction materials," said Haidar, adding that Sorouh offers residential units priced as low as Dh700,000 and villas that carry a price tag of more than Dh3 million. He said the company will launch Gate Towers phase-III residential development comprising three towers on Abu Dhabi''s Reem Island at the next Cityscape realty show in Dubai.

The project''s Phase 3 is estimated to cost Dh4 billion, said Haidar, adding that the entire Gate Towers project is valued at Dh11 billion. The project will be delivered in 2012, Haidar said. He said Sorouh also has plans for providing housing for middle-income groups. "We have a project - Golf Gardens II - which addresses this issue," said Haidar.

 

UAE emirate issues re regulations - Tuesday, 16 September 2008

Only UAE and GCC nationals will be allowed to hold licence for real estate offices in the emirate of Ras Al Khaimah, according to the resolution no 32 for 2008 on executive regulations of real estate agencies issued by H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

The licence holder should run the business by himself or by a kin or a partner. He is not allowed to lease the licence to any other person,the executive bylaw stipulates.

A banking guarantee worth AED 300,000 (US$81,786) is needed if the office scope of business will include selling, buying and brokerage of lands and properties.

If the office practices leasing of lands and properties, the banking guarantee will be AED 100,000. If the office sells, buys, leases, brokers and manages lands and properties, a guarantee of AED 400,000 should be issued.

The law sets the percentage of commission these offices should get in return of their services, terms and conditions of licensing real estate offices, their responsibilities and duties as well as legal liability.

Schon keeps investors on old payment schedule - Tuesday, 16 September 2008

Dubai-based developer Schon Properties says payment rescheduling is not under consideration for the Dubai Lagoon project, despite comments by an official from the emirate''s Real Estate Regulatory Agency on a local radio station, reported 7DAYS. The Rera official told the station that payment schedules should be aligned to construction timetables. However, the project is now scheduled to finish construction in phases across 2010 to 2011, and investors remain on payment plans based on previous construction schedules. Schon said it could not reschedule because ''it would cause further delays in the project''.

The Met shows live opera in Dubai - Monday, 15 September 2008

The Dubai Event Management Corporation has entered into a one-year partnership with New York''s Metropolitan Opera to show ten operas during the 2008-09 season of The Met: Live in HD. The performances are shown live in high-definition and transmitted into movie theaters around the world. The series begins on 11 October with the first show to be screened at the Madinat Jumeirah in Dubai.

Dubai Properties awards $544m contract - Monday, 15 September 2008

Dubai Properties has awarded a $544m contract to Dubai Civil Engineering to build 800 villas in Dubailand, Meed has reported. The project involves the construction of luxury villas and two types of townhouses. The local Arch Group is the consultant for the project which is the latest residential scheme to be developed by Dubai Properties at Dubailand.

GCC to propose monetary council - Monday, 15 September 2008

The GCC will propose establishing a monetary council after the region''s plan to adopt a single currency is ratified by three national parliaments, reported Bloomberg. Nasser Al Kaud, deputy assistant general for economic affairs at the GCC Secretariat, said the plan will be put forward at a meeting of central bank governors and finance ministers on September 15-17. The council would be a precursor to a central bank for the region, deciding the value at which the Gulf currencies should enter the single currency and harmonising monetary policy.

EGSI unveils Dhs4.5bn Le Stelle - Saturday, 13 September 2008

EGSI Group of The Al Barakah Group of companies has unveiled its Dhs4.5bn Le Stelle project in Majan-Mizin, Dubailand. The development will consist of Iconic Five Towers, with over 2.2m sqft of land. The towers were named Sirio, Orione, Vega, Fenice and Electra, and will have interiors by Modo Milano.

Rera assures Plantation investors - Friday, 12 September 2008

Dubai''s Real Estate Regulatory Authority (Rera) has assured investors of compensation for the Plantation Equestrian and Polo Club after land for the project was repossessed by Dubai Islamic Bank due to payment default by the project''s developer, Gulf News has reported. The project is located in Dubailand and was launched in 2004. The $3.5bn development has promised air-conditioned stables for 800 horses.

Premier Inn to develop hotels in RAK and Umm Al Quwain - Friday, 12 September 2008

Dubai: Premier Inn, the British budget hotel chain that has a partnership with Emirates in the region, has secured sites in Ras Al Khaimah and Umm Al Quwain for developing hotels.

