Property Advice Dubai-News

Project Named After A Famous Tenor, Luciano Pavarotti Will Soon Be Added To Dubai Real Estate

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

A deal is signed with Nicoletta Mantovani, widow of Luciano Pavarotti a world famous tenor to build a real estate project The Pavarotti Tower in Dubai on the name of her husband. New World Investment, a registered real estate developer in Dubai along with an Italian Property firm Ellebiemme Immobili di Presitigio has collectively signed the deal. The project named The Pavarotti Tower will be a commercial as well as a residential building which will be built on Palm Jebel Ali. The construction of this residential as well as commercial project is expected to begin in the month of September.

A lawyer Thomas Paoletti, with Studio Paoletti which is a law firm representing Ellebiemme, based in Italy said: “The developers have no doubt that this project, the idea for which has been in the pipeline for some time, will be successful despite the current economic situation. One of the main reasons for developing this project was to highlight the image of Italy while focusing on a name which represents the country's standards of excellence." The project will feature a Pavarotti Gallery where the recordings of the tenor’s voice will be played in a museum which will be dedicated to his life.

Moreover, each floor of the tower will be dedicated to one of the operas performed by Luciano Pavarotti. Some of the operas include: Aida and Rigoletto. The interiors of the building will be designed by an Italian architect, Ettore Mocchetti reflecting the theme and story of each opera. This real estate project in Dubai will have its own restaurant run by a famous Italian chef and its own private beach.

World Class Group to Showcase Cyprus Real Estate Developments in Dubai and Lebanon

2009-07-08T02:17:00.001-07:00

Investors from around the globe are finding great opportunities in investing in Cyprus. A new joint venture has come up by a Dubai based consultancy firm World Class Group. It has teamed up with a property portal centered in Cyprus, My Property Cyprus. They have created this advertising initiative in order to showcase country’s top real estate developments to various high net worth individuals throughout the Middle East. Cyprus Property Exhibition Center, CPEC is being created by Dubai firm as its marketing platform.

CPEC reduced the cost and provide seamless solution to the developers by developing a consortium concept by leading developers into what would have been a costly marketing experiment. It has been solved by creating advertisement partnerships. Property inspection trips to Cyprus will be promoted through this property exhibition center in order to view potential investment opportunities. This exhibition center will tour Dubai and Lebanon. It gets started from August 1, 2009 and an intensive tour of the region will be organized. These exhibitions will be held from mid August till September in one of the most exclusive hotels in Beirut for about one month. Potential investment opportunities are being viewed during 6 week campaign options for real estate developers to participate for full exhibition period or for 2 weeks as it is included in the available advertising options.

A new law has emerged allowing Non-Europeans to receive and purchase permanent residency visa for their family. Due to this, property investors in this region rediscover the opportunity presented by Cyprus as a golden gateway to Europe. According to the CEO of World Class Group, Michael J. Tolan, ‘Marketing strategies must evolve through similar cooperative initiatives like CPEC’.

Leading Dubai Property Developer Gives Contract Worth Dhs8.5 Million For Champions Tower IV

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

Al Jassmy Contracting Co. LLC has been awarded by a contract worth Dhs8.5 million, for the construction of a 20 story residential building in Dubai Sports City. One of the leading Dubai property developer, Memon Investments has awarded this prestigious project to Al Jassmy Contracting Co. LLC. Champions Tower IV in Dubai Sports City is worth 450 million. Located in the hotspot of Dubai Sports City and the Memon Investments’ reputation, this residential property has already gained popularity. Champions Tower IV hosts units ranging from two bedroom, one bedroom and studio. The residents can relish the 21st century opulent lifestyle with state-of-the-art facilities offered here. Canal, garden and golf course views are an added advantage of this property.

Rizwan Shaikhani said: "In line with this goal, we have made it part of our strategy to partner with credible and trustworthy industry leaders to lend us their expertise and help us achieve the targets we have set for our projects. For ‘Champions Tower IV' we have assembled a formidable team of engineers and project managers who will be working hand in hand to provide our customers the quality and convenience we have committed to them."

It has been committed the completion of the project is targeted for 22 months. Before giving the main contract, the developer has got into the deal with Stromek Emirates Foundation for undertaking excavation and shoring. This contract is worth Dh1.8 million. Also, ETA Menco would install high speed elevators.

Salwan will now Manage Executive Tower at Business Bay

2009-07-06T05:03:00.001-07:00

Comprehensive property management services will be provided to the Executive Towers development at Business Bay. Dubai Properties has appointed Salwan for that matter as it will now be responsible for managing this 12 tower self contained Dubai real estate development for an area of 8.7 million sq ft. Executive Tower comprises of 10 residential towers, a Business Bay hotel and a freehold office tower. Dubai Properties has also mandated Salwan to extend the leasehold options for Executive Tower units. An amount of AED 15.38 per sq ft will be levied as service charge for maintaining the landscaped areas, indoor car parks and various infrastructure works within the development.

