Dubai Sharjah Ajman Abu dhabi Properties

UAE Visa Rules and Procedures: Failure to register rent contract with Ejari resul...

2011-12-26T21:56:00.000-08:00

Failure to register rent contract with Ejari resul...:

Registration of rental contracts with the Dubai Land Department (DLD) will soon become a pre-requisite to accessing other government services, according to a top property regulator.

The Land Department and its regulatory body — the Real Estate Regulatory Agency (Rera) — has been trying to implement the system through a registration portal — Ejari.com.

The move will help the government to monitor the property market and offer better insights through its rental index while ensuring all tenants pay their housing fees regularly. Currently, these contracts are processed by the landlords. The rental data fed into the system is used to calculate the housing fees that are included on utility bills.

Registration of residential and commercial lease contracts through Ejari is mandatory and failure to comply may lead to a penalty, Gulf News has learnt. A Dh160 fee is chargeable to register a lease agreement with Ejari. The fee is payable by either party to the agreement.

The Ejari registration will be mandatory to obtain utility services. If the contract is not registered, transactions could be delayed at several government departments, principally the Dubai Economic Department and the Residence and Foreign Affairs Department.

Dubai Pearl construction under progress

2011-05-16T00:11:00.000-07:00

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

The development will ultimately provide a home for 9,000 people and a workplace for 12,000. Dubai Pearl is expected to be completed in 2013,It is envisaged as a world class, mixed-use, 20 million square foot integrated development under the ownership and management of Pearl Dubai FZ LLC, a consortium of investors led by the UAE’s Al Fahim Group. The group’s portfolio also includes oil field support, automotive and industrial development, hospitality, travel and tourism, and it is already recognised as one of the leading real estate developers in the region.

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

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

He points out that the retail component of the development will be unique in offering a cluster of so many leading global brands in a single location. Baccarat, Bellagio, MGM and Quintessentially are among the array of glittering brands that have already pledged a presence within the 1.8 million square foot mixed-used destination.When completed, the development will set a new quality standard for sustainable urban living in Dubai—a 24 hour community where people can work, visit, live and play in style.

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

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

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

TECOM Investments and State Government of Kerala Sign Lease Agreement for SmartCity Kochi

2011-03-06T01:25:00.000-08:00

• Clustered Tech Project to Take Shape with Initial Investment of US$350 million

• Set to Generate Large-Scale Employment Opportunities in IT and Allied Sectors

Abdullatif AlMulla, Group CEO of TECOM Investments and Vice-Chairman of SmartCity Kochi, and K. Suresh Kumar (IAS), IT Secretary, Government of Kerala, shaking hands after signing the SmartCity lease agreement at Kochi. Also in the picture, S. Sharma, Minister of State Registration and Fisheries and Chairman of SmartCity Kochi, M.A. Yusuff Ali, Managing Director of EMKE Group, and P.I. Sheik Pareeth, District Collector of Ernakulam.

Dubai-UAE: 5 March, 2011 – A lease agreement that will flag off the development of SmartCity Kochi, an IT infrastructure project jointly promoted by TECOM Investments and the State Government of Kerala in India, has been signed between Abdullatif AlMulla, TECOM Group CEO who is also the Vice-Chairman of SmartCity Kochi, and Suresh Kumar, IT Secretary of the Kerala Government.

The lease agreement for 246 acres of land will set the momentum for the development of a self-sustained knowledge-based industry township in Kochi. It will also bring TECOM Investments a step closer to its international expansion strategy of creating successful prototypes of Dubai Internet City and Dubai Media City at various locations worldwide.

The lease agreement was duly registered the same day for the clustered tech project, which will take shape with an initial investment of US$350 million and generate large-scale employment opportunities in the IT and allied sectors.

The signing ceremony was held during the Board of Directors’ meeting at Infopark. S. Sharma, Minister of Registration and Fisheries and Chairman of SmartCity Kochi, was present during the occasion.

On behalf of TECOM Investments, M.A. Yusuff Ali, Managing Director of EMKE Group, and Anirudha Damkey, Executive Director-Corporate Finance, signed as witnesses, while K. Kurian, Senior Technical Advisor of Infopark, Kochi, and Binu Pazhoor, Chief Executive Officer of Infopark, signed as witnesses on behalf of the State Government of Kerala.

AlMulla said: “This key step reflects our confidence in the vision for SmartCity Kochi and our commitment to the people of Kerala. We are optimistic about completing this project as planned and fulfill all the time-bound contractual obligations mentioned in the framework agreement.

“The progress that will result from the signing of a fresh lease agreement will give further momentum to our plans of continuing the expansion of the SmartCity global network. Reflecting the success story of our knowledge clusters, we aim to utilize the SmartCity project to further strengthen the economies of the communities we are located in.”

Construction on SmartCity Kochi is expected to begin soon after the Special Economic Zone notification is received for 131 acres, which has already been cleared by the Board of Approval of India’s Union Commerce Ministry.

SmartCity Kochi will be one of India’s largest business parks and include a state-of-the-art business community infrastructure and a dynamic range of retail, hospitality, residential and recreational facilities to drive productive business as well as a quality lifestyle. Apart from drawing strong foreign direct investment (FDI) inflows, the project’s multiplier effects are expected to bring several additional benefits to the economy.

The first European outpost of the global SmartCity network, SmartCity Malta is set to become the leading ICT and media destination in the Mediterranean. SmartCity Malta received the ‘Best Investment Award in Europe’ award in 2009, recognising the project as the largest foreign direct investment in a European country. SmartCity’s self-sustained townships will seek to harness commerce by providing an environment conducive to business, intelligent infrastructure and advanced support systems. SmartCity entities worldwide will be home to vibrant knowledge economies that are anchored by international, regional and local companies.

Infinity Tower - Fully air Conditioned Signature Tower of DLF - Booking started

2011-02-28T00:44:00.000-08:00

“Signature Tower” at New Town Heights, DLF Kakkanad - a residential estate, has the enchanting scenic beauty of a mountain valley, with its gently sloping hills and lush green surroundings. Yet, “Signature Tower” DLF Kakkanad has excellent access to the rest of Kochi, being on the Seaport-Airport Road, just 750 mts from the Collectorate and within 200 mts of the Kochi Special Economic Zone (CSEZ), Muthoot Technopolis, the Info Park, the KINFRA Park, the Bio Tech Park and the fast developing Smart City.

UAE Booking

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Infinity Tower -Fully air Conditioned Signature Tower of DLF at New Town Height Kakkanad Kochi Launched

2011-02-28T00:10:00.000-08:00

Infinity Tower , New Town Heights, a Signature tower of DLF at Kakkanad residential estate, has the enchanting scenic beauty of a mountain valley, with its gently sloping hills and lush green surroundings. Yet, “InfinityTower” DLF Kakkanad has excellent access to the rest of Kochi, being on the Seaport-Airport Road, just 750 mts from the Collectorate and within 200 mts of the Kochi Special Economic Zone (CSEZ), Muthoot Technopolis, the Info Park, the KINFRA Park, the Bio Tech Park and the fast developing Smart City.

Kakkanad – one the fastest developing residential and commercial destinations and Kochi’s future Central Business District! This picturesque hilly region has become the preferred work and residential address for several corporate houses including MNCs. Completion of the Seaport – Airport Road and proximity to National Highway 47 together has given an impetus to the growth and development of Kakkanad

For Booking in UAE Contact

Amenities:

• Laundry

• Intercom

• Groceries

• Food Court

• Yoga Plaza

• IPTV Enabled

• Bio Gas Plant

• Wi-Fi Enabled

• Healthcare Centre

• Workshop & stores

• Proposed Bank ATMs

• Underground cables

• Exclusive show rooms

• Underground drainage

• 24 hrs. Power back-up

• Beauty Parlour / Salon

• Common Area Surveillance

• Fully-equipped Gymnasium

• Courier / Postal facilities

• Car wash / Emergency repairs

• Convention Centre and Banquet Hall

• Tennis, Badminton and Squash Court

• RO plant for Ground Water Treatment

• Jogging and Cycling Track - 4-5 Kms

• Multi-level car parking - 1/2/3 per apartment

• Bore well, RWH and Municipal water for Water Supply

• Amphitheatre for group activity and for amateur theater

Specification:

FLOORING

• Vitrified Tiles at Living Room

• Imported laminated wooden flooring in Bedroom

• Antiskid Ceramic tiles, Counters in Marble/Granite flooring in Kitchen

• Antiskid Ceramic Tiles flooring in bathroom

• Terrazzo tiles/Ceramic tiles flooring in Balcony

• Grey mosaic cast in situ/ tiles flooring in servant room

WALLS

• Acrylic Emulsion walls in living and bedroom

• Combination of ceramic tiles, (up to 20 above counter) & Oil bound distemper in kitchen and Bathroom

• Paint as per external finish in the Balcony

• Oil Bound Distemper in servant room

CEILING

• Oil Bound Distemper

FITTING & FIXTURES

• Stainless steel double bowl, single drain board kitchen sink, Sink Mixer in the Kitchen

• Single lever CP fittings, White Chinaware, Glass shower partition only in master bath, towel rail/ ring (No bath tubs) in Bathroom

• Modular type switches & sockets, copper wiring (fittings like fans, light fixtures, geysers, appliances etc. not provided).

• CC TV for podium parking and entrance lobby at GF. Boom barriers at entry /exit of the complex and at entry/exit of the podiums.

DOORS & WINDOWS

• Teak veneered & polished shutter / molded skin door at entrance.

• Polished/painted frames made of hardwood & painted flush shutters / molded skin doors internally.

External glazings are powder coated aluminum

DLF Signature Tower is located at Kakkanad Kochi.

Key Distance:

• 0.3kms KMSCSEZ

• 1.5kms Info Park

• 0.3kms Technopolis

• 8kms Choice School

• 0.75kms Collectorate

• 8kms Vytilla Junction

• 1kms Sunrise Hospital

• 2.5kms Rajagiri School

• 1kms Kakkanad Bus Stand

• 14kms South Railway Station

• 25kms International Airport

• 7kms Emakulam Medical Centre

Developers offer apartments to settle dues-Gowealthy.com head says prices too steep to close such deals

2011-02-16T02:00:00.000-08:00

Developers in the UAE have offered Gowealthy.com apartments, off-plan and at a very high price, in exchange for millions they owe to the company in commission, company chairman told Emirates 24/7.

“We have been offered off plan properties, at very high prices, by developers who owe millions in commission to us. Units being off plan and steep prices don’t make any sense,” KV Sidharthan said.

“We favour out-of-court settlements… we are in negotiations with developers and are flexible in our approach.”

Industry sources confirm that a number of developers have taken the approach of settling their arrears by offering apartments to their debtors, but deals haven’t been struck due to the pricing difference.

Refuting a media report on gowealthy.com being sold, Sidharthan said: “We haven’t sold anything nor do we plan to… our lawyers have sent notice to the publication.”

Although the slowdown in the UAE realty market forced Gowealthy to downsize its operations, mostly the sales department, it now is expanding into new territories.

“We will be expanding our operations to 25 countries. We have already launched websites for six new countries,” he added.

Global consultancies and real estate experts believe property prices in the UAE will continue their slide this year with recovery likely in 2012.

Kuwait-based Global Investment House expects housing oversupply, price declines and slow transaction volumes to again dominate market dynamics in the UAE this year, while Jones Lang LaSalle said residential market in Dubai will continue to experience a situation of oversupply with prices not expected to recover before 2012.

Property developer suspends work on Tiger Woods golf complex

2011-02-02T02:30:00.000-08:00

Decision based on market conditions, says Dubai Properties

• Doubts whether the project will be completed

The Tiger Woods "brand", reeling after several sponsors abandoned the former world No1 in the wake of personal scandal, suffered yet another setback today when developers announced work on his first golf course design had been suspended indefinitely.

The Tiger Woods Dubai, a $1.1bn golf and property development, was due to open in late 2009 but as the global financial crisis struck and property prices in the desert emirate crashed its opening was postponed several times. Dubai Properties, the government-controlled company behind the project, continued to insist throughout that the course would open sooner rather than later.