It already has sites at Dubai Investments Park, Dubai Silicon Oasis, Dubai International Airport and Dubai Al Jadaf and in Abu Dhabi at Capital Centre.

The company aims to operate more than 6,000 rooms across the GCC by 2012.

Darroch Crawford, managing director of Premier Inn in the Middle East, said: "We are delighted to add these two excellent sites in the northern emirates to our portfolio. It is our aim to provide high quality, low cost accommodation throughout the region, offering customers a value for money which is unprecedented in the region.

"We hope to announce further sites soon in Fujairah, Abu Dhabi, Muscat, Doha and throughout the kingdom of Saudi Arabia."

In Ras Al Khaimah, the hotel will be located on the corner of Bridge Road and Bin Dahir Road near the Creek and will boast 232 rooms.

The property in Umm Al Quwain will be situated on the Ajman-Ras Al Khaimah Road and comprise some 186 rooms, all of the same high standard that the Premier Inn brand has become associated with.

Premier Inn Hotels is a joint venture between Premier Inn and the Emirates Group.

Derek Swan, senior vice-president of Emirates corporate development, said: "Following the successful opening of the first Premier Inn property in Dubai Investments Park it''s clear that there is a big market for low cost accommodation in the hospitality sector so we were keen to move on with our plans and secure more sites and offer a "value" hotel model to as many people as possible across the region."

Capitala Launches Rihan Heights - Friday, 12 September 2008

The Abu Dhabi-based real estate company Capitala has launched the sales of Rihan Height, a residential project, the first phase of Arzanah, its flagship development.

The project comprises 14 exclusive villas carefully planned around the plot and five residential towers with over 800 beautiful homes ranging from one to three bedroom apartments and penthouses.

Strategically located at the gateway point to the island of Abu Dhabi, Arzanah is one of the few remaining parcels of prime real estate on the island, located just minutes away from Abu Dhabi City Centre and the Central Business District.  

Arzanah is a 1.4 million square metre fully integrated, mixed use development surrounding Zayed Stadium, offering a unique blend of quality residential, leisure, sports and retail environment that has been designed by some of the world's finest designers, architects and engineers.

The residents will enjoy other amenities such as lush gardens, secure parking, swimming pools and a private gym.

An exclusive sales invitation was extended for the first phase of the development, Rihan Heights, to all UAE Nationals who registered interest at the Capitala stand during Cityscape in Abu Dhabi earlier this year.

Arzanah has been designed by award winning master planner Sasaki Associates and one of the world's renowned architectural firms SMC Alsop and aims to be an inspiring and enduring development, integrating seamlessly into the growing community of Abu Dhabi.  Heang Fine Wong, acting chief executive officer of Capitala said: "By offering  first phase to the market and starting to build long term relationships with our buyers."

Ferragamo to design penthouses in Dubai - Wednesday, 10 September 2008

Italian luxury goods maker Salvatore Ferragamo is to design the interior of several luxury penthouses in the ''Pentominium'' tower in Dubai as part of an agreement with real estate firm Trident International Holdings, reported Reuters. The tower, which will be more than 500 meters high with 120 floors and 120 penthouses, is expected to be the highest residential building in the world.

Gulf property market still attractive - Sunday, 31 August 2008

The Gulf property market has attractive opportunities for investors seeking to escape a global fall in property investment transactions, a leading real estate consultancy said.

Robin Williamson, managing director of DTZ''s Middle East operations, said although the worst of the first phase of the sub-prime crisis appears to have passed, the credit crunch has further to go and will continue well into 2009, particularly across the European and US property markets.

The company''s positive outlook for the Gulf follows the publication of DTZ''s annual Money into Property report, which looks at global property trends. The report revealed that

the value of the real estate capital market reached $12 trillion in 2007, up 18 per cent on the previous year.

Global investment transactions also grew to $730 billion in 2007, but, following the change in the global investment environment last year, DTZ expects a fall of 30 per cent in 2008 to about $500 billion. Global direct real estate transactions were down some 50 per cent in the first quarter of 2008, compared to the same time in 2007.

