Week 05 SUNDAY, 02 FEBRUARY 2020
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REAL ESTATE NEWS
UAE / GCC / MENA
ETIHAD RAIL CHIEF LAUNCHES CONSTRUCTION OF STAGE 2 OF UAE-WIDE RAILWAY
VALUE OF RIYADH REAL ESTATE TRANSACTIONS UP 63%
SKYWAY: UAE'S DRIVERLESS PODS, CABLE CAR PROJECT TAKES SHAPE
CINEMAS TO BOOST SAUDI CONSTRUCTION SECTOR BY $1.3BN IN 2020
MILLENNIUM TAKES OVER MAKKAH HOTEL AS PART OF SAUDI EXPANSION PLANS
DEAL SIGNED TO FINANCE CONSTRUCTION OF BAHRAIN MEDICAL CITY
EXPANSION OF BAHRAIN'S ONLY OIL REFINERY NEARS 40% COMPLETION, SAYS OIL
MINISTER
UAE RETAIL MAJOR OPENS FIRST CARREFOUR IN UGANDA
SAUDI LUXURY PROJECT AMAALA SIGNS DEAL TO PROTECT MARINE ENVIRONMENT
DUBAI HOTEL OPERATOR INKS DEAL TO MAKE OMAN DEBUT
SAUDI ARABIA PLANNING CONFIDENTIAL NEW 'UTOPIA' PROJECT, SAYS ARCHITECT
AI SET TO IMPROVE OPERATIONS, CUSTOMER EXPERIENCES AT UAE HOTELS
DUBAI
LONG-TERM FORECAST OF UAE REAL ESTATE MARKET IS POSITIVE, SAYS ASTECO
DEVELOPER SAMANA AWARDS CONSTRUCTION DEAL FOR SECOND DUBAI PROJECT
REVEALED: THE IMPORTANCE OF EMAAR TO DUBAI'S PROPERTY MARKET
AZIZI PLANS TO TAP GLOBAL DEBT MARKET
ENBD REIT CALLS SHAREHOLDER MEET ON FEB. 12
PANTHEON SAYS $49M RESIDENTIAL PROJECT IN DUBAI SET FOR END-2021 DELIVERY
DUBAI LIMITING SUPPLY FROM GOVT-BACKED DEVELOPERS
EMAAR CHAIRMAN MOHAMED ALABBAR REVEALS 2020 HOTEL EXPANSION PLANS
UAE LEADERS INAUGURATE AL WASL PLAZA, THE HEART OF EXPO 2020 DUBAI SITE
INVESTORS BEARISH ON UNION PROP.’S LATEST PLANS
DUBAI TENANTS WILL CONTINUE TO HAVE UPPER HAND IN 2020
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HOMEFRONT: 'CAN I GET A COPY OF MY TITLE DEED IF I HAVEN'T PAID MY SERVICE
CHARGE?'
DUBAI PROPERTY: GOVERNMENT INITIATIVES TO BOOST DEMAND IN 2020
MONGOLIA CONFIRMS PARTICIPATION IN EXPO 2020 DUBAI
EMAAR HOSPITALITY COO LABELS ROVE LA MER 'GAME CHANGER'
THE UNIQUE CHARM OF DUBAI’S OLDER NEIGHBOURHOODS
LULU HYPERMARKET OPENS NEW VENUE AT DUBAI FESTIVAL CITY
MISTAKES TO AVOID WHEN TENANTS BUY A HOME FOR RENTAL INCOME
DUBAI CONTINUES TO GROW AS A LOGISTICS HUB AHEAD OF EXPO 2020
DRAKE & SCULL TO SELECT NEW BOARD MEMBERS
RESALE AND DEVELOPERS' PRICES DIFFERENCE IS AROUND 20% IN DUBAI
DUBAI SOUTH, JEBEL ALI INK DEAL ON GOODS
TERRA, EXPO 2020 DUBAI’S SUSTAINABILITY PAVILION IS STRUCTURE READY
DUBAI RETAIL GIANT SIGNS DEAL TO REVOLUTIONISE CARREFOUR ONLINE ORDERS
WAREHOUSING SPACE SEES STRONG INCREASE IN MARKET ACTIVITY
LUXEMBOURG INVESTS DH129M IN EXPO 2020 PAVILION, WORK PROGRESSING WELL
ON PAVILION
JUMEIRAH SIGNS DEAL TO PROVIDE CATERING AT LUXEMBOURG'S EXPO 2020 DUBAI
PAVILION
ABU DHABI
DSI FILES NEW CHARGES AGAINST FORMER CEO
NORTHERN EMIRATES
NORTHERN EMIRATES OFFER AFFORDABLE PROPERTY OPTIONS TO TENANTS AND
BUYERS, REPORT SAYS
INTERNATIONAL
UAE TYCOON AL HABTOOR SEES 'THRIVING' INVESTMENT POTENTIAL IN EGYPT
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HOMEFRONT: 'CAN I GET A COPY OF MY
TITLE DEED IF I HAVEN'T PAID MY SERVICE
CHARGE?' Wednesday, January 29, 2020
I purchased my property in Abu Dhabi in 2014 and paid my service charge regularly until 2017. Then the
developer decided to double the charge for no reason, before backing down because several owners complained
to Abu Dhabi Municipality (ADM).
Can my developer legally stop me from obtaining my title deed pending the payment of the outstanding charges?
This is in light of the fact the developer does not have its service charge approved by ADM. It also does not comply
with the details of the Abu Dhabi Real Estate Law that requires developers not to make a profit from service
charges, and to provide clear details of how the money is spent. The law also prohibits the demand of a single
lump-sum payment for the annual service charge. From my research, there is nothing in the law that allows the
developer to stop the issuance of my title deed without payment of the service charge. I want your thoughts on
this before I decide whether to take this matter to a civil court. MS, Abu Dhabi
To collect your title deed you do have to first obtain a no objection certificate from the developer. Therefore, you
will have to pay off any outstanding service charges before being able to collect this document.
Please remember that the Abu Dhabi Municipality will charge 2 per cent of the purchase price in order to register
your title deed. This fee has been in effect since December 1 2018. If you have paid the service charges and have
documentation confirming this payment, then the developer cannot stop you from obtaining the title deed.
Can you confirm that Law 33 of 2008 has replaced Law 26 of 2007, which means Dubai tenants no longer need to
give notice that they are moving out at the end of their one-year contract? CW, Dubai
Law 33 of 2008 has not replaced Law 26 of 2007, it has merely amended some of its parts. In the amended law, it
did away with the need to give 90 days' notice to the landlord for non-renewal. I stress, however, that you or
anyone else should adhere to the tenancy contract and/or addendum signed by you and the landlord, This
agreement will give you instructions as to what to do in the event of non-renewal. If there is no clause outlining
the non-renewal, you can refer to the amended law.
Please note that most landlords believe the 90-day notice for non-renewal is still in place, so there will be
resistance if this has not been adhered to. Landlords need as much notice as possible to find a new tenant, in the
event the current incumbent is not renewing.
Remember too that landlords hold your deposit and potentially could use this against you if they feel you have
"broken the contract". Getting the deposit back can generally be a major headache for tenants, that said, please
ensure clear and timely communication with your landlord regarding all things within the tenancy contract.
Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for 35 years
in London and Dubai
Source: The National
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DUBAI CONTINUES TO GROW AS A
LOGISTICS HUB AHEAD OF EXPO 2020 Thursday, January 30, 2020
Dubai continues to be the Middle East’s logistics hub, with the industry clocking steady growth ahead of Expo
2020, according to the latest report from Deloitte.
The report titled, Middle East Real Estate Predictions, examines the performance of the real estate market in 2019
and forecasts changes in the hospitality, residential, office, retail and industrial and logistics markets within the
emirate in 2020.
“Dubai continues to grow as a logistics hub and tourist destination,” said Oliver Morgan, director and head of
development in Deloitte’s Real Estate team in the Middle East.
“Significant infrastructure investment has been made ahead of Expo 2020 and whilst there are still oversupply
issues in key residential and commercial sectors, fundamental drivers are in place for recovery in the long term.”
The primary source of demand for industrial units continues to be from manufacturing and technology
companies. However, logistics and 3PL (third party logistics) firms are expected to be among the primary drivers
of demand in the future, according to the report.
One of the critical success factors in the coming years will be the use of automation to improve supply chain
efficiencies and to gather information on where things are and where they need to be, it said.
Within the real estate sector, the report said the residential market experienced significant pressure owing to an
increase in supply.
Average sales prices for residential property in Dubai declined by approximately 7 per cent between third quarter
of 2018 and third quarter of 2019. Average rents also declined by approximately 9 per cent over the same period,
as the average price per sq ft for apartments fell from Dh1,178 in 2018 to Dh1,090 as at September 2019.
“Dubai’s real estate market is not without its challenges and falling capital and rental values, particularly in the
residential sector, generally translate into lower returns for certain developers and investors,” said Robin
Williamson, head of real estate, Deloitte Middle East.
“The flip side to this is that Dubai is becoming a much more affordable location, for a wider target audience, the
key to success will be translating this into actual demand.”
The emirate is also expected to retain its position as one of the most attractive tourism destinations in the world,
in terms of the total number of international overnight visitors and visitor spend despite downward pressure on
average daily rates (ADRs).
“As key performance metrics are under pressure, it is essential for hotel owners and operators to understand
how to differentiate their offering and manage revenue.”
Revenue per available room (RevPAR) decreased 13 per cent year-on-year between 2018 and 2019 from January
to August. However, occupancy levels increased 3 per cent during this period, indicating greater competition
among operators leading to lower ADRs.
In the office sector, consolidation and workplace optimisation will continue to drive occupier demand, though the
pace of rental decline slowed from 4 per cent in 2018 to 2 per cent in 2019.
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Dubai’s food & beverage industry is also in the midst of a significant transformation with online disruptors
impacting how often consumers dine out, the report said.
Source: The National
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NORTHERN EMIRATES OFFER AFFORDABLE
PROPERTY OPTIONS TO TENANTS AND
BUYERS, REPORT SAYS Thursday, January 30, 2020
The Northern Emirates of Sharjah and Ajman remained leaders in affordable housing last year when compared to
other emirates, according to a new survey.
The volume of deals also climbed in both emirates on the back of lower sales prices and rental rates. Government
measures such as the roll out of long-term visas also stoked interest in the two markets, property portal Bayut
said in its latest report.
“Sharjah and Ajman closely follow trends in Dubai and Abu Dhabi [property markets],” said Haider Ali Khan,
Bayut’s chief executive.
“Similar results [as Dubai and Abu Dhabi] were observed throughout 2019 with [sale] prices declining in Sharjah
and Ajman," he said, adding that inventory of new units also climbed in both northern emirates last year.
Nearly 61,357 transactions were recorded in Sharjah last year, a 13.4 per cent year-on-year increase, Bayut said,
without providing transaction data for the Ajman market. The emirate recorded a 10 to 20 per cent drop in rental
and sales prices in most of the popular communities, it added.
In Sharjah, the Al Majaz, Al Nahda and Al Taawun areas remained popular with buyers and investors with the
average price per square foot ranging between Dh352 to Dh381. Rents also remained competitive in these areas,
ranging between Dh17,000 to Dh20,000 for studios, Dh25,000 to Dh28,000 for one-bedroom units and Dh33,000
to Dh 37,000 for two-bedroom apartments.
In Ajman – the smallest emirate in the UAE – Downtown, Al Rashidiya and Emirates City areas dominated sales.
The price per square foot to buy apartments ranged between Dh200 to Dh500, making Ajman a good budget
option for customers.
Bayut said that there was a healthy increase in property handovers in Ajman and Sharjah, last year, leading to
stabilisation in the market.
“There have been several handovers in both cities, including reputed projects such as Al Zahia and Nasma
Residences in Sharjah and the Ajman Corniche Residence,” added Mr Khan.
Average property prices in Dubai have declined on the back of lower oil prices in recent years as developers
focused on smaller, more affordable units and investor concern grew over an oversupply of units.
Average apartment prices in Dubai dropped 16.5 per cent year-on-year during the third quarter of 2019,
according to Cavendish Maxwell's latest UAE Property Market report, while villa prices fell 15 per cent. Apartment
rents also dropped by 15 per cent, while villas and town houses recorded a 12 per cent decline in rental values in
the same period.
