Recent interest rate cuts by various central banks across the global such as the Bank of England, Bank of Thailand, Federal Reserves and the Reserve Bank of Australia along with respective currency depreciation against the Singapore dollar have rekindled Singaporean investors’ interest in overseas property. These reasons to invest now are compelling, which is why the organizer of the SMART Investment & International Property Expo, Corporate Consumer Communications Ltd, is proud to present the only internationally recognized expo of its kind for Singapore, which will be held from the 28-29 March 2009 at the SUNTEC Singapore International Exhibition and Convention Centre.

Clever application of exchange and interest rates on overseas property purchase can land Singaporean investors with significant savings. Not only are rates favorable now but falling housing prices across traditional popular property markets have accumulated into a saving crescendo that can add up to at least 45 percent less in purchase price compared to only 6 months ago.

Investors looking to take advantage of the current market situation will be able to connect to professional advice and source many attractively priced properties from as far as the Americas, Spain, Malaysia, Thailand, Switzerland, Cayman Islands, Bali, and Australia all under the SMART Expo roof. Some of the exhibits on show is a 7 million euro Swiss hotel resort; Novaterra’s world class golf residence in Spain from 350,000 Euros; and closer towards home, Malaysian property has held up relatively well, especially luxury award winning developments like Leisure Farm for only RM 535,000.

There are certainly some great deals due to the economic downturn. Interestingly, two tiers of buyers have emerged from the tough market, there is the obvious bargain hunter snapping up distressed assets and there is the emergence of the more philosophical buyer looking beyond price alone. For these buyers it’s not simply about the short term, it’s about securing the future, it’s not just about profit, it’s about wellbeing and it’s not always about location, it’s about feeling at home. For these latter buyers an ideal buy would be The Eva Residence an exclusive property in the midst of Phuket’s tropical. Whatever your needs you will be able to find them at the SMART Expo.

As part of its educational seminars, the SMART Expo will address investors’ burning questions such as “what are the prospects of a 2009 recovery?” Eminent economist Song Seng Wun, regional economist from CIMB-GK Research will in his keynote provide clear directions and indications as to the state of the economy.  In continuation of this theme, renowned property experts from differing backgrounds will debate the state of the economy and its impact on Singapore’s property market. On the panel for this frank discussion will be Dennis Ng, founder of HousingLoanSG.com; Steve Melhuish, co-founder of PropertyGuru.com.sg; Eric Cheng, executive director, agency for HSR Property Group and Subra M Suppiah, partner of law firm M S Subra TT & Partners.

Many other experts including world famous psychologist to the rich and famous, Dr. Mel Gill, will also be offering advise to help ordinary people to achieve extraordinary results through the power of the mind to creating wealth. This is not to be missed topic. Dr. Gill is a much loved psychologist who has helped thousands of people through his programmes.

Expert advice at the SMART Expo is comprehensive with over 25 speakers touching on various aspects of investments, full details can be found at www.smartexpos.com

Awali Real Estate Investments, the leading real estate investment company, has announced that development works on Awali city are running according to plan, and the company is ready to begin new phases of development to handover the project, which spans over an area of 33 million square feet, to the owners.

Mr. Mohammed Hussein Al Nemer, Chief Marketing Officer at Awali Real Estate Investments, said “The current slowdown of various markets worldwide does not mean that we should go back on our commitment to our clients, especially given that we at Awali depend more on self-financing, rather than bank loans, for example”.

“We are moving forward with Awali City, a project which extends over an area of 33 million square feet and has a cost value of AED 20 billion. The city is now ready for construction work, and Awali Company will develop 30% of the project, while the remaining 70% will be developed by other developers who have already bought the plots needed for the development process”, added Al Nemer.

Awali Real Estate Investments is a Saudi company, who are currently developing the Awali City project in Ajman. The project was launched in Ajman in 2008, in conjunction with the Ajman Real Estate Investment Establishment. Awali City is a mega-city that consists of 136 land plots set for residential and commercial use. In addition, it boasts towers of between 17 and 50 storeys each, which will house more than 120,000 people. Awali Company is currently developing two sets of twin towers inside Awali City, namely Al Mashrabia Residence and Chevron Commercial Towers.

Mashrabia Residence is a freehold twin tower project designated for residential use, with each tower comprising 25 storeys. Each level will contain 12 one bedroom apartments and 4 two bedroom apartments, amounting to a total of 800 apartments between the two towers. Scheduled for completion by the end of 2011, the project boasts state-of-the-art facilities that include seven parking levels and a total of 417 individual parking spaces. Each tower offers spacious retail areas, as well as entertainment and leisure facilities such as a health club and gym on the roof of each tower, a swimming pool, Jacuzzi, and a steam room, as well as other facilities.

Chevron Commercial Towers, on the other hand, is a pair of spectacular commercial towers featuring all of the facilities essential to modern business. It is a freehold development comprising two 25-storey towers and seven parking levels that can accommodate 411 cars in all. Each tower includes 304 offices, covering a total area of 375 thousand square feet. In addition, both towers also offer large retail spaces, entertainment and leisure facilities. The Chevron Commercial Towers are founded on the principles of quality, dynamism and high returns on investment, offering the latest in sophistication and modern convenience. 

The Tiger Woods Dubai, a member of Tatweer Dubai, today announced construction work on the 55 million sq. ft. golf community development is rapidly progressing towards its scheduled completion timeline of end-2009.

Significant progress has been made on all facets of the development, including the world’s first Tiger Woods Design Al Ruwaya Golf Course, the club house, and the boutique hotel designed by the celebrated designer Elie Saab. The Tiger Woods Dubai has also reported increased demand since the launch of sales in July and is receiving continued interest from end users and investors alike.

Following the finalisation of design, construction work for the clubhouse has commenced. The sub-structure of the clubhouse, including foundation, retaining walls and columns for its basement levels, are now complete and well on its way to welcoming members and visitors from late 2009.

Abdulla Al Gurg, Project Director, The Tiger Woods Dubai, said: “We are proud to announce the early success of infrastructure work at The Tiger Woods Dubai. The pace of progress validates our commitment to deliver on our promises, not only with regard to the completion dates but also with creating a development that is amongst the most sought after golf destinations worldwide.

“Our redefined sales policy of allowing resale of properties has significantly contributed to the marked increase in interest from regional and international investors. The unprecedented response underlines the high degree of confidence among purchasers in The Tiger Woods Dubai and the continuing demand worldwide for luxury properties.”

A key component that has registered steady progress on site is the Al Ruwaya Golf Course, where 13 holes have been rough shaped and detailed shaping is progressing on nine of those holes. Drainage, irrigation and landscape are being installed on the first few holes, and with 25 hectares of grass already in the nursery, sod is expected to be laid in November.

Most of the 11,000 trees required for the golf course have been procured, while approximately 350 mature trees have already been planted on the course. Construction of the lakes is also registering significant progressing in line with the projected completion date of the golf course.

The final stages of design for the exclusive 360,000 sq. ft. luxury boutique hotel is being finalised, with construction of the exclusive hotel due to commence next month and achieve completion by the fourth quarter of 2010.

The Tiger Woods Dubai has also signed an agreement with world renowned, three star Michelin chef Guy Savoy for a signature restaurant, his first in the Middle East, at the boutique hotel. The hotel will include 90 suites and 14 bungalows in sizes varying from 1,300-9,500 sq. ft. Targeting top-tier clientele, it will boast a 10,000 sq. ft. oasis-style swimming pool, as well as one of Dubai’s most exquisite spas.

Located at Dubailand, the world’s most ambitious leisure, tourism and entertainment destinations, The Tiger Woods Dubai is fast taking shape as an exclusive golf community encompassing a professionally-staffed golf academy; a 139,000 sq. ft. clubhouse with premium amenities; a high-end destination spa; 22 palaces; 75 mansions, and 100 luxury villas and community service facilities.

Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a SR147 million development contract to Rabya Trading & Agriculture Co. for developing a world-class golf course in the Esmeralda residential suburb within KAEC. The work is scheduled for completion within a year.

Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C and Mr Samir Karidia, of Rabya Trading & Agriculture Co. recently signed the agreement in Jeddah.

The contract covers the construction of a golf course stretching over 780,000 sq m of land and consists of various utilities to be constructed in accordance to international standards and in line with the modern lifestyle provided by KAEC. The 18-hole golf course is designed to host international tournaments and directly overlooks the Red Sea.

Mr Al-Rasheed said: “Rabya has extensive expertise in undertaking landscaping work, and has proven its capabilities in developing world-class sports and game facilities. Emaar.E.C is committed to bringing in a modern life style to KAEC that suites all needs of different residents, it has signed with one of the best firms in developing desert-style golf courses that fits the Gulf area.”  

Dr Hussam Jomah, Executive Director – Projects, Emaar.E.C, said: “KAEC is progressing on-schedule with all components of the first phase progressing seamlessly. Emaar.E.C is committed to delivering a world-class project according to our envisaged projections, with the first phase of homes and industrial plots to be handed over end of this year and early 2009.”

 Mr Samir Karidia said: “It is our privilege to work on KAEC, the region’s largest private sector project and a truly global development. Rabya will develop the golf course to international standards. We are committed to providing all necessary expertise to ensure completion of the project as per schedule.”

The golf course is designed by European Golf Design, a British firm with a strong track-record in developing desert-style golf courses. The elegant course with green fairways will challenge all types of golf professionals and will feature a night lighting system for the convenience of golfing enthusiasts.

KAEC has six key components: Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities. Work on KAEC’s infrastructure is on-going and several key contracts have been awarded already.

Goldcrest Properties, a member of one of the leading property developers in the region, GIGA Group, has reported sales of Dhs 1.5 billion for Smart Towers, a Dhs 2 billion freehold residential development comprising of eight luxury residential towers.

Goldcrest Properties, focus during the first quarter of 2008, was on unveiling additional premium residential and commercial property in UAE to meet the growing demand for luxury developments. During the period, customer response to the sale of Smart Towers in Ain Ajman was overwhelmingly positive, with sales moving considerably faster than initially anticipated.

Mr. Amir Giga, Managing Director of Goldcrest Properties explained, Goldcrest Smart Towers, our Dhs 2 billion flagship project has evolved to become Ajman’ most compelling new lifestyle destination for middle income home owners. We are confident that Smart Towers will live up to their reputation of being a state-of-the-art, luxury residential address in Ajman, while at the same time contributing to making Ajman one of UAE’ desirable hotspot. The fact that we have customers from around 50 varied nationalities at Smart Towers adds emphasis to the opportunity here, which is attracting global interest.”

When completed, Goldcrest Smart Towers will boast more than 3,600 luxury apartments comprising of studios, single-bedroom and double-bedroom units. Construction is set to commence mid 2009 and the project is scheduled for completion in 2012.

The Smart Towers development was launched in two phases. The first phase of the development was launched in June and was sold out in just 15 days, with a flexible four year payment plan for its customers. The second phase was launched end of June and was sold out in just 10 days. 

 To date, the Giga Group’ portfolio consists of Dhs 8 Billion worth of residential developments in UAE, with around 10,000 residential units sold in Dubai.

With further developments in the pipeline, Giga Group aims at securing a considerable market share in Dubais booming property sector with aims of expanding its project portfolio to reach USD11 billion in 4 years.

Stargate Theme Park, a Dhs280 million family edutainment facility currently being undertaken at Zabeel Park, would be operational in March 2009.

Hussain Nasser Lootah, Acting Director General of Dubai Municipality, toured the facility on Monday to inspect progress of work at this significant project which is undertaken by Osus, a property developer, as per a BOT (Build-Operate-Transfer) contract with Dubai Municipality.

He said the project is an example of an effective government-private sector partnership in offering the best recreational services for the city residents in addition to creating hundreds of new job opportunities for them.

"This is a unique hi-tech, mid-size and mixed-use themed family edutainment centre. It is the largest of its kind in the entire Middle East and will be a perfect  addition to a large array of ambitious projects lined up in Dubai," said Mr. Lootah.

Stargate family edutainment centre is designed with the ideal mix of world class education and wholesome family entertainment. The project is constructed and themed in the form of a spaceship and covers a total area of 260,000 square feet in the jewel of Dubai parks, Zabeel Park, which occupies a total area of 52 hectors.  

The overall concept was created around two animated characters called Ajeeb and Ghareeb, who captain a spaceship code named Stargate. Their spaceship lands rather heavily in Zabeel Park, with half of the spaceship lodged underground. The adventures and antics of Ajeeb and Ghareeb will form the cornerstone of Stargates marketing strategy, which will naturally be driven towards both children and adults but specifically teenies and tweenies, those around the 4 - 14  age range.

The main attractions are spread across five domes of fun, each one offering a unique experience, from "D3D" to 2D and 3D shows with interactive 3D games. There is also "No Speed Limit" a high-speed electric Go-Karting and a head-spinning family rollercoaster appropriately called the "Spinning Earth" along with the "9D Journey" a 2D + 3D + 4D virtual rides in a row with one admission.

Other features include, the Childrens Academy, the Bermuda Triangle of hi-tech mazes and the fun filled Leisure Triangle. An ideal social rendezvous, Stargate offers a multi-cuisine food court under a magnificent glazed pyramid which provides a natural ambience, both day and night.

Stargate also houses the "Space Mall" offering a complete shopping experience exclusively for children in a futuristic setting.

As construction of Capital Gate continues in the UAE capital city, Abu Dhabi National Exhibitions Company (ADNEC), which is developing the iconic building, and RMJM,  project architects, have submitted a joint application to the Guinness Book of Records to recognise the tower as the “most inclined in the world”. 

Capital Gate leans westward an astonishing 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees.  Because of its unique posture, the tower is being constructed on top of an incredibly dense mesh of reinforced steel.  The dense mesh sits above an intensive distribution of 490 piles which have been drilled 30 metres underground to accommodate the gravitational, wind and seismic pressures caused by the lean of the building.

Simon Horgan CEO of ADNEC Group said, “Capital Gate will be a building that the world will talk about, not because it has surpassed another building as the world’s tallest, but because of its aesthetic splendour and technical achievement.”

“Capital Gate will be one of a kind,” added David Pringle, CEO, RMJM Asia and the Middle East. “Its graceful, asymmetric diagonal structure, known as a ‘diagrid’, supports the tilting external load of the building and we believe that this is the first building in the world to use a pre-cambered core.”

Besides being believed to be the worlds most inclined building, Capital Gate also features 728 unique custom-made diamond-shaped glazing panels. Due to the structures curving shape, each pane of glass is different and each will be fitted at a slightly different angle.

Capital Gate will accommodate the 5-star ‘Hyatt at Capital Centre’ hotel and will provide the most exclusive office space in Abu Dhabi.  The tower forms a major part of the Capital Centre development, an AED8 billion (US$2.2 billion) business and residential micro city being constructed around the thriving Abu Dhabi National Exhibition Centre.

Tamweel PJSC, the largest provider of real estate finance in the UAE, today declared its financial results for the third quarter of 2008. Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, announced that the company’s net profits for the first nine months of 2008 reached AED 573 million, an increase of 135 per cent compared to AED 244 million for the first nine months of 2007.

Net profits for the third quarter of 2008 stood at AED 185.7 million, an increase of 37 percent compared to AED 136 million in the third quarter of 2007.

Income from Islamic financing and investing assets in the third quarter 2008 rose to AED 565 million, an increase of 139 per cent from AED 236 million in the third quarter of 2007.

Islamic financing and investing assets in the third quarter of 2008 rose to AED 9.86 billion, an increase of 136 per cent compared to AED 4.17 billion in the same period of 2007. Mortgage assets under Tamweel’s service have crossed the AED 14.2 billion mark.

Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said: “In the face of the ongoing challenges to the stability of the global economy, we are pleased to announce yet another quarter of strong financial performance. Tamweel’s consistent results are driven by its focus on its core mortgage business, significant market expertise and diverse product portfolio. Our performance in the first half of 2008 and sustained growth in the third quarter reflects the high level of demand for Tamweel’s home finance solutions and the company’s strong business fundamentals.”

According to Tamweel’s latest research, the share of mortgage financed transactions in the UAE is likely to reach 40 per cent of property sales value by 2011 as opposed to the current share of approximately 25 per cent. Consequently, the growth opportunities for mortgages are expected to remain buoyant in the next three years.

Wasim Saifi, Group Chief Executive Officer of Tamweel, said: “These strong results make clear Tamweel’s ability to consistently maximise the return on assets and shareholder funds. The property market in the UAE remains strong and demand for real estate financing continues to be steady. Among the other highlights in this quarter was the successful closing of an AED 1.1 billion non-convertible sukuk. As well, Moody’s has reaffirmed its A3/P2 rating of Tamweel based on the company’s growing franchise and dominant position in the UAE’s rapidly growing Islamic finance market. Earlier this month, Fitch reaffirmed its A rating for Tamweel.”

He continued: “The third quarter witnessed the commencement of tight liquidity conditions and increased funding costs influenced by deteriorating conditions across global financial markets. The continuation of these conditions is likely to impact the performance of the real estate and financial services sector over the next few months. With the timely intervention of the Central Bank of the UAE and the Ministry of Finance, however, we are optimistic that adverse local market conditions will generally improve.”

He added: “With Tamweel’s strong focus on end-user financing and salaried customer base, we have maintained delinquency numbers to very negligible levels, and remain very confident of the continuing health of our portfolio.”

Cityscape Dubai 2008, which concluded its four-day run at the Dubai International Exhibition Centre today, was once again an immense success for the region’s real estate sector, according to leading regional real estate and investment firm Tanmiyat Group, which was also the Platinum Sponsor of the event.

During the exhibition, senior executives of Tanmiyat Group welcomed VIP guests Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Ajman Municipality and Planning Department, and Sheikh Tariq bin Faisal Al Qassimi, Chairman of the Emirates Investments Group, to its stand.

Tanmiyat’s stand at this year’s Cityscape exhibition showcased the firm’s prestigious US$ 3 billion Ajman Marina development and its renowned Living Legends project, as well as allowing the public a ‘sneak peek’ at the impressive new twin-tower project located in the Dubai International Financial Centre (DIFC), which will be launched in the near future.

Speaking of the special visit to the Tanmiyat stand by Sheikh Rashid bin Humaid Al Nuaimi and Sheikh Tariq bin Faisal Al Qassimi, Mr. Abdullah Al Majed, Vice Chairman of Tanmiyat Group said, “This visit to our stand by Sheikh Rashid Al Nuaimi and Sheikh Tariq is an honour of the highest order and an indication of the significance of the development taking place in the Northerrn emirates. We remain incredibly excited about the Ajman Marina project in particular, on which we are working very closely with the Ajman authorities to ensure that the development of this project produces the community and lifestyle envisioned for the emirate by its leaders.”

Mr. Al Majed also explained the significance of the event as a whole: “With the global economic crisis looming large over us all, this year’s exhibition has been instrumental in demonstrating the resilience of the region’s real estate sector, which continues to flourish in spite of the difficult times faced by many countries around the world. As Platinum Sponsors of the event as well as stakeholders in the regional property market, we are extremely pleased with both the scale of this year’s exhibition and with the level of activity that took place for the duration of the event.  These indicators point to a level of maturity and transparency in the regional market that belies its relatively young age.”

Since its inception in 1982, Tanmiyat Group has been a pioneer for the region’s real estate development sector, utilizing the industrys most skilled engineers, alongside highly creative architects and designers in order to develop its groundbreaking projects.  Tanmiyat has operations in Saudi Arabia, the UAE, Jordan, Sudan and Turkey, where Tanmiyat strives to firmly position and maintain itself among the leaders in investment and real estate. 

Cityscape Dubai attracts regional and international investors, property developers, governmental and development authorities, leading architects, designers, consultants and senior professionals involved in the property industry. It provides an annual forum that celebrates the very best in real estate, architecture, urban planning and design from around the world.

Wasl, the asset management group owned by Dubai Real Estate Corporation (DREC), sponsored the 14th Middle East Facilities and Asset Management (FAAM) Conference at Cityscape Dubai 2008.

On behalf of wasl, Dr. Edward Blakely, an internationally acclaimed an strategist in urban planning and re-development, delivered a keynote speech on ‘Managing the Changing Paradigm of Buildings, Infrastructure and Sustainability’.

