Week 18 - Asteco Property Management · 2019. 5. 5. · IHG is introducing several new hotel brands...

Week 18 SUNDAY, 05 MAY 2019

ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA

© Asteco Property Management | 2019 | asteco.com

34+ YEARS IN THE MIDDLE EAST

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ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

IHG TO DOUBLE SAUDI ARABIA HOTEL PORTFOLIO IN NEXT 3 TO 5 YEARS

DAMAC SIGNS PARTNERSHIP WITH ROTANA TO DEVELOP SAUDI OPPORTUNITIES

DAMAC EYES NEW HOTEL PARTNERSHIPS IN 2019 TO DRIVE GROWTH

HILTON TO DOUBLE MIDDLE EAST PORTFOLIO AND ENTER NEW MARKETS

WHY $25BN TOURISM SECTOR CAN BECOME SAUDI ARABIA'S 'WHITE OIL'

MARRIOTT INKS DEAL TO RETURN SHERATON BRAND TO SAUDI HOLY CITY

THAILAND'S DUSIT INTERNATIONAL TO OPEN HOTELS IN BAHRAIN AND OMAN

IS THE UAE READY FOR CO-LIVING COMMUNITIES?

STRONG RISE IN BUSINESS CONFIDENCE IN UAE

SAUDI NON-OIL ECONOMY SEES STRONG BUSINESS CONDITION IN APRIL, SAYS

EMIRATES NBD

UAE ECONOMIC GROWTH MOMENTUM 'AT TURNING POINT', SAYS IMF

UAE STARTS ISSUING FIVE-YEAR RESIDENCY VISAS TO ENTREPRENEURS

UAE AMONG FASTEST GROWING GCC ECONOMIES THIS YEAR ON SPENDING BOOST

SAUDI DEVELOPER RAZA SEEKS TO GROW ASSETS TO $7BN BY 2024

KUWAIT INAUGURATES 36KM CAUSEWAY TO FREE TRADE ZONE

MAKKAH REVAMP SET TO DRIVE NEW ERA FOR TOURISM - JLL

HYATT TO DOUBLE HOTELS IN SAUDI ARABIA BY 2023

WHY $25BN TOURISM SECTOR CAN BECOME SAUDI ARABIA'S 'WHITE OIL'

REVEALED: PLANS TO TRANSFORM SAUDI'S EASTERN PROVINCE INTO LEISURE HUB

DISTANCING THEMSELVES FROM AN OIL-LED ECONOMY

UAE'S CONSTRUCTION SECTOR WILL THRIVE BEYOND 2020

DUBAI

HYATT TO OPEN PALM JUMEIRAH PROPERTY THIS YEAR

SHORT-TERM RENTALS OFFER COMPELLING OPTION FOR DUBAI’S PROPERTY OWNERS




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REAL ESTATE NEWS

DANUBE ANNOUNCES COMPLETION OF DH570M STARZ AND GLAMZ PROJECTS

NEW DUBAI CREEK HARBOUR WATERFRONT HOMES REVEALED

DUBAI RULER APPROVES RAFT OF MAJOR PROJECTS FOR THE FUTURE

DUBAI CONSIDERS THREE-YEAR RENT FREEZE FOR RESIDENTS

MILLENNIALS LEAD RUSH TO BUY THE NOOK HOMES IN DUBAI

DUBAI DEVELOPER DEYAAR SEES NET PROFIT SLUMP IN Q1

DUBAI OPENS THE UAE'S FIRST FLOATING MARINE TRANSPORT STATION

PARAMOUNT HOTEL DUBAI TO OFFER MOVIE EXPERIENCE FOR GUESTS IN Q3

DUBAI PROPERTY MARKET RECORDS A FOURTH MONTH OF SALES GROWTH

DH375M LUXURY REAL ESTATE PROJECT IN ARJAN LAUNCHED

DH25 BILLION PLAN TO TRANSFORM DUBAI’S HISTORIC MINA RASHID AREA

NOOR BANK TO MULL DIB OFFER

RIGHT DOORS EASES RENTING PROPERTIES IN DUBAI

EXPO 2020 BENEFITS TO EXTEND LONG AFTER EVENT

DUBAI MUNICIPALITY TO DOUBLE GREENERY IN DUBAI IN 5 YEARS

SMOOTH TRAFFIC FLOW IN AL QUOZ AS FOUR-LANE FLYOVER OPENS

ABU DHABI

MIRAL FORECASTS YAS ISLAND VISITOR NUMBERS RISING 5% THIS YEAR

2019: THE YEAR OF DELIVERY FOR IMKAN

MINISTRY OF FINANCE SIGNS AGREEMENT TO ESTABLISH FINTECH HUB IN ABU DHABI

MIRAL SAYS $1.7BN INVESTED IN YAS ISLAND TRANSFORMATION

HOW ABU DHABI PLANS TO IMPROVE QUALITY OF LIFE FOR RESIDENTS

HOMEGROWN RETAIL, F&B CONCEPTS SOUGHT FOR ABU DHABI PARK PROJECT

CONSTRUCTION OF ABU DHABI UNIVERSITY'S AL AIN CAMPUS 'ON SCHEDULE'




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REAL ESTATE NEWS

ABU DHABI'S GALLERIA SEEKS SUPER-MALL STATUS BY ADDING 300 SHOPS

NORTHERN EMIRATES

RAS AL KHAIMAH NEEDS MORE HOTEL ROOMS, SAYS RAKDA CEO

SHARJAH INT'L SEES 3.2M PASSENGERS IN Q1, UP 9.5%

SOON, WORKERS TO GET THEIR OWN MALL, PARKS IN UAE

DH25 MILLION AJMAN HERITAGE DISTRICT IN THE WORKS

INTERNATIONAL

INDIAN TOURIST ARRIVALS FROM GCC UP ON E-VISA

BAHRAIN'S INVESTCORP BUYS US PROPERTIES IN $170M DEAL

JUMEIRAH GROUP TO OPEN FIVE HOTELS IN EUROPE AND ASIA

OPEC MAY EXTEND OUTPUT CUTS




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IHG TO DOUBLE SAUDI ARABIA HOTEL

PORTFOLIO IN NEXT 3 TO 5 YEARS Monday, April 29, 2019

InterContinental Hotels Group, which owns the Crowne Plaza, Holiday Inn, Intercontinental and other brands,

expects to double its portfolio in Saudi Arabia to more than 60 hotels over the next three to five years to serve the

kingdom’s expanding tourism sector, the company’s regional director said.

“Saudi Arabia has always been the number one market for us, and remains the number one market for us,” Pascal

Gauvin, IHG’s managing director for India, the Middle East and Africa, told The National.

“One of the key pillars of Saudi’s Vision 2030 [economic diversification roadmap] is about growing the

contribution of tourism to the national economy, and you can imagine we’re really going to the heart of this.”

The number of international arrivals to the kingdom is set to increase by around 4 per cent per year to reach 22.1

million by 2025, according to the World Travel and Tourism Council. Saudi Arabia is investing in new hospitality-

focussed projects to fuel tourism, such as its $500 billion Red Sea mega-development, Neom.

“We will really benefit from the Red Sea resort, and from growth in cities like Jeddah and Riyadh – it is really

exciting for us,” Mr Gauvin said.

New York-listed IHG operates 33 hotels in Saudi Arabia at present, with 13 more scheduled to open in the next

two to three years, and more to come based on ongoing conversations with prospective partners, the managing

director added. On Sunday, IHG signed a distribution agreement with Saudi Arabia-based travel operator Seera

Group (formerly Al Tayyer Travel Group) to promote services to IHG’s hotel guests.

Of IHG’s 5,600 properties worldwide, 140 are in the Middle East, Africa and India, and 91 in the Middle East alone,

with 37 more to open in the next three years.

“Overall, the Middle East is doing very well for us,” Mr Gauvin said.

IHG is introducing several new hotel brands to the region in the coming 12 months, including the first in a handful

of upscale Regent properties following IHG’s acquisition of 51 per cent of UK-based Regent Hotels & Resorts last

year. It opened the first regional branch of its newly created Voco brand in Dubai three weeks ago, and has signed

to open two more, in Saudi Arabia and Egypt. There are also plans to open a 200-room Hotel Indigo (a boutique

hotel concept) in Dubai in October, and launch a new hotel suites brand in the region, similar to IHG’s Staybridge

Suites but more upscale.

In addition, IHG expects to sign an agreement this year to open the first Kimpton Hotels & Restaurants in the

Middle East, after IHG acquired US-based Kimpton in 2014. There will most likely be “a handful” of Kimpton hotels

opening in the region in future, according to Mr Gauvin, and the company is “always looking for new acquisition

opportunities in the region and beyond”.

IHG does not disclose regional breakdowns of financial performance. Worldwide, the group’s full-year revenues

were up 6 per cent year-on-year to $1.8bn in 2018, although pre-tax profits dropped 26 per cent to $485m,

attributed to extra costs from corporate restructuring, the company said in a stock market filing in February.

The group added 56,000 new rooms during the year, taking its total global portfolio to 837,000 rooms.




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In the Middle East, hotel revenues and room rates have been subject to steep declines in recent years because of

low oil prices denting consumer purchasing power, as well as rising supply of hotel keys as the market matures.

While there remains appetite for luxury hotels in the region, 50 per cent of IHG’s regional pipeline is in the mid-

market segment to tap into strong demand for affordable hotels and reduce operational costs, according to Mr

Gauvin.

“There is always some space for luxury hotels, but the industry is maturing,” he said. “Worldwide, luxury only

accounts for around 5 per cent of the whole hospitality market, so that shows the scale of the opportunity in

other segments.”

Source: The National

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MIRAL FORECASTS YAS ISLAND VISITOR

NUMBERS RISING 5% THIS YEAR Sunday, April 28, 2019

Miral Asset Management, the Abu Dhabi government-owned developer behind Yas Island’s main leisure

attractions, forecasts 5 per cent annual growth in visitor numbers in 2019 as it expands its theme parks and

markets them overseas.

“Bringing more international tourists to Abu Dhabi will be a game changer for us as it will grow our market share

and help boost our visitor numbers,” said Mohamed Al Zaabi, chief executive of Miral, told The National.

Miral recorded 28 million visits to Yas Island in 2018, up 3 per cent from 27 million in 2017, Mr Al Zaabi said,

during the Arabian Travel Market exhibition in Dubai on Sunday. “Absolutely, we want to continue growing these

numbers as we invest in new attractions at Yas Island.”

Miral was set up by Abu Dhabi government in 2011 to manage the entertainment components of the 25 million

square foot Yas Island, alongside state-backed real estate developer Aldar, which oversees the island’s residential

and retail strategy.

Miral already owns Yas Waterworld as well as Ferrari World and Warner Bros World Abu Dhabi theme parks.

Sharjah tourism's booth at Arabian Travel Market. All pictures by Antonie Robertson / The National

The developer plans to open Clymb, an indoor skydiving attraction in early 2020, and Yas Bay, a waterfront leisure

destination housing the 18,000-capacity Yas Arena exhibition centre, which is currently being built.

In addition, Miral plans to open the Middle East’s first SeaWorld marine life park in 2022. The value of attractions

under construction sits at around Dh6.2 billion, according to Mr Zaabi, and about 40 per cent of Yas Island has

been built to date.

While Yas Island’s theme parks currently attract a varying split of overseas to domestic visitors, Miral aims to

capitalise on recent growth in international tourist numbers to Abu Dhabi to reach 10.27 million visitors in 2018,

according to official statistics from Abu Dhabi's Department of Culture and Tourism in February.

The capital is investing in new cultural and entertainment offerings to boost its tourism sector as part of a push to

diversify the economy and reduce dependence on oil revenues. In addition to Louvre Abu Dhabi, which opened

last year, the emirate has also reopened its oldest building, the Qasr Al Hosn fort site, as a museum. India, China

and the UK remained the top three source markets for tourists to Abu Dhabi in 2018.

As part of its expansion Miral wants to “physically and digitally” connect the entertainment components of Yas

Island, for example through new online ticketing packages and innovative ways of transporting visitors, its chief

executive told The National.

For the past two years, the company has been in talks to build an aerial cable car network to take visitors across

the island to different attractions with minimal impact on the ground. It signed an agreement with California-

based skyTran in 2016 to discuss the feasibility of building skyTrain's elevated, high-speed Personal Rapid Transit

(PRT) system at Yas Island.

Mr Al Zaabi said Miral will announce in July whether or not it will proceed with the plans.





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DAMAC SIGNS PARTNERSHIP WITH ROTANA

TO DEVELOP SAUDI OPPORTUNITIES Sunday, April 28, 2019

The partnership starts with an agreement for Rotana to operate a tower of hotel apartments in Riyadh.

Damac Properties has signed a partnership agreement with UAE’s Rotana to develop opportunities in Saudi

Arabia’s hospitality sector.

The partnership starts with an agreement for Rotana to operate a tower of hotel apartments in Riyadh.

Under the agreement, Damac Towers Arjaan by Rotana, Riyadh, which features apartments furnished by Fendi

Casa, will be operated under the Arjaan Hotel Apartments by Rotana brand.

The agreement was signed by Damac Hotels and Resorts - its hospitality arm - with Rotana Hotel Management

Corporation, on the opening day of the Arabian Travel Market.

The partnership arises from a common goal to develop opportunities in Saudi Arabia’s hospitality sector, will see

increased demand from tourists.

Earlier this year, Damac’s chairman, Hussain Sajwani, expressed interest in new plots in Saudi Arabia, and around

the same time, Rotana also laid out its plans of stepping up efforts to expand its footprint in the kingdom.

“Our partnership with Rotana will help us realise our vision of offering unrivalled investment opportunities in the

hospitality industry,” said Ali Sajwani, general manager of Operations at Damac.

Source: Arabian Business

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HYATT TO OPEN PALM JUMEIRAH

PROPERTY THIS YEAR Sunday, April 28, 2019

Hyatt Hotels signed a management agreement with Wasl Asset Management Group for the development of an

Andaz branded hotel on Dubai’s Palm Jumeirah.

Andaz Dubai The Palm is slated to open in the last quarter of 2019, becoming the first Andaz branded hotel in

Dubai and the second Andaz hotel in the UAE, joining Andaz Capital Gate Abu Dhabi.

The hotel will feature twin 15-story towers with 217 guestrooms and 116 serviced apartments. The property will

also include four restaurants and will have exclusive beachfront access.

Hyatt has a second property under development at Dubai’s La Mer. Previously announced as Andaz La Mer Dubai,

Hyatt Centric La Mer Dubai will mark the first property under the Hyatt Centric brand in the UAE.

Hyatt Centric La Mer Dubai is set to open in 2020.


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SHORT-TERM RENTALS OFFER

COMPELLING OPTION FOR DUBAI’S

PROPERTY OWNERS Sunday, April 28, 2019

Owning a home has always been a magnificent obsession… no one denies it. The dream home - that tangible

evidence of success and the sense of ownership count.

But the pleasure often lies in the timing and ensuring that in the pursuit of that happiness, you do not dig yourself

into a financial well. There are phases where renting property while saving, planning or investing for the future is

given impetus because certain market conditions allow for this comfort zone.

However, as the global village shrinks further and travel intensifies, a city like Dubai calls for multiple choices in

accommodation. The sentiment of a “home away from home” has begun to hold sway.

These factors work in tandem and provide strong compulsions to rent rather than buy. This short-term exercise is

predicated on common sense and current trends. Dubai, as we notice, is facing reduced yearly rental demand,

which allows for aspirational living at affordable cost.

This has been confirmed by reports, which suggest that residential prices will continue their decline due to

increased supply. With prices having dropped by as much as 20-30 per cent, people can consider moving into a

higher bracket and enjoying the benefits therein. Into this mix is the annual leasing cycle gap rate, which stretches

to six months vacancy in a typical three-year cycle, and underscores even further the advantage to the lessee. The

cycle gap indicates the disparity between current rental income of a property and the potentially achievable rental

income.

Greater supply

In a buyers’ market when supply outweighs demand, this advantage again accrues to the tenant. In-depth studies

also indicate that there will be further across-the-board supply by 2020, with some experts indicating a surge of

as much as 300 per cent.