CEO of Salwan, Saeed Bushalat said: “As one of the leading property management companies, we are pleased to extend our offerings to Executive Towers. Our value added services are designed to exceed client expectations while ensuring the long term plans and sustainability of the development. We look forward to a fruitful relationship with the property owners and retailers at the development.” As the portfolio for properties around Dubai is growing Salwan currently owns and manages approximately 18,000 commercial as well as residential units at different Dubai locations.

An official spokesperson for Dubai Properties said: “In our committed endeavor to provide competitive services for offering a niche lifestyle experience, we have appointed Salwan Property Management to manage the Executive Towers that is quickly moving towards its handover phase. We believe Salwan has the expertise, the capabilities and the resources to provide premium services to the Executive Towers community and ensure the sustainable maintenance of the development.”

For Dubai properties, Executive Towers is the first project in Business Bay and following the successful release of Jumeirah Beach Residence a second major freehold project is to be handed over.

Rakeen to Commence Infrastructure Work on Al Marjan Island Property in RAK

2009-07-03T02:24:00.001-07:00

Rakeen is one of the most dynamic property developers in Ras Al Khaimah which has instigated phase two of the infrastructure work on Al Marjan Island property. The phase two of the project will get started in August this year. Al Marjan is a man made island in Ras Al Khaimah. Rakeen further revealed that this phase two of the infrastructural work will be completed in 18 months, thereby, covering Island 3 and 4 of Al Marjan. The costing of the project will come out to be Dhs365 million.

The infrastructure work of phase two will include various facilities for drainage, telecommunications, channel crossings, landscaping, electricity, street lightning and fire fighting installations as well. The Infrastructure Manager of Rakeen, Dr.Fawzi Shadid said: “It is our top priority to fast-track the completion of infrastructure work as various projects that are being built on Al Marjan are dependant on the infrastructure facilities. With Phase One of the infrastructure work progressing well on schedule, we are now fully prepared to commence work on the second phase after we identified the Contractor for the job.”

The Director of Development of Rakeen, Herbert Krause said: “This project means a lot to everyone at Rakeen and in Ras Al Khaimah, as it is pioneering in so many ways: building technology, environment and marine ecology, tourism and hospitality, residential exclusivity, leisure and sports facilities, and also because it enhances the skyline and the international image of the emirate.” This pioneering development project extends the coastline of the emirate by an additional 21 kilometers. This master development is expected to be completed in June 2010 at the cost of Dhs366 million.

Design of Homes in Samarah Sea Resort Property gets completed

2009-07-02T02:40:00.001-07:00

The second phase of the design of The Apartments in Samarah Sea Resort, a residential community has been completed by Emaar International Jordan, country subsidiary of well known Dubai real estate developer Emaar properties. The construction of the development is set to instigate shortly. The progress of this real estate project highlights the dynamics of the property sector of the Dead Sea region and Samarah’s great contribution to the local economy.

This project will be acknowledged for its higher and better property development standards. Moreover, these standards have been brought in by Emaar properties. Emaar properties are a reputed property developer which has a track record in developing internationally acclaimed projects around the globe. This real estate project that is being developed comprises of a cluster of 8 low-rise buildings. It forms an integral part of the Rift Living homes. Samarah Dead Sea Resort is a mixed use project incorporating the best modern amenities including beach clubs, hotels, retail units and various other leisure facilities.

The Rift Living homes are directly located on the Dead Sea. These homes are adjacently located to the waterway and across Wadi Mukheiris from the King Hussein Bin Talal Convention Centre and the sales center. The project work is currently progressing as per its schedule. GM, Emaar International Jordan, Radzi Zakaria said: “Samarah Dead Sea Resort is an unparalleled development in the Dead Sea region as it integrates the world-class design and development competencies of Emaar Properties. As a resort-themed project, Samarah is billed to energize the tourism and property sector growth of the Dead Sea region. This perfectly fits with the Government's plans to boost the region through focused investments.”

Steady Shift Shown by Dubai Properties

2009-07-01T04:31:00.001-07:00

A Dubai based property consultant, Sherwoods Independent Property Consultants, has announced that Dubai real estate market has entered a new phase which is showing the signboard of recovery. It has been announced that a steady shift has been seen in Dubai property prices thereby, prices are moving towards a more reasonable level. Moreover, in starting of the 4^th quarter of the year 2009, more concrete growth signs in terms of real estate investments and property prices are expected to be seen. It has been predicted that the coming year 2010, will be a year for stabilization and a specific new direction for the real estate sector.

