Emaar, Dubai Holdings under consolidation talks
Saturday, June 27, 2009
As per the statement issued by the Dubai Government Media Office, four large development firms in Dubai - Emaar Properties PJSC, Sama Dubai LLC, Dubai Properties LLC and Tatweer LLC, have come together to hold one of the larges banks in Dubai, and have begun discussions to join together and form a larger entity, intended to rise up to the current challenges and to transform Dubai into a global city.
The proposed consolidation, when implemented, would create the biggest developer ever, in the MENA and Asian regions.
Dubai Properties, Sama Dubai and Tatweer are a part of Dubai Holdings, the investment arm of Dubai Government, while Emaar Properties, is on the verge of completing Burj Dubai, the world's tallest tower, 32.5 percent of which, is owned by the Dubai Government. Emaar also finds its listing in Dubai Financial Market.
The proposed consolidation of these leading real estate units will mark the beginning of a new chapter in the annals of global real estate, apart from building on the remarkable achievements in Dubai during the past thirty years.
The Royal Bank of Scotland PLC is the Advisor of Emaar Properties, while Merrill Lynch International represents the interests of Dubai Holdings.
The statement revealed that the firms are almost finalizing the proposed consolidation, including valuation of various entities, and assessment of potential transaction structures. Discussions are also on with the respective regulatory authorities, the statement said.
The Chairman of Dubai Holdings, Mohammad Al Gergawi, mentioned that consolidating these companies with Emaar is a natural progression towards evolution of Dubai real estate landscape, offering benefits to all stakeholders.
By clubbing forces, the largest combined entity will be given an unparalleled platform to maximize the opportunities in local and international markets. The combined entity has a clear strategy to better the positioning of Dubai as a world-leading hub in property development and management.
The Chairman of Emaar, Mohammad Ali Al Abbar, mentioned that there could be exceptional synergies between Dubai Holdings and Emaar's major real estate businesses. These comprehensive discussions are driven by shared vision regarding the consolidation of our respective visible success stories till date and the aim by the companies for creation of a world-class group, ideally positioned to help and support the current development of Dubai as a world-leading hub.
The proposed consolidation, when implemented, would create the biggest developer ever, in the MENA and Asian regions.
Dubai Properties, Sama Dubai and Tatweer are a part of Dubai Holdings, the investment arm of Dubai Government, while Emaar Properties, is on the verge of completing Burj Dubai, the world's tallest tower, 32.5 percent of which, is owned by the Dubai Government. Emaar also finds its listing in Dubai Financial Market.
The proposed consolidation of these leading real estate units will mark the beginning of a new chapter in the annals of global real estate, apart from building on the remarkable achievements in Dubai during the past thirty years.
The Royal Bank of Scotland PLC is the Advisor of Emaar Properties, while Merrill Lynch International represents the interests of Dubai Holdings.
The statement revealed that the firms are almost finalizing the proposed consolidation, including valuation of various entities, and assessment of potential transaction structures. Discussions are also on with the respective regulatory authorities, the statement said.
The Chairman of Dubai Holdings, Mohammad Al Gergawi, mentioned that consolidating these companies with Emaar is a natural progression towards evolution of Dubai real estate landscape, offering benefits to all stakeholders.
By clubbing forces, the largest combined entity will be given an unparalleled platform to maximize the opportunities in local and international markets. The combined entity has a clear strategy to better the positioning of Dubai as a world-leading hub in property development and management.
The Chairman of Emaar, Mohammad Ali Al Abbar, mentioned that there could be exceptional synergies between Dubai Holdings and Emaar's major real estate businesses. These comprehensive discussions are driven by shared vision regarding the consolidation of our respective visible success stories till date and the aim by the companies for creation of a world-class group, ideally positioned to help and support the current development of Dubai as a world-leading hub.
Labels: Dubai City, Emaar, Latest News
Dubai, leading FDI destination in the region
Thursday, May 07, 2009
According to a special report by the Financial Times, Dubai has been ranked as the topmost destination for Foreign Direct Investment (FDI), even surpassing London and Shanghai.
The UAE continues to be on the forefront in the MENA (Middle East and North Africa) region, accounting for 50 percent of the total projects happening in the region.
Being the top destination for FDI in 2008, Dubai has had a total of 342 projects, with $21billion worth of capital investment, making way for 58,000 new jobs. UAE is the leading destination for FDI in the region, with 480 projects, with a capital expenditure of $35bn, creating about 87,000 new jobs last year.
According to sources, the total number of FDI projects in the Middle East alone, have amounted to 969, creating 237,000 jobs with a capital expenditure of $154bn.
The Governor of Dubai International Financial Center and Vice Chairman of the Central Bank of UAE, Dr. Oman Bin Sulaiman, said that the number of projects initiated, the jobs created and the capital investment, are all sufficient proof of the economic strength of the country.
It is a remarkable achievement for Dubai, to be the leading city in the world for FDI, and we are committed towards continuing to demonstrate the benefit of investing in the UAE and Dubai, Dr. Sulaiman said.
The UAE continues to be on the forefront in the MENA (Middle East and North Africa) region, accounting for 50 percent of the total projects happening in the region.
Being the top destination for FDI in 2008, Dubai has had a total of 342 projects, with $21billion worth of capital investment, making way for 58,000 new jobs. UAE is the leading destination for FDI in the region, with 480 projects, with a capital expenditure of $35bn, creating about 87,000 new jobs last year.
According to sources, the total number of FDI projects in the Middle East alone, have amounted to 969, creating 237,000 jobs with a capital expenditure of $154bn.
The Governor of Dubai International Financial Center and Vice Chairman of the Central Bank of UAE, Dr. Oman Bin Sulaiman, said that the number of projects initiated, the jobs created and the capital investment, are all sufficient proof of the economic strength of the country.
It is a remarkable achievement for Dubai, to be the leading city in the world for FDI, and we are committed towards continuing to demonstrate the benefit of investing in the UAE and Dubai, Dr. Sulaiman said.
Labels: Dubai City, Investment Property, Latest News
Compensation offered for affected property owners in Dubai
Tuesday, April 28, 2009
The Deputy Ruler of Dubai and the Chairman of Dubai Municipality, Sheikh Hamdan Bin Rashid Al Maktoum has announced Dh.67.97mn as compensation to citizens possessing properties affected by public planning projects, designed for re-planning and development of the city of Dubai.