That means as many as 570,000 new units will enter the market by 2020 and 33,000 plus will be added this year.

But even if it is a little less, this is the best time to put your vacant property on rent, and in turn add a little zest to

your lifestyle.

For the next three years, the tenant holds the cards and can reasonably expect to be wooed by the market.

Bearing this in mind, companies with long- and short-term vision and strategic planning are focusing on specific

rental concepts with special emphasis on short-term leases.

Rather than opt for the a clinical hotel accommodation, visitors would much rather rent a “home” with all the

amenities and live well. This usage of assets on a need-to basis is fiscally sound and encouraged, whether it is

office space, a domestic environment, or even transportation. Going in for rental makes good sense.

Framework




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Even the lessor earns higher revenue through shorter asset usage per transaction. The attraction to rentals is

seen in the strong surge within the corporate sector, with the spike reaching a peak in the monthly rental of

apartments and villas that are functional and fully-furnished.

The forward-thinking DTCM has generated incentives through its “Holiday Home” regulatory framework by

providing protection for property owners and guests through defined standards. The easy registration process

and stringent licencing regime of operators ensures that everyone is secure and comfortable that they are getting

the deal they wanted.

The activation of multiple channels for processing offers like Airbnb and booking.com has also made things even

easier. Those with an edge are companies with in-house knowledge of the hospitality industry, an awareness of

local conditions, and the working of the system with the controls to ensure the best results.

These combined with a network of contacts and a strong customer base in which word-of-mouth plays a fair part

allows such entities to grasp the lead.

Paul Mallee is co-founder and Managing director of Maison Privee.

Source: Gulf News

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DANUBE ANNOUNCES COMPLETION OF

DH570M STARZ AND GLAMZ PROJECTS Sunday, April 28, 2019

Danube Properties on Saturday announced the completion of 454 units in Starz and pre-completion of 426

residences in Glamz - its fifth and sixth residential projects.

Both the projects were launched and sold out in 2016 and completed in record time in 2019. Once the planned

handover of 880 units in Starz and Glamz are completed, Danube Properties will have delivered 1,711 residential

units, worth Dh1.69 billion, part of its portfolio of 5,019 residences, worth Dh3.82 billion, in less than five years

after it launched its maiden project - Dreamz in June 2014.

The 880 homes come with several lifestyle amenities, including a fully-fitted gymnasium, health club, swimming

pool, large reception area, community areas with landscaped greenery, ample car parking and other facilities - all

offered at a very affordable price and with a one per cent monthly payment plan. Once handed over, residents

will also enjoy easy access to Dubai's public transport with a metro station within two-minutes walking distance

from the Glamz and three minutes from Starz. Residents will be able to reach the Expo 2020 site in just 7-10

minutes through the metro station and catch a flight at Al Maktoum International Airport - which could be

reached in 15 minutes from the nearest metro station.

"As we move closer to the Expo 2020, we see renewed confidence in the UAE real estate market. The complete

sell-out of our projects reflect a strong investor confidence in not only the Dubai real estate market, but also in

Danube Properties," said Rizwan Sajan, founder and chairman of Danube Group. "Today, we are not only

delivering homes, but delivering promises we made to home buyers who have put their faith in us. We are a firm

believer in the long-term sustainable development of real estate projects and there is no better market than the

UAE, especially Dubai."

Danube Properties' new home deliveries come at the backdrop of its stellar performance in 2018, clocking in a

78.5 per cent jump in sales of the number of residential units that has boosted Danube Properties' market share

of off-plan sales to 10.6 per cent in 2018, compared to the five per cent in 2017. The company last year sold a total

of 1,869 residential units, according to its annual report.

Atif Rahman, director and partner of Danube Properties, said: "Our record of continuous development and timely

delivery of properties speaks volumes about our strong commitment to quality, timely delivery and our solid

commitment to our home buyers. Today marks a great milestone in the history of Danube Properties as we will

be delivering six out of the 12 projects launched by us, in less than five years. Our launch-to-delivery ratio is one

of the highest in this region."

Danube Properties has so far awarded Dh1.6 billion worth of construction contracts involving 10 of the 12

projects launched so far. In 2018, Danube completed construction of 358 residential units while it awarded

construction contracts for 926 units.

Source: Khaleej Times

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INDIAN TOURIST ARRIVALS FROM GCC UP

ON E-VISA Monday, April 29, 2019

India's e-visa facility, currently available to 167 nationalities, recorded a 30 per cent growth in issuance and has

been largely instrumental in giving a major boost to tourist arrivals from the Middle East, the country's top

diplomat in Dubai said on Sunday.

Vipul, Consul General of India in Dubai, said the e-visa facility, which was recently extended to the citizens of Saudi

Arabia, has been a game-changer for the tourism industry growth of one the world's most sought-after travel

destinations.

Speaking at the Arabian Travel Market, Vipul said India, which is endowed with abundant tourist attractions and

immense opportunities related to sight-seeing, spirituality, wellness, shopping, sports or other activities, has a lot

to learn from Dubai in promoting tourism.

"The Government of India has liberalised and simplified visa regime for tourists and our consulate has also played

its true part in facilitating travel of Emiratis and foreign nationals to India from the UAE. I am sure that our

participation in the Arabian Travel Market will enhance tourism inflow to India," he said.

He said e-visa, valid for entry through 25 designated airports as well as five designated seaports and available

under three sub-categories - Tourist Visa, e-Business Visa and e-Medical Visa, has contributed to the increase in

foreign tourist arrivals to India.

The India pavilion at the ATM is showcasing India as a "365 Days Destination." About 20 participants from India

representing the State Tourism Department of Kerala, Air India, IRCTC, Tour Operators, Travel Agents,

Hoteliers/Resorts, Wellness Spas and Ayurveda Centres will be present in the India Pavilion to showcase their

showcase their diverse tourism products and services.

As per the report of World Travel & Tourism Council, India is ranked at third place in Power Ranking and has

jumped from 7th place in 2017 to 3rd place in 2018.

Vibhava Tripathi, assistant director general, India's Ministry of Tourism, said India has emerged as a destination

for medical/wellness travel in the GCC. "The percentage of foreign tourist arrivals visiting India for medical

treatment has been increasing over the years and growing rapidly."

Tripathi said India is poised to become a hub for medical tourism because of several factors including world class

hospitals with latest technology, highly skilled Indian physicians and surgeons, cost effective treatment, excellent

quality of care and nursing, less waiting time for availing of medical services, traditional healthcare therapies like

Ayurveda & Yoga combined with allopathic treatment providing a holistic wellness destination.

He said the country's tourism outlook is certainly very promising with an upward trend in foreign tourist arrivals.

"India received around 10.04 million FTAs in 2017 registering a growth of 14 per cent over 2016. The Gulf and the

Middle East region are an important market for India. There has been a consistent and positive growth of FTAs

from this region to India and the aim is to further accelerate the pace of growth rate in international tourist

arrivals over the next three years through a multi-pronged approach, including proactive marketing strategies in

partnership with our tourism stakeholders," said Tripathi.





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DAMAC EYES NEW HOTEL PARTNERSHIPS

IN 2019 TO DRIVE GROWTH Tuesday, April 30, 2019

Damac Hotels & Resorts, the hospitality arm of Damac Properties, is scouting for new hotel operator partners to

grow the business in the GCC and beyond, as it seeks to deliver 15,000 hotel rooms over the next three to four

years.

On Sunday, Damac signed an agreement with UAE-based hotel management company Rotana, under which

Rotana will operate Damac’s luxury hotel apartment project Damac Towers, in Riyadh, as an Arjaan by Rotana

property with 454 serviced apartments. The project is set to complete in the third quarter of this year.

Damac has two of its own luxury hotel brands, Damac Maison Royale and Damac Maison, through which it

manages premium hotel apartments at five properties in Downtown Dubai and Business Bay.

It has also started forging partnerships with local and global hotel operators to provide the hospitality elements of

Damac’s mixed-use schemes in Dubai and the UK.

As well as the Rotana deal, it has an agreement with Radisson Hotel Group since last August to build a 481-room

Radisson hotel at the Damac Hills residential community in Dubai. There is also an agreement with Paramount

Hotels & Resorts for the latter to operate the Damac Towers serviced apartment project on Sheikh Zayed Road,

due to open in the third quarter of 2019.

In total, Damac’s hospitality unit plans to open around 5,000 keys per year until 2023, Mr Faivre told The National

at the Arabian Travel Market in Dubai. “We are gearing up to sign new deals in Saudi Arabia, Oman, Jordan and

Qatar,” he said.

Damac Hotels & Resorts saw 15 per cent year-on-year revenue growth in 2018 as it expanded its portfolio, but Mr

Faivre is uncertain whether that same rate can be achieved this year, “as the market overall has shown a drop”.

Hotels in the region have seen declines in revenues and room rates in recent years and Dubai-based Tri

Consulting last month predicted “mixed results” for the Middle East hospitality sector in its hotel market report for

2019.

According to the report, 2018 was a challenging year, driven by supply progression against minimal expansion in

demand.

Low oil prices, weaker economic growth and currency fluctuations were among the reasons for lower tourist

spending in the Middle East, which also resulted in a drop in average room rates by 4.1 per cent last year, while

revenue per available room fell 1.9 per cent, according to Tri Consulting.

“There is a dip due to oversupply which has placed additional pressure on rates," Mr Faivre added. "But we

believe this is only a cyclical trend and this additional supply will eventually be absorbed."

There are no plans to spin off the hospitality unit into a wholly owned subsidiary of Damac Properties, he added.


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HILTON TO DOUBLE MIDDLE EAST

PORTFOLIO AND ENTER NEW MARKETS Tuesday, April 30, 2019

Hilton, the New York-listed global hotels company, plans to double its portfolio in the Middle East to around 160

hotels over the next three to five years, with growth driven by Saudi Arabia, the UAE and several key African

markets, its regional president said.

“We are extremely strong in Saudi Arabia and the UAE, while new entries in Tunisia, Nigeria and Morocco are

performing well,” said Rudi Jagersbacher, president for Middle East, Africa and Turkey at Hilton, told The National

in an interview. Average hotel revenues across the portfolio rose in the past 12 months, though not as much as

they did in 2017 or earlier, he added.

He declined to provide figures as the publicly listed company is due to report its first-quarter 2019 financial

results in the coming days. Average revenue per available room (RevPAR) across Hilton’s Middle East and African

portfolio increased by 1.8 per cent annually in full-year 2018, and global average RevPAR is expected to grow by

between 1 and 3 per cent in 2019, the company said in a bourse filing in February.

Hotel revenues and room rates across the Middle East and North Africa have declined in recent years due to

rising supply and lower oil prices denting consumer purchasing power.

Hilton has around 150 hotels in the Middle East, Africa and Turkey and 160 more in its pipeline, equating to an

additional $9 billion of development value, Mr Jagersbacher told The National. The UAE portfolio is set to double

in three to five years, while the Saudi Arabia portfolio will more than quadruple in the same period to over 50

from 12 today. There are currently 34 new hotels in the Saudi pipeline and Hilton recently signed to open another

six.

Planned growth in religious tourism is a particular draw for Hilton, Mr Jagersbacher said. Saudi Arabia aims to

attract 30 million pilgrims by 2025 as part of plans to boost the tourism sector under the Vision 2030 economic

diversification roadmap.

As well as targeting new countries in Africa to spur future growth, Mr Jagersbacher is eyeing re-emerging markets

including Syria, Iraq and Pakistan. “There are definitely big opportunities as they develop into economically viable

and compliant states, and we want to be represented there,” he said.

“Take Syria and Iraq – a lot of money is going into rebuilding those countries and inevitably they will need hotels.”

Any plan to enter such markets would require rigorous due diligence and careful planning.

He also expects increased take-up of Hilton franchises in the Middle East – a business model that has been slow

to take off in the region’s hospitality market. Hilton’s three hotels at Al Habtoor City in Dubai – totalling 1,600

rooms – are franchised, and the practice “will definitely grow”.

There are no plans for acquisitions of smaller hotel companies in the region as Hilton marks its 100th year of

operation in 2019, Mr Jagersbacher added. “We believe in organic growth globally and regionally, we have a strong

global brand, and don’t see any opportunity in buying another company.”


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NEW DUBAI CREEK HARBOUR

WATERFRONT HOMES REVEALED Tuesday, April 30, 2019

Dubai Creek Harbour, the six square kilometre waterfront destination featuring the iconic Dubai Creek Tower and

the retail metropolis Dubai Square, has unveiled the new Creek Edge waterfront residences.

Creek Edge, which is located on the northern tip of Creek Island, comprises two towers of 40 and 20 storeys,

located near the premium luxury Address Harbour Point hotel.

With 560 apartments and a very limited collection of waterfront duplex townhouses on the podium level, Creek

Edge offers 1, 2, and 3-bedroom apartments.

With its focus on leisure, play and recreation, Creek Edge has several amenities including a gym, multipurpose

room, outdoor children's play area, swimming pool, BBQ pits, Zen/yoga area and cabanas integrated within the

landscaped podium.

The podium serves as a link with the promenade, where recreational and leisure activities take place.

Next door is the Ras Al Khor Wildlife Sanctuary, a haven for migratory birds including pink flamingos.

Dubai Creek Harbour is set to welcome the first residents this year and several construction milestones have

been achieved across the various residential developments.

The development will also feature luxury hotels, parks and gardens, several cultural attractions, canals,

landscaped promenades, pedestrian walkways, cycle paths, and city bus routes.


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2019: THE YEAR OF DELIVERY FOR IMKAN Monday, April 29, 2019

Of our 26 projects, spanning three continents, five developments are due for release during 2019: Nudra – an

exclusive beachside community of luxurious villas set on Saadiyat Island overlooking the Arabian Sea; Sheikha

Fatima Park - Abu Dhabi’s first dynamic open air leisure space; Thanaya - a thriving apartment complex; phase

one of Alburouj - a complete integrated community 20 minutes from Cairo airport, and Villa Diyafa - an

unparalleled luxury hotel experience located in the heart of Rabat.

Our core values lie in placemaking. By focusing on placemaking, we’re aiming to develop vibrant neighborhoods

and interactive public spaces that bring in value over time; both economically and with focus to people’s wellbeing

– and this principle is a true reflection of our ethos. Here is a closer look at the projects that embody this very

principle and more specifically; those that are coming to fruition this year.

Nudra, this beautiful beachfront complex of 37 villas is over 60 per cent compete and due for handover this

summer. Each of the luxury villas on the development is set on 26,000 sq ft plots within Saadiyat Island’s Cultural

District. Being set on a gentle slope provides picturesque views of the Arabian Sea. At IMKAN our aim is to set a

new standard for community living with this exclusive project which has private beach access and allows

purchasers of the villas to fully customize their interiors - the first project in Abu Dhabi to offer the option.

Sheikha Fatima Park is a vibrant new leisure space in the heart of one of Abu Dhabi’s busiest neighborhoods,

Khalidiya and will be delivered in October 2019. The urban park will be a revitalized, multi-use space and packed

with community-led activities. Sheikha Fatima Park will be haven for urban dwellers drawn to the community-

centric hub which will host performances, fairs, outdoor exercise classes and movie screenings. With its prime

location, strategically situated at the corner of Al Bateen Street and Zayed the First Street, and roughly 10000 sqm

of one-of a kind services in a picturesque setting, the park offers open-air discover for residents and visitors.

Thanaya, an integrated residential development, inspired by the traditional mashrabiya is scheduled for handover

at the end Q4 of this year.

The building, located in Abu Dhabi’s vibrant Al Muntazah area, will consist of 84 apartments ranging from studio

apartments to two-bedroom units split across six levels. The lively and upscale apartment complex will also house

two basement levels of car parks, a community clinic, food and beverage outlets and a pharmacy. Thanaya’s

community amenities will be located on its rooftop which will feature a jogging track. The varied elements

integrated within the project are a direct result of IMKAN’s in-depth research on the micro-environment,

combined with meticulous planning to create a holistic community.

Our international footprint will be further solidified through the delivery of phase one of Alburouj. This complete

500-hectare Cairo suburb, will consist of 25,000 residential units. Start of delivery will commence in July 2019 with

254 units. Located on Ismailia Road, just 20 minutes away from Cairo Airport, the development is made up of

villas, twin-houses, town houses, duplexes and apartments. The complex will house a medical district, a mall, a

sports club, a “Smart village” and schools.