Sherwoods credited the most important players of the industry for quickly adjusting to the changes in the market environment. The MD, Sherwoods Independent Property Consultants, Iseeb Rehman said: “I would say that the prices have been corrected to reasonable levels, which has created more value offerings to buyers and investors. The positive signs we are seeing should result in more tangible proof of growth around the 4^th quarter of 2009, during which property prices will further stabilize and we can also expect a marked increase in property investment.”

In 2010, Dubai will get transformed into a stable market as far as property investments are concerned. The available property prices today, are the best for long term investments and the investor is expected to make good profits out of it. At this point in time, investors those who want to invest in property sector for short term are not advisable to do so. Sherwoods acknowledged the remarkable performance of the property sector in a situation of global economic downturn and Dubai’s decision to enhance the infrastructure in the emirate.

Attractive Finance for Executive Towers by Dubai Properties

2009-06-30T02:44:00.001-07:00

Dubai Properties is a subsidiary of Dubai Properties Group (DPG). It has announced its coalition with the Standard Charted Bank in order to offer Easy loan mortgages. This easy loan serves as a great funding option for potential buyers and those who are the existing owners of the residential units at Executive Towers. This master development is a unique property in Dubai ideally located at one of the prestigious development in Business Bay. The Executive Towers comprises of both commercial as well as residential units.

Customer’s property will be evaluated directly by SCB as a part of this easy loan by some independent surveyors and finance is being offered with minimal documentation requirement from the client. This easy loan mortgage product is beneficial for those who are resident in the UAE and they should also meet some specific eligibility criteria for that matter. This mortgage product offers financing of up to 40 percent of the total property price. The Group CEO of Dubai Properties Group, Mohamed Binbrek said: Dubai Properties' alliance with Standard Chartered, one of the leading Mortgage Providers, is part of an endeavor to provide our clients with viable loan options. We are focused on leveraging synergies across the real estate sector and aim to continue delivering strong investment values to our customers and give them the confidence and security to invest in the real estate market.”

The advantage of these financing terms can be taken by the customers for the final payment for tenure of 3 to 25 years. This financing term is on Dubai Properties Executive Tower residential property units. The financing term for the final payment varies from Dh150000 to Dh10 million. As part of the loan customers can also finance their land registration charges.

After Emaar and Dubai Properties Merger New Entity to have Dh194bn

2009-06-29T02:28:00.001-07:00

Emaar properties have a proposed merger with three Dubai Holding entities and it has been said that now the combined assets are Dh194 billion. Moreover, with their merger a new entity has been created. Emaar Chairman Mohamed Alabbar said to Dubai Financial Market: “The new entity will have Dh13.4 billion of debt obligations, around seven per cent of total assets valued at Dh194bn.”

Dubai properties, Sama Dubai and Tatweer, all three entities of Dubai Holding have a solid land bank, thereby, contributing positively to the consolidation. At the end of the year 2008, the 3 real estate developers excluding Emaar properties has a total asset of Dh126 billion, moreover, an external debt of Dh3.4 billion. This complete are just 2.7 percent of the total assets of the 3 companies. As per 31^st March 2009, the total book value of assets of the largest listed Arab developer was at Dh68bn. The total debt obligation comes out to be 15 percent of total assets that is Dh10bn. Sama Dubai, Dubai properties and Tatweer are the three entities of Dubai Holding which are valued at Dh126bn as of December 2008. Moreover, they have external debt obligations as well which are around Dh3.4bn.

Although, four of them will join their assets, however, they will also share a debt of Dh13.4 billion. Out of these 4 Emaar properties is the only Dubai real estate developer that is being listed on DFM which at the end of March had the total assets worth Dh68 billion and the debt obligation of Dh10 billion.

RAKIA Maintains Strong Investor Interest

2009-06-26T02:28:00.001-07:00

RAKIA is the Ras Al Khaimah Investment Authority which is a government body in Ras Al Khaimah. From January to May 2009, a total of 289 licenses have been issued to various businesses operating across various free zones within the emirate. These licenses were issued to a diverse range of businesses which includes commercial, consulting, trading, media, and industrial companies. This government body of Ras Al Khaimah further revealed that the economic diversification strategy of the emirate is on track.

Moreover, some newly approved businesses have also been added therefore, since 2006, Rakia has issued around 1983 licenses. 529 commercial companies are actually operating in the Rakia free zones reflecting 26 percent of the licenses issued by Rakia. The CEO of Rakia, Dr. Khater Massaad said: “With respect to the ongoing global economic challenges, we are very satisfied with the growth rate that we have achieved. The continued influx of foreign investors and the growing level of international interest in the emirate have been achieved primarily because of the proactive support of the government in terms of infrastructural development and establishing pro-investment policies.”