"Few regions will escape the effects of the sub-prime fall out," Williamson said. "However, we predict that the Gulf region will, to a greater extent, be significantly less affected, along with certain other markets in the Asia Pacific region," he said. "Based both on our research and our on-the-ground experience of dealing extensively across the Gulf markets, we have seen strong indications that the regional property markets are much less likely to succumb to these global trends."
(Gulf News)

The Oryx Corporation Scoops 5 Highly Prestigious Property Awards - Thursday, 28 August 2008

The results of the CNBC Arabian Property Awards 2008 have just been revealed and ORYX CORPORATION is delighted to announce that it has won no less than five awards in the categories of:

- Best Golf Development for Lime Tree Valley
- Best Property -  W27, Emirates Hills
- Best Real Estate Agency
- Best Real Estate Agency Marketing
- Best Real Estate Agency Website for www.theoryxcorporation.com

The awards will be presented at a glittering gala dinner to be held at The Madinat in Dubai on 19th October.

The fact that Oryx Corporation have earned these coveted awards is sure proof that they are continuing to compete and triumph within the highly competitive Arabian property arena. Having been given these high recommendations by its peers, the company is now entitled to display the CNBC Arabian Property Awards' logo with pride. This symbol of excellence will be recognised and appreciated by the public who are becoming increasingly well informed and discerning about the properties they seek to buy.

Entries were judged by a panel of professionals whose collective knowledge of the property industry is second to none and unsurpassed by any other property awards. Chaired by Eric Pickles, British Shadow Secretary of State, this year's judges included Helen Shield, editor-in-chief of International Homes magazine; Peter Bolton King, chief executive of the National Association of Estate Agents; Phil Spencer, property expert and presenter of Channel 4's Location and Relocation TV shows; Imtiaz Farookhi, chief executive of the National House Building Council; Christopher Hall, past president National Association of Estate Agents; Wilhelm Harnish, Master Builders of Australia (MBA); Thijis Staff, International Consortium of Real Estate Agents Association (ICREA); Alejandro Escurdero, SIMA; Kirkor Ajderhanyan, French Real Estate Federation (FNAIM); Omer Ghani, director of sales, CNBC Arabia; Ed Binkley, BSB Design USA; Samantha Braniff, Sydney Morning Herald; Raul Curiel, chairman, European Operations, Aukett Fitzroy Robinson; Tyler Clay, FIABCI USA; Hans-Ulrich Berendes, FIABCI Germany; Oliver Richards, founding partner, ORMS Design; Christian Kalin, partner, Henley & Partners Zurich; Graham Norwood of the Daily Mail; David Hoppit, property writer; Jill Keene, editor of International Homes magazine; Diana Yakely, chairman British Interior Design Association; and Tad Zurlinden, Association of Relocation Professionals.

Since the year 2004 Oryx Corporation have received no less than twenty one awards in the real estate and development categories, making The Oryx Corporation the most highly decorated Real Estate Agent in the UAE.

Dubai Palm monorail trains handed over - Thursday, 28 August 2008

Four three-car trains for the Palm monorail in Dubai were handed over to developer Nakheel in a ceremony at Hitachi''s Kasado plant in Tokuyama on August 21.

Construction of the 545 km straddle monorail was completed last month, and members of Nakheel''s operations and maintenance team are now in Japan for training on the Osaka monorail. Six months of test running will begin in October, with the full service planned to start by April 2009.

Operations have been contracted to Singapore MRT subsidiary SMRT Engineering. The trains will be fully automatic, although an attendant will be on board at all times.

The 14bn dirham line runs along the ''trunk'' of the Palm Jumeirah development from Gateway station to Atlantis Aquaventure. Intermediate stations will serve Trump International Hotel & Tower and the Palm Mall. The initial capacity will be 2 400 passengers/h/ direction, with a maximum future capacity of 6 000.

''The Palm monorail is not only the first system of its kind to be completed in the Middle East but is also setting global standards for the transportation industry'', said Robert Lee, Nakheel Managing Director, Investment Projects. ''We have employed state-of-the-art technology to overcome a number of challenges whether that is running 1000 m of rail over-sea, meeting Dubai''s unique climatic conditions, or protecting the communities of Palm Jumeirah by utilising a virtually silent track system.'' (Railway Gazette)

Tiger Woods Dubai phase 1 work on track - Wednesday, 27 August 2008

The first phase of the $1.1bn Tiger Woods Dubai residential golf development is on track and is due to be completed in September next year.

