Dubai Real Estate News
UAE Property Market Trends and Reviews

Ajman has overshadowed UAE emirates when it comes to drawing foreign investments to UAE, reveal statistics.

According to the latest statistics by the Ajman Chamber of Commerce and Industry, foreigners in Ajman own 33 percent of development projects in the booming city, as against 11 percent in other emirates.

Ajman's annual investment growth rate has been estimated at 6.7 percent on an average by the economic analysts. This economic success has been attributed to the all-encompassing plan adopted by the government there.

The Ajman Marina project General Manager, Azad Nouri, says "The rapid economic growth witnessed by Ajman is the result of distinguished services and incentives that the government provides to draw foreign investments."

Ajman is second to Dubai in adopting a free-hold status, which is an excellent law to draw in huge numbers of investors from both local and international markets. Hence numerous investors have been arriving at the emirate to launch their major projects, as they also get to avail the incentives facilitating issuance of licenses, statistics of interest to developers and businessmen and feasibility studies, he added.

Morever, the investments in Ajman enjoy complete legal and legislative protection, with constantly updated laws that benefit investors. These laws foretell a good future for Ajman, where there are various kinds of investment projects, particularly that of Ajman Marina, which will have a positive influence on the real estate and tourism market.

Ajman Marina will witness the transformation of the emirate into an impressive commercial and residential seaside haven. The project gives the emirate a competitive edge and is likely to create an attractive residential and commercial environment.

The Ajman Marina, with its waterfront lifestyle, spreading across a space of 240,000 square meters, is a luxurious retreat, comprising residential, commercial buildings, five star restaurant, international food chains, sea-view cafes, signature yacht club and extensive shopping mall, apart from various entertainment and leisure amenities.

A leading Dubai-based property developer, Memon Investments, a part of Memon Group of Companies, has been awarded with a contract worth Dh.40.35mn for construction of its Dh.80m Cambridge Business Center.

This high-profile project at Dubai Silicon Oasis (DSO) is the first commercial development of Memon, and was won by Cairo Contracting Company (CCC).

During the moment of signing the contract, the Joint Managing Director of Memon Investments, Rizwan Shaikhani, said "Our vision for an ideal business development is rapidly approaching fulfillment with this important contract being awarded to our new partner, Cairo Contracting Company. We are confident that CCC will match the high-standards of our previous projects. In the process of realizing another magnificent achievement for Memon Investments, as a leading developer in the UAE, we see outstanding prospects for Cambridge Business Center, as an important business address in Dubai."

The strategic location of Cambridge Business Center within the leading integrated innovations hub of the region, coupled with its hi-tech industries and outstanding designs, has contributed to the Cambridge Business Center being sold completely within weeks after its launch.

With classic British architecture across its 108 small, medium and large offices, the business tower will feature advanced technologies such as the Wi-Fi technology, hi-speed internet connectivity and keyless entry.

To serve the commercial tenants, the development would include 11 retail shops on the ground floor, a travel agency, banking facility, and amenities required for rest and relaxation, such as a state-of-the-art health club on the rooftop.

Being one of the largest construction companies in Egypt, CCC holds a portfolio of nearly LE800m and carries numerous prestigious construction works for prominent global companies to its credit.

IRIS, one among the prominent property developers in the region, has announced the launch of their commercial and residential units that spread across 1,000,000 Sq. Ft. of space, along with a diverse portfolio of projects chalked out for the current year.

For IRIS, the year 2008, will prove to be another milestone, as it will add another 270 apartments to its residential portfolio, and 300 commercial units will be added to its portfolio in Dubai Marina, Business Bay, Maritime City and Culture Village.

Speaking about the strategic growth vision of the company in the field of real estate, the CEO of IRIS who is also the Managing Director of Sheth Group, Ashwin Sheth, said "We, at IRIS, are keen to contribute to the existing and emerging investment potential around us. Our projects are so structured, that it will offer a healthy return on investment to our investors, giving us an enviable reputation in the industry."

IRIS, with its diverse portfolio of projects in the UAE, including the IRIS Bay - a unique commercial development at Business Bay, IRIS Blue - a luxury residential project at Dubai Marina, and IRIS Amber - luxury residential development at Culture Village, is continuing to add further to its impressive portfolio by unveiling plans for three new developments during the first two quarters of 2008.

The first project to be launched will be the AED100million residential project at the Culture Village, which would spread across a Gross Leasable Area (GLA) of 47,000 square feet. This will be unveiled during the upcoming SIMA 2008 Property Exhibition on 7th April 2008.

This will be followed by the launch of another luxurious development, worth AED600 million, which is a commercial project at Business Bay, spreading across 278,000 square feet of gross leasable area.

The third project to be added to the company's portfolio will be the AED 2billion residential project in Maritime City, which would spread across a gross leasable area of 800,000 square feet.