In a statement today, however, the company confirmed it had suspended the project. "This decision was based on current market conditions that do not support high-end luxury real estate," it said. "These conditions will continue to be monitored and a decision will be made in the future when to restart the project." The company said it would maintain its commercial agreement with Woods and his organisation.

No date was given for resumption of work on the golf course project, although with countless high-end developments being abandoned in Dubai last year, there are doubts that it will ever be completed. Reports today suggested a decision had been taken to stop watering the six holes that had been built – a move which means the property will return to desert within a matter of months.

In November last year the Observer revealed construction work on the 292 residential properties had never started and that most of the staff employed at the development had been laid off months earlier. Those who remained were waiting for confirmation that the project was being allowed to "return to nature". Over the last 10 years a number of golfers, including Ernie Els and Colin Montgomerie, have been paid to "design" high-end courses as the desert emirate sought to expand its tourist industry.

Even by Dubai's gilded standards, the Woods-endorsed development was opulent with "mansions" and "palaces" for sale, some of them priced at $25m. The project was also to feature a boutique hotel and a Michelin-starred restaurant.

Sources suggest that up to 30% of the properties on the development had been pre-sold, with buyers having put down a deposit to secure the purchase. It is not known what will happen to these deposits.

Woods is reported to have received a $10m fee for "designing" the course, as well as royalties on real estate sales and his choice of mansion on the development once it was completed. The former world No1 – now ranked third – is due to travel to Dubai next week to play the Dubai Desert Classic. Woods made his first appearance of the 2011 season at the PGA Tour event in San Diego, where he finished a disappointing 44th.

Afterwards, he was asked about the status of his Dubai project. "It's been put on hold for right now. A lot of projects are out there," he told the Associated Press. "It's still there. We've got six completed holes and a few that were about to be grassed before construction was halted. Everything is on hold."

In the 14 months since his infamous car crash outside his Florida home, Woods has endured a tough time on and off the course. He endured the first winless season of his career in 2010 and saw his form dip as he embarked on swing changes under a new coach, Sean Foley.

He also lost many of his biggest commercial sponsors, including the American telecommunications company AT&T and the financial firm Accenture. In November last year his agent, Mark Steinberg, suggested he was close to agreeing new sponsorship deals for his client. Since then, Woods has been dropped by Gillette and by Golf Digest

Dubai Visa Rules and Procedures: The National ID card deadline extended to June 30...

2010-12-26T02:06:00.000-08:00

Dubai Visa Rules and Procedures: The National ID card deadline extended to June 30th 2011...: "Emirates ID card deadline extended, Dr Ali Al Khoury, Director-General of Eida, has urged white-collared expats to not wait until their visa..."

Dubai property should revive 2011 and UAE to grow ...

2010-12-12T22:23:00.000-08:00

Dubai property should revive 2011 and UAE to grow ...: "Dubai’s real estate market is gradually stabilising and should begin to gain traction next year and thereafter on the back of improving dome..."

Investors looking to purchase a freehold property in Dubai through a company now need to set up an offshore firm with Jebel Ali Free Zone (Jafza).

2010-12-07T21:39:00.000-08:00

Investors looking to purchase a freehold property in Dubai through a company now need to set up an offshore firm with Jebel Ali Free Zone (Jafza). Titles to freehold properties will not be registered unless a no-objection certificate (NoC) is procured from the free zone.

This follows the signing of a recent deal between the Dubai Land Department (DLD) and the free zone in a bid to maintain a more concise register of land and property transactions. This new policy, however, does not affect the ownership of properties registered in the name of local entities that were issued title deeds prior to October 26, 2010.

Improving transparency

According to Michael Lunjevich, partner and head of real estate at law firm Hadef & Partners, "It's for the Land Department to have some visibility on who the shareholders and directors are in an offshore company. It's very important to know who the beneficial owners are, and the transfer of property shouldn't be allowed off the Register."

While offshore companies were popular among expatriates, particularly the Muslim community, in Dubai owing to uncertainty over inheritance issues in the region, those established in offshore jurisdictions such as the British Virgin Islands (BVI), the Isle of Man and the Cayman Islands also legally avoid having to pay certain types of taxation on profits and income. "Some international investors don't want assets in their personal name since they could get sued internationally for assets you own in a different country. Transferring it from your name will minimise that risk," explains Brent Baldwin, associate at the law firm.

Despite the fact that the Jafza deal is expected to emphasise information access to shareholder details, investors can still ensure that the asset cannot be traced to their name.

"You may still have situations where the Jafza company is owned by an offshore trust or a nominee company. If you structure your investments well, you can ensure that nothing traces back to you. But, it will be more difficult to sell the structure onto someone else. You will have to transfer two companies and many companies may not be willing to take up collective liabilities," suggests Lunjevich.

Stringent reporting norms

Industry experts believe the DLD could make the reporting requirements for existing foreign offshore firms more stringent. "They might introduce more stringent reporting requirements on those grandfather acquisitions. The Land Department may sometimes enable free transition from a foreign offshore company to a local offshore firm, without charging a fee," Lunjevich says.

The nature of offshore firms not needing to disclose details of the beneficiary has lent itself to fraud and money laundering in many instances. "There have been examples where offshore companies, mostly BVIs, collected money for developments, did not put it into an escrow account and the directors disappeared. Whether it was done fraudulently or they were victims of circumstances, I wouldn't want to speculate," Lunjevich adds.

Tenants holding all the aces in Dubai market says Cushman & Wakefield

2010-10-03T22:42:00.000-07:00

(DUBAI, October 4th): The Dubai commercial property market continues to favour tenants as commercial landlords across all areas of the emirate are becoming more flexible on rental values, according to the latest report from Cushman and Wakefield Middle East (C&W), part of the world's largest privately held commercial real estate services firm.

C&W’s Marketbeat Q3 2010 report provides a comprehensive summary of key economic indicators, as well as a full breakdown of the office, retail and hospitality sectors for each of the top 8 markets in the region – Bahrain, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates.

KEY FINDINGS FROM DUBAI MARKET

OFFICE

• Outlook is of an overall downward trend going forward despite a slowdown in the pace of rent reductions.

• Landlords are becoming more flexible with rents as companies interested in buying or leasing office space balk at unrealistic asking prices.

• An estimated 16-20 million sq ft will enter the market this year, keeping vacancy rates above 50% in secondary locations and around 12-15% in primary CBDs.

• Strong demand for high quality properties.

• Tenants are increasingly looking to secure long term fixed leases in order to take advantage of the current situation.

• Average headline rents in prime locations are currently standing at AED 220-350 per sq ft per annum, with the exception of the DIFC where rents are still around AED 300-350.

RETAIL

• Flagship malls such as Mall of the Emirates, Dubai Mall and Deira City Centre have become more tenant orientated offering more favourable lease terms.

• Q3 headline rents flat year on year.

• The average retail rent currently stands at AED 220-240 per sq ft per annum, with flagship destination malls commanding a 35-45% premium.

• Gross leasable area likely to remain stable at approximately 26 million sq ft cushioning rents from falling further while maintaining current occupancy rates.

HOSPITALITY

• Dubai has the highest occupancy levels of all eight countries surveyed, rising 5.5% year on year driven by a 8.3% drop in average daily rates (ADR).

• Although Dubai has the third highest revenue per available room (RevPAR) for the year to date at US$157 that still represents a decline of 3.2%.

Speaking at Cityscape Global, Mike Atwell, Middle East Head of Operations, Cushman & Wakefield, commented: “With more than 16 million square feet of new supply entering the Dubai office market in 2010 the balance of favour is not going to shift back to landlords any time soon. The tenant is king for the foreseeable future.”

Dubai UPS Cargo Plane Crash latest viedo

2010-09-06T04:05:00.000-07:00

Dubai UPS Cargo Plane Crash -Crew Members Identified

2010-09-05T01:28:00.000-07:00

DUBAI, United Arab Emirates — Crew members from Kentucky and Florida were identified Saturday as the two people killed when a UPS cargo plane crashed shortly after takeoff outside Dubai. The Atlanta-based package delivery company said that the crash killed 48-year-old Captain Doug Lampe of Louisville, Ky., and 38-year-old First Officer Matthew Bell of Sanford, Fla.

Lampe has been with UPS since 1995. Bell has been with UPS since 2006. Both crewmembers flew out of UPS's Anchorage, Alaska, pilot base.

"This is a terrible tragedy, and all of us at UPS extend our deepest sympathies to the families and friends of both of these crewmembers," said UPS CEO Scott Davis in a statement. "Our thoughts and prayers will continue to be with them during this difficult time." Family members for the pilots could not immediately be reached on Saturday.

UPS said the two pilots were flying a Boeing 747-400 to Cologne, Germany, when it crashed.

The National Transportation Safety Board was dispatching an aviation investigation team to assist United Arab Emirates authorities in the investigation of Friday's crash.

The plane went down inside an Emirati air base near a busy highway intersection about 10 miles (16 kilometers) southeast of Dubai's international airport. WAM said the crash occurred in an unpopulated desert area, suggesting there may not have been casualties on the ground

Q2 2010 House Price Index for Dubai Records 4% Decrease - Colliers International

2010-08-01T00:33:00.000-07:00

August 1 2010, Dubai UAE: Average house prices in Dubai have fallen slightly according to the Colliers International Q2 2010 Dubai House Price Index published today. The index recorded a 4% decrease in house prices since Q1 2010, the first quarter-on-quarter contraction to be registered by the index in 12 months.

The index slipped 5 basis points from 119 in Q1 2010 to 114 in Q2 2010, while the blended average house price for Q2 2010 was approximately AED 1,014 per ft2 (AED 10,915/m2), down from AED 1,061 per ft2 (AED 11,420/m2) in the first quarter.

Despite the second quarter slide, the index still shows a 7% increase in overall house price values year-on-year from Q2 2009 to Q2 2010. However, Colliers International cautions that forthcoming housing supply and declining rental incomes are likely to put downward pressure on house prices moving forward.

“Compared to the extreme fluctuations recorded by the HPI from ‘08 to ‘09, when we had a 50% increase in house prices before plummeting to 2007 levels, a 4% decrease in this quarter is a relatively modest change. In the last 12 months we’ve seen the index moving only 1.8% from the average value of 115 index points, indicating a measure of stability over the past year. However, we anticipate a further slowdown and we have an ongoing concern of the new supply entering the market, which will further impede recovery,” said Ian Albert, Regional Director at Colliers International.

The global real estate consultancy expects around 33,000 units to be released onto the market by the end of 2010, down from its earlier estimate of 41,000 following project delays or rescheduling. However, given Dubai’s history so far, a large number of these units may not be delivered on time and may cross over into 2011.

“There are already more than 340,000 residential properties in Dubai with an average occupancy rate of 87%, with further declines anticipated. The market simply cannot absorb the additional supply unless the population grows and/or the release of stock is slowed down,” explained Albert.

The situation is compounded by dwindling rents in the emirate with Dubai’s overbuilt residential market contributing to more than a 50% decline in average rental rates since 2008, discouraging ownership and further dampening demand.

“Although this is good news for tenants, a reduction in the income generation potential of a property impacts negatively on its market value, making it less attractive to investors. This will be another factor to monitor over coming quarters,” said Albert.

Key report findings:

• Decrease in the overall index of 4% between Q1 2010 and Q2 2010

• YOY increase of 7% between Q2 2009 and Q2 2010

• Blended average rate for residential property in Q2 2010 is down from AED 1,061 per ft2 (AED 11,420/m2) to AED 1,014 per ft2 (AED 10,915/m2)

• Apartment prices decreased by 5% in Q2 2010 compared to Q1 2010

• Villa prices decreased by 3% in Q2 2010 compared to Q1 2010

• Townhouse prices decreased by 8% in Q2 2010 compared to Q1 2010

• Apartments constituted 34% of the total transactions

• Villas constituted 49% of the total transactions

• Townhouses constituted 17% of the total transactions

• The number of transactions increased 15% in Q2 2010 compared to Q1 2010

The index, compiled using actual mortgage transaction data from a consortium of financial institutions, showed transactions increased by 15% in Q2 2010 compared to Q1 2010. Despite the increase, Colliers International said demand remains sluggish. As in the previous quarter, demand was driven by end-users and oriented towards established residential projects with completed infrastructure and facilities.