Villa Diyafa is a luxurious hotel in the embassies district of Rabat and due for handover July 2019. We design our

global spaces according to our model of enriching people’s lives and Villa Diyafa is no exception. It celebrates

design by mixing Moroccan architecture with Andalusian highlights. Inspired by the life and art of Zyriab. This

hotel gives guests an immersive, empowering, luxurious and world-class experience.

Further to the above we are moving full steam ahead with construction on additional projects within our portfolio.

AlJurf - a new coastal community, located between Abu Dhabi and Dubai. It will feature a range of facilities and




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amenities, including a world-renowned wellness clinic and retreat, unique residential communities and serviced

residences, a marina and a town center encompassing a hotel and retail units. It is set in a conservation area of

natural outstanding beauty and is set to change the concept of owning a second home in the UAE.

Pixel, which will be the first mixed-use project in ‘Makers District” Pixel is promoting forward living in what is set to

be Abu Dhabi’s new beating heart. The community will be made up of 525 residential units within seven mixed-

use residential towers that are surrounded by quiet pocket gardens and frame a centralized pedestrianized plaza

- home to an artisanal mix of F&B, retail spaces and office.

We are proud of the progress of our projects, all built following extensive research that uncovers the distinct

social behaviors and habits of specific market segments – from millennials to discerning high-net-worth

individuals.

Our research-led approach enables us to shape vibrant communities, thereby ensuring residents, visitors and

investors live a better life – join us on our journey as we continue to create soulful places that enrich people’s

lives.


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Page 20



BAHRAIN'S INVESTCORP BUYS US

PROPERTIES IN $170M DEAL Tuesday, April 30, 2019

Bahrain-based Investcorp on Tuesday announced that its Real Estate Investment team has acquired a portfolio of

eight single-tenant distribution properties in various locations across the US for about $170 million.

The properties in the portfolio total 1.4 million square feet and are 100 percent leased, the company said in a

statement.

It added that the properties are leased to a diverse roster of tenants including FedEx Ground, XPO Logistics,

Conagra Foods and Spectrum.

The portfolio is located across eight major US markets - Chicago, Phoenix, Jacksonville, St Louis, Charlotte,

Cincinnati Cleveland and San Antonio.

“We are pleased to add these properties to our growing portfolio of assets in the logistics space, a core

component of our global real estate investment strategy,” said Hazem Ben-Gacem, co-CEO of Investcorp.

“We have a bullish outlook on logistics real estate assets because we believe they are supported by strong market

dynamics, especially on the back of the healthy growth in e-commerce.

"Each of these properties is fully leased by well-known tenants on long-term leases across key cities in the US,

enabling us to deliver attractive cash flow to our investors.”

Including this recent acquisition, Investcorp currently owns 191 industrial buildings totaling 16 million square feet.

In the last 18 months, Investcorp has acquired approximately $2 billion of US real estate through 21 deals.

“With the rapid growth of e-commerce in the US driving increased demand for industrial assets, this portfolio

underscores our ability to identify and then execute on long-term, secular trends in real estate,” said Babak

Sultani, managing director in Real Estate Investment at Investcorp.


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Page 21



DUBAI RULER APPROVES RAFT OF MAJOR

PROJECTS FOR THE FUTURE Tuesday, April 30, 2019

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has

approved a package of future projects to be developed by the Roads and Transport Authority (RTA).

The projects, aimed at enhancing the happiness of residents, include a Sky Garden, bicycle lanes and promenades

at Sheikh Zayed Road, Umm Suqeim and Jumeirah Beach.

He also endorsed road and public transport projects as well as a five-year plan for constructing internal roads in

residential districts, a statement said.

Mattar Al Tayer, director general and chairman of the RTA, briefed Sheikh Mohammed on the Sky Garden project,

a new footbridge measuring 380 metres in length and 60 metres in height and spanning an area of 3,422 square

metres.

Sky Garden is slated to be a new tourist destination for residents and visitors and will connect many of the city's

landmarks along the shores of Dubai Creek.

It has a green environment extending along the bridge together with multi-level lanes for cycling and running. The

project will offer a panoramic view of old and new Dubai.

It will also feature new commercial outlets and naturally shaded areas that encourage the practice of outdoor

activities, the statement added.

Sheikh Mohammed also reviewed details of the Sheikh Zayed Road promenade located between Dubai World

Trade Centre and Financial Centre Metro Stations.

It uses the area underneath the Dubai Metro viaduct and transforms it into a green space stretching 2.5km open

for visitors to engage in walking and cycling.

The walkways include three main points - Bazaar Street, Technology Park and Urban Park spanning an area of

54,000 square metres.

A project undertaken by RTA in cooperation with Careem to operate 3,500 bicycles at 350 stations in Dubai was

also reviewed by Sheikh Mohammed.

The project will be the first bicycle-pool phased programme of its kind in the region. Careem will use smart

features to track bicycles, predict high occupancy areas, and connect all bicycles through GPS, besides using

environmental sustainability methods by operating solar-powered bicycle racks and connecting them to a

wireless network.

Customers will be able to hire bicycles with their credit cards, NOL cards or smartphone apps linked with the

S'hail system.

The Dubai ruler also reviewed the Sunset promenade project, a new beachfront area spanning 80,000 square

metres connected to Jumeirah Beach Walk focused on promoting family entertainment.

It includes beach areas and unique models of several floating islands with a total beach area of 107,000 square

metres, in addition to designs of green hills, sandy hills, parking lots, public facilities and retail spaces.




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Sheikh Mohammed also reviewed Deira Plaza project, which spans an area of 35,000 square metres and provides

an urban public space for entertainment. It seeks to create new spaces for social engagement and features

spaces for events, hiking, public rest areas and multi-storey parking.

Sheikh Mohammed was also briefed about the Skypods project, a suspended transit system that links vital spots

such as the Dubai Financial Centre and the Downtown with the Business Bay.

Passing through the Happiness Street and runs up to City Walk, through tracks extending 1 km in length, the

project, which has 21 stations and the capacity to transit 8,400 riders per hour per direction, offers an urban

transit experience.

The ruler also attended a briefing about the Umm Suqeim promenade to be located between Mall of the Emirates

and Madinat Jumeirah running 1,500 metres in length over an area of 28,000 square metres.

It has three main recreational areas for families - City Hub Plaza, Time Out Plaza and Village Plaza. The project

includes a landmark 110-metre pedestrian bridge above Jumeirah Street with dedicated cycling and running

lanes.


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Page 23



WHY $25BN TOURISM SECTOR CAN

BECOME SAUDI ARABIA'S 'WHITE OIL' Tuesday, April 30, 2019

Tourism will play a major role in reducing Saudi Arabia’s dependence on oil revenues with the sector generating

more than $25 billion this year, according to experts.

Speaking at Arabian Travel Market 2019, a panel which included representatives from Saudia Private Aviation, Dur

Hospitality, Colliers International MENA, Marriott International, Jabal Omar Development Company and Saudi

General Investment Authority discussed opportunities related to upcoming tourist-focused developments and

visa reforms.

Kingdom-based industries in direct contact with tourists are expected to generate more than $25 billion this year,

about 3.3 percent of Saudi Arabia’s GDP.

Reema Al Mokhtar, head of destination marketing, Jabal Omar Development Company, said: “Our country has

beautiful geographic diversity and a host of cultural attractions so, once visitors come into the kingdom and see

the different projects lined up for them, I think it will market itself.”

Saudi Arabia’s domestic tourist trips are projected to rise by 8 percent in 2019, while inbound visits from

international markets are expected to grow by 5.6 percent per year, according to research conducted by Colliers.

Saudi Arabia’s overall number of tourist trips is on course to hit 93.8 million by 2023, up from 64.7 million in 2018.

John Davis, CEO, Colliers International MENA, said: “I think some airlines could probably double their number of

[weekend] flights and still fill the seats. So, when the country opens [new local attractions], people will utilise

them.”

Panellists agreed that ‘giga’ developments will prove crucial in helping to meet the economic diversification

targets set out in Saudi Arabia’s Vision 2030.

Alex Kyriakidis, president and managing director, Marriott ME&A, Marriott International, said: “The challenge to

date has been a lack of opportunities for domestic tourists. However, if you look at developments like The Red

Sea Project and Qiddiya, which are completely reinventing destinations that will appeal to Saudi residents, you will

find everything from hospitality and wellness to entertainment and sports. For many segments of the local

population, these projects will stimulate spending in the country.”

Despite the more than 9,000 keys of three- to five-star international supply due to enter the market this year, the

panel agreed that the kingdom is well placed to sustain and even increase occupancy levels over the coming

years.

Dr Badr Al Badr, CEO, Dur Hospitality, said: “We’ve been in the hospitality sector for 42 years and we’ve never seen

anything like this. What’s happening now is earth shattering. The change of mindset in terms of opening up this

country for visitors – whether for religious or general tourism – is definitely something to be celebrated.”

Visa-related improvements are also expected to drive growth in Saudi Arabia’s tourism sector with the roll-out of

30-day Umrah Plus Visas, eVisas for tourists and specialist visas for events such as the Formula E Championship’s

E-Prix.




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Majid M AlGhanim, director of tourism, Saudi General Investment Authority, said: “Many of the reforms that are

happening right now, such as 100 percent ownership and easier registration for foreign companies, involve

regulation. Hopefully, we will see lots of international investment in Saudi destinations very soon.”


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Page 25



MARRIOTT INKS DEAL TO RETURN

SHERATON BRAND TO SAUDI HOLY CITY Tuesday, April 30, 2019

Set to open in 2023, Sheraton Taiba Hotel, Madinah will comprise 268 rooms and include three culinary concepts

under Sheraton’s refreshed F&B philosophy.

“We are delighted to work with the Taiba Holding Company to open our first Sheraton in Madinah, which will

represent the brand’s new identity offering guests a unique experience through enhanced services and designs

while staying true to its legacy,” said Alex Kyriakidis, president and managing director, Middle East & Africa,

Marriott International.

“Religious tourism represents a significant part of the kingdom’s non-oil economy and will continue to play a key

role as the government plans to attract 30 million pilgrims by 2030. As a result, we expect the demand for hotels

in the Holy Cities to increase further in the coming years.”

Gasem bin Abdul Ghani Al Maimani, CEO, Taiba Holding added: “We are very happy to be working with Marriott

International to bring the Sheraton brand back again in its new transformed shape to Madinah. We continue to

join hands with experienced partners to add value to our shareholders and community by bringing iconic projects

to life.”

Sheraton Taiba Hotel, Madinah will have elements like the productivity table that will help transform the hotel

lobby into a space that make people want to eat, drink, hold meetings and linger.

The property will also introduce the Community Manager, who will deliver a unique digital experience exclusive to

Sheraton.

Sheraton boasts nearly 450 hotels in over 72 countries.

Marriott International currently has a portfolio of 27 properties and over 8,000 rooms across nine cities in the

kingdom. The company expects to nearly double its presence in Saudi Arabia in the next five years.


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Page 26



JUMEIRAH GROUP TO OPEN FIVE HOTELS

IN EUROPE AND ASIA Tuesday, April 30, 2019

Dubai-based Jumeirah Group plans to open an additional five hotels in Europe and Asia over the next 18 months,

according to CEO Jose Silva.

Jumeirah’s new management agreements include hotels in Bali – in which Jumeirah is a 50 percent partner - and

Guangzhou in China, both of which will open this year.

A third hotel, in the Chinese city of Hangzhou, is slated to open in the next 18 months.

In Dubai, Silva said that the firm’s hotels have an occupancy rate in the mid-70s, Silva said, a decrease from a

previous rate in the 80s.

Quoted by Reuters, Silva said that the company is maintaining revenue via a “mild rate increase.”

“Dubai doesn’t have a recession market. It has a maturity market, where it’s still growing, a little short of four

percent,” he said. “But the supply is growing at 5 percent, so the challenge is too much supply instead of no

growth.”

Silva added that he doubts that “there will be many hotels put into the pipeline today.”

“That’s typical of a supply and demand nature,” he added.


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Page 27



THAILAND'S DUSIT INTERNATIONAL TO

OPEN HOTELS IN BAHRAIN AND OMAN Monday, April 29, 2019

Thailand’s Dusit International plans to open a hotel in Bahrain this year and three in Oman in 2020-2021 as part of

its regional expansion plans, company officials said at the Arabian Travel Market in Dubai on Sunday.

In an interview with Arabian Business on the sidelines of the event, Dusit International group COO Boon Kwee Lim

said that the company hopes the dusitD2 City Centre Bahrain will open by the end of Q4.

“It’s very near the Ritz-Carlton and overlooking the ocean. The hotel will have 260 rooms. It’s not a small hotel and

will have three restaurants,” he said. “Also, we have meeting facilities.”

The hotel, he added, will cater primarily to business travellers as well as to Saudi tourists.

“For leisure, generally, we’ll rely on the Saudi market. There’s a tremendous amount of Saudi traffic,” he said. “But

business is what is required. The meetings business will be very, very important.”

Additionally, Dust International plans to open three hotels in Oman, in Muscat, Salalah and Jebal Akhdar.

“These [will open] in minimum two years time,” Kwee Lim said. “We are excited about entering Oman. The country

offers a lot, both in terms in inbound travellers and the local community.”

In Dubai, Dusit International last week signed a franchise agreement with Al Masar Hotel Management to upgrade

the former Dusit Residence Dubai Marina to the Dusit Princess Residences Dubai Marina.

The 146-key property is currently being refurbished and will include serviced apartments, holiday homes and

residential units with a choice of one, two, or three-bedroom configurations.

In addition to the to the Dusit Princess Residences, the company operates the Dusit Thani Dubai, the Dusit Thani

Abu Dhabi and the dusitD2 Kenz Dubai.

Middle Eastern travellers

The company’s CEO, Suphajee Suthumpun, told Arabian Business that the company sees Middle Eastern travellers

as a “very important” part of its overall business in the region.

“That’s both inbound and outbound travellers,” she said. “Welcoming customers from the Middle East is a focus.”

In Dubai, she said that the brand has performed “quite well” in terms of occupancy rates when compared to its

competitors, with occupancy rates hovering at nearly 90 percent.

“The pressure that we see is on room rates,” she added. “There is quite a lot of supply coming in as we speak,

something like 20,000 new rooms. That pressures the price point. But we are quite pleased and satisfied with our

properties here.”

Around the world, Dusit International operates 31 hotels and resorts across 10 countries, with plans to open 10-

12 annually between now and 2022.


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Page 28



IS THE UAE READY FOR CO-LIVING

COMMUNITIES? Tuesday, April 30, 2019

The softening market has made developers look at the market differently.

No longer are they relying on the “build-it-and-they-will-come” approach of the UAE’s formative years.

They are now considering market needs and how best to service those needs.

The co-living and co-working model, which is already proving popular in some major cities around the world, is

now a key strategy for some of Dubai’s biggest developers.

What is co-living?

Many will already be familiar with the concept of co-working, as characterised by renowned serviced office

providers such as Regus and Servcorp.

This model offers private office space to freelancers and self-employed individuals, but facilitates shared

amenities such meeting rooms and other equipment.

They also create an environment where entrepreneurs can share ideas and knowledge.

Some of the newer co-working spaces in Dubai include Nasab by KOA, Astrolabs in Jumeirah Lakes Towers and

Nest in Barsha Heights.

These spaces are usually licensed — and rent or membership is paid daily or monthly — so it’s completely flexible.

It’s the success of the co-working model which has most likely sparked the rise of the co-living phenomenon.

The concept of co-living is simple. It’s focused on creating a community; a shared, collaborative and affordable

way of living.

However, co-living should not be confused with residents sharing rooms, as this would not be allowed under

Dubai law.

Instead, residents enjoy private apartment spaces within a building or complex, but share communal facilities

such as media rooms with large movie screens or TV rooms.

The idea is that this environment helps combat isolation, loneliness and the general disconnection found in

today’s society.

Anyone can rent a co-living space, but it’s unsurprisingly proving most popular with millennials (between the ages

of 22 and 36), currently a large consumer demographic in the UAE making up 36 per cent of the population.

