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NEWS BRIEF 04 SUNDAY 24 January 2016





REAL ESTATE NEWS UAE

UAE TO CUT REMAINING ENERGY SUBSIDIES, MINISTER SAYS UAE PROPERTY WEBSITE RAISES $20M FOR MIDEAST EXPANSION

PLAN RISE IN PUBLIC-PRIVATE PARTNERSHIPS IN UAE

GCC CONTRACT AWARDS TO DROP BY 15% IN 2016

DUBAI

ASTECO LAUNCHES INTERNATIONALLY RECOGNISED FRANCHISE ACADEMY

LABOUR HOUSING MUST CONFORM TO INTERNATIONAL STANDARDS

MANAZEL CREATES NEW SUBSIDIARY FOR ITS RETAIL BUSINESS

IS DUBAI REALTY ATTRACTING FEWER BUYERS?

EMAAR, DAMAC LAUNCH FIRST RESIDENTIAL PROJECTS OF 2016

WHICH NATIONALITIES INVEST DH135 BILLION IN DUBAI PROPERTY

MARKET

DUBAI-POWERED KOCHI SMART CITY INAUGURATION ON FEBRUARY 20

COMING SOON? UNDERWATER TENNIS COMPLEX IN DUBAI

DUBAI'S FAMOUS SKYLINE TO GET 2 NEW SUPERTALL TOWERS IN 2016

DUBAI DEVELOPER KEEPS AN OPEN MIND ON FREEHOLD STATUS

DH179M DUBAI VILLA SET TO BE EMIRATES HILLS’ MOST EXPENSIVE – IN PICTURES

DUBAI VILLA OVERSUPPLY LEADS TO 18% DROP IN PRICES AT THE SPRINGS

DUBAI’S LUXURIOUS BURJ AL ARAB TO GET UNIQUE BEACHSIDE RESORT





DUBAI HOTELS SHOULD EXPECT ‘NEW NORM OF 70-75% OCCUPANCY’

WORK BEGINS ON $1BN ICD BROOKFIELD PLACE TOWER IN DIFC

DUBAI PROPERTY DEVELOPERS ‘NEED TO BE AGILE TO SURVIVE TOUGH PERIOD AHEAD’

DUBAI PARKS AND RESORTS LEASES NEARLY TWO THIRDS OF RIVERLAND PART OF THEME PARK

DUBAI LAND DEPARTMENT SAYS PROPERTY INVESTMENT GROWS

DUBAI DEVELOPERS EMAAR, DAMAC TO BUILD ALMOST 2,000 NEW APARTMENTS

MANAZEL LAUNCHES RETAIL ARM TO MANAGE MALLS

ABU DHABI

ALDAR TO INVEST DH900M IN GROWTH HAVE YOU WONDERED WHY ABU DHABI'S LANDMARKS ARE LIT UP IN

GREEN? ALDAR ACQUIRES DAMAN HOUSE IN ABU DHABI THREE UAE GOLF COURSES IN WORLD’S TOP 100 LIST





DUBAI'S FAMOUS SKYLINE TO GET 2

NEW SUPERTALL TOWERS IN 2016

SUNDAY 24 JANUARY 2016

In 2016, Dubai will witness the completion of Marina 101 and The Address Residences The BVLD – allowing the emirate to continue to enjoy the distinction of being one of the cities in

the world where the tallest and most iconic towers stand.

The above two towers are on a list of the global top 10 tallest towers to be completed in 2016, released by the Council on Tall Buildings and Urban Habitat (CTBUH).

The 427-metre-high Marina 101, developed by Sheffield Holdings Limited, in Dubai Marina will have 101 floors, and is listed fifth.

“We are expecting to commence handover of the project by April 2016,” company Chairman Abuali Malik Shroff told Emirates 24|7.

The Address Residences The BVLD, (formerly called The Address The BVLD), being built by Emaar Properties, will have 72 floors and 368-metres high. It is ninth on the list.

“All concrete works are complete; electromechanical work is in progress up to floor 67 and façade works are in progress up to floor 71,” the developer’s website states.

It adds that the two spires at the peak of the project are being erected and work on the swimming pools is in progress.

The project is due for completion by August 2016.

CTBUH data reveals that a majority of the super hi-rises will be completed in China.

The tallest tower of 2016 will be Ping An Finance Center Shenzhen, 115 storeys, 599 metres.

The second slot goes to Goldin Finance 117 Tianjin, with 128 storeys, 597 metres, followed by Lotte World Tower Seoul, 123 storey, 555 metres.

At fourth position is Guangzhou CTF Finance Centre Guangzhou, 111 storeys, 530 metres.

In sixth and seventh place are Eton Place Dalian Tower 1 Dalian, 80 storeys, 383 metres, followed by Federation Towers - Vostok Tower Moscow, 95 storeys, 374 metres; and Dalian International Trade Center Dalian, 86 storeys, 370 metres.

The tenth position goes to Hon Kwok City Center Shenzhen, which 80 storeys and 329 metres high.

100, 200-metre-high towers

The council also expects completion of between 110 and 135 buildings with a height of 200 metres or more.





“Perhaps even more staggering is the fact that 18 to 27 of these buildings are expected to be in the supertall range.

Marina 101. (Supplied)

“If true, 2016 alone would see the global total of supertalls increase by 18 to 27 per cent. Unsurprisingly perhaps, the majority of these will be located in Asia and the Middle East,” it adds.

Dubai still dominates the world in the supertall (300-plus-metre) skyscraper category, with the world now officially having 100 of them. The emirate has 18 such skyscrapers followed by New York with seven.

Emirates 24|7 had reported earlier that five mega-tall tower will dot the Dubai skyline in the coming years.

These include RP Global’s RP One in Business Bay; Meydan Group’s 100-plus Entisar Tower and a proposed 711-metre-high Dubai One; and Dubai Multi Commodities Centre’s Burj 2020 in

Jumeirah Lakes Towers.

Source: Emirates 24/7

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COMING SOON? UNDERWATER TENNIS

COMPLEX IN DUBAI

THURSDAY 21 JANUARY 2016

The Polish architect firm, which has proposed development of an underwater tennis complex in Dubai, has held talks with two Gulf investors, Emirates 24/7 can reveal.

“We have spoken to a group from the UAE and one from another Gulf country, but nothing has been finalized,” Krzysztof Kotala of 8+8 Concept Studio said.

The company continues to build their case for the project based on the “economic gains for Dubai.”

The cost of building it is estimated at around Dh6.26 billion to Dh9.18 billion ($1.7 to $2.5 billion).

“Large investment brings economic gains in the construction sector and such a project will also bring marketing profits and drive tourism,” believes Kotala.

Dubai is building a number of projects ahead of the World Expo 2020, which is expected to bring 25 million visitors to the country.

The underwater complex consists of seven arenas, which have multifunctional character and combines functions such as a sports, recreation and exhibition.

The complex is divided into three parts in its design structure. The dug part into the seabed includes the tennis court and the stand with backgrounds and the technical part. The part above consists of two zones: a lobby and a hall.

“The lobby is connected with the stand, and you can watch the sea life around the building. The hall is designed to observe the reef located on the rooftop.”

A carbon-glass glazing above the tennis court will allow visitors to see the reef.

An artist's impression of the underwater tennis complex. (Supplied)

“The water at this location will not be deep and the structure will also not be heavy. The water depth will be from one to maximum three metres. The entire ecosystem of coral on the roof

would be natural but isolated from the marine area,” the architect said.

This website reported earlier that Kleindienst Group, a Dubai-based real estate developer, is building underwater homes (floating seahorse) in its The Heart of Europe (THOE) project on

The World. The first of these floating homes will be soon.

In 2013, Drydocks World, the shipbuilding arm of Dubai World, announced a joint venture with Big Invest Consult, a Swiss company, to develop underwater hotels and floating cities in the





Middle East. The latter represents Deep Ocean Technology, the Polish-owner behind the technology and concept of Water Discus hotel.


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HAVE YOU WONDERED WHY ABU

DHABI'S LANDMARKS ARE LIT UP IN

GREEN?


Abu Dhabi's most prominent landmarks have been lit up in green this week to coincide with Abu Dhabi Sustainability Week 2016, ADSW, a global platform that addresses the

interconnected challenges that affect the widespread acceleration and adoption of sustainable development and clean energy.

It is the largest gathering on sustainability in the history of the Middle East, and encourages actionable outcomes to carve a pathway toward sustainability worldwide. ADSW has welcomed participants from 170 countries worldwide.

Buildings going green in the capital to celebrate the occasion include the Emirates Palace, Etihad Towers, Sheikh Zayed Bridge, Abu Dhabi National Oil Company’s, Adnoc, new building,

and the Capital Gate at the Abu Dhabi National Exhibitions Company, Adnec, where the events of ADSW are being hosted.


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DUBAI-POWERED KOCHI SMART CITY

INAUGURATION ON FEBRUARY 20


The smart city project in Kochi in Kerala, India, will be inaugurated on February 20.

The announcement comes days after the Smart City board met in Dubai to decide the dates and the attendee list.

SmartCity Kochi is an initiative by Dubai-based Tecom, in association with the Government of Kerala. The project, when fully complete, will comprise of 8.8 million sq ft of built up space,

out of which at least 6.21 million sq ft will be specifically for IT/ITES/allied services.

The first phase will have an office space of 650,000 square feet. The construction work on the

second phase will also be kick-started on the day of the inauguration.

Work on the project which started in May 2007 has witnessed intermittent delays following various controversies, starting from allocation of land to project development.