In Abu Dhabi, rents continued a downward trajectory for both apartments and villas and town houses in the first
half of last year, according to Cavendish Maxwell.
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Experts have forecast a recovery for the capital, on the back of a new immigration regime offering long-term visas
for investors, the Dh50 billion Ghadan 21 stimulus and changes to the emirate's freehold property law.
Source: The National
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DUBAI PROPERTY: GOVERNMENT
INITIATIVES TO BOOST DEMAND IN 2020 Saturday, February 01, 2020
Major steps by the government and an increased number of pro-growth initiatives over the past year are
expected to boost sentiment and drive demand in the UAE’s real estate market in 2020, according to the latest
report from consultancy JLL.
The firm's annual review of the UAE real estate market found that although residential rents and sale prices
continued to decline, it expects a flattening of both over the next 12 months.
Apartment rents and sales prices in Dubai declined 8 per cent and 5 per cent respectively in 2019 compared to
the previous year. Similarly, villa rent and sale prices fell by around 8 per cent and 10 per cent respectively.
In 2019, more than 35,000 residential units were handed over in Dubai, which is the highest ever delivered in a
year, while 83,000 units are scheduled to be delivered in 2020 (although it expects actual handovers to be far
lower). Major projects scheduled for delivery in 2020 include the Azizi Riviera project in Meydan and Al Habtoor
City.
In preparation for Expo 2020, residential supply is expected to reach 638,000 by the end of 2020, representing an
average annual increase of 15 per cent.
“Overall the residential market remains tenant-friendly, with landlords offering flexible payment options in order
to attract new tenants," the report said.
“In addition to the various initiatives launched by the government to boost residential demand from potential
foreign investors and residents, developers are also trying to enhance the residential market by providing various
initiatives such as waiving off the 4 per cent registration fees, offering monthly payment schemes, and post-
handover plans.”
The Dubai government has taken steps to also limit future supply, with the formation of a new Real Estate
Planning Committee in the third quarter of 2019. Developers are also launching fewer new projects and focusing
on the sale of existing inventories.
For Abu Dhabi, apartment rents declined 6 per cent year-on-year in quality masterplanned communities and villa
rents fell 4 per cent in prominent developments. Sale prices for prime villas remained stable, whereas prices for
apartments recorded a 9 per cent drop. A further decline in rents and sale prices is expected this year, the report
said, due in part to an expected supply increase.
Around 1,000 residential units were delivered in the fourth quarter of 2019, bringing the total stock to
approximately 261,330 units. By end of 2020, a further 11,400 units are scheduled to enter the market, mainly
within masterplanned communities such as Al Reem Island, Al Raha Beach, Saadiyat Island, and phase one of
Riyadh City, it said.
In the hospitality sector, demand is expected to recover considerably with various government initiatives set to
take effect this year, and the expected strong visitor growth associated with Dubai's Expo 2020. Other popular
events such as the annual Formula 1 Etihad Airways Abu Dhabi Grand Prix in Abu Dhabi will also continue to
attract international visitors to the UAE.
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Last year saw the introduction of several government initiatives to boost the hospitality sector, such as the
exemption of the visa fee for transit passengers and a focus on increasing the popularity of Dubai in the cruise
industry, among others.
“Large-scale projects, new visa rules and Expo 2020 Dubai will boost tourist arrivals in the coming months,” said
Dana Salbak, head of research Mena at JLL.
“Around 25 million visitors are expected in Dubai from 192 countries during Expo 2020 Dubai alone. These factors
have ensured the hotel market, specifically, will maintain healthy performance levels, continuing the UAE’s status
as a major global tourist and business destination. That said, in the year ahead, market performance will also
heavily depend on how quickly some of the newly-announced initiatives take effect.”
In Dubai, around 7,200 hotel rooms were added in 2019, out of which around 3,200 were added in the last
quarter.
Hotel supply is expected to reach around 151,000 keys by the end of 2020, with notable projects including Artesia
in Damac Hills and Royal Atlantis in Palm Jumeirah.
Meanwhile, the office market remained in favour of tenants for all of 2019 and the trend is expected to continue
in the year ahead as well. In Dubai, Grade A rents in the central business district dropped by 13 per cent to
Dh1,358 per square metre per year in the final quarter and average vacancy rates increased by 3 per cent to 14
per cent. In Abu Dhabi, office rents dropped by about 5 per cent to Dh1,600 per sq m per year and vacancy rates
increased by 4 per cent to 28 per cent.
Source: The National
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DSI FILES NEW CHARGES AGAINST FORMER
CEO Wednesday, January 29, 2020
Construction major Drake & Scull International (DSI) said on Wednesday that the Abu Dhabi Public Funds
Prosecutor is investigating new criminal complaints filed against its former chief executive officer and vice
chairman, Khaldoun Tabari, family members, and other former executive managers.
The company said Tabari, who was recently arrested in Jordan, has been charged for misappropriation, fraud,
embezzlement, intentional damage to public funds, profiteering others, and forgery by the Abu Dhabi Public
Funds Prosecutor in response to 15 prior criminal complaints filed by DSI.
The construction giant has been pursuing legal action against Tabari to get him extradited to the UAE following his
arrest by Jordanian authorities at Queen Alia International Airport in Amman. The arrest followed an international
arrest warrant filed by UAE authorities against Tabari that resulted in an Interpol red notice issued January 7,
2020. DSI has also filed a criminal case against Tabari and Zeina Tabari in Jordan.
Tabari's arrest two weeks ago, when he was catching a flight to the UK, was consequent to a request made by the
Interpol to the Jordan Public Security Directorate in wake of his failure to appear before the UAE judiciary in a case
which involves 15 criminal complaints filed against him by DSI in Abu Dhabi. Tabari has a travel ban in the UAE.
A few months ago, Tabari made a statement denying any wrong-doing and said that DSI's accusations of financial
violations against him are an attempt to find a "scapegoat" for its mounting losses. He said that the firm had filed
15 complaints against him to the public prosecutor and the allegations prompted authorities in the UAE to order
banks to freeze his bank accounts in June 2018.
DSI began reporting losses in 2015 after the decline in oil prices forced developers and clients to defer payments
and delay projects. Following Tabari's departure as CEO in 2016, it has replaced five chief executives and four
chief financial officers. The company's shares have been suspended since November. Tabari was the second
biggest shareholder in the company before selling his stake to strategic shareholder Tabarak Investment in 2016.
In 2019, the construction major blamed its Dh4.5 billion loss in 2018 on a deliberate and conscious decision by the
previous management and board to defer announcement of losses for the years 2009-2016. DSI also had claimed
Tabari and his daughter Zeina, a former board director, owe the firm $272.3 million.
The DSI spokesperson said that if extradited to the UAE, Tabari would face prosecution for those 15 criminal
complaints filed against him by DSI for which he may serve a minimum of 5-15 years.
Source: Khaleej Times
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LUXEMBOURG INVESTS DH129M IN EXPO
2020 PAVILION, WORK PROGRESSING WELL
ON PAVILION Wednesday, January 29, 2020
Luxembourg is investing ?32 million (Dh129 million) for the development of Expo 2020 pavilion, as the European
nation looks to boost ties in a number of sectors.
Carlo Thelen, director-general at Chamber of Commerce in Luxembourg, said work on the Expo 2020 pavilion -
located in Opportunity District - is progressing well and the European country will showcase its culture, cuisines
among others.
"We will also showcase our products, tourism opportunities, new technologies and space sector. There are a lot of
similarities between Luxembourg and the Emirates. We are small and open hubs. Emirates is hub for Asia, Central
Asia and Africa while Luxembourg is hub for Europe," Thele said as Luxembourg's economic mission on
Wednesday concluded its UAE visit on Wednesday.
Luxembourg is the first country to express interest in Dubai Expo 2020 and the firs to start construction works. Its
pavilion is located in the vicinity to Al Wasl Plaza and the UAE Pavilion.
Dubai will host six-month long Expo 2020 from October 20, 2020 to April 20, 2021, with 25 million people
expected to visit the mega event.
Maggy Nagel, Commissioner General of Luxembourg at Expo 2020 Dubai, said Expo 2020 fits perfectly with the
promotion efforts of Luxembourg and will make it possible to assert many skills of 'Made in Luxembourg'. "
On Wednesday, three partnership agreements were signed between Luxembourg and UAE companies - Jumeirah
Group, RAK Porcelain Europe and Emirates Academy of Hospitality Management, in order to allow the
Luxembourg pavilion to function properly during the exhibition.
Source: Khaleej Times
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AI SET TO IMPROVE OPERATIONS,
CUSTOMER EXPERIENCES AT UAE HOTELS Thursday, January 30, 2020
Data-driven artificial intelligence (AI) has been a major stepping stone for the hospitality sector in the UAE,
especially when it comes to collecting, analysing, and forecasting consumer preferences and decisions, experts
have observed.
Speaking to Khaleej Times, Tim Cordon, area senior vice president at Radisson Hotel Group, Middle East & Africa,
explained that AI is increasingly dominating the way travel and hospitality sectors are operating their business
models to progress in an increasingly competitive market.
"Through data-driven AI software, businesses can use a customer's history and preferences to predict purchase
decisions through advanced algorithms," he said. "As such, hotels are becoming more reliant on their data
insights to drive revenues to enhance guests' overall experiences. From the initial phase of browsing a website to
selecting rooms and type of service, everything is logged in, to sell the right services and optimise the overall hotel
experience. In recent times, using smartphones to control everything from air conditioning, car parking, security
alarms, and even automated cleaning and food-ordering services is common. The same concept is increasingly
being utilised and implemented across the hotel industry."
Laurent A. Voivenel, senior vice president, Operations and Development for the Middle East, Africa and India for
Swiss-Belhotel International, noted that AI has evolved to play an increasingly important role in the hotel industry
mainly because of its ability to carry out traditionally human functions at any time of the day.
"By employing big data and artificial intelligence, we succeeded in driving digital and intelligent transformation to
the benefit of everyone," he said. "Application of AI tools have made the process easier, efficient, user-friendly,
effective, faster, inexpensive, and more streamlined. Although the use of AI within our industry is still in its
infancy, it is already being applied in many ways. AI is extremely effective when it comes to direct messaging and
online chat services, and at Swiss-Belhotel International we are using it to respond to simple questions or
requests."
AI chatbots, he revealed, are being utilised on social media platforms, allowing customers to get an almost instant
response, 24 hours a day, seven days a week. "We are also seeing the development of robots with AI, and the
potential for this technology to grow is enormous for basic customer-facing situations."
Voivenel's comments about the future of the industry were mirrored by Cordon, who said that he anticipates
seeing hoteliers gradually commissioning artificial robots to interact with guests on the hotel or ground level. "As
artificial intelligence becomes more sophisticated and integrated with hardware, more hotels will look to
transition their business models into being more technology-driven. Countries such as Beijing and Dubai are
leading the way in the use of smart technology and business models that focus on data-driven artificial
intelligence all the way to mobile-controlled hotel room amenities."
Amit Sharda, VP - EMEA, at Prologic First, a smart technology solutions provider for the hospitality industry, noted
that AI should be used to empower guests with a more intuitive guest experience. He explained that AI should be
used to build recommendation engines for regular destination travel experiences for guests across all sales
channel, such as the hotel's own websites as well as other travel websites.
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"Some of the ways in which AI is used in hotel operations to improve customer experience includes AI backed
chat bots with natural language capability at the brand website and also to manage delivery of services during the
guest's stay; learning about business dependencies and using the knowledge to set rates and optimise revenues;
and personalisation of room settings and guest services based on knowledge of guest preferences," he said.
Source: Khaleej Times
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THE UNIQUE CHARM OF DUBAI’S OLDER
NEIGHBOURHOODS Tuesday, January 28, 2020
The old Dubai neighbourhoods are some of the most densely populated areas in the city. Although rental rates
have softened across the emirate, the areas of Bur Dubai, Karama, Mankool and Oud Metha have sustained
reasonable demand.
Renting a home here has its unique charm, different from the glass zones of Dubai. These residential leasing
communities are popular among expats who value comfort and the convenience of living in the heart of Dubai.
For Reshma Bhatia, who has resided in Mankhool for more than 30 years, the area offers a great sense of
community. “I feel more connected. This place has been home to me since childhood. My friends and family live
close by,” says Bhatia who works as a senior product manager in a global healthcare company. “We celebrate all
the festivals and experience the best of Indian traditions within a more diverse international community.”