The Director General of Municipality, Eng. Hussein Nasser Lootah, said that the government is taking necessary measures to fast-track the disbursement of compensation to the owners of these lands located in several areas of Dubai.
This initiative is a part of the effort by the government to develop various areas in the emirate.
Few of the affected areas are the Jumeirah-1, Hor Al Anz, Al Jafilliya, Al Muraqqabat, Al Refa'ah, Al Rawyah, Al Muteena, Abu Hail, Mankhool and Al Quoz-2.
More information in this regard can be obtained by contacting the following address:
Ismail Meladi
Senior Media Officer, Media Section
Corporate Marketing & Relations Dept.
Dubai Municipality
+971 4 2064657
+971 4 2232188
+971 50 6341075
ipparambil@dm.gov.ae
The Director General of Municipality, Eng. Hussein Nasser Lootah, said that the government is taking necessary measures to fast-track the disbursement of compensation to the owners of these lands located in several areas of Dubai.
This initiative is a part of the effort by the government to develop various areas in the emirate.
Few of the affected areas are the Jumeirah-1, Hor Al Anz, Al Jafilliya, Al Muraqqabat, Al Refa'ah, Al Rawyah, Al Muteena, Abu Hail, Mankhool and Al Quoz-2.
More information in this regard can be obtained by contacting the following address:
Ismail Meladi
Senior Media Officer, Media Section
Corporate Marketing & Relations Dept.
Dubai Municipality
+971 4 2064657
+971 4 2232188
+971 50 6341075
ipparambil@dm.gov.ae
Labels: Dubai City, Real Estate News
Dubai economy forecasts 2.9% growth this year
Monday, February 09, 2009
Dubai's economy is bound to grow 2.5% this year, despite the global slow down, declared a senior official at the Dubai Government, yesterday.
The Chief Economist of Dubai Government, Raed Safadi, said that a 2.5% growth is likely in Dubai in 2009, although it is quite less when compared to the 8% growth in 2008.
Dubai has had to revise the forecast downward, since October, as it is known that none of the emirates are immune to global financial turmoil. Dubai continues to focus on retention of human capital, with the emirate issuing nearly 1000 visas per day in January.
Safadi said that Dubai's economy used leverage to improve its production and infrastructure capacity, and added that while enjoying six years of current surplus, Dubai was also ready for the worst, when it was growing.
"We are being challenged on exports, and also in the real estate sector, construction and of-course, tourism. All these sectors are under pressure here," Safadi continued.
During 2007, the Dubai Government aimed to grow 11 percent each year, until 2015. This target was reduced to 4-6 percent, this year. Standard Chartered further reduced the growth forecast of UAE to 0.5% last month.
The Director of IMF-Middle East and Central Asia, Masood Ahmed, however, mentioned that GCC can expect an economic growth of 3.6 percent this year, from the 6.3% growth last year. Although, he did not mention individual figures for UAE or Dubai, he said that for the oil exporters, the drop in oil prices and Opec production cuts will reduces oil exports by nearly 50% in 2009, thereby leading to loss of government revenue worth Dh.1.1trillion.
However, increased government spending may help to strengthen the Gulf economies, Ahmed pointed out.
The IMF has revised its forecasts several times during the past six months. This is because, no crisis in history has been so severe, and the economic models for forecasts have not worked well, Ahmed said.
The Chief Economist of Dubai Government, Raed Safadi, said that a 2.5% growth is likely in Dubai in 2009, although it is quite less when compared to the 8% growth in 2008.
Dubai has had to revise the forecast downward, since October, as it is known that none of the emirates are immune to global financial turmoil. Dubai continues to focus on retention of human capital, with the emirate issuing nearly 1000 visas per day in January.
Safadi said that Dubai's economy used leverage to improve its production and infrastructure capacity, and added that while enjoying six years of current surplus, Dubai was also ready for the worst, when it was growing.
"We are being challenged on exports, and also in the real estate sector, construction and of-course, tourism. All these sectors are under pressure here," Safadi continued.
During 2007, the Dubai Government aimed to grow 11 percent each year, until 2015. This target was reduced to 4-6 percent, this year. Standard Chartered further reduced the growth forecast of UAE to 0.5% last month.
The Director of IMF-Middle East and Central Asia, Masood Ahmed, however, mentioned that GCC can expect an economic growth of 3.6 percent this year, from the 6.3% growth last year. Although, he did not mention individual figures for UAE or Dubai, he said that for the oil exporters, the drop in oil prices and Opec production cuts will reduces oil exports by nearly 50% in 2009, thereby leading to loss of government revenue worth Dh.1.1trillion.
However, increased government spending may help to strengthen the Gulf economies, Ahmed pointed out.
The IMF has revised its forecasts several times during the past six months. This is because, no crisis in history has been so severe, and the economic models for forecasts have not worked well, Ahmed said.
Labels: Dubai City, Latest News
Dubai Tower named as one of the Best 50 inventions of the Year
Wednesday, November 19, 2008
The worlds first rotating skyscraper, 'The Dynamic Tower', has been named as one among the "Best 50 inventions of the Year" by the TIME Magazine, due to its revolutionary design and innovation.
Created by David Fisher, the renowned Italian architect, the tower was one of the first choices in a list of ground-breaking inventions. Every floor of the tower rotates independently so as to form a building that constantly changes its shape and appearance, resulting in a unique and evolving architectural landmark.
The environment-friendly tower is the first building to be completely self-powered with wind turbines, positioned horizontally between each floor. The photovoltaic cells on the roof of each rotating floor, produces solar energy.
The Dynamic Tower in Dubai will also be the first high-rise to be built completely from prefabricated parts that are custom-built in a workshop and then installed on site.
This method comes with several benefits, including environmentally clean on-site construction, reduced time and cost of construction, less onsite accidents. Residents of the tower can park their cars at the entrance of the apartments with voice activated systems.
The residents can get a glimpse of the world rotating around them when looking through the glass wall of the buildings. These buildings will also be the first wherein construction begins at the top, with each floor mechanically installed from top to bottom.