Research has shown this demographic values experiences over material items.

Furthermore, just as with the co-working model, one of the most attractive things about co-living is flexibility.

The UAE is known for its transient culture, so with people coming in and out for project work, or for those who

work for global companies and get regular reassignments to different offices, such a living option is ideal as

traditionally these spaces can be rented on a weekly or monthly basis.




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Essentially co-living and co-working spaces are rising in popularity because they instill a sense of community,

shared experience and above all offer convenience, which is something millennials place significant importance

on. This is a sizeable cultural shift and something developers are picking up.

Leading the trend in the UAE?

Our recent Q1 2019 Observer report suggests high demand for such off-plan projects.

From the total number of all transactions in Q1 at MBR City, just over 70 per cent were for Emaar projects; with

Collective Tower and Socio at Dubai Hills representing most of those sales.

Both projects are centered on co-living spaces.

The Collective, set in the heart of Dubai Hills Estate, is an 11-million-sq-m master-planned scheme the size of

about 1,500 football fields.

It provides an array of amenities that is marketed above and beyond what is expected from a conventional co-

living space.

From Dh671,000 for 1BR unit

Prices start from Dh671,000 for a one-bedroom apartment, so these spaces are primarily aimed at investors who

are looking for a sound return on investment through resale or rental income.

UNA, developed by Nshama at the Town Square community, offers a collection of studios and one-bedroom

apartments and serves as a licensed co-working space.

The 2,000-sq-m lobby lounge is the social hub of the development, featuring work stations, a music room, games

corner, TV room, reading spaces and creative zones.

Other amenities also include a gym, retail stores, restaurants, cafes, laundry and cleaning services and outdoor

recreational facilities. They will also have the convenience of a shuttle service to the nearest Dubai Metro station.

KOA’s Canvas project off Mohammad Bin Zayed Road, while not directly marketed as a co-living and co-working

space, is targeting the millennial demographic, positioning itself as a creative hub.

Then there is the Dubai Design District cluster, already a hotspot for millennials, which will have its own

residential offering in the medium term.

While co-living and co-working are growing global trends, it’s possible Dubai could set the bar for high-end,

technology-enabled co-living solutions.

With its commitment to deliver smart technologies and nurture tech entrepreneurship, coupled with developers

increasingly focusing on this new form of residential living, there is no doubt we could see this trend taking a hold

in the UAE’s residential market in the coming years.

Ivana Vucinic is head of consulting at Chestertons Mena.

Source: Gulf News

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Page 30



DUBAI CONSIDERS THREE-YEAR RENT

FREEZE FOR RESIDENTS Thursday, May 02, 2019

Dubai is studying a proposal to freeze rents for three years after landlords and tenants sign rental contracts,

according to the Dubai Land Department (DLD).

The three-year rent cap is one of the main topics within the new rental law that is under study by various

authorities, the DLD said on Thursday. No decision has yet been made.

"The new rental law and the three-year contract that the Land Department is drafting is being studied by the

relevant departments," a DLD spokesperson said. "The new law will be formally issued in the near future."

The DLD did not specify whether the proposed rent-freeze will apply to residential properties only or extend to

other types of real estate such as retail and offices.

The proposal under study comes as Dubai introduces a slew of economic reforms aimed at enticing expats and

investors. Among these measures, the emirate is planning to grant long-term visas of up to 10 years and

approved new low-cost employee insurance policies to help retain talent and attract investors.

In changes to foreign ownership laws, investors will be able to own 100 per cent of a company in the UAE – a

significant departure from the current policy that restricts foreigners to a 49 per cent stake in entities outside free

zones, requiring them to forge partnerships with Emirati stakeholders.

Changes to residency and foreign ownership laws are expected to have a positive impact on the UAE property

market as more residents seek longer-term housing by buying their homes or renting on longer leases, analysts

said.


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Page 31



STRONG RISE IN BUSINESS CONFIDENCE IN

UAE Sunday, May 05, 2019

There was a sharp improvement in business conditions in the UAE last month, with the rate of new orders growth

in the country's non-oil business surging to a 16-month high.

The headline seasonally adjusted Emirates NBD Purchasing Managers’ Index (PMI) for the UAE's non-oil private

sector economy rose for the second month running in April, hitting 57.6 up from 55.7 in March, the biggest

increase since December 2017.

Higher new orders combined with a number of ongoing projects led to a substantial rise in business activity in

April. The rate of expansion was the fastest since January 2015. Business confidence was also at the highest level

since the survey began seven years ago, as expectations of a boost in new orders supported optimism. Around 82

per cent of those polled predicted a rise in output over the coming year, according to the survey.

“The improvement in the volume of activity and new order growth last month is encouraging," said Khatija Haque,

head of Mena Research at Emirates NBD, which sponsors the survey produced by IHS Markit.

"However, with firms [are] still competing on price, there is still a reluctance to boost hiring and we haven’t seen a

meaningful improvement in job growth.”

Emirates NBD report also pointed to improvements in the overall market conditions as external demand picked

up on the back of new work from Saudi Arabia and Oman, pushing the growth in new export orders to near a

four-year high.

However, the offers of discounts in a competitive market led to a seventh successive monthly fall in output prices.

Both purchase prices and staff costs rose marginally in April, Emirates NBD said.

Purchasing activity continued to rise sharply, while stocks of purchases were at their highest since March 2018.

Despite stronger demand for inputs, suppliers’ delivery times shortened as vendors responded well to

requirements for faster deliveries.

Meanwhile, in Saudi Arabia, the headline seasonally adjusted Emirates NBD PMI for the non-oil private sector

economy stayed at 56.8 for the second consecutive month in April, remaining at its highest level since the end of

2017.

“Output and new order growth remained firm, but there has been no meaningful growth in private sector

employment over the last three months, said Ms Haque. "Firms are also discounting prices more aggressively in a

sign of an increasingly competitive environment. The decline in selling prices likely supported output and new

order growth in April.”

Growth of new work eased slightly from March’s near four-year high, but remained sharp overall and stronger

than that of the output, according to Emirates NBD survey. New export orders rose modestly in April compared

with total new business.

Business confidence towards future output rebounded strongly from a six-month low in March to show one of

the highest degrees of optimism over the past five years. However, the non-oil private sector jobs market

remained lackluster at the start of the second quarter.




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Efforts to stimulate sales saw average prices charged for goods and services fall for a sixth straight month in April.

The rate of decline was among the quickest seen in almost 10 years of data collection, Emirates NBD said.


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Page 33



SAUDI NON-OIL ECONOMY SEES STRONG

BUSINESS CONDITION IN APRIL, SAYS

EMIRATES NBD Sunday, May 05, 2019

Business conditions in Saudi Arabia’s non-oil private sector in April remained at their highest level since the end of

2017, with strong growth in output and new orders despite competitive market, Emirates NBD said in its latest

survey.

The headline seasonally adjusted Emirates NBD purchasing managers index for Saudi Arabia – a composite

indicator designed to give an accurate picture of conditions in the kingdom’s non-oil private sector economy –

stayed at 56.8 for the second consecutive month in April, at its highest level since the end of 2017.

The kingdom saw a “robust” increase in business activity, with the rate of growth quickening for the fourth month

in a row to the fastest since December 2017, according to the Emirates NBD tracker. Firms that reported higher

output in April, typically, linked this to stronger underlying demand and an associated rise in new business, it

added.

However, the non-oil private sector jobs market remained lacklustre at the start of the second quarter, as firms

continued to face competition and pressure to control costs.

“Output and new order growth remained firm, but there has been no meaningful growth in private sector

employment over the last three months, Khatija Haque, head of Mena Research at the Dubai-based lender, noted.

“Firms are also discounting prices more aggressively in a sign of an increasingly competitive environment. The

decline in selling prices likely supported output and new order growth.”

Growth of new work, however, eased slightly from March’s near four-year high, but remained sharp overall and

stronger than that of the output, while new export orders rose modestly in April compared with total new

business.

There was also a rise in purchasing activity during the month, with evidence of stock levels being bolstered in

anticipation of higher inflows of new orders in the months ahead, Emirates NBD said.

Overall business confidence towards future output rebounded strongly from a six-month low in March to show

one of the highest degrees of optimism over the past five years.

Efforts to stimulate sales saw average prices charged for goods and services fall for a sixth straight month in April.

The rate of decline was among the quickest seen in almost 10 years of data collection, Emirates NBD said.


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Page 34



UAE ECONOMIC GROWTH MOMENTUM 'AT

TURNING POINT', SAYS IMF Friday, May 03, 2019

The UAE's economy is at a "turning point" as government-led stimulus, Expo 2020 investment, higher oil prices

and a pause in monetary tightening by the Federal Reserve, accelerate growth momentum, the IMF said.

Domestic credit growth, higher employment and greater tourist numbers will continue to underpin economic

activity, even as the real estate sector faces overhang of supply, the IMF noted in its report after completing its

mission to the Emirates "to update itself on recent developments and the economic outlook and to discuss

macroeconomic policies".

“The UAE economy has gone a long way toward diversification, but government spending and some sectors are

still affected by oil price fluctuations," it said.

New growth drivers that are decoupled from oil prices would be needed to sustain strong growth after Expo 2020,

with the onus on the authorities to continue building on ongoing structural reform, the report added.

The UAE is expected to be among the fastest-growing Gulf economies this year with a projected 2.6 per cent

expansion on the back of continued infrastructure spending and economic stimulus, the World Bank said last

week. The multilateral institution had also forecast a similar level of GDP growth at 3 per cent by 2020.

The IMF in its latest circular on the UAE economy observed that strengthening the enabling environment for small

and medium-sized businesses and encouraging foreign direct investments were additional priorities. The

institution also urged leveling of the playing field between government-backed entities and the private sector to

foster productivity and diversification of the economy.

A less fragmented labour market would work in favour of the government's goal to drive more participation of

Emiratis in the private sector. The IMF also noted that the government meanwhile should build on existing efforts

to ensure that the UAE continues to attract and retain expatriate talent.

The IMF remained positive on the government's adoption of a federal debt law and efforts by the central bank to

strengthen the financial system, particularly its moves towards adopting Basel III and the International Financial

Reporting Standards (IFRS) 9. The issuance of local currency government securities should also proceed in order

to establish a benchmark yield curve, added the lender.

Washington-based IMF urged greater information-sharing among federal and emirate-level authorities to co-

ordinate decisions that lead to improved policy outcomes.

"A more explicit medium-term fiscal framework, involving rules guiding the balance between economic

stabilidation and saving for future generations, would also be beneficial," it added.


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UAE STARTS ISSUING FIVE-YEAR RESIDENCY

VISAS TO ENTREPRENEURS Thursday, May 02, 2019

The UAE Government started issuing five-year visas to eligible entrepreneurs as part of its initiative to improve

the ease of doing business in the country.

The Federal Authority for Identity and Citizenship said on Wednesday it had implemented the cabinet’s decision to

issue the longer-term visas in collaboration with the Abu Dhabi business incubator, HUB71, and the Dubai Future

Foundation. The government said the three entities will share knowledge and training to create “a conducive

environment for investment and business” and develop strategies to attract entrepreneurs to the country.

“The latest decision ... will have a positive impact on the economy and cement its position as a global business

hub,” said Mohammed Rashid Al Hamli, secretary-general of the Abu Dhabi Executive Council.

Long-term visas, which can be renewed automatically, were first announced in May last year. They allow foreign

investors, scientists, entrepreneurs and the brightest students to qualify for five and ten-year visas.

Eligible candidates for the five-year entrepreneur visa must have a business with a minimum capital of Dh500,000

or the approval of an accredited business incubator in the country.

The Federal Authority said it can also grant five-year visas to three executive directors working for eligible

entrepreneurs, provided they commit to working exclusively for the company during the period of the visa.

In January, the UAE issued the first 10-year visas to 20 finalists for the Mohammed bin Rashid Medal for Scientific

Distinction and in March, the Dubai International Financial Centre asked senior executives in its free zone to

nominate individuals within their organisations eligible as “investors, entrepreneurs, high calibre and outstanding

individuals" for the longer-term visas.

While the Federal Authority for Identity and Citizenship will oversee the residency visa issuance to entrepreneurs,

HUB71 and Dubai Future Foundation’s Area2071 in Dubai will nominate entrepreneurs for the initiative.

Khalfan Juma Belhoul, chief executive of Dubai Future Foundation said the renewable visas for entrepreneurs will

also apply to their families.

“This will be a personal visa, which will help ensure the independence of the entrepreneur and promote a pro-

business environment,” he said.

The government said eligible entrepreneurs must obtain insurance coverage for themselves and their families for

the entire residency period.

Entrepreneurs based overseas will also be allowed entry into the country on a six-month multi-entry visa to

support the set-up of their business.


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MINISTRY OF FINANCE SIGNS AGREEMENT

TO ESTABLISH FINTECH HUB IN ABU DHABI Wednesday, May 01, 2019

The Ministry of Finance has put the wheels in motion to establish an international technology centre in Abu

Dhabi.

In a series of agreements with the Abu Dhabi Global Market and the International Bank for Reconstruction and

Development, the ministry said the move aims to spur growth in the financial sector powered by FinTech services.

The signings came on the sidelines of the launch of the Gulf Economic Monitor initiative for Spring 2019, the news

agency WAM reported. The event was held by the ministry in partnership with ADGM and the World Bank Group.

Younis Al Khoori, the Ministry of Finance Under-Secretary, said: "The International Technology Centre of the UAE

will provide a platform that offers the exchange of experiences and best practices in the field of legislation and

financial policies formulation."

The International Technology Centre will be established in the IBRD office in Abu Dhabi, the MoU read, and is

anticipated to be the location for concluding financial partnerships and agreements and bringing together

government and private sectors' companies.

The centre will also support FinTech and digital economy efforts in the Mena region.

Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, said the move will further develop the technology

start-up ecosystem and build a community of leading global and local technology companies.


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UAE AMONG FASTEST GROWING GCC

ECONOMIES THIS YEAR ON SPENDING

BOOST Wednesday, May 01, 2019

The UAE is expected to be among the fastest-growing Arabian Gulf economies this year with a projected 2.6 per

cent expansion on the back of continued infrastructure spending and economic stimulus, the World Bank said.

The gross domestic product of UAE, the Arab world's second-largest economy after Saudi Arabia, is projected to

accelerate to 3 per cent in 2020 as the country “pushes infrastructure investments ahead of Dubai’s Expo 2020”,

the Washington lender said in its bi-annual Gulf Economic Monitor report released on Wednesday. UAE output

will speed up to 3.2 per cent by 2021 supported by the government’s economic stimulus plans, hosting Expo 2020,

and improved growth prospects in trading partners, it said.

Like the GCC peers, the UAE has been diversifying its economy with a view to reduce its reliance on hydrocarbons

for revenue, to withstand downturns in the energy market such as the collapse of oil prices in 2014, which have

since rebounded to about $75 per barrel.

The country has launched several initiatives at federal and emirate levels to boost non-oil GDP including easing

visa restrictions, reducing corporate fees and enhancing the business-friendly environment that has attracted

millions of expatriates. In 2018, Abu Dhabi announced a Dh50 billion three-year economic stimulus package to

kick-start its economy, while earlier this year, Dubai rolled out a record budget ahead of Expo 2020.

The World Bank’s economic growth forecast is a slightly conservative compared to the International Monetary

Fund and the Central Bank of the UAE. The lender projects UAE GDP to grow by 3.7 per cent during 2019-20, while

the Central Bank estimates it to expand by 3.5 per cent this year, up from 2.8 per cent in 2018.

The World Bank estimates GCC economic output to accelerate to 2.1 per cent this year from 2 per cent in 2018,

before expanding 3.2 per cent in 2020.

The GDP of Saudi Arabia, Opec’s top oil exporter, is projected to grow by 1.7 per cent in 2019, as higher

government spending offsets the impact of oil production cuts implemented in the first half of 2019 by Opec and

non-Opec oil-producing nations.

“It should then recover to over 3 per cent in 2020 as oil production cuts are reversed, and as large infrastructure

projects generate positive spillovers to private sector growth,” the lender said.

Bahrain, the GCC's smallest Gulf economy, will experience a rise in growth to 2.2 per cent next year from 2 per

cent in 2019.