Bhatia notes that rents in the area haven’t gone down much due to high demand.
For Babitha Sudhesh, a homemaker who has been living in Karama for the last 20 years, it’s the easy access to
facilities such as malls, clinic, restaurants and schools that really helps. “The rents in the place we live are pretty
affordable, facilities are great, and the place gives a fantastic community feel,” she explains.
Accessibility is a primary reason why long-term tenants in these areas don’t want to move to newer locations.
Longer tenancies
“Most tenants living in these areas have served longer tenancies,” says Niral Jhaveri, head of property
management at Better Homes, adding that average tenancy in the area is four to five years. “We manage some
buildings in these areas where we’ve had tenants living for more than 15 years. Most of these tenants have their
own businesses in the trading area nearby. The buildings in the older neighbourhoods of Dubai, such as Bur
Dubai, Mankool and Oud Metha have spacious apartments, and some of them have modern amenities.”
Home upgrades
The areas around Bur Dubai, Karama, Mankool and Oud Metha usually offer studio, one-bedroom and two-
bedroom apartments, while some buildings have three- and four-bedroom apartments.
“Tenants who want to upgrade within the old Dubai areas can look at apartments in Mankhool and Oud Metha,”
says Jhaveri. “These communities have very good buildings with modern amenities and facilities. Some buildings
have very spacious apartments. The average rent for a two-bedroom apartment would be Dh75,000-Dh85,000.
Modern villa compounds are very limited in this area.” He says the cost of living in old Dubai is also cheaper
compared to the freehold areas. “Also, what is useful to know is that most buildings here do not charge for the
chiller.”
Jafliya and Mankhool offer good villa upgrade options, says Avinash Uttamchandani, sales manager of Rocky Real
Estate. “Living in Mankhool and Oud Metha are recommended for families with kids as they have schools and
nurseries close by and have good connectivity via the Metro. Tenants here prefer larger living spaces. Closed
kitchens and balconies are key requirements.”
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Because of robust demand, house prices in these older neighbourhoods have not decreased as much as other
parts of Dubai, says Uttamchandani. “Two- and three-bedroom apartments are always wanted by families who
are looking to upgrade to bigger accommodations.”
Source: Gulf News
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EXPECT SOFTER RENTAL DIPS IN 2020 Tuesday, January 28, 2020
Dubai’s residential market is now more affordable across most communities. As rents soften across the emirate,
residents living in older residential neighbourhoods, such as, Karama, Bur Dubai, Mankool and Oud Metha are
also expected to gain from the current trend. Ozan Demir, director of operations and research at Reidin, says in
keeping with the rest of Dubai, rental prices in these older neighbourhoods have also declined. “In terms of rental
pricing, the average price of a one-bedroom unit in Bur Dubai area is between Dh50,000 and Dh60,000, a two-
bedroom unit is between Dh65,000 and Dh75,000 and a three-bedroom unit is between Dh90,000 and Dh110,000
per year,” he said.
Market dynamics
The old Dubai communities of Karama, Bur Dubai, Mankool and Oud Metha are non-freehold areas, which only
permit the locals and GCC nationals to purchase property. Hence, in these areas, the expats can only live in rental
homes. “Typically, these locations consist of grade B and C stock with rents ranging from Dh40,000 to Dh140,000
per year,” says Aditi Hariharan, associate partner, strategic consulting and research at Cavendish Maxwell.
It’s primarily older stock in these areas, mostly apartments managed by single companies and some villas in Al
Mankhool area, she adds. “Rents here softened in 2019, but the decline has not been as pronounced as in the
freehold areas as there is limited new supply and high demand in these older neighbourhoods.”
Hariharan notes redevelopment activities in the area such as the Al Seef waterfront and the demolition of the old
Sana building to make way for new towers. “There is also some new stock being introduced to the market
specifically by Wasl Properties,” says Hariharan. “These areas, in addition to Dubai South, are expected to serve as
alternatives to northern emirates residents in the next few years.”
High occupancy rates
Demir notes that several families from Sharjah and Ajman move towards these communities due to a drop in
rental prices. “Even though prices dropped more than 10 per cent, occupancy rates have stayed on a higher level,”
says Demir. “Sizes of the units here are also comparatively larger than the new residential supply. Hence retention
of the tenancy is higher.”
The payment terms now are also more flexible when compared to previous years. “Based on published listings,
one- and two-bedroom properties have been the most in demand,” he adds.
Hariharan says there is a predominance of South Asian, South-East Asian and African residents in these areas,
typically seeking one- to three-bedroom units, typically for families. “There are some locals in the area, the
majority of whom occupy the villas in Al Mankhool. Retail spaces in these areas have been under pressure,
especially in Bur Dubai and Oud Metha.”
Supply scene
Although more than 100,000 units are expected to be handed over within the next two years in Dubai, Demir says
there is not much new supply in these areas. “We can consider the city as homogenous, so we are expecting the
rental price trends to be in line with the rest of the city.” Hariharan believes due to limited new supply and high
demand from residents within and outside Dubai, any price decline in these areas will not be as steep as in the
freehold areas.
Source: Gulf News
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TERRA, EXPO 2020 DUBAI’S SUSTAINABILITY
PAVILION IS STRUCTURE READY Tuesday, January 28, 2020
The structure of Terra, the Sustainability Pavilion, at Expo 2020 Dubai is now complete and ready for fit-outs, says
Andrew Whalley, Chairman and Partner of Grimshaw Architects that has designed the pavilion. Terra means and
represents planet Earth and will be one of Expo’s signature experiences. It will take visitors on an immersive and
emotional journey through the wonders of the natural world and teach us how to create a better, more
sustainable future.
A net zero energy and water building
The pavilion, approximately covers 25,000 sqm (to give you an idea, The Louvre, Abu Dhabi is 24,000 sqm), with
6,300 sqm of exhibition area. It has been designed as a net zero energy and net zero water building, which means
the pavilion generates all of its own power and water needs.
So how does it do that? The pavilion has more than 1,050 solar panels, arranged on the 130-metre wide canopy
(think the size of five whales lined up) and on the locally-designed energy trees (e-trees) that dot the landscape
and rotate to face the sun, like a sunflower. These produce four gigawatt hours per year of electricity — enough
for a Nissan Leaf to drive halfway to Mars. They also have the capacity to charge 890,000 mobile phones.
And how it generate its own water? The building uses the condensation in the air, recycles brackish water and has
a technology that extracts humidity from the air to put it back into the building system to generate its water
needs. Solar energy is then used to sterilize water and remove micro-bio-contaminants.
Whalley and his team designed the building first as a permanent structure for legacy and then re-designed it as a
temporary structure for the six months of Expo 2020 Dubai. “The inspiration was the Eden Project in Cornwall,” he
said. The Eden project is nestled inside a huge crater with massive biomes housing the largest rainforest in
captivity, stunning plants, exhibitions and stories. The Sustainability Pavilion is also located partially below ground,
with makes it be cooler than the ambient temperature, while its canopy also shades the pavilion from the sun.
The canopy has 8,000 square metres of solar PV, with a 70m cantilever, and is shaped like a Ghaf tree that shades
everything below and keeps the area cool.
So what will you see when you step inside Terra?
The Terra visitor experience includes:
• A walk through time in an Arabian wadi, where cheetahs and mega elephants roamed.
• An interactive walk through the roots of the forest, where every footstep affects the ‘wood-wide-web’.
• An exploration ‘under the ocean’ to discover the beauty and the mysteries contained within.
• A journey through consumption halls, uncovering the hidden harmful impacts of our choices.
• A meeting with ‘Gnasher’ – a giant consumption machine that shows how natural resources are being destroyed
to make consumer products.
• An encounter with a deep sea fish whose system is clogged with discarded plastic waste.
• The Laboratory of Future Values – a hopeful space, showcasing solutions to the eco-challenges we’re facing.
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“When you walk into Terra, you cross a dry river bed or a wadi before you enter a cool courtyard,’ said Whalley.
The pavilion has used desert plants for most of the landscape to reduce the use of water. “We have used
halophytes -- a salt-tolerant plant that grows in waters of high salinity -- in the gardens and reed beds that can
filter and clean the water in the building. The walls of the auditoriums are also made from natural materials, such
as reclaimed wood, terracotta and gabion rocks. The inner courtyard is made of raw steel – everything is natural,
with very few paint finishes,” he said.
Crossing the courtyard, you can walk into the exhibition spaces that talk about the various challenges we face in
the world today, such as loss of biodiversity, climate change, mass extinction of species and so on. These are
complex issues but these are illustrated through immersive experiences. The idea is to teach visitors how to make
a difference in today’s world by making simple lifestyle changes,” says Whalley.
Besides the main innovations gallery, Terra will also have a children’s gallery with its own playground where the
key themes would include awareness about use of plastic, the need for recycling and deforestation – all illustrated
through immersive experiences.
Finally, you can call it a day at the Terra café where all food and beverage will be sustainably sourced and
packaged, and visitors will be able to learn where their food comes from and how it affects the environment.
Time at the pavilion: 45 minutes
Source: Gulf News
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DUBAI TENANTS WILL CONTINUE TO HAVE
UPPER HAND IN 2020 Wednesday, January 29, 2020
With plenty of supply in the market, tenants continue to enjoy good deals across different locations. Property
rents in Dubai have remained highly competitive as a result of many factors, but property experts all agree that
the influx of supply is the main challenge. According to Naval Vohra, CEO of Appello Real Estate, rents last year
went as far as 21 per cent lower than they were two years ago.
“The downward trend is also observed in rents for Dubai villas and town houses,” says Vohra. “Hence, this is a
great time for renters as they have so much choice on offer and bargains abound.”
The average annual rents in Dubai dropped by 9.2 per cent in the first three quarters last year, according to
ValuStrat, compared to 8.4 per cent in 2018 and 9.1 per cent in 2017.
Rents reaching 2013 mark
“One can now rent a studio apartment from Dh28,000 onwards in areas such as Jumeirah Village Circle [JVC],
Jumeirah Village Triangle [JVT] or Discovery Gardens,” says Vohra. “When you add a few thousand dirhams, you
can move into Dubai Marina, renting a studio for Dh37,000 or in Downtown Dubai for Dh53,000 upwards.”
Comparing actual rental contracts with the Rera index, Firas Al Msaddi, CEO of fäm Properties, says actual rents
have dipped overall. “For example, the average rent of a studio in Business Bay is Dh50,000, whereas in the Rera
index the minimum rental of the studio in Business Bay is Dh50,000,” says Al Msaddi. “We rented a furnished
studio in Bay’s Edge in 2017 for Dh70,000; in 2018 the rent was Dh62,000 and in 2019 the rent dropped to
Dh50,000.”
Al Msaddi says the Rera index was “closer to reality in 2013 and 2014 where Dh35,000 to Dh60,000 was the rental
range of a studio in Business Bay as per the 2013 index. In Q4 2019, a studio was for Dh35,000 in Business Bay.
The rents are pushed down because of massive property supply, and some towers have lost their premium views,
and towers adjacent to construction sites are less appealing.”
As a result, agents are forced to negotiate prices with owners. “Even if there is only one property in a tower at a
low price, agents use that to reduce the prices of other units in the tower,” says Al Msaddi. “Also, new
communities have been already established, and some are coming soon. Many prefer to live in Business Bay to be
next to Downtown, but for a lower amount soon Meydan will take some demand from Business Bay and
Downtown.”
Market concerns
Al Msaddi says a rental dip makes property investment less attractive, mainly because the service charges are
high in some projects. As such, he says it is important to reduce the service charges.
Source: Gulf News
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MISTAKES TO AVOID WHEN TENANTS BUY
A HOME FOR RENTAL INCOME Tuesday, January 28, 2020
Even if you are a tenant, you can still afford to own a home in Dubai if you plan your finances well. So how do you
pay for rent and manage to pay for the monthly instalment of a home purchase?
Khetra Reddy, senior wealth architect at Elixir Wealth Solutions, says, “Owning a property in Dubai is always
fascinating. And if anyone can manage to pay the EMI and rent together without any hardship, then one must
look at owning a property here. However, the property owners must consider the EMI to be not more than 30 per
cent of the disposable income.”
Paying the EMI for a home mortgage and at the same time your current rent can get complicated. So, the best
way to start is to evaluate your debts and expenses and figure out what you can reasonably manage and afford.