Labels: Dubai City, Environment-friendly, Latest News
Mohammed bin Rashid Gardens likely to have water as its lifeblood
Friday, September 05, 2008
The Mohammed bin Rashid Gardens, expected to be one of the most ambitious urban projects in the world, is likely to accommodate more than a quarter of a million people with a system known for its parks, waterways and gardens, which represent the largest formal urban masterplan in the Southern Gulf. This fact has been revealed by CivicArts, the architectural firm for Mohammed bin Rashid Gardens.
With a construction cost worth more than $60bn, the logistics of manually building such an immense development such as the Mohammed bin Rashid Gardens are matched by the monumental scale of water management required to transform the desert into lush oasis.
The masterplan weaves water into the social fabric of 21st century city, where the interests of recreation, transportation and environment will all go hand in hand.
Designed by Eric Kuhne, the masterplan of the new city was unveiled by H.H.Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai, which includes provision for education, homes, commercial and financial facilities, apart from tourist landscapes, civic buildings and more.
"Water will be the lifeblood of the new city, pumped through a network of pools, canals and waterways, creating a waterfront which will be unrivalled in the Middle East," said Kuhne.
The canal system will be navigable and will support life on many levels, offering wildlife habitats numerous opportunities for recreation and leisure. With about 150km of waterfront and wetlands, the Central Union Canal will give the ecosystem of the city, the capacity to support a range of living creatures on scale unprecedented in the Middle East.
The lakes, waterways, canals, retention and detention ponds will all together form a perfect habitat for procreation and protection of aquatic and terrestrial wildlife.
The masterplan also permits a variety of waterway edges, including keystone walls with integrated plants, stepped terraces that offer upper-level dining, apart from the mid-level cycle paths, lower-level walkways and gabion walls all planted with aquatic plants set with boulders to create natural informal character. The beach and detention ponds allow easy access to canal, which will facilitate the provision of public beaches and informal lawn areas.
The water channels, pools and fountains are the organizing elements of the wide gardens, with unique Arabian pattern of parkways and canals which has drawn inspiration from astrolabes, which when once charted the heavens will now become symbols of geometry for this new city.
The main aspect of the design is the Grand Canal, which will find its way through the Dubai Creek and Business Bay through the astrolabe pattern to the heart of Mohammed bin Rashid Gardens, before returning to the Gulf. The design implies that residents, workers and visitors to the new city will never be far from gardens or water, and the circling canals, culminating in dramatic, Grand Central Fountain will be a unifying aspect.
The water and power strategies will be supported by low water usage and energy-efficient buildings. The building control systems, together with water and energy-efficient fittings will minimize demand. Well-designed facades will maximize the use of natural light and buildings, and integrate solar technologies to supply hot water and local cooling for residences that are not connected to the city-wide district cooling networks.
The design of the city will include and unprecedented level of water recycling. Sophisticated water treatment will bring in non-potable water supply which will reduce potable water demand and effluent stream will meet irrigation needs. The greening of the city with canals, parks and ponds will draw attention of migratory birds, enhancing local and global biodiversity. Planting will create cool corridors for walking and riding.
With a construction cost worth more than $60bn, the logistics of manually building such an immense development such as the Mohammed bin Rashid Gardens are matched by the monumental scale of water management required to transform the desert into lush oasis.
The masterplan weaves water into the social fabric of 21st century city, where the interests of recreation, transportation and environment will all go hand in hand.
Designed by Eric Kuhne, the masterplan of the new city was unveiled by H.H.Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai, which includes provision for education, homes, commercial and financial facilities, apart from tourist landscapes, civic buildings and more.
"Water will be the lifeblood of the new city, pumped through a network of pools, canals and waterways, creating a waterfront which will be unrivalled in the Middle East," said Kuhne.
The canal system will be navigable and will support life on many levels, offering wildlife habitats numerous opportunities for recreation and leisure. With about 150km of waterfront and wetlands, the Central Union Canal will give the ecosystem of the city, the capacity to support a range of living creatures on scale unprecedented in the Middle East.
The lakes, waterways, canals, retention and detention ponds will all together form a perfect habitat for procreation and protection of aquatic and terrestrial wildlife.
The masterplan also permits a variety of waterway edges, including keystone walls with integrated plants, stepped terraces that offer upper-level dining, apart from the mid-level cycle paths, lower-level walkways and gabion walls all planted with aquatic plants set with boulders to create natural informal character. The beach and detention ponds allow easy access to canal, which will facilitate the provision of public beaches and informal lawn areas.
The water channels, pools and fountains are the organizing elements of the wide gardens, with unique Arabian pattern of parkways and canals which has drawn inspiration from astrolabes, which when once charted the heavens will now become symbols of geometry for this new city.
The main aspect of the design is the Grand Canal, which will find its way through the Dubai Creek and Business Bay through the astrolabe pattern to the heart of Mohammed bin Rashid Gardens, before returning to the Gulf. The design implies that residents, workers and visitors to the new city will never be far from gardens or water, and the circling canals, culminating in dramatic, Grand Central Fountain will be a unifying aspect.
The water and power strategies will be supported by low water usage and energy-efficient buildings. The building control systems, together with water and energy-efficient fittings will minimize demand. Well-designed facades will maximize the use of natural light and buildings, and integrate solar technologies to supply hot water and local cooling for residences that are not connected to the city-wide district cooling networks.
The design of the city will include and unprecedented level of water recycling. Sophisticated water treatment will bring in non-potable water supply which will reduce potable water demand and effluent stream will meet irrigation needs. The greening of the city with canals, parks and ponds will draw attention of migratory birds, enhancing local and global biodiversity. Planting will create cool corridors for walking and riding.
Labels: Dubai City, Environment-friendly
With more than 3000 high-rises, Dubai notices dearth of open spaces
Sunday, August 10, 2008
About 3000 mid-rise and high-rise towers are currently in various stages of design, planning, development and construction in Dubai, from now till the year 2025.
For instance, the Dubai World Central (DWC) alone will have 1100 apartment towers in its residential cluster, and 850 in its commercial cluster.
Besides, there are about 200 towers currently under development in Dubai Marina and the Jumeirah Lake Towers.
A few hundreds will come up in Jumeirah Village South, Dubai Waterfront and Dubailand.
Taking into account the small land area of about 4,114 square kilometers, with a population of more than over 1.4million, this is a rather huge development.