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WHICH NATIONALITIES INVEST DH135

BILLION IN DUBAI PROPERTY MARKET

TUESDAY 19 JANUARY 2016

Indians have topped the list of expatriate real estate buyers in Dubai with investments of Dh20 billion alone in 2015, Dubai Land Department (DLD) data reveals.

Data analysed by Emirates 24|7 reveals that total investment by Indians went up by over 10

per cent from Dh18.123 billion reported in 2014.

Citizens of the United Kingdom came in second with an investment of Dh10 billion, compared

to Dh9.318 billion in 2014.

Pakistanis came in third with total realty investments of Dh8 billion. In 2014, they had invested

Dh7.588 billion.

The total investment from non-Arab expats in 2015 surpassed Dh74 billion, totaling 35,162 investors.

Total investments from the Gulf Cooperation Council (GCC) members touched over Dh44 billion

with investor number reaching 12,441.





UAE nationals ranked first among Gulf investors with an investment of Dh26.083 billion.

Citizens of Saudi Arabia came in second with over Dh9 billion investment followed by Kuwaitis

who invested over Dh3 billion in the market.

The total value of investments by Arab investors reached over Dh16 billion, comprising 16

investor nationalities.

Jordanians came in first with investments worth over Dh3.5 billion, followed by Egyptians, who pumped in over Dh2.55 billion in the property market, followed by Lebanese who

purchased properties of Dh2.53 billion.

Citizens of Iraq, Yemen, Sudan, Palestine, Libya and Algeria also were among prime investors.

Overall, more than 150 nationalities invested in the emirate’s real estate sector, with transaction amounts reaching Dh135 billion.

“The sheer diversity of investors in Dubai’s real estate market is an overwhelming endorsement of the products that we have to offer,” said Sultan Butti Bin Merjen, Director

General of DLD.





“Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and its return on investment factors that have been revealed from studies on the

UAE’s state of stability and the continuing growth of its economy.”

Bin Mejren added that investment from Gulf state nationals provides the market with a strong

shield from seasonal fluctuations.

“We are reassured with the size of investments from the citizens of the UAE, in addition to the enormous demand from other GCC countries.

“Investment from Gulf state nationals provides the market with a strong shield from seasonal fluctuations.”

In January 2016, DLD announced that the total value of real estate transactions had jumped 22.5 per cent to Dh267 billion in 2015 compared to Dh218 billion in 2014.


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EMAAR, DAMAC LAUNCH FIRST

RESIDENTIAL PROJECTS OF 2016

MONDAY 18 JANUARY 2016

Two of Dubai’s biggest developers - Emaar Properties and Damac Properties - have unveiled their first projects for 2016.

Emaar will kick off the sales for its first 2016 project - Harbour Views- residences in The Island

District of Dubai Creek Harbour on January 23.

Harbour Views- residences in The Island District of Dubai Creek Harbour. (Supplied)

The launch will be held in Dubai, New Delhi and Karachi on January 23, and in Mumbai on January 24, 2016.

A two-tower development with a three-level podium will be the tallest residential project of

the Island District of the mega Creek development. All homes open to views of the Creek, a marina with a yacht club, the Ras Al Khor natural bird sanctuary and the skyline of Downtown

Dubai highlighted by Burj Khalifa.

The tower will have over 750 residences and podium apartments. Additionally, there are 14 two-storey villas with a dedicated entrance, stairway and parking.

Harbour Views will also have views to a central iconic project, with developer stating it will announced details shortly.

Emaar has said earlier that the development is going to be home to the world’s tallest twin towers.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “As the tallest residential

project in the Island District, it stands apart with its unbeatable views and central location. Celebrating the marina lifestyle, Harbour Views homes are ideal for connoisseurs who cherish a

relaxed way of life in the heart of the city with all modern amenities in walking distance.”

Damac

Damac Properties has launched Navitas Hotel & Residences, a five-tower project, in its Akoya

Oxygen golf course community

Damac Properties has launched Navitas Hotel & Residences. (Supplied)

With a total value of Dh850 million, one of the five towers will consist of 312 hotel rooms, which will be managed by Damac Hotels & Resorts. The rest of the four towers will comprise residential units, overlooking the golf course and the entire project.

“The five, 14-storey towers are a real opportunity for those looking for investment properties,” company Senior Vice President Niall McLoughlin said in a statement.

Prices starts at Dh440,000 with a four-year payment plan.





Akoya Oxygen is a 55 million-square-foot development in Dubailand. It will have Vista Lux, a one million square feet central entertainment and retail district, a rainforest, a Hydroponic café

and restaurant.


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IS DUBAI REALTY ATTRACTING FEWER

BUYERS?


While Dubai’s glittering skyscrapers and swanky flats are still a magnet to luxury and holiday home seekers abroad, the overall demand in the market has actually dropped due to a combination of “global and regional issues”, industry officials confirmed to Gulf News.

The realty sector has had some headwinds, including the strong US dollar, persistent decline in oil prices, heightened regional tensions and slowdown in key source markets for investments.

A strong greenback means that buyers from places as far as Russia find it expensive to acquire properties in the emirate. Oil’s continued decline is likewise shrinking the pockets of realty fans

from petrol-exporting countries like Saudi Arabia. Consequently, rents and sales prices, particularly in the residential segment, dropped 2 per cent and 11 per cent, respectively in November.

Quoting official data, real estate consultancy firm JLL said the number of sales transactions in Dubai posted a significant decline last year compared to a year earlier.

“The number of sales transactions, excluding mortgages and land, fell from 23,000 in 2014 to 15,000 in 2015, with a similar decline in the value of these sales (to Dh22.1 billion in 2015),” Craig Plumb, head of research at JLL Middle East and North Africa (Mena), told Gulf News.

“The level of sales of residential units in Dubai fell last year from the levels experienced in 2013 and 2014, with this decline being due to a combination of declining sentiment and the

stronger US dollar.”

Further fall

Given the trends experienced over the first half of 2015, investor numbers from major markets

are likely to fall further this year, including those from India, Pakistan and Russia.

“The Russian rouble lost around 50 per cent of its value against the dollar in 2015, while the

value of the Indian rupee declined by around 25 per cent. As a result, real estate in Dubai is considerably more expensive for investors from these countries,” Plumb added.

JLL’s observations are consistent with those of other analysts. Emirates NBD’s recent real

estate tracker noted the “fastest drop” in new buyer enquiries since it started monitoring the market in April 2015, which real estate agents attributed to “weaker investor sentiment and

muted underlying market conditions.”

Will the situation continue this year? Khatija Haque, head of Mena research at Emirates NBD, said the strong dollar and low oil prices “are likely to remain headwinds for the real estate

sector in 2016”.

Jesse Downs, managing director and co-founder of Phidar Advisory, which deals mainly with

large and institutional investors, said there is indeed a drop in investor interest in Dubai.





“Compared to a year ago, appetite for Dubai real estate has decreased, primarily due to regional and global issues,” Downs told Gulf News.

“However, there is still investment demand for the right product at the right price, primarily stable income-generating assets with a healthy yield. But prices are simply not adjusting to the

current market reality. Once prices do adjust, then opportunistic investment will absorb inventory.”

Attractive

The fall in real estate sales, however, does not mean that Dubai’s appeal is weakening for the investors.

Data from the Dubai Land Department showed that 2015 managed to attract Dh74 billion in investments from foreign buyers in 2015. In terms of investment, size Indians topped the list, with 8,756 buyers accounting for Dh22 billion worth of transactions.

The second-biggest spenders were the 4,899 British nationals, with combined property purchases reaching Dh10 billion, followed by 6,106 Pakistani buyers with Dh8 billion.

Total real estate transactions exceeded Dh267 billion in 2015.

Source: Gulf News

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ALDAR TO INVEST DH900M IN GROWTH


Aldar Properties, the Abu Dhabi-based real estate developer, announced on Tuesday it has committed around Dh900 million for various projects as part of a larger Dh3 billion investment

plan.

The company said in a statement that it has acquired Daman House, a commercial office

building in Abu Dhabi for around Dh330 million. It is also working on the extension of Al Jimi Mall in Al Ain, and expansion within Aldar Academies through the construction of the Al Mamoura School in Abu Dhabi.

The acquisition of Daman House is the first to be made as part of the Dh3 billion investment programme that Aldar is implementing to drive growth and achieve its target of Dh2.2 billion in

net operating income by 2020.

The extension of Al Jimi Mall will see Dh410 million invested by Aldar, while Al Mamoura School

will see Dh160 million spent on construction.

Saleem Khokhar, head of fund management at the National Bank of Abu Dhabi’s asset management group, said he expected to see a nine per cent yield from the Daman House

acquisition.

“I think when you go into difficult markets with a long-term view, you do tend to do well on

those investments, so if you have the cash for these investments, that’s when you get the best deals. I think it is Aldar’s long-term strategy to build out recurring revenues, and that’s what they’re homing in on,” he said.

The investment into these three assets, all of which are being funded out of existing cash resources, will contribute roughly Dh90 million to net operating income. The Daman House

acquisition is expected to make an immediate contribution to growth, Aldar said.

“If we look at the net debt position for Aldar, it has improved quite significantly over the years, so I think they’re in a good position to start funding these [investments] internally.

I think the way that you would be looking at this is not on a one- or two-year view but more on a 10- to 15-year view and does it make sense in terms of cash flow and return on your

investment? And I think the answer is yes,” Khokhar said.

He pointed that with the launch of Yas Mall in November 2014, it was clear Aldar was moving into retail and doing well, so it was sensible to capitalise on other retail outlets like Al Jimi Mall

in Al Ain.