Know your debts
Reddy says, “Enthusiast property buyers may have various forms of debts like credit cards, personal finance, car
finance, home finance. Residents having any of these debts have to plan wisely when buying property.”
For investors, he recommends paying other debts or keeping adequate provision for these payments before
purchasing a property that the buyer can lease out.
“If you have a family income of Dh30,000 per month, then you may consider purchasing a home after carefully
planning your other household expenses,” says Reddy. “The current house rent is an important aspect of the
monthly expense.”
Reddy says a home budget should also cover expenses for food, utilities, school, rent, travel cost and provision for
other debts. “These expenses on average would be around Dh8,000-Dh10,000, depending on the lifestyle,” says
Reddy.
Prepare for a down payment
When buying property in Dubai via bank finance, you will have to pay a 25 per cent down payment. There are also
fees such as the DLD charges, property registration fee and agent’s commission.
“The down payment is effectively 30-35 per cent of the property value depending on the type of property and
mortgage options,” says Reddy. “A property valued Dh1 million would attract a down payment of around
Dh310,000. This should be accumulated with proper planning over a few years, so that other expenses don’t
come in the way. If you consider buying a Dh1-million property in three years, then around Dh8,500 needs to be
saved monthly for a down payment.”
Taking another loan for a down payment is not advisable, he adds. So, plan for a property purchase at least two
or three years in advance.
Determine your rental return
Properties in Dubai offer a higher ROI compared to other matured markets in the world. Reddy says investors can
get a minimum rental yield of 6 per cent. However, he cautions investors to plan and be aware of their financial
obligations in the UAE and their home country.
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“For example, a one-bedroom apartment in JLT might cost up to Dh750,000 and EMI for a 10-year payment plan
might come up to Dh5,000 per month. In addition to the EMI, the buyer has to pay the down payment of
approximately 31 per cent.”
When buying to lease a property, the buyer must consider current market rent vs the EMI. “In case the EMI turns
out to be higher than or similar to the rent considering the debts, then the property owner would end up
firefighting,” says Reddy. “That is, if your EMI is Dh6,000 monthly, you will require a rental income that’s more than
Dh6,000 to be able to pay for EMI plus the service charges and make rental gains.”
Hence, Reddy recommends a comprehensive study of one’s personal finance, rent trend and the property market
to not only align debt payments, but also make a profit. On the other hand, if buying property for self-occupancy,
Reddy suggests the buyer compare the EMI vs current rent. “If EMI is higher than the current lease, then, there will
be a need to compromise on their lifestyle,” says Reddy.
A property investor must consider factors that affect rental yields, such as maintenance and service charges, says
Reddy. Other factors that affect rental yield are interrupted occupancy, economic conditions, property demand-
and-supply in the area and any value-added amenities like a community centre, swimming pool, gym or shopping
centre.
The investor must also consider the property’s age, maintenance needs and future expenditures, which can
reduce the net rental yield.
Source: Gulf News
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ENBD REIT CALLS SHAREHOLDER MEET ON
FEB. 12 Wednesday, January 29, 2020
Dubai: ENBD REIT (real estate investment trust) will be holding an extraordinary general meeting on February 12
to get a go-ahead from shareholders to turn into a privately held structure. This will be subject to other regulatory
approvals.
The management believes a “private structure is better suited for shareholders looking to realise improved
returns over a fixed investment horizon,” the company said in a statement.
“We believe shifting to a private structure with a limited-term investment horizon is the best strategy to realise
value for shareholders,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
ENBD REIT “may still look to acquire income generating assets, using existing available financing, should these
assets meet the current acquisition criteria,” the statement added.
If the resolutions are passed at the upcoming EGM, the net proceeds of any future disposals will be passed on to
shareholders by way of dividends or a return of capital.
KEY NUMBERS
* ENBD REIT, a real estate investment trust managed by Emirates NBD Asset Management Ltd., had a net asset
value of $246 million as of December 31, following a dividend payment to shareholders of $4.9 million, as
compared with the previous quarter’s NAV of $254 million cum-dividend.
* Its property portfolio value stands at $429 million, down from $435 million in the previous quarter, as a result of
valuation losses . This was predominantly on its residential holdings.
* Occupancy across the portfolio improved to 81 per cent with an average unexpired lease term of 3.37 years
Source: Gulf News
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DUBAI SOUTH, JEBEL ALI INK DEAL ON
GOODS Saturday, February 01, 2020
Dubai: An agreement has been signed to allow a smooth entry and exit of goods between Jebel Ali Free Zone and
Dubai South, which is developing multiple industrial clusters within it.
Dubai South - the venue of Expo 2020 Dubai - also houses a “Logistics Corridor”, a 200 square kilometre custom
bonded zone that connects air, land and sea. This will, the master-developer believes, will set a “new global
standard for goods handling of within four hours from sea to air”. (Dubai South has been designated as a free
zone.)
DP World’s flagship Jebel Ali Port is the principal gateway for all Expo-related cargo. “We believe the thousands of
companies using the port and operating out of Jafza and Dubai South will benefit immensely as a result of our
cooperation,” said Mohammed Al Muallem, CEO and Managing Director of DP World - UAE Region and CEO of
Jafza.
“DP World - UAE Region and Dubai South have taken a major step towards further enhancing the logistics and
supply chain efficiencies required to support the on-going work at Expo 2020 site.”
Terms of the deal
The MoU aims at enhancing the services for customers at the security gates by unifying policies and procedures
between the two free zones. In addition to route efficiencies, the two sides will also engage in an exchange of
knowledge in industry practices that would further enhance the management of trade flows between Jafza and
Dubai South.
“The signing of agreement with DP World is part of our efforts to ensure more efficient operations and, thereby,
smoother transport of goods between the Dubai South and Jafza,” said Khalifa Al Zaffin, Executive Chairman of
Dubai Aviation City Corporation and Dubai South.
“This will provide great benefits, especially for companies and participants of the upcoming Expo 2020, which will
require easy processing of their entry and exit between these free zones.”
Source: Gulf News
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LULU HYPERMARKET OPENS NEW VENUE
AT DUBAI FESTIVAL CITY Wednesday, January 29, 2020
A new concept Lulu Hypermarket has opened in Dubai’s Festival City, it was announced on Tuesday.
The new outlet includes 56,000 square feet of space, of which 85 percent is allocated to groceries and fresh foods.
The Festival Plaza hypermarket also marks the first time that Lulu customers can sit and eat their freshly prepared
food at live stations that offer items including sushi, pasta and pizza.
The new store forms part of a larger local lifestyle destination that includes 120 stores – including IKEA and Marks
& Spencer – in addition to a 500-seat food court and an upcoming 40 dining and eating options.
“We are excited to welcome the new Lulu Hypermarket to our newest mall offering today, Festival Plaza. This new
concept outlet from the Lulu Group is the first of its kind concept Lulu Hypermarket,” said Timothy Earnest, group
director at Al-Futtaim Malls. “This is another milestone on our journey as we position ourselves as the leading
malls and retail experience developer in MENA.”
The valuable addition of Lulu Hypermarket with all it has to offer strengthens our mall offering and reiterates our
position as retail pioneers in the region,” he added.
The store is the group’s 186th branch worldwide.
“We are glad to launch another beautiful hypermarket that will provide a world-class shopping experience not
only to the residents living within the area, but also to the tourists and business enthusiasts coming to the UAE for
Expo 2020, the biggest event in the Arab world,” said Lulu Group managing director Yusuff Ali M.A.
“Over the years of catering to different nationalities, we have seen the growing demand for internationally
sourced products,” he added. “This is why it will be our continuous commitment to offer high-quality products at
the most affordable prices in the market.”
Source: Arabian Business
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UAE RETAIL MAJOR OPENS FIRST
CARREFOUR IN UGANDA Friday, January 31, 2020
UAE-based retail giant Majid Al Futtaim has announced the opening of its first Carrefour store in Uganda.
Located at the popular Oasis Mall, the store covers over 2,800 square metres selling area which stocks more than
20,000 products from international and local brands all certified by relevant Ugandan government agencies, the
company said in a statement.
Majid Al Futtaim has so far recruited 130 Ugandan employees and has contracted 60 more from external local
companies.
The company said it has also engaged 230 Ugandan suppliers to stock the Carrefour store in Uganda.
As part of its expansion strategy, Majid Al Futtaim said earlier this year that it is planning to open its second
Carrefour store in the country in early 2020 at Metroplex Kampala, creating up to 150 additional direct and
indirect jobs.
Majid Al Futtaim holds the exclusive franchise rights to operate Carrefour in 37 countries and currently operates
over 270 Carrefour stores in 15 countries.
Uganda is its 16th market. Carrefour started operations in East Africa with its entry into the Kenyan market in
2016 and operates seven stores to date, employing more than 1,400 staff.
Source: Arabian Business
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DUBAI HOTEL OPERATOR INKS DEAL TO
MAKE OMAN DEBUT Thursday, January 30, 2020
Dubai-based Leva Hotels & Resorts has signed an agreement with the Golden Group Holding to manage two
hotels in Muscat.
It marks the debut of Leva Hotels & Resorts in Oman, the company said in a statement.
While the 85-room Safeer Continental Hotel will be reflagged as a four-star Leva Hotel, the 61-keys Safeer Plaza
Suites will be operated under Leva’s three-star Ekono brand.
Sheikh Salim bin Ahmed Al Ghazali, chairman, Golden Group Holding, said: “We are delighted to welcome the Leva
and Ekono brands to Oman and believe these are the perfect fit for our properties. It will allow us to diversify our
brand portfolio while offering a new experience to guests.”
JS Anand, founder and CEO of Leva Hotels & Resorts, added: “We are proud to collaborate with the prestigious
Golden Group Holding and thrilled to launch both Leva and Ekono brands in Oman with two fantastic hotels.
Being a young hospitality group, it is a momentous milestone for us and will bolster our expansion across the
GCC.
"We are confident the signing of this strategic agreement will open unprecedented opportunities for us as we see
enormous potential for growth in the country in the upscale and mid-market sector.”
Tourism arrivals to Oman are expected to increase to reach 3.5 million by 2023. This growth is supported by the
recently opened Muscat International Airport expansion as well as investment from the government as it turns to
tourism to diversify its income streams.
Source: Arabian Business
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JUMEIRAH SIGNS DEAL TO PROVIDE
CATERING AT LUXEMBOURG'S EXPO 2020
DUBAI PAVILION Thursday, January 30, 2020
Jumeirah Hospitality will be responsible for the catering services at Luxembourg’s Expo 2020 Dubai pavilion.
A memorandum of understanding (MoU) was signed on Wednesday morning between the commissioner general
of Luxembourg at Expo 2020 Dubai, Maggy Nagel, and vice president of global sales for MEASA and the Asia
region at Jumeirah Hospitality, Linda Lewis.
Nagel said: “Jumeirah Group provides a complete understanding of local restrictions and constraints. The MoU
that we have signed with Jumeirah Hospitality will also help us to work hand-in-hand with on-site teams, local
authorities, and organisers.”
Under the agreement, Jumeirah will handle operations at the pavilion’s Schengen Lounge restaurant, which is set
to offer visitors a mixture of traditional Luxembourgish and Emirati cuisines and is being built to include an open
kitchen, as well as a take-out corner called “Luxembourg on a plate”.
The concept for the restaurant has been developed in collaboration with representatives of Horesca, Euro-
Toques, the Vatel-Club, the Lycée technique de Bonnevoie (LTB), the Institut viti-vinicole, and the Ecole d’Hôtellerie
et de Tourisme du Luxembourg (EHTL).
Source: Arabian Business
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SAUDI LUXURY PROJECT AMAALA SIGNS
DEAL TO PROTECT MARINE ENVIRONMENT Thursday, January 30, 2020
AMAALA, the ultra-luxury development situated along Saudi Arabia’s Red Sea coast, which is focused on
integrated wellness and healthy living, has signed a partnership agreement with The Prince Albert II of Monaco
Foundation, the Centre Scientifique de Monaco and Oceanographic Institute.
The VIP Signing Ceremony took place at the Oceanographic Institute on the final evening of the Monaco Yacht
Show and was attended by HSH Prince Albert II of Monaco, AMAALA Chief Executive Officer Nicholas Naples, the
AMAALA Advisory Board, select partners of the brand and esteemed guests. The signing was followed by a VIP
dinner prepared by 3-Star Michelin Star Chef Mauro Colagreco.
