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HISTORY OF THE DUBAI PROPERTY MARKET

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THIS THRILLING EMIRATE HAS SEEN REMARKABLE PROGRESS AND ITS AMBITIOUS FUTURE PROMISES EVEN MORE TO COME.

From a small settlement little over half a century ago, Dubai has been transformed into one of the most lucrative, spectacular property markets in the modern world. As with many things in the region, the discovery of vast oil reserves was the catalyst for change. Considered the second-richest Arab country, after Qatar (on a per capita basis), the UAE has just under 10% of the world’s proven oil reserves. The wealth generated has provided a springboard for an economy which has substantially diversified, with oil now accounting for only 5.5% of Dubai’s GDP. Dubai has spearheaded UAE development: massive reserves of capital have led the Dubai government to invest in new developments and foster an environment where global investors feel confident.

The history of trying to regulate construction in Dubai can be traced back to the Dubai Land Department (www.dubailand.gov.ae), which was created in 1960 by decree of Sheikh Rashid bin Saeed Al Maktoum, the late ruler of Dubai. Following the British withdrawal in 1971, oil wealth, aided by the hike in prices during the oil crisis, gave the Dubai government the finance to invest in huge projects like the port at Jebel Ali and Dubai Dry Docks.

The Dubai World Trade Centre, opened in 1979, was an early forerunner of the skyscrapers which now tower over the Sheikh Zayed Road. With a decrease in oil prices during the 1980s, Dubai’s development faltered, but in the mid 1990s when Sheikh Mohammed bin Rashid Al Maktoum assumed the role of Crown Prince, momentum returned with spectacular developments like the Burj Al Arab and Emirates Towers.

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UNTIL THIS DECADE, ONLY UAE NATIONALS COULD BUY PROPERTY IN THE EMIRATE, BUT AS DUBAI’S AMBITIONS HAVE BECOME INCREASINGLY INTERNATIONAL, T HE MARKET HAS BEEN OPENED UP

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FOREIGN INVESTORSUntil this decade, only UAE Nationals could buy property in the emirate, but as Dubai’s ambitions have become increasingly international, the market has been opened up. Expats have been able to purchase property in Dubai since 2002, and so the real estate story for outside investors began at this point. Following the economic takeoff, a number of real estate laws and regulations have been enacted, including those stipulating which areas of land can be purchased by non-UAE Nationals. The formation of the Real Estate Regulatory Agency, RERA (www.rpdubai.ae), reflects a series of measures introduced by the Dubai government in recent years designed to regulate the market.

Since the restrictions on foreign ownership were lifted, the market has boomed and properties are selling out quickly, often before they are even built. The high demand and speedy transactions mean it is particularly important to work with a trustworthy developer.

Depending on your budget and requirements, it may be wise to buy in the Northern Emirates early on. You’ll find lower prices and therefore have a greater chance of a higher return when you come to sell.

One of the major advantages that Dubai offers investors and businesses operating here is a tax free environment. Not only is there no tax on corporate profits, but the lack of personal income tax also offers a huge benefit in attracting skilled personnel to the region. In addition there are over 70 free zones in Dubai offering companies a host of benefits including 100% ownership of their businesses and no restriction on repatriation of profits to their home country.

It is easy to understand why so many international corporations choose Dubai to house their global headquarters which, in turn, fuels demand for property to accommodate the migration of staff to Dubai. In addition, the price of property is more affordable than cities such as Hong Kong and Singapore, which have traditionally attracted overseas investors anxious to minimise the impact of taxation on their assets.

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THE UAE PROPERTY MARKETNON-NATIONALS CAN FINALLY GET INVOLVED IN ONE OF THE WORLD’S MOST EXCITING PROPERTY MARKETS.

The world’s eyes are on the UAE. A relentless wave of new residential, commercial and leisure developments are under construction, with as many as 160,000 new units expected to enter the Dubai market between 2008 and 2010. As the level of interest in the region continues to rise, so does the intensity of investment in infrastructure and services. While other countries, such as the UK and US, seem hard hit by the recent economic downturn and financial crisis, the momentum in Dubai and the UAE has seen the property market remain not just stable but buoyant, and it continues to pull in overseas investors and maintain high levels of consumer confidence. Property experts and buyers in Dubai, and the Northern Emirates continue to be confident about their potential returns, backed by the strong demand for commercial and residential property, Dubai’s vibrant job market, a blossoming tourism sector and significant population growth in the region.