The announcement signals a continuation of investment from Abu Dhabi’s state-backed entities

at a time when falling oil prices, which reached new lows below $30 (Dh110), are impacting the revenues of GCC governments.

Source: Gulf News

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MANAZEL CREATES NEW SUBSIDIARY

FOR ITS RETAIL BUSINESS


Abu Dhabi developer Manazel Real Estate said on Sunday that it has launched a new subsidiary to handle its retail business. Manazel Malls will operate and manage Capital Mall, a three-story retail development covering 60,000 square metres of gross leasable area in Abu Dhabi’s Mohammad Bin Zayed City, and all retail areas in Al Reef Community and Al Reef 2 in Abu

Dhabi, as well as its future retail projects, the company said in a statement.

It added that the new subsidiary supports Manazel’s business strategy with a focus on capitalising on its expertise in the property space and growing non-cyclical revenues through

diversification into closely aligned growth sectors.

“In line with our strategy, we are capitalising on our expertise in the residential and commercial real estate sectors by launching Manazel Malls to manage all of our retail assets.

We have built an experienced team of executives to run this subsidiary and to ensure optimal performance while driving recurring revenue streams across our real estate assets,” stated Waleid Gamal Eldien, Manazel’s chief investment and commercial officer.

Manazel Malls allows Manazel to potentially manage retail assets on behalf of third parties within the UAE and across the wider region, and seek a listing for this business, as per the statement.

Source: Gulf News

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LABOUR HOUSING MUST CONFORM TO

INTERNATIONAL STANDARDS

SATURDAY 16 JANUARY 2016

Companies that fail to provide labour accommodations which do not meet international standards and requirements will not be granted new work permits, said Saqr Ghobash, Minister

of Labour.

“The UAE is keen on ensuring labour accommodations are on par with international standards,” Ghobash said, adding that legislative measures are put in place to ensure ethical practices in

the labour market.

His statement came during a meeting, which he chaired, at the ministry with the heads of a number government departments, including: Major General Mohammad Ahmad Al Merri,

Director of the General Directorate of Residency and Foreigners Affairs; Hussain Lootah, Director General of Dubai Municipality, and Major General Obaid Muhair Bin Surour, Chairman of the Permanent Committee for Labour Affairs.

Ghobash stressed the importance of the meeting as part of continuing coordination between the concerned departments.

“We want to ensure that labourers are not cheated of their rights,” he said, “and that their living conditions are comfortable, sanitary and humane as per the requirements of His

Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.”

The state of labour housing in Dubai was reviewed during the meeting, Ghobash said strategic plans, programmes and initiatives were put in place to ameliorate the living conditions.

“We will set up a permanent joint committee comprising of representatives from a number of government agencies including the Ministry of Labour,” Ghobash said, adding that inspection

teams will be formed as part of the joint committee to follow up on labour housing conditions in Dubai.

“There is a guide, which has been approved by the UAE Cabinet, detailing the standards for labour accommodations,” he said, “this includes how many people should be living in any given

space, the necessary facilities that should be present nearby as well as health and safety requirements.”

Earlier, the Ministry of Labour has clarified that employees must fulfil their legal obligations in accordance to contract before their move to another facility is approved.

Employees will also be granted the ability to move to other facilities if their employer fails to follow the law as stipulated in the contract.





This falls according to the new decrees, which overlook ending an employment relationship and granting employees a new work permit. The decrees, issued by the Minister of Labour, came

into effect on January 1, 2016.

“The three new decrees ensure a stable, balanced and transparent working relationship between employers and workers,” Humaid Bin Deemas Al Suwaidi, Assistant Undersecretary

for Labour Affairs, said,” they are based on a contractual basis, mutually accepted by both sides and in line with the labour laws and regulations.”

The decrees also gives workers the right to end their employment any time, “whether by reaching an agreement or proof that one side of the relationship does not fulfil obligations towards the other,” Bin Deemas said, adding that “the Ministry guarantees rights even after contract termination.”

Speaking of fixed-term contracts in accordance with the decision of the Minister of Labour, he said, “The ministry’s commitment to take measures in the event of ending a relationship, whether through agreement between both parties or in the event a party decides to terminate

the relation contrarily, and thus be obliged to face all legal consequences to end the relation, then agree to grant the worker a mobility acceptance to another facility or reject the permit which shall be resubmitted after one year from the date of termination.”

Source: Gulf News

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CLADDING TO BE RESTRICTED IN NEW

BUILDINGS


Use of cladding will be restricted in new buildings in the UAE following a new set of regulations to be added to the UAE Fire and Safety Code, an official said on Sunday.

Maj Gen Rashid Thani Al Matroushi, director of Dubai Civil Defence, said some of the new regulations will include not using cladding for buildings that are higher than nine storeys.

“If a building owner wants to use cladding, then there needs to be a road around the building that would allow fire trucks to go around the building, if not, then the building should not use

cladding,” he said.

For buildings higher than nine storeys, if construction companies want to use cladding, they should use the cladding in a small section of the building. “For example, use cladding in two

floors, then have two floors made of cement, to prevent the fire from spreading,” he said.

Maj Gen Al Matroushi added that for shorter buldings, such as showrooms, they can use cladding as a fire can easily be controlled.

He said that most companies choose to use cladding because it looks good and is cost-efficient.

These regulations were the result of the meetings of teams that were formed on orders from Lt Gen Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, to check all buildings in the UAE especially for flammable cladding and also for any other discrepancies,

whether inside or outside the building, that could be potential fire hazards or in conflict with the Fire and Life Safety code.

For old buildings, solutions will be provided case by case, once the survey of all buildings is completed.

The official was speaking on the sidelines of Intersec, which was inaugurated by Shaikh Mansour Bin Mohammad Bin Rashid Al Maktoum on Sunday. Intersec, which runs from January

17-19 at the Dubai International Convention and Exhibition Centre, is an international security and safety exhibition, which was recently recognised as the largest security and safety exhibition in the world. This year, 1,290 exhibitors from 55 countries have come together

under one roof to showcase their latest technology.

The official also announced that Dubai Civil Defence has ordered two fire trucks with strong pumps that can put out fires in buildings as high as 100 floors. The ladders of the fire trucks

used by the Civil Defence at present reach 18 floors. The official was talking on the sidelines of the 18th edition of Intersec.





Maj Gen Al Matroushi said the two fire trucks have powerful pumps that pressurise the water seven times more than regular pumps. “The new trucks pump foam and water simultaneously

which makes the hose lighter and easier to handle than if it was all pressurised water,” he said.

He said that they ordered these two trucks following the Torch building fire. “We have tested one of the trucks before buying them on a 96-floor building and it performed very well.”

One of the vehicles will be stationed in the Bur Dubai area and the other in the Deira area.

Body cameras

Meanwhile, inspectors from Dubai Civil Defence will soon wear cameras in their breast pockets to document inspections, an official said on Sunday.

Lt Col Jamal Ahmad Ebrahim, director of the Preventive Safety Department at Dubai Civil Defence, said the videos taken with the new cameras will be used for two purposes; training new inspectors and as evidence when companies contest inspection results.

Dubai Civil Defence has acquired 35 cameras to be used by their 45 inspectors.

“We have tried the cameras in two inspections. When the inspector is done, he uploads the video through a software that keeps track of all the videos,” he said.

This new technology was on display at the Intersec exhibition.

Lt Col Ebrahim said the cameras are part of the smart inspection system. Other smart inspection tools include a smart inspection app, which provides the inspector with a checklist

and the ability to add additional notes.

“The inspector can carry out the inspection from his smartphone, which can also be attached to the new smaller RFID [radio frequency identification] scanners, that enable the inspector to

scan all tagged fire equipment,”

RFID technology transmits the identity and location of an object using radio waves, so they can know the exact location of the equipment at all times.

When a tagged item is scanned, the inspectors get the detailed information of the item, what it

is, the manufacturer, where it is supposed to be located, etc.

There is also a new inspection management software that he said will make the department’s operation more efficient.

“For example, the new system will allow the manager to know the location of the inspectors at any given time, so if there is an urgent pending case that needs attending to, the manager —

through the system — can assign the inspector closest to it,” he said.

Ahmad Pauwels, CEO of Intersec’s organiser, Messe Frankfurt Middle East, said that the trading value of the security industry in the Middle East is estimated at more that $10 billion

(Dh36.73 billion) a year.

“Our marketing and research team estimated that 25 per cent of that figure will be traded here, in Intersec, so almost $2.5 billion. Last year’s trading was estimated at $2.2 billion,” he

said.





He said that it is always a pleasure to have Shaikh Mansour open the exhibition as “he is very interested in the security sector, tours most of the exhibition and asks a lot of questions. This

is the fifth year that he is opening the exhibition”.

This year, Intersec introduced the new Smart Home section as a starting point to showcase technologies that support smarter, safer, and more energy- efficient buildings in Dubai, the

UAE, and the wider Middle East.

Another new feature in the exhibition this year is a careers pavilion.

Pauwels said, “At least 100 [companies] have officially confirmed new product launches, from the world’s first and only remote-controlled firefighting support machine to smart home

security systems using the latest building automation technologies.”

Intersec 2016 spans 50,000 square metres, and will have 14 country pavilions.

Other new additions this year include a Safety Design in Buildings Pavilion in the Fire and Rescue section, along with a dedicated Jobs and Careers Pavilion, bringing thousands of

professionals together with specialist security-related recruitment companies.

Source: Gulf News

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UAE PROPERTY WEBSITE RAISES $20M

FOR MIDEAST EXPANSION PLAN


UAE-based real estate website Bayut.com has announced that it has closed a $20 million Series C venture round, four months after its Series B funding that added $9 million to its

finances.

