Dubai Ajman Sharjah and Abudhabi Properties

Dubai rolls out Metro today

2009-09-09T01:24:00.000-07:00

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurating Dubai's Metro rail network tonight, will fittingly see another dynamic aspect of his vision for the emirate come into reality.At 9pm tonight, five train compartments will make their way from Mall of the Emirates to Rashidiya, propelling Dubai into the annals of history.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurating Dubai's Metro rail network tonight, will fittingly see another dynamic aspect of his vision for the emirate come into reality.
The Dubai Metro is a driverless, fully automated metro network in the United Arab Emirates city of Dubai. The Red Line is partly operational, the Green Line is still under construction, and further lines are planned. These first two lines run underground in the city centre and on elevated viaducts elsewhere. All trains and stations are air conditioned with platform edge doors to make this possible.
The first section of the Red Line, covering 10 stations, was ceremonially inaugurated on September 9, 2009 with the line opening to the public at 6 AM on September 10 once the 20km Green line opens in June 2010, the Dubai Metro will overtake the title of longest automated metro network from the Vancouver Sky train, surpassing it by 3km.
Planning of the Dubai Metro began under the directive of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum who expected other projects to attract 15 million visitors to Dubai by 2010. The combination of a rapidly-growing population (expected to reach 3 million by 2017) and severe traffic congestion necessitated the building of an urban rail system to provide additional public transportation capacity, relieve motor traffic, and provide infrastructure for additional development.
In May 2005 a AED 12.45 billion design and build contract was awarded to the Dubai Rail Link (DURL) consortium made up of Japanese companies including Mitsubishi Heavy Industries, Mitsubishi Corporation, Obayashi Corporation, Kajima Corporation and Turkish firm Yapi Merkezi. The first phase (worth AED 15.5 billion/US$4.2 billion) covers 35 kilometres (22 mi) of the proposed network, including the Red Line between Al Rashidiya and the Jebel Ali Free Zone set for completion by September 2009 and the Green Line from Al Qusais 2 to Al Jaddaf 1. This is to be completed by June 2010. A second phase contract was subsequently signed in July 2006 and includes extensions to the initial routes. The Red Line will partially open on 9 September 2009 though according to an RTA official some of the stations will not open due to delays of the project. The construction cost of the Dubai Metro project has shot up by about 80 per cent from the original AED 15.5 billion/US$4.2 billion to AED 28 billion/US$7.6 billion. The authorities said the cost of the project did not overshoot. They attributed the increase in expenditure to the major changes in the scope and design of the project. The authorities also expect to generate AED 18 billion/US$4.9 billion in income over the next 10 years. But they speculate that the Metro would not be a profit-making enterprise since the fares would be subsidized.
Work officially commenced on the construction of the metro on March 21, 2006. Still in February 2009 a top RTA Rail Agency official said "The $4.2 billion Dubai Metro project would be completed on schedule despite global crisis," however, 2 weeks before the planned opening the RTA had to admit that only 10 out of 29 metro station of the red line will be ready to open in time and the project plan slipped embarrassingly
Dubai Metro network
When completed, Dubai Metro will have 70 kilometres (43 mi) of lines, and 47 stations (including 9 underground stations). Two lines are under construction, and three more are planned.

Red Line viaduct in February 2009Red Line: 50 kilometres (31 mi) line with 31 stations from Jebel Ali Port, the American University in Dubai, through the city centre to Al Rashidiya. This line will be the first to open, making history on 9th September 2009.
Green Line: 20 kilometres (12 mi) line with 22 stations from Festival City, through the city centre, Dubai International Airport Terminal 2 and the Airport Free Zone. This line was proposed to open in March 2010, however the Dubai RTA confirmed at the end of August 2009 that the Green Line will not open until June 2010, completing the first phase of the Dubai Metro.
Purple Line: 49 kilometers (30 mi) Dubai International Airport to Al Maktoum International Airport, along Al Khail Road. Construction commenced in March 2009 and be operational by 2012. It will have about 8 stations on the route, 3 with check in facilities. .

Safety and security ensured on board RTA buses in Dubai

2009-08-26T01:34:00.000-07:00

As part of its awareness campaign aimed at highlighting the benefits of using public transport buses, the Dubai Roads & Transport Authority (RTA) is paying special attention to safety and security measures on board its buses, by equipping them with the latest safety systems to ensure meeting international safety standards.