“Banks continue to be cautious and selective in mortgage finance. Mortgages are mainly offered on completed projects and to borrowers who pass the banks’ rigid approval processes,” said Albert.

Riyadh house prices seen rising 10% a year to 2012

2010-06-21T05:24:00.000-07:00

House prices in Saudi Arabia's capital city are predicted to rise up to 10 percent a year over the next two years, Jones Lang Lasalle has said.

In its new Riyadh City Profile report, analysts said they had seen a "modest recovery" so far in 2010 after average purchase prices fell last year.It said a slowdown in the supply of new homes caused by tighter construction credit conditions would create "a large pool of untapped demand" over the next couple of years.

"With supply restrained due to recent credit conditions...we expect a cyclical recovery in the housing market with prices capable of growing 5-10 percent per annum over the next two years," the Jones Lang Lasalle report said.

"Recent increases in construction costs many also add pressure to residential prices over the next 12-18 months," it added.Research from local bank Saudi Fransi shows that Riyadh apartment prices are up on average by six percent compared to the second half of 2009, while villas are typically 3.9 per cent higher.

JLL said that the rental market in Riyadh had witnessed double digit increases even during the global downturn but that rents "were finally starting to fall in line with the rest of the inflation measures".The property and investment specialists added in its report that the total inventory across Riyadh is roughly 900,000 housing units.Regarding the office market in Riyadh, JLL said more than one million sq m of new office space is expected to enter the market over the next five years.

It said the number of new buildings was causing vacancy rates to increase and tenants were enjoying increasing power vis-à-vis landlords.On the retail front, the sector is expected to see improvements in both sales and rents over the remainder of 2010, the JLL report added.

The current stock of retail space in Riyadh is estimated to be around 2.3 million sq m and is expected to increase to 2.9 million sq m by 2014 serving new suburban districts. This increase is expected to push average rents for showrooms to downwards rates, the report said.

JLL added that consumer confidence was improving and the growth of retail sales had resumed. The value of point of sale transactions started to increase from mid 2009 and was up by 22 percent in April 2010 in year on year terms, the report said.

Residential and commercial rents continue to decline with largest declines for lower quality units in less prestigious locations -Landmark Advisory

2010-06-14T04:48:00.000-07:00

Dubai, United Arab Emirates – 14 June 2010: Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, today released its June lease guide for Dubai. The rent ranges published in the leasing guide – available at www.landmark-advisory.com – combine transactional data with mystery shopping and broker surveys and are prepared by the analysts at Landmark Advisory.

Compared to Landmark Advisory’s last Dubai lease guide published in April 2010, the latest guide shows that lease rates have continued to decline across Dubai irrespective of quality and location, for both residential apartments and commercial units. Although the units in lower quality buildings and less prestigious locations are experiencing the strongest rent declines, the more significant trend is the resumption in rent declines for high quality units in prestigious locations. Declines are primarily attributed to increasing supply, a trend that will continue with 100,000 new units anticipated for delivery over the next two years.

According to Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory, the biggest problem is the impending supply pipeline: “Tenants are increasingly seeking more value for their rental dirham and are able to leverage alternative options to negotiate very attractive deals. This is pushing up bid-ask spreads and illustrates that landlords are conceding in negotiations with ever more discerning and value-seeking tenants. More significantly, this is a trend now observed in high quality units in prestigious locations, which is a segment that has experienced relatively minimal volatility in late 2009 and the first quarter of 2010 due to relocation trends.”

Rental demand in Dubai has been bolstered by tenants relocating from surrounding emirates, namely Abu Dhabi with landlords in Dubai benefiting from tenants moving to Dubai to take advantage of both lifestyle and lower rental rates. “The imminent delivery of Abu Dhabi’s Marina Square will inevitably sway existing or potential commuters to rent an apartment in Abu Dhabi, however, which will clearly hurt rental demand in Dubai,” said Ms. Downs. “Rents in the capital are coming down and will continue to do so, especially in Q4 2010 and Q1 2011.”

Residential - Apartments

Landmark Advisory notes that even rents in prestigious locations are declining; lower limits for a 1 bedroom on the Palm Jumeirah have fallen 6%, while 1 bedroom apartments in JLT have fallen a further 10% since publishing the previous lease guide. In lower quality areas such as International City, studio lower limits decreased 12% while upper limits for both studio’s and 1 bedroom apartments decreased on average by 22%. The lower limit of lower quality 2 bed apartment’s in both West and East Dubai have also declined by an average of 7% since early May.

Well established areas with a limited supply pipeline are also experiencing additional rent declines; Downtown Dubai has seen further drops in rent due to continued supply entering the market in neighbouring areas, like Business Bay and Sheikh Zayed Road. “While these areas are not of comparable quality to Downtown Dubai, the impact on this increased supply is evident, lower limits for 2 beds in Downtown Dubai are falling 5%, at the same time that lower limits in Business Bay and Sheikh Zayed Road have fallen by 12% and 6% respectively since the beginning of May,” said Ms Downs.

As the mounting competition to attract tenants leads landlords to offer more concessions, a 6-check contract and incentives like rent free periods to assist tenants with days lost during the moving process are becoming more common.

“Unlike the trends in April 2010, where the rental declines were primarily restricted to lower and medium quality buildings, high quality buildings in good locations are also seeing rental drops,” explained Ms. Downs. “While the falls are still marginal when compared to the drops in lower quality buildings, this is still a significant trend.”

Residential - Villas

According to Landmark Advisory, villa lease ranges have been much more stable then apartment rates, however, some areas are still experiencing declines. Areas including Arabian Ranches, Victory Heights, Jumeirah Islands, The Springs, Dubai Silicon Oasis, sections of the Lakes and parts of Palm Jumeirah have all seen lower limit declines.

The largest declines occurred in the lower limits of 5 bed villas; in Jumeirah Islands and Dubai Silicon Oasis, 5 bedroom villas declined by 7% and 13% respectively. For 2 beds, lower limits in The Springs declined 6% (with rents as low as 75,000 AED) while in Victory Heights, Palm Jumeirah, and Dubai Silicon Oasis the 3 Bed lower limits declined by an average of 6%.

Ms. Downs said: “While some villa rents did fall, they did not fall in every area and rents for certain high quality villas have remained stable. Since this segment is particularly sensitive to demand fluctuations, rents for specific high end villa developments may experience short term fluctuations. For example, the lower limit rent for a 5 bedroom villa on Palm Jumeirah is currently at AED 400,000 per annum. Given the limited pool of individuals and families able to afford such a luxury villa, the rents may fluctuate based on longer void periods.”

Commercial Rents

In terms of commercial units, rents have declined and are expected to decline further. Landlords are attracting new tenants by offering lower lease rates, longer term leases, and increased incentives such as rent-free periods, fit-out allowances, and increased cheque options.

According to Ms. Downs, location and incentives are set to play a key role in attracting tenants going forward: “The commercial market is witnessing a prolonged period of oversupply, and with new developments in Business Bay, and JLT expected for completion in 2010 and beyond, lease rates are expected to decline further across Dubai.”

In terms of specific areas, DIFC lease rates lower limit has decreased by 17%, commercial units in Business Bay have decreased 6% and Dubai Silicon Oasis has decreased 20%.

“While freehold areas will be particularly impacted by rent declines due to upcoming supply, those buildings with fragmented ownership are likely to be hit the hardest with premiums emerging for single landlord buildings. By this we mean those buildings where buildings were sold by individual units or floors and Strata Law applies,” Ms. Downs concluded.

Dubai house prices may drop another 15 percent to 20 percent this year on an increase in supply Credit Suisse

2010-06-03T07:17:00.000-07:00

“We expect residential prices to decline by another 15-20 percent in Dubai as the oversupply gap peaks in 2011,” Dubai- based analyst Ahmed Badr wrote in a report.

“We expect Abu Dhabi’s residential prices to come under pressure as new supply comes online, thus narrowing the price gap with Dubai despite the continued supply shortage and the strong replacement demand.”

Residential rents in Dubai are set to fall further in 2010 due to increased supply, while vacancy rates in Abu Dhabi's office market are expected to rise to as much as 10 percent in 2011, according to another report earlier this week.

Real estate services company CB Richard Eliis (CBRE) said it expects 31,194 new homes in 2010, 29,388 in 2011 and 21,870 in 2012.

However house prices in Dubai rose on average by two percent in the first quarter of 2010 compared to the same period last year, according to the latest house price index released by Colliers International in May.

Colliers International’s Q1 2010 House Price Index also found that average prices rose four percent since the last quarter of 2009, the third consecutive quarter to register positive growth.The average house price for Q1 2010 was around AED1,061 ($288.85) per square foot, compared to AED 1,022 ($278.23) in the fourth quarter of 2009.

Meanwhile, Sorouh Real Estate, Abu Dhabi’s second-biggest property developer by market value, was lowered to “neutral” from “outperform” at Credit Suisse Group, citing concern about funding and low project visibility, according to a Bloomberg report on Thursday.

The 12-month share-price estimate was cut to 2.33 dirhams from 3.43 dirhams, the newswire said.

The company’s estimated 2 billion dirhams ($545 million) of gross cash may be used by the end of this year and it will have to raise between 3 billion dirhams and 4 billion dirhams from debt sales to finance existing projects, Dubai-based analysts Ahmed Badr and Hans Zayed wrote in an e-mailed note.

“The market is almost pricing in the value of all projects under construction and hence we believe the stock to be fairly valued at this stage given current financing concerns that we believe have put pressure on future development projects,” they wrote.

Moody's voices concerns over Gulf property oversupply

2010-05-24T02:59:00.000-07:00

The supply-demand imbalance remains a key driver of the continued negative outlook for the property industry in the Arabian Gulf, Moody's Investors Service said in a new report on Monday. The negative outlook reflects the rating agency's view of fundamental credit conditions in the industry over the next 12-18 months.

"The supply-demand imbalance in commercial property and to some degree in residential units, depending on the city or country, is likely to grow worse as vast supply meets slack demand and is a major driver of our negative outlook," said Martin Kohlhase, author of the report.

In the report, Moody's noted that the other drivers of the outlook remain the same as in 2009, namely funding and the preservation of cash, which includes potential disposals of non-core assets, cash collection and debt standstill agreements.

Moody's said it believes that these factors will remain in place for the rest of 2010.

The rating agency further said that it has downgraded the ratings of all GCC issuers with real estate exposure over the past 12 months.

However, although Moody's industry outlook for the region as a whole is negative, it added that significant differences continued to exist across the region, with Saudi Arabia seen as the brightest spot of the six GCC countries.

"The large, growing and young population of this Kingdom continues to support the local residential market," said Kohlhase. "Furthermore, rent and sale prices have remained stable in prime areas, while limited price correction has been witnessed on the outskirts."

The rating agency said that several factors could prompt a revision of the outlook to stable, including government spending for public infrastructure work, government intervention, a shortage of low- and middle-income housing and international expansion. However, we do not envisage moving to a stable outlook in the near term," added Kohlhase.

Last month, Jones Lang Lasalle said Dubai's real estate sector will not see a recovery until 2011 at the earliest due to an oversupply of properties.In its latest report on the emirate's homes market, which has seen price falls of more than 50 percent in some areas from peaks on summer 2008, the firm said a total of 22,000 units were expected to be completed this year.

Its study of Q1 prices also saw a further 25,000 units coming online in 2011, bringing the total residential stock to about 320,000 by the end of 2011.

Majid Al Futtaim Properties to invest USD 3.5 billion in four new shopping malls

2010-05-02T09:48:00.000-07:00

Dubai, 02 May 2010: Majid Al Futtaim Properties, the region’s premier developer of leisure property and shopping malls, today announced its plan to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon. The four new shopping malls represent a total investment by Majid Al Futtaim Properties of US$3.5 billion over the next 5 years.

Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa (“MENA”) region, which have a combined Gross Leasable Area (“GLA”) of 800,000 square metres and which, in 2009, attracted more than 120 million visitors. The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties’ total GLA to more than 1.3 million square metres.

The announcement was made on the opening day of RECon Middle East & North Africa 2010, the region’s major exhibition and conference for retailers and real estate professionals that runs from 2-4 May 2010 at Jumeirah Beach Hotel Convention Centre.

Peter Walichnowski, CEO Majid Al Futtaim Properties commented,

“These four new and exciting projects will further strengthen Majid Al Futtaim Properties’ leading position in the MENA region. We continue to invest through the cycle bringing long term sustainable growth for our stakeholders. We have a record for delivering on time and on budget and we believe that we offer the best retail solutions for our business partners.”

Landmark Advisory Releases April 2010 Dubai Leasing Map, Highlighting Softening Rents

2010-04-27T00:06:00.000-07:00

Dubai, United Arab Emirates – 27 April 2010: According to Landmark Advisory’s April 2010 Dubai lease guide, the risk in both the residential and commercial property markets continue to be the new supply forecast to enter the market during the next three years, which further encourages value-seeking behaviour among potential tenants.

“Lease rates in most areas, in both the residential and commercial markets, will fall in the coming months, especially for lower quality buildings in the least developed and integrated communities. However, certain residential units in key locations within established high quality developments will remain stable; this applies to specific villa developments and select apartment buildings,” explained Ms. Jesse Downs, Director of Research & Advisory Services, Landmark Advisory.

In this guide, Landmark introduced office rents, which have been gradually declining through 2009. “Although office lease rates may have appeared relatively unchanged in Q1 2010, recently rents have been gradually declining as landlords become more flexible in negotiations. The commercial market is witnessing increased supply from new developments like Business Bay where 6 million square feet of office space is due for completion this year. However, the majority of the new space in Business Bay is expected to be handed over in the fourth quarter due to infrastructure delays,” said Ms. Downs. “From our research we expect lease rates to decline further in most areas, especially for buildings with multiple owners.”

Landmark Advisory observed a recent increased in enquiries from companies considering relocating their operations to Dubai. These enquiries are coming not only from other emirates, but from companies across the region looking to expand into or relocate offices to Dubai. “While this is still a nascent trend, it is one that we predict will gather momentum over the next 3-4 years as commercial sale prices and leasing rates bottom out,” continued Downs. “In addition to improved affordability, the existing infrastructure, ease of recruiting, and higher retention rates will attract relocation demand in the coming years.”

Turning to residential apartments, increased supply has put downward pressure on rent in many areas, including some well-established quality locations. Places such as Palm Jumeirah and Dubai Marina have seen an increase in supply following new product deliveries with lower limits; 2-beds on the Palm Jumeirah have fallen 4 percent from AED 120k to AED 115k annum while 2-beds in the Dubai Marina have fallen 6 percent from AED 90k to AED 85k per annum. This is a typical trend observed in both recently-handed over buildings and lower quality buildings.

Landmark Advisory found that villa lease rates ranges have remained relatively stable with certain areas like Arabian Ranches, Victory Heights, and parts of the Lakes experiencing lower limit declines.

New Regional Order Emerging in MENA Property Markets

2010-04-20T00:24:00.000-07:00

Abu Dhabi UAE, April 18, 2010: Colliers International today released its comprehensive regional overview of real estate markets in the Middle East and North Africa (MENA) for Q1 2010. The report, providing comparative key performance indicators across 10 cities, shows how markets are adapting to the new investment landscape following the economic challenges of the previous two years.

Despite differences in socio-economic, demographic and regulatory factors between the cities, the deterioration of regional markets that was recorded over the last 12 months is showing early signs of abating as they begin to adjust to new conditions. The report also indicates a diversion of interest away from the more established property markets in favour of nascent markets like Syria, Saudi Arabia, Egypt and Libya.

Providing a snapshot of performance in the office, residential retail and hospitality segments in Abu Dhabi, Dubai, Doha, Riyadh, Jeddah, Eastern Province, Amman, Cairo, Tripoli and Damascus, the report reinforces the cyclical nature of property markets.

With most sectors across the MENA region continuing to experience price falls, there has been an overall shift towards tenant driven markets. This has resulted in an emerging trend of landlords introducing incentive schemes to manage or resolve supply and demand issues, while in the retail segment, diversification and repositioning of existing properties is helping to minimise the risk of potential oversupply.

A general focus on business tourism in key markets has also helped to address the potential oversupply of hotel rooms and is having a knock-on effect on retail performance in some locations.

Demand for affordable housing among a rising middle class remains a trend in several markets where sustained economic development and population growth have been recorded. According to the MENA Real Estate Overview, opportunities abound in Abu Dhabi, Jeddah, Cairo, Damascus and Tripoli, which remain significantly undersupplied in this area.

Commenting on the latest MENA Real Estate Overview Ian Albert, Regional Director of Colliers International said: “Despite the economic storm that we have seen globally over the past two years and the shockwaves felt by regional real estate markets, our research indicates signs of a potential overall rebound. The property crash of 2009 forced many countries to adjust their strategies so it is interesting to see how the real estate value chain is responding.

“Efforts to address the demand-supply dynamic are indicators of a maturing real estate market, but we are also seeing a shift towards the newer regional markets where domestic economic growth has largely insulated them from the fallout from the global crisis. The increase in business travel to places like Jordan, Qatar and Saudi reinforces this. From a regional perspective, we will begin to see a repositioning of markets as the industry responds to varying opportunities in established and new property markets.”

The report also sees a return of the commercial occupancy surveys for Abu Dhabi and Dubai, comparing the performance levels of specific buildings. With office occupancy rates a key indicator of a city’s economic vitality Colliers International instigated a market watch for the two emirates to see how these sectors have responded to the economic crisis.

In Abu Dhabi the average occupancy currently stands at 99%, dropping a marginal 1% from a fully occupied market in Q4 2009. While the overall results exemplify the present undersupplied market for office space in Abu Dhabi, the market is expected to reach equilibrium during 2010 with an oversupply by the end of the year due to a lower demand rate.

However, in light of the rumoured plans by the Municipality to end the long standing practice of allowing residential villas to be used for commercial office premises, Colliers estimates a potential demand of up to 125,000m2 of office space could be generated. While the additional demand could be absorbed into the forthcoming supply, Colliers cautions the effect will not be a cure all to the market.

“Landlords will need to remain competitive in their terms to attract tenants while developers will need to start planning for subdivision of floor space to match supply with market demands,” said Albert.

In Dubai, Colliers observed an overall year-on-year increase between Q1 2009 and Q1 2010 in occupancy levels across new commercial districts, while occupancy levels in the older more established districts dropped 7% during the same period. The movement of commercial tenants is believed to be a direct result of the lower rental rates and other incentives, such as rent free fit-out periods offered by landlords in the new commercial districts.

Best Performing Sectors and Markets:

• Office: in Cairo, demand is expected to continue to outstrip supply over the next three years provided no new major projects are announced. There remains extensive pent-up demand for high quality space, intensified by new local demand created out of strong economic growth.

• Residential: in Damascus Colliers expects over 3,000 units to be delivered to the market over the next three years. Based on estimated demand and forthcoming supply, it is expected that a shortfall of approximately 106,339 units will arise, which will likely leave the market undersupplied for the next five years.

• Retail: despite immediate concerns of low footfall levels in smaller shopping centres and current economic conditions, Colliers remains bullish on the Abu Dhabi retail market over the medium to long term given population forecasts outlined in the Abu Dhabi 2030 Plan.

• Hospitality: although the Libyan hospitality market is currently in relative infancy, the government expects considerable growth of tourist arrivals to Tripoli over the short to medium term. With demand for 5 star properties increasing, a number of international hotel chains have now entered the market, driven by the increased openness and economic growth of the country.

Increase in Supply and Decrease in Inventory Keep Dubai Sales Prices Relatively Stable

2010-04-05T02:17:00.000-07:00

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

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

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

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

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

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

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

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

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

Al Barari Holds Promise for Dubai Property Market

2010-03-23T05:10:00.000-07:00

Al Barari, the only family owned and operated property developer in Dubai, continues to progress strongly into the first handover phase of its flagship, multi-billion dirham residential address, despite challenging market conditions.

Al Barari is a first-class residential sanctuary located in Dubai’s royal enclave of Nad Al Sheba. Built on 14.2 million square feet of natural and landscaped gardens and bordering protected wildlife reserves, the secluded haven is the lowest density development in the Middle East with the built-up area comprising just 20% of the site.

While residential property prices in Dubai fell by up to 50% in 2009, Al Barari’s 2007 villa prices of between 20 to 50 million dirhams have remained unchanged. Since the project was announced in 2005, Al Barari has sold 70% of its first phase.

“Although our rate of conversions did slow last year, there were around 10 sales of Al Barari properties on the secondary market which had marginal fluctuations in price. This tells us that Al Barari is being offered at fair market value. Investors have decided that current valuations are an accurate assessment of Al Barari’s worth. We also continue to see clear demand for the botanical lifestyle we are offering,” said Mohammed bin Zaal, CEO of Al Barari.

Al Barari says its pricing strategy has remained largely unaffected by the recent property crash because of a considered approach to value creation. According to the developer, sound masterplanning for well-planned, high quality places remains the key to building confidence and value in a development.

A return to the fundamentals of property economics has been the guiding principle for Al Barari. The development, which offers sophisticated, well-designed and sustainable facilities, has fast become one of the most coveted addresses in Dubai.

“Creating a desirable address is as much about offering a unique design concept as it is about driving long-term asset appreciation. As a company Al Barari strives for sustainability across ecology, investment and the community. The project has been conceived as a self-sufficient development; as the neighbourhood grows and the retail and resort facilities open up, it will continue to flourish. This will have a positive impact on property values,” said bin Zaal.

As a zero-debt company Al Barari has been able to take advantage of the slowdown in the construction sector to expedite the project’s progress. Shopping facilities and amenities have been rolled into phase one’s construction schedule to bring added value to investors.

“We have invested heavily in developing the gardens and amenities to optimise the Al Barari lifestyle experience for our early residents. This is really important because we are selling much more than bricks and mortar. Al Barari introduces a new way of life by bringing people together, giving back family time and balancing the haste of city-living. Although our additional amenities are driving up property values, we have made a conscious decision not to pass these onto investors at this stage,” explained bin Zaal.

He also adds that sales of Al Barari homes never became overheated because the family restricted speculator involvement from the start with contractual clauses to prevent flipping and stringent ‘know your customer’ due diligence.

Al Barari has begun handover of 33 villas in phase one of the project, with over 20 families now calling the botanical haven home. Masterplanning for the second phase of Al Barari is currently in progress and includes exclusive cultural quarters for residents. Among the planned amenities are outdoor performance spaces and art galleries as well as music, dance and art schools. This vibrant cosmopolitan precinct will also offer a souq-style market, grand mosque, restaurants, cafes, boutique stores, entertainment facilities and studio offices.

Mohammed bin Rashid issues decree regulating industrial, commercial lands in Dubai

2010-03-16T01:22:00.000-07:00

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has issued a decree regulating granted industrial and commercial lands in the emirate of Dubai.

The decree allows each UAE national granted industrial or commercial land to apply to the Lands and Property Department to request free ownership that is free from any restrictions over use of the land or registering it in the real estate registrar, and issue ownership bond after payment of the ownership and registration transfer fees worth 30 per cent of the land market value as per the price set by the department on the date of ownership transfer.

The decree also allows ownership of the granted industrial or commercial lands, which were previously treated as those whose ownership were transferred, but not registered at the department.

The move comes in line with the procedures to activate property and commercial sectors, being vital sectors of the emirate of Dubai's economy. As per the decree the UAE nationals granted the industrial and commercial lands will freely own them and act over them legally. Those lands were restricted to some extent previously by the regulations issued by the government.