The funding comes from one of Bayut’s current investors, a fund which focuses on frontier and emerging markets with over $1 billion in assets under management, Bayut said in a statement.

The investment has gone into Bayut’s parent company Emerging Markets Property Group (EMPG), formerly Zamzama Property Group, which also controls Pakistan’s market leader Zameen.com, the statement added.

Bayut said that over the last year it has seen rapid growth in all key metrics including traffic and paying agencies, as well as expanding its workforce to take on ambitious regional expansion goals.

Bayut CEO Haider Ali Khan said the new investment would be a major asset for the portal.

“Bayut has been a strong player in the Emirates from the get-go, and with this new funding we’re perfectly poised to further propel the portal and establish an equally strong presence in the rest of the region,” he said.

“We have the top minds of the global property portal industry on board, some of the world’s most advanced proprietary scalable technology, and ample resources, all of which will

contribute to the achievement of our goals,” he added.

Source: Arabian Business

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UAE TO CUT REMAINING ENERGY

SUBSIDIES, MINISTER SAYS


The UAE will extend its economic diversification strategy by removing further subsidies on energy, Suhail Al Mazrouei, the UAE’s Energy Minister, told the World Economic Forum in Davos.

In particular, Mr Al Mazrouei said he was planning to scrap subsidies on electricity and on gas sold to power generators.

“We need to think about major reforms to make the budget less dependent on the oil price, and to build an economy that is vibrant but also taking advantage of the lower oil prices,” he said.

“We saw the opportunity to do the right thing and to get people to pay the right price for energy. We have done it with petrol and diesel, next is electricity. We must remove remaining subsidies from electricity generation. Most of it is not subsidised, the majority of the tariff is

fair. But there are old gas contracts that are not realistic and do not reflect fair pricing,” he added.

He gave no details on the timing of the subsidy removals.

His comments came in a wider debate about the pace of economic reform in Arab countries, dominated by concerns from oil-producing countries about the effect of falling oil prices on regional budgets.

Mr Al Mazrouei predicted that national populations could be “persuaded” to accept and

embrace economic reform even when it might affect their standard of living by increasing consumer prices. “If you have a good story and tell it to local people they will be convinced. The majority of the population is young and they’re different from past generations.

“The economy is still growing but the challenging thing is to get more efficiency. We are redirecting the subsidy as an opportunity to invest in other parts of the economy, like building schools and hospitals. It’s a convincing story. It’s not so difficult to understand,” he said.

Mr Al Mazrouei was asked if a price range of between US$30 and $40 per barrel was “the new normal” for the oil industry and if there should be a new Opec policy on production levels.

“Cartelment is unfair and unethical and has the result of bringing more expensive production to the market. But this price is not sustainable. It is very low and will not last. You have to

remember that 60 to 70 per cent of oil production comes from outside Opec, and for example North Sea oil costs $50 to $60 per barrel to produce. I think we will see sustainability of a fair price for the producers and consumers by the end of this year or early next,” he said.





Mr Al Mazrouei pointed out that the low oil price had led to the cancellation of $400 billion of energy industry investment.

“This planned investment has gone. We will have a problem in two years’ time. You cannot produce oil out of air,” he said.

The new era of energy prices was one of the major themes of the WEF’s annual meeting.

On a separate panel, Khalid Al Falih, the chairman of Saudi Aramco, the region’s biggest producer, said that his company and Saudi Arabia as a country had the capacity to withstand

low oil prices “for a long time”.

“We have the most resilient capacity to take whatever the market serves. If prices stay low we will be able to withstand it for a long time. But obviously we don’t hope for it,” he said. He

called the current price level “irrational”.

Mr Al Falih confirmed that Aramco was studying the possibility of selling some of its business in an initial public offering but declined to give details.

Representatives from other oil-producing countries were critical of Opec policy.

Emmanuel Kachikwu, the oil minister for Opec member Nigeria, called for an emergency meeting of Opec to discuss how to increase prices, but Ilham Aliyev, the president of Azerbaijan, which has suffered economic and financial disruption, as well as public protests

because of falling oil revenue, advised against calling any more Opec meetings.

“Every time Opec meets the price of oil goes down, so it’s better not to have any more special meetings,” he said.

Source: The National

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DUBAI TESTS WATERS AGAIN WITH

SUPER-LUXURY TOWER


Investors on the lookout for super-luxury properties in Dubai can now turn their attention to ‘1/JBR’, a signature development taking shape among the cluster of high-end towers in JBR and Dubai Marina.

There will only be 152 units across the 46 floors, split between two- to four- bedroom apartments and five-bedroom penthouses. Completion of the project - which was announced in

September last - is scheduled for early 2019.

“Sections of the tower will be released for sale in different markets,” said Marwan Al Kindi, Executive Director for Sales and Sales Operations at Dubai Properties, the developer.

“Registration is now open exclusively through our sales partner - Gulf Sotheby’s International Realty.

“Work has already begun on site and we will tender for the main works and appoint the lead contractor soon. We have great relationships with key players in the sector, with many projects under our belts together.

With every project we complete, we keep raising the bar in terms of quality, efficiency, and

speed of delivery. That is what we are looking for throughout the contractor selection process - real project partners.”

On whether the developer had to do a lot of thinking on the timing of the sales process, Al Kindi said: “Our projects are strategically planned to cater to market demand based on our

forecasts (and that are) based on conservative analysis and cautious projections.

“1/JBR is unique in terms of its niche… as it represents another landmark within a well-established destination that enjoys relatively stable market prices to position against.”

The developer declined to go into the details of the apartment prices, but data from the real estate consultancy Chestertons Mena estimates existing high-end towers at Dubai Marina such as La Reve and Cayan commanding between Dh2,300-Dh3,200 per square foot. The top-end

towers at the JBR community is now at around Dh2,300-Dh2,400 per square foot.

For comparison’s sake, units at the Burj Khalifa rule with values between Dh3,500-Dh5,000 psf. The Residences at the Downtown are now between Dh2,100-Dh3,500.

“Luxury properties in these prime areas are considered as long term trophy assets and the

current prices are highly attractive for such investors,” said Robin Teh, Country Manager - UAE at Chestertons Mena. “Furthermore, regional tensions have also attracted luxury property buyers from other parts of the Middle East. We foresee a favorable outlook for luxury

properties in 2016.”





Since mid-last year, property values at JBR went through a relatively minor correction of 2 per cent, while those in Dubai Marina experienced a 3.5 per cent dip.

According to a new report by Global Capital Partners, concerns over the low oil price and what it means for Dubai real estate could be a tad overstated.

‘Dubai is the only exception within the GCC to have a low dependency on oil (6 per cent in 2016), as the city is diversified into other sectors such as tourism, retail and logistics,’ the

report states. ‘It is this diversification of revenues that has allowed the city to adopt an expansionary fiscal policy. And even though foreign money flows will likely be impacted in the

face of declining oil prices, the stimulus adopted by the government will cushion any deleterious impact.’

As to the likely effect this will have on property values, ‘Given the continued sustained stimulus that the government of Dubai has adopted, we opine real estate prices are likely to enter an

inflection point sometime during the year as fiscal policy acts as a fillip to both consumer spending and aid in the recovery of asset prices.’

Source: Gulf News

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DUBAI DEVELOPER KEEPS AN OPEN

MIND ON FREEHOLD STATUS

WEDNESDAY 20 JANUARY 2016

Dubai Investments is fully open to any move to classify its properties and land holdings as ‘freehold’ from their current status as ‘long-term leasehold’, according to a top official. But any such transitioning will have to done at the Dubai Government level and not at the corporate, the official added.

“We have had some of our clients suggest they would like to see a switch to freehold — from Dubai Investments’ perspective, we are comfortable with either status,” said Khalid Bin Kalban, Managing Director and CEO at the holding company, whose interests also span light

manufacturing activities apart from real estate development.

“As such, the demand for a freehold conversion is voiced only by some clients … and they have not made any formal submissions. We have spend upwards of Dh4 billion on our industrial

park (occupying 2,300 hectares) and related infrastructure, and currently more than 95 per cent of the available land is fully leased.

“The remaining area could be utilised for further residential and warehousing assets.

“If the (Government) issues a decree denoting the land and properties as freehold, it gives us

another advantage. The land can be classified as an asset in our books after such a switch. Right now, these are booked as projects in our financials.

“It’s for the Government to decide on changes to the status quo and the timing.”

According to the CEO, it also doesn’t make much of a difference to the company in its dealings

with financial institutions. “They are aware of our favourable cash flow position and operational abilities. Adding the land we hold as an asset in our books will not radically alter the status vis-a-vis the banks.

“Even through the turmoil in the financial markets, the Dubai Investments sukuk continues to hold up tremendously well compared with other such instruments.”

The Dubai Investments Park has been a major beneficiary from the upturn in industrial realty investments over the last three years. A recent phase that was released also managed to pick

up sizeable interest from local and Gulf based buyers, both for the warehousing facilities and as locations for their staff quarters.

Much the same level of investor build up is being recorded at Dubai Industrial City and the

city’s various free zones. In fact, any ample space at a free zone is not left without a lease for long.





On whether there is scope for adding more adjacent land at the existing industrial park, Bin Kalban replied in the negative. “Most of the remaining area is with other owners … we have

reached optimum land usage with what’s available to us.

“Any further expansion of the industrial park model has to be done outside.”

Dubai Investments also has a joint venture with Union Properties on the Green Community development, one of the prime residential communities in the city and where units are on long-

term leasehold. This is as per a decree of 2006-07 and extends to 99 years from that year. Last year, it launched the Phase 3 sales there.