Matthew Green, the Research Manager, Cluttons UAE, compares this growth of Dubai, with that in New York City, with about 5500 high-rise towers.
Inflation being high, many countries are struggling with economic downturn, while Dubai continues to fly high with its strong boom. But, although Dubai continues with its growth, with new developments being launched every other day, this fast-paced development is hurting the environment as there is a dearth of open spaces such as public parks.
The Head of Capital Investments at Colliers Middle East, Eamon Alashkar, commented that although Dubai is growing at a rapid pace, more prominence should have been given to public spaces during the initial planning stages. At present, most developments in Dubai are a bare minimum of active public space, which is insufficient, taking into account the population and built-up area alongside it.
"Ultimately it will all depend largely on the manner in which the government restricts developments in certain locations and the development of green areas," Green was quoted as saying.
It is however, sad to note that in the rush to build and reap rewards, few developers have ignored the open grass areas and parks, in comparison to other major cities such as New York and London.
Dubai's future built environment is dependent on the objectives of profit-driven real estate developers, to a great extent, Alashkar added.
In few cases, although open spaces are effectively advertised to attract investors, the final picture looks different. It is saddening to note that although a park or an open area finds space in a brochure, which helps in turning in money towards the project, in reality, it is not possible to make profit out of a patch of grass.
For instance, the Dubai World Central (DWC) alone will have 1100 apartment towers in its residential cluster, and 850 in its commercial cluster.
Besides, there are about 200 towers currently under development in Dubai Marina and the Jumeirah Lake Towers.
A few hundreds will come up in Jumeirah Village South, Dubai Waterfront and Dubailand.
Taking into account the small land area of about 4,114 square kilometers, with a population of more than over 1.4million, this is a rather huge development.
Matthew Green, the Research Manager, Cluttons UAE, compares this growth of Dubai, with that in New York City, with about 5500 high-rise towers.
Inflation being high, many countries are struggling with economic downturn, while Dubai continues to fly high with its strong boom. But, although Dubai continues with its growth, with new developments being launched every other day, this fast-paced development is hurting the environment as there is a dearth of open spaces such as public parks.
The Head of Capital Investments at Colliers Middle East, Eamon Alashkar, commented that although Dubai is growing at a rapid pace, more prominence should have been given to public spaces during the initial planning stages. At present, most developments in Dubai are a bare minimum of active public space, which is insufficient, taking into account the population and built-up area alongside it.
"Ultimately it will all depend largely on the manner in which the government restricts developments in certain locations and the development of green areas," Green was quoted as saying.
It is however, sad to note that in the rush to build and reap rewards, few developers have ignored the open grass areas and parks, in comparison to other major cities such as New York and London.
Dubai's future built environment is dependent on the objectives of profit-driven real estate developers, to a great extent, Alashkar added.
In few cases, although open spaces are effectively advertised to attract investors, the final picture looks different. It is saddening to note that although a park or an open area finds space in a brochure, which helps in turning in money towards the project, in reality, it is not possible to make profit out of a patch of grass.
Labels: Dubai City, Dubai Real Estate
Supertowers with unique concepts to adorn Dubai skyline
Tuesday, May 06, 2008
Dubai's skyline is all set to be re-defined with numerous supertowers which comprise more than 100 storey and are more than 600 meters in height, which totals up to an estimated value of more than $7bn (Dh.25bn).
The projects, that are likely to be announced towards end of this year, will form a part of master-planned development, which will increase the Dubai's standards of urban development and masterplanning.
The projects titled as AC Towers, EP Site 07, 09 and 15, are designed by Adrian smith and Gordon Gill, and have been approved by the Dubai Government. The projects will be complete in five years time.
The Lead Architect, Smith also owns the credit of designing the Burj Dubai, the world's tallest tower.
"Dubai has already become host to maximum number of supertowers in the world. We plan to add a few more to the city's growing skyline. Among the 13 supertowers being designed by us, five will be located in the UAE and one in Qatar," Smith said.
These towers will stand out among all the other towers currently being developed in Dubai, due to their eco-friendliness, sustainability, energy efficiency and intelligent building systems.
According to new technology being employed by Smith, the buildings will draw air from the top floors that are 10 degree cooler and will spray them to lower levels where the temperature is higher. This unique technique has never been employed in any other supertowers in the world till date.
The new buildings have been so designed that they save energy by 40 to 60 percent and get zero level in energy consumption.
AC Towers:
AC is a cluster of three supertowers rising above 100 storeys and are connected at the base with an atrium, and skybridges. Being a mixed use project, it spreads over an area of 800,000 to 900,000 square meters and comprises residential, commercial, hotel, and entertainment space, with a capacity to accommodate upto 6000 people. A canal and waterway that pass through the AC Towers will create open space for educational and theatrical activities.
EP 07 Tower
As for the EP projects, EP 07 will be as high as 125 storeys and will be a true reflection of the pearl trading and farming heritage of Dubai. This mixed-use project will be nearly 600 meters in height and cover a built-up area of 350,000 square meters. EP 07 will be covered by ribbons of steel that help in utilizing the solar energy and making it sustainable. Also, the buildings are so designed that they withstand the wind pressure, managing it in a more effective manner.
EP 09 Tower
The curved structures of the EP 09 tower hosts two buildings each and includes six towers with 30 to 40 floors, spreading across a built-up area of 450,000 square meters. The mixed-use community will have one purely residential community and the other two which include retail, commercial, hospitality and entertainment amenities. All these are connected at the base, but separated above by a distance spanning 175 meters. The smart energy-efficient buildings will open up to landscaped roof, garden and podium. The energy save by one tower could be passed on the other, and hence the buildings complement the use of energy. This concept too, is unique to Dubai and is being implemented for the first time ever.
EP 15 Tower
The EP 15 tower blends together simple geometric principles with new, upcoming technologies to create a modern, soaring tower of light. The tower has a series of faceted surfaces which increase light and air travelling through the building and maximizes energy generation in building systems.
The tower filters light and wind and the prism shape helps in withstanding high wind pressures, minimizing risks. The six holes in the building helps wind pass through the building, with 25 percent less cost.
With a built-up area of more than 300,000 square meters, the tower will increase to more than 101 floors in height. It will be a mixed-use project featuring commercial and retail spaces and hotel and convention facilities.