MARKET BUZZIn 2007 the Middle East saw the highest percentage increase of visitors in its history with air traffic rising by as much as 18%. As well as the sun, sea and high standard of living, the country’s strategic geographical position and the security of its steady political and economic situation all combine to make living in the UAE popular with expats.

The omnipresent cranes that tower over Dubai are a sign that economic slowdown has not taken hold of construction in the UAE, with a multitude of hotel, residential and commercial developments either in progress or on the drawing board. Outside interest in both commercial and residential property has helped spur a growing number of developments in the UAE. Over the past five years Dubai has experienced an extraordinary rate of growth in the property sector,

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which, in turn, is being emulated by Northern Emirates such as Ras Al Khaimah and Umm Al Quwain.The property market in Dubai was opened up in 2002, when legislation was introduced that allowed foreign nationals to purchase property in areas that were previously out of bounds. This brought a new pool of overseas buyers to the market, resulting in a property boom that has yet to ease up. According to many developers and agents, when the new laws came in, villas sold out in minutes – even before construction had begun. Further amendments came in March 2006, when non-GCC expats were given the right to buy 99 year leasehold and freehold property in certain areas, meaning purchasers could own the land as well as the building on it.

While some market analysts remain cautious about the future of property in the UAE, others are more confident that the market will continue to flourish, believing that there is still a strong level of consumer confidence. Various indicators support this sentiment, such as the high occupancy levels of commercial property in Dubai and Ras Al Khaimah job market figures of 640,000 jobs being created in the UAE between January and April 2008.

DEMANDForecasts show that demand will continue to rise, with thousands of new units needed to supply Dubai’s property market by 2010. However, while there is still a rush to capitalise on the thriving market in the region, new projects will need to stand out from the others to ensure future returns. As developers try their hardest to take advantage of profitable locations, the best are producing properties that consider the needs of the market, providing sustainable residential areas that will be attractive for the long-term. LOCATION & INFRASTRUCTUREDubai’s advancing infrastructure and the ease by which visitors can get to and from the city by air are key draws in attracting new residents. In an effort to improve transportation within the emirate, public transport investment has risen dramatically, with the main development being the eagerly anticipated Dubai Metro. The Metro should prove extremely convenient for commuters and has already begun to have an effect on house prices, with a price-hike cluster where property is located close to Metro stations. This rise has particularly affected the property around key areas on the Metro’s Red Line, which will open on 9th September 2009. The Green Line is due to be completed in March 2010. Property developers have taken note

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of the trend and are seeking ways in which their own developments can benefit from the boom. The Metro is expected to connect to an increasing amount of other improved public transport in the area, including buses, trams, abras and water taxis.

New residents arriving in Dubai are also interested in residential areas that are well designed and self contained. Many expats looking for a place to live are attracted to areas that offer easy access, as well as a wide range of retail outlets, banks and services close by. Popular new residential areas like Jumeirah Beach Residence (JBR), The Springs, and the Green Community try to create a community feel and provide a good range of amenities, combining residential areas with key retail outlets, so look out for similar developments .

Dubai’s property success is well-known, but new buyers should take note of the less developed Northern Emirates such as Umm Al Quwain and Ras Al Khaimah, which are showing the same potential that Dubai showed in past years. Ras Al Khaimah has several new five-star hotels in the pipeline, as well as upmarket property, which will cater to the 2.5 million tourists who are expected to visit by 2012. Developers in Umm Al Quwain also have plans to produce premium property in order to cater to high-end visitors. Both emirates are attempting to encourage investment and become key players by focusing on improving infrastructure and providing, for the time being, comparatively lower sale prices than emirates like Dubai and Abu Dhabi.

RAPID PRICE INCREASEThe past five years have seen average property valuations undergo a huge rise of 300%, according to the UAE Real Estate Market Review conducted by Al Mal Capital in March 2008. This has fuelled investor confidence in the market. Despite economic problems around the globe, the UAE is looking strong and prices remain steady.

According to leading property advisors Knight Frank, the value of property in Dubai has increased by 52.6% over the year. This percentage change puts the city ahead of other markets such as London that has an increase of less than 2%. Overall, investment in the emirates remains one of the most stable choices, with more growth forecast to follow.