“For property owners at the community, they are quite comfortable with the status of their asset ownership,” said a senior UP spokesperson. “But at the other UP developments such as Motor City, the status has been freehold right from the launch.”

Dubai Investments makes progress with Saudi plans

The first phase of the industrial park in Riyadh will cover 5 million square metres and represents Dubai Investments first major push to recreate the model outside of Dubai. A second phase will take the eventual land availability in the kingdom to 11 million square metres plus. Dubai Investments is part of a joint venture.

Source: Gulf News

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GCC CONTRACT AWARDS TO DROP BY

15% IN 2016


The value of construction contracts due to be awarded this year is set to drop by 15 per cent as government spending plans in the GCC are reined in by low oil prices.

According to Meed, the value of projects is set to decline to US$140 billion this year, compared with $165bn last year.

Saudi Arabia will be one of the hardest-hit markets, with new contract awards likely to drop by almost 20 per cent, or about $10bn, to $40.7bn.

Contract awards in Qatar are set to fall by 24 per cent to $22.2bn and Kuwait by 23 per cent to $24.3bn – from an all-time high of $31.5bn last year.

The UAE, meanwhile, will only experience a drop of 2.4 per cent, or $900 million, in contract awards to $36.5bn, from $37.4bn.

Meed said that the market would be buoyed by continued spending on real estate and infrastructure in Dubai, and by long-term strategic spending on oil and gas projects in Abu Dhabi.

The $165bn awarded in the region last year was below Meed’s forecast of $172bn, which it blamed on the postponement of projects in Saudi Arabia and the UAE.

“In the UAE, the principal cause of the federation’s underperformance was the Abu Dhabi market,” said Meed’s director of content and analysis for projects, Ed James. “While oil and gas

spending there has remained robust, investment in the civil construction sector has been relatively anaemic compared with previous years.”

A new report from the market research firm Timetric’s Construction Intelligence Centre argued that the UAE’s construction market would continue to grow at a compound rate of more than

6.5 per cent over the next five years, up from about 3.5 per cent between 2010 and 2014.

This will come from increased infrastructure spending in the run-up to Dubai’s hosting of the 2020 World Expo, Timetric said, and from projects to diversify the economy – particularly in

manufacturing.


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MANAZEL LAUNCHES RETAIL ARM TO

MANAGE MALLS


Manazel Real Estate, an Abu Dhabi-based developer of affordable housing, has set up a subsidiary to operate and manage malls and retail units.

The company said the subsidiary, Manazel Malls, will run its three-storey, 60,000-square metre Capital Mall in Mohammed bin Zayed City alongside retail areas in Al Reef and Al Reef 2. It will also run all of its future retail projects.

Manazel said the retail business supports a strategy of diversification and growing non-cyclical revenues in areas related to properties. It said the unit could also potentially operate malls on behalf of third parties as well as those in its own developments. In the long run, it will also

offer “an opportunity to potentially seek a listing” for the division on the public markets.

Waleid Gamal Eldien, Manazel’s chief investment and commercial officer, said: “In line with our strategy, we are capitalising on our expertise in the residential and commercial real estate

sectors by launching Manazel Malls to manage all of our retail assets.

“We have built an experienced team of executives to run this subsidiary and to ensure optimal performance while driving recurring revenue streams.”

The retail property market is showing signs of weakening, with rents in Abu Dhabi and Dubai remaining flat in 2015, according to the consultancy JLL. It said the market is likely to move in tenants’ favour as slowing sales dampen demand for new space at a time when the supply of retail property continues to increase.

Craig Plumb, JLL’s Mena head of research, said: “The growth in retail sales has slowed in the UAE during 2015 with some retailers struggling to meet high rental rates. This, in turn, has forced landlords to offer discounts to gain and retain tenants.” It forecasts that 121,000 sq

metres of supply is due to be delivered in Abu Dhabi this year, which is less susceptible to downward pressure because of the limited amount of supply in good malls, the population’s

higher disposable income and because it is less dependent on tourist shoppers.


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DUBAI DEVELOPERS EMAAR, DAMAC TO

BUILD ALMOST 2,000 NEW

APARTMENTS


Two of Dubai’s biggest developers are pressing ahead with plans to develop almost 2,000 new apartments despite weakening property sentiment.

Emaar said on Sunday that it would start selling 750 apartments and 14 villas at its planned twin tower Harbour Views project in Dubai Creek Harbour next to the Ras Al Khor bird sanctuary on Dubai Creek.

Sales launches for the block will be held in Dubai, New Delhi and Karachi on January 23, and in Mumbai on January 24.

Emaar did not say how much the apartments would cost or how many of the 750 units would go on sale next week.

Damac Properties said it was planning to build five new 14-storey towers at the company’s Akoya Oxygen golf course community off the Umm Suqeim Road extension on the outskirts of

Dubai.

Damac also said on Sunday it would start to market 1,200 apartments in its Dh850 million Navitas Hotel & Residences project. It forms part of the 55 million square feet Akoya Oxygen

project that will include a golf course designed by Tiger Woods.

It said prices would start from Dh440,000 and be available on a four-year payment plan.

One of the towers will comprise 312 hotel rooms, which will be managed by Damac Hotels & Resorts.

Akoya Oxygen will also include a 1 million sq ft shopping and entertainment centre called Vista Lux that will include a “rainforest” and a hydroponic cafe and restaurant.


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DUBAI LAND DEPARTMENT SAYS

PROPERTY INVESTMENT GROWS


The Dubai Land Department (DLD) has said that the amount and value of money put into Dubai’s real estate market from all of its main source markets increased in 2015.

The department said that the amount of real estate investment transactions in Dubai last year exceeded Dh135 billion, which was 24 per cent higher than the Dh109bn of transactions it reported in 2014.

The number of investors also grew to 55,298 - a 33 per cent climb on the 41,475 reported last year.

Investments by GCC nationals for 2015 stood at Dh44bn (2014: 32bn), with Emiratis responsible for Dh26.1bn (22.8bn) of this. Investment by Saudis jumped by 73 per cent

according to DLD figures - up to Dh9bn (2014: Dh5.2bn), with the number of investors leaping by 86 per cent to 3,259 (2,745).

Non-Gulf arabs also increased their investment by a third to Dh16bn (Dh21bn), while investments from other, non-Arab nationalities climbed by 16 per cent to Dh74bn (Dh64bn).

Despite the fall in the value of the rupee, Indian investors upped their spending to Dh20bn (Dh18bn), British buyers spent Dh10bn (Dh9.4bn) and Pakistanis bought Dh8bn (Dh7.6bn)

worth of properties.

Iranians were the fourth-biggest investors, spending Dh4.6bn, while Chinese investors spent almost Dh2.6bn, making them the seventh-biggest group of investors - just behind Canadian

and Russian buyers, but ahead of those from the USA.

DLD director-general Sultan Butti Bin Merjen said: “Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and its return on investment.”


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DUBAI PARKS AND RESORTS LEASES

NEARLY TWO THIRDS OF RIVERLAND

PART OF THEME PARK


Dubai Parks and Resorts has let almost two-thirds of the available space at the Riverland element of its multi-theme park site.

The company — a spin-off from Meraas Holding which raised Dh2.5 billion via a flotation on the Dubai Financial Market in December 2014 — said that it exceeded its own letting targets for last year, with more than 50 per cent of the 220,000 sq ft of dining and retail space already taken. New tenants announced include UK family dining chain Giraffe, Taste of Italy, Tom’s

Deli and Parle, while retail units have been taken by pharmacy chain Boots and souvenir shop Mr Camel Memories.

In total, Dubai Parks and Resorts said it had signed 34 lease proposals at Riverland ahead of the site’s scheduled opening in October. Previously-announced deals include a second Irish Village location, as well as 800 Degrees Pizza, Starbucks, Shake Shack, Mr Greek and Turkish restaurant Simit Sarayi, among others.

Raed Kajoor Al Nuaimi, chief executive of Dubai Parks and Resorts said: “In just eight months, the management team has done roughan excellent job in securing a number of high-profile and exciting tenants for two-thirds of the 50-plus outlets available at Riverland Dubai.”

Dubai Parks & Resorts is a Dh10.5bn project that will include a Legoland Dubai, motiongate and a Bollywood Parks Dubai theme park.

It will also house a Legoland Water Park and a Polynesian-themed hotel, Lapita, which will be operated by Marriott Group. It is being built on a 25 million sq ft site in Jebel Ali.

Dubai Parks and Resorts has predicted that there will be 6.7 million ticketed visits in its first full year of operation.

Vinit Shah, the company’s chief destination officer, said that it had received “a great response” from a mix of local, regional and international brands, and added that he was confident that it

will meet its visitor targets.

He said Dubai’s Department of Tourism, Commerce and Marketing department numbers showed a big increase in year-on-year visitors. He also argued that competition from other

parks, such as the soon-to-open IMG Worlds of Adventure or Al Ahli Group’s 20th Century Fox theme park in Dubai would be welcome additions to the market, rather than competitors.





“We welcome additions to the theme park industry in the UAE,” said Mr Shah. “We believe with the increase in the variety of choices, there will be more theme park visitors to the UAE and a

higher possibility of tourists increasing their stay to experience as many attractions as possible.”

Euromonitor research analyst Diana Jarmalaite said that the turnover of UAE theme parks grew by about 11 per cent last year. She added that the UAE has far more attractions than other countries in the region through the likes of Ferrari World and Aquaventure, but that much

more investment in this sector is expected.