RTA has equipped its new fleet of buses with i-Shift gear system, specially designed to increase driver’s comfort and reduce the risks of road accidents. The buses are also fitted with the Electronic Stability Program (ESP) that gives drivers a better control of the bus, ensures its stability on the road and significantly minimizes the risk of skidding or sliding, thus boosting passengers comfort.

In accordance with international safety and security standards, RTA has fitted all its buses with emergency exits and windows, in addition to modern alarm systems, fire extinguishers and first aid kits.
To make sure these measures are standards and well optimized, RTA organizes special training course for bus drivers so that they know the locations and operation of all emergency exits & windows on both sides of the bus, rear exits as well as roof hatches. Drivers are also trained to know the location and method of lifting the fire extinguisher and First Aid Kit from their brackets, as well as the location and usage of any communication equipment on board the bus.

Dubai faces homes surplus of 30,600 by year-end JP Morgan

2009-08-13T02:58:00.000-07:00

Dubai is set to have a surplus of up to 31,000 residential units mainly due to the decline in the expat population by the end of the year, according to a new report by JP Morgan.
The investment bank's study into real estate in the Middle East and North Africa region said despite a recent small pickup in transaction volumes, supply overhang in the Dubai property market would reach 28,500 units by end 2009 due to the modest economic forecast and negative population growth estimates.
"Our demand supply balance is based on the difference between cumulative supply of 253,000 available by end 2008 and required units derived using average household size of 5.8 per unit and potential repossessions from mortgage defaults.
"This takes our cumulative residential supply overhang to 30,600 by end 2009, though most of the overhang is attributable to fresh supply and incremental supply from repossessed units only accounts for six per cent of the total surplus in 2009, as per our estimates."
Beyond 2009, JP Morgan feels the forecast 3.5 percent population growth for Dubai is unlikely to absorb the upcoming supply of residential units, Emirates Business reported on Thursday, citing the study."However, we expect the impact of this overhang will largely be felt by recently supplied and upcoming units in new and outer Dubai area, where the occupancy levels are relatively low making price recovery a slow and painful process."
The report added: "The prospect of negative population growth and slow economic recovery does paint a cautious picture for Dubai's residential market in the near to medium term, where rising demand supply surplus may hamper price recovery."
However, JP Morgan added that due to Dubai's unique status as a liberal, tax-free and business-friendly destination, the banks could not rule out surprise demand recovery from regional investors.
By contrast, the short-term supply of homes in Abu Dhabi remains fairly limited, according to the report.
"We believe that high occupancy levels are unlikely to ease from near 100 per cent any time soon." JP Morgan said.

Burj Dubai world tallest tower -The last cladding Panel ready for installation

2009-07-29T03:49:00.000-07:00

The last cladding panel – number 24348 – is ready and waiting for installation at Burj Dubai, the world’s tallest building.
In the coming weeks, Arabian Aluminium Company – a member of Al Ghurair Construction Industries LLC – will send the six-metre panel to the site for installation at the bottom of the tower’s spire.
Cladding work on the gigantic project began in April 2007, and panels of more 18 different strength specifications and over 200 sizes have been used on the tower, all of them double-glazed and factory-sealed.
The main materials used in the cladding are reflective glazing, aluminium mullions and textured steel spandrels with vertical stainless steel tubular fins.

Victory Heights hands over the 100th set of keys

2009-07-27T22:51:00.000-07:00

Dubai, UAE, 27 July 2009 — On the 27th July, Victory Heights was delighted to announce another major project milestone, handing over the 100th set of keys to a new homeowner, who will be joining the rapidly growing community in this landmark development within Dubai Sports City.
The handover began in the Estella and Carmen Villages, and has been carried out in a carefully controlled fashion, to ensure that the new residents are able to enjoy a high quality experience as they move into their new homes. Following closely behind the first 100, Victory Heights has also issued handover letters for an additional 150 homeowners, who are expected to move in within the next few weeks. Villas in the Novellia, Esmeralda, and Oliva Villages are next in line for handover.
“We are very proud with the quality of the product which is now being delivered to homeowners, and the reaction of the new residents to their new homes has been exceptionally positive. It is exciting to be witnessing the successful culmination of this project, Dubai’s foremost golf residential development”, commented Victory Heights’ General Manager, Yasser Al Raee.
Mr. Arun Khehar, Victory Heights hundredth client, stated that being part of a milestone of the project has been a delightful experience. “Victory Heights has impressed me with the quality of my home and their commitment to customer service, resulting in my opinion, a smooth and efficient hand over process. I look forward to the experience of being a part of a community that has a unique mix of beautiful landscaping, life style amenities, and of course living close to a championship golf course. It is indeed a very special and exciting moment for my family,” said Mr. Khehar.
Covering some 25 million square feet, Victory Heights is an exclusive villa community offering 963 beautifully designed villas and town homes set in and around The Els golf course. In operation now, the 18-hole championship golf course has been designed by renowned golfer Ernie Els and is complimented by the Butch Harmon Golf Academy. Additionally, tennis legend, David Lloyd will have his academy based within the community.
Located in Dubai Sports City, the world’s first integrated sports city, this sought-after development will present a comprehensive variety of amenities including schools, retail and community facilities and a world-class range of sports and leisure facilities.