The Tiger Woods Dubai is a private residential community located over an area of 55 million sq ft.being developed by Tatweer, one of the region''s most dynamic enterprises and a member of Dubai Holding. The project comprises an exclusive golf community which includes a professionally-staffed golf academy, a 14,000 sq m clubhouse with premium amenities, and Al Ruwaya, the first golf course designed by Woods, a high-end destination spa; 22 palaces; 75 mansions, and 100 luxury villas and community service facilities.

The sales suite will feature models, master plans, renderings, video fly-through and other components to provide a better illustration of the project to interested parties, said a Tatweer official.

Tatweer has roped in Lebanese designer Elie Saab to design the interiors of the exclusive $164 million signature hotel within The Tiger Woods Dubai development.

The hotel is planned to be 34,000 sq m and will include 90 suites and 14 bungalows of various sizes varying from 1,600-9,500 sq ft. The hotel will target top-tier clientele and boast a 10,000 sq feet swimming pool as well as one of Dubai''s most exquisite spas.

Everything at the development is aimed at providing the ultimate luxury experience. The 80-suite boutique hotel for VIP guests will have lavish rooms. It will have a presidential and royal suite, the official said.

Embodying Woods' vision of creating a spectacular, challenging golf course, Al Ruwaya, will be a 7,800 yard, par 72, 18-hole championship course with dramatic elevation changes, lush landscaping, stunning water features and an overall design that will challenge and entertain golfers of all playing abilities.

Luxurious residential and hospitality components will include 197 residences, a boutique hotel, a well-being spa, a fine dining restaurant, a professionally staffed golf academy, and the Al Ruwaya clubhouse.

A truly exclusive address, this private golfing community will occupy an area of 55 million sq ft in Dubailand off Al Hibab Road; a 30 minute drive from Dubai''s city centre and the Dubai International Airport.

Amlak Finance offers new financing scheme for residents and expats - Tuesday, 26 August 2008

Dubai: Amlak Finance PJSC, real estate financier in the Middle East, announced the official launch of ''Amlak Plus'', which is designed to tap into a new segment of customers in the UAE market by offering new and improved benefits than the normal home finance products, while enhancing the customers'' eligibility for higher financing. Amlak Plus is designed for young professionals, expatriates and new families with a reasonable level of disposable income to own a larger home. It offers a unique opportunity for Amlak customers to pay lower monthly rental (Ijarah) in the initial years of their home financing, with the principal repayment starting at the very beginning of the finance tenor, hence reducing the overall profit outflow. Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC, said: "We have always spearheaded the market with innovative financing solutions such as Bonus, Bayti, Easy Start and the 1-Hour approval service, and today we are pleased to launch yet another pioneering product that addresses a new segment in the market." ? ?Amlak Plus will allow customers to pay during the first five years a 10 per cent lower monthly installment and as much as one percentage point lower profit rate than normal Ijarah. Following the first five years, the new profit rate applied would be the rate prevailing at that point and normal Ijarah monthly payment will apply throughout the duration of the financing.

Government shows ''strong will'' to check speculative investment - Tuesday, 26 August 2008

The government of Dubai is showing a strong political will in warding off speculative investment and sustain growth in the property sector, with developers and analysts welcoming it although they say it is not enough to deter short-term speculation. To start with, the Dubai Land Department has reportedly created a new law requiring the registration of off-plan property sales, or units being sold before they are built, and scrapping transfer fees on sales being charged by developers.

Law No 13 of 2008 says any sale that transfers or restricts title is void unless registered with the emirate''s land department, which will require administrative fees at its discretion even if all transfer fees are abolished. It also stipulates that a developer making a sale before the law becomes effective must register it within 60 days. A daily report issued by Standard Chartered Bank (SCB) on Monday said these changes are not enough to stop investors from flipping properties, or selling them at higher prices within a one-year period.

"But they are at least an indication that the regulators are indeed looking at ways of improving the overall business environment in the property market," stressed the four-page report, Improving Regulation. (Khaleej Times)

UAE mortgage market will triple in three years - Monday, 25 August 2008

Dubai: The UAE''s mortgage market will leap from Dh20 billion by the end of this year to reach Dh64 billion over the next three years, according to a recent market study.