The speech focused on the importance of integrating downstream management into the design and planning process.  In the context of a new sustainable building era, Dr. Blakely highlighted the opportunities for facilities planning as a profit making venture, rather than just a cost reducer. In addition, a review of the globalization of facilities planning was also discussed.

With more than 30 years of professional experience, Dr. Blakely is an international scholar and practitioner in the fields of planning and economic development. His professional and academic experience includes teaching, research, academic administration, and economic development policy.

DUBAI (United Arab Emirates): Hydra Properties, the leading UAE-based international property developer, has successfully commenced the sales of its commercial units of Danet Mall, Abu Dhabi at Cityscape Dubai, which took place from October 6-9, 2008 at the Dubai World Trade Centre.

On this occasion Dr. Sulaiman Al Fahim, CEO, Hydra Properties said: “We are exuberant about the commencement of sales of the Danet Mall as this is a very important project for us, as we at Hydra Properties are always keen to provide our investors and end users with the latest in building technology using state of the art techniques, and green building concepts. I am very pleased with the interest that we have received on this development as this proves that we are at the very forefront of property development in the region.”

Danet Mall, Abu Dhabi currently being developed by Hydra Properties is a sleek and modern mall complex and is part of the greater Danet Abu Dhabi Mega project currently being developed by Al-Qudra Holding in Abu Dhabi. The mall comprises of five floors of commercial and retail units that offer a unique community with access to the centre of Abu Dhabi. The offices are carefully designed to address all business needs, by bridging the gap between work and leisure. Business’ growth depends on the work environment cultivated and with today’s offices being more than just a workplace; ideas come to fruition only in the most conducive environments.

“The malls interiors will be complemented by the latest in interior design, facilities and fixtures to create a better work atmosphere. World-class quality is achieved only through attention to every detail and design that are sure to exceed the highest expectation.” Dr. Al Fahim explained.

Danet Abu Dhabi spans over 185,000 sqm and addresses the rising demands of Abu Dhabi’s residents; Danet Abu Dhabi is set to become, within a few years, a landmark of Abu Dhabi city, an upscale urban community located deep in the heart of the capital. Engineered to be one of the region’s most prestigious developments, this appealing project brings a new standard of community life for residents and visitors alike.

Danet Abu Dhabi is part of Abu Dhabi’s ambitious plan ‘Abu Dhabi 2030’ which is a plan for the development of the city of Abu Dhabi that will guide planning and real estate development for the next quarter of a century.

‘Plan Abu Dhabi 2030: Urban Structure Framework Plan’ was developed by an international planning taskforce in consultation with the government, and aims to underpin the ongoing evolution of Abu Dhabi as a global capital city. Under the plan, the city is projected to grow to over three million people by 2030. The plan provides for large areas of new Emirati housing inspired by traditional family structures, and a diverse mix of affordable housing options for residents.

Fakhruddin Properties’ latest project, F Towers, which was launched at Cityscape Dubai on Monday, was sold out within days of the launch, in addition to which the developer was also showcasing a number of its other major projects. 

Located in Downtown Jebel Ali, the F Towers project has an estimated value of AED 900 million and boasts 22 storeys. It also includes amenities such as a swimming pool, a health club and a mini golf course. 

Mr. Ali Fakhruddin, Managing Director of Fakhruddin Properties, said of the public’s response to the F Towers project, “We couldn’t be more pleased with the success of our F Towers project thus far. The responses we’ve received indicate that we are most definitely moving in the right direction and are testament to the reputation we continue to build for ourselves as a developer in a highly competitive market. The successful launch and phenomenal sales of the F Tower project are the cream on top of a particularly good exhibition for us this year. This serves to reiterate our position as reputable developers with experience in delivering on promises, which is vital given the current market climate. Prospective buyers need to be certain that they are dealing with reputable professionals.”

Cityscape Dubai is considered the benchmark for real estate exhibitions in the region, having achieved exponential growth with each passing year since its launch in 2002.  The 2007 exhibition drew more than 51 800 visitors from 139 countries, with 849 exhibitors showcasing their products and services on 74 240m² of exhibition space.

The Group Chief Executive Officer of Tamweel PJSC, the largest provider of real estate finance in the UAE, addressed the most crucial issues facing the Middle East real estate finance industry today in a discussion at Cityscape Dubai. Wasim Saifi, Group Chief Executive Officer of Tamweel, outlined the challenges facing the mortgage finance industry when he spoke at the Cityscape conference.

Saifi discussed the regional property market’s way forward, future prospects for real estate finance sector and the challenges facing mortgage finance providers in the region. He also released Tamweel’s outlook on the UAE property market, which continues to post steady growth based on demand from investors and residents alike.

Tamweel’s latest research on demand and supply in UAE property shows that delivery delays anticipated in 2008 and 2009 stand in excess of 20,000 units, pushing back the demand-supply equilibrium to 2011.

According to the research, mortgage demand in the UAE is likely to reach 40 per cent of property sales value by 2011 and the estimated total value of off-plan and resale properties in the UAE will touch AED 430 billion by 2011.

Saifi said: “The fundamentals of the UAE property market growth are healthy driven by increasing population and new businesses setting up here. The overall regional market is still in an expansion stage. However, given the global credit crisis, mortgage providers are facing challenges to raise funds due to term mismatch between available funding sourcing and finance tenors. This creates a need for mortgage refinance entities and long-term liability instruments.”

Saifi spoke as part of a Cityscape panel discussion titled, “Shifting Sands In the Middle East Real Estate Markets” The discussion was held from 4:45PM – 5:30PM at the Dubai International Exhibition Centre.

In its seventh year, Cityscape Dubai attracts regional and international investors, property developers, government and development authorities, leading architects, designers, consultants and professionals involved in the property industry. Last year, nearly 850 exhibitors showcased their projects and services to 51,855 professionals from 136 countries at Cityscape Dubai.

In a move that reflects the growing tide of environmental awareness around the world, leading regional developer, Tameer Holding, has announced the launch of its new, LEED-certified sustainable project in the heart of the Arjan district in Dubailand – Eye Park.

Comprising two symmetrical sets of three mixed-use towers facing each other over a central oasis, the elegant, functional and modern Eye Park will offer the ultimate business location in a premiere sustainable development project that will have significantly less environmental impact than most buildings in Dubai. Together, the towers will comprise a total built-up area of close to two million square feet that offers 1,370 luxury units, a resort-like amenity floor, boutiques and restaurants, and ample parking.

The design of the towers is an eclectic combination of elegance and stylish modernism that will provide an Art Deco feel, reminiscent of 1920’s New York. Each of the Eye Park towers will sit atop a graceful podium, adjoining a central park plaza filled with oasis palms and water, while the curved façade of the base of the towers will echo the central ‘eye’ at the centre of the park – a work of art that will become a landmark of international renown. Dramatic lighting will transform the towers into columns of light visible for miles around.

Speaking of the project, Tameer CEO, Ghassan Sakhnini, stated that the Eye Park project directly represents Tameer’s commitment to continue to provide exactly what its clients and investors are looking for, and to remain ahead of the rest when it comes to globally important issues such as ‘green’ building and sustainable development.

Mr Sakhnini said, “At Tameer we believe that our clients and investors have an important role to play in our business, and so we listen to what they have to say. We have chosen to develop the state-of-the-art, sustainable Eye Park project as a result of the increased interest in sustainable development and the environment, and to demonstrate to our clients and investors that we see eye-to-eye with them on these important matters.”

Eye Park’s design and development team will adhere strictly to the guidelines of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, and has already been registered with the World Green Building Council for silver certification in the ‘New Construction’ and ‘Core and Shell’ categories. The fact that there are comparatively few LEED-certified projects in Dubai makes the Eye Park development exceptional in ways going beyond aesthetics and design, and providing yet another differentiating factor.

“The design team have taken the issue of the sustainability of Eye Park very seriously, and have implemented sustainable design features across all areas of the project, including landscaping and site, energy and atmosphere, and materials and resources, in order to decrease the environmental impact of the project as much as possible,” added Mr Sakhnini, “and we have also ensured that Eye Park adheres to the Arjan Sustainable Design Principals.”

Located in Dubailand, Arjan is an 11 million square foot mixed-use development inspired by the glamour of 1920’s New York architecture combined with modern building techniques, and forms Dubai’s top location for a self-sustaining community. Residents and visitors will be able to enjoy eco-friendly living among the district’s interlinking elliptical boulevards, pedestrian plazas, inspiring water features and themed entertainment and cultural centres. And by focusing on indigenous resources, climate and energy efficiencies, Arjan will minimise its contribution to global climate change, making it an even more compelling place to live.

Tameer, which is a Gold Sponsor of Cityscape Dubai 2008, is showcasing the Eye Park development at the prestigious event.

Tiger Properties, one of the region’s longest running real estate development firms, has announced the appointment of German engineering consultants, Kling Consult, as chief consultant on the Ozean Towers project. 

Per the contract, which was signed by Mr. Taha Mohammed, Chief Executive Officer of Tiger Properties and Gerhard Reichert, on behalf of their respective companies, Kling Consult will be responsible for all architectural drawings for the project, including plans, elevations, section details, perspective and other related drawings.

Kling will also be responsible for all the structural, landscape and electro-mechanical designs for the project, as well as for the arrangement of project specifications.

In addition to the design and planning of the project, Kling Consult will supervise and quality check the execution of the project, obtain the necessary permissions from the relevant authorities and do any revisions required to the plans in this regard. 

The design of the project commenced in June of this year, and the project itself is scheduled for completion at the end of 2012. 

Commenting on the decision to appoint Kling Consult on this project, Mr. Taha Mohammed, Chief Executive Officer of Tiger Properties said, “Kling Consult have a solid reputation in their field, we are supremely confident that this project will be a resounding success.  We look forward to working with Kling Consult, and to delivering a finished product that not only meets but surpasses all expectations”.

Kling Consult is one of the most respected engineering consulting firms in Western Europe and the Middle East, and has been involved in the development of a number of landmark projects in the UAE.

The main developer for the waterfront project will be Nakheel, the leading Dubai-based real estate developer in the world, and the main developer for the Palm trilogy project.

Bawadi, a member of Tatweer Dubai, and the region’s ultimate hospitality and retail destination, today announced it will sponsor the Second Hotel and Tourism Investment and Development Conference at Cityscape Dubai 2008, the largest business-to-business real estate investment and development event.

To be held from 6-9 October at the Dubai International Convention and Exhibition Centre, the seventh edition of Cityscape Dubai brings together 51,000 professionals from over 136 countries including real estate and hospitality sector specialists such as property developers, investors, government and property development authorities, architects, designers, consultants, as well as key senior officials.

The Hotel and Tourism Investment and Development Conference will focus on the region’s burgeoning industry, especially the hospitality sector. It will host key speakers such as Jan Laverty Jones, former Mayor of Las Vegas, and analyse closely the global industry to identify underlying trends.

Arif Mubarak, Bawadi Vice President, said: “As the 10-km long hospitality and retail boulevard, Bawadi’s support of the conference during Cityscape Dubai 2008 highlights its commitment to high-profile industry events. The event will be a perfect platform to showcase the latest developments within Dubai and the region.

When completed, Bawadi will boast 51 hotels accommodating more than 60,000 rooms, including Asia Asia, the world’s largest. It will represent a unique synthesis of culture, history and family entertainment on the regional and international level. When completed, Bawadi will significantly add to Dubai’s positioning as a world-class tourist hub for the Middle East and neighbouring regions, with the largest concentration of leading hotels in the world on the 10km boulevard.

DUBAI (United Arab Emirates): Hydra Properties, the leading UAE-based international property developer, will parade its slew of iconic projects at the Cityscape Dubai, being held at Dubai World Trade Centre from October 6-9, in a bid to enhance its brand value in the global real estate market.

Hydra Properties is also using the Cityscape Dubai platform to open registrations for its prestigious Al-Aqeeq Marina project in Khiran, Kuwait; Lahore Times Square in Pakistan and Hydra Tripoli Tower in Libya.  Hydra Properties is located at Stand ZR40 at Zabeel Hall at Cityscape Dubai.

Commenting on the participation at the Cityscape Dubai, Dr. Sulaiman Al Fahim, CEO of Hydra Properties, said: “We, at Hydra Properties, hope that the Cityscape Dubai will offer us another finely tuned opportunity to connect with the investor community and gauge their mood and aspirations.

Our objective in attending Cityscape is to position Hydra Properties as one of the finest and fastest growing, real estate development companies in the world.”  

Cityscape Dubai attracts the worlds top regional and international institutional investors, real estate developers, governmental and development authorities, leading architects, designers, consultants and other senior professionals involved in the real estate industry.

Dr. Al Fahim added: “Hydra Properties would like to use the Cityscape Dubai as a platform to parade our successful projects in the UAE, Kuwait and Mexico and spread our philosophy of eco-friendly development and spaces that blend in with nature. Through the participation at Cityscape, Hydra Properties wants to raise awareness on the need for embracing green building initiatives in order to protect and preserve the environment of the UAE.”

Hydra Properties has captured the hearts and minds of real estate investors through its innovative and iconic projects across the continents, stretching from Hydra Waves in Mexico to Al-Aqeeq Marina in Kuwait.  Hydra Properties is foremost mantra is eco-friendly projects and Hydra Village in Abu Dhabi is a case in point for a successful Green Building initiative.  Hydra Properties’ premier projects in the UAE include Hydra Avenue Towers, Hydra 55, Marina Spirit, Abu Dhabi Golf Walk, Hydra Corporate Towers, Hydra Heights, Hydra Downtown Towers Dubai, Hydra Towers Business Bay Dubai and Hydra Twin Towers, Jumeirah Village, Dubai.

The exhibition is also a unique platform to further enhance and support the vision for real estate growth in emerging markets to an international audience, highlighting revolutionary developments and iconic architecture.

ALDAR Properties and Millennium Development International announced that they will be leading the development of a new multi-billion dollar Iskandar Financial District (IFD), located in southernmost tip of Malaysia adjacent to Singapore, on behalf of Global Capital, an investment entity representing prominent GCC and Malaysian Investors.

As the lead investors in Medini Iskandar, Global Capital, made up of Mubadala consortium of investors that includes in addition to Mubadala and ALDAR properties PJSC from Abu Dhabi, Malaysia Ventures a subsidiary of Saraya Holdings and Unity Capital together in partnership with United World Infrastructure (UWI) and Iskandar Investment Berhad, has  collectively committed to invest more than US$ 848-million (MYR 2.9 billion) in the land and infrastructure development within Medini Iskandar Malaysia.  

The IFD will be the new heart of Medini Iskandar Malaysia, an integrated development area in the Iskandar Development Region, itself a premier economic growth region promoted by both national and local governments as “a strong and sustainable metropolis of international standing”.  The total land area of Medini Iskandar is approximately 103.8 million square feet, while the IFD land area is approximately 15.3 million square feet and the targeted built up area is 42.1 million square feet.

ALDAR  Properties PJSC, itself an investor as part of the Mubadala Consortium,  is appointed by Global Capital  as the developer and  client representative,  while Millennium Development International – Malaysia, a member of Saraya Holdings, has been appointed as the development managers.

 “We are pursuing an aggressive planning and design schedule, to match the infrastructure implementation schedule lead by the Government. We decided to launch within Cityscape Dubai a limited number of IFD parcels for commitment in response to the pressure we are seeing from financial institutional developers and equity funds, to secure an early position in this promising economic development region of South East Asia”, said Ronald Barrot, Chief Executive Officer of ALDAR which is both investing in the project and acting as the developer and client representatives on the project.

Promising to be the hub of Islamic Finance in South East Asia, the Iskandar Financial District offers a world class planned district for financial institutions, banks and corporate headquarters, commercial office buildings, shopping centers, condominiums and serviced apartments, 5-stars hotels, conferencing and meeting facilities as well as community services. The site will be devised by a dedicated mass transit system positioned within public open spaces and a pedestrian friendly urban environment.

The IFD is the first district to be offered for investment and development by Global Capital. In the near future, Global Capital will offer an array of development and investment opportunities comprising high end condominiums, golf estates, a theme park, a regional retail center, world class health and wellness facilities, international schools as well as five stars hotels and waterfront hospitality village and resort.

Attracting investors from all over the world, particularly from the GCC, neighboring Singapore and around South-East Asia, the IFD enjoys strategic advantages.  Located at the crossroads of the East-West trade routes in this highly serviced location by air sea and land within Asia and the world is one of the main attractions, especially as it is coupled with tax incentives for  financial services. Modern and hi-tech telecom and transportation networks and proximity to neighboring Singapore – only 20 minutes by car –, and its midway between the rapidly growing economies of China and India gives it an unbeatable benefits.  Nature nourishes the locale further by being near to some of the world’s oldest rainforests, mangroves, beautiful islands, sandy beaches and spectacular mountains.  

John Thomas, Global Capital’s Chairman of the Board of Directors, and representing the Mubadala consortium of investors said that: "It is the prime time for global investment diversification, and Iskandar Development Region is the ideal location enjoying serious governmental commitments, policies and support as well as offering the optimal business incentives”.

Oussama Kabbani, Vice Chairman of the Board and Managing Director of Millennium Development International said: “Making cities for people is at the center of our team’s core competencies for over 15 years. Our collective experience in managing large scale projects similar to Medini and the IFD is quite sizable.  From Beirut, to Makkah’s Central District, to Al-Abdali in Amman and Aktau New City in Kazakhstan, our team of professional planners, designers, and business people brings to the IFD solid experience in real estate development management, and particularly in downtown planning and design management. We aspire to make this new city a truly people friendly and sustainable city for the 21^st century, a pride for Malaysia, and Asia, and a testimony to the know-how of our investors”.

SNASCO, one of the leading real estate developers in the region, has announced a new agreement with Darwish Emirates Engineering, at the value of AED 25 million, for the civil works and construction of 8 power generators at SNASCOs leading project - the Sharjah investment Center. The Contract was signed by Mr. Talal Al Sorayai, Deputy Chairman of SNASCO, and Mr. Baha Al Nahawi, General Manager of Darwish Engineering.

Mr. Talal Al Sorayai said of the agreement, "The new agreement is an affirmation of the healthy relationship between SNASCO and Darwish Engineering, where mutual trust is the foundation of the symbiotic relationship between our two companies, who have worked together on a number of projects to date, including the Sharjah Investment Centre.” Al Sorayai pointed out that SNASCO has awarded Darwish Emirates the contract for the infrastructure of the project – a decision based on their extensive expertise and high standards. The decision to award the contract for these power stations was also based on Darwish Engineering’s’ qualifications and expertise.

Speaking for Darwish, Mr. Baha Al Nahawi said that his company was happy to collaborate with SNASCO on their unique Sharjah Investment Center project, saying, “SNASCO is always committed to developing its project with absolute precision and quality, which reflect the companys high regard for its clients.”

Al Nahawi pointed out that the contract is worth AED 25 million, and that each of the 8 station will generate 33 kv. The contract has also set a schedule for the commencement and completion of the construction of the power stations. Construction is set to begin next month and is expected to take 14 months.

Capitala, the Abu Dhabi-based strategic master planner and developer, today announced that it has awarded the main construction contract for Rihan Heights, the first phase of its US$ 5 - 6 billion flagship project, Arzanah.

Strategically located at the gateway point on Abu Dhabi island, Arzanah is the 1.4 million square metre fully integrated, mixed use development surrounding Zayed Stadium. Arzanah offers a unique blend of quality residential properties with leisure, sports and retail amenities that focuses on promoting an active urban lifestyle for its residents and the community at large.

Rihan Heights consists of five residential towers with 854 apartments and 14 exclusive villas. Enabling works have already commenced with piling completed a month ahead of schedule. This 25-month main construction contract covers all other construction activities as well as associated mechanical, electrical and plumbing works (MEP).

The contract, valued at around AED 1.9 billion (approx US$ 500 million), was awarded to the joint venture partnership between Sunway Construction Sdn Bhd (SunCon), part of the international Sunway Group, a leading multi-disciplinary conglomerate headquartered in Malaysia, and Silver Coast Construction & Boring Est, a leading Abu Dhabi-based contractor. 

Mr Heang Fine Wong, Acting Chief Executive Officer of Capitala, commented: “We congratulate this joint venture between Sunway Construction of Malaysia and Abu Dhabi-based Silver Coast Construction & Boring Est on their successful bid.  We look forward to working closely with them over the next two years.”