The world’s tallest building, the Burj Dubai ready for soft launch in September

2009-06-10T03:48:00.000-07:00

The world's tallest man-made structure, will see a "soft opening" on Sept. 9 this year in tandem with the launch of Dubai Metro.The groundbreaking for Burj Dubai took place in Sept. 2004 and was originally slated for completion by late 2008.

The building is part of the 2 km2 (0.8 sq mi) development called "Downtown Burj Dubai" at the "First Interchange" along Sheikh Zayed Road at Financial Centre Road (previously known as Doha Street). The tower's architect is Adrian Smith, who worked with Skidmore, Owings and Merrill (SOM) until 2006.The Chicago-based architecture and engineering firm SOM is in charge of the project. The primary builders are Samsung Engineering & Construction and Besix along with Arabtec.Turner Construction Company was chosen as the construction manager.
The total budget for the Burj Dubai project is about US$4.1 billion, and for the entire new "Downtown Dubai", US$20 billion. Mohamed Ali Alabbar, the CEO of Emaar Properties, speaking at the Council on Tall Buildings and Urban Habitat 8th World Congress, said that the price of office space at Burj Dubai had reached $4,000 per sq ft (over $43,000 per m2) and that the Armani Residences, also in Burj Dubai, were selling for US$3,500 per sq ft (over $37,500 per m2).

New visa law 'soon' for Dubai property buyers

2009-04-29T04:57:00.000-07:00

A new law that would clarify the rules on issuing residency visas to property buyers in Dubai could be introduced this year, it was reported on Wednesday.

Business leaders say they have raised the issue with government officials who have told them that new regulations will be brought in "soon".

"We believe this has to be cleared. We raised it to the government and the government came back and said there is a law that will come very soon and we feel it has to come," said Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry."The law will clarify who deserves a visa in terms of their investment in the real estate. We don't know when it will be out but the government says it will be soon. I think soon means within this year," he told the paper.

Previously, most real estate advertisements boasted of 99-year visa for purchase of freehold property but officials say such guarantees are not within the jurisdiction of any property firm.

Dubai: In a bid to improve the conditions of labourers, the UAE is set to introduce new rules regarding their accommodation and a mechanism for electronic payment of their salaries.

"Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of UAE, will sign a draft resolution on criteria for workers' accommodation," Labour Minister Saqr Ghobash said on Monday. "The requirements will be circulated to all municipalities across the country so as to enforce them on housing facilities of workers," the minister told a seminar on Labour and Human Rights here. "The criteria will provide adequate hygienic and humane conditions for the comfort of workers. The government will not accept less than those conditions," he affirmed.

The minister said electronic payment of workers' salaries will be implemented in the next few weeks. "This will be made possible through a joint initiative between the ministry, banks, money exchange houses and the Central Bank of the UAE," he said. "The project, a core element in the ministry's strategy, will prevent delays in payment of salaries. About 500,000 workers will benefit from this project, he said.

Gobash also announced the Ministry had issued 662,000 labour cards and cancelled 405,000 in the six months from October 2008 up to March 2009. "This means incoming workers continued to outnumber departing peers. The workforce rose by 27 and 32 per cent in 2007 and 2008 respectively," he said.