Real estate company Bonyan International Investment Group (Holding) said Sharia-compliant house financing will make up more than 60 per cent of the figure. In a press statement, Bonyan noted the mortgage market in the Gulf Cooperation Council (GCC) has seen massive growth over the past year, as a result of the ongoing regional real estate boom.

The UAE is also perceived by global investors as the best market for capital gains growth, and has been identified as the only Gulf country to witness an increase in consumer confidence for the second half of this year.

"This can be attributed to the UAE''s pioneering move to allow foreigners to invest in local property, which created outstanding opportunities for world-class developers to attract investors to the country," the company said.

Capital gains and income yields have been much higher in the UAE than most other international property markets, with investors acquiring investments with no personal income of capital gains taxes.

Bonyan chairman Abdullah Atatreh said they aim to leverage the favourable investment climate in the country by expanding their portfolio of high-return and low-risk projects.

The company is currently undertaking regional projects and enhancing its full suite of integrated and research-based services as part of its goal to expand its project portfolio to Dh15 billion in three years.

To date, Bonyan has developed Dh3 billion worth of residential and commercial developments in Dubai, including Rose Tower and Lulu Tower.

Among its latest successes is the sales turnout of the Dh3.5 billion Eye of Ajman community development, where it sold majority of its plots, and the recent sell out of its Dh5 billion Sama Al Jaddaf project.

Tiger Woods master plan unveiled - Monday, 25 August 2008

Tatweer and Tiger Woods have unveiled the master plan for The Tiger Woods Dubai, the exclusive residential golf community. The project will encompass Al Ruwaya, the first golf course designed by Tiger Woods, which will offer only 200 memberships with residents of the community being given top priority. Residences at The Tiger Woods Dubai will include 22 palaces, 75 mansions, and 100 signature villas.

Dubai home prices climb 40% - Wednesday, 20 August 2008

Dubai property prices jumped by about 40% in July compared to the same period last year, according to a report by Al Mal Capital cited by The National. The report said residential prices have seen a year-on-year appreciation of 40%, reaching the median price of Dhs1,831 (US$498) per square foot, while the commercial segment appreciated by 40.5%, with a median price of Dhs2,137 per sq ft.

Affordable housing still severely lacking - Friday, 15 August 2008

As prices of property in Dubai continue to escalate, it is becoming increasingly challenging for people living here to take that all important first step on the property ladder. While some have managed to make a tidy sum from real estate investments here, those who haven''t yet been able to take the plunge into property ownership are now faced with rising entry rates.

When talking about affordable housing, a level of clarification is required as, what is deemed affordable by one person may be nothing more than a drop in the ocean to another. For the purpose of this article, I am talking about what is affordable to those in the lower to middle income brackets.

The high demand for available accommodation to rent and buy in Dubai has forced prices up over the last few years and, as a result, people on lower wages have been left with very few options when it comes to finding a place to live. Many are being forced to share apartments with friends as there simply isn''t enough stock available in their price range.

As with any city, in order to function, Dubai needs to be able to attract people to work here at all levels of the income spectrum and it is a concern that the current rates may price certain income brackets out of the market completely. A trend for developing high-end luxury apartments and villas has fuelled the current void in available properties. With an increasing number of people relocating to Dubai and much less construction under way at the lower end of the market, demand is likely to remain high for some time to come.

Understandably, when undertaking a project, a developer''s primary concern is their bottomline and the reality is that constructing higher-end projects generates a more attractive level of return for them. In the last few years, the price of land has skyrocketed and whether building a five-star luxury tower or budget accommodation, the price of land does not differ and therefore, in order to maximise profits, developers opt for the project that will generate greater profits.

There have been some freehold projects which targeted middle- to lower-income earners including International City and the recently handed over Discovery Gardens. However, the completion of such units didn''t bring as much relief as we had expected, and because of the current conditions within the market, where we have seen an unprecedented level of demand, landlords are able to command much higher rents than had previously been anticipated, which has put these properties out of the financial reach of some people.

Framework

So what exactly can be done about the current lack of provision in this pricing tier? It''s not an easy problem to solve although in some countries there are regulations in place to ensure a certain percentage of the building permits issued are allocated to the development of affordable housing. Perhaps a similar type of scheme could be implemented here. Indeed, I believe that the Dubai Urban Development Framework, which dictates urban development up to 2020, will address the decline in affordable housing over recent years.