This decree is in force on the date of issuance and will be published in the official gazette. - Emirates News Agency, WAM

Dubai RERA rental index March 2010 -The rental value of residential apartments

2010-03-01T22:33:00.000-08:00

       Areas           Studio    One B/R     Two B/R    Three B/R     Four B/R

1  Abu Hail           25-35     40-50          60-70           75-85               -

2 Al Badaa            35-45    55-65          65-85           90-120              -

4 Al Baraha           25-35     40-50          55-65           70-80                -

5 Al Barsha          35-45     50-70         70-90           100-120             -

6 Al Buteen          30-40      45-55        60-70           75-85                 -

7 Al Daghaya        25-35     40-50         55-65            70-80                  -

8 Al Garhoud         30-40     45-55         80-100          95-105                -

9 Al Ghusais          25-35     35-45        55-65            70-80                 -

10 Al Hamriya      40-50    60-80        80-120          110-140        140-160

11 Al Hudaiba       40-50      60-70        70-90            100-120        130-150

12 Al Jafliyah        30-40      55-65       65-85              90-110            -

13 Al Karama        40-50      65-75       80-110            105-135            -

14 Al Mamzar        30-40     45-55       65-75             75-95            100-140

15 Al Mankhool     40-50       70-80       80-110           120-140         150-170

16 Al Muhaisnah 4 25-35        35-45      50-60               60-70             -

17 Al Muraqqabat   30-40       55-65       70-110          100-140          130-170

18 Al Murar            25-35      40-50      55-65              70-80               -

19 Al Musalla          40-50       60-70      75-85               95-105             -

20 Al Muteena         25-35     45-55        50-60               65-75                  -

21 Al Nahda            25-35       35-45        45-65              65-75 -

23 Al Ras                  30-40      45-55        60-70               75-85 -

24 Al Riqqa              30-40       55-65        70-110            100-140         130-170

25 Al Sabkha             30-40       45-55        60-70                70-80             -

26 Al Souq Al Kabeer 40-50     60-70         75-85              90-120           -

27 Al Sufouh -             60-70      85-105       -                       -

28 Al Warqaa              25-35      40-50       55-65             70-80             -

29 Al Wasl                   45-55      70-80        100-120          115-145         -

30 Al Wuheida                -               -                50-60            -                      -

31 Ayal Nasir               25-35        40-50           55-65            70-80             -----

32 Discovery Gardens 35-45         55-65           85-105           - ---                   ----

33 Downtown Burj
Khalifa                       55-65          70-110        115-155      160-200    200-240

34 Dubai Healthcare
City                          -----            80-100         100-120      130-150     -----

35 Dubai Investment
Park                          25-45           50-60           65-75          -----            --- -

36 Dubai Marina        45-60           70-110         80-160      140-200     200-240

37 Dubai Silicon
Oasis                       30-40             45-55           65-75         80-90      ---- -

38 Green Community 40-50           60-70           90-120         125-155     -----

40 Hor Al Anz           25-35           40-50          55-65             65-75    90-110

41 Hor Al Anz East 30-40            45-55            65-75            75-95     110-140

42 IMPZ                25-35             45-55            60-70          ------        -------

43 International City 25-35            35-45            60-70             - --         ------

44 International City
(CBD)                 30-35              40-50              60-70            ----     ------

45 Jumeirah          50-55               70-80             85-115       --- -          ----- -

46 Jumeirah Beach
Residence        50-70                 70-100           105-135     150-170    200-240

47 Jumeirah Lakes
Towers            40-50                  60-80            80-100       110-140     130-140

49 Mirdiff        35-45                  55-65            80-100       105-115       -----

50 Motor City 40-50                55-65              75-85           -- -          ------

51 Naif             25-35                40-50             55-65             70-80           ---

52 Oud Metha 40-50                65-75              90-110           100-140     --- -

53 Palm Jumeirah --                  90-130           130-170           170-210 270-350

54 Port Saeed 30-40                45-55              70-100            95-115    120-160

55 Riqqa Al
Buteen       30-40                    55-65               70-110            100-120 130-170

56 Satwa    35-45                    55-65             65-85                 90-120 -----

59 Trade Center
1           55-65                      75-85             100-140          135-165     145-175

60 Trade Center
2         55-65                        75-85             100-140         135-165      145-175

61 Umm Hurair 40-50           60-70                  80-110           120-140     140-160

62 Umm Suqeim 50-55        70-80                    85-115             ---              -----

Kleindienst Group Becomes First Developer to Break Ground on The World

2010-02-24T03:41:00.000-08:00

24th February 2010, Dubai: Kleindienst Group has become the first developer to start construction on The World islands in Dubai. The developer of The Heart of Europe project has officially broken ground on Germany Island with specialist engineering contractor Foundation Construction Group Limited (FCG) commencing vibro-compaction work late yesterday.

A project milestone not only for the Kleindienst Group but for the entire World archipelago, Chief Executive Josef Kleindienst was joined by Nakheel Executive Chairman H.E. Sultan Ahmed bin Sulayem for the official ground breaking ceremony.

Construction has started just one week after FCG’s appointment, confirming earlier claims by Kleindienst that offshore logistical requirements of developing on The World will not hinder progress.

“Exactly two months ago we launched Germany Island with a clear promise to start construction in Q1 of 2010. I am very proud to say we are delivering on that promise. Today FCG started critical foundation stabilisation work. By the end of this year you will start to see the first villas on The World, one of which will be my own home,” said Kleindienst.

“While we are the first developer to begin construction, we are aware of several more that are not far behind us. The World project is very real, it is taking shape as we speak and I firmly believe that when complete it will become the most expensive property in the emirate of Dubai,” he added.

Commenting on the Kleindienst ground breaking, H.E. Sultan Ahmed bin Sulayem said: “On behalf of Nakheel and everyone involved in the creation of The World, I would like to congratulate Mr Kleindienst on this important milestone. We look forward to the successful development of Germany Island into another world class destination in Dubai.”

The soil improvement operation, called “vibro-compaction”, involves the use of electric depth vibrators that mechanically agitate and lock the sand particles together down to seabed level (a depth of 18 – 20 metres), to ensure that all construction on the island is stable and sound. The technique is recognised internationally and is a standard procedure in the densification of reclaimed land.

Since The Heart of Europe launched in December 2009 Kleindienst Group has sold 11 villas on Germany Island

IN VIDEO: Metro's first passenger train - Transportation - ArabianBusiness.com

2009-09-10T02:28:00.001-07:00

IN VIDEO: Metro's first passenger train - Transportation - ArabianBusiness.com

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Burj Dubai tallest building open to public on December 2

2009-07-29T03:40:00.000-07:00

The Burj Dubai will officially open to the public on December 2, to coincide with UAE National Day.The opening date of the world’s tallest building has been a closely guarded secret for years – however, a senior architect working on the project has confirmed that December 2 has been set aside for the opening.
The Armani Hotel, part of the building, will take its first guests on the same day.
Ceremonies to mark the launch are also being planned for December 2. It is not yet clear whether other parts of the tower will be fully accessible.
“This will be a huge achievement and a big celebration for the UAE and for Emaar, particularly as it’s UAE National Day. It will be the first time the public can enter the building,” said the architect.
Emaar has always maintained it will not comment on the specific opening date and has also been tight-lipped over the final height of the Burj Dubai, which is thought to have topped out earlier this year at 818 metres

Expats face swine flu ban after holidays abroad - Healthcare - ArabianBusiness.com

2009-07-28T03:02:00.000-07:00

Expats face swine flu ban after holidays abroad - Healthcare - ArabianBusiness.com: "Expats face swine flu ban after holidays abroad"
Expatriates in the UAE on holiday abroad will have to produce a medical certificate proving they are not infected with swine flu before returning to the country, according to a report on Tuesday.From August, any person with swine flu symptoms without the certificate would be refused entry to the UAE , said a source from the National Committee for Combating Swine Flu.“Accordingly, any company or establishment will have the right to cancel sponsorship if the worker conceals an infection intentionally," the unnamed source was quoted as saying in a report by UAE daily Gulf News.The step was part of strict measures needed to contain the H1N1 virus, the source added.Quarantining people infected with the virus and not allowing them to come into contact with others in public locations such as markets, malls, cinemas and worship areas was vital to curbing the spread of the virus, the source said.The National Committee for Combating Swine Flu is a government organisation set up to fight the spread of the virus.

Victory Heights hands over the 100th set of keys

2009-07-27T22:54:00.000-07:00

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

House prices: Caught in the downward current

2009-07-27T02:40:00.001-07:00

WHEN we last looked at global house prices, only six of the countries we surveyed had recorded year-on-year declines. Three months later that figure has risen to 16.

In America some saw signs of a bottom in a report on March 17th showing sharp rises in housebuilding starts and permits in February, after months of decline. Others, however, just saw a bigger stack of apartments for sale which no one will be very keen to buy. In truth, the outlook has long been dismal from the banks of the Potomac and the Thames, and now it is starting to look grim from the banks of the Huangpu.

Gone is the optimism of yesteryear. Book titles such as Are You Missing the Real-Estate Boom? The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade And How to Profit From Them (2005) are destined for the annals of folly, next to asset-bubble classics such as Dow 36,000. Fear has replaced frenzy, and house prices may overshoot on the way down. A recent report by Numis Securities estimated that British house prices could fall by a further 40-55%, saddling millions with properties worth less than their mortgage debt. Long was the uphill march, long will be the downhill descent

Escape Receives Official Green Light from Ajman Real Estate Regulatory Agency (ARERA).

2009-03-02T02:43:00.000-08:00

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

Gowealthy Capital Ltd started functioning

2009-03-02T01:25:00.000-08:00

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

Online property barter system in Dubai attract Dubai land owners

2009-02-19T02:12:00.001-08:00

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

Online property barter services In Dubai

2009-02-08T22:22:00.000-08:00

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

Dubai sees $1.1 bln '09 budget deficit, first ever

2009-01-11T02:36:00.000-08:00

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

Ajman introducing new property regulation Establishment decree

2009-01-07T00:20:00.000-08:00

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

Dubai developer ETA Star put on credit watch list

2008-11-24T00:13:00.000-08:00

Standard & Poor's Ratings Services is growing increasingly concerned about its long-term 'BBB-' corporate credit rating for the ETA Group and has placed the Dubai-based conglomerate on CreditWatch.

The ETA Group, which through its subsidiaries, has interests in real estate, contracting and shipping, has a 'BBB-' debt rating for its $300m senior unsecured bank loan which is due in 2012.

According to S&P the group has been put on CreditWatch because of concerns that the global economic slowdown is now adversely affecting ETA's main markets, which may lead to a drop in trading performance and a further deterioration of key credit ratios. "These actions are due to concerns over increasing financial leverage, the likely adverse effect of the continuing global economic slowdown on ETA's cyclical activities, and low levels of headroom under financial covenants," said Standard & Poor's credit analyst Stuart Clements.

Axis Residences Phase 3 launched at Silicon Oasis

2008-11-07T09:31:00.000-08:00

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

Construction of Phase 3 is well under way.

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

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

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

Axis Residences at a glance:

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

2008-09-29T05:11:00.000-07:00

DLF launch its new residential project in Kakkanad New Town Heights. DLF�s Kakkanad project is a mega township of almost 28 Acres. 80% Open space. Total 9 Towers and total number of Apartments are 1400 Approx. Total 21 Blocks and each Block has 4 Apartments. DLF New Town Heights township will have the convenience of a Business Club which would be almost 60000 sq. ft., will contain convention halls, guest suites, Ayurvedic parlors and Spa, Branded stores, Restaurants etc. The sports club will have a fully equipped Gym and a large swimming pool Guest Suites, Restaurants, Badminton Court, Squash court etc.