He added: “This is a key milestone for both Capitala and our major project, Arzanah. We have achieved a significant advantage with the completion of our enabling works ahead of schedule and main construction works are due to commence this coming November. We are on target to complete Rihan Heights and start the gradual hand over of residences to our buyers in the first quarter of 2011.”

Capitala, the Abu Dhabi-based strategic master planner and developer, today announced that it has awarded the main construction contract for Rihan Heights, the first phase of its US$ 5 - 6 billion flagship project, Arzanah.

Strategically located at the gateway point on Abu Dhabi island, Arzanah is the 1.4 million square metre fully integrated, mixed use development surrounding Zayed Stadium. Arzanah offers a unique blend of quality residential properties with leisure, sports and retail amenities that focuses on promoting an active urban lifestyle for its residents and the community at large.

Rihan Heights consists of five residential towers with 854 apartments and 14 exclusive villas. Enabling works have already commenced with piling completed a month ahead of schedule. This 25-month main construction contract covers all other construction activities as well as associated mechanical, electrical and plumbing works (MEP).

The contract, valued at around AED 1.9 billion (approx US$ 500 million), was awarded to the joint venture partnership between Sunway Construction Sdn Bhd (SunCon), part of the international Sunway Group, a leading multi-disciplinary conglomerate headquartered in Malaysia, and Silver Coast Construction & Boring Est, a leading Abu Dhabi-based contractor. 

Mr Heang Fine Wong, Acting Chief Executive Officer of Capitala, commented: “We congratulate this joint venture between Sunway Construction of Malaysia and Abu Dhabi-based Silver Coast Construction & Boring Est on their successful bid.  We look forward to working closely with them over the next two years.”

He added: “This is a key milestone for both Capitala and our major project, Arzanah. We have achieved a significant advantage with the completion of our enabling works ahead of schedule and main construction works are due to commence this coming November. We are on target to complete Rihan Heights and start the gradual hand over of residences to our buyers in the first quarter of 2011.”

Plus Properties, an upcoming real estate developer in the Middle East, has announced its foray into the Lebanon Real Estate Market with the launch of two luxury residential properties in Solidere’s Downtown Beirut. Plus Tower 1 and Plus Towers 2 will be located within the Beirut Gate project.

The pre-launch offer for Plus Towers – the first time such an offer was introduced in Lebanon - received an overwhelming response from Lebanese and expatriate international investors at a two-day event held recently at Al Habtoor Grand Hotel. It is noteworthy that 50 percent of commercial and residential units were sold during the first two days, with registered sales amounting to USD 95 million.

To publicize its pre-launch offer, Plus Properties launched a comprehensive advertising campaign through a variety of media including TV, daily newspapers, magazines and outdoor advertising.

"The interest evinced by investors and the high volume of sales registered within 48 hours of the project’s launch are evidence of the confidence that the Lebanese and GCC residents have in our company. Plus Properties has plans in the offing to develop 14 residential towers in the UAE,” said Georges Chehwane, CEO of Plus Properties.

75 percent of the investors of Plus Towers were Lebanese nationals and 25 percent were from the GCC. End-use investments comprised 65 percent of total sales, while 35 percent of the purchases were for investment purposes.

“The overwhelming response we’ve received has increased our belief that Lebanon is quickly reestablishing its reputation as an investment hotspot. We are in the process of obtaining all necessary approvals for the project and hope to begin construction shortly. We believe that the project will be a resounding success mainly due to its incredible design and the expert involvement and guidance of Solidere,” added Chehwane.

The USD 200 million towers, located only steps away from Beirut’s shopping and entertainment district, will consist of premium 2, 3 and 4 bedroom apartments, duplexes and penthouses, with spaces ranging from 240 square meters to 585 square meters. In addition to the residential units, the 14-floor towers will each comprise premium retail spaces on the ground & first levels.

Designed by US-based Arquitectonica, Plus Tower 1 and 2 will feature a range of world-class amenities and leisure facilities. Plus Properties has contracted with local engineering company – Erga to oversee the construction of the project.

The penthouses each come with private terraces and offer panoramic views of the city. The project will be developed according to the international standards stipulated by Solidere.

Rakaa Properties, the real estate arm of the Saudi owned Rakaa Properties and Holdings, and one of the leading real estate developers in the Gulf, is showcasing the Dynasty and Falcon Crest Towers recently developed on Al Reem Island, Abu Dhabi, at a cost of AED 1.5 billion, using smart building technology

Dr. Abdul Rahman Al Tassan, CEO of Rakaa Properties, said of the exhibition, “Participation in Cityscape Dubai exhibition has become an international obsession in the real estate field.  Sound strategic planning and the enormous growth of Dubai’s real estate market have managed to attract the cream of the crop, offering transparent legislation and an attractive real estate environment. The exhibition has become a festival of record breaking feats, including breaking records in terms of the size of the exhibition area itself, the number of participants, number of visitors, the projects showcased and the number and value of business transactions and deals concluded, which we expect to exceed AED 5 trillion in value this year. We have participated in Cityscape Dubai more than once in the past but this year’s edition has a different feel to it, as it follows Rakaa’s recording a percentage of sales of over 80% of the two towers’ total area.

“The company recently announced that it was collecting tenders for the development contract for the two towers and we are now preparing to announce the winner of the bid and to launch the project, in order that it be completed on schedule.  These two projects are expected to attract large numbers of visitors due to their elegance and the aesthetic value and reasonable prices of the new technology incorporated into these projects.”

The Dynasty Tower is designed for residential use only and comprises 29 levels, which contain 136 apartments, varying from one to four bedrooms, while Falcon Crest Tower, which is also a residential development, consists of 24 storeys and includes space for retail use on the ground level. 

The Dubai Mall, one of the world’s largest shopping and entertainment destinations, will host the first Bloomingdale’s store in the Middle East. The leading American department store will be managed and operated by Al Tayer Insignia, a company of the UAE-based Al Tayer Group.

The 146,000 sq ft Bloomingdale’s store will be a veritable showcase of the finest ‘Bloomie’s’ products for the entire family. Additionally, there will be a home store of about 54,000 sq ft.  Since 1872, Bloomingdale’s has been pioneered the evolution of department stores by launching new designers, boutique stores and the now-famous designer shopping bag.  Bloomingdale’s at The Dubai Mall will continue in the same tradition of innovative retailing making it “Like No Other Store in the World.”

Bloomingdale’s will join Galeries Lafayette, the prestigious French retailer, who will also open its first Middle East department store at The Dubai Mall.

Mr Jim Badour, Chief Executive Officer, Emaar Malls Group, said: “The opening of Bloomingdale’s in The Dubai Mall marks the beginning of a new retail culture for the region, and positions Dubai as the ultimate retail destination in the region offering the very best of global brands. Bloomingdale’s has a trusted reputation that spans nearly 150 years, and The Dubai Mall store will meet the needs of an increasingly discerning clientele in Dubai – including residents and visitors - who opt for the best in retail brands.”

Mr Yousif Al Ali, General Manager, The Dubai Mall said: “Bloomingdale’s tagline, ‘Like No Other Store in the World,’ is a perfect summation of the ‘global lifestyle and shopping experience’ that awaits customers at The Dubai Mall. Having shaped the evolution of the department store concept worldwide, Bloomingdale’s will further push the boundaries of retailing for the region, with world-famous designers, innovative merchandising and world-class customer service. Bloomingdale’s at The Dubai Mall will be a mainstay attraction for anyone visiting Dubai.”

Mr Khalid Al Tayer, Chief Operating Officer, Al Tayer Group, said: “As a pioneer of luxury retail, Al Tayer Group adds another dimension to the retail landscape of the region by representing an iconic brand at a landmark destination. With the introduction of Bloomingdale’s, Al Tayer Group adds to the Middle East consumer’s appetite for the finest in international brand offerings.”

“This will be our company’s first overseas location, and we expect to learn a great deal about how our brands translate internationally,” said Terry J. Lundgren, Chairman, President and Chief Executive Officer of Macy’s, Inc., parent company of Bloomingdale’s. “Dubai offers a unique opportunity for Bloomingdale’s. It is a fast-growing, affluent marketplace that has emerged as an international destination for tourism, sporting events and business.”

Bloomingdale’s continues the legacy of its founders, brothers Joseph and Lyman Bloomingdale. Their first endeavour, an East Side Bazaar in New York in 1872, ushered a new era in specialty retailing and was considered to be the first true ‘department store’ of at the time. Since then, the Bloomingdale’s success story continued with a rapid expansion across the United States, famously marked by grand scale promotions and theatre-like cultural exhibits.

With annual sales of over US$1.9 billion and 36 stores across the United States, Bloomingdale’s opening at The Dubai Mall brings America’s latest lifestyle trends to the Middle East for the first time.

The Dubai Mall is one of the world’s largest shopping and entertainment destinations, and is an integral part of the AED 73 billion (US$20 billion) Downtown Burj Dubai, Emaar’s 500-acre flagship project. At its centre is Burj Dubai, the world’s tallest building. Downtown Burj Dubai already has a thriving neighbourhood of residential communities, commercial offices, luxury hotels and retail centres including the Arabesque mall, Souk Al Bahar.

The Dubai Mall will have over 1,200 stores, more than 160 food and beverage outlets and a host of world-class leisure attractions including the Dubai Aquarium & Discovery Centre with a 270-degree walkthrough tunnel; the world’s largest indoor Gold Souk; Fashion Avenue, a fashion precinct dedicated to haute couture; the Olympic-sized Dubai Ice Rink; KidZania®, an innovative children’s ‘edu-tainment’ centre; SEGA Republic®, an indoor theme park and a 22-screen megaplex.

The Buildings by Daman at the Dubai International Financial Centre was quoted as having a full sell-out of all residential tower units as well as the office block.  Shehab Gargash, CEO of Daman Investments said: “We are very pleased with the project in every aspect.  Sales were stellar, interest remains high and we have witnessed a steady demand for sales from the secondary market.  Our investors have all seen an exceptional appreciation in the value of their initial purchase price.”

Mr. James Knowles, Director of Sales at ASTECO (the managing agents for sales and leasing) was quoted as saying:  “This project has been exceptional in every way.  We have found that we have a great demand for secondary sales and not enough inventory to meet the demand.  Most of the buyers in the building – whether institutional purchasers for the office building units or residential purchasers – are the final end users which is not always the case in the market.  We are looking forward to the final release of the new ultra luxury apartments – and eager to begin sales early next year.”

 Munjid Al Alami, Project manager was quoted as saying that construction is well underway.   Commenting on delays in the building and the industry in general, Mr. Alami said: “The entire industry is facing shortages of supply and pressure in every aspect of construction due to the huge demand generated by Dubai’s incredible expansion.  In our case - we have a project that has more than 3.3 million square feet of built up area, and the largest footplate for open space offices in Dubai offering nearly 48,000 square feet of open space offices with virtually no columns .  Our residential towers rise 60 floors above the podium and the entire structure has 6 podium levels and 4 basement levels.  The complex has a 5 star hotel and automated parking at the podium level.  All in all, it is a very sophisticated and complicated building that we believe will be a new landmark once finished.” 

Union Properties PJSC (UP) participation at Cityscape Dubai is part of the company’s strategy to create local awareness for its development brands, as the exhibition creates a suitable platform. A 2008 recipient of the Mohammed Bin Rashid Al Maktoum Business Award for Real Estate Development, UP has created a solid foundation in the property development market of Dubai over the past 20 years. The company has revolutionized the notion of creating original development concepts in Dubai by introducing Green Community, UPTOWN, F1X Dubai and MotorCity, setting the company’s approach apart from the competition.  MotorCity is the latest addition to UP’s brands, it has five project components that include: Dubai Autodrome, F1X Dubai, Business Park MotorCity and its two residential components of UPTOWN MotorCity and Green Community MotorCity.

In addition to a solid plan for the future in line with the growth of the country’s economy, being present at these events gives UP an opportunity to reiterate to its target audience its dedication to quality, prompt delivery of all their projects and the preservation of steady partnerships with investors and clients, including fueling plans to cross borders with overseas projects. UP utilizes the exhibition platform to communicate on plans to sustain the development of creative projects as well as to fulfill the market needs by introducing residential and commercial units that will cater to all income categories. The company aims to adopt new measures of energy conservation such as district cooling facilities, solar energy and other energy management tools to help preserve the environment and make its projects environment friendly.

Cityscape Dubai has shown considerable increase in quality visitors over the past several years, which indicates the interest the show has received regionally and globally. For UP, it has worked out as good relationship building, awareness for its projects and brand. Exhibiting three of its current projects at Cityscape Dubai; MotorCity, Index and Limestone House, UP expects to see the same growth reflected in this year’s show as well.

Tameer Holding, the region’s leading developer, has announced that the Princess Tower, its 107-storey luxury residential tower in the heart of Dubai Marina, has now reached 30 floors in height.

The Princess Tower is expected to be one of the world’s tallest all-residential buildings at 414 meters and progress is exceeding swiftly on the tower’s main core and its subsequent masonry works.

Managing Director of Tameer Dubai, Abdul Hamid Moukayed, confirmed that work on the tower is progressing as planned, emphasizing the developer’s commitment to following strict timetables and delivering results promptly to its customers.

“Despite the recent difficulties experienced by the real estate and construction sectors, such as the rising costs of material and labour, along with the increasing competition for contractors, construction on the Princess Tower is moving ahead according to schedule, a testament to Tameer’s position as the most trusted name in real estate,” Mr. Moukayed said.

Mr. Moukayed also expressed satisfaction with the appointment of ASE as the project consultant for the Princess Tower, as well as the awarding of the main project contract to Arabian Construction Company (ACC), in contributing to the steady success of the luxury residential tower. 

“The sheer height of the Princess Tower required the selection of contractors with solid experience working on such tall structures.  It was also of paramount importance to appoint a consultant and contractor with the right background for the scale of Tameer’s projects. ASE and ACC indisputably met all our requirements,” said Mr. Moukayed.

The Princess Tower houses a large selection of luxury residential apartments consisting of two, three or four bedrooms, duplex villas and high-end penthouses. It also includes offices, swimming pools, a gymnasium, a children’s day care nursery, a sauna club, a prayer area and a private car parking area for each resident in addition to a luxurious reception area.

Indian cricket star, Yuvraj Singh, has visited The World, a collection of islands off the coast of Dubai and planted an Indian flag on the ‘India’ island.  Singh was visiting this luxury development to celebrate a top cricket award win. Last week, he had been at the glittering LG ICC Awards ceremony in Dubai where he collected the inaugural Twenty20 International Performance of the Year Award for a unique feat in Twenty20 International cricket. Last year he stunned the world when he hit six consecutive sixes for India off England’s Stuart Broad in the ICC World Twenty20 in South Africa.

The ICC Awards are now in their fifth year and this is the first time the event has been held in Dubai. Yuvraj Singh was selected for his award by a panel of some of the greats of the game.

The private and resort islands are sold by invitation only to chosen individuals who will leave their legacy with this epic development and want to own one of the most desirable and exclusive addresses on the planet.  The World has been built by Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers. The development was originally revealed in 2003, when His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, announced a global landmark - 300 hundred islands reclaimed from the sea in the shape of the world map.  

From 2010 more than 40 luxury resorts will start to open. Different world class brands and names will offer fine dining, spas and luxury boutiques, idyllic vacation homes, spectacular marina, yacht and beach clubs and scuba diving, snorkeling and dive centres.

Nakheel recently revealed that 90 per cent of islands on The World have been sold. 

Rakeen, a leading property development company in Ras Al Khaimah and the real estate development arm of the Ras Al Khaimah Government, has announced that it will unveil the new design of its AED 60 billion Dana Island project during its participation at Cityscape Dubai 2008, which will be held at Dubai International Exhibition Centre from October 6 to 9, 2008. Rakeen has booked Stand ZG 20 of the Zaabeel Hall for its meticulously conceptualised exhibition, which will focus on the groundbreaking features of its newest island-themed destination as well as other key projects in Ras Al Khaimah

Rakeen’s constant strive for perfection, in order to satisfy their customers’ needs and wishes, has resulted in an improved design and new master plan of Dana Island. With this impressive achievement now every unit has either sea access or view, and new plots have been created, which will be introduced to the market during Cityscape.

"From the state-of-the-art, habitat-preserving dredging technique being employed, to its visionary design concept, Dana Island is truly a class of its own. It is a concrete representation of the vision of Ras Al Khaimah, and realises Rakeens core values of sustainability, responsibility and prosperity. Through our participation at Cityscape Dubai, Rakeen is pleased to provide the public a more detailed overview of the important features of Dana Island, and discuss the reasons why we believe this project is poised to become one of the major economic catalysts of the emirate," said Marc-Henri Veyrassat, Chief Operating Officer, Rakeen.

Dana Island has been developed to accommodate a range of commercial and residential complexes along with hotels and other forms of leisure and recreational facilities. The project extends seven kilometres into the sea and creates a total of more than 50 kilometres of new coastline featuring white sand beaches that are maintained according to world-class standards.

Moreover, Rakeen has rejected "hostile dredging" techniques to create the man-made island and has employed a more environmentally friendly approach for the construction of the mega project. Consequently, Dana Island has been optimised to provide better water circulation, preserve marine life and ultimately enhance the living standard of the community development.

Rakeen has also lined up an exciting array of other projects for the exhibition, including the Al Marjan Island, Bab Al Bahr, RAK Financial City, Gateway City, RAK Convention Centre and Banyan Tree Resort. Furthermore, Rakeen has an impressive portfolio of projects in other countries, including the Tbilisi Uptown and Tbilisi Heights in Georgia; Kinshasa in the Democratic Republic of the Congo; and another mixed-use project in Isfahan, Iran.

India and Dubai real estate giant Sobha Group has announced it has acquired a plot on Dubai’s main artery Sheikh Zayed Road for the development of its first hotel in Dubai.

The group, which announced plans to launch Sobha Hotels at Arabian Travel Market last May, plans to develop over 10 five-star properties in the next three years, with two hotels earmarked for Dubai, six for India, and one each in Oman and Zanzibar.

“It is our intention to have four hotels operational by 2011, with another seven properties under construction,” said Ajay Rajendran, Vice Chairman, Sobha Group.

“Sheikh Zayed Road is the landmark business address in Dubai, so what better place for us to mark our entry into the hotel development and operations arena? We are thrilled to have secured a prominent plot in TECOM which will afford our guests easy access to the business zones of Dubai Media and Internet Cities, as well as being in close proximity to the Mall of the Emirates and Ski Dubai,” he added.

According to Ajay Rajendran, Sobha Hotels will benchmark against the best resort properties and luxury hotels in the region.

“We have been outfitting palace interiors for a long time and know all about creating high-end interiors. Our hands-on experience in creating residential and commercial buildings, their planning and building maintenance has given us adequate exposure to the build and operate concept of project management. It is now our aim to transfer our expertise to the hospitality sector, to create a chain of five-star properties under the brand Sobha Hotels,” Rajendran said.

“Sobha Group is all about high quality finishes and on-time completion. These pillars, coupled with Sobha’s unique service delivery, will make Sobha Hotels an international-standard chain” he added.

Sobha Group will own, develop and operate all Sobha Hotels. The first Sobha Hotels property is expected to open in 2011. The Group has plans to develop a portfolio of 2,500 rooms.

United Holdings, a premium investment firm based in Dubai, today announced it has acquired 46 per cent stake in BRM, a Dubai-based construction company.

Strategic partners also associated with BRM are Morgan Stanley Principal Investments Europe LLC and Al Nasser Investments LLC.  The transaction was managed by Tier One Partners. .

BRM is the slipform market leader in the construction sector, boasting a highly experienced management team that has executed more than 200 projects in the UAE, totally valued in excess of  AED25 billion. Currently, it is handling over 30 projects for major clients such as Arabtec Construction LLC, Khansaheb Civil Engineering, NASA Multiplex and Al Futtaim Carillion LLC.

Abbas Kiani, CEO of United Holdings, said: “Our investment in BRM comes as part of our aggressive investment strategy, which focuses on high returns and sound strategic decisions. Taking advantage of the economic boom, we aim to extend our geographic focus from the UAE to potential global markets.

“In addition to our development initiatives in the real estate sector, United Holdings has commenced a series of strategic investments in construction and buildings material companies. Our partnership with BRM signals the first of many ventures that United Holdings has on its agenda.”