This follows a framework agreement signed last year at the Monaco Yacht Show to explore areas of mutual
collaboration. Together the partners will work on oceanographic and marine life research and conservation
initiatives to benefit the world’s oceans with four opportunities identified for joint projects: coral reef
management, iconic species protection, Marine Protected Areas (MPA) enforcement, and fighting plastic pollution.
Naples said: “We are very selective with whom we align, as is The Prince Albert II of Monaco Foundation. Their
mission to raise awareness of the impact of human activities on the natural environment, encourage more
environmentally-friendly behaviour, and promote innovative solutions, makes the Foundation a natural fit for
AMAALA. We are committed to fully sustainable development throughout the design, build, and operation phases,
which includes being net carbon neutral from the start of operations. We plan to create a coastal oasis that not
only flourishes but a place that elevates the role of responsible tourism globally.”
M Bernard Fautrier, Vice President and CEO of the Prince Albert II of Monaco Foundation said: “The impact of
human activities on the ocean has been devastating, and through our partnership with AMAALA, we look to come
together and raise awareness of that impact, integrating environment preservation and sustainability into the
heart of the future. Monaco has long-been committed to the environment, and we look forward to working
alongside AMAALA to safeguard the biodiversity of the Red Sea, taking actions for future.”
Professor Patrick Rampal of Centre Scientifique de Monaco added: “We are very pleased to have entered into this
partnership with AMAALA, which will allow us to pursue innovative areas of research in a previously undiscovered
location. This project will allow us to, collaboratively, better understand the biology of corals in order to better
protect their ecosystems. The Red Sea corals offer exceptional characteristics, in particular their resistance to
environmental stresses, which will be interesting to explore with Saudi researchers.”
This event marks the first partnership for AMAALA which is anchored around the three pillars of wellness and
sports, art and culture, and sun, sea, and lifestyle. The destination of AMAALA, referenced by the press as part of
the Riviera of the Middle East, is dedicated to sustainable building practices, with environment preservation and
enhancement paramount to the success of the ambitious project.
Developing sustainable yachting practices will also be a goal for AMAALA. Only 2,005 miles from Monaco which
equates to six days of cruising on average, AMAALA is the ideal haven for sailors and water lovers to extend the
Mediterranean yachting season.
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The signing was the culmination of participation in the Monaco Yacht Show where AMAALA also hosted its
inaugural Advisory Board Meeting. AMAALA, who participated in the third Monte Carlo Gala for the Global Ocean,
welcomed its Advisory Board Members and select guests to the celebration.
This major fundraising event gathers international artists and philanthropists for an exclusive gala in favour of the
Foundation’s worldwide initiatives dedicated to a sustainable ocean. Long-time champion for climate change
action Robert Redford was honoured for his global environmental contributions.
AMAALA is part of The Red Sea Collection which, alongside NEOM and The Red Sea Project, participated at the
Monaco Yacht Show for the second year. The Red Sea Collection showcased the Kingdom’s west coast, one of the
world’s pristine paradises, to the superyacht industry and sailing lovers and sponsored two key show events – The
Yacht Summit and the Inaugural Awards Gala.
Source: Arabian Business
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SAUDI ARABIA PLANNING CONFIDENTIAL
NEW 'UTOPIA' PROJECT, SAYS ARCHITECT Wednesday, January 29, 2020
Saudi Arabia is working on a confidential new project, according to the architect who designed the masterplan for
Qiddiya, the kingdom’s theme park and entertainment city due to open in 2022.
Bjarke Ingels, the Danish architect and founder of the Bjarke Ingels Group (BIG) told The Guardian newspaper in
an interview he was working on a confidential project which he described as “a human-made ecosystem that is as
close to a utopia as you dare imagine”.
Ingels did not give any further details in the interview and when his office was contacted by Arabian Business his
spokesperson declined to comment further.
BIG is already active in the kingdom and wider GCC region and was the firm behind the design of the masterplan
for the Qiddiya project. Construction work on the $8bn, 334 square kilometre giga-project, known as Qiddiya,
started in January 2019, with the first phase scheduled to complete in 2022.
The new entertainment city is situated 45km from the Saudi capital of Riyadh and will include a Formula One-
standard racing track, a 20,000-seat cliff-top stadium, an 18,000-seat indoor arena, an aquatic centre and a sports
hub and a 2,000-seat performing arts theatre and a cinema.
The development will also be home to Six Flags Qiddiya, an extension of the American theme park, with six
themed lands, which includes the world’s longest, tallest and fastest roller coaster and the world’s tallest drop-
tower ride.
Qiddiya’s golf and residential neighbourhood will feature two 18-hole championship standard courses and offer
club house facilities, in addition to residential components throughout.
By 2030, Qiddiya hopes to draw 17m visitors annually and build new sectors that will contribute up to 17bn riyals
($4.5bn) to Saudi Arabia’s gross domestic product, employing some 25,000 people.
BIG has also worked on designs for the planned hyperloop transport system set to connect Dubai and Abu Dhabi,
which will reduce the travel time between the two UAE cities to around 10 minutes.
Source: Arabian Business
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UAE LEADERS INAUGURATE AL WASL
PLAZA, THE HEART OF EXPO 2020 DUBAI
SITE Wednesday, January 29, 2020
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and
Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan, on Wednesday inaugurated Al Wasl Plaza, the
heart of the Expo 2020 Dubai site.
The leaders said the UAE is a "perfect host" for Expo 2020, which will promote optimism, hope and collaboration
and inspire people to work towards achieving positive change and a better future.
“We will celebrate the accomplishments of the last 50 years. Thanks to the efforts of UAE citizens and residents, as
well as all those who have contributed to its success and prosperity, Expo 2020 will mark the start of new 50-year
phase of leadership and achievements,” said Sheikh Mohammed.
“We are working to implement our vision as part of our comprehensive development plan, whose key objective is
the happiness of people. Our efforts are backed by initiatives and projects aimed at maximisng the energy and
talent of our people and creating new opportunities for them. We work with all countries and governments keen
to promote the prosperity and wellbeing of humanity.
"In a few months, the world will gather in this place to celebrate the cultures of various nations across the world
and humankind’s best innovations. Expo 2020 will offer new hope for creating a better tomorrow both for the
region and the world.”
Sheikh Mohamed bin Zayed added: “Through Expo 2020, we will show the world how our union was the starting
point for our development journey, and how our founding fathers established the robust foundations necessary
for sustainable development and progress. We will also have an opportunity to demonstrate how the spirit of
collaboration is embedded deep in our national ethos and serves as a means for progress and development.
"The world will also be able to better understand the achievements we have accomplished in the short period
since our nation’s foundation, and will learn about our traditions and heritage, our diversity and our experience of
peaceful coexistence.”
Their comments came during their visit to the Expo 2020 Dubai site when they were briefed about Al Wasl Plaza
and the preparations to welcome the 192 participating countries and millions of visitors to Wxpo.
They were also briefed on the various phases of Expo 2020 completed in 2019 including major construction
projects developed under the three sub-themes of the event.
The entire project has achieved 150 million working hours and has 38,000 people currently working on site.
Serving as the centre of Expo 2020, Al Wasl Plaza will be connected to the three districts based on the subthemes
of Expo - Opportunity, Mobility and Sustainability.
Expo 2020 Dubai, which opens in October and runs until April 2021, is set to attract 192 countries, and 25 million
visitors, 70 percent of whom will come outside the country. The event is expected to receive an average of
150,000 visitors a day. Peak day visitor numbers are expected to total 300,000.
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CINEMAS TO BOOST SAUDI
CONSTRUCTION SECTOR BY $1.3BN IN
2020 Thursday, January 30, 2020
Investment in Saudi Arabia's cinema sector is expected to generate an estimated SAR5 billion ($1.3bn) in
construction during 2020, according to market research done by The Great Minds Group, partner of Cinema Build
KSA 2020.
There are 140 cinemas planned to open in 30 malls across the kingdom - the equivalent of 1,323 screens.
The Cinema Build KSA report revealed an estimated number of 158,760 cinema seats and more than 5,953,500
square feet of cinema carpet will be required to execute the 2020 growth plans, in addition to more than
18,852,750 square feet of gypsum boards, wall panels, mass barrier ceiling and 1,250 air handling units.
One of the main goals of the country's Vision 2030, is to increase Saudi household spending on domestic
entertainment from 2.9 to 6 percent of total expenditure.
It is anticipated that the fast-growing cinema sector will also create more than 5,314 jobs this year.
Cinema Build KSA 2020 takes place at Fairmont, Riyadh from February 19-20, 2020.
Source: Arabian Business
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EXPANSION OF BAHRAIN'S ONLY OIL
REFINERY NEARS 40% COMPLETION, SAYS
OIL MINISTER Thursday, January 30, 2020
Construction work on the multi-billion dollar expansion project at Bahrain Petroleum Company (Bapco)’s Sitra oil
refinery has reached 40 percent completion and is set to be commissioned by 2022, Bahrain's Minister of Oil told
Arabian Business' sister website ConstructionWeekOnline in an exclusive interview.
HE Sheikh Mohammed Bin Khalifa Al Khalifa, said the expansion is being handled by a consortium led by Italy’s
TechnipFMC, South Korea’s Samsung Engineering, and Spain’s Tecnicas Reunidas, which he described as “three
major construction companies”.
Touted as the biggest industrial project in the 90-year history of Bapco, the expansion will increase the refinery’s
capacity to 380,000 barrels per day (bpd).
“We’re expanding our one and only refinery, Bapco, which has been operating since 1936. This expansion is well
underway, and we have reached 40 percent completion on the project already,” HE Sheikh Al Khalifa said.
The minister also revealed that the firm is working with state-of-the-art process technologies, which would allow
products to be produced to market specifications.
He explains: “As of January 2020, International Maritime Organisation has implemented a law saying that all
bunker fuel has to be below 0.5 percent sulphur, therefore high sulphur fuel oil is not allowed in the shipping
industry.”
“People are observing how compliant shipping companies are, but so far we have seen it in the margins. The price
of high sulphur fuel oil has collapsed repeatedly. If you’re not ready with producing products that are on spec,
refineries will go out of business.
“This is one of the first milestones in making sure that the BAPCO refinery meets customer demands, and
hopefully by 2022, we will see the commissioning of the refinery and the world wide export of its high quality
products.”
Source: Arabian Business
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DEAL SIGNED TO FINANCE CONSTRUCTION
OF BAHRAIN MEDICAL CITY Thursday, January 30, 2020
An agreement has been signed to finance the construction of new buildings at the King Abdullah bin Abdulaziz
Medical City Hospital in Bahrain.
The agreement was signed between Arabian Gulf University and the Saudi Fund for Development (SFD), a
statement said.
The project, which was directed to be established by the late King Abdullah bin Abdulaziz Al Saud, who donated
SR1 billion to fund the project, is being built on a million sq m plot of land allocated in the Southern Governorate
as per the instructions of Bahrain King Hamad bin Isa Al Khalifa.
It was also announced that Al Fouzan Contracting Company has been hired to implement the project. The
contract has set a period of 30 months, with plans for the medical city to be operational by the beginning of 2022.
Education Minister and chairman of the Higher Education Council, Dr Majid Al Nuaimi, said the the King Abdullah
bin Abdulaziz Medical City project "will constitute a qualitative addition to the facilities of this reputed university
and to the services it provides".
The medical centre will include 288 beds while the medical city will also include a number of research centres, as
well as a college of medicine, Bahrain News Agency previously reported.
Source: Arabian Business
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PANTHEON SAYS $49M RESIDENTIAL
PROJECT IN DUBAI SET FOR END-2021
DELIVERY Thursday, January 30, 2020
Pantheon Development, a subsidiary of Pantheon Group, has announced the completion of the structural work of
its Pantheon Elysee project in Jumeirah Village Circle (JVC), Dubai.
The developer said in a statement that the work has been completed ahead of schedule.
It added that the $49 million project will be the second affordable luxury development by the company and will
consist of 268 residential units and retail outlets.
The homes are expected to be delivered by the end of next year.
Kalpesh Kinariwala, founder and chairman of Pantheon Group said: “It has been an exciting journey to have
witnessed the steady progress on the construction of this project, and we cannot wait until it goes on floors later
this year. With the structural and mobilization work now complete, all work concerning the mechanical, electrical
and plumbing stands at 40 percent completion.”