In 2006, this investment authority issued 10 trading licenses and last year the figure of licenses rose to 113. This year, Rakia is again expecting a positive growth rate in the trading sector. Moreover, the demand for warehousing facilities is also increasing thus; Rakia announced that ready warehouses are being constructed in an area of 186,000 square meters. The investment authority has also issued licenses to 450 consulting and service companies, 209 media companies and to 288 trading companies. Foreign investors in this emirate are also benefitted from 100 percent capital. Moreover, there are easy licensing procedures, easy availability of labour, excellent transportation facilities and a lot more.

Therefore, a vital role is being played by Rakia in nurturing the investment landscape for this emirate.

Infrastructure Work going on at Business Bay Development in Dubai

2009-06-25T02:16:00.001-07:00

Key infrastructure work is going on at Business Bay development. It was announced by Dubai Properties, a subsidiary of Dubai Properties Group. The key infrastructure work includes district cooling, water network, sewage and power connectivity. The total amount that is being spent on this work is Dh10 billion. The master developer is also pulling up the socks for the delivery of Executive Towers which is also a part of Dubai property sector. Business Bay is a master real estate development; however its work is steadily progressing.

Business Bay is a master development for Dubai Properties and is an 80 million sq ft development. It is ideally located on Dubai Creek’s extension. In February 2009 this real estate project was energized by a power substation of 132/11 Kv. This was to feed the first and the second phase of the development on the west side of this real estate development.

The Group CEO of Dubai Properties Group, Mohamed Binbrek said: “Business Bay is our most acclaimed and ambitious project up to date. The unprecedented logistics and scale of construction that encompasses the development is closely supervised by Dubai Properties and relevant business partners and stakeholders, and we are determined to deliver all foundational function in a timely manner. In line with our promise to our stakeholders, our status is backed by projects such as Executive Towers and the Creek extension at Business Bay, amongst other spectacular developments around Dubai. Client needs stand as our topmost priority and we will continue to bring on stream projects that serve as a benchmark for generations to come.”

A broad and widely spread road network has also been laid out throughout these two phases of this spectacular project in order to serve both the commercial as well as residential premises.

In Q3 Dubai Rents are expected to Decline Further

2009-06-24T03:37:00.001-07:00

Dubai is expected to face the signs of rent stabilization. According to landmark advisor the rents for residential property units in real estate in Dubai will further decline in the third quarter. The Director of Research, Landmark Advisory, Jesse Downs said: “For the Dubai market, there are distinct signs of market stabilization and a return of confidence from end-users. Sale prices have even increased in some cases. This increase is largely due to the dynamics of each development.”

According to the Landmark, the sharpest decline was seen in the apartments and there was an oversupply of this segment because of combining of the economic downturn and quality of high-rise apartments completed in the year 2008. Earlier, price differentiation was based on factors such as location, quality finishing and views etc; however they have now been replaced with other factors. The developments which are experiencing price increase are smaller villa developments. Among end-users these developments follow value recognition in terms of its quality, amenities, layout, location and all. If we compare Landmark’s May guide with that of June, it shows that Palm Jumeirah has now got stable rents while a fall of 7 to 25 percent could be seen in Dubai Marina studios.

Jesse Downs believe that distressed sale opportunities are largely furnished as the sellers have refused to lower down the prices which already exist. For sough-after residential developments with limited availability of homes, buyers are paying high rates in some cases. Rent guide is developed by using the broker survey, mystery shopping and transactional data. She further added: “Dubai tenants will see even more opportunities to upgrade their accommodation as rents will continue to fall. However, high-demand areas will experience a faster rent rebound as deal-seekers rush in.”

Discovery Garden Property has got a New Rate Fixed by Nakheel Real Estate Firm

2009-06-23T02:39:00.001-07:00

Discovery Gardens is a well structured community comprising of six themed communities developed by Nakheel. The community offers an area of 26 million square foot freehold residential community. Its construction has been inspired by garden living developed in the heart of New Dubai. Nakheel is one of the leading Dubai real estate developers and has recently planned a revised budget for Discovery Garden community. Before re-setting the property rate, the revised price has been agreed formally with RERA, Dubai property market regulator. This price change will mean an approximate reduction of Dhs5 per square foot in service changes for homeowners.

Managing Director of Nakheel Asset Management and Design (NAMAD) Abdulrahman Kalantar said: “When we first set the service charges for Discovery Gardens, they were based on our best estimates for this new Nakheel community. Following a lengthy review, we have been able to take advantage of recent reductions in the cost of goods and services, which has in turn reduced our overall service charge budgets.”