United Holdings aims to develop a rich and diversified investment portfolio in a wide range of assets across economic sectors such as real estate, financial services, industries, education, healthcare and telecommunication through its alliances with industry majors across diversified sectors and emerging markets.

 “United Holdings will actively seek to add value to each and every environment it operates in by diligently choosing investment prospects and growing its arena of operations in tune with market opportunities,” Kiani added.

Bruce John Munro, CEO of BRM, said: “As a key shareholder, United Holdings will bring significant value to our operations and raise our overall business profile in the industry. We are confident the synergy with United Holdings will contribute to the growth of BRM, facilitating our enhanced presence in the domestic as well as regional markets.”

Aiming to gain a competitive industry advantage, United Holdings continues to consolidate its presence through strategic acquisitions in various industry verticals, positioning itself to leverage the growing market potential in the Middle East and overseas.

Emaar Properties will unveil one of Dubai’s pioneering urban professional residential towers, designed by international architects and centrally located within Downtown Burj Dubai. A two tower complex, 18 Burj Dubai Boulevard elegantly incorporates curvilinear architecture, and is designed to maximize its spatial dimensions and is located on the vibrant Burj Dubai Boulevard.

“Urban professional residences are a new trend in modern residential architecture with the accent being on maximising spatial use. Emaar is building on this trend with 18 Burj Dubai Boulevard, a valuable addition to the diverse portfolio of projects in Downtown Burj Dubai. Homes in 18 Burj Dubai Boulevard are specifically designed to meet the needs of discerning buyers who value a modern lifestyle in one of the most sought-after destinations in Dubai,” said Mr Saif Al Mansoori, Sales Director, Emaar Properties.

Featuring a 47-storey and a 31-storey tower, 18 Burj Dubai Boulevard also incorporates a pavilion level nestled between the two towers. The pavilion features a distinctly designed swimming pool and Jacuzzi, with several areas specifically designed for relaxation.

18 Burj Dubai Boulevard also features studios, one-, two- and three-bedroom homes designed with the optimal use of space in mind and replete with modern finishes, luxury fittings and advanced telecom & entertainment connectivity. Apart from the pavilion amenities, residents can also access an indoor swimming pool, a multi-purpose lounge with a central seating area, dining and sports rooms and exterior lounge with private dining and barbecue facilities, games room, children’s play area and a full-size squash court.

“The central location of 18 Burj Dubai Boulevard on Downtown Burj Dubai offers residents the convenience of being in close proximity to The Dubai Mall, one of the world’s largest shopping and entertainment destinations, and the financial and business nerve-centres in Dubai,” added Mr Al Mansoori. “In addition to the Dubai Metro for enhanced connectivity, residents can also benefit from the Burj Dubai Tram system that connects all nodal points within Downtown Burj Dubai – regarded as the new ‘soul of Dubai’ and the most prestigious square kilometre on earth.”

Sale of homes at Tower 1 of 18 Burj Dubai Boulevard will be held from August 30, 2008, at Emaar Business Park and Emaar’s Abu Dhabi Sales Centre from 9am to 6pm. Dubai and other Emirate residents wishing to buy from Emaar Business Park must register online, while Abu Dhabi residents can make their purchases on a first-come, first-serve basis at the Abu Dhabi Sales Center. Online registration begins on August 27, 2008 at www.emaar.com. Several financial institutions are offering easy home finance options.

Potential customers can call toll-free 800-EMAAR (36227) or log on to www.emaar.com for more details on 18 Burj Dubai Boulevard which is designed and engineered by KEO International Consultants, an award-winning architectural design firm. 18 Burj Dubai Boulevard is a perfect complement to the modern residential towers in Downtown Burj Dubai that have opened to strong investor response.

Rakeen, the master-planner and land developer of the Ras Al Khaimah government, that exercises environmental responsibility when planning and developing, has announced that it has recently completed the piling works for half of the residential component of the Bab Al Bahr and is set to proceed with the construction of the residential units. Rakeen emphasized that the unobstructed workflow has been a significant success after a critical shortage of building materials as well as sharp increase in prices have affected several construction projects across the region.

Rakeen also reported that main contractor Al Hamra Construction Company will start the piling work and construction of the second half of the residential area shortly as the AED 1.2 billion mixed-use resort development remains firmly ahead of schedule.

"Consistency is an important factor in the highly competitive real estate sector. Investors and property buyers want to be constantly reassured of the state of their investments and there is no better way to boost their confidence than to remain consistent and committed to the construction schedule. Rakeen takes pride in all its carefully master planned portfolios and thus we make it a point to exhaust all efforts to maintain the highest standards in the construction of our projects, particularly Bab Al Bahr, which serves as one of our centrepiece offerings," said Wahid Attalla, Member of the Board, Rakeen.

Following the successful sales campaign for the Bab Al Bahr Office Tower, the premier commercial centre of the Bab Al Bahr development, Rakeen is now staking steps to highlight the key features of the residential components of the integrated community development. When completed, occupants of Bab Al Bahr will enjoy a wide range of facilities and amenities for their leisure, recreational and residential requirements. It will also include comprehensive commercial facilities and a free zone area that is open to all domestic and international investors.

Bab Al Bahr is the inaugural development project on Al Marjan Island, Rakeen’s man-made coral shaped atoll that extends four kilometres into the Arabian Gulf. The island-inspired, fully integrated development offers a stunning 360-degree view of the Arabian Gulf and provides extensive landscaping that includes exotic gardens and pristine beaches extending 500 metres long.

The Dubai Mall, one of the world’s largest shopping and entertainment destinations, has unveiled the retail world’s most sophisticated multimedia systems ever installed in a shopping mall. Building on the premise of assuring total ‘shopper-tainment’, visitors are taken on a visual journey as a combination of dynamic and static images are displayed throughout the mall in a colourful array of shapes, sizes and formats.

A key feature of the integrated multimedia network is the ability to capture ‘moments of exclusivity’ – a single image projected across the entire mall that will ensure total visitor attention. These moments could include displays of live shark feeds to brand launches telecast across the entire network to provide mall-wide entertainment to visitors simultaneously.

Displays notable for their size and visual impact include a full 20m x 10m high-definition LED display overlooking the Olympic-sized Dubai Ice Rink, a fully retractable LED-clad catwalk in Fashion Avenue and the 22m wide Treasury Dome in the world’s largest indoor Gold Souk capable of projecting images similar to a planetarium format.  

Employing some of the most sophisticated multimedia and surround sound systems ever seen in a shopping mall, The Dubai Mall also offers its clients an effective media to take their brand messages closer to a captive audience of potential customers.

 Mr Jim Badour, Chief Executive Officer, Emaar Malls said: “We expect over 30 million visitors from around the world to The Dubai Mall in the first year of opening, making it a highly sought-after platform for brand recognition on a global scale. The exclusive multimedia display systems enhance the existing leisure attractions by capturing ‘wow’ moments and projecting it across the entire network for all visitors to experience. Our focus was to integrate the multimedia capabilities into the larger entertainment offerings of the mall.”

Some of the most innovative components at The Dubai Mall are the multimedia-themed precincts such as Fashion Avenue, where one will find a fully retractable LED embedded-catwalk, eight LED columns encircling the stage, and five video rings that lower from above – all synchronised to a world-class sound system. At the world’s largest indoor Gold Souk is a built-in planetarium-like projection system capable of illuminating the 22m-wide Treasury Dome with ever-changing displays and images. Another notable feature is the Olympic-sized Dubai Ice Rink’s massive 20m x 10m display, which doubles up as a score board for sporting matches, or a display for live events.

Mr Yousif Al Ali, General Manager, The Dubai Mall, added: “Customers demand a different shopping experience from malls, particularly in the Middle East where malls have become lifestyle and entertainment destinations. The colourful displays, the sounds, the buzz of activity are all key to creating a vibrant mall environment. The integrated multimedia network at The Dubai Mall will be an audio-visual spectacle that will keep visitors constantly entertained and stimulated. It will be unlike anything ever seen or experienced in a shopping mall.”

In total, The Dubai Mall features more than 400 high-definition LED displays and over 300 advertising panels including 40 Premium Panels of size 11m x 4m, prominently located along the mall’s main thoroughfares, public atrium spaces, link bridges, interactive store directories, lift lobbies and within themed precincts. Entertainment attractions such as SEGA Republicâ and KidZaniaâ also feature innovative multimedia components, enhancing the overall experience.

The Dubai Mall has a total area of 12.1 million sq ft, with an internal floor area of 5.9 million sq ft and a gross leasable space of 3.77 million sq ft. One of the world’s largest shopping destinations, The Dubai Mall will feature over 1,200 retail shops including two department stores including Galeries Lafayette and more than 160 food and beverage outlets. Entertainment and leisure attractions include the Dubai Aquarium & Discovery Centre, Dubai Ice Rink, Gold Souk, Fashion Avenue, KidZania®, SEGA Republicâ and Reel Cinemas the 22-screen Cineplex. The adjoining The Address, Dubai Mall luxury 5-star hotel has 250 rooms and 450 serviced apartments.

August 12, 2008

Sherwoods Independent Property Consultants have announced that they recently signed an agreement to sponsor Tower Links Golf Club in Ras Al Khaimah, a key strategic move that enhances Sherwoods access to and influence over elite property buyers and investors in the region. The sponsorship, which was initiated by Sherwoods External Communications Department as part of the real estate companys commitment to the Club and Ras Al Khaimah, will allow Sherwoods to sponsor certain tournaments and events organised by Tower Links Golf Club.

As part of the sponsorship package, visitors will be greeted in the clubs foyer with an interactive kiosk fitted with a touch screen, enabling them to view Sherwoods services and products. In addition, specific information about all of Sherwoods services will be easily accessible in designated areas; Sherwoods flying banners will be prominently displayed on the fairways during tournaments, while the Sherwoods logo will be in the score cards, cart labels, format sheets and score sheets. Tournament prizes will likewise be presented by staff members of the Ras Al Khaimah branch of Sherwoods.

"Sherwoods is proud to form this partnership with Tower Links Golf Club, as this will generate considerable exposure for both companies. Golf is the sport of choice among businessmen and high-profile individuals. As such, we have made it a point to reinforce our presence in the golfing world as part of our marketing strategy. Sherwoods has an extensive range of property choices all over the world, and we intend to showcase our projects through various innovative ways such as this," said Annette Evans, Head of External Communications, Sherwoods Independent Property Consultants.

Aside from the various marketing material displayed at the golf club, Tower Links will also assign a prominent position for the Sherwoods logo on its website along with a corresponding link.

"We often hear about business transactions and even big-time contracts being settled in the fairways; indeed, the golf course has been traditionally regarded as an extension to the business office, but in a much more relaxed and comfortable environment. This unique fusion of business and recreational elements somehow represents the core values of Sherwoods as it is our mission to enrich our clients lives by helping them achieve optimum economic gains and premium lifestyle benefits from their property investments," added Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants.

Several gifts and prizes will be presented by the RAK Sherwoods Branch to the winners of Tower Links weekly tournament as part of the sponsorship package. Sherwoods will also distribute Sherwoods branded shirts, caps and the Think Green bags, which have been an overwhelming success due to the eco-friendly vision of Sherwoods.

Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has been expanding its global presence with offices in Abu Dhabi, Dubai, Ras Al Khaimah, Sharjah, Doha, Bahrain, Moscow and London with more regional headquarters expected to open soon. Sherwoods offers a full range of real estate services, including sales, consultancy and valuation.

Expertly developed around a mangrove reserve with the Hajar Mountains serving as its majestic backdrop, Tower Links Golf Club was inaugurated in May 2004 with the floodlit back nine and a Golf Academy. In January 2005, the club become a full 18-hole golf course with the opening of the front nine and the clubhouse.

Hyder Consulting Middle East, the award-winning international advisory and design consultancy, has been selected by master developer Nakheel to design the architectural concept of all the 44 long-span bridges on Palm Deira.

Hyder Consulting’s mandate is to design the bridges as impressive and aesthetically pleasing gateways reflecting the iconic status of Palm Deira, the largest of the Palm Islands under development in Dubai. A network of 26 interlinked islands connected to Dubai’s waterfront, Palm Deira is also set to be the largest man-made island in the world.

“Hyder Consulting has been able to build on its international reputation and today we are a preferred partner in infrastructure development across the Middle East. The latest award by Nakheel provides a major opportunity for us to leave our mark on Palm Deira and enhance our reputation as designers of high tech and landmark bridges,” said Nidal Odeh, Regional Head of Bridges and Civil Structures, Hyder Consulting Middle East.

Hyder Consulting was chosen through a highly competitive bidding process which involved the industry’s major players. The consultancy will now work with LWK Architects to provide Palm Deira and its islands with strikingly elegant access corridors.

“Together, Hyder Consulting and LWK Architects will use their combined architectural and engineering expertise to bring out exceptional design solutions for Palm Deira. We also see in this award a strong potential to be part of the detailed design phase of the project in future,” added Odeh.

The project marks a major addition to the impressive portfolio of Hyder Consulting, which includes some of the country’s most prominent landmarks such as Emirates Towers and Burj Dubai in Dubai and HH Sheikh Zayed Mosque in Abu Dhabi.

Emaar Misr for Development S.A.E, the wholly-owned country subsidiary of Emaar Properties PJSC, has signed a Memorandum of Understanding (MoU) with The Ritz-Carlton Company LLC of Chevy Chase, Md., to manage a beachfront resort in Marassi, Egypt scheduled to open in 2012. The 6 km seafront land featuring the luxury resort is considered among the finest beaches in the region and stretches across the picturesque Sidi Abdel Rahman Bay on the Mediterranean.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, and Mr Bob Kharazmi, Senior Vice President – The Ritz-Carlton International, signed the MoU, in Cairo, recently. As per the MoU, the proposed development will include a 150-room resort and 50 private villas, all in close proximity to a world-class golf course, thus bringing in the sheer luxury of golf-side living in a seafront environment.

Mr Muhtadi said: “Marassi is one of the premier mixed-use communities in Egypt, and every component of this world-class project has been carefully planned to create a distinctive lifestyle experience. Sidi Abdel Rahman is the most historic beach in Egypt and is a much-preferred Mediterranean tourist destination. Our MoU with The Ritz-Carlton calls for developing a luxury resort to further consolidate Marassi’s appeal to tourists and residents, and contribute to the region’s prosperity.”

Mr Kharazmi said: “The Ritz-Carlton is very excited at the prospect of developing Marassi, in partnership with Emaar Misr. We have set benchmarks for outstanding service and surroundings throughout the world including the Middle East. With the exceptional beachfront location, the many luxury amenities available and the ease of access from key European nations, this is a project with great potential for the growing collection of signature Ritz-Carlton resorts.”

Mr Marc Dardenne, Chief Executive Officer for Emaar Hospitality Group, said: “Emaar Hospitality Group works with global partners to ensure the highest standards in hospitality and leisure in Emaar’s master-planned communities. The Marassi resort, managed by The Ritz-Carlton, will be a sterling addition to the roster of Emaar Hospitality Group.”

The Ritz-Carlton at Marassi will be an elegantly designed resort that derives architectural and functional inspiration from its surrounding beachfront location. The resort will feature an extensive array of amenities including international restaurants and beverage outlets, and a spa. The proximity to a golf-course will give guests added leisure options. They can also pursue marine sports at the Marina Club in Marassi, which is the only one of its kind in the region.

Marassi has already emerged as a much-preferred leisure destination with a beach club set by the calm bay of Sidi Abdel Rahman. The Marina being developed has its own dry storage facility making it a preferred destination for marine sports and sailing enthusiasts.

The EGP 9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi is a Mediterranean-styled self-sustaining lifestyle neighbourhood, easily accessible from Alexandria Burj El Arab and El Alamein airports, both offering direct connections to major European cities. The project is also in easy proximity to historic sites and offers residents the choice of desert safari, eco-tourism and diving pursuits.

The 6.25 million sq m gated community features premier leisure amenities including a world-class beach resort, a vibrant town centre, marina, golf course and hotels set amidst lush greenery and lagoons.

Emaar Misr is one of the largest investors in Egyptian real estate with an investment portfolio of EGP 31.67 billion (AED 20.33 billion; US$5.54 billion), and is developing the EGP 12 billion (AED 7.7 billion; US$2.1 billion) Uptown Cairo; the EGP 5.75 billion (AED 3.67 billion; US$1 billion) residential community located at the fifth district New Cairo City; and the EGP 4 billion (AED 2.56 billion; US$700 million) commercial cum residential development on the Cairo – Alexandria desert road.

Sameer Al Mahmood Real Estate Investment & Development LLC, the company behind Zenith Tower, has partnered with one of the UAE’s most renowned child development experts to design and develop the building’s unique play and learning centre.

In an unprecedented move by a UAE developer, the company approached Dr. Singhania for support on the 5,000 sq ft facility and will work together on every detail from concept stage to fit out and launch.

Dr. Singhania has been running her children’s clinic in Dubai for over 10 years and has previously worked in a variety of countries across the world. The clinic deals with children suffering from behavioural problems, educational difficulties, ADHD and ADD.

According to Dr. Singhania; ‘Play is the work of the child and its importance cannot be underestimated – play prepares children for society, emotional development and interaction. I am delighted to be working on a project that prioritises such a family-oriented approach.

Dr. Singhania continued; ‘there are many related issues around the frequency of play; one of those being autism which is a growing concern in the UAE. Well equipped play facilities should be far more prevalent and I would hope to see them made mandatory in residential developments in the future. This is particularly important in the Middle East as the opportunities for outdoor play are limited during the summer months.’

The 45-storey Zenith Tower features two independent buildings within one structure to combine the ultimate in work-life balance for urban families.

According to Mr. Faisal Al Ali, Managing Director of Sameer Al Mahmood Group; ‘we are honoured to work with Dr. Singhania and lead the way in such an important area. The needs of the end-user have always been our primary concern and research shows that family priorities come top of the list when moving into a new home. 21^st century children face a number of different challenges and we want to create a space that caters for their primary needs.’

Residents of Zenith Tower will also have convenient access to a mono rail station situated immediately outside the building entrances. The opportunity for easy transport links was a key feature in the company’s decision to purchase this plot over three years ago reflecting the long term vision of the group.

Situated in the heart of Dubailand’s City of Arabia, Zenith Tower launched its residential units and offices on 17th June 2008.

Emaar Properties is hosting an exclusive sale of eight prestigious projects from its diverse portfolio on 08/08/08 to build on the appeal of the once in a lifetime date. To be held on a first-come-first-serve basis, the sale will take place on August 8, from 8am to 12pm and 2pm to 6pm at the Royale Ballroom of The Palace, The Old Town hotel in Downtown Burj Dubai. Potential customers can choose from luxury homes within Downtown Burj Dubai, Dubai Marina and Arabian Ranches.

The exclusive sales event will feature homes from Burj Dubai, the world’s tallest building; Standpoint; Boulevard Plaza; Burj Views; The Lofts and The Old Town – all in Downtown Burj Dubai; apartments in Dubai Marina overlooking the Arabian Sea; and a limited collection of luxury Polo Homes community within Arabian Ranches – all of which are part of well-established and fully-integrated communities that offer a vibrant mix of retail and lifestyle amenities.

Customers can also benefit from the unique payment plans that have been tailor-made for the event. Initially, customers only have to pay 5 per cent of the total value as booking fee, followed by 15 per cent by September 2008. For completed projects and those to be handed over in the next six months, the final payment can be made after 188 days. For other projects, customers have to pay only 25 per cent after 188 days followed by the rest on completion.

Mr Saif Al Mansoori, Sales Director, Emaar Properties, said: “This sales campaign gives investors the opportunity to commemorate their purchase on a date that has special significance. From the sheer exclusivity and luxury associated with homes in Burj Dubai to the aesthetic environment offered by Polo Homes, the properties on offer will appeal to connoisseurs who are keen to invest in some of the most prestigious properties in Dubai.”

He added: “The special ‘188 days’ payment plan also provides investors an interesting payment option, making the purchase on 08/08/08 truly memorable.”

Potential customers can call toll-free 800-EMAAR (36227) or log on to www.emaar.com for more details on the various projects that are offered for sale.