Gowealthy Capital to launch four funds worth $435m

2009-03-02T22:04:00.000-08:00

Gowealthy Capital Limited, an investment company registered with Dubai International Financial Centre, will facilitate the launch of four funds worth $435 million (Dh1.6 billion) in the second and third quarters of 2009, a senior company executive said yesterday."We have been retained to facilitate and launch four funds worth $435m in the second and the third quarters. Three will be launched on behalf of listed and private developers," said Peter Penhall, Senior Executive Officer, Gowealthy Capital.The funds will focus on acquiring assets in Dubai with emphasis on business-to-business transactions. "We are looking at striking a business-to-business deal and purchase of a portion of the development, depending on its nature and the size. It will be a mix of offices, residential, etc so as to diversify the risk. However, we will not be buying land or plots," he said.The firm has two private trading funds worth Dh38m under management.Asked what kind of returns will the company offer to investors, Penhall said: "The funds, which will be structured around the class of each asset, will give a very attractive return. It will certainly be well above the financial returns that are available in the general market."Gowealthy Capital further plans to roll out a fund every quarter, Penhall said. "At this point of time, we are only looking at three funds and that it is our limit unless something exceptional comes up. Our plan is to launch a fund on a quarterly basis."The company has been attracting lot of interest from other parties who wish to enter or launch real estate funds. "We see a strong interest from people who either are looking at creating their own funds, or looking at appoint asset managers who will assist them in creating funds," he said.According to Penhall, the funds will not buy any "distressed" assets, and will only target "quality" assets. "We are not looking at buying any distressed assets. Our goal is not to enter the market for a short-term gain, our primary goal is to buy quality, income-producing assets that will show a good healthy capital growth," he said.Among the four a $110m fund will be targeting the warehousing and distribution facilities. "Dubai World Central is coming on-stream and Dubai is positioning itself as a distribution hub in the Middle East. So it offers us a natural opportunity."Penhall believes the limiting factor for such a fund is the prevalent short-term leases. "That is not attractive for the fund. So what we intend to do is to structure long-term leases through sale and lease-back opportunities with clients," he added.Gowealthy Capital has no plans to list any of the funds on Nasdaq Dubai since they lack "critical mass". "They are very small in size and you need a fund of $300m to $500m to make it viable for listing as the cost of servicing is quite high." he said.Gowealthy operates under a Category 3 asset management licence, which permits it to trade in a number of financial instruments besides operation of collective investment funds.

Escape, Ajman’s 200 acre equestrian community has received approval from Ajman Real Estate Regulatory Agency

2009-03-02T02:47:00.000-08:00

March 2, 2009, Ajman, UAE: Escape, Ajman’s 200 acre equestrian community has received all required official approvals from the emirate’s recently-established Ajman Real Estate Regulatory Agency (ARERA). Moving ahead with the development’s overall construction timeline, Escape is now in the final negotiations stage to award the villa construction contract, the final decision will be announced shortly.
“I believe that with the establishment of ARERA property buyers will have more confidence in purchasing property and in Ajman itself,” said Anwer Sher, General Manager of Escape LLC. “It’s an excellent move for the emirate. Any regulation in the market that safeguards the interest of home buyers and investors is critical at this time,” he continued.
Sher pointed out that Escape worked quickly and efficiently to answer to ARERA’s call to action, and has in fact maintained a fully functioning corporate office headquarters in downtown Ajman, well before the Agency dictated that all Ajman developers must have an official presence in the emirate.
“In accordance with the new legislation, Escape has established escrow accounts for all home buyers, and additionally maintains a state of the art Customer Service Centre which employs a team of bilingual consultants. Furthermore, we recently introduced a Customer Relationship Management (CRM) programme designed exclusively for the real estate sector making us the first developer in Ajman to enable and encourage direct one on one communication with our investors”, said Sher.
“As a local developer, we took a differentiating lead in launching our CRM Programme. We felt it important to be able to talk directly with our customers and receive their feedback or address their concerns in the recent market downturn,” said Aadil Sher, Sales and Customer Service Manager for Escape.
The landmark equestrian lifestyle community which was launched in January 2008, has kept to a rigorous development schedule. The project team approved all architectural designs well in advance, and already confirmed contracts for residential flooring, kitchens and fittings. Bulk earthworks on site were completed the end of last year, and Escape Management is concluding negotiations with villa contractors who were invited to tender. The contract award is ‘imminent’, and it ‘wont’ be long till actual construction work starts on site,’ according to Anwer Sher.
Consisting of villas, duplexes, apartments, as well as a luxury boutique hotel, the HoofbeatZ™ Clubhouse, a sports hall, an equine spa, and a full complement of equestrian facilities, Escape is located off the Emirates Road, on the border of Sharjah and Ajman, and is conveniently located near to major business hubs in Dubai and the Northern Emirates. Escape’s ARERA registration number is 40453.