Labels: Dubai City, eco-friendly, Latest News, Real Estate Projects
Dh.200bn The Mohammad Bin Rashid Gardens Project to keep up Green motive
Sunday, April 13, 2008
Dubai has embarked upon a massive green initiative, costing about Dh.200bn, spreading across 880mn square feet of land, aimed towards preserving and protecting the environment.
The Vice-President and Prime Minister of UAE, and Ruler of Dubai, H.H. Sheikh Mohammad Bin Rashid Al Maktoum, launched the project, named 'The Mohammad Bin Rashid Gardens Project' on Friday.
The project comprises four clusters with 73 percent greenery, implemented by Dubai Properties, a member of Dubai Holding.
A model of the project has already been shown to Shaikh Mohammad during the launch on Friday.
The event saw the participation of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum - the Dubai Crown Prince, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum -Deputy Ruler of Dubai, Mohammad Abdullah Al Gergawi - Cabinet Affairs Minister, and Lt. Gen. Mussabah Rashid Al Fattan - Head of Shaikh Mohammad's office.
The CEO of Dubai Holding, Al Gergawi, said the project, with its green environment-friendly buildings, restricts power usage and protects against wastage of natural resources, aiming to meet Shaikh Mohammad's concern over health and welfare of future generations.
The Project is divided into four sections - the 'House of Wisdom' which includes translation houses, Knowledge Gardens, international universities, international organizations, history and science colleges, and Shaikh Mohammad’s Mosque.
Secondly the 'House of Humanity' will include the House of Giving, Museum of Light, Mohammad Bin Rashid Humanitarian and Charity Establishment, Human Civilization Museum and charities.
Thirdly, 'House of Nature' project will be the main cluster of the project, which includes international themed gardens, hotels, recreational clubs, a huge zoo, flower gardens, apart from alternative medical and herbal clinics.
Finally, 'House of Commerce' will comprise higher educational institutes in Banking and Finance, Insurance Companies, Large International Company's branches and Islamic and International Banks.
The Vice-President and Prime Minister of UAE, and Ruler of Dubai, H.H. Sheikh Mohammad Bin Rashid Al Maktoum, launched the project, named 'The Mohammad Bin Rashid Gardens Project' on Friday.
The project comprises four clusters with 73 percent greenery, implemented by Dubai Properties, a member of Dubai Holding.
A model of the project has already been shown to Shaikh Mohammad during the launch on Friday.
The event saw the participation of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum - the Dubai Crown Prince, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum -Deputy Ruler of Dubai, Mohammad Abdullah Al Gergawi - Cabinet Affairs Minister, and Lt. Gen. Mussabah Rashid Al Fattan - Head of Shaikh Mohammad's office.
The CEO of Dubai Holding, Al Gergawi, said the project, with its green environment-friendly buildings, restricts power usage and protects against wastage of natural resources, aiming to meet Shaikh Mohammad's concern over health and welfare of future generations.
The Project is divided into four sections - the 'House of Wisdom' which includes translation houses, Knowledge Gardens, international universities, international organizations, history and science colleges, and Shaikh Mohammad’s Mosque.
Secondly the 'House of Humanity' will include the House of Giving, Museum of Light, Mohammad Bin Rashid Humanitarian and Charity Establishment, Human Civilization Museum and charities.
Thirdly, 'House of Nature' project will be the main cluster of the project, which includes international themed gardens, hotels, recreational clubs, a huge zoo, flower gardens, apart from alternative medical and herbal clinics.
Finally, 'House of Commerce' will comprise higher educational institutes in Banking and Finance, Insurance Companies, Large International Company's branches and Islamic and International Banks.
Labels: Dubai City, Environment-friendly, Latest News
Old villages in Satwa to make way for Jumeirah Garden City
Thursday, March 13, 2008
Villages in Satwa, located right behind the skyscrapers on Sheikh Zayed Road, are being demolished by bulldozers, which send warning signals to other thousands of residents that it is high time they find a new place to live.
The vast area between the Satwa Road and Sheikh Zayed road will be cleared of all old houses and will make way for a huge new garden city, reports Gulf News.
The new city, likely to be named as 'Jumeirah Garden City', will be positioned behind the towers from the Trade Center Roundabout to Al Safa Park on the Sheikh Zayed Road.
The project is in its planning and designing stage, and will comprise various canals, gardens and greeneries. The Safa Park will connect the canals to the Dubai Creek extension. These canals will pass through Al Wasl, Jumeirah and Satwa areas.
The project aims to beautify these areas, making them the most attractive areas in the emirate. Huge ponds are also likely to come up in these areas.
The Land Department had already served eviction notices to residents in the decades-old villas in Satwa. The area has families and bachelors living there for almost a decade, due to the cheap rent and proximity to the market.
Majority of the people currently living in the area are families with low-income, who face difficulty in paying higher rents in other localities.
The vast area between the Satwa Road and Sheikh Zayed road will be cleared of all old houses and will make way for a huge new garden city, reports Gulf News.
The new city, likely to be named as 'Jumeirah Garden City', will be positioned behind the towers from the Trade Center Roundabout to Al Safa Park on the Sheikh Zayed Road.
The project is in its planning and designing stage, and will comprise various canals, gardens and greeneries. The Safa Park will connect the canals to the Dubai Creek extension. These canals will pass through Al Wasl, Jumeirah and Satwa areas.
The project aims to beautify these areas, making them the most attractive areas in the emirate. Huge ponds are also likely to come up in these areas.
The Land Department had already served eviction notices to residents in the decades-old villas in Satwa. The area has families and bachelors living there for almost a decade, due to the cheap rent and proximity to the market.
Majority of the people currently living in the area are families with low-income, who face difficulty in paying higher rents in other localities.
Labels: Dubai City, Jumeirah-Garden-City, Latest News
'Isla Moda'- the world's first fashion island launched in Dubai
Thursday, January 10, 2008
The world's first 'Fashion Island' Isla Moda, was launched in Dubai yesterday, by Dubai Infinity Holdings (DIH).Being an iconic mixed-use development, the Isla Moda, will have themed residential villas, fashion resort, haute couture boutiques, luxury hospitality, all in a single development, with an aim to establish Dubai as a global fashion hub.
Renowned fashion designers from various continents will take up the designing of each element of the development.