About Developer : DLF has a 60-year history of service excellence. Since it was founded in 1946, it has been responsible for the development of 21 urban colonies aggregating 5,816 acres, as well as an entire integrated 3,000-acre township - DLF City. DLF Homes provides a wide range of products including condominiums, duplexes, row hoses and apartments of varying sizes, with a focus on the higher end of the market. DLF has already developed 54 million sq. ft with plans of developing another 300 million sq. ft of projects across the country over the next 10 years

Key Distances

International Airport – 25 km
South Railway Station – 14 km
Collectorate – 750 m
Info Park – 1.5 km
Smart City - 2 km
Technopolis – 300 m
Vytilla Jn – 8 km

Price Floor plan click here

New Town Heights (Kochi) - Kochi Kakkanad

2008-09-29T05:03:00.000-07:00

About Developer : DLF has a 60-year history of service excellence. Since it was founded in 1946, it has been responsible for the development of 21 urban colonies aggregating 5,816 acres, as well as an entire integrated 3,000-acre township - DLF City. DLF Homes provides a wide range of products including condominiums, duplexes, row hoses and apartments of varying sizes, with a focus on the higher end of the market. DLF has already developed 54 million sq. ft with plans of developing another 300 million sq. ft of projects across the country over the next 10 years

Key Distances

International Airport – 25 km
South Railway Station – 14 km
Collectorate – 750 m
Info Park – 1.5 km
Smart City - 2 km
Technopolis – 300 m
Vytilla Jn – 8 km

For floor plan, Price, Registering

Capitala Abu Dhabi Awards AED 1.9 bn Main Construction Contract for Rihan Heights

2008-09-23T04:11:00.000-07:00

WAM Abu Dhabi, Sept.23rd, 2008 (WAM) - Capitala, the Abu Dhabi-based strategic master planner and developer, announced Tuesday that it has awarded the main construction contract for Rihan Heights, the first phase of its US$ 5 - 6 billion flagship project, Arzanah.

Strategically located at the gateway point on Abu Dhabi island, Arzanah is the 1.4 million square metre fully integrated, mixed use development surrounding Zayed Stadium. Arzanah offers a unique blend of quality residential properties with leisure, sports and retail amenities that focuses on promoting an active urban lifestyle for its residents and the community at large.

Rihan Heights consists of five residential towers with 854 apartments and 14 exclusive villas. Enabling works have already commenced with piling completed a month ahead of schedule. This 25-month main construction contract covers all other construction activities as well as associated mechanical, electrical and plumbing works (MEP).

The contract, valued at around AED 1.9 billion (approx US$ 500 million), was awarded to the joint venture partnership between Sunway Construction Sdn Bhd (SunCon), part of the international Sunway Group, a leading multi-disciplinary conglomerate headquartered in Malaysia, and Silver Coast Construction '&' Boring Est, a leading Abu Dhabi-based contractor.

Huge Fire breaks out Port Khalid In Sharjah

2008-09-20T22:45:00.000-07:00

According to media reports the fire started around 2.00am in a garbage bin at a depot owned by Emirates Refining Co. (ERCO), which manufactures edible oils and fats. At least two people have been injured in a huge fire at an oil storage depot inside Port Khalid in Sharjah.
The entire port was shut down and surrounding area cordoned off while civil defence and emergency services attempted to tackle the blaze

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

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

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

$272mn deal to build Meydan road network in Dubai

2008-09-14T04:10:00.000-07:00

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

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

Blaze drama puts Atlantis opening in doubt

2008-09-02T04:59:00.000-07:00

The most luxurious offering at the $1.5 billion Atlantis bore the brunt of the blaze that hit the soon-to-open resort on Palm Jumeirah on Tuesday.

With its private elevator, the $25,000 a night Bridge Suite - located above the hotel lobby where the fire started - suffered extensive smoke damage, a source close to the project told Arabian Business.

The suite offers a generous reception lounge, dining area with a gold-leaf table seating 16 guests, and library with state-of-the-art media centre.

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

2008-08-27T04:17:00.000-07:00

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

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

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

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

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

Fire breaks out near Burj Dubai

2008-08-17T04:33:00.000-07:00

Gulfnews: Fire breaks out near Burj Dubai: "Fire breaks out near Burj Dubai

Staff Report
Published: August 17, 2008, 10:54

Dubai: A fire broke out near the Burj Dubai off Shaikh Zayed Road on Sunday, witnesses said.

The Civil Defence was at the scene to control the fire.

Plumes of smoke seen rising from the area cleared minutes later, witnesses said."

Dubai’s budget expenditure in 2009 expect more than 33% for Infrastructure projects

2008-08-07T05:32:00.000-07:00

Dubai Department of Finance has issued Notice No2 of 2008 that starts the process for drawing up the budget for 2009. It is expected that more than 33 per cent of Dubai's budget expenditure in 2009 will be earmarked for infrastructure projects.

In 2008, budget surplus touched AED 11.4 billion compared to AED 5.1 billion in 2007. The revenues for fiscal year 2008 in Dubai are expectedly pegged at AED 135 billion, while planned spending is estimated at AED 123.6 billion. In the UAE federal budget for 2008, 24.2 per cent was earmarked infrastructural projects.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Prime Minister and Vice President and Ruler of Dubai has said that Dubai's economy had exceeded all expectations as the targets set out till 2010 has been achieved in half the time. Sheikh Mohammed said, "In the year 2000, the plan was to increase GNP to $30 billion by 2010. In 2005 that figure was exceeded, with GNP reaching 37 billion US dollars. The plan also included an increase in income per capita to $23,000 by the year 2010. In 2005 the average income per capita reached $31,000."

Telecommunications: Telecommunications across all platforms in the UAE are fast and effective with fixed-line, internet and mobile connectivity amongst the best in the world. The 2007 Global Information Technology Report (GITR), commissioned by the World Economic Forum(WEF) in cooperation with Insead Business School, puts the UAE at the top of the ‘Net-worked Readiness Index' in the Middle East and North Africa (MENA) region and ranks the UAE in 29^th position worldwide out of 122 countries, beating many European nations. Etisalat, formed in 1976, have 6.3 million customers on its mobile phone network, 1 million active users of 3.5G and 3G data services, 1.3 million subscribers to the fixed line network, 800,000 subscribers and over 2.5 million internet users. When du's 1 million mobile customers are included, the telecom sector's penetration rate is the highest in the region and comparable to the best in the world.

Airports: UAE alone account for 60 per cent of all airport investment in the Gulf. Geographically, the country's reach is considerable, sweeping through Africa and the Middle East and linking these regions to Europe, Asia, Australia and the Americas. Over AED 77.5 billion (US$28.4 billion) is being spent to develop 7 airports in the UAE.

Road Network: The Dubai Government has come up with a plan to enhance and integrate the existing road network with the public transport system. This strategic plan will cater to the existing and future road development requirements in Dubai until 2020. The government has allocated a budget of AED 44 billion to develop road infrastructure that will add 500 km of new roads in the emirate.

Public Transport: Dubai is well-served by its public transport compared to other metropolises. About 6,900 taxis serve its population of about 1.4 million or 4.9 cabs per 1,000 people, compared to 1.6 in New York, 2.7 in London and 4.7 in Tokyo. Dubai Road Transport Authority operated 504 buses on 69 lines, transporting 88 million passengers over approximately 2 million trips during 2006. 620 new luxury buses has been added to the already existing fleet to run on intra-city and inter-city routes, including 300 articulated (long) buses and 170 double-deckers. The emirate's bus service counts 500 coaches. In fact, the transport authority is expected spend AED 52.5 billion over 5 years to expand bus, road and rail networks, RTA announced in March 2008.

Dubai's AED 15.5 billion, 74.6-km metro project launched in October 2005 is on schedule with work taking place around-the-clock. Major construction work is evident on the 52.1-km Red Line between Jebel Ali Port and Al Rashidiya. Progress is also visible in the construction of the 44.1 km of elevated track as well as on the 12.6 km of track that will run underground, 300 m of which will be under the Creek, and partially start services by September 2009.

Water: UAE consumes more than 3.2 billion cubic meters of water every year and is near the top of the global index for the highest water consumption per capita. At a conservatively estimated minimum of 10 per cent per annum until 2010, most of the UAE's water is produced by desalination, usually in conjunction with power generation and older plants are being expanded and new plants are being built to meet the enormous demand.

Electricity: The UAE needs to spend more than US$10 billion to meet soaring power demand. The current total capacity for electricity production in the UAE is around 16,670 MW compared to 9600 MW in 2001. Industry estimates expect the capacity to rise by 60 per cent to almost 26,000 MW by 2010. In response to escalating demands, the UAE Government has announced plans to expand its 10-gigawatt production capacity by more than 50 per cent by 2017. The government is undertaking necessary actions to provide adequate supply of electricity, especially in rapidly growing emirates such as Dubai, which has recorded a 14 per cent increase per year.

Ports: The UAE has over 20 ports, ranging from state-of-the-art oil terminals, industrial ports and container-handling facilities to dhow and wooden-boat wharfs. Jebel Ali Port, DP World-UAE's flagship terminal in Dubai and the eighth largest port in the world in terms of output, was awarded the title of 'Best Seaport -Middle East' for the thirteenth consecutive year at the Asian Freight and Supply Chain Awards (AFSCA) 2007.

UAE needs to spend over US$10 billion to address demand for power -

2008-08-04T02:59:00.000-07:00

"UAE. In response to escalating demands, the UAE Government has announced plans to expand its 10-gigawatt production capacity by more than 50% by 2017. The government is undertaking necessary actions to provide adequate supply of electricity, especially in rapidly growing emirates such as Dubai, which has recorded a 14% increase per year.

It has been estimated that the UAE needs to spend more than US$10 billion to meet soaring power demand. Business Monitor International (BMI) predicts that the country will account for 5.77% of regional power generation by 2011.

Recognising the tremendous potential in leveraging this market, Tripp Lite, a world leading manufacturer of power protection and connectivity equipment has announced plans to expand its current portfolio of power protection and continuity products. The company is aiming to offer more robust power protection and continuity equipment to address the requirements of the UAE market, which uses around 11,000 kilowatt hours per person per year.

“The swelling demand for power in the UAE is being fuelled by the rapid increase in population and unprecedented growth in the nation’s economy, all of which requires tremendous amounts of electricity,” said Vipin Sharma, Vice President"

Get a Dubai visit visa for a family member

2008-07-30T06:09:00.001-07:00

Last updated: July 28, 2008

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

Criteria:

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

Validity of Visa:

Short term visa: 30 days
Long term visa: 90 days
No extensions are permitted beyond this period.

Fees
• Short term visa: AED 620 application fee + typing fees
• Long term visa: AED 1120 application fee+ typing fees

Documents Required:
• Typed Application form
• A copy of the sponsor’s passport & family member's passport
• 1 photo of the family member (may be required)
• Marriage contract attested from Ministry of Foreign Affairs or UAE Embassy (for sponsoring a wife or husband)
• Attested birth certificates (for sponsoring children)
• Relationship proof attested from the Embassy (in case relationship cannot be proved from family names in sponsor and relative's passport)
• Attested work contract if the sponsor is working in a private company or a salary certificate if working in government.

Procedure:
1. Go to any authorized typing office & get application form typed.
2. Go to DNRD & submit along with your documents to Visa Section.
3. Send either original or copy to your relative. If only copy was sent, then deposit original at the airport or the DNATA counter at DNRD

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

2008-07-21T01:40:00.000-07:00

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

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

iDubai now launched at Dubai Maritime City

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

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

Posted by sonukatha at 1:33 AM

Dubai property market untouched by inflation : Gowealthy.com

2008-07-07T04:36:00.000-07:00

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

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

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

2008-06-29T04:20:00.000-07:00

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

Commercial Space - Dubai faces shortage

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

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

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

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

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

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

2008-06-22T05:46:00.000-07:00

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

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

Global Property Recession - UAE unaffected, Gowealthy.com

2008-06-15T01:06:00.000-07:00

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

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

The Boulevard a landmark for the emirate of Ajman

2008-05-11T02:22:00.000-07:00

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

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

Ajman Holding launch The Boulevard a mixed use real estate project in ajman

2008-05-08T04:39:00.000-07:00

Aa Properties, the real estate arm of Ajman Holding, has announced the launch of The Boulevard, mixed-use real estate development in Ajman. The master development consists of 14 residential and commercial towers, a 5 star business hotel and a mall with top brands all across the globe, as well as over 2000 basement and podium parking spaces.