At present, it''s true that the majority of developments target high-income buyers but in time, as the supply and demand evens out in that segment, the developers are likely to diversify their offerings slightly and focus more on where the demand remains high. Dubai already has so many things that people in other cities can only dream of, but in order to create that real fairy tale ending it is important to ensure all residents can afford a place to call home.

Dusit launches first branded residence in Dubai - Wednesday, 13 August 2008

Bangkok-based Thai hospitality chain Dusit International will unveil its first branded residence outside Thailand, with the soft opening of Dusit Residence Dubai Marina.

The 35-storey landmark tower will contain a total of 146 premier serviced residences, overlooking the lifestyle enclave of Dubai Marina.

Conveniently located in the heart of 'New' Dubai, the Dusit Residence aims to cater to both business and leisure travelers.

"For business travelers, we are only five minutes away from Dubai Media City, Knowledge Village and Dubai Internet City," said Dalip Singh, General Manager, Dusit Residence Dubai Marina.

"For our leisure guests we are within easy reach of Ibn Battuta and Mall of the Emirates, not to mention the extensive lifestyle facilities in the Marina itself.'

"Our residences are fully equipped with everything from quality brand toasters and washing machines to wireless internet and iPod docking stations, along with spectacular panoramic views,' he added.

"In addition we have state-of-the-art meeting rooms as well as mobile office support, which can be installed in the guest's residence, complete with secretarial assistance if necessary."

Dusit Residence Dubai Marina is the third Dusit property in Dubai, after Al Barsha and Dusit Thani.

Al Rashed launches $978m towers in Ajman - Wednesday, 13 August 2008

Al Rashed Real Estate has launched its Dh3.6 billion ($978.2 million) freehold commercial and residential towers in Ajman.

The company said it has also joined hands with Alternative Capital Invest, whose marketing expertise it plans to utilise in strengthening its high-end real estate solutions.

Springfield Residences and Highfield Commercial Towers - comprising four towers each - are located in Humaid City in Ajman, a self-contained development featuring a mix of residential and commercial complexes.

The towers are strategically located on Emirates Road, surrounded by lakes and green parks, as well as shopping facilities.

Each residential tower will comprise 25 floors, while each commercial tower will have 45 floors, with a total built up area of more than half a billion square feet.

Ahmed Al Kaabi, chairman and founder of Al Rashed Real Estate said: 'We share ACI's rare spirit of excellence, and we are both humbled and honoured by the local and international marketing partners ACI has been able to attract.'

Robin Lohmann, managing director of ACI Real Estate said: 'At ACI we are very selective about our ventures and each must display uncommon synergy and culminate in purposeful, sustained yields.

'We are honoured to market the project for Al Rashed Real Estate, who strives to set a high standard of quality, creating innovative concepts and added value for customers.'

With focus on meticulous attention to detail and majestic opulence, all towers will offer a plethora of high-tech facilities in an environ that affords plenty of natural light and stunning views.

The commercial towers will offer ultra-modern office spaces and will feature a floor-to-ceiling glass atrium lobby.

Springfield Residences will encompass studios, one and two bedroom apartments.

In addition, the residential towers will feature a tranquility zone for the residents, where they can indulge in one of several state-of-the-art features of the recreational centre - such as the Jacuzzi, roof top swimming pool, gymnasium and sauna.

The development is slated for completion by 2012.

Dubai to stand tall with 3,000 towers - Thursday, 7 August 2008

Dubai: Roughly 3,000 towers (both mid- and high-rise) are in various stages of planning, design, development and construction in Dubai between now and 2025.

Dubai World Central (DWC) could have about 1,100 apartment towers in its residential cluster and 850 in the commercial zone.

These are in addition to the nearly 200 towers under development in Dubai Marina and Jumeirah Lake Towers.

A few hundred each will be built in Dubai Waterfront, Jumeirah Village South and Dubailand.

This is a staggering development considering Dubai''s relatively small land area of 4,114 square kilometres and a population of just over 1.4 million.

In comparison, there are around 5,500 high-rise towers in New York City, according to Matthew Green, research manager at Cluttons UAE.

With inflation at a high and many countries struggling against an economic downturn, Dubai is flying high and booming as strongly as ever.

While Dubai continues to grow and new buildings are launched almost daily, this rapid development is hurting the environment since the real estate industry has failed to develop open spaces such as public parks.