The DIH, which was launched in December 2007, intends to increase the diversification of UAE economy through their strategic investment in lifestyle, entertainment, real estate, healthcare, education, IT and other sectors. Isla Moda depicts the commitment of the company towards non-conventional investments, with innovative, high-growth potential.
The CEO of DIH, Samira Abdulrazzak, said "Isla Moda will get to be known as the central fashion district of the entire region, and will be home to top fashion luminaries in the world. It will make a significant impact not only within the international real estate community, but, also within key fashion and leisure segments."
Isla Moda will combine luxury with style to attract the world's fashion elite. Ideally located on The World, it will be the ultimate in fashion experience, offering bespoke living, shopping, dining and entertainment to people, said Abdulrazzak.
Isla Moda will offer top-quality service to residents and guests for perfumery, clothing, personal style makeover, and design concierge, to create a kind living environment, with bespoke furnishings, technology and art.
Isla Moda will comprise a fashion hotel and variety of themed residential villas. The hotel will have about 250 rooms and serviced apartments, along with boutiques, design studios and dedicated areas for banquets and functions. Each area will be designed based on the needs of fashion connoisseurs and fashion industry in mind. Adjacent to the residential collection, there will be Beach, Royal and Water Villas. The villas offer a unique experience, with one-of-a-kind private beaches, pools and unique residential accessories.
There will also be exclusive international events featuring high-profile designers, product launches and fashion shows in the island.
The first stage of development will begin by fourth quarter of 2008.
Labels: Dubai City, Fashion-Island, New Developments, Real Estate Projects, Villa Projects
Emaar Malls Group completes Gold and Diamond Park expansion
Tuesday, November 20, 2007
The Emaar Malls Group, a subsidiary of Emaar Properties PJSC, has completed the second and third phase of Gold and Diamond Park expansion, with the number of gold and jewellery retailers, being tripled, with new office blocks being established to house 118 manufacturing units and 350 commercial units.
Most of these are located between the residential and commercial developments near Sheikh Zayed Road and Interchange 4 in Dubai.
The Gold and Diamond Park, launched in May 2001, offers various commercial and retail business opportunities. It also comprises a restaurant, several cafes, and an underground parking with a capacity to park more than 750 cars. Apart from jewelery and gold trade, businesses from all sectors have opened offices within this commercial hub.
The General Manager of Gold & Diamond Park, Taher Badri, said that the Gold & Diamond Park has expanded significantly in size, and this will further enhance its reputation as a much sought-after location for a variety of businesses. The range and diversity of the business offerings in Gold and Diamond Park, makes it a leading destination and a centralized place, to conduct business of diamond and gold jewellery.
Most of these are located between the residential and commercial developments near Sheikh Zayed Road and Interchange 4 in Dubai.The Gold and Diamond Park, launched in May 2001, offers various commercial and retail business opportunities. It also comprises a restaurant, several cafes, and an underground parking with a capacity to park more than 750 cars. Apart from jewelery and gold trade, businesses from all sectors have opened offices within this commercial hub.
The General Manager of Gold & Diamond Park, Taher Badri, said that the Gold & Diamond Park has expanded significantly in size, and this will further enhance its reputation as a much sought-after location for a variety of businesses. The range and diversity of the business offerings in Gold and Diamond Park, makes it a leading destination and a centralized place, to conduct business of diamond and gold jewellery.
Labels: Commercial Property, Dubai City, Emmar
Dubai rentals tripled during the past two years
Monday, October 22, 2007
According to reports by Asteco, a leading property consultancy, the rental rates in Dubai has almost tripled and has increased to an astounding Dh.270 to Dh.280 per square feet from Dh.90 to Dh.100 per square feet during the year 2005.
The commercial property sector in Dubai has witnessed major boost in office rents during the past few years, due to the high-demand generated by continuous influx of multinationals setting up their base in Dubai and the growth in existing businesses.
The Director -Research Valuation & Consultancy at Asteco has stated that this increase in commercial rents will continue until 2008, due to the delay in construction. But towards the year 2009, majority of new supplies will hit the market, thereby easing rental hikes.
The Asteco report reveals that rent on Shaikh Zayed Road has risen to Dh.350-Dh.375 per square foot, as against Dh.220-Dh.240 during 2006. Few other areas witnessing increased rentals are the Karama, and Bur Dhbai at Dh.265 and Dh.280 per square foot respectively. This reveals a corresponding increase of 51 and 24 percent respectively, over the rates of third quarter 2006.
The rents in Dubai apartments have increased by 25 percent from 2005 to 2006 and by 18 percent from 2006 to 2007.
The commercial property sector in Dubai has witnessed major boost in office rents during the past few years, due to the high-demand generated by continuous influx of multinationals setting up their base in Dubai and the growth in existing businesses.
The Director -Research Valuation & Consultancy at Asteco has stated that this increase in commercial rents will continue until 2008, due to the delay in construction. But towards the year 2009, majority of new supplies will hit the market, thereby easing rental hikes.
The Asteco report reveals that rent on Shaikh Zayed Road has risen to Dh.350-Dh.375 per square foot, as against Dh.220-Dh.240 during 2006. Few other areas witnessing increased rentals are the Karama, and Bur Dhbai at Dh.265 and Dh.280 per square foot respectively. This reveals a corresponding increase of 51 and 24 percent respectively, over the rates of third quarter 2006.
The rents in Dubai apartments have increased by 25 percent from 2005 to 2006 and by 18 percent from 2006 to 2007.
Labels: Dubai City, Dubai Real Estate, Real Estate News, Rentals
Dh.224b Arabian Canal expected to be a 'wonder' of the engineering world
Thursday, October 11, 2007
Dubai, on Tuesday, unveiled a 75-km canal, which would re-shape the southern part of Dubai, transforming the huge Jebel Ali land mass into an island.
This latest mega-project of New Dubai, the Arabian Canal, will turn out to be the biggest and most expensive engineering feats in the world, costing $61 billion (Dh.224 billion).
The giant project will be built in two phases - the first phase is the 75kms canal, worth $11 billion that connects Palm Jebel Ali to the Palm Jumeirah, and the second phase is a 'city within a city' worth $50billion, which covers 20,000 hectares across the southern flank of the canal.
The global real estate branch of Dubai World, which is developed by Limitless, will also bring about a transformation on the arid terrain which stretches from outskirts of New Dubai to Jebel Ali.