His Highness Sheikh Abdul Aziz Bin Humaid Al Nuaimy, Chairman of Ajman Holding Group said: "Boulevard is the signature development of our company. The project consists of residential, office and retail spaces with various state-of-the art-facilities. The development is located far away from the hustle and bustle of city life, where people can enjoy a calm and peaceful environment."

The real estate master development in Ajman is located just 25 minutes from Dubai International Airport on the Emirates Road highway, making it quite convenient for residents to commute to Dubai. Construction on ‘The Boulevard' is expected shortly, with phase one scheduled for completion in the second quarter of 2009. Aaproperty has signed a contract with Adnan Safarini Consultancy to carry out the design process of ‘The Boulevard' project.

Escape Launches Saddle Homes In Ajman

2008-05-01T01:16:00.000-07:00

Escape, an equestrian community under development in Ajman, has released a brand new housing concept to the market. The Saddle Homes at Escape offer the spacious design of a small villa combined with the convenience and ease of an apartment. These attractively priced two-storey residences are situated in configurations of four, and will be set amongst creative landscaping in keeping with the rest of the project.

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

2008-04-16T00:00:00.000-07:00

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

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

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

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

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

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

Dubai Commercial Space Leasing costs will rise by 60% in 2008

2008-04-01T04:49:00.000-07:00

The advent of freehold property market has made a very positive impact on Dubai’s commercial and economic growth. This has resulted in Dubai emerging as Asia’s top investment hub. Dubai is currently the primary choice for expanding international companies and businesses. The influx has created a sudden demand for commercial space.Leasing charges for Dubai are the highest in the Sheikh Zayed Road area (approx. US$ 1055 per square metre), a prime business district, followed by Deira (approx. US$ 825 per square metre). The afore-mentioned figures have been compiled after analysing statistics from owners and tenants. Upon comparing the present rates with the leasing/rental expenditure in 2007, we predict an increase of more than 60% in the charges, for any newly leased out commercial space in the emirate in 2008-09.

Gulf Projects touch 2 trillon Dollar - Meed

2008-03-30T04:30:00.000-07:00

The MEED Projects index estimated that Gulf has reached a staggering $2 trillion worth of projects. The UAE remains the biggest projects market in the Gulf, accounting for 37% of the total project value. It has also registered the highest growth, with total project values in the federation rising by 46% over the past 12 months. Kuwait has the highest proportion of unawarded contracts, representing over 90% of all projects planned.

Only a quarter of all projects tracked by MEED Projects are actually construction implying that there is another 3-5 years of further intensive construction activity to come.

There have been a series of major real estate projects announced in recent months, reinforcing the sector's dominance of the projects market and pushing the overall value beyond $2 trillion. Major new real estate projects include; Sudair Industrial City in Saudi Arabia at $40bn, Masdar City, Abu Dhabi - $22bn, Dilmunia mixed use development in Bahrain worth $4.2bn and Limitless’ Al-Wasl development in Riyadh at $12bn.

MEED Projects current value of investment in the Gulf by sector:

Construction = $1,207 billion
Industry = $70 billion
Oil & Gas = $430 billion
Petrochemicals = $135 billion
Power = $134 billion
Water & Waste = $40 billion

Al Quoz Fire Smoke across Dubai for at least two more days

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

The site of the Al Quoz fire will continue to billow smoke across Dubai for at least two more days, the Civil Defence has warned.

The fire which was sparked by a massive explosion at an illegal fireworks warehouse on Wednesday was finally extinguished at 8.00pm, 13 hours after it began.

Colonel Ahmad Al Sayegh of the Dubai Civil Defence, said firefighters would need to douse the still smoking ruins until at least Saturday.He denied reports that attempts to control the fire in its early stages had been hampered by reinforcements being delayed by congestion on Dubai roads.

“For fire like this with such flammable materials, we could not have sent our people in straight away. We had to put their safety first and wait until we knew it was safe for them to go in and begin to cool the fire.”

Meanwhile police have arrested the owner of the illegal fireworks warehouse, according to state news agency Wam.

Dubai Police's Criminal Investigations Department said they had interviewed the owner of the warehouse for storing fireworks illegally.

Explosion rocks Dubai -2 Dead

2008-03-26T06:08:00.000-07:00

MASSIVE EXPLOSION: As many as 20 of the 83 buildings in Al Quoz industrial area were ablaze following the massive explosion. (Kamelia Dimitrova)

A massive explosion at an illegal fireworks warehouse in the Al Quoz industrial area of Dubai early Wednesday morning has sparked a huge fire, with black smoke stretching for miles across the city.

Over 20 of the 83 buildings in the area were engulfed in flames, but the blaze has now been bought under control, police said.

Dubai police said at 4:00 pm the blaze was still burning, but they expected the fire would be fully extinguished by the end of the day.

The President Bush Middle East Trip: An Opportunity to Promote Security, Freedom, and Peace

2008-01-22T02:19:00.000-08:00

The President's Middle East Trip: An Opportunity to Promote Security, Freedom, and Peace: "The President's Middle East Trip: An Opportunity to Promote Security, Freedom, and Peace
by James Phillips
President George W. Bush arrives in Israel today to begin an eight-day trip through the Middle East, a volatile region roiled by persistent Arab-Israeli tensions, the war in Iraq, the rise of Iran, and continued instability in Lebanon. President Bush will weigh in on all these issues and highlight his own freedom agenda for the Middle East in a series of private meetings and public appearances in Israel, the West Bank, Kuwait, Bahrain, the United Arab Emirates, Saudi Arabia, and Egypt. The President should remind Middle Eastern leaders about the common challenge they face from Islamic extremists--many of whom receive extensive support from Iran--and that such extremists threaten progress toward greater freedom in the Middle East. He should give reassurances that they can count on the U.S. as a reliable ally and press them for greater cooperation to contain Iran and combat the Islamic radicals whom Iran exploits to destabilize Iraq, Lebanon, the Palestinian territories, Afghanistan, and other countries in the region."

Bush Vist Dubai

2008-01-16T05:27:00.000-08:00

US President George W Bush flew into the booming Gulf city state of Dubai on Monday on the latest leg of his Middle East tour.

He flew in to Dubai from the UAE capital Abu Dhabi, and was received at the airport by Dubai ruler Sheikh Mohammad bin Rashed al-Maktoum, who is also UAE prime minister and vice president.

Scores of US and international companies operate in Dubai, which has gained world fame for its frenetic growth and extravagant projects ranging from the world's tallest skyscraper to a world-shaped cluster of man-made islands.

UAE will remain an international business hub, says Mohammed bin Rashid

2008-01-08T04:25:00.000-08:00

The UAE, in particular Dubai, will remain an international financial and business hub, His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said yesterday as he inaugurated Noor Islamic Bank, the country's sixth Sharia-compliant bank. Joined by a phalanx of high-ranking officials and businessmen, Sheikh Mohammad opened a branch of Noor Bank on Sheikh Zayed Road.
The branch is one of the 10 that the bank has opened across the UAE, including six in Dubai, one in Abu Dhabi, one in Al Ain and two in Sharjah. Accompanied by Noor Bank's chief executive officer Hussain Al Qamzi, the vice-president toured the bank's various sections and acquainted himself with the bank's services and facilities.
Government-owned Dubai Holding's financial business division Dubai Group has a 25 per cent stake in Noor and so does Investment Corporation of Dubai, another state investment holding company whose interests include Emirates airline, Dubai Aluminium and a host of other businesses.

Dubai Property Market shows upward trend – Axis Residence sold out in Record Time

2007-12-06T02:01:00.000-08:00

From 2002 to 2005 the supply of residential buildings in Dubai increased by more than 42%, rising from approximately 56,000 to 79,000 buildings. The demands for investment property and residential space connected to population growth have ensured that the amount of available units has risen by a remarkable 61% during the same period placing the total estimated supply at 234,930 units by end of 2005.

Demands for housing units continue to grow, with an estimated 100,000 people moving to Dubai every year. When available space is modeled against population growth, it becomes clear that since the year 2000 a reported minimum of 6% of yearly demand for single-family units has been left unsatisfied, creating

a market with high latent demand. Estimates of the total number of residential apartments and villas planned for completion before 2010 are between 170,000 – 240,000 units, with close to 110,000 apartments and 16,500 villa units now confirmed as under development

The historic performance of property prices suggests dramatic rewards for those investment buyers who entered the market early. A property index of key residential developments shows residential property prices to have close to tripled between 2002 and end 2006, with the prices of two-bedroom and three-bedroom villas increasing from an average of AED 474,000 and AED 705,000 to AED 1,360,450 and AED 2,110,000 respectively. Over the past four years individual villa prices have increased by as much as 226%, with the average price per sq. ft. rising from AED 331 in 2002 to AED 764 in 2006.Apartment prices show similar levels of inflation with studios and three-bedroom units rising from averages of AED 194,000 and AED 1,475000 in 2002 to AED 554,000 and AED 2,410,000 by the end of 2006. This suggests that over the past four years the cost of apartment units has increased by almost 100%, with the average price per sq. ft. rising from AED 533 to AED 949.

GCC states confirm 2010 target date to launch single currency - News, analysis, reports

2007-12-05T05:24:00.000-08:00

Business Intelligence Middle East - bi-me.com - GCC states confirm 2010 target date to launch single currency - News, analysis, reports: "GCC states confirm 2010 target date to launch single currency Author: Moussa Ahmad Source: BI-ME and media reports Published: 04 December 2007 RSS Feeds | QATAR. The communique issued at the end of the summit said the six-nation Gulf Cooperation Council (GCC) remained committed to a 2010 target date for monetary union, although analysts regard this as very difficult to achieve. '

"The leaders have decided to continue to work towards achieving the monetary union... and confirmed keeping the date of 2010," Abdulrahman al-Attiyah told reporters.

"They have tasked the finance ministers and governors of central banks to continue working to reach convergence, and to present the results to the next summit which will be held in Oman," he added.

Analysts believe the decision was taken during the preparatory ministerial meetings of Finance Ministers Sunday, ahead of the summit at the insistence of Saudi Arabia.

Oman has pulled out of the single currency project, saying that it will not be ready to join. The UAE has openly said that the 2010 launch is not possible because of technical, legislative and fiscal hurdles.

Kuwait in May dropped the dollar peg in favour of a basket of currencies to ward off imported inflation.

"Although it is possible to have a two speed monetary union, with at least two or three core members joining first, followed by the others at a later stage, it is difficult to see now (post Qatar summit) who the first adopters would be. By definition to achieve monetary union you need at least two members" said an analyst in Dubai

All the GCC countries apart from Kuwait continue to peg their currencies to the dollar.

Axis Residences, Dubai -launched with attractive payment plan

2007-11-26T05:52:00.000-08:00

Gowealthy.com,the region’s global property and lifestyle brand offering comprehensive marketing solutions for property developers, investors and retailers, has announced the launch of the Dh295 million plus 'Axis Residences' at the Dubai Silicon Oasis by developer Gulf General Investment Company (GGICO). Due for completion in the fourth quarter 2008, the team behind the development and building of Axis Residence, Gulf General Investment Company (GGICO) has proven track record with highly successful master developments including Horizon Towers and Emirates Crown in Dubai Marina and Olympic Park in Dubai Sports City.

“GGICO is a 34 year old company and is a widely diversified group with 25 subsidiaries andaffiliates and as a company we choose our partners very carefully to ensure that overall vision is complementary to our own. Gowealthy.com had the perfect balance between sales prowess and marketing savvy which we felt offered a perfect solution to enable us to realize one of our goals of establishinganother successful development,” commented Mohamed Abdallah Juma Al Sari, Managing Director of GGICO. Totaling 286,827 square metres of floorspace and comprising of seven floors of apartments and basement parking, 'Axis Residence' provides tenants with modern and flexible interiors with spacious balconies and terraces that open onto landscaped courtyards and expansive greens.