Nakheel made some necessary preparations with following the introduction of the new strata law in April, 2008. Once the regulations are being finalized by the Dubai Land Department (DLD) these preparations are to register the Owner’s Association with RERA, these necessary preparations are to register the Owner’s Association with RERA. Moreover, these new lowered service charge rates will be backdated to 1^st January, 2009. If there will be any rebates for householders they are being credited against next year’s service charges effective from October 1^st, 2009.

Foundation Works Awarded for Dubai Real Estate Project

2009-06-22T02:20:00.001-07:00

Khuyool Investments is a leading property developer in the UAE awarded Delta Foundation the works for Abjar Tower which is a real estate project based in Dubai. The foundation works for this is supposed to get completed in the first quarter of the year 2010. After the groundwork gets completed, phase one of the construction will begin. Chairman of Khuyool Investments, Engineer Fahad Ali Mousa said: “This announcement is a very significant step for us as it reflects our strong commitment to all investors. We will go ahead with all our projects as planned with firm determination.”

Currently Khuyool Investments is being involved in developing many other real estate projects across locations in Dubai. The CEO of Khuyoon Investments, Engineer Kussay Al-Sheikh added: “The appointment of Delta Company was in line with the company's efforts to ensure the quality and fast pace of the project's construction, keeping in mind that Abjar Tower is the tallest project within Jumeirah Village South.”

This tallest tower in Jumeirah Village South is uniquely designed incorporated with great luxury thus, enabling a luxurious lifestyle. This iconic property has become a famous landmark and is greatly inspired by its surroundings. Abjar Tower offers a blend of elegance and luxury with distinct glamour. Various other real estate developments are going on a large scale but this property project seems to be special. The CEO of Delta Foundation, Dr. Ibrahim Al-Banna embodied his organization at the signing ceremony of the agreements.

Dubai Land Deals Reach Dh2.15b

2009-06-19T02:39:00.001-07:00

Last week in Dubai the total worth of the land transactions reached an amount of Dh2.15 billion. In return the sales also got exceeded by Dh1.41 billion. According to the Land Department during this period the total value of mortgages was Dh736.89 million. Al Ruwayyah was the most valuable plot and it was sold for Dh207.2 million. As the week ended, The Department registered a total of 81 transactions. During this week Dubai real estate has shown vast improvement by delivering such prominent sales and registrations. Apart from the Al Ruwayyah, the next two prominent sales were shown for plots in Emirates Hills-3 and on the Sheikh Zayed Road.

These two sales were again tremendously huge as the plot on Sheikh Zayed road is acquired for Dh124 million and the one on the Emirates Hills is for Dh20 million. As far as week sales are concerned, the area of the Emirates Hills was the most active among all. Not only this, but Palm Jumeirah followed 14 sales. The period was under review during which it got disclosed that mortgages worth Dh524.86 million were registered, out of which mortgage for Marsa Dubai was the most significant with Dh214 million. Moreover, area in Al Jadaf was another for Dh94 million. Apart from all these sales and Dubai land transactions, by value Al Ruwayyah recorded the highest turnover followed by Sheikh Zayed Road for Dh124.01 million and last but not the least Emirates Hills-3 at Dh59.68 million.

In Al Ruwayyah the largest area which was sold was a 430,338 square foot plot. On Sheikh Zayed road a plot of 64,586 was acquired whereas, a 40,000 square feet area got disposed of in Jumeirah-3 for Dh15 million. This was the report and data acquired related to property transactions and registrations by Dubai Land Department.

ETA Star handovers Liberty House Real Estate Development

2009-06-18T02:56:00.001-07:00

ETA Star is one of the leading real estate property developers in the UAE. This real estate company has now started handing over residential and office units to Liberty House owners. It is located in Dubai International Financial Centre district (DIFC). This property development company has already begun the handling of Dh700 million. Liberty House offers a complete range of freehold residential accommodation. The project is a 42 storey freehold tower; L shaped comprising of luxury studios, 1-2 bedroom duplexes and 1-2 bedroom apartments.

The Executive Director of the ETA Star, Abid Junaid said: “With great pride, we are pleased to say that we are amongst the first private property developers to deliver a project in the DIFC district. Keeping in mind to the current scenario, the delivery of the magnificent Liberty House holds strong significance in our hearts as this validates our trust and commitment towards our loyal patrons and customers. We will continue to strive towards completing our projects as per schedule.”

Liberty House is a full fledge unit comprising of office space, residential accommodation, car parking etc. This property in Dubai consists of office spaces on 10 floors. Above this there are 20 floors providing luxurious residential accommodation. Moreover, car parking is not at all an issue as 6 levels of car parking are available. This office property in Dubai in Liberty House is centrally located around an atrium space thereby, providing a lively and a comfortable environment for the employees. Moreover, the apartments are being developed with contemporary designs and a great level of sophistication is also involved. Apartments are designed keeping in mind the modern lifestyle with terrace areas. Thus, it has become a perfect residential and a commercial property.