Gowealthy Capital Ltd started functioning

2009-03-02T01:24:00.000-08:00

Gowealthy Capital Limited is an investment company registered with Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Security Authority (DFSA). Gowealthy Capital Ltd operates under a “Category 3” asset management license permitting trade in a number of financial instruments apart from its core activity, that being the Operation of Collective Investment Funds. It is a specialist service provider to the Real Estate industry – strategically focusing on the Asset Management component deliverables and will be instrumental in the establishment of a number of real estate funds

Online property barter system in Dubai attract Dubai land owners

2009-02-19T02:14:00.000-08:00

The property barter concept is new to Dubai property owners and attracted hundreds of land owners and it will get a momentum in coming months. Property Swap is the first formalized online property barter community in the UAE for those looking to shift or exchange real estate stock. Designed by the region’s leading property brand, Gowealthy.com, this web-based solution is aimed at home owners and property investors feeling the pinch of the cautious market conditions.
Gowealthy Prop Shop enables registered users to effortlessly connect with people in similar situations who are willing and able to exchange residential, commercial and even land plots from the comfort of their home. The current economic climate has left many people in the unfavorable position of having to sell and move, but are unable to do so. In addition, many owners and investors have a number of properties they would rather exchange for more desirable or favored properties, than retain as stock. Prop Swap provides such clients with an inexpensive tool to access exclusive organizations or investors seeking properties in new areas. With property sales falling and regular sales chains collapsing, the time is ripe for creative marketing and sales solutions within the property market. Property swapping has the substantial advantage of allowing an owner-investor to take control. It helps initiate sales by matching the properties of people who want to trade up or down but are unable to sell in a normal chain because of market conditions.

Gowealthy introduce Online property barter services In Dubai

2009-02-08T22:17:00.000-08:00

Prop Swap is the first formalized online property barter community in the UAE for those looking to shift or exchange real estate stock. Designed by the region’s leading property brand, Gowealthy.com, this web-based solution is aimed at home owners and property investors feeling the pinch of the cautious market conditions. Gowealthy Prop Shop enables registered users to effortlessly connect with people in similar situations who are willing and able to exchange residential, commercial and even land plots from the comfort of their home.
The current economic climate has left many people in the unfavorable position of having to sell and move, but are unable to do so. In addition, many owners and investors have a number of properties they would rather exchange for more desirable or favored properties, than retain as stock. Prop Swap provides such clients with an inexpensive tool to access exclusive organizations or investors seeking properties in new areas. With property sales falling and regular sales chains collapsing, the time is ripe for creative marketing and sales solutions within the property market. Property swapping has the substantial advantage of allowing an owner-investor to take control. It helps initiate sales by matching the properties of people who want to trade up or down but are unable to sell in a normal chain because of market conditions.
“We have the most comprehensive property swap service to date as Gowealthy is linked to a vast data base of clients who either are looking to buy, or sell. Specialized in swapping, buying and selling, Prop Swap will accommodate everyone from private owners to investors, property brokers and large organizations. Our aim is to help them sidestep the existing market situation and ease the pressure of buying and selling. There is no time-consuming frustration of dealing with multiple estate agents as members of the Prop Swap community can list more than one property,” says Peter Penhall, Chief Executive of Gowealthy.com

EFG Hermes salashes 2009 growth rate for UAE

2009-01-13T00:13:00.000-08:00

The UAE will post flat GDP growth this year, investment bank EFG-Hermes has said in a new report.The regional bank slashed its real GDP estimate for 2009 to -0.04 percent from 3.1 percent, citing the country’s relatively large exposure to the non-oil sector and a correction in the real estate market.

A number of key economic drivers will be impacted by the global slowdown, including the tourism and financial sector, economist Monica Malik said Tourist arrivals are also a key driver of retail spending, she noted.
“This will be amplified by a series of job cuts linked to a property market correction, the cancellation of a number of property related projects and in the financial sector,” Malik said.
She added that the overall outlook of the UAE will be supported by government spending – estimated to increase by more than 20 percent – remaining strong and the continuation of investment programmes.

NBK said on Wednesday that real GDB in the UAE is likely to slow to 1 percent this year from 5 percent last year.“The UAE economy could still outperform other nations in what promises to be a tough year for the global economy. However, set against the recent breakneck speed of expansion, this may feel like small consolation,” economist Daniel Kaye said.
“The ending of the recent multi-year boom in the UAE economy will be sharp and usher in a sustained period of much weaker growth.”