"The Arabian Canal, will no doubt, be one of the wonders of the Engineering world," commented Saeed Ahmad Saeed, CEO of Limitless.
The canal, measuring about 150 meters in width and six meters in depth, will flow locally from Dubai Waterfront, through east of new Dubai World Central International Airport and finally will turn back to Palm Jumeirah.
The entire canal project is due for completion towards 2010.
This latest mega-project of New Dubai, the Arabian Canal, will turn out to be the biggest and most expensive engineering feats in the world, costing $61 billion (Dh.224 billion).
The giant project will be built in two phases - the first phase is the 75kms canal, worth $11 billion that connects Palm Jebel Ali to the Palm Jumeirah, and the second phase is a 'city within a city' worth $50billion, which covers 20,000 hectares across the southern flank of the canal.
The global real estate branch of Dubai World, which is developed by Limitless, will also bring about a transformation on the arid terrain which stretches from outskirts of New Dubai to Jebel Ali.
"The Arabian Canal, will no doubt, be one of the wonders of the Engineering world," commented Saeed Ahmad Saeed, CEO of Limitless.
The canal, measuring about 150 meters in width and six meters in depth, will flow locally from Dubai Waterfront, through east of new Dubai World Central International Airport and finally will turn back to Palm Jumeirah.
The entire canal project is due for completion towards 2010.
Labels: Dubai City, Dubai Real Estate, Limitless, New-Dubai
DWC signs pact with Dubai Land Department
Friday, September 28, 2007
Dubai World Central (DWC) recently entered into an MOU with Dubai Land Department (DLD) for providing land estimation, acquisition and sales, and legal and electronic services to DWC staff, developers and investors in the 140 sq km city in Jebel Ali.
The main investors across the DWC free zones are centered around, the Dubai World Central International Airport (JXB) -The DWC Aviation City and the Dubai Logistics City, and real estate units such as the DWC Residential City, DWC Golf City and DWC Commercial City, will collect information from the DLD.
The Dubai World Central, CEO-Real Estate, Khalid bin Harib said "The DWC project has received good support from the Dubai Government since its launch, which in turn has helped in continuing the development as per the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai."
The agreement will enable the DWC and Land Department to together formulate a proper training programme, which enables the DWC real estate staff to understand the processes, systems and mechanisms of Land Sales and Management.
The electronic link between the two, will permit instant access and completion of procedures relating to land registration, and will facilitate legal proceedings pertaining to contractors and advisors.
At present, grading of the phase one in DWC Residential City is in progress, and the construction is expected to begin by January 2008.
"The Land Department has the right information, which we can share with this huge city, which is expected to be a landmark for the entire region," said Sultain bin Mujrin, the General Manager of Dubai Land Department.
DWC features mid-income housing at the DWC Residential City, while the Commercial City will have mixed-use development. The DWC Golf City, is designed for premium living and all DWC residents will have an access to the best amenities developing by DWC.
The main investors across the DWC free zones are centered around, the Dubai World Central International Airport (JXB) -The DWC Aviation City and the Dubai Logistics City, and real estate units such as the DWC Residential City, DWC Golf City and DWC Commercial City, will collect information from the DLD.The Dubai World Central, CEO-Real Estate, Khalid bin Harib said "The DWC project has received good support from the Dubai Government since its launch, which in turn has helped in continuing the development as per the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai."
The agreement will enable the DWC and Land Department to together formulate a proper training programme, which enables the DWC real estate staff to understand the processes, systems and mechanisms of Land Sales and Management.
The electronic link between the two, will permit instant access and completion of procedures relating to land registration, and will facilitate legal proceedings pertaining to contractors and advisors.
At present, grading of the phase one in DWC Residential City is in progress, and the construction is expected to begin by January 2008.
"The Land Department has the right information, which we can share with this huge city, which is expected to be a landmark for the entire region," said Sultain bin Mujrin, the General Manager of Dubai Land Department.
DWC features mid-income housing at the DWC Residential City, while the Commercial City will have mixed-use development. The DWC Golf City, is designed for premium living and all DWC residents will have an access to the best amenities developing by DWC.
Labels: Dubai City, Freezones, Jebel-Ali, New Developments, Real Estate News, Real Estate Projects
DWTC signs Dh.800m loan facility with NBD to fund DWTC developments
Friday, September 21, 2007
The Dubai World Trade Center (DWTC) and the National Bank of Dubai (NBD) has entered into a Dh.800 million short-term loan facility to fund the development plans of DWTC.
This deal will help in financing major real estate projects of DWTC, namely the Dubai Exhibition City and the Dubai Trade Center District, which are being constructed parallely.
The Dubai Trade Center District, located at the heart of Dubai, is a mixed-use development, intended to bring about a new business zone. The Phase one of the project, which is still under construction, will cover 2.3million square feet of grade one office space, along with executive serviced apartments, and various three, four and five star hotels, and a range of retails and dining options.
Another mega project of DWTC, the Dubai Exhibition City will be the first ever integrated event city, which will stand up to the exact requirements of exhibitors, visitors, organizers and delegates from across the globe.
Located adjacent to the Jebel Ali Airport, and spread across a seven square kilometer site, it is in line with the Dubai Strategy 2015 and ensures that Dubai is the world's leading conference and exhibition destination.
The NBD's Statement revealed that the NBD Offset Home Loans, a mortgage loan associated with high interest yielding current account, represents a milestone achievement in product innovation, and sets new standards in customer benefits apart from the leading features of the successful NBD Home Loans product.
The mortgage balance will be offset by the credit balance in the current account, which is one of the major features of the loans, saving the customer interest and facilitating faster loan repayment without being subjected to early repayment charges.
Labels: Dubai City, Dubai Real Estate, Mortgages, Office Space, Real Estate News, Real Estate Projects
Jamal Al Habtoor introduces furnished serviced apartments
Thursday, September 20, 2007
Jamal Al Habtoor, one of the leading real estate agents in the UAE, has announced the launch of its new Rahat service, to cater to the growing hospitality sector with a fresh supply of its fully-furnished serviced apartments in the heart of Dubai Marina. The Rahat Service, which offers single, double and triple bedroom apartments, takes off at the right time, when Dubai is anticipating a growth in visitors due to the upcoming global networking events and winter attractions.