Following the successful launch of its maiden project Pantheon Boulevard at District 13 in JVC, Kinariwala said the
Dubai property market is "very versatile", adding that projects like Pantheon Elysee "will boost the economic
development of the nation and increase the demand for affordable luxury units within the region".
Pantheon Group is US-based global business conglomerate with more than AED1.2 billion ($325 million) annual
turnover. The group has offices in the UAE, India Far East and Latin America.
Source: Arabian Business
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ETIHAD RAIL CHIEF LAUNCHES
CONSTRUCTION OF STAGE 2 OF UAE-WIDE
RAILWAY Friday, January 31, 2020
Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of Etihad Rail, has launched the construction works
of Package A of stage two of the pan-UAE railway network.
Package A will run for 139km from Ghuweifat on the UAE border with Saudi Arabia to Ruwais, where it connects
with stage one of the network.
He said: “As 2020, the year of preparing for the next 50 years, begins, we launch the construction works for this
pivotal national project that will generate a paradigm shift in the country’s transport sector, consolidating the
UAE’s position at both regional and global levels.
“With this launch, we are witnessing a remarkable day for Etihad Rail as we witness the transition from planning
and design to actual implementation of the project on the ground, following in the footsteps of our founding
fathers as we implement one of the nation’s most strategic projects, one that contributes to the economic
development of the country by providing a safe, reliable and integrated alternative mode of transport.”
Package A will utilise 700,000 cubic metres of ballast, involve 30,000,000 tons of earthwork and the installation of
over 450,000 concrete sleepers provided by Etihad Rail’s own manufacturing plant, which produces up to 45,000
railway sleepers each month.
A contract between Etihad Rail and a joint venture of Larson and Toubro Limited and Power China International
has also been signed to construct freight facilities for the railway network at a total cost of AED1.87 billion.
Etihad Rail is building a series of freight facilities in Ruwais, Industrial City of Abu Dhabi (ICAD), Khalifa Port, Dubai
Industrial City (DIC), Jebel Ali Port, Al Ghayl and Siji, Fujairah Port and Khorfakkan Port capable of undertaking all
loading and unloading operations, in addition to providing container storage and maintenance.
The planned port facilities will provide a full service to Etihad Rail customers, including direct access to trains on
the dock, easing container movements between ships and trains.
With this award, Etihad Rail said it has completed the contract-awarding process of stage two of the national
network which will connect Fujairah and Khorfakkan on the UAE’s east coast to the UAE’s Saudi border at
Ghuweifat.
Source: Arabian Business
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DUBAI RETAIL GIANT SIGNS DEAL TO
REVOLUTIONISE CARREFOUR ONLINE
ORDERS Tuesday, January 28, 2020
Dubai retail major Majid Al Futtaim has announced a partnership with Takeoff, a US-based technology company,
that will revolutionise Carrefour’s online orders in the UAE and Saudi Arabia.
The partnership will see several micro-fulfilment centres (MFCs) built by 2021, the company said in a statement.
Located at select Carrefour stores, these automated small warehouses will process Carrefour’s online orders to
replace the manual picking method currently used.
Customers will be able to place orders through Carrefour online with Takeoff’s automated technology ensuring
that robots within the MFCs fulfil the order in less than 5 minutes for pick-up or delivery.
Hani Weiss, CEO of Majid Al Futtaim - Retail said: “We are pleased to announce this partnership with Takeoff which
will bring another state-of-the-art technology in the retail sector to the region. Takeoff has a strong existing client
list and brings a reliable tech solution that can significantly improve our customers’ experience – from faster order
processing to an increase in capacity to deliver more online orders.
“Once in place, Majid Al Futtaim will be the first grocery retailer to use this technology in the Middle East as we
look to scale up our e-grocery business and ultimately offer the best service and deliver the best value products to
our customers,” he added.
Max Pedro, co-founder and president of Takeoff, said: “We are facing a massive shift in the e-grocery industry,
and the scales have already begun tipping. We are thrilled to be at the forefront with Majid Al Futtaim, one of the
leading global supermarket chains."
The technology enables increased availability of order process and delivery slot capacity - with over 2,000 orders
per day that can be placed from a space of 1,500 sq m.
Source: Arabian Business
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SKYWAY: UAE'S DRIVERLESS PODS, CABLE
CAR PROJECT TAKES SHAPE Sunday, January 26, 2020
Driverless pods on cable cars could soon be the answer to the UAE”s traffic problems, as an innovative project in
Sharjah begins to take shape.
The Sharjah Research, Technology, and Innovation Park’s (SRTI Park) hanging track transport system – the SkyWay
project, which is being developed by SkyWay Technologies – has completed 80 percent of Phase 1 and has begun
Phase 2 of development, which will involve driverless pods, called “unicars”, and transport passengers and cargo
on cables suspended across elevated corridors.
Phase 1 of the SkyWay project witnessed the development of the 400m-long elevated string track and SkyWay
stations to transport passengers.
Commenting on Phase 1 of the development, the head of Business Development at SkyWay Technologies,
Svetlana Voloshyna told Construction Week: “In this initial stage, we saw the development of driverless pods – or
unicars – designed for four people. However, each of these unicars can be designed for anywhere between two to
80 people.”
Voloshyna added: “What makes this transport useful is also the fact that as the population of the smart city
increases, we can correspondingly add more pods – or bigger pods – to the same network of elevated string
transport, without the need of disrupting the flow and without any additional construction.”
Phase 2 will witness the development of a 2.8km-long elevated track to transport cargo, including containers and
bulk transport. This phase is expected to be completed within the next six months.
The project will undergo government tests and standardisation processes before it enters Phase 3, which will
involve the development of a single elevated track that will be able to accommodate both cargo and passengers.
The urban transport concept and technology, which is being tested in Sharjah before being marketed on a global
scale, aims to cover a 2.8km-stretch from the Sharjah Airport road to the University City road.
Commenting on the project’s benefits, the senior vice president of the project division of SkyWay GreenTech,
Raman Marwaha told Construction Week: “The project is more energy efficient, more cost effective, and a faster
means of transport than what currently exists in the market. It has a capacity of running up to 150km.”
Marwaha added: “Its requirement for land parcel as a right of way is extremely less because the columns on
which this elevated corridor is built will be sleek – causing it not only to have lesser amount of material used in
construction, but also makes it environment friendly.”
Since the construction of the SkyWay project involves strings suspended across slender columns, it will also add to
the visual lightness of a smart city rather than the “concrete jungles” created by other traditional transport,
Marwaha explained.
The use of less material, such as concrete, also results in considerable cost savings in construction.
The unicars, which run on batteries and a “dynamo system”, also have artificial intelligence capabilities that
ensure the safety of passengers. The unicars are able to autonomously detect a problem, can “talk” to each other,
and find solutions to rectify a problem.
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“For instance, if one of the driverless pods stops midway on the elevated string, it has the capability of realising
that it is stuck. It can then communicate with another pod, which will find the stuck pod, and couple with it so as
to let the passengers move from one unicar into the other, and travel to safety,” Marwaha explained.
Source: Arabian Business
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UAE TYCOON AL HABTOOR SEES 'THRIVING'
INVESTMENT POTENTIAL IN EGYPT Tuesday, January 28, 2020
Khalaf Ahmad Al Habtoor, founding chairman of Al Habtoor Group, has revealed he is keen to increase
investments in Egypt but called for further legislative reforms and tax incentives to improve foreign direct
investment in the country.
Al Habtoor, who is regular visitor to Egypt, said the country has "thriving investment potential".
His comments came as he received MP Alaa Abed, chairman of the Egyptian Parliament’s Human Rights
Committee, at the Al Habtoor Group HQ.
Al Habtoor said he and Abed discussed investment possibilities in Egypt and its current economic climate.
According to a statement, they deliberated over the present investment climate in Egypt, its economic trends, the
problems faced by prospective investors, and the current government policies surrounding investment.
Al Habtoor expressed keen interest in an improved investment milieu, backed by proper legislative and structural
reforms by the Egyptian government and private sector, it added.
Al Habtoor said: “I am very fond of Egypt and consider it my second home. The country offers huge potential and
is on the right path to recovery, attracting investors from different industries, generating business and job
opportunities for local communities. I firmly believe Egypt has thriving investment potential — further legislative
and bureaucratic reforms, and tax incentives would pave the way for improved foreign direct investment.”
In 2017, Al Habtoor acquired a heritage property in Helipolios for personal use, once owned by the late King Faisal
Bin Abdulaziz Al Saud, former ruler of Saudi Arabia where he received several world leaders.
Source: Arabian Business
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LONG-TERM FORECAST OF UAE REAL
ESTATE MARKET IS POSITIVE, SAYS ASTECO Tuesday, January 28, 2020
While a downward projection in the UAE’s real estate market is unavoidable, the medium and long-term forecast
in the sector is positive, according to a new report from property services company Asteco.
Asteco’s Q4 UAE real estate report revealed a total of 6,600 residential units were delivered in Abu Dhabi,
compared to 31,000 in Dubai.
“Similar to 2018, the pace of new project launches eased over 2019 as developers adopted a more cautious
approach in response to lower demand and growing supply,” said John Stevens, managing director of Asteco,
adding that construction progress and overly ambitious handover programmes also contributed to the delay.
The report noted that average apartment rental rates in Abu Dhabi fell by 7 percent over the course of the year,
while sales prices fell an average of 8 percent. The decrease for villas was less pronounced, with rental and sales
reductions of 4 percent, respectively.
The Dubai sales market, for its part, saw drops of 13 to 15 percent for apartments, villas and offices alike. Office
rental rates saw the most significant declines – of 12 percent – followed by apartments with 11 percent and villas
at 10 percent.
“In an increasingly competitive market, the importance of professional property management and maintenance
services has become increasingly crucial and will help proactive landlords differentiate themselves from the
competition,” Stevens added.
Giving his forecast for the 12 months ahead, Stevens said: “The downward trajectory in the real estate market for
the short-term is unavoidable due to tepid economic and market conditions and the expected supply glut.”
However, he said that “the outlook for the medium-and-long-term for the UAE is encouraging fueled by a pro-
active government response and clear focus on economic progress and sustainability”.
Source: Arabian Business
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VALUE OF RIYADH REAL ESTATE
TRANSACTIONS UP 63% Tuesday, January 28, 2020
The volume of real estate transactions in Riyadh has increased by 53 percent year-on-year, while the value of
transactions has gone up 63 percent, according to new data from real estate consultancy CBRE.
The data revealed residential mortgages for individuals in the kingdom saw a growth rate of over 250 percent in
terms of the number of contracts signed between January 2019 and November 2019.
The figures also show the value of contracts rose by over 160 percent in the same period.
Additionally, CBRE’s data shows that the national rate of home ownership rose 14 percent in 2019 compared to
2018 as a result of the Saudi Ministry of Housing’s ‘Sakani’ initiative.
At the end of 2019, the capital’s residential supply stood at 1,290,000 residential units, with an expected delivery
of 111,000 additional units by 2023.
The report also showed that total office stock in Saudi Arabia’s capital stood at 4.3 million square metres of gross
leasable area (GLA) in Q4 2019, with an additional 1.66 million sq m of GLA expected to be delivered by 2023.
In terms of hotel supply, CBRE found that there are 17,700 keys in Riyadh, with another 4,500 keys expected to
enter the market by 2023. Occupancy rose 5 percent year-on-year.
“The recent economic and social initiatives and legislation introduced by the Saudi government have already had
an extremely positive impact on the country’s real estate sector,” Simon Townsend, head of strategic advisory at
CBRE MENAT and general manager of CBRE KSA, said.
“We are already starting to witness impressive growth across major real estate segments including residential,
hospitality and retail, and this upwards trajectory is likely to continue in the short to medium term,” he said.
“Increased government spending on large-scale infrastructure and mega-projects is expected to further stimulate
the overall market, with a positive trickling down effect on other complementary sectors.”
Source: Arabian Business
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DRAKE & SCULL TO SELECT NEW BOARD
MEMBERS Monday, January 27, 2020
Dubai-based construction company Drake & Scull International will elect two new board members and update its
shareholders on the investigation of its former management team during next month’s general assembly.
The company is looking to replace senior management staff that resigned last year, DSI said in a statement to
Dubai Financial Market, where its shares trade.
The latest announcement comes as the contractor confirmed the arrest of its former chief executive Khaldoun
Tabari in his home country of Jordan earlier this month.