Dubai’s Airport Development Investment has Increased

2009-06-17T02:20:00.001-07:00

Dubai has confirmed an amount of Dh63b to be increased in Dubai airport development project. So far an amount of $7.2 billion have already been invested in this Dubai real estate project. Despite of these challenging times, the infrastructure in Dubai is still going on for that matter. President of the Dubai Civil Aviation Authority and Chairman of Dubai Airports, Shaikh Ahmad Bin Saeed Al Maktoum said: “These are challenging times for aviation. Passenger and cargo traffic has dropped off dramatically in most parts of the world leading to billions in industry losses. Dubai has been a beacon of light during these turbulent times. During the first quarter Dubai Airports recorded 2.1 per cent passenger traffic growth.”

In order to expand Dubai International Airport, an amount of $7.2 billion have already been invested in it. The expansion of Dubai International Airport includes a second concourse which got opened in the year 2008 and Terminal 3. This all has been done to increase the airport’s capacity to around 60 million passengers per annum. Shaikh Ahmad further added: “Dubai has been a beacon of light during these turbulent times. During the first quarter Dubai Airports recorded 2.1 per cent passenger traffic growth. That increased to 6.5 per cent in April and 7.1 per cent in May. In total, Dubai International forecasts a four to five per cent increase in passenger traffic for the first half of this year.”

The expansion also encompasses construction of Concourse 3 which is yet to be completed. It is expected to get completed in late 2011. In return the total airport capacity will get a boost to 75 million passengers every year. The government of Dubai is heading forward with its long term vision for the betterment of travelers and of course for the betterment of Dubai airport as well.

Enabling Works Contract Awarded Damac Properties for Marina Bay

2009-06-16T02:07:00.001-07:00

Damac Properties is a Dubai based real estate developer hat has been awarded with a contract worth Dh 7.5 million for facilitating works at Marina Bay construction in Abu Dhabi. Marina Bay is a well designed mixed use development comprising of retail and commercial space, a 25 storey tower offering two and three bedroom apartments, facilitated shops, restaurants etc. The Chairman of Damac Holdings, said, “We are delighted to see that work on site at our Marina Bay development will commence very soon and that we can begin the process of building this truly stunning tower at such a fantastic location.”

Marina Bay is a prime development offering canal views through the entire development. At the prestigious CNBC awards 2008, this property in Abu Dhabi won two awards for the Best Marina Development and another one for Best High-rise Architecture. Peter Riddoch, CEO of Damac properties commented: “Abu Dhabi is a very significant marketplace for Damac Properties and we know that the location of our Marina Bay tower will be hugely attractive to customers.” More than 3000 units have already been delivered by this property developer in Dubai into the marketplace. Further, by the end of 2010, they are committed to deliver 7100 more units.

Damac properties have already completed the enabling works for this particular project and apart from this the second project being Oceanscape in the Shams area of the capital. Recently retail units have been launched for sale in the already enabled development. Peter Riddoch added: “We have made a clear commitment to progress and construction during 2009 and the enabling works starting at Marina Bay is just a typical example of how we are demonstrating this commitment. We look forward to the successful completion of this important foundation work within the next few months.”

Dubai Real Estate Projects on Schedule – Memon Investing Dh 1.34 billion

2009-06-15T02:40:00.001-07:00

Dubai has scheduled various real estate projects within the emirate. Memon Investments, one of the leading real estate developers in Dubai announced that they are well in place and on time with the construction work for all its running projects in Dubai. This is also a unit of Memon Group of companies and it announced that the construction of green buildings will continue and these new developments comprises of five new projects running at Jumeirah Village. The collective worth of the construction currently going in Dubai by this real estate developer is around Dh1.34 billion.

Ahmed Shaikhani, The Managing Director of Memon Investments said: “By taking these measures, we are increasing the potential of our projects to yield maximum investment returns, while also effectively reducing the ecological footprint, one of the common impacts of rapid advancement of developing economies such as Dubai.” This real estate developer is committed to deliver the projects despite of the cancellation of 48 property projects in the UAE. Its first development within the Champions Tower Series and the Cambridge Business Center is expected to get ready and delivered by the end of the year 2009.

As far as their new projects are concerned, Memon Investments has launched five real estate projects in Dubai Sports City. It included Frankfurt Sports Tower I and 4 towers within Champions Tower. These developments are in addition to Jumeirah Village Gardenia I and II and a construction in Dubai Silicon Oasis as well named Cambridge Business Center. Ahmed Shaikhani said: “The global recession has created an astounding backlash to the regional real estate sector that has even the largest real estate players in the region reeling from its blows. We are proud to be still standing strong amidst the downward momentum that is sweeping the regional real estate market. We are confident that the current economic conditions will have little effect on the construction of our projects."