In addition to and enhancing the intrinsic aspects of the development, Gowealthy.com will be offering a tailor-made payment plan which will consist of an initial booking deposit of 10% of the value of the unit with the first Installment, again 10% of the value payable within 6 months of booking installment. On handover, the parking bay and some balance payments will need to be met with a post handover plan of 72 monthly payments of Dh9,999. “With the residential property landscape becoming more competitive every day, it was important to design a payment plan for GGICO that would act as an incentive for investors while at the same time being attractive to those looking for a residential complex to move in to,” commented Peter Penhall, Chief Executive Officer of Gowealthy.com.

HH Sheikh Mohammed Doubles Dubai Cares Donations to AED 3.4 billion

2007-11-25T22:14:00.000-08:00

- His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today pledged a personal contribution of AED1.7 billion, equivalent to the funds raised by Dubai Cares, bringing its total to AED3.4 billion (about US$1 billion).

H.H Sheikh Mohammed urged the United Nations to follow Dubai's model of charity work in its aim to achieve its Millennium Development Goals of providing universal primary education by 2015.

At a ceremony organized today at the Madinat Jumeirah to mark the successful conclusion of the charity drive, His Highness Sheikh Mohammed addressed campaign organizers and volunteers, students, business people and members of various cultural and religious communities.

Highlighting the phenomenal success of the 8-week Dubai Cares campaign, he acknowledged the remarkable spirit of compassion displayed by individuals, communities, government departments and corporations in Dubai.

His Highness Sheikh Mohammed said the success of Dubai Cares underlines the priority that each contributor places on education as an essential prerequisite to help people become self-reliant and empower them to help themselves, their families and communities.

His Highness Sheikh Mohammed said this humanitarian achievement reflects the depth of our spirit of giving and demonstrates the genuine desire of donors to help their brothers and sisters, regardless of religion, colour or creed.

“It is now our priority to ensure these funds are allocated in an efficient and appropriate manner. I have directed officials to manage the money and channel our contributions to educate millions of children around the world.”

His Highness Sheikh Mohammed added: “This achievement also illustrates that a large number of companies and business people in Dubai are highly conscious of their social responsibility, and are constantly looking for ways to give back to the society that has given them the success they now enjoy.”

Sharing the outstanding gesture of a young Emarati couple, Yousuf Yaqoub and his bride, who donated their wedding party expenses of AED150, 000 to the Dubai Cares initiative, HH Sheikh Mohammed said: “This couple has made me feel proud and I am confident their values represent the spirit of a large number of the Emarati youth.”

Applauding the overwhelming spirit of communal bonding, he pointed out: “One of the most important results of the campaign is the revival, in Dubai, of the spirit of voluntary work. More specifically, the campaign torch has been carried forward on the enthusiastic shoulders of thousands of girls, boys and students who volunteered their time and effort to make Dubai Cares a success.”

His Highness Sheikh Mohammed announced he has directed Dubai Cares officials to prioritise voluntary work as the primary agenda of next year’s campaign. He said: “We now need to put in place a mechanism for volunteers. We need to create an organized body to focus on projects that can generate sustainable resources to create a positive impact on the ground.”

Based on a long-term strategy of investing in community-based, education programmes, Dubai Cares will use the donations to build and renovate schools, train teachers, provide teaching materials, sport and recreation equipment, offer scholarships, organize school feeding programmers and encourage physical education in some of the poorest countries in the world

The Dubai Cares campaign was launched by His Highness Sheikh Mohammed to channel Dubai’s philanthropic efforts towards education in poor countries around the world. The campaign is Dubai’s contribution to a global drive to help countries achieve their U.N. Millennium Development Goals of providing primary education to every child by 2015. It is founded on the belief that education is the best long-term solution to poverty and an effective engine for national development.

Rufi Downtown Residency - Dubai

2007-11-25T00:58:00.000-08:00

Rufi Downtown Residency - Overview - Dubai :: Gowealthy.com: "Rufi Downtown Residency – Unbelievable prices & payment plan! As real estate in Dubai grows dearer day by day, have you ever despaired of finding affordable residential space in the city of lights? Spacious & comfortable, yet economical, the freehold studios, 1, 2, 3 bedroom apartments & duplexes at Rufi Downtown Residency in Downtown Jebel Ali, Dubai appeal to discerning investors like you! Laid out on 200 hectares between Jebel Ali Free Zone, Dubai Waterfront and Techno Park, Downtown Jebel Ali is a mixed use community with 326 buildings including 237 residential."

Spanish twin villas - Overview - Dubai :: Gowealthy.com

2007-11-18T23:57:00.000-08:00

Spanish twin villas - Overview - Dubai :: Gowealthy.com: "Ideally located in Dubai Industrial City, Spanish twin villas transport you to the twin worlds of serenity and sophistication. Imbued with the aesthetic charm & sultriness of Spain, Spanish twin villas present a peaceful retreat in busy Dubai. In fact, these are the first Spanish style villas to be built in Dubai Industrial City. Planned on 560 million square feet of prime land, Dubai Industrial City is home to a multitude of local & international enterprises. An enchanting way of life awaits the inhabitants of this development. Surrounded by a network of roads, waterways & lush greenery, Spanish twin villas are well-connected to all the significant points in Dubai."

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

2007-11-14T02:20:00.000-08:00

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

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

2007-10-25T02:24:00.000-07:00

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

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

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

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

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

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

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

Gowealthy honoured for real estate marketing excellence at CNBC Arabian Property Awards

2007-10-25T01:48:00.000-07:00

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

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

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

RAK Free Trade Zone, UAE

2007-10-10T00:30:00.001-07:00

Possessing a visionary ruling regime, the emirate of Ras Al Khaimah in the United Arab Emirates has witnessed some radical changes in recent times. This northernmost province, with its politically safe & tax-free climes, and cheaper cost of living is one of the fastest growing regions in the Middle East.

Indeed, Ras Al Khaimah is home to the first port upon entering the Gulf; yet most of its recent successes could be ascribed to its sprawling free zone.

Strategically located with access to over 1.2 billion consumers, the Ras Al Khaimah Free Trade Zone (RAK FTZ) is easily one of the more modern trading hubs in the region. The stupendous success of RAK FTZ could be attributed to its open door economic policy to gain investor confidence and encourage capital investment. And confidence in the zone has grown exponentially; it is clearly manifested in the number of firms that have chosen to set up operations in RAK FTZ.

The Ras Al Khaimah Free Trade Zone Authority (RAK FTZA) has revolutionized the way free trade zones function in the UAE. By segregating business activities according to function, operational requirements, and the needs of the surrounding communities, the administrative body has created a close-knit system of 3 Free Zone Parks to suit and serve every investor.

RAK FTZ – Privileges & benefits

100% foreign ownership

100% income/corporate tax exemption

100% Capital & Profit repatriation

Long term renewable lease

Transparent laws & regulations

Simple & fast application procedures

State of the art communication/sea port/air port facilities

Abundant energy supply

Marketing support services

How to secure an RAK FTZ license?

Prepare & present a project report on your business and contact the head office of RAK FTZ.

Complete & submit the RAK FTZ Application Form (For an Industrial License, a Detailed Application Form will have to be completed and prior to approval environmental clearance will be required).

Documentation is reviewed, approval granted and license issued.

RAK FTZ - Techno & Business Parks

Industrial Park

Approximately 15 kilometers north of Ras Al Khaimah and very close to Saqr Port, the Industrial Park is surrounded by a protected strip of mangrove trees providing an ecologically friendly environment in which to operate.

Plot sizes are provided to suit individual client requirements and are fully serviced with water, electricity and telecommunications. On-site employee accommodation is available. There is an administrative and service support centre located within the Park.

The Technology Park

The 71-hectare Technology Park is located in a rapidly expanding area devoted to automated manufacturing and capital intensive quality lifestyle projects. Lying south of Ras Al Kahimah, this zone offers easy access to the city centre, RAK International Airport and Saqr Port, and to Dubai by road. A premier 5-star hotel is situated just across the highway, with a lagoon and a golf course under development.

The Business Park

Centrally located between the Industrial & Technology Parks, the Business Park is the vibrant core of the business district. The World Trade & Business Innovation Centre is ideally located within Ras Al Khaimah Free Trade Zone, next to it.

Offices are equipped with state of the art communication links and the Free Zone Authority provides all utilities and cleaning services. Added advantages are the RAK Exhibition Centre, a five star hotel and a premier shopping and entertainment complex.

RAK Free Trade Zone, UAE

2007-10-10T00:30:00.000-07:00

Indeed, Ras Al Khaimah is home to the first port upon entering the Gulf; yet most of its recent successes could be ascribed to its sprawling free zone.

RAK FTZ – Privileges & benefits

100% foreign ownership

100% income/corporate tax exemption

100% Capital & Profit repatriation

Long term renewable lease

Transparent laws & regulations

Simple & fast application procedures

State of the art communication/sea port/air port facilities

Abundant energy supply

Marketing support services

How to secure an RAK FTZ license?

Prepare & present a project report on your business and contact the head office of RAK FTZ.

Complete & submit the RAK FTZ Application Form (For an Industrial License, a Detailed Application Form will have to be completed and prior to approval environmental clearance will be required).

Documentation is reviewed, approval granted and license issued.

RAK FTZ - Techno & Business Parks

Industrial Park

The Technology Park

The Business Park

Power and water supply demand will hold Real Estate Boom in Dubai?

2007-08-05T22:48:00.000-07:00

It’s a reality that DEWA is behind schedule. Infrastructure isn’t keeping up with property development. Demand is outstretching the availability of power and projects such as Dubai Industrial Park and Dubai World Central are waiting for power. The government is struggling to keep up with rising demand. The Dubai government is looking for alternative sources of energy, but the time factor isn’t clear. For example it takes three to four years to build a power station so real estate projects have to slow down so they can get power in time, over come this situation the government is doing all it can to respond.

DEWA is definitely having a lot of sleepless nights, but they aren’t just waiting. They are doing what they can. A report by Arab Petroleum Investments Corp last week said the UAE will invest US$61.2 billion to boost power and water capacity by around 60% by 2011 from the 2006 level of 14.8 Gigawatts.

DEWA plans to build a 9,000 MW power and desalination complex near the border with Abu Dhabi, known as P station, and adding 5,000 MW at new sites at Al Habab power facility by 2017. Another 400 MW will be added from upgrading existing power plants at Jebel Ali, the port and free zone adjacent to which most of the Emirate’s power generation capacity of about 5,000 MW is presently located.

Present production capability is in excess of 4,500 MW. If we assume there are one million people in Dubai that is 0.0045 MW per person. This would include all power usages, not just domestic homes. There are estimates that this will be almost double that in the next five years,

Law No 8 - Prevent real estate malpractices in Dubai

2007-07-30T04:57:00.000-07:00

A new law has been issued by the government of Dubai to prevent malpractices and fraudulent activities in the real estate sector. Under Law No 8 on Guarantee Accounts (commonly known as trust or escrow accounts), people buying properties in Dubai off plan will make their payments into special accounts managed by banks, instead of directly into property developers.

From now on all developers launching new projects have to produce certificates showing that building work has reached certain pre-selected stages before trust account managers give them access to buyers' money.Government officials say money in these accounts will be released to developers only when certain stages of construction are completed, encouraging companies to keep building work on time and easing fears that they will gather payments and flee the country before a brick has been laid.

Burj Dubai Now tallest Building in The World

2007-07-24T02:27:00.000-07:00

Burj Dubai, developed by Emaar Properties, is the tallest building in the world.

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

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

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

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

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

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

Cappadocia - Jumeirah Village Dubai

2007-06-19T05:26:00.000-07:00

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

Strategically located in Jumeirah Village South, Dubai
U-shaped building design with a central courtyard
All the freehold residential units offer panoramic & tranquil vistas
Multifamily living environment
Ideal outdoor lifestyle
Attractive & functional layouts of apartments
67 distinctive living units
Studios, 1 BR, 1, 2, 3 BR Duplex & 2, 3 BR Penthouse Duplex loft apartments
Ground floor apartments open out to private gardens
Building laid out in accordance with climatic considerations

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