EFG-Hermes remains most positive on the economies of Qatar, Saudi Arabia and Abu Dhabi.
Qatar is forecast to post real GDP growth of 9 percent this year as a result of a substantial jump in gas production. Last year, the gas sector overtook oil as the largest contributor to Qatar's GDP growth.
“Although Saudi Arabia will see a sharp fall in oil revenue, it will continue to focus on investing in physical and capital projects. This is particularly important given the need to upgrade infrastructure and create employment opportunities,” Malik said.
The Saudi economy is forecast to contract by 0.9 percent this year on an average oil price of $50 per barrel, compared with an estimated budget break-even of $40 to $45 per barrel.
“After six years of fiscal surpluses we believe Saudi Arabia is in an extremely strong position to continue its expansionary stance, despite the substantially lower oil price, and can easily finance the deficit,” she said.
The Kuwaiti economy will shrink by 1.2 percent as the political environment continues to weigh on the country’s outlook.
Kuwait's oil sector, along with wider economic reform, is suffering due to political impasse between the government and parliament that has resulted in mega projects being stalled, EFG-Hermes said.
Oman and Bahrain are in a weaker position than other GCC countries to face the current global crisis, given the higher oil price required to balance their budgets.
Although both are likely to see real GDP growth this year, they will also realise the bloc’s largest fiscal and current account deficits, Malik said.
Recession in UAE cannot be ruled out - analystsGlobal slowdown, weak oil price and cooling markets could result in negative growth.

Qatar Real Estate Market Remains Positive

2009-01-12T01:09:00.000-08:00

Citing opportunity cost as a key decision-maker for property investors in the region, Qatar will continue to provide good quality investment opportunities in the medium to long term due to its strong market fundamentals. A growing economy and population built on the back of the country’s expanding oil and gas projects means demand will continue to remain positive in 2009.

Interest from both GCC and expatriate investors continues to be cautious since the last quarter of 2008 but we still expect a healthy outlook for high-end residential properties in Qatar.

· The Pearl, West Bay and Lusail developments commanding the highest sale prices for apartments
· West Bay and Al Sadd areas proving the most popular fully-furnished apartments and demanding the highest monthly rents
o West Bay 2 Bedroom – QR 16,000+, 3 Bedroom – QR 24,000+
o Al Sadd 2 Bedroom – QR 9,000+, 3 Bedroom 11,000+
· West Bay and West Bay Lagoon recording highest villa rental rates - QR 37,000 pcm

Commenting further, Asteco Qatar General Manager David Oayda said “Market confidence is a key factor in the success of real estate markets. Speculation has been rife in the period leading up to the global slowdown; however we’ve not witnessed strong evidence to suggest an overall softening in prices.”

There is still demand for premium grade office accommodation, particularly in Qatar’s newly recognised central business district, West Bay, where multinational companies, particularly within Qatar’s oil and gas industry look to establish offices there.

With existing demand for high quality commercial and residential rental properties, Asteco advise property investors to shift their focus to best managing their property portfolio rather than aiming for resale at this time. The company offers a full range of services such as sales, leasing, property management, valuation, market research and feasibility studies that aim to help customers look after the investment, whilst making it work for them in an increasingly competitive market.

Oayda added “Qatar’s economy is sound and expected to grow in 2009, providing business and employment opportunities for expatriates. Coupled with competitive financing options to own developments here, we expect the Qatar market to continue to provide good prospects for the year ahead.”

- Ends -

Editors Notes

Asteco
Asteco is a Regional Property Services provider headqartered in Dubai with offices throughout the UAE, Qatar, Bahrain, Jordan and Saudi Arabia. Asteco Qatar offers its clients integrated real estate solutions from sales and leasing to independent market analysis, development consultancy, valuation services to asset management and property management services. In addition, Asteco has a strategic global alliance partnership with Savills, a public listed company with offices throughout the Americas, Europe and Asia-pacific which enables us to offer our clients global market coverage.

Released on behalf of Asteco by Hill & Knowlton – for further information or to arrange an interview, please contact:

David Oayda
General Manager
Asteco
Tel: +974 449 7700
Email: davido@asteco.com
Kerry Morris
Account Manager
Hill & Knowlton, Qatar
Tel: +974 413 1292
Email: kerry.morris@hillandknowlton.com

Abu Dhabi National Insurance Company’s New Branding Communicates Competitive Edge

2009-01-11T03:31:00.000-08:00

Abu Dhabi, UAE – January 10, 2009 — Insurance industry leader Abu Dhabi National Insurance Company (ADNIC), launched its new branding campaign introducing a revitalised look and feel for its corporate identity.

The decision to modernise ADNIC’s image came in response to an increasingly competitive marketplace and as part of the company’s overall strategy to maintain its leadership position while entering an era characterised by ongoing changes.