Mr Tabari, who led the company from before its initial public offering on the Dubai Financial Market in 2008 until
October 2016, was arrested on January 5. He remains in Jordan, but has surrendered his passport to the
authorities.
The former chief executive stepped down from his role at DSI in October 2016, and subsequently sold his stake in
the company and resigned as a board member in February 2017 as the company underwent a share
recapitalisation and financial restructuring that saw a further Dh500 million equity investment made in the
business.
DSI has struggled following a three-year oil price slump that began in 2014 and, in turn, heavily impacted the
property and construction sector in the region.
The contractor was also hit with allegations of misconduct among its executive management last year, which has
prompted it to initiate an internal probe. DSI said in May it had handed over files "related to questionable projects
for the period 2009- 2016” as part of 15 legal complaints that were filed to the public prosecutor for what it
described as “offences by members of the previous management during their tenure between 2009-2017”.
Source: The National
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DUBAI LIMITING SUPPLY FROM GOVT-
BACKED DEVELOPERS Monday, January 27, 2020
The Higher Committee for Real Estate Planning established in November last year to bring balance between
supply and demand is monitoring the local market and limiting the supply from government-backed developers,
said a senior official on Monday.
"One important thing that the committee announced that they are monitoring and limiting the government-
related entities' supply in the market. This is very important in the next three to five years. This is where the
government has allowed that if there is any opportunity in the market, let the private sector lead," said Hamad
Buamim, president and CEO of Dubai Chamber of Commerce and Industry.
"Oversupply might be good for consumers with rents going down, but it's not good for the developers. As we
know, the current situation is challenging for the sector. However, we believe that this committee will contribute
positively to the real estate," Buamim said during the media briefing on Monday.
The committee seeks to create a comprehensive plan for the real estate sector's development and ensure that
projects are not duplicated.
Real estate consultancy Asteco and Core predicted that 50,000 units will come online in Dubai this year. It will be
the highest ever supply of residential units in the emirate. Dubai Chamber president said the emirate's economic
pillars are strong with new technologies driving its growth over the past three years.
"A lot of growth that we saw in the past three years was in the areas of new economy such as fintech, blockchain
and traditional sectors," he said, adding that in the post-Expo 2020 era, these new technologies will continue to be
the main drivers of the local economy.
Buamim highlighted that there are limitations to growth from the stronger US dollar, geopolitics challenges and
regional competitiveness, but any direct impact of these will be minimal.
Revealing Dubai Chamber's growth, Buamim revealed that 18,260 new members joined in 2019, topping 245,000
companies, marking year-on-year growth of 28 per cent.
Also, Dubai Chamber will host over 33 business events also during Expo 2020 Dubai, attracting over 20,000
government and business leaders from around the world The largest events to be organised by Dubai Chamber
at Expo 2020 Dubai are the inaugural Global Business Forum Asean (2020), the next editions of GBF Africa and
GBF Latin America (2021) and the World Chambers Congress 2021.
In 2019, Dubai Chamber opened new representative offices in Buenos Aires, Argentina and Shenzhen, China.
Currently, it operates 11 offices across Africa, Eurasia and Latin America, and plans were announced last year to
open a new office in Mexico in the near future.
Over 778,000 certificates of origin were issued in 2019 while the number of attestations increased slightly to
18,832 last year. A total of 5,784 ATA Carnets were issued and received in 2019, while the value of goods covered
by these documents surged 78 per cent to Dh5.7 billion in 2019. In addition, the value of Dubai Chamber member
exports reached Dh226 billion. - [email protected]
Source: Khaleej Times
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MILLENNIUM TAKES OVER MAKKAH HOTEL
AS PART OF SAUDI EXPANSION PLANS Monday, January 27, 2020
Millennium Hotels & Resorts MEA, one of the fastest-growing regional hotel management companies in the
Middle East, has announced it is taking over Al Dana Diamond Makkah.
The company said it will rebrand the hotel as M Hotel Al Dana Makkah and will add 611 keys to its inventory of
3,240 keys in Saudi Arabia.
Situated in Al Shisha – Aziziah district, at the heart of Makkah, M Hotel Al Dana Makkah caters to both leisure and
business travellers, Millennium said in a statement.
Millennium said it sees great potential in the Gulf kingdom as last year, Saudi’s Ministry of Hajj and Umrah issued
7.6 million visas in the 2018-19 season with plans to issue 10 million visas this year.
Kevork Deldelian, CEO, Millennium Hotels and Resorts Middle East and Africa, said: “We are fully committed to our
strategic expansion plan in Saudi Arabia to extend our reach across the entire kingdom. In the first phase, the
plan includes the opening of six new hotels in Makkah, Madinah, Tabouk, Jizan and Baha in addition to the
recently opened Millennium and Copthorne Makkah Al Naseem hotels.”
He added that Millennium Hotels and Resorts MEA plans to operate more than 15,000 new keys in the Middle
East within the next three years including 25 hotels in the kingdom by 2025.
Source: Arabian Business
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AZIZI PLANS TO TAP GLOBAL DEBT MARKET Monday, January 27, 2020
Dubai: Azizi, the Dubai-based developer, has plans to tap global debt markets to fund its next round of expansion
and other needs. This would be the first time Azizi would be doing so, as the company had so far used its own
equity or loans from local and regional banks for its operations.
As the first step to be ready for global debt sourcing, Azizi will launch a “programme” by the end of this quarter. “It
basically stands for one year and can be extended into a second – during this period we can launch debt issues
whenever markets allow,” said Mika Toivola, Chief Financial Officer.
“It’s for funding such as acquiring land that we are looking at debt. This access to global capital markets could be
either private or public. If public, you can get higher sizes with five-year maturity for over $300 million. If private,
you get smaller placements.
“Sukuks - a benchmark sukuk would be five years - of a reasonable size would fit so well into our development
cycle.”
Appetite for M.E. debt issue
Low interest rates will help keep the cost of debt funding in check. And despite recent tensions centred around
the Middle East, appetite among global lenders for Middle East debt still remains high.
Mika Toivola, Chief Financial Officer, of Azizi Developments, believes the time is right to lay the ground to tap
global debt market. He is pictured here at one of the company's ongoing projects in Meydan.Image Credit: Ahmed
Ramadan/Gulf News
“We met investors in Singapore, London and Zurich in December, and the feedback we had showed their
concerns about Dubai market conditions,” said Toivola. “But they do understand that the region has future
potential and there are better returns in residential real estate given that prices have remained depressed for
four years.
“When sentiments turn, there will be more appetite among investors with long-term views. We are at the bottom
end of the market (cycle) and it is a good time for people to tap into.”
In recent times, the Majid Al Futtaim Group – with a $600 million Sukuk issue – and Aldar, with $500 million, drew
heavy interest from lenders.
Need to broaden the horizon
As for Azizi, testing the debt waters gives it the opportunity to broaden its net. “We have been quite comfortable
with local banks funding us,” the CFO added. “But as the company expands, we have to look at diversifying
funding sources.
“A lot of our existing projects are also funded through equity, through high levels of pre-sales. As of now, more
than 81 per cent of the 12,000 units we have under construction is pre-sold. And we have (bank) facilities for
project funding, which go directly into escrow.
“But by launching the programme, we are readying ourselves for global capital markets. Once we do that, we can
start the debt issues depending on company needs, market conditions and the time.
“To tap debt markets, you really need many things in place. Being a family-owned company, it will need
governance policies, and these need to be in place to support the issuance.”
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Got the rating to show
Another step in the pre-launch process was to get a rating from a rating agency, which Azizi attained with a “BB-”
from Fitch. “We are very happy with Fitch rating,” said Toivola. “This company has grown quickly in a short frame
of time – we are a significant developer in Dubai but predominantly done with equity. And until 2018 we had no
debt at all. But now, equity alone cannot keep up with such growth targets.”
But can the Dubai property market absorb more launches? Offplan launches dropped across the board since last
year, and developers are unlikely to work up any renewed appetite for it.
“In 2018, we launched 18 projects, but in 2019, we launched one and relaunched two. On a net basis, that’s
effectively one,” said Toivola. “We have sold a lot of our inventory, and with the sales rate we have, inventory will
get smaller. To think of future growth, we have to start launching.
“The softness in the property market could continue a little bit more… but there is bound to be stability on the
horizon.”
Source: Gulf News
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REVEALED: THE IMPORTANCE OF EMAAR
TO DUBAI'S PROPERTY MARKET Monday, January 27, 2020
Emaar Properties continued to dominate the Dubai property market in terms of the number of off-plan sales
transactions registered in 2019, according to new research.
Data analysed by Data Finder, the real estate insights and data platform under the Property Finder Group,
showed that Dubai’s largest listed developer registered 8,600 off-plan property sales overall in 2019, an increase
of 260 percent compared to 2018.
The developer commanded a market share of 36 percent.
Emaar’s joint venture with Meraas, Dubai Hills Estate, registered 1,455 off-plan transactions, a 67 percent annual
increase in sales transactions and 6 percent of the off-plan market.
If this were to be added to Emaar’s sales, the master developer’s market share and number of transactions would
increase further in 2019, a statement said.
While most developers focused on deliveries and selling existing inventory in 2019, Emaar Properties continued to
launch projects, with the most prominent ones being a AED25 billion project called The Valley on the Dubai-Al Ain
Road and phase 3 of Arabian Ranches.
“I believe this year we will see a significantly less amount of project launches as the majority of developers will be
concentrated on completing their existing projects and selling their primary, ready stock. The new Higher Real
Estate Planning Committee will most likely have a major influence on this as well,” said Lynnette Abad, director of
Data and Research, Property Finder.
In second place was Damac Properties, accounting for 8.9 percent of the off-plan market share last year. The
developer, which owns and operates the Middle East’s sole Donald Trump-branded golf course, registered 2,098
off-plan transactions in 2019, an increase of 2 percent from 2018. Damac focused on deliveries in its master
communities Damac Hills and Akoya last year.
Dubai Properties Group followed in third place with a market share of 8 percent, with Azizi Developments also
registering 1,426 off-plan sales in 2019 and a 6 percent off-plan market share.
According to the data, Emaar developments also dominated sales in the secondary ready market, registering
2,299 transactions in 2019, an annual increase of 12 percent. Projects developed by Nakheel accounted for the
second highest number of sales in this category, with 2,041 deals, followed by Damac.
Source: Arabian Business
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WAREHOUSING SPACE SEES STRONG
INCREASE IN MARKET ACTIVITY Sunday, January 26, 2020
Industrial and warehousing space witnessed a strong increase in market activity, after a prolonged period of
subdued demand levels throughout 2018, on the back of a spike in renewal, relocation and consolidation
exercises, an expert noted,
Murray Strang, head of Dubai Office at Savills, said that most of these transactions were under discussion over
the last few quarters and were completed during H2 2019 on account of proactive measures implemented by the
government such as reducing fees for business incorporation, relaxing FDI norms, among others.
In its Dubai Industrial Market report for the second half of 2019, Savills noted that a healthy mix of small, medium
and large sized transactions were observed across most micro-markets. The majority of the demand was
concentrated across locations such as Dubai South, Jebel Ali Free Zone Authority (Jafza), Dubai Investments Park
(DIP), and National Industrial Park (NIP). Demand drivers across these micro-markets varied depending on various
factors such as the nature of the business and warehousing specifications.
The emergence of new concepts such as 'cloud kitchens' and 'vertical farming' has also had a positive impact on
warehousing demand in the city. Occupiers from the F&B sector and select third party logistics companies that
service the domestic market continue to display a preference for Al Quoz due to its central location. While Jafza
remained the prime venue for engineering and manufacturing businesses, Dubai South emerged as arguably the
preferred location for e-commerce companies and 3PL players during 2019.
During H2 2019, close to 350,000sqf of warehousing space was leased across Dubai South by government entities
(some of these were dedicated to Expo 2020), international e-commerce companies and automotive spare part
manufacturers among other firms. More than 750,000sqf of land was also leased on a long-term basis across
Dubai South, making it one of the most active industrial and warehousing markets during H2 2019. DIP and Jafza
were among the other key markets to witness strong demand during the review period. In DIP, new leases
(accounting for 70 per cent share of total transactions) and renewals summed up the 200,000sqf of transaction
activity concluded by the industrial experts at Savills.