The Chairman of Jamal Al Habtoor Real Estate, Jamal Al Habtoor said "The Rahat service will offer visitors with spacious, cost-efficient and luxurious alternative to a regular hotel room. The apartment facilities consist of all the amenities and hotel-style room services at reasonable prices. The ideal location of being situated just minutes away from all major destinations in Dubai, is another added benefit."
There are about 15 sea view apartments, comprising the latest technological facilities such as a broadband internet, telephone, and cable TV which will be available for short-term occupancy. The apartments also offer round the clock housekeeping services and security.
The apartments are located in Dubai Marina, with easy access to the shopping centers, beach, and Sheikh Zayed Road. They are also just five minutes drive from the Ibn Batutta Mall, ten minutes from the Mall of Emirates, and just a short walk away from the new Marina Mall. There are also abundant food shops, fine-dining restaurants and cafes, offering a wide range of cookery in the vicinity.
The Chairman of Jamal Al Habtoor Real Estate, Jamal Al Habtoor said "The Rahat service will offer visitors with spacious, cost-efficient and luxurious alternative to a regular hotel room. The apartment facilities consist of all the amenities and hotel-style room services at reasonable prices. The ideal location of being situated just minutes away from all major destinations in Dubai, is another added benefit."
There are about 15 sea view apartments, comprising the latest technological facilities such as a broadband internet, telephone, and cable TV which will be available for short-term occupancy. The apartments also offer round the clock housekeeping services and security.
The apartments are located in Dubai Marina, with easy access to the shopping centers, beach, and Sheikh Zayed Road. They are also just five minutes drive from the Ibn Batutta Mall, ten minutes from the Mall of Emirates, and just a short walk away from the new Marina Mall. There are also abundant food shops, fine-dining restaurants and cafes, offering a wide range of cookery in the vicinity.
Labels: Apartments, Dubai City, Luxury Homes, Rentals
Dubai land department delegates to visit Hong Kong
Wednesday, June 13, 2007
An official delegation from Dubai's Land Department is said to have visited Hong Kong yesterday, with an intention to find a few facts pertaining to their real estate.
The delegation, headed by the General Manager of Land Department, Sultan Butti Bin Mijrin, had earlier visited South Korea and Australia prior to the launch of new ownership regulation in the Dubai property sector.
Bin Mirjin mentioned "By visiting Hong Kong, we aim to keep ourselves better acquainted with best practices in the real estate sector around the world, so as to compare them with the procedures adopted in Dubai." According to Bin Mirjin, this will help in bringing in the most successful experiences and knowledge into the Dubai Property Market.
The Dubai property market is one of the most active markets in the world. The active growth that is currently happening in the market is attracting investors from all around the world, most of whom are already well-experienced in the real estate sectors in their domestic market. Bin Mirkin says "This by itself pushes us to constantly make sure that the land registration systems and market regulations here are on par with the best worldwide."
The delegates are expected to meet the officials from Hong Kong's registration department, land department and real estate brokers committee.
The delegation, headed by the General Manager of Land Department, Sultan Butti Bin Mijrin, had earlier visited South Korea and Australia prior to the launch of new ownership regulation in the Dubai property sector.
Bin Mirjin mentioned "By visiting Hong Kong, we aim to keep ourselves better acquainted with best practices in the real estate sector around the world, so as to compare them with the procedures adopted in Dubai." According to Bin Mirjin, this will help in bringing in the most successful experiences and knowledge into the Dubai Property Market.
The Dubai property market is one of the most active markets in the world. The active growth that is currently happening in the market is attracting investors from all around the world, most of whom are already well-experienced in the real estate sectors in their domestic market. Bin Mirkin says "This by itself pushes us to constantly make sure that the land registration systems and market regulations here are on par with the best worldwide."
The delegates are expected to meet the officials from Hong Kong's registration department, land department and real estate brokers committee.
Labels: Dubai City, Latest News
Pond Park to come up at Al Ghusais, Dubai
Saturday, May 12, 2007
As part of the Dubai Municipality's plans to provide more greenery and recreational facility to its residents, a new and modern generation park, the POND PARK is likely to be constructed in the Al Ghusais area.
Work on the project is likely to begin soon as the civic body has already given its approval for the design of the park. The project is expected to be complete by March next year as per the Head of Projects and Designs, Mr. Mohammed Hassan Al Ali, who also mentioned that the project would be part of Dubai Municipality’s Strategic Plan for 2007-2011.
He also stated that more such Pond parks are planned in various areas of the emirates including Al Quoz, Al Nahda and Al Barsha. The current project at Al Ghusais will be spread over an area of 17 hectares with three segments. The first segment of the Pond park will contain a Jogging area of 3metres width and 2 kms in length surrounding the pond. The pond will also be surrounded by games and other facilities with shaded sitting areas. To ensure safety of children and visitors the pond is likely to be fenced.
The second segment of the design will have the main park area that consists of separate play areas for children with walkways and shaded sitting areas. It will also have a 3 metre slope which gives a panoramic view of the pond and will also be an ideal location for picnics or for conducting special functions.
The third and final segment of the project design includes football field, a couple of tennis courts, a basket ball court and a beach volley ball play area.
Work on the project is likely to begin soon as the civic body has already given its approval for the design of the park. The project is expected to be complete by March next year as per the Head of Projects and Designs, Mr. Mohammed Hassan Al Ali, who also mentioned that the project would be part of Dubai Municipality’s Strategic Plan for 2007-2011.
He also stated that more such Pond parks are planned in various areas of the emirates including Al Quoz, Al Nahda and Al Barsha. The current project at Al Ghusais will be spread over an area of 17 hectares with three segments. The first segment of the Pond park will contain a Jogging area of 3metres width and 2 kms in length surrounding the pond. The pond will also be surrounded by games and other facilities with shaded sitting areas. To ensure safety of children and visitors the pond is likely to be fenced.
The second segment of the design will have the main park area that consists of separate play areas for children with walkways and shaded sitting areas. It will also have a 3 metre slope which gives a panoramic view of the pond and will also be an ideal location for picnics or for conducting special functions.
The third and final segment of the project design includes football field, a couple of tennis courts, a basket ball court and a beach volley ball play area.
Labels: Dubai City