“Growth will resume in the coming years as efficiency gains from reforms materialise,” the bank said.

Economies in Kuwait and Oman are projected to expand by 1.6 per cent and 1.2 per cent respectively this year.

In Oman, the World Bank expects a “one-off spike in growth to 6 per cent in 2020 as the government plans to

significantly increase investment in the Khazzan gasfield”.




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The Khazzan field is the largest tight gas development in the sultanate, which will supply a third of Oman's natural

gas needs after the completion of the first phase of development.

“The potential boost from the diversification investment spending would continue supporting growth in 2021 and

the medium term,” the bank said.

Despite the steady progress, major reforms to attract investors and boost competitiveness, the Gulf states need

to continue on the path of fiscal consolidation, economic diversification and increasing private sector-led job

creation, especially for women and young people, the World Bank said.

“Working closely with the GCC, we have seen strong political will from some countries to achieve their country

vision plans with real, tangible outcomes on the ground,” said Issam Abousleiman, World Bank regional director

for the GCC. “But economic transformation is a long-term endeavour, requiring steadfast, predictable

implementation. While the road ahead is challenging, it is possible and we are committed to taking this journey

together.”


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MILLENNIALS LEAD RUSH TO BUY THE

NOOK HOMES IN DUBAI Thursday, May 02, 2019

Wasl Properties, a subsidiary of Wasl Asset Management Group, has announced that 50 percent of investors in its

The Nook residential project in Dubai are millennials.

The developer said half of the investors were in the 25–39 age group, followed by 30 percent in their 40s and 50s.

As for the nationalities of the investors, 50 percent were Emirati, 10 percent were Arab, and 40 percent were

international.

Wasl’s investment strategy — launched in October 2018 — encourages the youth to save and invest in real estate.

Zainab Mohammed, chief property management and marketing officer at Wasl Properties, said: “One of the most

important results we achieved was attracting this segment of the youth, especially locals, in a manner not

experienced before and for them to understand the vision and the feasibility of investing in the real estate sector

to secure their future.

"I am pleased to see them take such investment decisions at an early age as this will greatly benefit their families

in particular and the society as a whole.”

Since the project’s launch, a total of 144 apartments were sold, including the full inventory of studios (21) and one-

bedroom units (65). In addition, 46 two-bedroom apartments and 12 three-bedroom apartments were sold.

The Nook is located on Sheikh Zayed Road, close to Ibn Battuta Mall and will also host a new mall by Al-Futtaim

scheduled to be completed by Q4 2019.


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SAUDI DEVELOPER RAZA SEEKS TO GROW

ASSETS TO $7BN BY 2024 Thursday, May 02, 2019

Raza, previously known as Al-Ra’idah, manages projects such as Digital City and Diplomatic Quarter in Riyadh. It’s

developing 7,000 residential units in Riyadh, Dammam and Jeddah.

Saudi Arabian property developer Raza plans to double the assets it manages to 26 billion riyals ($6.9 billion) by

2024 amid growing demand for mid- to high-end properties in the kingdom.

The real estate management arm of the Public Pension Agency wants to manage assets belonging to third-party

investors such as banks, real estate investment trusts and government entities, CEO Waleed Al Eisa said in an

interview in Riyadh.

“The demand is there,” Al Eisa said. “We don’t see much competition in property asset management. I think we’re

at a phase where we are close to a bottom-up when we talk about the medium to high-end property segment.”

Raza, previously known as Al-Ra’idah, manages projects such as Digital City and Diplomatic Quarter in Riyadh. It’s

developing 7,000 residential units in Riyadh, Dammam and Jeddah.


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DUBAI DEVELOPER DEYAAR SEES NET

PROFIT SLUMP IN Q1 Thursday, May 02, 2019

Dubai-based Deyaar Development on Wednesday reported AED18.3 million ($4.9 million) net profit for the first

quarter, less than half the AED40 million posted in Q1 2018.

The developer announced revenues of AED175.8 million, slightly down on the AED176.5 million reported in the

year-earlier period.

Deyaar said its project pipeline includes several handovers in 2019 including Millennium Atria Business Bay, its

first hospitality project with Millennium Hotels and Resorts, Middle East and Africa.

Deyaar’s second hospitality project to launch in 2019 will be the Millennium Al Barsha, which will be operational

before the end of the second quarter.

The company said construction on the Afnan and Dania districts of Deyaar’s Midtown mega development is

ongoing, with the projects at almost 80 percent completion.

It added that sales in both districts have exceeded 90 percent, and handover is expected later this year.

Saeed Al Qatami, CEO of Deyaar, said: “With several planned project launches and handovers in the coming year,

we are looking forward to a strong 2019.

"Our first hospitality project, Millennium Atria Business Bay, has been well received and we will shortly be adding

a second hospitality project to our portfolio when the Millennium Al Barsha launches in the next few months.

"These, coupled with the upcoming handover of Midtown’s Dania and Afnan districts, puts us in a solid position

for continuing 2019 on a high note.”

Deyaar is listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank.


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MIRAL SAYS $1.7BN INVESTED IN YAS

ISLAND TRANSFORMATION Saturday, May 04, 2019

Abu Dhabi-based developer Miral has announced it is investing AED6.2 billion ($1.69 billion) into entertainment

and leisure projects on Yas Island, which achieved 28 million visits in 2018.

The company said upcoming attractions include CLYMB, a new sport facility that will feature the world’s widest

indoor skydiving flight chamber and highest indoor climbing wall.

SeaWorld Abu Dhabi, a next-generation marine-life theme park which also includes the UAE’s first dedicated R4

marine research, rescue, and rehabilitation and release centre, is another project in the pipeline, Miral said in a

statement.

Yas Bay, Abu Dhabi’s waterfront experience, is also progressing and once complete, it will include Yas Bay Arena,

The Residences – which will feature 15,000 residents – a promenade and pier with 37 cafés and restaurants, 19

retail outlets, a beach club, and two hotels.

It will also become the new hub for Abu Dhabi Media Zone, twofour54.

“These 2018 figures confirm Yas Island’s position as one of the top globally-recognised destinations, and we’re

delighted to see continued growth, especially as we achieve key milestones such as the opening of Warner Bros

World last summer. 2018 is another successful year and reflects our commitment to help grow and develop our

nation’s tourism industry,” said Mohamed Abdalla Al Zaabi, CEO of Miral.


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HOW ABU DHABI PLANS TO IMPROVE

QUALITY OF LIFE FOR RESIDENTS Saturday, May 04, 2019

Abu Dhabi’s Department of Urban Planning and Municipalities (DPM) has revealed a wide array of new urban

development projects that aim to improve quality of life and liveability in the city.

Under the banner of Transforming Our Abu Dhabi, these projects include a network of new cycle paths

throughout the city and a maritime hub using more than 50 taxis connecting 10 areas and attractions in the city.

The DPM is also redeveloping many of the city’s most important arterial roads and increasing walkability to

reduce reliance on automobiles.

The DPM said it is regenerating 11 parks in the city and developing three themed parks as well as new ‘pocket’ or

‘verge parks’ and plazas in some of the busiest areas in 2019.

In addition, it said it is creating 45km of exercise trails, rest pods as well as significant development of the

Corniche Beachfront and Al Bateen waterfronts that will improve accessibility.

Falah Al Ahbabi, chairman of DPM said: “City happiness is the intended outcome of the project and one of the

ways in which we can achieve this is through a healthier and more inclusive Abu Dhabi.

“Today we are unveiling part of the pioneering vision of our government for the development of our city. Abu

Dhabi has been at the forefront of experimenting with sustainable neighbourhood development for more than a

decade. By harnessing technology and innovation, we are working to enhance urban environment and reducing

environmental impact."

Al Ahbabi added: “The cities that will lead the way in terms of lifestyle improvements will be the ones with the

capacity to integrate ambitious social targets to their development plans. One of the conditions set up by our

leadership is to constantly measure progress in terms of engaging and including our communities in the design,

planning and management of our city."


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HOMEGROWN RETAIL, F&B CONCEPTS

SOUGHT FOR ABU DHABI PARK PROJECT Friday, May 03, 2019

Aswaq Management Services (AMS) has been appointed by Abu Dhabi-based real estate developer, Imkan, to

manage commercial leasing across its UAE flagship developments.

It will manage leasings at Sheikha Fatima Park, a 46,000-square-metre park, which is currently under

redevelopment and is set to open to the public at the end of 2019.

AMS said it is looking to place a mix of innovative, home-grown, active retail concepts along with a large F&B

offering in this outdoor park which will also boast co-working spaces, art and music schools, health, wellness and

fitness provisions and entertainment concepts.

AMS’s appointment also includes the retail, F&B and leisure provisions at The Artery at Makers District. The Artery

is the double helix parking structure and event space anchoring Makers District, a mixed-use development

strategically located on Reem Island in Abu Dhabi.

Walid El-Hindi, CEO of Imkan, said: “We look forward to our partnership with AMS as we onboard a mission to

revitalize the community and we encourage local, regional and global businesses to join us on our journey.”

Nasser Al Nowais, chairman, AMS, added: “Our retail leasing and management experience is perfectly aligned with

their vision and development strategy, so we are looking forward to a successful and long-term partnership with

Imkan.”

AMS is an Abu-Dhabi-based real estate management service provider with an international presence in

Switzerland, Morocco and the UAE. It manages over 1.3 million sq m of premium retail space and thousands of

residential and commercial real estate units around the world.


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CONSTRUCTION OF ABU DHABI

UNIVERSITY'S AL AIN CAMPUS 'ON

SCHEDULE' Friday, May 03, 2019

Abu Dhabi University (ADU) has announced the completion of 25 percent of its AED300 million ($81 million) new

campus in Al Ain.

The campus is expected to welcome students next year with facilities occupying over 28,000 square metres during

the first phase.

The new campus will include more than 70 lecture halls and laboratories, with 137 offices for staff and faculty,

and state-of-the-art scientific equipment that meets international quality standards, the university said in a

statement.

The new building in Al Ain’s Asharej district will also include a moot courtroom and a wide variety of facilities such

as a gymnasium, aerobics studio, games room and cafeteria. The final additions will consist of a library with a

unique reading area, book area, discussion rooms, and an office for the Student Council.

Anwar Ali, project manager for Abu Dhabi University, said: “Development of Abu Dhabi's new Al Ain campus is

going according to schedule with completion of about 25 percent of the project reaching over 300,000 hours of

foundation work.

“Over 250 labourers are working on the development of the new campus daily," he added.

The campus, which will accommodate 2,500 students during its first phase with a total capacity of 5,000 students,

is architecturally inspired by the Ghaf Tree, the logo of the Year of Tolerance.


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ABU DHABI'S GALLERIA SEEKS SUPER-MALL

STATUS BY ADDING 300 SHOPS Friday, May 03, 2019

The Galleria, Al Maryah Island, which opened in Abu Dhabi, six years ago, will open an extension in September,

adding more than 300 retail brands.

The expansion plan, which will also add over 70 new dining options, will transform The Galleria into a super-

regional mall, said Gulf Related and Mubadala Real Estate and Infrastructure (MREI), the real estate arm of

Mubadala Investment Company.

New entertainment options will also be created, including a flagship Xtreme Zone together with urban rooftop

parks.

Daniel Parry, managing director, Gulf Related, said: “The anticipation is building as the mall nears completion and

we prepare to open our doors in September. Our vision has always been to curate a mix of best-in-class venues,

fashion, food, home and entertainment. As an Abu Dhabi based developer, we are excited to share our vision with

our city and welcome everyone to their new mall.”

Ali Eid Al-Mheiri, executive director of the Real Estate and Infrastructure, Mubadala, added: “Before we opened

The Galleria, we started working on its expansion with Gulf Related to create something unique for Abu Dhabi.

Our vision was to create new experiences for everyone, every day.”


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DUBAI OPENS THE UAE'S FIRST FLOATING

MARINE TRANSPORT STATION Saturday, May 04, 2019

Dubai has opened the UAE's first smart floating marine transport station at Festival City as part of plans to expand

facilities over the next two years.

The Roads and Transport Authority (RTA) said it plans to build seven new marine transport stations at Business

Bay, Dubai Water Canal and coastal areas over the next couple of years; which will bring the total number to 55.

The plan includes operating marine transport services along Dubai Creek and Jumeirah Beaches in addition to the

New Islands, Business Bay and Dubai Water Canals services.

Dubai's marine transit system is used by more than 14 million riders annually, the RTA said.

Mattar Al Tayer, director-general and chairman of the RTA, opened the smart floating marine transport station at

Dubai Festival City which accommodates more than 25 passengers.

Abra services will run every 10 minutes between Dubai Festival City and Jadaf Stations daily for a fare of AED2.

Al Tayer toured Dubai Festival City Station which has witnessed a considerable rise in the number of visitors which

is forecast to hit 245,000 last year.

He said the floating station is also open for future expansion and is relocatable. It has ticket sale service facilities

and waiting areas overlooking Dubai Creek.

The floating station provides real-time passenger information, timetables of marine transport services and

weather conditions.

A relief call (SOS) device has been installed in the station to monitor the safety of customers along with a sound

system and smart cameras while WiFi is provided free of charge.

Al Tayer said: “The construction of this station is part of RTA master plan for improving Dubai marine transit

systems, which are used by more than 14 m riders annually.

“The marine transport sector is witnessing a sustained growth in terms of the number and modes of transit

means, stations and ridership since the opening of the Dubai Water Canal linking Dubai Creek with the Arabian

Gulf."


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KUWAIT INAUGURATES 36KM CAUSEWAY

TO FREE TRADE ZONE Wednesday, May 01, 2019

Kuwait on Wednesday inaugurated one of the world's longest causeways, linking the oil-rich Gulf state's capital to

an uninhabited border region set to become a major free trade hub.

The 36km bridge connects Kuwait City to the northern desert area of Subbiya, where Kuwait aims to create the

"Silk City" project linking the Gulf to central Asia and Europe.

The "Jaber" bridge, named after late ruler Sheikh Jaber Al-Ahmad Al-Sabah, spans 36 kilometres (22 miles), three-

quarters of it over water.

It cuts the driving time between Kuwait City and Subbiya, close to both Iraq and Iran, from 90 minutes to less than

half an hour.

Investment in the Silk City project is expected to top $100 billion, and a 5,000-megawatt power plant has already

been built in Subbiya.

The $3.6 billion causeway, designed by Paris-based engineering and consulting group Systra, took five years to

build.

The work was carried out by a consortium led by South Korea's Hyundai Engineering and Construction Co. along

with Kuwait's Combined Group Contracting Co.

The opening ceremony was attended by Kuwait's emir, Sheikh Sabah Al-Ahmed Al-Sabah along with South Korean

Prime Minister Lee Nak-yeon and the leader of the French senate, Gerard Larcher.

Lee Nak-yeon said Wednesday the causeway would establish Kuwait as an international trade centre.


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MAKKAH REVAMP SET TO DRIVE NEW ERA

FOR TOURISM - JLL Friday, May 03, 2019

Progress on major infrastructure enhancements and increased connectivity are expected to boost Makkah’s

tourism capacity and create a wave of development opportunities, according to real estate firm JLL.

In a new report on the Saudi holy city, JLL said Makkah is undergoing major transformation under Vision 2030,

with several government initiatives paving the way for the Holy City to increase its capacity to 30 million pilgrims

annually by 2030.

It added that 2018 witnessed progress with the megaproject Rou’a Al Haram Al Makki announcement, the

inauguration of Al Haramain High Speed Railway and soft opening of the new King Abdulaziz International Airport

in Jeddah.

The focus on driving connectivity is a kingdom-wide focus to tap into Saudi Arabia’s potential as a global transport

hub with the development of major infrastructure projects providing private and foreign investment

opportunities.

“The projected influx of pilgrims supported by a more connected and modernized city is driving positive investor

sentiment in Makkah and creating huge development opportunities particularly in the supporting retail and

hospitality sectors,” said Dana Salbak, associate, JLL MENA.

The report said the city's retail sector pipeline is expanding and diversifying to accommodate future tourist

demands with major projects in their final phases accounting for a significant share of Makkah’s future supply.