While Emaar’s residential projects are marked by modern finishes, luxury fittings and state-of-the-art telecom and Internet connectivity, the communities also offer residents the lifestyle advantages of children’s play areas, swimming pools, health & fitness facilities, community centres and ease of access to shopping malls.

Downtown Burj Dubai is Emaar’s flagship project featuring homes, commercial space, hotels, The Dubai Mall and leisure amenities. Dubai Marina is the first and largest of its kind waterfront development in the region, and Arabian Ranches is an established community set amidst the Arabian Ranches Golf Course and Dubai Polo and Equestrian Club.

Plus Properties, a leading property developer in the Middle East, has signed an AED 400 million contract with Taahud General Contracting Co. for the construction of the prestigious SkyGardens project in Reem Island, Abu Dhabi.

The agreement was recently signed by Georges Chehwane, CEO of Plus Properties, and Adel Noueis, General Director of Taahud General Contracting Co. This agreement with Taahud paves the way for commencement of construction of SkyGardens, which is set to become the most prestigious waterfront tower dotting the Abu Dhabi skyline.

Taahud has quickly emerged as a major player in the local construction market, securing a string of prestigious projects. The Abu Dhabi-based company’s core management team consists of reputed industry professionals who have decades of experience in the local and regional construction industry.

The SkyGardens is an iconic residential waterfront property designed by world-renowned architect James Law, and comprises a selection of one, two and three bedroom deluxe apartments, exclusive garden apartments and sky garden duplex villas. Nestled in a quiet and upscale marina neighborhood at the Reem Island, the project is only a bridge away from downtown Abu Dhabi and just 20 minutes from the Abu Dhabi airport. The duplex villas at the SkyGardens each come equipped with private swimming pools, suspended gardens and luxurious interior and exterior finishing. All units of the project are conceived to have a sea view, and villas enjoy a 360 degree panoramic view extending from the sea to Abu Dhabi’s elegant skyline.

Enabling work on the SkyGardens project has already begun, and construction is set to commence shortly.

Realty Capital Middle East FZ LLZ has announced that it has cooperated with their main contractor Al Naboodah to improve the resources on its AED 1 billion ‘i-Rise’ project to compensate for a global shortage of building materials and ensure on-time delivery of the prestigious business complex, currently under construction in TECOM Site C.

Realty Capital is closely coordinating with Al Naboodah to properly address the impact of a widespread shortage in concrete and thus maintain the scheduled 2010 i-Rise completion date.

 “We have impressive growth plans which do not leave room for delays to i-Rise. This flagship project is essential for us to sustain the momentum of our rising market reputation,” said Marwan Mansour, CEO, Realty Capital. 

“The recent resources augmentation keeps our construction on track and reduces the impact of restricted construction material supplies. Critical decisions such as these are making i-Rise a model not only of good construction but of professional project management as well,” concluded Mansour.

Realty Capital Middle East FZ LLC is a strategic partnership between Rasmala Investments, a regional investment bank head quartered in Dubai International Financial Center (DIFC) with subsidiaries in Riyadh, Cairo, Muscat and London; and Khayyat Investments, a prominent UAE-based group with a wide range of national and regional activities.

Al Faraa Properties, the flagship subsidiary of the Al Faraa Construction, Industrial and Property Group, has bagged the prestigious ‘Best Development’ award for its inaugural project - ‘Le Grand Chateau’ at the ‘CNBC Arabian Property Awards 2008’. The award is in recognition of the developer’s achievement in adopting top quality construction standards and in affirming the competitiveness of Dubai-based developments among other landmark projects across the Gulf region. The developer is set to receive the award at a gala dinner, which will be held at the Madinat Jumeirah, Dubai on October 19, 2008.

A distinguished panel of professionals from across the globe have evaluated each of the contenders’ qualifications and achievements. Chaired by Eric Pickles, British Shadow Secretary of State, the Board of judges included Omer Ghani, Director of Sales, CNBC Arabia and Imtiaz Farookhi, Chief Executive, National House Building Council. Representatives from several international real estate and construction organisations have also participated in the judging process, including Wilhelm Harnish (Master Builders of Australia), Kirkor Ajderhanyan (French Real Estate Federation), Ed Binkley (BSB Design USA), Tyler Clay (FIABCI USA), Hans-Ulrich Berendes (FIABCI Germany) and Alejandro Escurdero (SIMA).

In addition, a number of high profile members from the media have also served as judges, including Helen Shield (International Homes Magazine), Phil Spencer (Channel 4), Samantha Braniff (Sydney Morning Herald), Graham Norwood (Daily Mail), Jill Keene (Homes Magazine) and David Hoppit, a property writer. Top private architecture and design firms also had a hand in picking the winners, represented by Raul Curiel (Aukett Fitzroy Robinson), Oliver Richards (ORMS Design) and Christian Kalin (Henley & Partners Zurich). Peter Bolton King and Christopher Hall (National Association of Estate Agents), Thijis Staff (International Consortium of Real Estate Agents Association), Diana Yakely (British Interior Design Association) and Tad Zurlinden (Association of Relocation Professionals) complete the panel of judges.

“This award reflects our continuous commitment to customer satisfaction in terms of quality benchmarks and also highlights our proven credibility in the field of construction and property development. Further, our Group’s rich heritage and experience of over 28 years in the UAE’s construction sector, coupled with the excellent track record of having delivered over 400 projects, inspires us towards greater heights. Our main focus lies in achieving success in all our endeavours with an underlying emphasis on quality and excellence,” said Natasha Gangaramani, Director, Al Faraa Properties. “‘Le Grand Chateau’ marked our initial foray into the market and has demonstrated our top-level quality and design standards, based on which we aim to build an acclaimed name in the region. Winning this award is indicative of the success, which we are striving to accomplish, and is also a motivation for us to continuously achieve excellence in all our future projects.”

As the winner of the much-coveted award, Al Fara’a Properties is now the bearer of the esteemed CNBC Arabian Property Awards mark, which will serve as a badge of merit that underlines its unmatched competence in property development. This symbol of excellence will be recognised and appreciated by the public who are becoming increasingly well informed and discerning about the properties they seek to buy, thereby opening up doors for further growth for the developer.

“We believe that our vision for cutting-edge concepts, our highly professional approach in dealing with our customers and our commitment to deliver our project on time have contributed to this enormous success. More importantly, we have managed to exceed all of our customers’ expectations by providing true and utmost concern for their interests, whether in terms of delivering units that complements their needs or in ensuring excellent investment returns. We are proud to have carved our place in the rapidly expanding market, and we are continuously looking at ways to further enhance our deliveries and services,” concluded JR Gangaramani, President and Executive Chairman, Al Fara’a Construction, Properties & Industrial Group.

Deyaar Development PJSC, the region’s fastest growing real estate company, announced today that it has signed an agreement with the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, to assume the development and management rights for One Za’abeel, an iconic 36-storey mixed-use development located at the World Trade Center roundabout in Dubai.

Under the terms of the agreement, ICD will continue to own the project, which will be developed and managed by Deyaar. One Za’abeel was launched in June 2008 in line with ICD’s vision to identify and develop unique opportunities that will enhance Dubai’s position as an international city of excellence. One Za’abeel will consist of three separate residential, commercial and hotel towers interconnected at the top and have a common podium at the base. Construction at the site is set to commence shortly with completion scheduled for 2011.

The agreement further consolidates the position of Deyaar’s property management division as the development manager of choice for high-profile projects in the UAE.

Highlighting the strong growth of the company’s property management division, Saeed Al Qatami, Deyaar’s Managing Director – UAE Business, said: “Since the company was launched, Deyaar’s property management division has evolved from an institutional property manager focused on the management of Deyaar properties to a large, multi-client property manager in the public domain.

“Not only has the division taken on a bigger portfolio of properties to manage, it has been extremely successful in the process, helping property owners to maximise the return on their assets. This agreement with ICD demonstrates the high level of trust and confidence that Deyaar’s property management division enjoys among key property owners in the region.”

Khalifa H. Al Daboos, Director Investments, ICD, said: “Due to its central premium location at the end of the old business district and at the beginning of the business growth corridor on Sheikh Zayed Road, One Za’abeel is poised to become a symbol of Dubai’s rich trading roots, as well as its rapid rise into a modern international financial and business hub. It was extremely important in this respect that strong partners are brought onboard to deliver the highest quality of construction and services.

“Deyaar has established itself as a principal performer in property development and management in the UAE with a proven track record of enhancing investor returns and simultaneously providing comprehensive ancillary services and care to its customers and tenants,” he added. “We firmly believe that together we can develop a landmark that will be an icon in the emirate’s rapidly growing real estate landscape.”

In a first for the region, a highway will run through the development. One Za’abeel will also be in close proximity to two Metro stations. The unique complex will include a residential tower with 450 apartments, a five-star hotel tower with 370 rooms and a commercial tower offering 500,000 square feet of office space.

Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), celebrated the achievement of SR1 billion from sales of residential units within the first phase of the mega-project. The robust performance was backed by the launch of several new projects worth SR130 billion by the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud during his visit to KAEC in June.

Emaar.E.C held a celebratory event to mark the landmark performance of the company attended by all staff members of the company. At the event, all the highlights of the first-half of 2008 were showcased to give attendees a detailed scope of the achievements. A film on the visit of King Abdullah and the progress made on the project was showed to the audience, and several companies partnering with Emaar.E.C on the mega-project were honoured.

Mr Fahd Al-Rasheed, Chief Executive Officer and Board Member, Emaar.E.C, said: “The achievements of the company in meeting the founding objectives of KAEC reiterate the mega-project’s important role in further enhancing the socio-economic prosperity of the Kingdom. It also puts the spotlight on SAGIA’s Vision 10x10 to make the Kingdom one of the top 10 competitive nations in the world. The overwhelming sales response highlights the trust of our stakeholders and that of the general public in the project.”

He added: “We thank the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud for his patronage to the project and to SAGIA for their continued support. This has helped us to position KAEC as a truly international project that will be a landmark in mega-project development for not just Saudi Arabia but also for the entire region. We also thank our stakeholders – the various partnering companies, contractors and our customers – for their continued trust in us.”

At the ceremony Mr Joseph Kilar, Chief Operating Officer, Emaar.E.C, gave an updated presentation on the various projects that will be completed by end 2008.  He reinforced the importance of working together as a team and keeping up with the schedule as per international standards and quality practices.  He added that these elements were crucial to the success of the achievements of the company during the first half of the year, and said that efforts will be doubled to complete KAEC as per the time-frame.

Mr Imad Hashem, Senior Director of Communications & External Relations, Emaar.E.C, said: “Emaar.E.C is currently looking to further enhance our team with new members. This underscores our commitment to create promising job opportunities in the Kingdom. This year, we have already recruited 65 key personnel from 16 nationalities. Saudi Arabian nationals, today, form 64 per cent of our employee team. We also plan to launch several corporate social responsibility initiatives and an Investor Relations programme shortly.”

Emaar.E.C had launched the first phase of KAEC including the Industrial Zone, Sea Port and Residential Communities to overwhelming investor response. The launch of Bay La Sun Village, the first integrated residential community, and Esmeralda Suburb, a town house and golf community, had earned international investor response with strong sales at a roadshow in Dubai too.

KAEC also added on key investment vehicles and growth engines such as the Plastics Valley in the Industrial Zone, and flagged off several Knowledge Industry projects such as infrastructure work on the Smart City. Significant additions to KAEC in the first-half include the Healthcare City, Media City, Science Research Complex, Environment Protection Centre, Cadre Technical City for human resources development, Thunderbird Middle East University and Colombia University. Emaar.E.C also strengthened the Resort Zone with projects such as the Ritz-Carlton Hotel & Resort and convention centre, Bay La Sun Hotel & Mall and the Holiday Inn Express Hotel.

The Tiger Woods Dubai, a member of Tatweer, today announced it is offering potential buyers an opportunity to submit bids on five premium plots in the development.

The exclusive plots include two luxury villa plots, each spanning 30,140 sq. feet with spectacular lake views. In addition, there are two mansion plots spreading over 50,323 sq. feet each, and a palace land sprawling over 100,645 sq. feet, all offering sweeping lake and golf course views and an inimitable setting for upscale living. The deadline for bid submission is August 12, 2008.

Abdulla Al Gurg, Project Director, The Tiger Woods Dubai, said: “Based on our phenomenal sales record and early success stories, we are offering this closed bid as a rare opportunity to own premium plots on The Tiger Woods Dubai. The grandeur and scale of the project is complemented by superior standards of quality, making The Tiger Woods Dubai one of the most highly anticipated developments in the region.”

Shaping is in progress for the 7,800 yard, par 72 championship-quality course, which will include dramatic elevations, stunning water features and an overall design programme that will challenge and entertain golfers of all skill levels. Over one million sq. feet of sprigs for the turf have been planted at the nursery and will be ready for harvest by mid-August.

Tatweer recently announced a partnership with the acclaimed Lebanese designer, Elie Saab, for crafting the interiors of The Hotel at The Tiger Woods Dubai, an exclusive AED600-million signature hotel within the development. The 360,000 sq. feet luxury boutique facility will include 89 suites and 14 bungalows in sizes varying from 1,600-9,500 sq. feet. The Hotel at The Tiger Woods Dubai will target top-tier clientele and boast a 10,000 sq. foot swimming pool, as well as one of Dubai’s most exquisite spas.

Scheduled for completion in 2009, The Tiger Woods Dubai is fast taking shape as an exclusive golf community encompassing a professionally-staffed golf academy, a 139,000 sq. feet clubhouse with premium amenities, and a high-end destination spa.

Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group, today announced it has signed an agreement with US-based Starwood Capital Group to develop a AED2.5 billion (USD 680 million) Baccarat Hotel and Residences at Dubai Pearl.

The signing ceremony took place in the presence of Abdul Majeed Al Fahim, Chairman of Pearl Dubai, and Barry Sternlicht, Chairman, Starwood Capital Group.

Scheduled for completion in 2011, the AED1.5 billion (USD 408 million) Baccarat Hotel will cover an area of 500,000 sq. feet and boast 342-rooms. The AED 1 billion (USD 272 million) Baccarat Residences, featuring elegantly designed apartments over 300,000 sq. feet area, will also bear the inimitable stamp of the Baccarat brand within its aesthetically crafted interiors. A Baccarat style boutique featuring top tier global brands will additionally define the luxury component of the development.

Abdul Majeed Al Fahim said: “Dubai Pearl’s partnership with Starwood Capital Group is in line with our long-term strategy to develop a diversified portfolio of world-class real estate projects that focus on offering a rich experience to our patrons. Dubai Pearl represents a landmark destination incorporating a quality urban lifestyle. Complementing this stature, the Baccarat Hotel and Residences will reflect the brand’s singular blend of art and glamour and enhance the dynamics of the local environment.”

He added: “Our partnership with Starwood Capital Group is an ambitious collaboration, but one that is backed by the enthusiasm and passion of two partners with a like-minded commitment for innovation and excellence.”

Mandated to fashion the interiors of the Baccarat Hotel and Residences, the renowned French brand will bring to the development its unique and exclusive interpretation of sophisticated Parisian chic and contemporary elegance.

Barry Sternlicht said: “Baccarat Hotels and Resorts will personify the pride and impeccable attention to detail that has made Baccarat one of the world’s select few names that define and shape luxury.

“For centuries Baccarat has built a reputation of providing elegant luxury products offering unparalleled beauty and flawless brilliance, and now we are thrilled to have the opportunity to craft these same elements in a prestigious destination such as Dubai Pearl.”

With a lineage of more than 250 years, Baccarat has been synonymous with luxury, hand-crafted quality and the unending pursuit of perfection. The first announced Baccarat Hotel project will open in 2010 at Wailea in Hawaii. Baccarat is scheduled to roll out several other developments in the Caribbean, Europe and the Far East.

With a built-up area of more than 15 million sq. feet, Dubai Pearl will combine an active business district with a quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.

The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums. It will also feature tower and boutique offices and renowned hotel brands. Contributing to the growing cultural calendar within the emirate, Dubai Pearl will boast a 2000 seat state-of-the-art theatre, a luxury fashion precinct within a premier shopping mall, as well as cinemas and gourmet restaurants.

Select Group, a leading private developer of luxury residential property in the UAE, today announced the launch of its AED 5.5 billion private island development, Aquitainia, on The World archipelago promoted by master developer, Nakheel.

Aquitainia, which combines the islands of France and Spain, was recently acquired by Select Group in a 50/50 joint venture with the UK-based property company, Select Property.  Select Group and Select Property have worked together on hugely successful projects since 2004.

Unveiling the details of Aquitainia, which will be spread over almost 1million square foot across the two islands, Mr. Rahail Aslam, CEO of Select Group said: “It is an honour to launch this development on The World.  Aquitainia is a signature project on our AED 10 billion portfolio of freehold properties in Dubai and is yet another significant move affirming our belief in guaranteed and sustained value escalation of waterfront properties benefiting investors from excellent ROI.”

Due for completion in 2012, the development is a collection of 816 units, ranging from one and two-bedroom suites, three-bedroom penthouses, land and water villas, all offering incredible views.  In addition, a 75-room boutique hotel, which will be operated by a five-star internationally renowned hotel brand, will service the suites, penthouses and villas spread across the islands.  Aquitainia will also have numerous marinas with berths for hundreds of boats.

Starting prices on Aquitainia for one-bedroom suites are from around AED 3.64million – available with a 15 year guaranteed payment plan, all with funds secure in Escrow.

“Aquitainia is one of only a few islands ideally located just a short distance away from all four of the transportation and commercial hubs.  The closest hub is only a few minutes away, yet the island is secluded enough to maintain its tranquillity and provide privacy for its residents,” Mr. Aslam said. 

He said the name Aquitainia is derived from the province of Galia Aquitainia from the Middle Ages. The province, combining Spain and France was surrounded by great beauty with white sandy beaches embracing the Atlantic Ocean on its western side and the Pyrenees mountain range towards its south.  The development of Aquitania is situated in a similarly ideal location at the centre of The World, occupying the islands of France and Spain. 

The project, influenced by the elegance of France and the Mediterranean passion of Spain will be one of the most architecturally beautiful projects, combining the two islands together by a pedestrian walkway. Both islands have ocean front views to West Africa, the northern islands’ of South America and the Eastern United States with France and Spain at the centre of The World, ensuring residents easy access to  the idyllic island shores. 

The properties on France are situated within three different areas - Monaco, Cannes and St Tropez while the areas within Spain include Marbella, Barcelona and Madrid.

“The development will offer a lifestyle that is unattainable anywhere else, offering investors the opportunity to obtain a sure capital investment in a growing market that continues to grow from strength to strength,” Mr. Aslam said, adding that it “will be the height of expressive and contemporary design, complete with modern architecture boasting rooftop plunge pools and private berths undoubtedly distinguishing itself from any other development in this most exclusive and famous address in the world.”

Master developer Nakheel constructed The World from 300 land masses to recreate the shape of a world map. Located four kilometres off the coast of Dubai, Aquitainia  will capture investors’ imagination with its innovative design and promise of high return on investment.

With domestic property sales as the prime driver, Emaar Properties PJSC recorded first-half 2008 net profits of AED 3.315 billion (US$ 0.902 billion), a marginal growth over half-year 2007 net profits of AED 3.279 billion (US$ 0.893 billion).

Net profits in the second quarter (April to June) of the year grew 7 per cent over second quarter 2007 net profit of AED 1.558 billion (US$ 0.424 billion) and is similar to the first quarter 2008 profits.

Revenue for the first six months of the year is at same level as half-year 2007 revenue of AED 8.203 billion (US$ 2.233 billion). The revenue for second-quarter 2008 (April to June) is AED 4.240 billion (US$ 1.154 billion), 7 per cent more than the first-quarter 2008 revenue of AED 3.961 billion (US$ 1.078 billion).

Earnings per Share (EPS) for the first six months of the year is AED 0.54 with the annualized EPS for 2008 being AED 1.08.

Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: “Globally, the first-half of 2008 was marked by recessionary trends and mounting inflation. For a property developer of Emaar’s geographic outreach, this period also meant greater exposure to the market challenges of rising prices and reduced consumer spending. However, Emaar’s results for the six months prove the robustness of our long-term strategic Vision 2010 to focus our growth efforts in the emerging markets of the region and Asia.”