Launch of ‘Green Your Life’ Campaign by Sorouh and EAD

2009-06-12T02:11:00.001-07:00

Green Your Life is an online campaign which is to be launched in order to educate on how to become environment friendly. This campaign will be launched by partnership of EAD (Environment Agency – Abu Dhabi) and Sorouh real estate. Sorouh real estate is an Abu Dhabi property developer emphasizing on environment friendly homes. Chief Commercial Officer of Sorouh real estate, Fahad al Ketbi said: “We are delighted to be working with EAD on this important and exciting project. Green Your Life is an accessible and easy way for the whole family to get important tips on how to save energy in the home. Sorouh is focused on creating sustainable communities for all of Abu Dhabi's residents."

The campaign which they have started provides practical tips to conserve energy and water thereby, reducing the waste in every home. It is being designed by EAD featuring animated advanced graphics and a 3D virtual tour of a home in the UAE. Different items in a virtual home will be displayed thereby, providing useful tips to the end users scrolling the website. Every part of a home is displayed and the campaign informs you that how it can be used in an energy-efficient way. Secretary General of EAD, H.E Majid Al Mansouri, Chief Commercial Officer of Sorouh, Fahad al Ketbi and EAD's Deputy Manager, Laila Al Hassan launched this online campaign during a press conference at EAD’s headquarters.

Laila Al Hasan commented: “We value our strong partnership with Sorouh, one of the UAE's leading property companies. Not only are they a member of our Abu Dhabi Sustainability Group but also both organizations share a common goal of creating sustainable communities in Abu Dhabi.”

Thus this online ‘Green Your Life’ campaign is expected to run successfully.

Unique Styling offered by Omniyat Properties at One Business Bay Dubai

2009-06-11T02:25:00.000-07:00

A Memorandum of Understanding (MOU) has been signed by the Omniyat Asset Management (OAM) a subsidiary of Omniyat properties. This memorandum has been signed with Dubai based u concept so that a perfect lifestyle is to be delivered to the tenants of Business Bay and it is said that it will be delivered by Q2 2009. As per the agreement, the entire podium roof consisting approximately 21,500 square feet including the food and beverage offerings will be operated by u concept. One Business Bay is an ultimate Dubai real estate unit forming the cornerstone of One Business Bay OYSTER.

Chairman and CEO Mr. Mehdi Amjad of Omniyat properties said: “Our partnerships with industry-leading specialists such as u concept reflect our promise to deliver the best OYSTER experience to our tenants in our flagship project, One Business Bay.” The omniyat lifestyle initiative will change. The concept of OYSTER initially introduced after One Business Bay got launched. Various interactive work facilities have been introduced contributing to a revolutionary high performance.

Omniyat has increased the budget to integrate these additional services and principles into its current flagship. The company is doing a lot for the welfare of the people those who are living and working in Omniyat buildings. OAM are Business Bay specialists focusing on healthier balance of work and life. The name of u concept has been changed to u plan and it is committed to the tailored wellness plans. A health program has been devised which is customized in order to reach more specific goals. This OYSTER project will get even more diversified with u concept and of course OAM thereby, turning it into a strong player in a healthier lifestyle business sector.

Law No. 9 Safeguard’s Dubai Property Sector

2009-06-10T02:49:00.000-07:00

During this recession time, Dubai property sector is trying to come on the recovery path. During this tough situation the real estate investors are cancelling their contracts before completion, because of which Dubai government has issued law no. 9 in 2009. As global recession is prevailing, there is an acute shortage of liquidity in the property market, and thus property developers are not getting any new property contracts. RERA said, that despite of these contract cancellations there are some 30,000 units that are being made available in the year 2009 and in 2010, it will get increased to around 45,000 units.

This Law number 9 that has been issued in developers interest is basically got amended from Article 11 of Law number 13. Previously in article 11 the procedure that is to be abided by any property developer in the event of contract cancellation was mentioned, but the ruling being applicable was not mentioned in that article. Under this revised law number 9, the developer must notify the Land Department or RERA if any purchaser fails to make the installment payment for the property.

Once the notification is sent to the buyer, a written notice is being sent by the Land Department informing the purchaser about this breach, thus reminding him to rectify the fault within another 30 days, failing which the developer would cancel the contract. The most important fact regarding this law is if there are any other contracts or purchases associated with that particular contract, it will also get canceled. Moreover, a technical report from the site is a must to attach with the letter. A reference scale has been introduced for default purchasers as well.