Salbak said operators are under pressure to create a greater mix of competitive shop-entertainment to cater for

the new influx of visitors.

The report added that Makkah is expected to witness the delivery of 12,300 hotel keys in 2019 and 34,700 keys in

2020 as tourism demand grows.

While 2018 was challenging, the city remains a hot spot for hotel operators looking to enter the market for the

first time, it noted.

“Despite mixed performance in 2018, the future outlook for Makkah’s real estate market remains positive owing

to the significant advancements made by the government to improve and expand the city’s offering,” Salbak

added.


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PARAMOUNT HOTEL DUBAI TO OFFER

MOVIE EXPERIENCE FOR GUESTS IN Q3 Thursday, May 02, 2019

Paramount Hotel Dubai is set to open in the third quarter of 2019, it was announced on Thursday.

The hotel is the first property of Paramount Hotels and Resorts in the Middle East and is located in Business Bay.

Following the spirit of a movie set, the hotel staff are called Paramount Cast Members, with the general manager

for the hotel known as the director.

Transporting guests to the sets of Paramount Pictures’ timeless classics, Cast Members embody different

characters as they adapt and improvise off the service script.

The hotel houses 823 rooms and suites grouped into Studio, Scene and Stage Guest Rooms; Premiere Paramount

Suites; one Producer Suite which comes with a private screening room and private hammam; and themed suites

taking inspiration from Paramount Pictures.

All 69 floors of the hotel have exclusive never seen before, behind-the-scenes photography from their movies.

Paramount Hotel Dubai also features immersive video walls in the lobby, Paramount Screening Room, a

Californian Pool Deck, Pause - a wellness and fitness centre, meetings and events facilities as well as co-working

work/play suites.

The hotel will also include several unique F&B concepts such as a Californian raw bar and grill and the Paramount

Chocolate Lab.


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RAS AL KHAIMAH NEEDS MORE HOTEL

ROOMS, SAYS RAKDA CEO Thursday, May 02, 2019

The CEO of Ras Al Khaimah Development Authority, said demand for rooms is growing at a faster pace than

supply.

“Where we are still behind is the supply. We need more rooms. It is a good problem to have sometimes because

the growth of supply is at 3%. So we have 10% demand and 3% supply,” said Haitham Mattar.

There are a number of projects in the pipeline, but “it is just going to take a little bit longer than we would like,”

Mattar added.

Major regional and global brands have signed deals with RAKTDA, including Emaar for an Address hotel and two

Rove hotels. In addition, Mövenpick, Intercontinental, Anantara, Marriott, Millennium, Conrad as well as the first

Hampton by Hilton are due to start operations in Ras Al Khaimah.

GDP contribution

Ras Al Khaimah’s 3-year strategy - launched earlier this year - aims to attract 1.5 million tourists to the emirate by

2021.

Currently, RAK’s tourism contributes 5% to the overall GDP, but its target is to reach 10% by the end of 2025. RAK

saw a 20% growth in total revenues in 2018 (compared with 2017), and 10% growth in the number of visitors.

“The strategy was relaunched in 2019 in January that goes on to 2021 with specific targets to grow the number of

tourists,” Mattar said.

“We aim to reach 1.5 million tourists by 2021. We also have in the pipeline 6,500 rooms that will open between

now and 2021.

“We have a fantastic product that will open at the end of 2020 which is a first-of-its-kind luxury camp. This is 47

villas with private pools and events and activities that are all outdoors. So you'll have a challenging adventure park

on site, on-site farm, outdoor gym and a lot more,” he revealed.

Upcoming projects

Adventure tourism is a key pillar of its tourism strategy and Ras Al Khaimah will be tying up with international

brands to make the emirate an attractive destination for adventure tourists.

One such partnership was announced at the Arabian Travel Market when RAKTDA entered into an agreement

with Bear Grylls Survival Academy (BGSA) to operate an academy on Jebel Jais, which will be opened in the third

quarter of this year.

Currently, there is a good balance between foreign and local investment into Ras AL Khaimah, according to

Mattar.

“It is about 50-50 right now. Some of the foreign investment is coming from Eastern European countries such as

Czech Republic, who invested in buying land and building a hotel. We also have a British and Irish investors who

also bought land and will be building hotels on the island. But we also have local investors from the UAE and Ras

Al Khaimah,” he said.




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SHARJAH INT'L SEES 3.2M PASSENGERS IN

Q1, UP 9.5% Wednesday, May 01, 2019

Sharjah International Airport has announced it welcomed nearly 3.2 million passengers in the first quarter of

2019, an increase of 9.5 percent over the same period last year.

January was the best month in terms of passenger numbers with 1.122 million recorded, while the highest growth

rate – 10.59 percent – was recorded in March, with 1.079 million passengers.

Sharjah Airport Authority said the airport is undergoing developments that expect to increase capacity and enable

the airport to accommodate some 20 million passengers by 2025.

Ali Salim Al Midfa, chairman of Sharjah Airport Authority, said: "During the first quarter of 2019, Sharjah Airport’s

positive results in terms of passenger numbers, aircraft movement and freight volume reflected the airport’s

outstanding position and the continued efforts to improve our services, enhance travellers’ experiences, develop

our facilities and provide passengers and customers with the best procedures."

He added: "The emirate of Sharjah has succeeded in strengthening its position in terms of regional and

international tourism and trade. By continuously upgrading the quality of services provided to passengers and

customers, the airport plays a pivotal role in enhancing the image of this pioneering emirate."

He said the growth of the airport will help the emirate achieve its vision of welcoming 10 million tourists by 2021.


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HYATT TO DOUBLE HOTELS IN SAUDI

ARABIA BY 2023 Monday, April 29, 2019

Hyatt said it expects to double its number of hotels in Saudi Arabia in the next four years.

The New York-listed hotel operator said it will add five additional Hyatt-branded hotels by 2023, adding

approximately 1,300 rooms to Saudi Arabia.

The expansion includes the opening of Grand Hyatt Al Khobar, marking the first Grand Hyatt branded hotel in the

kingdom, which is set to open in late 2019.

The opening of Jabal Omar - due to open in 2023 - will mark the entry of the Hyatt Centric brand into the country.

Additionally, Hyatt Regency Jeddah Serafi Mall is slated for a 2021 opening and a dual-branded Hyatt Place and

Hyatt House Riyadh/KAFD is slated for 2022.

“Saudi Arabia continues to make significant strides in boosting tourism and infrastructure in a bid to diversify the

economy,” said Ludwig Bouldoukian, regional vice president of development, Middle East and North Africa for

Hyatt.

“The ambitious expansion of Hyatt brands cement Hyatt’s brand presence, both amongst Gulf residents and the

increasing number of international travellers visiting Saudi Arabia.”

Hyatt’s current portfolio includes Park Hyatt Jeddah, Jabal Omar Hyatt Regency Makkah, Hyatt Regency Riyadh

Olaya, Hyatt Place Riyadh Al Sulaimania and Hyatt House Jeddah Sari Street.


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WHY $25BN TOURISM SECTOR CAN

BECOME SAUDI ARABIA'S 'WHITE OIL' Tuesday, April 30, 2019

Tourism will play a major role in reducing Saudi Arabia’s dependence on oil revenues with the sector generating

more than $25 billion this year, according to experts.

Speaking at Arabian Travel Market 2019, a panel which included representatives from Saudia Private Aviation, Dur

Hospitality, Colliers International MENA, Marriott International, Jabal Omar Development Company and Saudi

General Investment Authority discussed opportunities related to upcoming tourist-focused developments and

visa reforms.

Kingdom-based industries in direct contact with tourists are expected to generate more than $25 billion this year,

about 3.3 percent of Saudi Arabia’s GDP.

Reema Al Mokhtar, head of destination marketing, Jabal Omar Development Company, said: “Our country has

beautiful geographic diversity and a host of cultural attractions so, once visitors come into the kingdom and see

the different projects lined up for them, I think it will market itself.”

Saudi Arabia’s domestic tourist trips are projected to rise by 8 percent in 2019, while inbound visits from

international markets are expected to grow by 5.6 percent per year, according to research conducted by Colliers.

Saudi Arabia’s overall number of tourist trips is on course to hit 93.8 million by 2023, up from 64.7 million in 2018.

John Davis, CEO, Colliers International MENA, said: “I think some airlines could probably double their number of

[weekend] flights and still fill the seats. So, when the country opens [new local attractions], people will utilise

them.”

Panellists agreed that ‘giga’ developments will prove crucial in helping to meet the economic diversification

targets set out in Saudi Arabia’s Vision 2030.

Alex Kyriakidis, president and managing director, Marriott ME&A, Marriott International, said: “The challenge to

date has been a lack of opportunities for domestic tourists. However, if you look at developments like The Red

Sea Project and Qiddiya, which are completely reinventing destinations that will appeal to Saudi residents, you will

find everything from hospitality and wellness to entertainment and sports. For many segments of the local

population, these projects will stimulate spending in the country.”

Despite the more than 9,000 keys of three- to five-star international supply due to enter the market this year, the

panel agreed that the kingdom is well placed to sustain and even increase occupancy levels over the coming

years.

Dr Badr Al Badr, CEO, Dur Hospitality, said: “We’ve been in the hospitality sector for 42 years and we’ve never seen

anything like this. What’s happening now is earth shattering. The change of mindset in terms of opening up this

country for visitors – whether for religious or general tourism – is definitely something to be celebrated.”

Visa-related improvements are also expected to drive growth in Saudi Arabia’s tourism sector with the roll-out of

30-day Umrah Plus Visas, eVisas for tourists and specialist visas for events such as the Formula E Championship’s

E-Prix.




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Majid M AlGhanim, director of tourism, Saudi General Investment Authority, said: “Many of the reforms that are

happening right now, such as 100 percent ownership and easier registration for foreign companies, involve

regulation. Hopefully, we will see lots of international investment in Saudi destinations very soon.”


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REVEALED: PLANS TO TRANSFORM SAUDI'S

EASTERN PROVINCE INTO LEISURE HUB Wednesday, May 01, 2019

Saudi Entertainment Ventures unveils plans for amusement park, cinemas, entertainment destinations in Eastern

Province cities

Revealed: plans to transform Saudi's Eastern Province into leisure hub

Entertainment forms a key pillar of Saudi Vision 2030, encouraging Saudi nationals to spend money in the

kingdom rather than abroad.

Saudi Entertainment Ventures (Seven), a subsidiary of the Public Investment Fund (PIF) on Wednesday announced

the launch of its largest project to date, including its inaugural amusement park, which will cover an area of 1

million square metres.

Seven also revealed plans for six cinemas and three new entertainment destinations in the Eastern Province,

where the amusement park will also be located in Al Aziziyah.

The new entertainment destinations will be located in Dammam, Khobar and Al Ahsa and will feature sports

areas, movie theatres, green areas and water sports facilities similar to a entertainment destination underway in

Riyadh, a statement said.

Seven said it is focusing on developing recreation and entertainment facilities in the Eastern Province, given its

strategic tourism location, and a growing population of 4.9 million people.

The entertainment destination in Dammam will cover an area of 330,000 square metres, while the blueprint for

nearby Khobar covers 360,000 square metres.

Seven chairman Abdullah bin Nasser Al-Dawood said: “Seven intends to convert the Eastern Province into an

excellent entertainment destination in the Gulf, thanks to its strategic geographical location and the touristic

significance attributed to the Eastern Province within the kingdom. Its stunning coasts, green oases and serene

vast deserts, make it an attractive area for investment and development.”

Bill Ernest, CEO of Seven, added: “Seven is heralding in a new era of entertainment and leisure facilities for the

people of Saudi Arabia, and visitors. Our amusement parks and entertainment facilities will also need the best

talent from across Saudi Arabia, so we are looking for ambitious, talented and energetic staff across all sectors.

"Our strategy is to replicate amusement parks, entertainment areas and movie theatres across the kingdom,

starting in Riyadh, and now into the Eastern Province. We are providing families with unrivalled new

entertainment experiences.”

Entertainment forms a key pillar of Saudi Vision 2030, encouraging Saudi nationals to spend money in the

kingdom rather than abroad.

A 2018 report from Flanders Investment and Trade noted that more than 4.5 million Saudis travel abroad

annually, collectively spending nearly $25 billion on movies and amusement park visits in nearby Dubai or

Bahrain, or even further afield.

To this end, Saudi Arabia has invested billions of dollars in projects that will keep Saudi nationals entertained at

home, while at the same time creating investment and employment opportunitie in the country.




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The kingdom’s Public Investment Fund has previously said that its combined entertainment projects – which will

eventually be able to cater to more than 50 million visitors each year – will provide 22,000 direct jobs and

contribute $2.13 billion to Saudi GDP by 2030.

Additionally, a forecast from PwC estimated that by 2030, total cinema revenue is expected to reach $1.5bn,

based on the assumption that by then the kingdom will boast 2,600 cinema screens, or 6.6 screens per inhabitant.


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Page 59



DUBAI PROPERTY MARKET RECORDS A

FOURTH MONTH OF SALES GROWTH Friday, May 03, 2019

Dubai’s property market has come up with a fourth successive month of improved sales, both on off-plan and

ready units. And with enough prospective buyers out there, developers in Dubai — government-owned and

private — are feeling emboldened to test the markets with more launches.

These are the numbers they will be looking at — at the end of April, 6,360 new homes were sold off-plan, which is

a 6 per cent gain on the same period last year, while ready property made up another 4,436 units, on par with

what happened last year. The data, provided by Reidin-GCP, shows that among the freehold locations, Dubai Hills

Estate (with 875 off-plan registrations) and the Downtown (with 692 units) were the most popular picks in these

four months.

More areas will be coming onto the freehold pipeline — on Thursday, Emaar opened up a brand new location in

Dubai, at Mina Rashid in Bur Dubai-Deira, where in alliance with a DP World subsidiary, it will create a future-

facing seafront destination. Including a mall by the sea, of course.

So far this year, developers have managed to pull in first-time buyers into the market, whether for their own use

or as investors. The Dubai Government-owned wasl Properties confirms that Emiratis — many being from the

millennial set — picked up 50 per cent of the available units in a recent release of units at The Nook in Jebel Ali.

But market sources say that the rise in demand for off-plan has not come at the expense of ready property sales.

By any yardstick, 4,436 new homes in four months is quite a solid set of numbers.

What is driving this two-pronged upturn? Market sources say that stretched payment plans are starting to show

up more frequently in secondary market deals, with individual sellers willing to match payment schemes that go

up to — and over — five years. In the current marketplace, the only thing that can seal a sale is a payment plan.

But Sameer Lakhani, Managing Director at Global Capital Partners, cautions against secondary market sellers

overdoing it. Plus, “It is unlikely they will capture a significant percentage of the market, especially given that the

bulk of the sales is still coming in the primary space from developers,” he said.

“We believe the current stability in secondary market activity has more to do with the wide gap that has opened

up between primary and secondary market sales prices. This will remain dominant in the run up to the Expo

2020.”

In the off-plan market, government affiliated developers such as Emaar and Nakheel, Meraas and Dubai Holding

remain the dominant force, accounting for well over 75 per cent of unit sales. Is that leaving less space for

privately owned developers to state their cases with buyers?

Vijay Doshi, Managing Director at Vincitore Real Estate Development. believes there is ample space for all. He has

just launched his third project, the “Benessere” in Arjan at a location near the Miracle Garden. The project will cost

Dh350 million and aims for completion in the fourth quarter of 2021.

“Six plots were bundled to develop this — we have a fairly sizeable number of apartments — 380 — stretched

across the land and we did away with the basement parking,” said Doshi. “Both contributed to lowering our

construction costs and we intend to build at a cost of Dh350 million.”




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The developer said working his contacts helped generate a fair deal of demand during the pre-release phase.

Average selling price is Dh1,050-Dh1,280 a square foot, placing the price tag on a studio at Dh450,000.

It also kept a check on margin expectations. “Our margins on the Benessere would be 25-30 per cent, whereas for

the first, the Palacio, we had 35-40 per cent,” said Doshi. “With market changes, developers have to turn realistic

on their chances.

“But there is still a decent margin to be made — land costs have come down and so have construction costs, if the

project is handled well.” A lot of private developers can go by the same theme and compete with the big names.