“Emaar, as part of our commitment earlier to our stakeholders, remained focused on long-term revenue and profits and resorted to sale of developed properties rather than land sales. This has earned excellent results across and also positions us well to further build our development portfolio and extract long-term value for our shareholders. Markets like India, Morocco, Saudi Arabia, Egypt, Syria and Turkey not only yielded strong domestic sales but also attracted sizeable international sales – especially at roadshows held in Dubai,” he said.

Mr Alabbar explained that one of the core areas of Emaar’s growth in the first half of 2008 was in further strengthening its diverse business portfolio. While Emaar Malls Group recorded overwhelming retailer response for The Dubai Mall, set to open later this year, Emaar Hospitality Group unveiled ‘The Address Hotels & Resorts’, Emaar’s own five star premium hotel brand. Emaar Healthcare Group joined hands with Methodist International in the US to open hospitals in the Middle East and North Africa (MENA) region and Turkey, and Emaar Education announced plans to launch a Hospitality Training Institute, and expanded its geographic reach to Saudi Arabia.

Mr Alabbar said that Emaar’s growth strategies reiterate the commitment of the company to its stakeholders in enhancing value generation. “We are on the road to achieving our Vision 2010 to become one of the most valuable companies in the world. This has been made possible for Emaar, which is a little over ten years old, due to the trust of our shareholders in us. In the coming months, Emaar will continue its focus on its existing markets and further strengthening our new businesses.”

Robust domestic performance

Emaar’s UAE projects continued to contribute strongly to first-half 2008 revenues with the company’s launch of new residential and commercial space in Downtown Burj Dubai and Asmaran gaining overwhelming investor response. Emaar had unveiled several architecturally elegant towers including M Burj Dubai, Stand Point, Burj Place and The Mansion, among others, in the mega-project in Dubai – all of which were very successful.

Adding to the lifestyle appeal of Downtown Burj Dubai, Emaar also unveiled a water-fountain on Burj Dubai Lake with a total development value of AED 800 million (US$ 218 million). The water, light and music spectacle is poised to be one of the city’s major tourist attractions expected to draw over 10 million visitors annually.

In the second quarter of 2008, Emaar posted record sales of AED 8.9 billion (US$ 2.42 billion) in the UAE including AED 2.4 billion (US$ 0.65 billion) relating to Asmaran, the JV with Bawadi LLC – an increase of 59 per cent over first-quarter 2008 sale of AED 5.6 billion (US$1.525 billion).

Impressive international inroads

A high-point in the first-half of 2008 for Emaar was its expansion to China with the signing of a MoU with Shanghai China-News Enterprise Development Limited, a Chinese government entity and subsidiary of the People’s Daily Shanghai branch. Emaar also consolidated its presence in South East Asia with the opening of its office in Indonesia and signed a joint venture with Bali Tourism Development Corporation to develop the Lombok Island Project – a mixed-use undertaking. Emaar also launched sale of its projects in Saudi Arabia, Turkey, Morocco, Syria and India in the first-half of 2008 in Dubai – all gaining strong investor response.

King Abdullah Economic City, the flagship project of Emaar’s Saudi Arabian venture Emaar, The Economic City, emerged as a preferred foreign investment destination in the first-half of 2008. The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz Al Saud endorsed the progress of the mega-project during his visit to KAEC in June. He also unveiled several new initiatives – including the Plastics Valley in the Industrial Zone, Healthcare City, Media City, Science Research Complex, Environment Protection Centre, the Cadre Technical City for human resources development, the Thunderbird University and Colombia University.

ACI Real Estate’s bold move to gain world class celebrity endorsement for its property developments in Dubai may have been non-conventional but it seems to have paid off in a big way. In a star-studded event celebrating the who’s who of UAE’s property development, ACI Real Estate sealed the deal with “Best Branded Development Award 2008 for its “Michael Schumacher Business Avenue” project. The fiercely contested category included other high profile nominees from other leading developers including Emaar’s Armani Hotel and Emirates Sunland’s Palazzo Versace Dubai.

“In any business, meaningful differentiation is what elevates a brand from good to spectacular,” said Robin Lohmann, Managing Director, ACI Real Estate, who masterminded the company’s strategy of launching celebrity branded properties in Dubai, probably a world’s first. “This award is a vindication of our vision to create landmarks in a city that itself has few peers in the world.”

The first Arabian Property Awards, organized by regional publishers ITP, will be an annual feature, recognizing excellence in the real estate industry.

The Michael Schumacher Business Avenue located at Dubai’s Business Bay, is a mixed used commercial tower that rises 29 floors and offers prominent office spaces coupled with generous views of the world’s tallest building, Burj Dubai. The tower offers high-tech facilities with state of the art design that adheres to global standards.

Updating the media on the highly publicized Trilogy project – of which the ‘Michael Schumacher Business Avenue’ is one part - Lohmann added, “This award means a lot to us as - we see it is a win for the whole Trilogy concept. What’s more it lends testament to the power of teamwork and collective ambition – just as in any Formula 1 race.” The Trilogy comprises three iconic projects and includes the ‘Boris Becker Business Tower’ and the ‘Niki Lauda Twin Towers.’

The panel of judges comprised editors and journalist from ITP’s exdtension legion of titles

Recently launched property development company, Define Properties, has assigned specialist international consulting group, Harrington Middle East, to assist the company in redefining the property development practice and increase its organizational performance.

Define Properties officially launched early last month, announcing that it had sold its first complete project, off plan, after enabling works had begun, vowing that it was here to do “the right things, the right way”. 

President and CEO of Define Properties Tarek Kandil says that Harrington Middle East’s appointment reinforces Define Properties’ strategy in the market and positions it as more than just another Dubai based property developer.

“We entered the market this month with a stated vision of doing the right things, the right way. Our signing with Harrington Middle East is the first step towards confirming that we intend to back our words up with solid actions and execution mechanisms,” says Kandil.

“As a first move since our Corporate Launch, we will work on building and strengthening our internal systems before we move onto anything else.”

 “Harrington Middle East, headed by Dr. James Harrington, is one of the most respected and highly regarded consultants providing consultation on performance management and business excellence. With the Harrington team on board we will be sure to do the right things, the right way.”

Harrington Middle East is to provide Define Properties with a full range of services including performance management and knowledge solutions. Together with Define Properties, Harrington Middle East will revise the business cycle to balance between speeding up the development process and achieving the best quality of deliverables.

It is believed that excellent knowledge management will be a key to the breakthrough approach that Define Properties is engaged in with its desire to be the most competent real estate developer in the UAE.

As CEO of Harrington Middle East, Dr. James Harrington believes that Define Properties’ “well thought out approach to property development management is very much in line with Harrington Middle East’s approach to effective and efficient management of processes”.

“I have reached a point in life where I can be very selective about the assignments that I accept,” he says. “I only accept those assignments I believe will break new ground and embrace creative open minded concepts, that add real value to the consumers and investors.”

“During my many conversations with Tarek Kandil, he has convinced me that he wants to challenge the paradigms that the property development community has been following. He wants to set new benchmarks in providing high quality projects in record building time, at reasonable costs.”

“Both of us are committed to doing the right things right, every time,” adds Dr. Harrington.

Hydra Properties, the leading UAE-based international property developer, today announced the completion of 65 per cent of the excavation and land leveling work for Eve’s Tower, the world’s first exclusive tower for women entrepreneurs, located at Downtown in Dubai’s Business Bay.

Reaffirming his commitment to remain as a real estate trendsetter, Dr. Sulaiman Al Fahim, the Chief Executive Officer, Hydra Properties, said: “Eve’s Towers at Business Bay is very high among our list of priorities. We have conceptualized the building as a tribute to the nurturing spirit of womanhood, world over. I’m confident that the tower will lead to a new awakening and unleash the latent entrepreneurial talent of UAE women and contribute to the overall growth of the nation and region.”

Giving a micro view of the project, Eng. Mahmoud Saad, the Construction Manager, Hydra Properties, said: “Hydra Properties has made much headway in the initial phase of the project and is going ahead of schedule to complete the excavation work. Already, guide walls for the six basements floors have been laid.”

Eng. Saad added: “The excavation work is expected to finish by the end of July, 2008. Once that objective is met, work will start on pillars for all towers and is expected to be completed in two months. The next stage, then, will be set for the construction to commence.”

The project is expected to be completed by 2010, and is executed by Middle East Foundations Company while National Engineering Bureau acts as the engineering consultancy.

Eve’s Tower is part of the iconic Hydra Towers Project that comprises five uniquely shaped, high-rise towers that will be at the core of the largest commercial hub in the Middle East, Dubai’s Business Bay.

The sleek design and hi-tech facilities of the Eve’s Tower will go a long way to complement the ambitions and strategic outlook of today’s women of substance. Rising 20 floors and facing Burj Dubai, the tallest building in the world, Eve’s Tower will resonate with the aspirations of the businesswomen.

Hydra Properties has blazed a new trail by raising landmark projects across the continents, stretching from Hydra Waves in Mexico to Al Aqeeq Marina in Kuwait. Hydra Properties’ major ventures in the UAE include Hydra Village Abu Dhabi, Hydra Avenue Towers, Hydra 55, Marina Spirit, Abu Dhabi Golf Walk, Hydra Corporate Towers, Hydra Heights, Hydra Downtown Towers Dubai, Hydra Towers Business Bay Dubai and Hydra Twin Towers, Jumeirah Village, Dubai.

Today, the Trump Organization, one of the world’s leading property developers, launches the sales of penthouses in the Trump Soho Hotel Condominium New York exclusively in the UAE.

The Trump SoHo Hotel Condominium project started sales in September last year and this exclusive property is the only luxury hotel condominium in Manhattan’s fashionable SoHo neighbourhood.  A hotel condominium provides a unique opportunity to own a unit in a hotel which can be rented out to guests when not occupied by the owner.  They are an ideal solution for international buyers who live away from New York but want a familiar place to stay when there.  The hotel is due to open next summer.

Donald J. Trump, CEO of the Trump Organization, comments: 

“Last week I had the honour of globally launching Trump International Hotel & Tower Dubai, currently being built on Palm Jumeirah.  With The Trump Organization’s continued growth throughout the Middle East, we thought it was only fitting to bring sales of our unique Trump SoHo penthouses to the UAE.  Our penthouses are the most desirable places to stay in New York City, and will provide one of the most luxurious hotel experiences available anywhere in the world.

Prodigy International’s President, Rodrigo Niño comments:

“There is a great desire among sophisticated Arabic buyers to invest in Manhattan. As they have already a strong participation in the real estate markets of London and other capitals in Europe, they want to consolidate their presence around the world by incorporating New York to their portfolio.” 

Of the 400 hotel condominium units, there will be 141 deluxe suites, 253 studio suites, five penthouse suites and one Presidential Suite. Some studios and deluxe suites can be combined to create luxurious two bedroom suites. Units will range in size from approximately 422 to 905 square feet with expansive penthouses and the Presidential Suite on the three highest floors. Owners will be able to choose from a range of panoramic views including the Hudson River, Statue of Liberty, Empire State Building and the Manhattan skyline.

Leading global real estate firm, Prodigy International, is the exclusive sales and marketing organization for Trump SoHo Hotel Condominium.  Prodigy International has an impressive track record of driving sophisticated international buyers to the most exclusive properties in New York, Miami, Dominican Republic, Panama, Mexico and Costa Rica, through a global network of brokers from locations around the world.

Providing residents in the UAE with a taste of the beauty and ethnicity of Lebanon, Plus Properties unveiled a US$125 million first-of-its-kind project - Beirut Towers, a luxury residential development that will be based within TECOM in the International Media Production Zone, Dubai. 

Tastefully designed by renowned consultancy firm Agostine & Rafael to depict the rich culture and heritage of Lebanon, Beirut Towers will consist of two towers - Ashrafieh and Verdun. Aiming to offer customers the ultimate lifestyle and leisure experience, the Towers will consist of over 23 floors each. Every floor will be named after a famous street in Verdun and Ashrafieh, two of Beirut’s most prestigious residential neighborhoods, teeming with vibrant shopping areas and high-tech business centers. Floor names in the Verdun Tower will include Verdun 730, Verdun 732, Bristol, Dunes, Ain Tine and Koraytem. Floor names in the Ashrafieh Tower will include Sodeco, Sursok, Monot, Sahet Sassine and Abdl Wahab.

Influenced by a unique architectural style reminiscent of Lebanon, the Towers will feature a wide range of studio, one, two and three bedroom apartments on single or duplex floors. Plus Properties will provide an array of financing options and the use of escrow accounts to potential tenants. The Towers promise to offer its customers a plush lifestyle and a host of unparalleled services and amenities.

The Beirut Towers will be located in the International Media Production Zone (IMPZ) in the heart of downtown Dubai. IMPZ seeks to create a unique cluster environment for media production companies from across the industry value chain, and from across the world, to interact and collaborate effectively. IMPZ will provide an environment of growth by building key facilities, investing in infrastructure, and forming a unique free zone that incorporates industrial, commercial, residential and community service projects under its mantle. The vast complex will be housed on a territory of over 43 million square feet of land. TECOM is the master developer of IMPZ.

IMPZ’s proximity to major road networks such as Sheikh Zayed Road, Emirates Road and Al Khail Road and other landmarks such Dubai Media City, Dubai Knowledge Village, Dubai Sports City, Mall of the Emirates and the upcoming Al Maktoum International Airport will also constitute a major strategic advantage to tenants.

“We are committed to developing quality living and leisure concepts with high business potential at our carefully chosen properties across the region. The keen interest we’ve received for our projects epitomizes the recognition of our broader vision for a distinct lifestyle and creation of elite business and residential environments”, said Georges Chehwane, CEO of Plus Properties.

We envisioned the Beirut Towers as a project evocative of Lebanon and are confident that our latest offering will succeed in providing many residents of Dubai especially Lebanese nationals, with a taste of Beirut,” Chehwane concluded.

Hydra Properties, the leading UAE-based international property developer, showcased its iconic projects to the investment community in Asia-Pacific as the three-day Asian International Investment & Property Show (AIPS), began today in Seoul, South Korea.

The AIPS inauguration ceremony was attended by H.E. Sheikha Lubna Al Qasimi, UAE Minister for Foreign Trade, H.E. Mr. Jong-Hwan Chong, South Korean Minister for Land, Transport and Maritime Affairs, and a host of real estate luminaries.

The current edition of the AIPS focuses on the property and real estate sector in a growing Asia-Pacific market. Mr. Mohamad Al-Habech, Commercial Director, Hydra Properties, in his keynote address during the seminar on Emerging Markets in Asia, pointed out that UAE has fast emerged as the prime destination for global real estate investors thanks to an unprecedented property boom fuelled by a spectrum of factors ranging from soaring oil prices to friendly investor climate. Hydra Properties is one of the leading sponsors and exhibitors at the AIPS.

Dr. Sulaiman Al Fahim, the Chief Executive Officer, Hydra Properties, expressed hope that participation at the AIPS will contribute towards the growth of the company. “Hydra Properties seeks to enhance its brand equity as the finest real estate developer in the Asia-Pacific region with tangible global ambitions. Hydra Properties is always open to the exchange of ideas and we are keen to explore the potential for further growth and investment in the Asia-Pacific region.”   

AIPS has brought together in Seoul Asia’s potential investors, property developers, government and development authorities, leading architects, designers, consultants and key senior professionals involved in real estate industry.

Hydra Properties has blazed a new trail in the global real estate landscape by raising landmark projects across the continents, stretching from Hydra Waves in Mexico to Al Aqeeq Marina in Kuwait. Hydra Properties’ major ventures in the UAE include Hydra Village Abu Dhabi, Hydra Village Sharjah, Hydra Avenue Towers, Hydra 55, Marina Spirit, Abu Dhabi Golf Walk, Hydra Corporate Towers, Hydra Heights, Hydra Downtown Towers Dubai, Hydra Towers Business Bay Dubai and Hydra Twin Towers, Jumeirah Village, Dubai.

Diyar Al Muharraq, one of the biggest mixed-use residential urban developments ever undertaken by the private sector in Bahrain, was launched today with a spectacular aerial viewing of the 12-square-kilometre site of the future city. It is setting a benchmark in urban development in many ways, not least the physical scale and the expected number of planned properties standing at 30,000, which will house over 100,000 people on completion.

Situated on the northern shores of Muharraq, the development will be gradually released, with the first facilities ready for use in 2010. The developer’s vision is to create a unique city for the future, offering housing and a quality lifestyle. Diyar Al Muharraq is unique in offering an unprecedented lifestyle for people of all incomes to enjoy, as the pricing structure and choice of freehold properties makes it accessible to various income levels.

The urban development’s anticipated total investment value is BHD 1.2 Billion (US$3.2 billion) with Kuwait Finance House (KFH) as the major investor. Diyar Al Muharraq’s long term strategy includes support of the Ministry of Housing’s social housing programme.

The masterplan maps out a self-contained city with many accessible, landscaped public spaces, incorporating around 40 kilometres of waterfront which includes sandy beaches and a marina. This will be among the largest publicly accessible waterfront in the Kingdom. The development also includes numerous community spaces and facilities, abundant landscaping, a number of international 5-star hotels, a large shopping mall with extensive parking, a business district, and light logistic and support area.

Aaref Hejres, Chief Executive Officer of Diyar Al Muharraq, said: “Diyar Al Muharraq is signalling a new era and a proud future for Bahrain as it provides the stepping stones to meet all people’s aspirations of property ownership. It will embody the best of what people expect and deserve in both a home and a community.”

Mr Hejres continued: “As a Bahraini company, run by Bahrainis, we wanted to contribute to our community. This is the first time that a private developer in Bahrain has invested in a development that includes housing with many options, all of which will share the same high standard of living and amenities. Our goal is to be part of a concerted housing strategy for the Kingdom, and we are actively working towards securing close links with the relevant government departments.”

Diyar Al Muharraq has invested time to develop a detailed masterplan with internationally renowned consultants in conjunction with local government agencies.

“An urban development of this scale required us to thoroughly research many aspects including urban planning, amenities, infrastructure, and environmental measures among others. High level consultations have ensured that the necessary and appropriate approvals are in place. The result is a comprehensive and methodical plan to progress the many facets of Diyar Al Muharraq,” he added.

The substantial development will provide huge employment opportunities for local people combined with significant potential for investment across a range of residential and commercial properties. The city’s comprehensive community services will include recreational, educational, medical and retail facilities, all supported by a high standard of infrastructure services.

The urban development has dedicated considerable resources to develop a comprehensive environmental initiative that includes a selection of strategies to support marine life, fishing reserves and professional fishermen in Bahrain. This has been done in close cooperation with the environmental authorities.

Mr Hejres concluded: “Diyar Al Muharraq will set a benchmark for how new communities should be developed and how they should look. Our aim is to ensure that the city will fulfil its promise to offer a new way of living, one which is ahead of its time and unlike any other Bahrain has seen until now.”

SNASCO, master developer of the Sharjah Investment Center mega project, has launched plot sales within the project for the development of staff accommodation buildings.

This step follows the release and rapid subsequent sales of industrial and mixed-use plots in the project’s first and second phases.  Demand remains high for property in the SIC, which promises significant economic activity and growth for the emirate of Sharjah, both during its development and after its completion.

Mr. Saleh Nasser Al Sorayai, Chairman of SNASCO and of the SIC, said, “The progress of the SIC thus far has been phenomenal, as has the demand for property in this development, and the demand continues to grow.  Plots have thus far been snapped up as soon as they were released for sale, and with the launch of these staff accommodation plots, we expect to be extremely busy during the coming period”.

“Our vision for this portion of the development is a fully-equipped living area that provides residents with everything required for convenient living, while simultaneously maintaining the highest of standards in terms of quality and consideration for the environment,” Al Sorayai added.

The 32 million ft² development, strategically located between 2 international airports and just 10km away from Sharjah’s busy Al Hamriyah shipping port, offers a fully integrated and serviced community within a self-contained environment, including its own district cooling and sewerage treatment systems, as well as a recycling system for grey water, which will supply water for the development’s irrigation and fire fighting services, eliminating the use of healthy drinking water for these services.

Grading and leveling for the SIC was completed in December of 2007, and excavation, backfilling and the laying of pipes for the development’s sewerage network, as well as the storm water drainage and potable water networks at the end of March 2008, with further construction progressing on schedule.