“Since its inception in 1972, ADNIC has endeavoured to be the leading provider of quality, affordable insurance products and services, and we have established ourselves as a reliable insurer,” said HE Khalifa Mohammad Al Kendi, Chairman of the Board of Directors at ADNIC. “We continually develop and enhance our products and services to meet the changing demands of a dynamic global marketplace and our new brand symbolizes our commitment to continue catering to the best interest of our customers.”

Dubai sees $1.1 bln '09 budget deficit

2009-01-11T02:34:00.000-08:00

Dubai expects to post its first budget deficit in 2009 as major infrastructure projects weigh on its budget, but the Gulf trade hub plans to raise spending 11 percent, a senior policy-maker said on Saturday.
The government fiscal deficit was expected to reach 4.2 billion dirhams ($1.14 billion) in a 2009 budget based on an oil price of $45 a barrel, said Nasser al-Shaikh, director-general of Dubai's finance department.
Total government spending in 2009 was expected to reach 135 billion dirhams, Shaikh said, with 37.7 billion dirhams of that to be spent on the public sector alone.
"As far as I know we have never had a deficit in Dubai before," Shaikh said.
"Operationally we are at a surplus of 3 billion dirhams but if you add investment in infrastructure, the deficit is 4.2 billion dirhams," he said, referring to major projects such as the emirate's metro network and new airport.
These projects would not however be delayed or cancelled, he said. "His Highness (the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum) has made it very clear that we will continue with our projects," he said.
Total revenues in 2009 were estimated at 138 billion dirhams, a 4 percent increase from 2008.
The deficit represents 1.3 percent of Dubai's gross domestic product at the end of 2007, Shaikh said, predicting a balanced budget within two to three years. "We have a number of options. One is the capital markets if they open up," he said, adding that Dubai could also rely on its reserves if needed.
Dubai has suspended a tranche of a 15 billion dirham ($4.08 billion) notes programme intended to fund development projects "due to market conditions," he said. [nLA478187]
DUBAI GROWTH REVISED DOWN
Shaikh reiterated remarks made at the end of last year that Dubai's economic growth was expected to be between 4 and 6 percent in 2009, compared to an earlier forecast of 11 percent.
"In the current global environment this (11 percent) is not achievable," he said. "We are in the process of revising our strategy."
Dubai had appointed consultants as part of its decision to seek a sovereign credit rating by mid-2009, without naming them.
A committee set up by the government to tackle the impact of the global credit crunch, to which Shaikh belongs, has focused mainly on the emirate's once-booming property sector, he said.
"On real estate we have a somewhat clear picture of what is coming," he said, reiterating that the number of new residential units in 2009 would -- "best case scenario" -- reach 32,000. "Gradually we need more liquidity injected into the banking system but I don't think anyone can give you the ultimate figure of how much is needed," he said.The United Arab Emirates' central bank set up a 50 billion dirham emergency bank lending facility in September and the government has injected part of a 70 billion dirham rescue facility into bank deposits.
Dubai's sovereign debt stands at $10 billion while debts of state-affiliated firms amount to $70 billion, Mohamed Alabbar, a member of Dubai's ruling council and chairman of Emaar Properties EMAR.DU said in November.

2 decrees by Ajman Ruler to regulate property sector

2009-01-07T00:18:00.000-08:00

posted on 07/01/2009

His Highness Sheikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council member and ruler of Ajman yesterday issued Emiri Decree 11/2008 setting up Ajman Property Regulation Establishment and Emiri Decree 12/2008 amending Emiri Decree 8/2008. The two decrees shall have immediate effect.
According to the 21 article Decree 11/2008, the Ajman Property Regulation Establishment shall have a juridical personality affiliated with the Government of Ajman and shall be administratively, financially independent body with full legal competence.
The Establishment, which is fully tax-exempted, will be tasked with drawing policies for property projects and commercial buildings in the emirates, recommending legislations as well as regulating the relations between property developers and buyers of the various units. It shall recommend speedy, friendly out-of-court approaches to resolve disputes that may arise between the two parties.
It shall also advise the ruler on the allocation of areas for new free zone and property development and commercial buildings. It shall also have the authority to grant licenses to property developers.
Emiri Decree 12/2008 amends Emiri Decree 8/2008, which regulates collective ownership at property projects and commercial building. It is also based on Emiri Decree 11/2008.
The new decree adds "Ajman Property Regulation Establishment" to the definition of "Municipality" and amends the definition of "Director General" to read as follows: "the Director General of Ajman Property Regulation Establishment" and any person authorized to deputize for the Director General.
In Emiri Decree 12/2008, the word "Lands Department" is deleted from Article 9, Article 11, Article 12 and Article 13 and is also replaced by the word "Establishment". The decree deletes Article 4 (Property Projects Committee) and any reference that is made to the committee in Articles 5, 6 and 7.
The word "Establishment" also replaces the term "Property Projects Committee" wherever it occurs in the text of the decree. – Emirates News Agency, WAM