Property hunters who are looking for more affordable housing can make the most of this opportunity to look at emerging markets in the Northern Emirates which offer lower prices than Dubai and Abu Dhabi.

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UAE HOTSPOTSTHE BEST PLACES TO BUYDubai is a place of unprecedented opportunity for investment in real estate. With an economy that’s booming at a time when much of the rest of the world stutters, a rapidly expanding portfolio of residential and commercial developments on a scale rarely witnessed, and a strategic position as a stable regional business hub and growing global holiday destination with year-round appeal, few places can be considered as attractive when it comes to property investments. Elsewhere in the UAE, emerging emirates such as Ras Al Khaimah and Umm Al Quwain are starting to follow Dubai’s lead and offer good prospects for investors.

Demand for buying property has been rising steadily in Dubai since the freehold property market was opened up to non-Nationals in 2002. Six years on and the scene has begun to mature from its infant days, but if anything the appetite for developing and snapping up real estate has grown immeasurably.

As a city popular with expat workers from all parts of the world, as well as holidaymakers, there is constant demand for property, and large-scale developments are mushrooming to keep pace. In 2007 alone, 6.44 million people visited Dubai, and the emirate has seen a sustainable population growth history of over 7% per annum. With its worldwide monopoly on the biggest, the tallest and the most bizarre developments, including projects such as Dubailand, The Palm and The World, Dubai is set to become a huge leisure resort, with predicted annual visitor numbers rising to 15 million by 2015.

The UK’s Wealth Ranking Survey by NatWest International showed that expats can earn up to 40% more on average in Dubai than their peers back home. This, along with Dubai’s focus on the development of other new resources, is resulting in a relentless demand for property that far outstrips supply.

Both inland and on the water, Dubai is maximising its potential. Landmark projects are springing up all over town, each with their own unique selling point.

One of the biggest, most ambitious projects is Dubailand, set to become the world’s biggest tourism, leisure and entertainment attraction when it is complete. At more than twice the size of Disneyland and DisneyWorld combined, it will be comprised of

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AS A CITY POPULAR WITH EXPAT WORKERS FROM ALL PARTS OF THE WORLD, AS WELL AS HOLIDAYMAKERS, THERE IS CONSTANT

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individual themed ‘worlds’, and will feature attractions including numerous hotels, the largest shopping mall in the world (Mall of Arabia), theme parks, a snowdome, and Formula One World. Some phases, such as The Autodrome and Global Village, are already open, and others, such as Sports City (p.59), which will feature three world-class sporting arenas, state-of-the-art facilities, and commercial, residential and leisure properties, are in the final stages of development.

Another inland mega-development is the Business Bay and Downtown Burj Dubai area. Sitting between Dubailand and the coast, Business Bay is based around an extension to the creek that will stretch up to Sheikh Zayed Road at Interchange 2 before continuing to the sea. Construction is well underway on the area that is set to become the commercial and business capital of the region, and when eventually finished around 2015 there will be around 220 towers. At the heart of the adjacent Downtown Burj Dubai development is the world’s tallest building, Burj Dubai (Dubai Tower), which dominates the landscape and can be seen from all over Dubai. The tower is near completion and will house retail outlets, offices, apartments and international chain and boutique hotels. The Downtown development also houses Dubai Mall, and business and residential complexes.

The area informally known as ‘New Dubai’, around 20km south-west of the traditional centre of the city, has sprung up at a rapid pace in the last few years. Residential areas such as Emirates Hills, The Greens, The Springs and The Lakes are now firmly established communities, while construction of residential towers continues at the high-rise metropolis that is the glitzy Dubai Marina. Media City, Internet City and Knowledge Village are attractive free zones for international businesses, helping to swell the population by providing desirable employment opportunities and heightening property demand in turn. Across Sheikh Zayed Road from Dubai Marina are the business and residential buildings of Jumeirah Lake Towers, some already complete, which will also be a free zone and house the offices of the Dubai Multi Commodities Centre, while the Tecom zone next to Al Barsha is another development of residential and commercial units. Tecom’s unique location, close to Mall of the Emirates and the new Metro, makes it a highly desirable spot for residents and businesses alike.