National Ranges Company K.S.C.C. (Mayadeen), a listed Kuwaiti shareholding company, has signed five major contracts for its two projects in Shams Abu Dhabi project, Aurora and Dari.  

Cansult Maunsell - Project Managers; Beijing Construction Engineering Group - Main Construction Contractor; Emirates Technical Associates - Mechanical Electrical Plumbing Management Consultant Contractor; Yuanda Enterprise Group - Façade Contractor; and RW Armstrong - Construction supervisor, have all signed contracts to work on the Dari and Aurora projects.  

Situated on Al-Reem Island, off the northern shore of the capital, Shams Abu Dhabi is planned as a landmark project. The venture is one of the largest of its kind in the region and is planned as an all-encompassing contemporary real estate project that will cater to all facets of everyday life. 

Mayadeen Chairman Mr. Khalid Jassem Al-Wazzan said that the company signed these contracts with pioneer contractors; supervisors and consultant companies to show Mayadeen’s sincerity and commitment to the highest standards of quality in the field of project development.

“This is a milestone in Mayadeen’s journey to establishing itself as a key player in the property development industry across the region,” he said. 

Mayadeen CEO Eng. Naser Ali Al-Attar said “Mayadeen has been working very hard to partner with these distinguished institutions that will be responsible for turning the dream of building these projects into reality”.

“After a meticulous screening process, we are signing the leading contractors in the market to help make our projects in Shams Abu Dhabi a prestigious and significant development,” he said. “Aurora and Dari will feature unique aesthetic features which will add to the character of Abu Dhabi’s northern coastline.” 

“I can proudly say that today, our first goal has been achieved and now we move confidently toward our second goal: to grow our company’s shareholders value,” said Al-Attar.

“Mayadeen intends to work with the concept of quality and not quantity; we want all of our clients, shareholders and staff to be proud to deal with, or work for, Mayadeen,” he added. 

Both Aurora and Dari each consist of two high-rise residential towers reaching more than 200m high; all four residential towers comprise of apartments ranging from one – four bedrooms. Both projects will also include their own smaller commercial tower of 11 floors for Aurora and seven floors for Dari.

Cansult Maunsell is one of largest engineering, design and project management firms in the Middle East. They will provide industry leading expertise and capabilities that support the projects’ longer term operational and commercial viability.  

As both projects’ main construction contractor, Beijing Construction Engineering Group Co. Ltd, comprises of more than 200 companies and factories, engaged in architectural design, scientific research, construction, equipment installation and building material supply. 

Emirates Technical Associates (ETA, M&E Division) is a leader in the field of Electro Mechanical Contracting in the UAE. Responsible for all Electro Mechanical works in the four residential towers and two commercial buildings, ETA’s speciality ranges from air-conditioning and electrical works, through to lighting, fire, phone and CCTV systems.  

Yuanda Enterprise Group is a large-scale international leading enterprise group engaged in curtain wall construction, windows & doors, elevator manufacture, motor manufacture, environmental engineering and industrial coating. 

RW Armstrong is an American consulting firm specializing in architecture, engineering, design management and project management. As the lead consultant, RW Armstrong provided the design and site supervision services for the Development and managed the design development of the project starting from the concept design till the final design was developed.

Khuyool Investments, a leading Dubai-based property developer and investment specialist, has successfully concluded its participation at the Expo Italia Real Estate 2008 (EIRE) recently held in Fiera Milano, Italy, where it generated massive response from leading developers and various real estate entities from across the globe. With aims to tap into the growing base of investors from Italy and the rest of Europe who are interested in the Dubai properties landscape, the developer has showcased its AED 350 million ‘Stallion Tower’ Tower’ located in Dubai, in addition to its previously launched project, the AED 650 million ‘Abjar Tower’ at the event.

Backed with an extensive experience in developing high profile projects, Khuyool Investments has acquired a distinctive ability to identify projects with a high Return on Investment opportunities and the right mix of location and concepts. The developer leverages its valuable real estate knowledge by adopting best practices and the highest standards in conceptualising its high-value offerings, including its AED 650 million ‘Abjar Tower’, and the AED 350 million ‘Stallion Tower’, which was recently launched to coincide with the company’s anniversary. Owing to Khuyool’s unique service proposition and ability to offer tailored investment opportunities, the developer has received positive interest from leading investors and players within the Italian real estate sector.

“Italy is one of the strongest economies in Europe, and we consider it to be our gateway to enter and maximise the breadth of the European real estate market. Our participation in this event is in line with our corporate directive to utilize high profile events to explore investment opportunities abroad by demonstrating the promising investment opportunities in the local market” said Eng. Fahad Ali Mousa, Chairman, Khuyool Investments. “We are very satisfied with the immediate results of our participation, which include a number of promising partnerships initiated during the event, and we are eager to take these initial steps to the next level to reach more potential customers from Europe.”

The event also featured seminars and discussions, which gave participants an opportunity to deliberate at length specific issues of major interest to the sector, examine property market trends and present the latest projects and business opportunities.

“We identified the importance of building valuable partnerships with established businesses, which can expand our network to reach more globally-based customers. The reception generated by the key attraction at the our stand - our latest project, ‘Stallion Tower’, has been phenomenal, and is foreboding of Khuyool Investment’s potential in the fully leveraging the European market. Our participation in this event is part of our plans to take the company to the global level, as we currently look into establishing our presence in Syria, Kazakhstan, India and South Korea,” concluded Eng. Kussay Al Sheikh, CEO, Khuyool Investments.

Khuyool Investments has recently rolled out its AED 8 billion investment plan towards the development of a number of projects in the Middle East. The developer has outlined a strategic plan to launch projects within the UAE’s most in-demand master developments, including Jumeirah Village South and Downtown Jebel Ali. In line with this, the developer has recently purchased plots valued at AED 200 million within Dubai World Central (DWC), with plans to develop a mixed-use and residential complex within the urban land development.

The Cube is a unique project which provides condo residences with about 50 to 285 sqm, offering the full service of a hotel. It serves even highest demands as it does not only provide ultra modern apartments but also outstanding sports and lifestyle facility on two floors and an additional pool floor with amazing views. It includes a wellness & spa area with sophisticated sport-medical competence ready to cover needs of both top professional athletes as well as to health conscious people.

As a leading German development company BMG Group has chosen Dubai Sports City to be the site of their most exciting project yet. Under that purpose BMG has partnered with Schletterer Wellness & Spa Design for realizing an outstanding sports and medical spa concept.

Positioning the Cube as “the sports hotel” in Dubai the Wellness & Spa area high lightens its unique orientation because of its outstanding facilities and treatments. On 3.000 sqm external and internal guests will enjoy high class sports and medical facilities like cardio, weight, kinesis training as well as active exercise zones, physio therapist services and oxygen infusions. In addition to special therapy sections the spa will offer elements such an infinity treatment pool, signature sport & wellbeing treatments, ceremony treatment suites and a 4 Senses Spa Zone. Outstanding treatment and beauty facilities (Serail-, herbal-, steam- and salt inhalation bath, cosmetic and ayurveda treatments) as well as a holistic thermal & refreshing zone with bio sauna, laconium, floating sound pool, etc. will create well-being atmosphere on highest standards. By the beginning of 2010 the Cube should be completed.

“Dubai Sports City is not only a major development project – it is also an important asset for the region in attracting revenue and also contributing to a wider culture of involvement in sport,” Gerd Wuhlert, Managing Director, BMG Group.

Wellness and Dubai – two booming topics

The medical wellness development in the global tourism industry can’t be ignored anymore.   There will be multifunctional concepts which offer a number of treatments and therefore are top cost-efficient. Spa equipment shall increasingly address all senses, must be state-of-the art and blends in with the whole concept.

“In the future those spa concepts will succeed which focus on preventative health care. Medical examinations will soon be part of medical spas”, Dr. Gerald Huber, Regional Director UAE / GCC, Schletterer Wellness & Spa Design.

Dubai, being an incredible fast growing metropolis, the increasing people awareness of healthy nutrition, sports, mental balance, as well as the climate circumstances of course latest tourism trends needs to be considered and even be created. Under that purpose BMG partnered with Schletterer Wellness & Spa Design, known as innovative trendsetter in spa consulting and spa design, to create the best to cover all the guest demands in one competent, fascinating offer.

Unique low-oxygen spa

Supporting this trend BMG Group offers a unique selling point by implementing a ground-breaking German technology, which offers athletes an innovation in medical prevention and rehabilitation. This technology is used to increase red blood cells by reducing oxygen in the air, a situation only experienced at high altitudes.

Considering such sport and medical wellness aspects (vitality, relaxation, and wellness experiences, nutrition and sports medical programs) in one offer, the Cube clearly positions as a top sportive competence with outstanding health spa facilities. Athletes, football teams but also health and sport conscious people will find best circumstances for a healthy stay. Also the medical metabolic benefit of this high-altitude training (in view of diabetes therapy) is considered.

Schletterer grows Arabian presence  

With Dr. Gerald Huber as the regional director for UAE / GCC and his team Schletterer Wellness & Spa Design has already approached successfully the Arab world for years by demonstrating their international experience and appreciation of different cultures creating fascinating projects.

To guarantee an effective workflow as well as the highly quality-oriented service for clients, Schletterer Wellness & Spa Design runs a new office in Dubai. Next to Dr. Gerald Huber, Ms. Sarah Louise Lumley, senior consultant, works on a multitude of projects.

Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has launched seven commercial and residential towers collectively valued at AED 1.3 billion. The developer’s latest projects will be constructed within ‘Ajman Uptown’, an AED 2.5 billion community development, which will accommodate the first freehold residential villas in Ajman. In addition to seven (B+G+4) buildings, the township is also set to offer a total of 1,504 G+2 villas and townhouses spread over a total area of 4 million sq. feet.

With aims of providing investors with a wide array of residential units to invest in, Sweet Homes will be constructing five mixed-use luxury towers, including ‘Heliconia’, a 42,936 sq. m. building, which will boast of a total of 352 studio, one- and two-bedroom flats and 30 prime retail spaces on the ground floor; ‘Iris’, a 22,741 sq. m. development with 188 flats and 15 commercial spaces; and ‘Jatropha’, a 21,751 sq. m. mid-rise structure, which will house 184 residential and 14 commercial units. Set to offer 224 residential flats and 28 business spaces is ‘Kentia’ a 30,430 sq. m. project, along with ‘Ludisia’, which will offer 148 apartment and 14 retail units within it’s a total area of 17,321 sq. m.

"Our vision of establishing Ajman as a new real estate destination in the region is fast becoming a reality, and with the launch of these seven towers, which will populate the ‘Ajman Uptown’ community township, we are on track to achieving this ambitious objective,” said Fahad Sattar Dero, CEO, Sweet Homes Group. “We are definitely looking forward to opening Ajman Uptown’s doors to investors who are seeking to acquire high value property developments. Our efforts are focused towards delivering the towers on schedule, which is part of our commitment to deliver cost effective developments to a wide segment of potential investors.”

Ajman Uptown will also incorporate two office towers - ‘Freesia’ and ‘Gardenia’ - which will offer an ideal location for commercial and retail spaces due to the projects’ prime location, accessible directly from the Emirates Road and adjacent to Emirates City. With a total built-up area of 20,733 sq. m., ‘Freesia’ will offer 152 offices and 13 showrooms; while ‘Gardenia’ will have a total of 212 offices and 16 showrooms within its 26,619 sq. m. built-up space. In addition, both commercial towers will also boast of a health club at the rooftop and basement parking.

The prime residential development will also include a school, a healthcare centre, a fire fighting station and several mosques. As a premier residential project that aims to nurture the homeowners’ health and well-being within its enclaves, the ‘Ajman Uptown’ project will also offer a health and recreation club, a swimming pool and a number of lush and spacious parks. A shopping mall, retail shops, boutique offices, a hotel and a food court will also surround the perimeters of the community, all of which will be connected by a single 1.15 kilometre pedestrian pathway.

“Providing the right mix of residential and commercial spaces, in addition to the presence of a complete range of facilities to cater to residents’ leisure, fitness, educational and social needs, all within an ideal location, was our inspiration in building ‘Ajman Uptown’. As we witness continuous progress in our current project, we are certainly looking at further leveraging the growing demand for built spaces in Ajman, in line with our aims to expand our operations and reach more customers through our expertise and novel concepts in real estate development,” concluded Dero.

Fully committed to delivering results, Sweet Homes’ diversified business activities have played an integral part in the growth of the real estate market in Dubai, Ajman and Ras Al-Khaimah. The developer has acquired extensive experience in the fields of general engineering and contracting, trading, real estate brokerage, marketing, selling and managing prestigious properties in the UAE. Through its widespread network of real estate contacts, Sweet Homes has built a name based on its professional and efficient services, in addition to its reliance on highly innovative technologies.

Saraya Islands, the luxurious mixed-use resort in the Emirate of Ras Al Khaimah, announced the signing of a management agreement with Nikki Beach EMEA Hotels and Resorts Limited, one of the world’s most recognizable lifestyle and entertainment brands, by virtue of which Nikki Beach will operate a five-star resort in Al Boum Island at Saraya Islands.

Expected to open by the end of 2011, the Nikki Beach Resort and Spa will accommodate 140 sea view rooms and suites, a Nikki Beach Club and pool bar, Spa and fitness facilities, an Ultra VIP Lounge/Club, two signature restaurants, as well as 160 serviced residences among which ten signature villas.  Beautiful by the nature that surrounds it, the unique thematic architecture and the turquoise waters that overlook it, the new Nikki Beach Resort and Spa at Saraya Islands will combine five-star service, luxury accommodation, design and ambiance with signature entertainment in an international jet set resort environment. 

“Saraya opts to partner with the best in each trade it is involved with, and our partnership with Nikki Beach Hotels and Resorts comes to translate this context.  The grand, exclusive and luxurious setting of Saraya Islands can be given a different edge with masters in the hospitality arena such as Nikki Beach.  Saraya Islands will always be the hub of excellence in everything it brings forth, and it shall leverage on this in its world class destination,” said Mr. Mahdhar Al-Tamimi, General Manager of Saraya Islands. “We are racing alongside our partners towards a future of prosperity and exclusivity.”

The Nikki Beach Hotels and Resorts located in the most glamorous destinations around the world offer an exclusive range of five-star amenities and services in enchanting settings, with ultra VIP service for all guests, offering signature Nikki Beach entertainment and interactive events that are heavily influenced by art, music and fashion, that have been the hallmark of the brand since its creation.

“After Aqaba in Jordan, this is the second property that we will be managing for Saraya, with whom we share the same vision and drive to deliver the best that the world of hospitality has to offer.  Our guests will be life long partners, as we will cater to their ever increasing expectations. Our formula for creating a luxury lifestyle experience will raise the bar for the elite global hospitality industry” said Jihad el Khoury, Chairman and CEO of Nikki Beach Hotels and Resorts EMEA.

Set in a unique strategic position between the majestic range of Hajjar Mountains and the Arabian Gulf, Saraya Islands comprises of the four natural islands of Al Boum, Al Marsa, Al Sahab and Al Wahat interconnected and linked to a main village with a network of resort like roads and bridges.  Saraya Islands occupies 5.5 km of long natural island, together forming a lagoon framed by the islands and its corresponding mainland site of approximately sixteen hectares.

Saraya Islands will feature palatial villas, lagoon townhouses, terraced apartments, world-class themed hotels, luxury spas and treats, serviced residential units all featuring private and semi-private gardens swimming pools, high quality retail and entertainment outlets, restaurants, an amusement water park, pedestrian bridges and roads, as well as bicycle and walking trails, and a marina.

Riffa Views Signature Estates today announced that 74 private and government schools in Bahrain have registered to participate in the  "Riffa Views Eden Challenge". With a total of 138 entries in the 5 relevant categories this competition is a superb vehicle to reach out to the local community by way of an educational and environmental initiative. This competition involves children from 6 to 18 years and the winning entries will be displayed at the Riffa Views Bahrain International Garden Show (RVBIGS) 2008.

The competition requires pupils to design and create artworks and schemes which demonstrate creativity, imagination and an awareness of environmental issues. The Challenge offers diverse learning opportunities to all school age groups and allows the potential involvement of a broad section of subject areas including, arts, science, technology, craft studies and history.  

Richard Browning, CEO of Riffa Views, commented: "We are excited to have launched this initiative since there has been great interest and support from both government and private schools in Bahrain. The aim of the Riffa Views Eden Challenge is to inspire Bahrains young generations to engage and interact with their environment. We encouraged children and teachers to commit to this project by bringing together teamwork and community spirit", mentioned Richard Browning, 

"To further augment international interest and excitement, Riffa Views has enlisted the services of Chris Beardshaw, famed for his BBC TV series and for designing award winning gardens. Chris will be playing an active role as the Riffa Views’ Ambassador for the RVBIGS 2008 and he will also be judging the competition", Mr. Browning added.

By participating in this competition, schools have also contributed to the future beauty of Bahrain, as Riffa Views will plant a tree for each school taking part. The tree will be planted at Riffa Views together with a commemorative plaque bearing the schools name. In addition, a tree will be donated to each participating school.

Schools participating in the”Riffa Views Eden Challenge”:

Abo Firas Primary Boys School, Ain Jaloot Primary Grils School, Al Amal Special Education Institute, Al Hekma International School, Al Hidaya Al Khalifa Secondary Boys School, Al Hoora Secondary Girls School, Al Imam Al Tabry Primary Boys School, Al Iman School – Boys, Al Iman School – Girls, Al Jazeera Primary Boys School, Al Khamees Primary Boys School, Al Khawarizmi Primary Boys School, Al Manhal Primary Girls School, Al Naseem International School, Al Noor International School, Al Nuzha Primary Girls School, Al Oroba Girls Primary School, Al Qayrawaan Intermediate Girls School, Al Wesam School, Alala Al Hadrami Primary Boys, Alala Al Hadrami Primary Boys, Amena bint Wahab Primary Girls School, Arabian Pearl Gulf School, Arabian Pearl Gulf School, Arad Intermediate Girls School, Arad Primary Girls School, Bangladesh School, Bilad Al Qadeem Girls School, British School, Budaiya Primary Intermediate Girls School, Buri School Primary for Girls, Dilmun School, East Riffa Girls Intermediate School, Fatima Al Zahraa Primary Girls School, Fatima Bint Asad Primary Girls School, Gharnata Girls Primary School, Hamad Town Intermediate Girls School, Hidd Intermediate Primary Boys School, Ibn Al Haytham Islamic School- Manama, Ibn Rushed Int. Boys School, Imam Ali Primary Boys School, Indian School – Isa Town, Isa Town Intermediate Boys School, Jidhafs Secondary Girls School, Khalid bin Al Waleed Primary Boys School, Khawla Secondary School Girls School, Muharraq Secondary Commercial Boys School, New Millennium School, Oqaba Bin Nafea School, Othman bin Affan Intermediate Boys School, Pakistan School – Isa Town, Pakistan Urdu School – Isa Town, Pakistan Urdu School – Manama, Palms Primary School, Quality Education School, Sabaa Primary Girls School, Sacred Heart School - Isa Town, Salahuddin Al Ayoobi Primary Boys School, Shaikha Hessa Girls’ School, Sheikh Isa Al Khalifa Comml Secondary Boys School, Sheikh Khalifa Institute of Technology, Sitra Primary Girls School, St. Christopher’s School –     Isa Town, St. Christopher’s School – Maqaba, Tubli Primary Girls School, Tubli Primary Boys School, Um Al Qura Girls Primary Intermediate School, Umaima bint Al Noman Secondary Girls School, Umm Salama Girls Intermediate School, West Riffa Secondary Girls School, Yathreb Girls Intermediate School, Zainab Intermediate Girls School, Zallaq Primary Boys School, Zallaq Primary Girls School and Zubaida Primary Grils School

For additional information please contact Abeer Abdullatif on 39602662 or email aabdullatif@riffaviews.com. Or Karla Solano on 36675995 or email ksolano@riffaviews.com

The property and real estate market in the UAE is developing at a very fast pace and has become one of the most highly expanding businesses. The UAE has become a cosmopolitan center, attracting businessmen and investors from all over the world and has increasingly become the focus of a high number of expatriates who come with their families seeking steady jobs and a luxurious but affordable lifestyle.