A leading UAE-based developer and total solutions provider in the realty sector, Sweet Homes, has revealed the commencement of preliminary phase of construction works for its Rainbow Towers project, worth AED 1.7billion, at the Emirates City, which also marks the maiden offer by the developer as a full-service real estate company.

This follows the recent shoring and excavation contract, which was offered to Piling Tech LLC for its initial groundwork for Towers B10, B14 and B15, three out of nine towers in the Rainbow Towers development.

Earlier, the developer also announced that six towers were already sold out, and out of the remaining three towers, 70% have been sold already. The entire project is due for completion by mid 2010.

Speaking during the occasion of groundbreaking ceremony, the CEO of Sweet Homes, Fahad Sattar Dero, mentioned that the excavation contract has been awarded to Piling Tech LLC due to their impressive background, outstanding track records, and competitive bidding.

Being ideally located along the Emirates Road, the Rainbow Towers will include nine luxurious 31-storey residential buildings, which comprise high-speed elevators, modern fitness club, Jacuzzi and sauna facilities, recreation area, swimming pool, and sports bar.

Apart from the amenities that the development offers, the investors are also drawn by the unique and highly flexible four-year self-finance payment scheme, which breaks down the payment schedule to just 50 percent of the value, on completion of the project, 25 percent on delivery and remaining 25 percent during handover.

Further to its current portfolio of AED 3.5billion, Sweet Homes has also announced its plan to invest AED 2billion on high-profile commercial, residential and mixed-use real estate developments across Middle East during 2008. Sweet Homes is also on the look out for venture into other UAE emirates through the launch of projects in neighbouring states of Qatar, Saudi Arabia and Oman. The company has already begun its first step ahead in this direction, through the opening of the AED 2.5bn Ajman Uptown project, the first freehold villa and townhouse community in Ajman.

Piling Tech LLC, specialized in civil engineering activities, has built a solid reputation in the regional construction sector through its high profile projects for royal families and government departmtners. The company has worked with both government and private firms such as Bayel Tic, Federal Electricity and Water Authority, and Sharjah Electricity and Water Authority and Chapal World.

Several buildings are already under construction, including the four integrated buildings that make up the World Trade Center and the Gateway building, designed by the renowned architect, Rafael Vinoly himself, who designed the new World Trade Centre at New York.

The total investment value at the 10.5kms Al Raha Beach development is worth $48bn, including the $5bn Dana, located at the core of the development. Dana will house Aldar's headquarters, due to be ready by September 2009, apart from three international hotels. Seven other hotels are already housed in the development, on the Yas Island, as a part of the 40-hotel programme, to be developed during the coming years.

Aldar has reported a strong growth of Dh.1.2billion last year, and aims to exceed this figure during the first quarter of this year. The company has already begun delivering few of its developments at Raha Gardens to UAE nationals, and more projects are expected next year.

Aldar's Chief Executive Officer, Ronald Barrot, said "Our sales during the first half of 2008 exceeds the Dh.1.2bn mark and has grown more than Dh.2bn. Apart from exposing Abu Dhabi and Aldar to the international community, we are also always on the look out for partnerships."
With this, the total projects that are under construction in Abu Dhabi exceeds $90bn, including the $40bn Yas Island, and the iconic Old Market in the Abu Dhabi City Center.

Comprising a central island, surrounded by four other districts - the Resort, Madinat Al Soor, the Boulevard and the Marina, the Waterfront City will house a residential population of 92,000 and working population of 310,000 people. Spreading across 330 hectares of land, along the western coast of Dubai, the Waterfront Development will house approximately 1.5mn people.

The Waterfront City will house 144 high-rise towers that stretch more than 100 meters in height, and 45 percent of the area will be covered by residential sector, 33 percent will be allocated as office space, 11 percent for hotels, 6 percent for retail, and 5 percent for civic and culture, revealed Frank Konings, the Nakheel Project Director for Waterfront City.

The Central Island district forms the defining element in the design of the Waterfront City. It is a grid of five streets by five streets, leaving walkable distance between blocks, easing out the traffic flow within the city.

Maximum shading and climate control in the city can be obtained by building higher masses on the south side and making efficient use of wind flow for cooling. Each city block will have a line-up of arcades and trees.

The Managing Director of Nakheel, Matt Joyce, said "Waterfront City forms the centerpiece of the Waterfront development and the masterplan is so-designed that it caters not only to businesses, but to residents and visitors of Dubai, alike. Each of the five districts that make up the Waterfront City, has its own individuality and is vital for promotion of a diverse and unified city. It will have a density similar to that in Manhattan, and hence, the retail, culture, commerce and private accommodation will be overlapped to form a compact city center."

The company is yet to give away contracts for initial works. Even the sales are yet to begin. However, the infrastructure works are expected to commence during early June, and the entire city is expected to be ready by the year 2018.