Plus, seek a little bit of help from stretching those payment plans.

A sense of ‘wellness’ comes to Dubai projects

Rain and mist rooms? Another one dedicated to a bit of aroma therapy? A lagoon pool on the rooftop?

Developers in Dubai sure are taking to the wellness concept. “I would like to think that we are launching the first

wellness community in Dubai with the Benessere,” said Vijay Doshi at Vincitore Real Estate Development. “There’s

a market for that sort of thing.”

Vincitore Real Estate Development has launched the Benessere in Arjan at a location near the Miracle Garden.

MAG Property Development was the first to come up with wellness elements as a USP in selling property. It even

set up a dedicated division, MAG of Life, to oversee such projects, including the one it is building at Dubai

Healthcare City.

Another developer, LC Well, is expected to announce a project at Dubai Silicon Oasis shortly. Again, it is being built

around wellness features.

Now, if this trend spreads, developers will be paying as much attention to bricks as they would do to Zen gardens.

A freehold launch in Abu Dhabi

A developer other than Aldar Properties and Imkan has launched a project in Abu Dhabi, with Masaood

Developments opening sales for a waterfront apartment complex on Al Reem Island. Targeted at the mid-market

buyer, the developer is offering units on instalments over 15 years and with an initial deposit of Dh50,000.

“Traditionally, it has taken years for people to save for the necessary large down payments demanded by other

developers or for bank mortgages,” said Ziad Abou Nasr, Director of Masaood Developments, in a statement. “We

have chosen to create a way of enabling a whole new market, allow individuals to stop renting and realise the

dream of owning their own home.”

Source: Gulf News

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Page 61



DISTANCING THEMSELVES FROM AN OIL-

LED ECONOMY Friday, May 03, 2019

The oil-exporting GCC states have long been in the middle of diversifying their economies from oil revenues. It

has been the central theme of their major reforms, thus hoping to not only make themselves immune from oil

price fluctuations, but also ensure that they are prepared for a future after fossil fuels.

Their economic resilience and sustainable development heavily depend on how successful they are in the shift

from a volatile oil-based economy and how ready they are in a world without oil. In 2016, the UAE Government

hosted a two-day retreat in Dubai to produce a road map for this era. Federal and local authorities highlighted the

need to bring their attention to human capital, knowledge, and innovation to strengthen the non-oil industry.

The efforts already yielded positive results. According to the Economic Insight report by ICAEW, the UAE’s non-oil

sector now accounts for almost 70 per cent of its economy and expected to increase by 3.6 per cent in 2019.

Elsewhere in the GCC, other member states have similar initiatives.

Saudi Arabia has its own National Transformation Programme (NTP) embedded in its Saudi Vision 2030, while

Oman, which has been repositioning itself as a hub for shipping and industry, has rolled out its “Tanfeedh”

handbook to enhance major domestic sectors such as manufacturing, tourism, transport and logistics, mining and

fisheries.

Non-oil activities in Oman are predicted to grow at 4.3 per cent yearly between 2016-20, with the contribution of

the oil sector to gross domestic product (GDP) dropping from 44 per cent during 2011-15 to 30 per cent by 2020.

In Saudi Arabia, its mega-cities, some of which are still under construction, are seen to accelerate the Kingdom’s

bid to reduce reliance on oil revenues, in addition to opportunities in industries such as port services, trade,

leisure, tourism, manufacturing, and construction.

One of these mega-cities is the highly ambitious NEOM, which is reportedly going to run on 100 per cent

renewable energy.

The introduction of the 5 per cent value-added tax (VAT) in Saudi Arabia and the UAE are seen as boosting the two

countries’ bid to fortify its economy, achieve sustainable development, and diversify sources of income. Other

Gulf states are expected to follow suit.

Kuwait has also been diversifying its economy by attracting more investments and simplifying land ownership

rules, while Bahrain has a reputation as the region’s first post-oil economy by enhancing its financial,

telecommunication and tourism sectors.

Diversifying their economies result not only in sustainable growth but new jobs being created and institutional

quality further enhanced. Developing a model that is responsive to the changing times is imperative so that the

region can protect itself from lower oil prices.

Nidal Abou Zaki is Managing Director, Orient Planet Group.

Source: Gulf News

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UAE'S CONSTRUCTION SECTOR WILL

THRIVE BEYOND 2020 Saturday, May 04, 2019

The UAE's construction industry will thrive in post-Expo 2020 period due to new initiatives launched by the

government, higher oil prices and improving investor confidence in the economy, says a report.

Research and Market, the world's largest market research store based in Dublin, said in its latest report that an

increase in crude oil production and government efforts to diversify the economy are expected to drive

investment in the UAE construction industry in the next five years. The industry, which recovered last year

following two years of contraction, is expected to rise at a compound annual growth rate of 4.64 per cent during

2019-23 as against 1.08 per cent in 2014-18 period. It is expected to hit $101.2 billion by 2023 from $80.7 billion in

2018 due to recovery in crude oil prices, a rise in non-oil product exports and a decrease in the fiscal deficit. It

registered a growth of 4.2 per cent last year.

The report titled 'Construction in the UAE - Key trends and opportunities to 2023' said new investment is expected

in residential, energy and utilities, infrastructure and commercial construction projects.

Referring to various government initiative such as the Ministry of Education Strategic Plan 2017-21, National

Strategy for Higher Education 2030 and Education 2020 Strategy, the Energy Strategy 2050, the Sheikh Zayed

Housing Programme and the Dubai Tourism Strategy, the report said construction industry has a promising

outlook.

A spokesperson of Emaar Properties said the positive growth of the economy, led by the record performance of

Dubai's aviation, hospitality, retail and financial services sectors, and the strong return on investment will

continue to drive the real estate sector.

"The infrastructure spending in preparation for Expo 2020 Dubai also serves as a catalyst, boosting investor

confidence," the spokesperson said.

Rizwan Sajan, founder chairman of Danube Group, said the construction sector will continue to do well in the UAE

due to a number of factors.

First, he said oil price plays a role in the public investment. The current oil price hovering around $70 will help

increase investment into the economy from the GCC countries.

Second, the new projects announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President

and Prime Minister of the UAE and Ruler of Dubai, last week, will keep the sector busy in addition to the on-going

mega projects, such as Dubai South, Dubai Hills Estate, Shindagha Corridor, Union Railway, Deira Islands, etc.

"So, there won't be any shortage in construction activities," Sajan said.

Residential construction leads

Research and Market report noted that residential construction was the largest market in the UAE construction

industry during 2014-18, accounting for 33.1 per cent of the industry's total value in 2018. The market is expected

to retain its position in next five years due to government efforts to balance housing demand and supply through

the construction of housing units.




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Data by the BNC Projects Journal disclosed that over 15,000 projects worth $791 billion are at various stages

across the UAE. It included an estimated $202.8 billion of projects in concept, design and tender stages,

positioning the UAE with the second largest project pipeline after Saudi Arabia's $827.4 billion pipeline.

"With a positive shift in sentiment on the back of recovering oil prices, economic diversification, strong liquidity in

Abu Dhabi and the long-term health of our real estate market, we are optimistic about the year ahead," said Maan

Al Awlaqi, executive director - Commercial at Aldar Properties.

"Sentiment in the UAE's real estate sector is increasingly positive as the region prepares for Expo 2020 and we

expect to see this have a positive impact on real estate projects in close proximity such as our own Alghadeer

community," he added.

Investment in energy, utilities

The energy and utilities construction segment was the second-largest contributor to the UAE construction

industry during 2014-18, accounting for 26.7 per cent of the industry's total value in 2018. It is expected to follow

a similar trend in next five years as the government will be investing Dh600 billion to develop renewable energy

projects in the country by 2050.

Al Awlaqi of Aldar Properties said initiatives such as Ghadan 21, Adnoc's petrochemical city, sustained FDI into

Kizad, and twofour54's upcoming campus on Yas Island, which will bring 10,000 employees to the destination, are

driving demand for mid-market schemes such as Water's Edge. "We are also optimistic about tourism, enjoying

circa double-digit compounded annual growth which will be further propelled by the Dh500 million allocated to

the sector as part of the aforementioned Ghadan 21 stimulus," he said.

Emaar Properties spokesperson echoed the similar views and said sector has a promising outlook. "Our outlook

for the property sector is robust, underpinned by the exceptional performance of our real estate business in

2018," the spokesperson said.

Atif Rahman, director and partner of Danube Properties, said the construction sector will continue to thrive in the

UAE due to a number of factors.

"The biggest reason is that government has remain committed and focused on infrastructure expansion, which

has always boosted the sector in a big way leading to an almost unending momentum," he said.

He said the development pipeline of Dubai is a long one and the current mega projects has enough work for the

next decade.

"Besides, the economic diversification drive and industrial development will further add to the construction

projects. There would be many more surprises as we move forward from the government as the nation grows.

Dubai will continue to remain a construction and development hub for years to come, as it continues to attract

investment," he said.


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Page 64



DH375M LUXURY REAL ESTATE PROJECT IN

ARJAN LAUNCHED Saturday, May 04, 2019

Vincitore Realty has launched Dh375 million Vincitore Benessere that will deliver 380 branded residences ranging

from studios to 3-bedroom luxury apartments.

The project, located in Arjan next to Miracle Gardens, will include 38,000 square feet of high street boulevard

retail to the serve the entire community in and around the area. It has more than 100,000 square feet of luxurious

world-class amenities that will cater to all the wellness needs of each and every resident of the project ensuring

their happiness and comfort.

The launch of Vincitore Benessere more than doubles the developer's real estate portfolio value to Dh730 million,

including the Dh135 million Vincitore Palacio and Dh230 million Vincitore Boulevard. The project's construction

will be self-financed by the developer and it is planned for delivery in 2021.

"Real estate is not limited to four walls and a roof. It means a lot more as most buyers put their life savings into a

property that they want to live in and call it a 'home'. We are mindful of that and we are putting all our efforts to

make the homes worth living in, breathing in and make them enjoyable and happy experience every day," Vijay

Doshi, Chairman of Vincitore Realty, said.

Although a luxury project, the homes are offered at affordable prices ranging between Dh1, 000 to Dh1,250 per

square foot. Price of a fully-fitted studio apartment starts at Dh470, 000 and buyers could benefit from an

extended up to seven-year payment plan offered by the developer to help the end-users acquire their dream

home.

"This is our third such project, built upon the success of our maiden project - Vincitore Palacio - that we delivered

in 2017," Veer Doshi, executive director of Vincitore Realty, said, adding that second project Vincitore Boulevard is

planned for delivery this year.


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DH25 BILLION PLAN TO TRANSFORM

DUBAI’S HISTORIC MINA RASHID AREA Thursday, May 02, 2019

One of Dubai’s historic sites – the Mina Rashid area – is to undergo a Dh25 billion transformation, including having

a mall by the sea.

A joint venture between DP World owned P&O Marinas and Emaar will oversee the development, located in Bur

Dubai - and stretching into Deira - with an extensive seafront. It is now home to the fabled QE2 ocean liner, which

is now a 13-deck floating hotel and a permanent tourist attraction.

According to Sultan Ahmad Bin Sulayem, Group Chairman and CEO of DP World: “Mina Rashid will strengthen

Dubai’s position as a global city and the premier cruise hub in the Middle East. Our venture with Emaar will

contribute to the city’s cruise tourism and create another strong economic catalyst.”

The waterfront destination will also be home to 'The Dubai Mall by Sea', billed as a fully integrated shopping and

entertainment destination of the future. Among other attractions, there will be a floating yacht club…and Dubai’s

longest swimming pool.

Emaar will be responsible for the actual development works, with P&O Marinas offering the land as part of the

joint venture deal. This is what Emaar has done with its Dubai Creek Harbour development, done in alliance with

Dubai Holding, as well as at Dubai Hills Estate, where the partner is Meraas.

In a statement, Mohammad Alabbar, Chairman of Emaar Properties, said: “With Mina Rashid, we are creating a

future-ready city that honours the legacy of the Al Maktoum family and salutes the farsighted vision of Dubai’s

Rulers who have consistently built – not for now and then, but for the future and beyond.”

Its partner, P&O Marinas will develop the marinas and berthing facilities at Mina Rashid, which will eventually

have 430 “wet berths” that can take in even the largest yachts and give a further boost to cruise-based tourism

growing at 16-18 per cent annually.

There is a bigger game plan to the new project: Dubai is giving a complete makeover to its established locations,

such as Bur Dubai and Deira. On the other side of the Shindaga Tunnel, another Dubai Government developer,

Ithra Dubai is transforming the area in and around the Grand Hyatt hotel.

Last year, Ithra Dubai gave an update on its plans, which would involve multiple phases and see new hotels and

residential buildings being put up. It will also include the extension of the Deira Gold Souq.

First opportunity to acquire freehold at Mina Rashid

Emaar has opened up sales for the first properties to be launched in Mina Rashid. The Sirdhana features a

collection of one-, two- and three-bedroom waterfront apartments and townhouses. It is named after the British

Royal Mail Ship, the first commercial vehicle to dock at Mina Rashid port, which opened in 1972. These homes will

be within walking distance of the QE2 and ‘The Dubai Mall by the Sea.’

A magnet for the global cruise industry

The renewal of the Mina Rashid area will bring renewed focus on the Hamdan Bin Mohammad Cruise Terminal,

set up to highlight Dubai’s credentials as a hub destination for the global cruise industry. The facility, built and

operated by P&O Marinas, has received over 2.3 million visitors since the opening in 2014.




Page 66



Source: Gulf News

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Page 67



OPEC MAY EXTEND OUTPUT CUTS Wednesday, May 01, 2019

Oil prices are expected to remain high with the global deal on oil production poised to be extended to the end of

2019 and Opec leader Saudi Arabia asserting that it would not rush to boost supply to make up for a loss of

Iranian crude due to US sanctions.

Saudi Energy Minister Khalid Al Falih said on Tuesday that the kingdom would stick to a global deal on oil

production, which could be extended to the end of 2019. "We do not need to voluntarily exceed the limits set," he

said.

Oil prices have surged by almost 40 per cent since January, lifted by the Opec+ supply cuts as well as by US

sanctions on producers Iran and Venezuela.

Crude oil is trading above $73 a barrel and hit a six-month high above $75 last week, boosted by Saudi supply

restraint and curbs in Venezuela and Iran.

"The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets," Norbert

Ruecker of Swiss bank Julius Baer said.

A monthly survey of 31 economists and analysts forecast Brent crude would average $68.57 a barrel in 2019,

more than two per cent higher than the $67.12 forecast in the previous poll in March.

The Saudi Minister said the kingdom was ready to meet consumer demand after the Iran oil waivers expire in

early May, including by replacing Iranian oil with Saudi supplies.

The Opec plus Russia and other producers, an alliance known as OPEC+, agreed to cut output by 1.2 million

barrels per day from January for six months in an effort to boost oil prices.

Oil producers will meet on June 25-26 to decide whether to extend the pact or adjust supply targets.

"We will look at global oil inventories to find out whether they are they higher or lower than the normal level and

then will adjust the production level accordingly. Based on what I see now ... I am eager to say there will be some

kind of agreement," Falih was quoted as saying.

Igor Sechin, head of Russian state oil company Rosneft, said the output deal would remain the same, or could

change up or down. Sechin signalled Russia would not help replace Iranian oil on the market after the expiration

of waivers on US sanctions against Tehran's crude exports.

"The elimination of US waivers for Iran will take another 0.5-1 million barrels per day from the oil market," said

Frank Schallenberger, head of commodity research at LBBW.

"Together with political tensions in Libya and chaos in Venezuela this will make the tight situation on the supply

side of the oil market even tighter. There is no doubt that high oil prices are here to stay," said Schallenberger.

"If Opec and its allies do not make an allowance for on-going unplanned outages in Venezuela and Iran, they

could run the risk of over-tightening the oil market should they decide to roll over production cuts when they

meet again in Vienna in June," said Harry Tchilinguirian, strategist at BNP Paribas.

A majority of analysts who participated in a poll expect Opec cuts to be extended until the end of the year, but at

the same time they expect the group to recoup deteriorating output from Venezuela and Iran.