Many important factors have lead to this vast and swift development; the UAE’s secure and stable political environment, growing economy and the country’s openness in terms of cultural and social integration to name a few.  

In general, all of the emirates in the UAE are witnessing immense economical growth and an increased demand for luxurious residential compounds of world standards, paving the way for an enormous rise in competition, especially in property development.

One of the most rapidly growing is the Emirate of Ajman. It is the smallest of these emirates and is located on the west coast between Sharjah and Um Al Quwain and was the first emirate after Dubai to introduce freehold property in the UAE. A freeholder is considered the absolute owner of a land or building and has the right to occupy, use and enjoy his property forever or until he transfers it to a new owner. This new law has opened the doors to huge opportunities for expatriates to buy and own property in Ajman and to enjoy the most superior form of private property ownership. It has appealed to many investors within the UAE and the region and has encouraged planning for many top level projects in the property development business.

Within the various property development projects that have evolved in this tranquil but vibrant emirate is Ajman Corniche Residence, supported by Ajman government and one of Ajman’s most distinguishable highlights and residential freehold development projects. The project, owned by Barwa International, offers 100% ownership rights.

Ajman Corniche Residence is located on the Ajman beach road and very near Ajman’s surrounding shopping malls, entertainment centers and residential and commercial areas. It is strategically connected to all the emirates; 5 minutes away from the center of the city of Ajman, 10 minutes away from Sharjah and 30 minutes from Dubai airport. It comprises of seven interlinked towers containing 1 to 4 bedroom sea-view apartments from 1,344 to 5,909 square feet (125 to 549 square meters).

With its distinguished location on the gulf and its gardens and landscapes, Ajman Corniche Residence provides a vast and clear view of the waterfront surroundings making it a luxurious but affordable and ideal setting for residential purposes, commercial or investment. It is an attractive and serene escape from the bustles of a crowded city to a comfortable but luxurious modern lifestyle with extensive facilities and amenities. Amenitites include heath clubs, steam room, sauna, pool, relaxation area, children play grounds, a jacuzzi, anda pavilion. The project is expected to be completed early 2010.

Ajman Corniche Residence heads the Ajman government list of the main real estate and property companies participating in the expansion and development of the emirate of Ajman, the emirate which is successfully attracting the highest number of investors.

-END-

About Barwa

Barwa Real estate is one of the leading real estate companies in Qatar that has executed many leading projects in Qatar, GCC and Egypt. Its list of projects include Barwa Al Khour, Barwa sharq, Barwa Doha, Barwa Financial District, Barwa city, Barwa Al Qassar, Barwa Al Barah, Barwa Commercial Street and the Exhibition Centre. The company is currently building the tallest tower in Qatar. Barwa also invests in many European countries such as Germany and Switzerland, to name a few..

The UAEs latest mega-project, the Ajman Marina, is commanding the attention of international investors who have an interest in the UAE’s blossoming real estate market, at the UAE-France Partnership Forum. Akin to the success and strength of interest the project was shown at Cityscape India, the level of activity around and attention paid to the groundbreaking project during the forum has surpassed even that of the recent Cityscape Dubai exhibition, held in October, with many prospective buyers focusing their attention on the development, seeking information on availability, floor plans and prices.

The Ajman Marina is recognized as one of the most significant coastal projects in the United Arab Emirates, and is located in an emirate that has witnessed a quantum leap in terms of its economic progress, with its trade and tourism industries generating a boom in the development of residential and commercial towers, luxury hotels and high-class shopping centers, as well as other unique realty projects.

Covering an area of three million cubic feet, the emirates latest mega development comes with a $3 billion price tag. The project is characterized by many features and facilities essential for modern life, with its location ideal for lovers of the sea; providing stunning views of the coastline and the Gulf and enveloped in an atmosphere of luxury and style.

The Ajman Marina represents a milestone in Ajman’s real estate sector, providing a host of facilities and amenities all within a single area, and boasting state-of-the-art housing, designed to the highest of standards. The project will offer studio apartments in addition to one, two and three bedroom apartments and penthouses.

The fully-integrated residential environment will also feature an advanced security system that covers all the projects apartments, swimming pools, restaurants, coffee shops, pharmacies and 24 hour parking lots.

  END

For further information, please contact:

Mustafa Al Khafaf

SAHARA PR

Tel: +971 4 3298996 

Fax: +971 4 3298995

E-mail: mustafa@saharagcc.com

www.saharagcc.com

The increasing role of real estate media has become a hot topic of conversation for the industry experts, noting its evolution from being a sole promotional and advertising tool to recently becoming a source of comprehensive information about the property market, and its development in attracting a wide audience from across business sectors and social segments. 

Media experts attributed the increasing importance of the real estate media to the UAE and GCC current property market boom - referencing the many publishing and broadcasting corporations that have launched media resources solely dedicated to this industry. These new real estate publications, TV channels, and websites have been established to take the pulse of the market; providing news reports and research that reflect the latest changes and trends in the property market.

The real estate media received has also continued to grow due to the recent alliances between many of its property developers and public relations/media experts and consultants. The best example of this regard is Al Mazaya Holding who joined forces with Sahara Media Consultants to launch “Al Mazaya Property Index”, the first of its kind index in the region that monitors the movement of the real estate market, issuing regular news, reports, analyses and research about the GCC property markets.

Eng. Salwa Malhas, Senior Vice President – Business Development at Al Mazaya Holding clarified Al Mazaya’s experience in the real estate media, saying: “Our media activities are not limited to “Al Mazaya Property Index” and the monthly magazine, but also include weekly and monthly reports and in-depth studies of the market and its forces, movements and directions. We are supported by a leading PR agency and journalists to achieve the best results." 

According to Eng. Malhas, this new media plays a crucial role for investors and real estate developers; providing an outlet for them to receive the relevant information and data about the market before they make a decision about their transactions or investments.

_END_

About Al Mazaya:

Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The companys record includes a number of outstanding projects. In Kuwait, this consists of, (among others): Al Maha Villas, MAZAYA Villas, Al Roya, The View Point, 7 Zones, and Kuwait Business Town. In Dubai, its projects include The Villa, Dubai Healthcare City, The Icon, Sky Gardens, Towers at Business Bay and Al Liwa. In addition to several other projects in Lebanon and Jordan.

For further information, please contact:

Serine Srouji

SAHARA PR

Tel: +971 4 3298996 

Fax: +971 4 3298995

E-mail: serin@saharagcc.com

Al Mazaya Holding, Regional property developer, has been actively involved in environmental concerns, a direction that has been dramatically augmented by the companys determination to implement the “environment-friendly” concept through its working units and in its current and future projects.

This scheme comes in line with the latest worldwide trends and developments in contemporary urban life, which is witnessing an unprecedented and urgent need to put an end to the rising rates of environmental pollution.

Al Mazaya has begun its campaign from inside the company imposing the use of eco labeled papers, stationary and equipment that can all be recycled. In later stages, the implementation of this approach will be incorporated across the firms entire real estate projects that are being developed both inside and outside of Kuwait and is consistent with the efforts exerted by both governments and international organizations in this regard.

Al Mazaya has announced the signing of an agreement with the company Modern Age, whereas they will supply Al Mazaya with the required recyclable items. The company has also announced its intention to prepare for a comprehensive campaign that aims to spread awareness about the importance of using recyclable materials and the significant contribution of such practices to environment protection. 

The interior design department at Al Mazaya has commenced calling for more interest in environmental concerns. The department has launched an in-house awareness campaign that included the distribution of educational booklets for other departments to encourage practices that benefit the community.

All the companys new projects being developed will feature environmentally friendly designs, materials and technologies – with a special focus on green spaces. The new concept will provide high-performance, energy efficiency and ecological benefits.

Al Mazaya hopes that all the local and international companies will actively implement the concept of “environment friendly buildings” with the aim to preserve the environment, especially following the increasing number of cars which has led to an inevitable rise in carbon dioxide emissions.

Al Mazaya views Kuwait as a pioneering country in the GCC, in the field of environment protection, as its environmental law dates back to the early 1960s, in the period immediately following the country’s independence. Kuwait Law No. 12 of 1964 Concerning the Prevention of Oil Pollution in Navigable Waters, a first-of-its-kind law in the Middle East, set the standard for environmental legislation in the region.

_END_

About Al Mazaya:

Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The companys record includes a number of outstanding projects. In Kuwait, this consists of, (among others): Al Maha Villas, MAZAYA Villas, Al Roya, The View Point, 7 Zones, and Kuwait Business Town. In Dubai, its projects include The Villa, Dubai Healthcare City, The Icon, Sky Gardens, Towers at Business Bay and Al Liwa. In addition to several other projects in Lebanon and Jordan.

For further information, please contact:

Serine Srouji

SAHARA PR

Tel: +971 4 3298996 

Fax: +971 4 3298995

E-mail: serin@saharagcc.com

Dubai – 18 November, 2007 – Thani Investments LLC – Dubai, a private company with business interests in mining, gold, and property (including Dubai Golf City)  today announced the successful closure of the US$ 100 million Musharaka Sukuk Issue, arranged by UAE Emirates Islamic Bank PJSC and Liquidity Management Centre BSC, Bahrain (the Joint Lead Mandated Arrangers). With this issuance, Thani Investments becomes one of the first privately owned businesses in the GCC to issue a sukuk; driving strong growth in the coming financial year by harnessing sophisticated financial engineering techniques.

Launched in September 2007, the debut issue from Thani Investments raised significant interest from regional and international institutional investors, and was significantly over collateralized at the close. Emirates Islamic Bank and Liquidity Management Centre acted as Joint Mandated Lead Arrangers; Commercial Bank of Dubai as Senior Lead Manager; Dubai Islamic Bank and The Arab Investment Company as Lead Managers; Bahrain Islamic Bank and Khaleeji Commercial Bank as Co Lead Managers and Sharjah Islamic Bank as Manager. The Sukuk has a tenor of five years, with an average life of approximately 3.5 years.

“Thani Investments is delighted with the response that this debut sukuk issue has received,” commented Mr. Abdulla Saeed Al Thani, Chairman, Thani Investments. “As one of the first private companies in the region to issue a sukuk, we are proud to once again be leaders in our field. The success of this debut issue demonstrates the market’s confidence in Thani Investment’s business model and success to date, and we are confident that the team will continue to deliver sound results across our business divisions. The team effort of both Emirates Islamic Bank and Liquidity Management Centre was integral to the successful close of this issue, and we look forward to working with them in the future.”

Mr. Abdulla Showaiter, General Manager, Corporate Banking of Emirates Islamic Bank said; “Emirates Islamic Bank proudly and successfully closes this Sukuk issue once again alongside its strategic partners.  We are pleased to be associated with Thani Investments, with their well-focused strategic investment growth in the region.” 

Mr. Ahmed Abbas, Liquidity Management Center’s Chief Executive Officer added his thanks to Thani Investments, and strategic partners Emirates Islamic Bank, as well as all other participating banks.   

The transaction legal counsels representing the Joint Lead Mandated Arrangers and Managers were Vinson & Elkins on matters relating to English Law and Khasawneh & Associates for matters relating to UAE law.  Transaction legal counsels representing Thani Investments were Herbert Smith and Afridi & Angell.

Information on the Sukuk:

About Thani Investments:

Thani Investments is a large privately owned business in the United Arab Emirates. Established in 1997 and operating in 8 countries, Thani has 4 diversified business units:

· Oil and Gas

· Property Development

· Mining

· Commercial

Thani is focused on building long term growth and profits through developing leading relationships in the Middle East. Founded on the values of integrity, passion and energy, Thani has over 1000 employees working to build a long term growth story for Dubai. Thani’s Oil and Gas interests include Sudan Mauritania, Tunisia, Algeria and Senegal. The Company is exploring in the emerging markets of Yemen, Libya, and Indonesia. BENAA, the property development subsidiary of Thani Investments include the Dubai Golf City, Al Bustan Centre and Residence, Arabian Heights and the Dubai Wholesale Plaza. Thani’s mining interests include gold exploration and production in the Yemen. Thani commercial encompasses power and utilities, marine and shipping and other corporate partnerships.

About Emirates Islamic Bank:

Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Sharia-compliant financial solutions.

The Bank offers a range of Sharia compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Sharia board comprising several prestigious scholars of Islamic law.

On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region.

The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients.

Emirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within almost three years of its inception Emirates Islamic Bank has managed to position itself as one of leading financial players in the UAEs banking sector. The banks rapid growth and success is mainly due to its continued successful launch of Sharia compliant products, services and other key business initiatives.

EIB is headquartered in Dubai and employs more than 800 staff.

Liquidity Management Centre BSC (c)

LMC was established on July 29th, 2002 in the Kingdom of Bahrain as a Bahraini joint stock company with an Islamic Investment Banking license to enable Islamic financial institutions to manage their liquidity through short and medium term liquid investments within Shari’ah guidelines. The Central Bank of Bahrain formerly the Bahrain Monetary Agency was the primary sponsor in establishing LMC.

The bank has Authorized Capital of US$ 200 million and the Subscribed and Fully Paid up Capital is US$ 51 million. LMC’s shareholders are Bahrain Islamic Bank B.S.C. (Kingdom of Bahrain) 25%, Dubai Islamic Bank P.J.S.C. (United Arab Emirates) 25%, Islamic Development Bank (Kingdom of Saudi Arabia) 25% and Kuwait Finance House K.S.C. (State of Kuwait) 25%. LMC as an organization has had and continues to share a very close working with each of its shareholders.

LMC is an active player in the primary market and in the establishment of a secondary market for short term Shari’ah compliant treasury products across the GCC region. LMC has amassed a very creditable track record of primary market Sukuk issuances since mid-2003 where it has passed the 1.5 Billion Dollar level.

LMC commenced its operations from a comparatively small size and has focused on the managed growth of its business. It is the Company’s aim to deliver quality in all areas of its business.

Media Enquiries:

Aimee Peters                                                           Mohammad Shaban

Buchanan Middle East                                           Buchanan Middle East

+971 4 369 8563                                                     +971 4 369 567                    

·          Qatar: Al Mazaya Qatar was established, Al Mazaya Holding’s fully owned property subsidiary with a capital of QR 500 million.

·           Oman: Al Mazaya joins forces with “Oman Construction” with an investment portfolio of Omani Riyal 3.1 for development projects.

·          Bahrain: Mazaya to develop the BD 38 “7 Zones” million at Bahrain Financial Harbour.

·           KSA: Mazaya to develop an integrated residential project in Al Ahsa, on an area of 1.192 million square meter.

·          Dubai: Mazaya investment portfolio has reached US $ 5 billion.

Amidst the ongoing regional record oil prices fueled real estate boom and the consequent surplus liquidity and economic growth, Al Mazaya Holding has conducted several feasibility studies for strategic investment in these property markets, with the aim of achieving high returns.

Commenting on this economic boom, Rashid Al Nafisi, Al Mazaya Holding Chairman said: “The GCC economy is still in the first 30% of its economic growth potential, as this economic boom is expected to keep on an upward trajectory till 2015, driven by current forces, but with some challenges from inflation and political issues”.

Al Nafisi affirmed that Al Mazaya has position itself on the GCC economic map; despite being a Kuwait- based shareholding company. The company has developed property development in GCC countries with an investment of US $ 7.8 billion and has appointed highly qualified, professional and knowledgeable personnel in both Dubai and Kuwait, and is now eyeing new GCC targets.

In KSA, Al Mazaya Holding has acquired a SR 125 million plot of land in Al-Ahsa region, a joint venture with Kuwaiti- Saudi companies, to develop a residential villa complex. This project has come after the feasibility studies conducted by the company on this region revealed that there is a huge shortage of residential units in the Eastern Region of the KSA, a situation that requires the development of residential projects to meet this increasing demand.

Updating the latest developments in this project, Al Nafisi said that the infrastructure works are progressing now, to be followed by the actual building of the residential units. The project is set for completion within 3 years.

In Qatar, Al Nafisi clarified that the IPO of Mazaya Qatar, a new company to be established with a capital of QR 500 million, was closed five times oversubscribed. Al Mazaya is preparing to appoint qualified staff to commence its investment in Qatar by next December.

Al Mazaya has studied the feasibility of several investment opportunities in Qatars buoyant market. Mazaya Qatar will acquire plots of land for commence for its investment in a country where the real estate sector has an economic growth that is on a par with the oil and gas sectors.

In Bahrain, Al Mazaya begun developing its new BD 38 million project, the “7 Zones”, situated in Bahrain Financial Harbour (BFH). The company has explored several investment opportunities in the booming Bahraini real estate market, with the “7 Zones” is expected to be the firms launching point into the Bahraini market. The company has registered the trademark of "7 Zones" as an exclusive brand for Al Mazaya. The project is an all-in-one construction and design materials city that caters to the needs of investors, individual, designers and tenants.

In Oman, Al Mazaya Holding has joined forces with "Oman Construction" to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million, whereas Al Mazaya will manage the development projects in this portfolio. The company has commenced developing an integrated residential project in "Sahar" that will include 73 villas with different designs and sizes. Al Mazaya will launch the project in the Omani market during the coming weeks.

Dubai is one of the most successful investment destinations for Al Mazaya, as its economic boom continues unabated. Al Mazaya is evaluating its success in Dubai’s property market, and is striving to increase its investments in Dubai, following the recent and astounding results achieved by the emirate. Al Nafisi said: “Al Mazaya has acquired a 1500 meter plot of land on Sheikh Zayed Road to be designated to office space, and we have invested in 10 plots in Jebel Ali Downtown. Currently Al Mazaya has an investment portfolio of US $ 5 billion in Dubai market”.

_END_

About Al Mazaya:

Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The companys record includes a number of outstanding projects. In Kuwait, this consists of, (among others): Al Maha Villas, MAZAYA Villas, Al Roya, The View Point, 7 Zones, and Kuwait Business Town. In Dubai, its projects include The Villa, Dubai Healthcare City, The Icon, Sky Gardens, Towers at Business Bay and Al Liwa. In addition to several other projects in Lebanon and Jordan.

For further information, please contact:

Serine Srouji

SAHARA PR

Tel: +971 4 3298996 

Fax: +971 4 3298995

E-mail: serin@saharagcc.com

Sharjah Investment Center (SIC), Sharjah’s leading multi use project being developed by a consortium of property developers led by SNASCO, is concluding its successful participation in the 5th Real Estate & Housing Exhibition, held in Dhahran International Exhibitions Center, Dammam, Eastern Province of Saudi Arabia from the 11^th to 15^th  of November. The development attracted a group of local and GCC key real estate developers, financing institutions and banks.

SNASCO, one of the region’s leading real estate and development firms, has showcased its leading project “SIC” in the leading Saudi exhibition. The project attracted a tremendous amount of interest from Saudi investors and developers, due to its strategic location and diverse usage that incorporates residential, commercial and industrial facilities, in addition to logistic support areas and investment amenities.

SICs management’s decision to participate in this large real estate gathering underscores their continuous concern to stay abreast of the latest trends and changes within the real estate development industry, which is witnessing an era of rapid year on year growth, and to showcase the latest developments in its mega projects for investors and interests.

Commenting on this participation, Saleh Sorayai, SNASCO and SIC chairman, said: “Our participation in The Real Estate & Housing Exhibition comes as a part of our marketing strategy to promote our UAE based developments. Today, we are in our homeland, the KSA, and inviting Saudi businessmen to invest in the Sharjah Investment Center, Sharjah’s largest project of its kind, situated in a country that has been already recognized as a favorable destination for Saudi investment".

“ESTATEX represents a significant opportunity to communicate with the Saudi real estate market through the Eastern gateway, a region that is receiving increasing governmental support in terms of developing infrastructure and mega projects in partnerships with the private sector. Our participation gives us the opportunity to stay up-to-date on the latest trends and changes, recognizing the demands in the property market, as well as providing a platform to introduce our projects for Saudi investors. We have explored the existing investment opportunities in the Eastern region in a period of record growth in the number of property development projects in the KSA booming market”.

Speaking on the KSA real estate market, Sorayai focused on the increasing demand for housing units in the Kingdom, and the urgent need to develop mega property projects to satisfy this demand, reiterating the great potential this promising market has: "According to recent statistics, this market needs about 1.5 million residential units during the coming 10 years to meet the predicted demand, with an average of 150 thousand units a year”, he clarified.