“As part of the country’s positioning as a family holiday destination, the government is keen to invest in developing and maintaining state-of-the-art infrastructure and expand the number of sightseeing places, especially tourist attractions.” said Ms Jarmalaite. “According to

Euromonitor International, over the next five years, theme park sales are expected to more than double their size, up to Dh 2bn-3bn.”


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THREE UAE GOLF COURSES IN

WORLD’S TOP 100 LIST


Golf tourism in the UAE stands to benefit from the raised profile of some of the country’s best courses after they shot into a global top 100 list.

The World’s 100 Greatest Golf Courses, a listing published by Golf Digest magazine this month, features Abu Dhabi’s Yas Links and Dubai’s Emirates Golf Club and Jumeirah Golf Estates for the first time. The capital’s Yas Links is ranked at 46, while Emirates Golf Club is listed at No

95 and Jumeirah Golf Estates at 97. Abu Dhabi has four courses and Dubai has 11.

The estimated economic impact of golf tourism in Dubai alone is $38 million, according to Deloitte.

The rankings will promote the UAE as an up-and-coming golfing destination and highlight the courses where world champions have teed off, according to golf club chiefs.

The top 100 courses were picked from about 30,000 golf courses around the world.

That is no mean feat, according to Christopher May, the chief executive of Dubai Golf, a unit of Wasel Asset Management. It owns and manages Emirates Golf Club and Dubai Creek Golf and

Yacht Club.

The recognition comes just days ahead of the four-day Abu Dhabi HSBC Golf Championship, which tees off on Thursday. The event’s organisers expect to build on the 65,000 attendance

last year.

World No 1 Jordan Spieth will make his debut in the Middle East at the tournament, which will also feature world No 3 Rory McIlroy.

“Air connectivity with Abu Dhabi is stronger than ever with the many new routes Etihad has opened and increased frequency by some carriers, such as Turkish Airlines, taking the emirate’s events message even further afield,” said Ahmed Al Qubaisi, the spokesman for Abu Dhabi Sports Council, which owns and presents the Abu Dhabi HSBC Golf Championship.

Last year, an estimated 60,000 golfers came to the UAE, according to Mr May. While 60 per cent of those headed to Dubai, a growing number have been going to Abu Dhabi and Ras Al Khaimah.

“The current economic climate and the strong US dollar do make the UAE make an expensive destination, but we expect a nominal growth in the numbers,” Mr May said. “The outlook is quite encouraging with new courses coming up in Ajman and Ras Al Khaimah, and new courses

attract new tourists.”

Last year the majority of the tourists were from Europe – such as the UK, Germany and Scandinavian countries – but an increasing number arrived from China, India and Australia.





The weak euro has had a significant impact on all tourism and golf is no exception, according to Howie Roberts, the general manager of Yas Links.

“Oil prices are having more of an internal impact in the drop of sponsorships for tournaments and corporate days and some retrenchment, which impacts membership numbers,” he said.

Yas Links works with overseas tour operators and local destination management companies to promote the golf club and support visitor attractions, including hotels.

It hosts international events such as The Nomura Cup – an amateur team competition held in October with players from 27 Asian countries. The two-day Abu Dhabi Invitational, a professional–amateur golf tournament, will be held on January 30 with 56 European Tour

professionals.

The increasing awareness created by international events and the recent listing are “seeing our player demographics become more international; with an increasingly diversified membership

base of 800 golfers of 20 different nationalities underlining the potential for growth in golf tourism to Dubai,” said Abdulaziz Bukhatir, the executive director for corporate services at Jumeirah Golf Estates.

The golfing season in the UAE lasts from about mid-October to mid-May.

While the country’s golf courses featured in the top 100 listing are upmarket facilities where a round can cost anywhere between Dh800 and Dh1,200, there is also a middle market of courses such as Abu Dhabi Golf Club, Arabian Ranches Golf Club in Dubai and Sharjah Golf and

Shooting Club.


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ALDAR ACQUIRES DAMAN HOUSE IN

ABU DHABI


Aldar Properties has bought the Abu Dhabi office tower that is home to the national insurance company Daman as part of a¬ Dh3 billion investment plan.

Abu Dhabi’s largest listed property developer acquired Daman House in Abu Dhabi’s Capital Centre district close to the city’s exhibition centre as part of a plan to boost the money it receives in rents.

Aldar declined to disclose the seller or purchase price. The building has been fully leased on a long-term contract to Daman since December 2013.

It is understood that the deal was worth Dh330 million.

According to JLL, prime rents in Abu Dhabi stand at about Dh1,850 per square metre, which

would equate to an annual rent at the 18-storey Daman House of around Dh42.5 million and a yield of about 12.8 per cent.

Aldar said that it had so far spent a total of Dh900m on a programme of three investments aimed at boosting recurring revenues which also included a planned Dh410m extension of Al

Jimi Mall in Al Ain and the Dh160m construction of the Al Mamoura School in Abu Dhabi, announced last November.

Aldar said that all three assets would be funded from its own existing cash resources.

The purchases are the first to be made as part of a Dh3 billion investment programme that it is implementing to drive growth within its recurring revenue business.

It said that the new purchases would will contribute about Dh90m to its net operating income once the assets had been fully “stabilised”.

The company said it hopes to boost its net operating income to Dh2.2bn by 2020.

“The acquisition fits perfectly with our strategy of increasing our recurring revenue base and demonstrates our ability to take advantage of value accretive opportunities when they arise,” said the Aldar chief executive Mohamed Al Mubarak. “The acquisition underscores our ability to

successfully execute against our strategy to grow recurring revenues.”

“If you are looking for a solid investment in Abu Dhabi, buying a prime office block in an established area which is already let to a blue chip tenant is not a bad move,” said Ian Albert, regional director for the Middle East at Colliers International.

In November Aldar reported a 9.4 per cent increase in third-quarter profit, thanks in part to a near-doubling in recurring revenues owing to the opening of the government-backed developer’s 235,000 sq metre Yas Mall.





Aldar’s recurring revenues portfolio also includes 4,800 rented apartments, and thousands of square metres of upmarket offices, hotels and schools.

Aldar, which merged with Abu Dhabi rival Sorouh in 2013 in a government backed union, has also succeeded in paying down what had been crippling debts. In November it reported that finance costs for the third quarter fell to Dh181.8 million, down from Dh312.9m a year earlier.

“We feel that after paying down debt for so many quarters, Aldar’s debt level is currently too low for the balance sheet to be efficient,” said Sanyalak Manibhandu, a research manager at NBAD Securities in November. “The company can change that by borrowing more from banks

to finance more new projects, they could pay higher dividends, they could buy back shares or they could split the company like Emaar did.”


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DUBAI PROPERTY DEVELOPERS ‘NEED

TO BE AGILE TO SURVIVE TOUGH

PERIOD AHEAD’


Dubai’s biggest landlord has a message for the city’s developers: get ready to rethink your budgets and building plans repeatedly this year or be engulfed by a topsy-turvy market.

Companies need to be “more agile to sustain their businesses and survive the tough period ahead,” said Hesham Al Qassim, chief executive of the state’s Wasl Asset Management and vice chairman of Dubai’s largest lender, Emirates NBD. “Those who are mindful of the reality around them will manage, but those who stretch themselves with billions worth of projects

won’t.”

Dubai’s property market was buffeted last year by falling oil prices, rising political tension in the region and slowing economic growth from China to Brazil, all trends that are set to

continue in 2016. Real estate developers, whose projects can take two to four years to build, may see their markets change several times over that period.

Residential property prices in Dubai dropped around 15 per cent last year and rents softened

as demand from European and Russian buyers waned, Phidar Advisory said last week.

The dollar-pegged dirham made properties more expensive at a time the decline in the oil price put pressure on government spending. “I’d be very cautious, whether running an asset management company or a development company,” Mr Al Qassim said. “I have to be very

dynamic in terms of my budget planning. When there is a slowdown, I have to go through my budget and try to adjust it according to the market.”

Wasl, which collects rent from around 35,000 households and holds offices, hotels and golf courses across Dubai, is developing thousands of middle-income homes, a market that’s experiencing a severe shortage. Mr Al Qassim said he reviews the company’s plans often,

shelving some and delaying or altering others to better respond to fast-changing demand and market sentiment.

We look “to develop what the company can afford to do in the worst-case scenario,” he said.

He says greater interest-rate stability shows that the UAE market is adjusting to lower oil prices. However, bankruptcies at some companies in the country could set off a chain reaction

that hurts many others, he said.

Emirates NBD, Dubai’s largest bank, expects earnings to be flat in 2016 and the bank will freeze hiring to reduce staff through attrition rather than job cuts, Mr Al Qassim said. Growth





will probably return in mid-2017 as a decline in values spurs new demand and momentum builds ahead of Dubai hosting of the World Expo 2020.


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WORK BEGINS ON $1BN ICD

BROOKFIELD PLACE TOWER IN DIFC


The joint venture between Investment Corporation of Dubai (ICD) and Brookfield Property Partners has broken ground on its US$1 billion development within Dubai International Financial Centre (DIFC) district.

The 54-storey, 282 metre-high ICD Brookfield Place, which has been designed by the British architects Foster + Partners, is the first major project to get under way at DIFC since the onset

of the 2008 financial crisis.

It will contain more than 900,00 0 square feet of Grade A office space and connect to a 150,000 sq ft, five-storey retail centre. There will also be an 18,000 sq ft public area flanked

by restaurants that will feature regular arts and cultural events, and the complex will have parking for 2,700 cars.

The top three floors of the tower are being built as Sky View suites with internal gardens and the project has been designed with a view to achieving Leed Gold certification, a top-level sustainability and green building rating.