It’s not just on land that Dubai is expanding though; faced with the restrictions of a limited coastline, some smart strategic, lateral thinking and mind-boggling engineering has resulted in four colossal man-made projects that will increase the available shoreline substantially (the Palm Jumeirah alone has added nearly 80km of coastline). The

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first of these, Palm Jumeirah, is near completion, and is home to apartments, villas and the Atlantis hotel. Two other similar, but bigger, land reclamation projects are also underway; Palm Deira at one end of town, and Palm Jebel Ali at the other are at the early stages of development. The Waterfront project, a city-sized development, which will be twice the size of Hong Kong, will connect to The Palm at Jebel Ali. The final reclamation project, out at sea and not connected to the land at all, is ‘The World’, a collection of exclusive independent islands grouped together to form a map of the globe when viewed from above.

It’s not just the variety of property developments that is making Dubai attractive to investors. Improved infrastructure, particularly transportation, is set to make living in the city even more desirable. The Dubai Metro network is due to open in 2009, and will connect ‘New Dubai’ to the creek, Bur Dubai and the airport, and all places in between, while the newly opened Emirates Terminal 3 at Dubai International Airport is a futuristic development designed to accommodate the increased number of arrivals to the emirate.

Dubai is not the only emirate that is appealing to investors either. Opportunities in the Northern Emirates are becoming increasingly attractive too, with the markets in places such as Ras Al Khaimah and Umm Al Quwain emerging just as Dubai’s did six years ago. New developments are springing up, and these fledgling markets offer good prospects. All in all, the UAE has become one of the most desirable property hotspots on the planet.

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DUBAI PROJECTS

Dubailand & Sports CityNever short of a master plan, Dubailand will be one of the largest and most adventurous of Dubai’s developments. Bigger than the world’s largest and most renowned theme parks, Dubailand will be a colossal entertainment centre drawing in hundreds of thousands of visitors to its various attractions.

The Dhs.35 billion plans for Dubailand earmark the development as a key player in attempts to expand family tourism in Dubai. The project, which is a massive three billion square feet, includes hotels, planetariums, culture and arts centres, large malls and retail outlets, and world-class sports facilities. On completion, the area will contain a range of entertainment facilities, including the Al Sahra Desert Resort, the Autodrome, and the Polo & Equestrian Club, which are varied enough to appeal to the whole family.

Of Dubailand’s themed areas, Dubai Sports City is the first to begin its operations. As a key sporting venue, the project will offer aficionados world-class spectator venues, sporting academies and a host of retail outlets for the more than two million people who are predicted to populate the area once it is completely off the ground in 2010. Sports City covers 50 million square feet and will also include residential areas and commercial offices, which will benefit from easy access to the new Metro system and a six-lane highway that will link the project to the rest of the UAE.

The development has a clear focus on providing sport enthusiasts with world-class facilities, and has linked up with several well-known names in international sport. It features an Olympic-sized pool, a cricket stadium able to seat 25,000 and developed in association with the International Cricket Council, a hi-tech multi purpose outdoor and indoor seating arena and a hockey stadium that will seat 5,000 spectators. The project also includes a golf course which has been designed by professional golfer Ernie Els. The 18 hole Els Course, which opened in November 2008, includes over 80 bunkers, is spread over 211 acres and also features the Butch Harmon Golf Academy.

Six pioneering academies are based within the city including The David Lloyd Tennis Academy, The Manchester United Soccer School founded by Sir Alex Ferguson and The World Hockey Academy, all with the aim of training, nurturing and discovering the leading sports stars of the future.

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Aside from its sports-related allure, the planned infrastructure (particularly the access to the new international airport), abundant retail outlets and premium residential apartments make this a primary location within Dubai’s promising real estate market.

Metro CentralThis ground-breaking new concept in property investment, featuring superior hotel apartments, offers buyers a unique chance to invest in Dubai’s lucrative hotel industry – a sector currently witnessing unprecedented growth. Dubai is internationally recognised as the world’s most vibrant hotel market, with average annual occupancy rates hitting 85%; the emirate has surpassed even established cities like Moscow, London and New York.

The 18 floor distinctive dual tower design of Metro Central features 210 premium hotel apartments, with a choice of fully furnished Executive, Director and Presidential Suites, perfectly suited for short to mid-term business lets, thanks to the venture’s prime location. Nestled in the bustling business district of Tecom in the heart of ‘New Dubai’, the area is fast becoming a thriving hub of local and international business. It also boasts a rooftop swimming pool and Pure White Health Club located on the 14th floor, offering the height of luxury to residents and guests and an investment opportunity not to be missed.