"Our expectation is for Opec+ output to increase in the second half of 2019 as members chase higher oil prices

but ultimately will contribute to an oversupplied market," said Edward Bell of Emirates NBD bank.




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Asia's top oil importers China, India, Japan and South Korea imported a total 1.57 million bpd from Iran in March,

up 36 per cent from the previous month to the highest since July, latest data showed.

US Secretary of State Mike Pompeo said that the US would seek to stabilise global oil market after Washington's

decision not to extend sanctions waivers for Iran oil purchase.

"We are convinced we can make sure the markets are adequately supplied. We are continuing to work on that.

The US would cooperate with other alternative suppliers home and abroad on the matter," Xinhua quoted

Pompeo as saying during an event on Monday.

The US decided last week not to renew exemptions from sanctions against Iran granted last year to buyers of

Iranian oil, taking a tougher line than expected. Oil prices rose on concerns of a tighter oil market.

Already Opec supply hit a four-year low in April due to further involuntary declines in sanctions-hit Iran and

Venezuela and output restraint by top exporter Saudi Arabia, a survey found.

The 14-member group pumped 30.23 million bpd this month, the survey showed, down 90,000bpd from March

and the lowest Opec total since 2015.


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NOOR BANK TO MULL DIB OFFER Saturday, May 04, 2019

Noor Bank will consider Dubai Islamic Bank's proposal for acquisition once it receives a formal offer letter from

the world's largest Shariah-compliant bank, Khaleej Times has learnt.

John Iossifidis, chief executive of Noor Bank, said Noor Bank is aware of Dubai Islamic Bank's announcement that

it intends to explore a possible acquisition of the bank.

"Should a formal offer be received, it will be presented to the Noor Bank Board for due consideration. In the

meantime, Noor Bank will continue to conduct business as usual," Iossifidis said in a statement to Khaleej Times

on Saturday.

Last month, DIB announced that it received approval from its board to explore the possible acquisition of its rival

Noor Bank, which has an asset base of Dh50.7 billion. The potential acquisition could create a mega Shariah-

complaint bank with total assets worth Dh275 billion.

Dubai's sovereign investment group, Investment Corp of Dubai (ICD) is a common shareholder in the two banks.

ICD owns 28.37 per cent of DIB and more than 22.7 per cent of Noor Bank.

Q1 profits surge

Noor Bank on Saturday said its year-on-year 2019 first-quarter net profit rose eight per cent to Dh217 million as

all business lines reporting strong performance in line with 2019 growth plans. The Dubai-based lender said that

net profit in January-March 2019 quarter surged by 220 per cent if compared to fourth quarter of 2018.

Annualised return on shareholders' equity hit 17.7 per cent.

John Iossifidis, CEO of Noor Bank, said: "We have managed costs well and made smart investments in line with

our growth strategy. Furthermore, our balance sheet shows solid growth, with customer financing and customer

deposits up by nine and 10 per cent, respectively, compared to first quarter of 2018," John Iossifidis said.

The bank's asset quality continued to improve, backed by the higher provision coverage ratio at 155 per cent and

impaired financing ratio at 4.5 per cent. Meanwhile, the eligible liquid asset ratio reached 17.5 per cent, and the

capital adequacy ratio amounted to 16.9 per cent.

"We are confident of carrying this momentum forward into the rest of 2019 with a continued emphasis on

digitalisation, innovation and customer excellence that are at the core of our strategy of delivering outstanding

customer experiences," Iossifidis concluded.


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RIGHT DOORS EASES RENTING PROPERTIES

IN DUBAI Thursday, May 02, 2019

Buying and selling of property has never been an easy process with paper work and cost involved in terms of

time and money, it usually gets burdensome and that is exactly what Dubai-based startup Right Doors.com has

decided to address this by simply charging a flat fee of Dh999 for all the process involved irrespective of property

size or type.

The portal allows tenant to book a viewing and allots dedicated property consultant who will conduct the viewing,

handle all the negotiation, and all the rental process that needs to be done. Once everything is complete, the

tenant can easily move-in to his/her new home.

Landlords can list their properties for free on the portal. Once they register their property it instantly gets

advertised on top property portals like Property Finder, Dubizzle, and Bayut. This increases the visibility of a

landlord's property, giving it higher opportunities to gain leads and potential viewings. Property Consultants

would take care of every negotiation until the landlord's property gets rented.

"Our company evolved from a simple property portal to a real estate service provider that offers affordable

agency fees for a flat fee of Dh999. Paying hefty commission when renting any property is a headache that

tenants have been bearing for the longest time. This is also a burden for landlords as their properties become

difficult to get rented because of the big amount that tenants need to pay in commission. With this challenge at

hand, we made it our goal to start a trend in the market and change the market practice of charging the standard

5 per cent commission," said Zeeshan Imran, chief executive officer and founder, Right Doors.com.

The startup - Right Doors - has been in the market since August 2018 and is successfully operating for 8 strong

months. So far, the venture has invested a total of Dh1.2 million for development and building the operations of

the company. "For the year 2019, our target is to raise funds which would be utilised to strengthen our brand in

the market. It would also be utilised to reach landlords to register their properties. We are Dubai's first

commission-free real estate. We are focused on delivering quality services for an affordable and reasonable flat

fee. The market practice that most estate agents do in Dubai is to charge 5 per cent commission when renting any

property. We see this amount as a burden for tenants that's why we decided to become a game-changer in the

Dubai real estate rental market," added Imran.


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Page 71



EXPO 2020 BENEFITS TO EXTEND LONG

AFTER EVENT Thursday, May 02, 2019

While the Expo 2020 Dubai event will prove to be a substantial contributor to the UAE's economy during its peak

activity period, Sanjive Khosla, deputy chief for sales and marketing at Expo 2020 Dubai, says that the country will

continue to reap the benefits of the event long after it is over.

Speaking to Khaleej Times at the recently concluded Arabian Travel Market 2019, he noted that the very theme of

the event was carefully selected to reflect the importance of constantly innovating.

"I think it is fair to say that this Expo is going to be very different from any other Expo that has happened in the

past," he said. "Firstly, around 80 per cent of the visitors an Expo are always domestic. The biggest example of this

was China, where we saw that around 95 per cent of the visitors were domestic visitors. What we are aiming for at

Expo 2020 is a target of 70 per cent international visitors. This is the first time in the history of World Expos that

an event such as this is being held in the Middle East. Around 3.1 billion people, who never had the opportunity to

visit a World Expo, are getting the opportunity to do so this time."

He added: "We are working very closely with tourism authorities, not just in Dubai, but across the various

emirates to ensure that we meet the targets that we have set for ourselves. Expo 2020 Dubai will raise the

tourism industry in the UAE to a whole new level. We have started a very aggressive global campaign, where we

are showcasing not only what the Expo 2020 has to offer, but an intimate look at the tourism offerings in the UAE.

New tourism markets will open up and grow as a result of this Expo."

He also noted that the impact of the Expo will be felt across various sectors including hospitality, F&B, and the

events sector. "We see the economic impact of the Expo between 2013 and 2031 as exceeding Dh122 billion.

During the period of the Expo itself, we think that the event will contribute 1.5 per cent of the country's GDP."

In addition, he talked about how the three sectors which make up the sub-themes of the event - sustainability,

mobility, and opportunity - will enjoy a surge in interest during the course of the event. "Any company that has

anything to do with these sectors will definitely benefit from the attention that they will be receiving."

"Legacy is very close to our hearts," he added, when talking about plans for the Expo site post the event. "In the

period between May 2021 and December 2031, the Expo site is going to be redeveloped and relaunched into

District 2020, which is going to be a mixed-use development that will house businesses, residential units, schools,

universities, and an expanded Dubai Exhibition Centre."

Over 80 per cent of the Expo built environment is planned to be retained for District 2020, and eventually expand

into a city covering more than four million square meters. District 2020 companies will be focused on technology

and innovation, including a mix of corporations and small and medium-sized enterprises.

"The themes of the Expo are not something that have a time limit on them," Khosla said. "They will evolve, the

technology will continue to evolve along with them, and we will keep on coming up with new solutions to solve the

most pressing matters that the world is facing."


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Page 72



DUBAI MUNICIPALITY TO DOUBLE

GREENERY IN DUBAI IN 5 YEARS Monday, April 29, 2019

Dubai Municipality plans to substantially increase greenery across the emirate in the coming years through

plantation of new trees as well as adding a big park, said a senior official.

"We are concentrating in making Dubai greener. In the next three to five years, the greenery will be more than

doubled. Last year, we planted 50,000 trees in Dubai outside the parks on streets. We are trying to increase those

numbers," said Dawood Al Hajiri, director general of Dubai Municipality.

Speaking after the inauguration of Beijing Expo 2019, Al Hajri said there are several Chinese agricultural

companies based in the UAE and this expo will further increase Chinese firms' presence in Dubai and UAE.

He also revealed that Dubai Municipality is planning to set up a big park in the coming five years.

"We have not decided the location yet. It will be big park equipped with different kind of amenities. We are

concentrating on making the city greener which would help improve environment and air quality of the city," he

added.


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Page 73



SMOOTH TRAFFIC FLOW IN AL QUOZ AS

FOUR-LANE FLYOVER OPENS Saturday, May 04, 2019

The bridge over Al Asayel Street is the latest addition to a multi-level road project that links Jumeirah with Al Khail

Road.

Travelling in and around Al Quoz has become a traffic jam-free affair with the recent opening of a four-lane

bridge. The bridge runs above a six-lane flyover that opened recently at the Al Khail Mall junction.

The bridge over Al Asayel Street is the latest addition to a multi-level road project that links Jumeirah with Al Khail

Road. Dubai's Roads and Transport Authority (RTA) has not made a formal announcement about the opening, but

motorists could be seen using the bridge.

Residents at nearby Al Khail Gate community welcomed the opening of the bridge. Renjith Ramakrishnan said his

driving time to his office near the Times Square Mall has been reduced "by around 10 minutes".

The RTA had earlier announced that the 7.4km-long network of bridges, built at a cost of Dh800 million, was

designed to ease the road networks at the parallel Shaikh Zayed Road, Al Khail Road, Mohammed Bin Zayed Road

and Emirates Road.

The flyover below the new bridge, which opened in October last year, had come as a relief to many as it linked

Jumeirah and Al Quoz. It has helped reduced travel time on the Latifa bint Hamdan Street between the Sheikh

Zayed Road and Al Khail Road from 12 minutes to four and also eased the movement of trucks and other heavy

vehicles around Al Qouz Industrial Area.


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Page 74



SOON, WORKERS TO GET THEIR OWN

MALL, PARKS IN UAE Thursday, May 02, 2019

Workers in Sharjah will soon have a mall and four parks of their own, according to the emirate's Labour Standards

Development Authority (LSDA).

Speaking to Khaleej Times in a Labour Day interview, Salem Yousef Al Qaseer, chairman of the LSDA, said the

projects are all designed to "cater to the workers' needs and allow them to enjoy exclusive recreational spaces,

without having to travel far from their accommodations".

The construction of the mall, set to rise at a park in Al Sajjah, is already in progress and it is expected to be

completed by the end of the year, Al Qaseer said.

It will have a total of 88 retail outlets, a 10,000sq-ft hypermarket, a 7,700sq-ft hospital, banks, leisure facilities and

a cinema - creating the 'perfect hang-out spot' where workers can enjoy their weekends and holidays.

Those who would rather relax outdoors will have four recreational parks to choose from, all of which will be

located in key industrial zones. One will be built in Industrial Area 3, another in Industrial Area 12, and two in Al

Sajjah industrial areas. One of these is already completed while the others will be done by the end of 2019, Al

Qaseer said.

"The parks will include sports facilities, mosques, ATMs, shops, cafés, administrative offices for municipal services,

and security," he added.

Al Qaseer said the projects fall under the directives of His Highness Sheikh Dr Sultan bin Muhammed Al Qasimi,

Member of the Supreme Council and Ruler of Sharjah, who has always believed that people are the emirate's

'greatest wealth'.

"Through these projects, we also aim to raise local labour standards, develop best practices, enhance facilities and

associated services, and uphold workers' rights," he said.

Housing survey

While the parks and mall are projects that communities are looking forward to, taking care of 600,000 workers

goes beyond creating recreational spaces, Al Qaseer said.

The LSDA is also looking into their housing situation, aiming to ensure that they are leading decent lives.

In line with this, a labour housing survey - powered by smart GIS technologies - was recently launched. A special

team was formed to visit workers' residences, study their environment, and recommend improvements to the

Sharjah Executive Council, paving the way for necessary legislation.

"The survey documents all the data, which is important as housing is a vital component of the people's working

environment in the industrial areas of the emirate," Al Qaseer said.

He added that the LSDA carries out regular inspections to make sure that all accommodations are well ventilated;

compliant with safety measures; and equipped with proper electricity sources and water supply systems. The

number of workers in one room must also be limited and must not exceed the area's capacity.

Other programmes, such as awareness drives, sports activities, yoga sessions and special festivals, are also

implemented as part of efforts to boost the workers' well-being.




Page 75




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Page 76



DH25 MILLION AJMAN HERITAGE DISTRICT

IN THE WORKS Saturday, April 27, 2019

Ajman is building a Dh25-million heritage district that is set to be a key tourist destination in the emirate, the

Ajman Municipality announced at a recent investors forum.

At the forum, Sheikh Rashid bin Humaid Al Nuaimi, chairman of the Ajman Municipality and Planning Department,

has unveiled details about the development project that will built around the Ajman Museum, one of the oldest

places in the Gulf.

The main goal is to preserve, highlight and promote the rich Arabian heritage of the emirate, while driving

economic growth and boosting tourism in Ajman, he said.

Canopies of trees and lots of greenery would be grown around the historical area that shall treat visitors to a

distinctive cultural experience and take them on a journey back in time, Sheikh Rashid bin Humaid added.

Mohammed Ahmed bin Omair Al Muhairi, executive director of the infrastructure development sector, said the

5,300sqm project is also being developed as a venue for local and international events.

Besides showcasing the history of Ajman, the heritage district also offers a lot of opportunities for investors and

entrepreneurs.

Sheikh Rashid bin Humaid said a number of different investment options are available at competitive prices,

structured to support small and medium-sized enterprises.

According to Huraia Al Baloushi, head of projects and business development, the project would have slots for 37

stores, ranging from 40 to 100 square metres, which would be available for businesses.


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Page 77



With over 30 years of Middle East experience, Asteco’s

Valuation & Advisory Services Team brings together a

group of the Gulf’s leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai,

Northern Emirates, Qatar, and the Kingdom of Saudi

Arabia not only provides a deep understanding of the local

markets but also enables us to undertake large

instructions where we can quickly apply resources to meet

clients requirements.

Our breadth of experience across all the main property

sectors is underpinned by our sales, leasing and

investment teams transacting in the market and a wealth

of research that supports our decision-making.

John Allen BSc MRICS

Executive Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Jenny Weidling BA (Hons)

Manager, Research & Advisory

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted by

suitably qualified personnel all of whom have had

extensive real estate experience within the Middle

East and internationally.

Our valuations are carried out in accordance with the

Royal Institution of Chartered Surveyors (RICS) and

International Valuation Standards (IVS) and are

undertaken by appropriately qualified valuers with

extensive local experience.

The Professional Services Asteco conducts throughout

the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property sales

division with representatives based in UAE, Saudi

Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

LEASING

Asteco has been instrumental in the leasing of many

high-profile developments across the GCC.

ASSET MANAGEMENT

Asteco provides comprehensive asset management

services to all property owners, whether a single unit

(IPM) or a regional mixed use portfolio. Our focus is

on maximising value for our Clients.

OWNER ASSOCIATION

Asteco has the experience, systems, procedures and

manuals in place to provide streamlined

comprehensive Association Management and

Consultancy Services to residential, commercial and

mixed use communities throughout the GCC Region.

BUILDING CONSULTANCY

The Building Consultancy Team at Asteco have a

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throughout all stages of the built asset lifecycle. Each

of the team’s highly trained Surveyors have an in-

depth knowledge of construction technology, building

pathology and effective project management methods

which enable us to provide our Clients with a

Comprehensive Building Consultancy Service.

Week 18 - Asteco Property Management · 2019. 5. 5. · IHG is introducing several new hotel brands...

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