Out of the 12 key warehousing and industrial micro-markets in Dubai, rental correction was observed across only
five micro-markets when compared to H1 2019 while they have remained stable across all the other locations.
Rental decline was more prominent across Grade B stock where prices have corrected by an average 10-12 per
cent on a half yearly basis. Landlords are anticipated to remain flexible around lease terms and rental rates in
2020. This will continue to support demand for good quality stock in the city.
Demand is likely to remain strong from existing sectors and emerging industries such as indoor and vertical
farming, and cloud kitchens. The e-commerce sector is anticipated to continue driving demand for warehousing
space in the city. As a sector, it is still at a very nascent stage with less than five per cent share of the total retail
sales in the UAE, compared to 12-15 per cent in countries such as the United Kingdom and the United States.
Swapnil Pillai, associate, Research Middle East at Savills, said: "With Internet penetration in the UAE at 91 per cent,
the highest in the region, coupled with a high share of young and educated population, the e-commerce sector is
poised for growth. This will support the long-term growth of institutional grade modern warehousing stock in the
city. There is also a renewed focus on sustainable development across the warehousing sector. Few regional retail
operators and warehouse developers have incorporated renewable energy and other sustainable practices into
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their warehouse. We anticipate this trend to continue and grow in line with Dubai's vision and focus on
sustainable developments."
Source: Khaleej Times
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RESALE AND DEVELOPERS' PRICES
DIFFERENCE IS AROUND 20% IN DUBAI Sunday, January 26, 2020
Most of the areas in Dubai - especially new emerging areas such as the Creek Harbour, Dubai Hills, Al Jaddaf, and
Dubai South - are underpriced following a persistent decline in property prices over the last five years, according
to industry players.
It is believed that the price difference between the resale market and the prices offered by developers is around
20 per cent in any area of Dubai.
"Today, if you buy something for Dh2 million from a developer, you might find a similar property on the resale
market selling for 20 per cent less at Dh1.6 million. That also pressures prices more when we talk of underprice.
But, when you look at developer prices, it's not underpriced. Today, Emaar prices in Creek Harbour are not
underpriced. They are fair prices," said Firas Al Msaddi, CEO of Fam Properties.
"One of the main factors pushing prices down in Creek Harbour is that it's supposed to be the future Downtown
of Dubai. It is much larger than Downtown, it has the best of all worlds - malls, common areas, skyline views, Burj
Khalifa views, the creek views. So all of this gives it great value, of course combined with the brand of Emaar," Al
Msaddi added. "You will find offers and property that are selling at lower prices if compared to buying land and
constructing the same property so all of Dubai today offers great value for money."
City Walk, according to Al Msaddi, offers one of the best value-for-money opportunities to invest due to its prime
and strategic location in Dubai.
Diana Magariu, managing director for IQI Properties in Dubai, said that a lot of investors have approached in the
last 3-4 months, who are looking to buy buildings and apartments because they believe that 2020 will see a lot of
foreign visitors and the number of available units are not enough to accommodate all of them.
"In 2020, prices will start increasing with areas like Creek Harbour and Dubai Hills hot in demand where investors
are looking to invest because they are under-priced from the quality, facilities, and infrastructure perspective,"
she said.
"Al Jaddaf is also a new upcoming area where infrastructure is quite advanced. We can call it the 'Dubai Marina' of
old Dubai. There is a big interest in Dubai South as well, and there is a big interest in new emerging areas because
the quality of infrastructure is under-priced," she added.
Magariu noted that Dubai offers a good lifestyle, easy access and residency, transparent regulations, easy
financing, developer incentives, affordable entry prices, the excitement of Expo 2020, and the prospect of
profiting from a recovering real estate market.
Source: Khaleej Times
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EMAAR HOSPITALITY COO LABELS ROVE LA
MER 'GAME CHANGER' Sunday, January 26, 2020
Chris Newman, chief operating officer at Emaar Hospitality Group has described the impending launch of the
company’s Rove La Mer in Dubai as a “game changer” for the industry.
The mid-market beach resort, which is a joint venture with Meraas, will include 360 keys and is scheduled to open
in the middle of this year.
Newman told Arabian Business: “This for me is going to be a game changer in the traditional beach resort
industry of Dubai because we’re putting in a cool, mid-market, competitively priced property with a good number
of rooms in a dynamic area that’s up-and-coming in Dubai.”
Dubai’s hospitality scene is synonymous the world over with luxury, but Newman is looking forward to
contributing another dimension to the sector.
Rove Hotels currently has five operational hotels in key locations in Dubai – Rove Downtown, Rove City Centre,
Rove Healthcare City, Rove Trade Centre and Rove Dubai Marina.
“I think that (Rove) is going to help attract a completely different profile into Dubai and as the numbers continue
to grow and it’s so encouraging to see the levels that we’re getting now in terms of tourist arrivals. But if really
going to go more for the volume, the volume is going to come from the back of the plane, not necessarily the
front,” he said.
“Therefore we need to be putting capacity into the market that deals with the back of the plane as well and that’s
where Rove sits so brilliantly.”
Emaar, meanwhile, is best known for its city hotels and just last week opened its fourth Address hotel in the
Downtown Dubai area, the iconic Address Sky View.
However, the company is also adding resorts to its burgeoning portfolio, including Rove La Mer and the Address
JBR, at the end of Jumeirah Beach Residences, which is also scheduled to open its doors this year.
Newman revealed that the group witnessed occupancy levels of 80 percent in 2019, but with an estimated 53,000
rooms in the UAE hotel construction pipeline, about 30 percent of the market’s existing supply, he admitted that
they had to keep coming up with fresh ideas in order to stay competitive.
He said: “You simply can’t operate hotels today and definitely in the next five years, in the same manner they were
operated five years ago. There’s a huge change and it’s not a question of tweaking away or cutting here, for me it’s
a case of re-inventing the business model, re-inventing what really matters to the guest.
“This (Rove) is a brand that definitely puts the emphasis on a simple yet comfortable stay, simple facilities, but just
great location and great service and allowing people to explore Dubai, allowing people to go and spend on the
different activities and facilities and recreation entertainment Dubai has to offer.”
Source: Arabian Business
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INVESTORS BEARISH ON UNION PROP.’S
LATEST PLANS Sunday, January 26, 2020
Dubai: At the same that its’ Board of Directors was putting off a crucial meeting for the second time in a week,
Union Properties issued a outline for a turnaround plan, which includes a Dh200 million expansion of its key asset
– Dubai Autodrome. That plan also includes turning Dubai Autodrome into a standalone privately-held company.
UP had initially called a meeting of the Board for January 20 to give an update on the Autodrome plans and also
the transition of subsidiaries into private joint stock companies. That got postponed to Thursday last - but that too
did not happen.
UP said in a regulatory filing that it’s been shifted to a “later date”, which is yet to be decided.
UP believes this will bring on a “qualitative shift” to enhance the attributes of the race track and “its impact on the
parent company,” according to a filing made with DFM (Dubai Financial Market).
The statement added that UP is in the “final stages” of entering a MoU with China National Chemical Engineering
Ltd. for the Dh200 million Autodrome expansion. No timeline for such a deal has been specified.
Concerned investors
But sources holding UP stock said they were expecting much more by way of firm commitments from the Board,
especially as the financial situation for the company has turned dire over the last three years. The accumulated
losses – and that’s the detail shareholders are watching with intent – were very near the share capital in the last
set of financials.
“UP’s cash audit report a large part of it was spent on operations, totalling Dh177 million in 2018,” said an
investor, who asked that his name be withheld. “And the 2019 data can’t be far from those numbers given the
losses in the third quarter.
“This in turn raises some questions about the feasibility of steps taken such as the opening of a branch in Abu
Dhabi, with UP does not have projects. This in turn increases the burden on the already high operating costs at a
time when UP desperately needs to reduce costs.” (Loan interest payments in 2018 were at Dh83 million, the
investor added.)
Official word
In the coming days, the UP Board or management could come up with a clearer plan of action, something that it
would hope would work even in the current state of the Dubai real estate market.
It has not been regular in offplan launches, and much of its hopes for an improvement were based on long-term
plans for the Motor City master-development.
Share under-performance
The Sunday announcement gave a slight bounce to the UP share price – it saw a gain of up to 1 per cent before
slipping down to marginally over 21 fils. The share price had been at Dh1.17 in 2017.
Investors are also wondering what the Board did with the 10 per cent share buyback it announced last year.
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“Its intention at the time was to give shares a lift as well as list shares of its subsidiary ServeU as a public joint-
stock company.
“It does raises many questions among shareholders over the thinking behind those decisions, especially after the
selling of the 50 per cent stake in Emicool, which was stable and a profitable source of income.”
Conversion of subsidiaries
Today’s statement also announced that three of Union Properties’ subsidiaries – ServeU, a facilities management
company, FitOut, an interior design company, and Dubai Autodrome – will be converted from subsidiaries into
private joint stock entities.
Source: Gulf News
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ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION
EMAAR CHAIRMAN MOHAMED ALABBAR
REVEALS 2020 HOTEL EXPANSION PLANS Sunday, January 26, 2020
Emaar Hospitality Group has continued its ambitious growth strategy with the official opening of the iconic
Address Sky View, in Downtown Dubai.
The company opened Vida Emirates Hills, Vida Creek Harbour and Address Fountain Views in 2019.
And Emaar chairman Mohamed Alabbar told guests at the opening ceremony of the Address Sky View, the
company’s 19th hotel opening in the UAE, that the expansion plans would continue unabated throughout the rest
of 2020.
Among nine new openings to expect this year include; the new Address Beach Resorts in Dubai’s Jumeirah Beach,
Fujairah, Bahrain and Egypt; Palace Beach Resorts in Sharjah and Fujairah and a Vida Beach Resort in Umm Al
Quwain.
Alabbar said: “The opening of Address Sky View marks our 19th hotel in the UAE and is testament to our
undoubted commitment to continuously placing Dubai in the frontline of innovative and luxurious destinations
for visitors from around the world.
“Emaar Hospitality Group’s new strategy will only help evolve and introduce the brand to a global audience in
other territories.”
He also alluded to international expansion plans over the coming years into Turkey, Saudi Arabia, Bahrain and
furth into Egypt.
Featuring stunning views of Burj Khalifa and Downtown Dubai’s unique skyline, Address Sky View is made up of
two towers, connected by a floating sky bridge and 70-metre long infinity pool on the 54th floor. The hotel boasts
169 rooms and 551 apartments.
Source: Arabian Business
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ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION
MONGOLIA CONFIRMS PARTICIPATION IN
EXPO 2020 DUBAI Sunday, January 26, 2020
Mongolia has confirmed it will participate in Expo 2020 Dubai when the event opens later this year.
"Our country's pavilion will showcase a range of exhibits, texts, graphs, presentation, photos, videos and booklets
with information on Mongolia's history, culture, economy, business environment and tourism," the Mongolian
government's press office said in a statement late last week.
No more details of the pavilion, its themes or the cost of construction were revealed as yet.
Mongolia is a landlocked country in Eastern Asia, bordered by China and Russia.
From October 20 this year to April 10 2021, Expo 2020 Dubai will welcome 192 participating countries and an
expected 25 million visits. It is expected to be the largest event ever held in the Arab world.
Source: Arabian Business
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35 YEARS | CELEBRATING THE PAST AND
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ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION
DEVELOPER SAMANA AWARDS
CONSTRUCTION DEAL FOR SECOND DUBAI
PROJECT Saturday, January 25, 2020
Samana Developers has announced the appointment of Atcon Construction for its second project - the AED100
million ($27.2 million) Samana Hills, located in Arjan, close to Dubai Miracle Garden.
The appointment comes four months after it broke ground on the project which will deliver 205 residential units
comprising studio to two-bedroom apartments.
The ground-breaking took place less than a year after the developer started construction of its maiden project,
the AED75 million Samana Greens at Arjan.
Samana Hills is scheduled for handover in the fourth quarter of 2021, the developer said.
Prices of studio apartments will start from AED399,000 and one bedroom units from AED599,000, it added.
Alan James Gammon, general manager of Samana Developers, said the company's maiden project, Samana
Greens, will be handed over by the end of March.
Source: Arabian Business
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35 YEARS | CELEBRATING THE PAST AND
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ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION
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
Jenny Weidling BA (Hons)
Manager, Research & Advisory
+971 4 403 7789
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
wealth of experience supporting their Clients
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.
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