Residential Facilities Residential projects in Dubai Sports City include four major developments by The First Group: The Spirit, The Matrix, The Bridge and The Diamond, which all take full advantage of the area’s potential appeal to new property investors. The residential and commercial properties benefit from the developing infrastructure in the area and have the added bonus of gaining preferential rates for recreational facilities within both Dubai Sports City and Dubailand.

The First Group’s residential projects are designed to attract buy-to-let investors, and each apartment provides a convenient turn-key package with contemporary design and high-tech facilities. As part of this project, The First Group offers the Wealthbuilder Programme, which has been developed to help investors get the most out of their property. The scheme is designed to allow buyers to have their apartments let out and professionally managed on their behalf for the majority of the year, apart from four weeks when it can be made available to the owner.

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The SpiritThe Sprit is a high-rise building offering 19 storeys of residential space, all fully furnished with a contemporary design. Apartments are suitable for property hunters who require the convenience of a ready-made apartment. The premium design of the light-reflective building is also in keeping with its sporty location and not only includes the largest branch of the Pure White Health Club, but also offers athletic residents a rooftop jogging track. On offer are 225 executive suites, 90 one-bedroom apartments and 90 Sanctuary Suites, right on the doorstep of Sports City’s retail and leisure amenities.

The MatrixThe Matrix is a residential building with an edgy design and modern feel. Ready-to-let apartments feature floor-to-ceiling windows for maximum views and distinctive balconies with views of the Els Course, the area’s waterways and sports grounds. The 30 storey building features studios, one and two-bedroom apartments and executive studios, as well as a rooftop pool.

The BridgeOffering both residential and commercial spaces, The Bridge is a desirable location for those looking for prime investment in Dubai. Its position allows businesses to have easy access to the area’s range of facilities and amenities. Construction is underway and The Bridge has already attracted two well-known sportsmen, Michael Owen and Andrew Flintoff. The building’s contemporary, chic design covers 28 storeys, with serviced offices and premium apartments with lake views, all with easy access to the Metro system linking the area to the rest of Dubai. The complex also features the Pure White Health Club and a children’s pool.

The DiamondConstruction has already begun on The Diamond, which will feature 128 fully furnished luxury apartments. The range of property on offer includes penthouses, studios and one to two bedroom apartments kitted out for investors who are keen to acquire a stylish apartment that is ready for the rental market. Apartments are designed with large living areas, a modern layout and state-of-the-art features, as well as great views of the Els course. Residents will benefit from a large outdoor swimming pool, a sun terrace with a cafe and juice bar, and access to the Pure White Health Club and nearby community centre.

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Jumeirah Village SouthEmerging as a new self-sustained urban village community nestled conveniently between Dubai’s key road networks of Al Khail, Emirates Road and Al Barsha Road and perfectly situated equidistant between Dubai International and Dubai World Central Airports, Jumeirah Village South will have all the mod cons and services of a city but with the serenity of a picturesque green village community. Among the vast network of tree-lined boulevards, canal waterways, parks and gardens, residents will benefit from an array of village amenities including retail areas, sports fields, healthcare facilities and international schools, all of which are interconnected by a unique village tram system which will interconnect to Dubai’s Metro System.

The First Group TowerThis development benefits from its superb location in the heart of the affluent urban village community of Jumeirah Village South, yet is conveniently positioned opposite the amazing attractions of Dubai Sports City. The portfolio of 315 carefully designed and spacious apartments in The First Group Tower include; Executive Suites, one and two-bedroom apartments, all aptly named after The First Group’s key developments in the UAE. In addition, there are eight exclusive two-bedroom Diamond Penthouses designed specifically for the end-user. From fantastic-sized balconies there are views of the Canal, the tranquil Central Park, the surrounding boulevards and the landscaped podium with a unique Beach Pool and luxury Pure White Health Club.