The main contract to build ICD Brookfield Place has been awarded to a joint venture between

Brookfield Multiplex and South Korea’s Ssangyong Engineering and Construction. The building is expected to be completed in the fourth quarter of 2018, with the first tenants likely to occupy in early 2019.

The chief executive of ICD, Mohammed Al Shaibani, said the project “will be a world-class development that enriches its surrounding area and significantly adds to the Dubai skyline”. He added that it would look to develop the partnership through future projects.

The Brookfield Property Partners’ chairman, Ric Clark, said that it began working with ICD about five years ago, setting up a $1bn fund that was initially meant to invest in distressed schemes, but subsequently switched its focus towards new development.

Mr Clark said that it is in advanced talks with local and international banks over debt funding for the project.

“Our expectation is we will do conventional construction financing on this project somewhere in the 65 per cent or more loan-to-cost ratio. We should have that all secured within the next couple of months.”

He said that no tenancy deals had been agreed, but that talks were under way for “several hundreds of thousands” of square feet.

“We haven’t signed anybody up yet,” he said. “We’re confident that we will in relatively short order, but one of the things that we’ve found that is important in this region is that you





actually get going on a project. I think tenants are naturally sceptical. They’ve heard too many organisations in the past try to convince them to sign a lease on a project that never gets

built.”

JLL and CBRE have been appointed as joint letting agents for ICD Brookfield Place.

CBRE Middle East’s managing director, Nick McLean, said DIFC remained “the most important conceptual institution in the GCC as a whole”, with an advantage of scale over other regional

financial centres in Bahrain, Riyadh or Abu Dhabi.

“People can come here and be associated and adjacent to the people they are adjacent to in London, New York and elsewhere.

“We have the most important institution and almost certainly what will be the best building in the region as well.”


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DUBAI HOTELS SHOULD EXPECT ‘NEW

NORM OF 70-75% OCCUPANCY’


Dubai hotels can expect occupancy levels of 70-75 per cent to be the new norm in 2016, a report released today said.

The prediction, by Deloitte Corporate Finance in its Real Estate Predictions Report for Dubai, is for occupancy to fall from 77.5 per cent last year.

Dubai’s tourism sector has been hit during the past year by declining oil prices which have

affected economic activity in the countries which tend to feed the emirate’s hotels. Brent oil was today trading below $29 a barrel.

The softening market has also been compounded by regional security concerns.

However, Deloitte said that visitors could be encouraged by falling room rates over the next 12

months.

“As operators compete for occupancy, it is expected that Average Daily Rates (ADR) will soften further, which should encourage growth in visitor volumes required to support the investment in tourism infrastructure,” it said.

It said in the report that 2015 saw average occupancy fall approximately 1.4 per cent, while the ADR fell 7.4 per cent to Dh797.

“This was primarily due to new supply growth (6.8 per cent) outpacing demand growth (4.4 per cent),” it said.

It added that the relatively moderate falls “should not be viewed negatively, as Dubai still remains one of the best performing hospitality market globally” with regard to occupancy levels, comparing well against the likes of New York at 84 per cent, London at 82 per cent,

Paris at 78 per cent and Berlin at 77 per cent.

Deloitte expects room inventory to increase by 14 per cent this year to 76,500 keys, and demand growth will catch up with supply growth in the run up to Expo 2020.


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DUBAI’S LUXURIOUS BURJ AL ARAB TO

GET UNIQUE BEACHSIDE RESORT


The Burj Al Arab, the opulent Jumeirah hotel that has become the symbol of Dubai luxury, is to get its own exclusive beachside resort: a sun deck bigger than a football pitch jutting out into

the waters of the Arabian Gulf,The National can reveal.

The unique concept - believed to be a global first in resort hotel design – will accommodate 32 beach cabanas, 400 sun loungers, two swimming pools (one sea water), a restaurant and a

bar. It will be called Burj North Deck.

Designed in Finland with high environmental standards in mind, it is currently being shipped to Dubai, where the six steel sections weighing 5,000 tonnes will be lowered by crane onto 90

piles that are already in place on the Gulf seabed.

The structure is planned to be in place next month, and open for guests of the Burj in the second quarter of this year.

Anthony McHale, general manager of Burj Al Arab Jumeirah, said: “As a hotel we are dedicated

to surpassing guest expectations by providing the ultimate Arabian hospitality experience and we have no doubt that North Deck will do just that.

“We are hugely excited about its arrival – North Deck is a true reflection of Dubai’s own ambition to provide the most outstanding experience for guests visiting and living in Dubai,” he

added.

There has been speculation in the leisure industry for some time that Jumeirah was planning to add an exclusive man-made beach to its facilities. Guests at the hotel – billed by many as the

world’s only seven-star establishment – have until now had to make a trip across the causeway to use their own dedicated beach near the Jumeirah Beach hotel.

But the scale of the North Deck project is a big surprise. “The hotel, which is renowned for pushing the boundaries of architectural design and luxury service, is unveiling a global first in hotel construction with a break-though combination of creative marine design, ingenious engineering and guest-friendly planning,” a statement said.

“The construction and steel pile installation process will cause minimal impact to the marine environment. In fact it has been designed to provide shade for local fish and to attract undersea ecosystems that are known to cluster around steel,” it added.

The deck has been custom-designed by marine construction experts Admares at a shipyard in Finland that specialises in high-specification cruise ships and yachts. Because it was built off-site, there has been minimal disruption to hotel guests, the hotel said.





Robert Swade, Jumeirah Group chief operating officer, said: “Dubai is renowned for providing exceptional experiences. This is the first time a structure of this nature and size has been built

in one country and then transported to another country to be assembled and operated.

“We are really pushing the boundaries of innovation and demonstrating how committed we are to positioning Dubai as the most exciting destination in the world and Burj Al Arab Jumeirah as

the finest provider of luxury experiences,” he added.

The North Deck project was planned in utmost secrecy by outgoing Jumeirah chief executive Gerald Lawless, who last week announced he was to take up a strategic role in leisure and

tourism at Dubai Holding, Jumeirah’s parent.


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DUBAI VILLA OVERSUPPLY LEADS TO

18% DROP IN PRICES AT THE SPRINGS


Sale prices of villas at The Springs community in Dubai have dropped by 18 per cent over the past year as buyers have opted for cheaper, newly completed stock in secondary communities

such as Jumeirah Village Triangle and Al Furjan, according to Cavendish Maxwell.

The company’s fourth-quarter 2015 Dubai residential market report found that across Dubai, villa prices declined by 8 per cent year-on-year – a faster rate than the 6 per cent fall in

apartment prices because of the increase in new stock. The Springs, a master planned community by Emaar Properties, was the area which experienced the steepest price decline,

followed by neighbouring The Meadows (12 per cent) and Jumeirah Village Triangle (10 per cent).

In the apartments market, areas where there were above average declines included Motor City (10 per cent), International City (9 per cent) and Discovery Gardens (9 per cent).

The report also highlighted project delays, with only 8,800 of an anticipated 15,800 homes completed during the year. Alongside the 7,000 delayed properties, some 30,000 homes are scheduled for completion in 2016 – 30 per cent of which are villas. However, it is expected that

many of these are also likely to be pushed back as a result of current market conditions.

Dima Isshak, a research manager at Cavendish Maxwell, said: “As prices declined during 2015, there was a slight shift in new buyer demand towards secondary locations such as JVT, Green

Community and Al Furjan, as buyers were looking for more value for their money.

“Additionally the off-plan villa supply alongside the payment plans and incentives offered by developers has also attracted buyers, leading to limited activity in the secondary market.”

She said it was evident that the construction industry has been affected by the decline in oil

prices, and with house prices and transactions falling, many developers are postponing completions and reassessing portfolios.

“We have seen very few launches in the second half of the year,” said Ms Isshak.

In Abu Dhabi, prices fell at a lower rate – 4 per cent for villas and 3 per cent for apartments – because of the lower levels of stock. Rents also remained stable, with villa rents actually

increasing in areas such as Saadiyat Beach Villas, where supply remains tight.

The Big Four accountancy firm Deloitte said villa prices declined by 10 per cent and apartment prices by 9 per cent in 2015, but said the steepest declines were in JBR (down 15.8 per cent)

and Downtown Dubai (15.1 per cent).

Deloitte said the drop was partly a reaction to exceptional price growth in the two previous years, negative sentiment surrounding the oil price and currency fluctuations, making property





more expensive for buyers from key source markets in India, the UK and Russia. It expects rents to soften in the year ahead, but said that this “won’t be to the same degree” as recent

price declines.

The Deloitte corporate finance managing director Robin Williamson argued that in the long run, Dubai still offered investment potential.

“Despite the decline in average residential sales prices in Dubai during 2015, price growth over the last four years reflects a compound annual growth rate of 11.6 per cent, which outperforms other leading global cities such as London, Paris and Singapore.”

Deloitte said that although published pipeline forecasts suggest 40,000 new homes will be delivered this year, consultation with “key developers” suggested this figure would be nearer 10,000.


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DH179M DUBAI VILLA SET TO BE

EMIRATES HILLS’ MOST EXPENSIVE –

IN PICTURES


Dubai is a city known for huge ostentatious villas and, with aspirations as the “Beverly Hills of Dubai”, Emirates Hills is a neighbourhood full of just such palatial abodes.

But this 10-bedroom home, which takes up two full-sized villa plots at the prestigious gated community, makes many of its plush neighbours pale in comparison. Taking up a whopping 32,200 square feet in terms of built-up area – roughly the same size as a small factory – the super-modern white facaded villa is so big that the entrance hall, complete with Buddha statue

and huge hanging light sculpture, feels more akin to a hotel lobby than a family home.