Eamon Alashkar, head of capital investment at Colliers Middle East, said that although Dubai is developing at a rapid rate, more public spaces should have been created in the planning stages.

"Most developments we''ve seen to date have built a bare minimum of active public space which is insufficient for the density of residents and built-up area alongside it," Alashkar said.

Matthew Green agrees.

"The outcome here will depend greatly on the government, including how it restricts development in certain locations and the development of green areas," Green said.

However, in the rush to build and reap the rewards, some developers have neglected to plan open grass areas and parks, as found in other major cities, such as London and New York.

"Dubai''s future built environment appears to be largely subject to the objectives of profit-driven real estate developers," Alashkar said.

Although open spaces are cleverly advertised in some developments to attract investors, the final picture is somewhat different.

Sadly, while a well-placed photograph of a park or open area in a brochure will cause the money to roll in, it seems in reality, no profit can be made out of a patch of grass.

UAE''s Arabtec to construct Dh1.6b Bawadi project - Monday, 4 August 2008

(MENAFN - Khaleej Times) Arabtec Construction LLC received a letter of acceptance valued at Dh1.6 billion from Emaar-Bawadi Joint Venture to design and construct 1437 villas as part of the Bawadi project in Dubailand. The project will be delivered in phases over a period of 37 months.

Riad Kamal, CEO of Arabtec Holding PJSC, stated: "Our vast experience and the variety of projects we''ve carried out so far, from towers to residential complexes and villas, has deeply supported our abilities to fulfil our clients'' needs, and has given us a complete understanding of what our clients look for in their projects. Developers choose Arabtec because they are confident of the company''s ability to accomplish these big projects."

Arabtec is one of the largest construction companies in the region, with expert management, engineering, and technical staff, and a wealth of experience in the real estate market, including residential villa complexes. Over the past few years, Arabtec has constructed more than 7,000 villas for Dubai Silicon Oasis Authority, Dubai Properties, Mohammed bin Rashid Housing Establishment and Emaar''s villas at "Emirates Hills", "The Lakes", "The Meadows", "The Springs" and "Arabian Ranches".

The total number of villas currently under construction by Arabtec exceeds 10000 villas including 3230 villas for Mohammed bin Rashid Housing Establishment, 1515 for Nakheel''s "Al Furjan" project, 1047 for Dubai Silicon Oasis Authority, 1262 for various projects by Emaar, 2065 villas at Bawadi for Emaar-Bawadi Joint Venture, and a number of villas in the "Sanctuary Falls" project in Dubai.

Arabtec Construction recently signed a Memorandum of Understanding with the Tourism Development & Investment Company (TDIC) in Abu Dhabi to design, develop and construct the first phase of Al Saadiyat beachfront villas project, which lies in Al Saadiyat Islands near Abu Dhabi.

Dubai Investments launches Dh2b Mirdiff Hills - Wednesday, 30 July 2008

(MENAFN - Khaleej Times) Dubai Investments (DI) launched Mirdiff Hills - an Dh2 billion mixed-use development in Dubai - through its real estate arm Dubai Investments Real Estate Company (DIRC).

In a Press statement issued here yesterday, Khalid Kalban, Managing Director and CEO of Dubai Investments, said: "DIRC intends to play a leading role in the regional property scene, and with the launch of Mirdiff Hills we take a significant step towards achieving our strategic objectives and consolidating our market presence. With several more prestigious projects in the pipeline, DIRC is set to further expand its portfolio and position itself at the forefront of real estate activity within the UAE."

The Mirdiff Hills will have a total built-up area of 2.7 million square feet, with all modern amenities. Obaid Al Salami, General Manager of Dubai Investments Real Estate Company, said, "Mirdiff Hills is a landmark project that is poised to become one of the most sought-after mixed-use destinations in Dubai. With its unique blend of residential, commercial and retail units, complemented by world-class facilities and leisure amenities.

Construction on Mirdiff Hills has already commenced, and the project will soon be open for sale to both local and expatriate investors," Al Salami added.

In all, Mirdiff Hills will feature 680 well-appointed apartments, 380 offices and 129 retail outlets. Located in the city''s Mirdiff area, the project is designed by prominent Dubai-based architects Al Shurooq Engineering Consultants, while const