THE NORTHERN EMIRATES

Ras Al KhaimahRas Al Khaimah (RAK) is the most northerly of the seven emirates, connected to Dubai an hour away by the new Emirates Road extension. With the majestic Hajar Mountains rising as a backdrop, and the Arabian Gulf stretching out from the shore, RAK has possibly the best scenery of any city in the UAE. If you’re visiting for the day make time to visit the souk in the old town and the National Museum of Ras Al Khaimah, housed in an old fort. Manar Mall is a large shopping and leisure complex, housing a cinema complex, family entertainment centre and watersports area. Also worth quick stops are the hot springs at Khatt and the camel racetrack at Digdagga. Although relatively unknown and undiscovered in comparison to Dubai, RAK is in the process of reinventing and rebranding itself with the aim of

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becoming a popular tourist destination. The emirate has grown rapidly in the past four years, beginning an ambitious phase of development to turn itself into an economic powerhouse with a world-class infrastructure. Multi-million dirham government investments are being implemented for infrastructure improvements, tourism, shopping, air and port facilities and efforts to attract industry, and there are 65km of stunning beach, amazing mountain foothills and desert plains. Projects such as Al Hamra Village, Mina Al Arab, Al Murjan Island, Port Arabia (aka Khor Qurm), and the Jebel Jais Mountain Resort will add five-star hotels, sports and leisure facilities (including an outdoor ski slope) and a host of dining and entertainment options. RAK Airways is the national airline of Ras Al Khaimah operating from its International Airport on the edge of the city

Taking advantage of the same fundamentals that launched Dubai as a property, business and investment haven several years ago, Ras Al Khaimah is rapidly becoming the location of choice in the UAE for savvy international property investors and holiday home buyers. RAK is already being tipped internationally as one of the region’s most buoyant and exciting investment destinations, and investing in property here at this early stage of expansion is without a doubt a prosperous opportunity.

In 2007 Ras Al Khaimah enjoyed 40% growth in tourist numbers and hotels recorded 93% occupancy levels, and predictions are that the number of visitors to the emirate will rise to 2.5 million by 2012. It is clear that this market provides an an attractive investment proposition.

The vibrant free-trade zone in Ras Al Khaimah (RAKFTZ) is another huge pull for local and international investors, as it allows clients to set up businesses in the UAE with 100% ownership and without paying personal or business taxes.

RAK PROJECTS

Yasmin This green, self contained community with low-rise buildings, penthouses and one to three bedroom apartments will attract long-term residents or those looking for a premium holiday home. Yasmin benefits from the beautiful backdrop of the Hajar Mountains and is situated conveniently close to the airport, with golf courses, beaches and the pulse of the city close to hand. The development features a hotel, a range of eateries and retail outlets, as well as lush gardens and lake or mountain views.

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The OrchidThis development offers a mix of commercial and residential properties close to the city centre. The 29 storey building will include a swimming pool on its roof, ample parking and fantastic views. Residential suites include one-bedroom apartments and suites with views of the city or the creek. Businesses will benefit from being an hour away from Dubai and minutes from Ras Al Khaimah International Airport. The Orchid is expected to be completed in 2011.

UMM AL QUWAINUmm Al Quwain is the second smallest of the Emirates, and has the smallest population. Nestled on the coast between Ajman and Ras Al Khaimah, it’s a quiet place where not much has changed over the years, and offers a mix of cultures from traditional Emirati to modern city. From the lush green mangroves lining the shores of the Arabian Gulf, Umm Al Quwain stretches across the rolling arid sand dunes to the rich oasis surrounding Falaj Al Moalla 50 kilometres away.

The main industries are still fishing and date cultivation. The emirate has six forts and a few old watchtowers around the town and, with a lagoon, mangroves and birdlife, it is a popular weekend spot for boat trips, windsurfing and other watersports. There are already attractions for holidaymakers here. The area north of the lagoon is known for being the activity centre of the region, with a variety of distractions to suit all tastes, including skydiving, micro-lighting, motorsports, shooting and the popular Dreamland Aqua Park.

Its simple appeal is beginning to attract investors, and a project currently underway will see over 9,000 homes and a marina emerge on the shore of the Khor Al Beidah wildlife area. Another project under development is the massive Al Salam City on the Emirates Road. When completed it will feature residential districts, towers, commercial units and a shopping mall, and will be home to over half a million residents.

Beachside At White BayLiving up to its name, the property contained within this development provides beach and marina views. Choose from two to five bedroom villas or seven-storey buildings offering one to three bedroom apartments, some with large balconies overlooking the ocean. All apartments come fully furnished with a modern decor and up-to-date technology. Residents will be able to use the entertainment and leisure facilities situated a short distance away along the beach.