With the emergence of this law both investors and buyers are being benefited as earlier no agency was there which could monitor these purchaser-developer transactions in Dubai.

RERA Plans Rental Index for Dubai Educational Properties

2009-06-09T02:34:00.000-07:00

The Real Estate Regulatory Authority (RERA) and Knowledge and Human Development Authority (KHDA) planned a rental index for school and other educational properties. This rental index will be developed in order to provide a benchmark for rental prices for both private and public educational buildings in the emirate. If we talk about current rental agreements then there are just 70 percent of schools which currently have these agreements in Dubai. This index covers training institutions and other educational universities including schools as well. In addition it will establish appropriate levels of rent according to the areas.

In this current scenario the rents for adjacent schools may vary and as far as private schools are concerned they have a knock-on effect on the level of their tuition fees. This new scheme will now develop long term contracts. The Director General of KHDA and Chairman of Board of Directors, Dr Abdulla Al Karam said: “The scheme aims to define the prices of educational services among various education providers, attracting investment in education to Dubai and enhancing quality in all areas within schools, from the educational to the administrative levels."

Director of RERA’s Ownership’s Relationship management Department, Mohamed Khaleefa Bin Hamad added: “The KHDA will provide lists and records of the types of rented units, their usage and the facilities attached to them.” Moreover, not all schools which are running on a rented land will be affected by this rental index. With this rental index all the irregularities will be erased in terms of pricing and moreover, it will also prevent unjustified hikes in rent. With the emergence of this rental index the KHDA recently said that the school fees can only be increased by just 45 percent for the new school year. Thus, this plan of rental index will surely benefit Dubai educational properties.

RERA Audit performed on Dubai Property Firm comes Clean

2009-06-08T03:58:00.000-07:00

Al Fajer properties successfully came out of the independent third party audit with RERA support. This Dubai property firm recently went through a construction audit which was voluntary and the audit was carried out by RERA. Al Fajer got a clean chit for its construction and they are pleased to announce that their performance can now be measured by a well established construction standard thereby; highest level of transparency will be maintained for all the projects under this property firm. The result of this audit undertook by Al Fajer confirms that the construction being carried out at phase 1 has been completed to about 80 percent and 15 percent has been completed on phase 2.

The official RERA website is the source where the progress of the project can be monitored. Company’s restructuring was started with managerial restructuring, followed by a financial restructuring which strengthened the balance sheet as a result. Phase 3 involves strengthening the operational capabilities of the company and removing the inefficiencies. Due to this operational excellence AFP, has now become number one developer in Dubai which delivers highest level of compliance.

President of Al Fajer properties, His Highness Sheikh Maktoum bin Hasher Al Maktoum said: “Often times in the past, some companies in the sector, were led by brokers and sales agents who did not adhere to sound business methodologies as it was very easy to sell real estate due to the excessive demand in the market. However, today Dubai like any developed economy is returning to fundamentals Therefore, companies that have a strong focus on management and performance as their core competencies are the ones that will excel in these current market conditions. I am confident that we will continue to deliver measurable results through our performance and dedication.” His Highness further commended on RERA’s proactive approach for attaining full transparency in line with its aspirations and clearly mentioned goals as far as the real estate sector is concerned.

Outstanding Trust Certificates are purchased by Dubai Islamic Bank

2009-06-05T02:23:00.000-07:00

Dubai Islamic Bank is the largest Islamic bank in the UAE. it is one of the fully fledge Islamic bank which is now on the fastest growing economic sectors comprising of more than 400 institutions. This customer centered organization provides comprehensive solutions to all the financial needs. Recently trust certificates have been purchased by this bank at 88 percent face value through the cash tender offer. This transaction demonstrates that the Dubai Islamic Bank hold on a strong position from liquidity point of view. In addition its healthy repayment capability is also being categorized. The transaction was settled on May 21, 2009. The Chief of Treasury at DIB, Mohammed Saleem said “This transaction is a testament of the market's confidence in DIB's future earning capabilities and its growth strategy.”

Through this transaction DIB has become the first Islamic bank to purchase its outstanding trust certificates. A significant percentage of investors had shown interest and decided to hold the certificates demonstrating the continuing confidence of investors. A rating of A1 /A- has been given by Moodys and S&P to DIB. The bank continues to be in a positive liquidity position and a sufficient funding is being maintained to retire the facility earlier than the maturity. Dubai Islamic Bank successfully established competitive cash tender offer for trust certificates thereby, a favorable offer has been created for investors and moreover, it’s for realizing net gain for this Islamic bank.

In the first quarter of the year 2007, the five year sukuk facility was launched through the inaugural sukuk certificates. For the cash tender offer DIB Capital, Barclays Capital and Standard Charted Bank acted as lead managers for this cash tender offer.