An enormous lounge also reminiscent of a hotel lobby leads on to not one, but two kitchens – one for family cooking and another for entertaining. A downstairs guest suite comes with its

own large lounge area, private terrace and bathroom and a private gym comes with new cardiovascular equipment, TV and shower. And of course there is a home office as large as many people’s entire apartment.

There is a lift to save you the trouble of walking up the grand staircase to the first floor. The five bedrooms upstairs all come with their own walk-in closets and en-suite bath and shower rooms. The master bedroom also includes a dressing room, private steam room and full

bathroom.

A second floor includes a lounge area as well as a roof terrace, bar, sun deck and large hot tub with views of the Montgomerie golf course and the Dubai Marina.

A large basement includes two more double bedrooms and two twin bedrooms as well as a TV room with vintage memorabilia and designs with access to a sunken garden.

Below stairs the villa includes accommodation for a housekeeper, a guard, a dormitory for three maids and their kitchen, bathroom and dining facilities as well as a laundry room.

A large swimming pool in the garden comes with underwater speakers so that you can hear your favourite tunes even while you take a dip. And in the fully air-conditioned underground parking area which has space for five cars and a cleaning area, there is even space to put up personalised logos to match the vehicles.

But such luxury comes with an eye-wateringly high price tag. The villa is currently on the market Dh179 million – nearly six times as much as some of the neighbouring villas in the district.





Q&A with Ian Kirkby, luxury sales director at selling agent Luxhabitat:

Who lives in a house like this?

The owner is a European private banker who bought the house as shell and core and has spent

the past two years finishing the property. He plans to stay in Dubai and quite likes the idea of doing up another house now that he has finished this one.

How does it compare to other house prices?

If this sale goes through, I believe it will be the most expensive property sale in Dubai for six

months and the most expensive ever in Emirates Hills.

Given the fact that house prices in Dubai are falling, how can a house go on the market for this much?

A lot of sellers in Emirates Hills are people who bought back in 2001 when they paid Dh10 million for a villa and are now selling it for at least Dh50m. These people can afford to sit and

wait until the right offer comes in.

What sort of people are looking at this sort of property?

We are currently doing three or four viewings every week on this property, so there are definitely people still out there with the money to buy it. The majority of buyers are eastern

Europeans, Russians, Iranians and 40 per cent of viewings are from local families who want something palatial but at the same time westernised and contemporary design.

Given current market conditions how can anyone afford it?

In Dubai we have seen that the market for mid-market properties which cost between Dh5m to Dh15m has stalled as global economic conditions have worsened and the oil price has fallen. However, this has not affected the super-wealthy. They don’t mind if prices fall or rise by an

extra 10 per cent.

Top five most valuable homes in the world at the start of 2016

1. Buckingham Palace, London – US$1.56 billion

2. Antilla tower, Mumbai – $1bn

3. Vila Leopolda, Côte d’Azure, France - $736 million

4. The White House, Washington – $320m

5. Fairfield, The Hamptons, US - $248m.


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RISE IN PUBLIC-PRIVATE

PARTNERSHIPS IN UAE


The tightening of government budgets as revenue declines and the continued need for infrastructure development means public-private partnership (PPP) schemes are finally coming into fruition across the region, experts said.

Already, PPP is being used for a project by Dubai’s Roads and Transport Authority to redevelop Union Square and is being considered as a method for funding Route 2020 – the project to

extend Dubai’s Metro from Jebel Ali to the Expo 2020 site – even though Dubai’s PPP legislation only came into force on November 19.

Olivier Crasson, an executive vice president for business development at the contractor Besix, said that PPP legislation had been in place in Kuwait for several years but few projects had emerged from the government body set up to oversee them.

He argued that the fact that Dubai had moved so quickly meant many more projects were likely to follow.

“Here, one of the objectives of the law is to reduce pressure on public spending,” said Mr Crasson. “The price of a barrel [of oil] will help. It will naturally accelerate the process for PPPs

to exist on a wider scale in the region.”

He said that there were a number of schemes, including projects at Al Maktoum Airport, the site of a planned US$32 billion expansion, where “alternative methods of finance” such as PPPs and projects financed by contractors through export credit agencies from their country of

origin were likely to play a part.

Robin Herzberg, the managing director of private finance at the UK contractor Carillion, which has already used UK government funding to build the first phase of the Dubai Trade Centre

District, said that it is interested in pursuing PPP schemes in the region, although there have been limited opportunities so far.

“Certainly, we have a perception that PPPs will come in the Middle East, but we have had that for a little while. I think we’ve been watching this space for years.”

Maarten Wolfs, an infrastructure finance leader at PwC in the region, said that forms of PPP had been used in the Arabian Gulf for years but largely only in power and water, where governments effectively guarantee them through purchase agreements.

Now, there is a more varied range of projects, he said.

Mr Wolfs said: “Kuwait is tendering schools, waste-to-energy plants and housing projects. Contractors are looking at private financing solutions for the Dubai metro, and Dewa and





Adwea have launched renewable energy programmes. Saudi Arabia, Oman and Qatar are … keen to broaden the model.”

Ed Johnson, a project finance partner at the law firm Squire Paton Boggs, said: “Diversification of goods and services, and the delivery of those to a higher standard, is becoming more politically important to governments.”


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ASTECO LAUNCHES INTERNATIONALLY

RECOGNISED FRANCHISE ACADEMY


Asteco, the Middle East’s largest independent full service real estate company, has today launched a

unique training and development facility for the UAE market and its growing community of

internationally licensed brand franchisees.

The academy will be headed by leading organisational practitioner, Brian Weaver, who brings over 25

years’ of senior international performance training in his capacity as Head of Training and Development

having worked with some of the biggest names in the USA, Europe, Africa and Middle East.

“Our professionalism and capability is vital to our reputation and overall success, and this is what sets

Asteco apart from the competition. We want our franchises to be successful and profitable, and so the

academy is the perfect vehicle to help them achieve that goal. Training is and should be an investment,

not a cost and I am excited about the contribution our academy will make to the business,” said

Weaver.

A first-of-its-kind facility for the region, Weaver’s experience in training, evaluation and major change

initiatives will support the learning and development of the growing number of franchisees under the

Asteco banner.

Training is to an international professional standard thanks to accreditation from the Institute of

Commercial Management (ICM), the leading global professional body for Commercial and Business

Development Managers. It is also an internationally recognised examining and awarding body for

business and management students.

“Our primary purpose in setting up the academy is to effectively translate our corporate and franchise

strategy into training initiatives relevant to each franchisee’s business. Under Brian’s tutelage and

mentorship this will enable them to develop the skill set necessary to make their franchise investment

successful and in line with Asteco’s reputation for excellence and continuing development,” said Omar

Binder, Director – Licensing Services, Asteco.

The internationally recognised academy is based on a three-in-one model providing support from the

company’s corporate arm to align Asteco deliverables with franchisee business goals; Continuing

Professional Development (CPD) opportunities to help franchises maintain a competitive edge; and long-

term in-house support and advice as franchisees build their businesses.

“Brian’s extensive experience enables him to bring a large degree of practicality to his work, this

combined with in-depth business acumen and an eye on the impact to the bottom line i.e. tangible

business results, underscores the value of this new training facility,” added Binder.

Asteco launched the franchise arm of its real estate business in late 2014, to offer small to mid-sized

real estate brokerage companies, independent realtors and regional entrepreneurs looking to break in or

diversify into the real estate sector access to the expertise of a 30-year old industry leader.

The only locally established, full service real estate business offering this bespoke franchise opportunity,

the licensing model also provides franchisees with a high value referrals service, access to Asteco’s





dedicated intranet with a comprehensive range of resources, regular communication and updates, as

well as use of the industry-leading real estate software and CRM platform.

It currently works with a number of licensed franchisees located in three key Middle East gateway cities,

and this year will explore new opportunities farther afield, with prospects in Europe and North Africa.

Source: Property Watch

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With 30 years of Middle East experience, Asteco’s Valuation & Advisory Services

team brings together a group of the Gulf’s leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai, Northern Emirates, Qatar, Jordan and the

Kingdom of Saudi Arabia not only provides a deep understanding of the local markets but also enables us to undertake large instructions where we can quickly apply resources to meet clients requirements.

Our breadth of experience across all the main

property sectors is underpinned by our sales, leasing and investment teams transacting in the market and a wealth of research that supports our decision making.

John Allen BSc MRICS

Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Julia Knibbs MSc

Manager – Research and Consultancy - UAE

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted

by suitably qualified personnel all of whom have

had extensive real estate experience within the

Middle East and internationally.

Our valuations are carried out in accordance with

the Royal Institution of Chartered Surveyors

(RICS) and International Valuation Standards

(IVS) and are undertaken by appropriately

qualified valuers with extensive local experience.

The Professional Services Asteco conducts

throughout the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property

sales division with representatives based in UAE,

Saudi Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

LEASING

Asteco has been instrumental in the leasing of

many high-profile developments across the GCC.

ASSET MANAGEMENT

Asteco provides comprehensive asset

management services to all property owners,

whether a single unit (IPM) or a regional mixed

use portfolio. Our focus is on maximising value

for our Clients.

OWNER ASSOCIATION

Asteco has the experience, systems, procedures

and manuals in place to provide streamlined

comprehensive Association Management and

Consultancy Services to residential, commercial

and mixed use communities throughout the GCC

Region.

SALES MANAGEMENT

Our Sales Management services are

comprehensive and encompass everything

required for the successful completion and

handover of units to individual unit owners.

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