Jash Hamad – Ready-to-Move-In, Fully-Furnished Beachfront Retreats

2008-12-10T01:11:00.000-08:00

Part of the ‘Shoreline Apartments’ project on Palm Jumeirah, Dubai, Jash Hamad is home to elegant one, two, three and four bedroom apartments that are complimented by breath-taking sea views. All the properties at Jash Hamad are freehold and ready to move in. The development is located on the Trunk of Palm Jumeirah, one of most remarkable destinations in the world. A veritable paradise catering to your fantasies, Jash Hamad appeals to those who value quality above anything else!

Jash Hamad, Dubai at a glance…

Ready-to-move-in freehold apartments
Part of the prestigious ‘Shoreline Apartments’ project
Located on the Trunk of Palm Jumeirah, Dubai
Fully-furnished properties presenting exquisite ocean views
12 floors of 1, 2, 3 bedroom apartments/ Penthouses
6 units per each floor
Mortgage finance available from Barclays
Live exclusively in the apartments for any 4 weeks in a year
Chauffeur-driven Limousine service to and from Dubai International Airport during your visit

Average Weekly Returns for Leasing on Palm, Jumeirah

Dh5999/ 1 bedroom apartment
Dh7500/ 2 bedroom apartment
Dh9500/ 3 bedroom apartment

The Jash Hamad properties combine excellent shopping and entertainment activities, all designed to deliver an experience worthy of the 8th wonder of the world. Widely regarded as the Hub of Palm Jumeirah, the Trunk is where the island comes to life. It is home to a dazzling array of entertainment, leisure, green spaces and active marinas and is connected to the rest of the Palm by an innovative monorail network. Buyers/investors for Jash Hamad can now avail of a tailor-made direct 15-month payment plan.

Overview

Location

Facilities

Floor Plans

Sharjah boosts water and power production capacity

2008-12-10T01:08:00.001-08:00

Dec 9, 2008 - 08:57 -

WAM Sharjah, 9th Dec. 2008 (WAM) -- In the first nine months of the current year, Sharjah's production of underground and desalinated water grew by about 5 per cent to 23.9 million gallons of drinking water compared to 22.7 million gallons of drinking water in the corresponding period last year, according statistics released by Sharjah Electricity and Water Authority (SEWA).

As for power, the figures showed an increase of 6.8 per cent to 7483,3 million kilowatt from 7006,9 million kilowatt for the same period under review.

Eng. Ibrahim Demas, Deputy Director of SEWA, said the increase in water and power production were the result of a series of new projects executed and commissioned by SEWA as part of its plans to boost its capacity for producing water and generating power in order to cater for growing demand for these services in the emirate.

Axis Residences Phase 3 Launched at Silicone Oasis Dubai

2008-11-07T09:47:00.000-08:00

Axis Residences 3 is part of the prestigious Axis Residences property development in the heart of Dubai Silicon Oasis Free Zone. Comprising buildings 10 to 21, Axis Residences 3 offers an enticing selection of 1, 2 and 3 bedroom apartments of myriad sizes and layouts. All the properties are moderately priced and come with a payment plan tailor-made for your annual and monthly budgets!

Construction of Phase 3 is well under way.

100 Month Payment Plan
3% Down Payment
AED 9500 per month! (For 18 months during construction from Jan 2009)
Balance in equal installments over 80 months

If you missed our previous launches, don't rue your lost chances. Gowealthy.com provides you with a golden opportunity to own a home at Axis Residences NOW...Our payment plan addresses all the concerns that you may have as a buyer. No paperwork, no bank acceptances, and therefore no hassles...

Finance is available, directly from Gowealthy.com and the developer.

Axis Residences at a glance:

Well-planned community in Dubai Silicon Oasis
Phases I and II of Axis Residences in various stages of completion
Phase I slated for delivery in the forth quarter of 2008
Phase II to be completed by December 2009
Strategic location on Emirates Road
Close to Dubai International Airport and Jebel Ali Free Zone
World class cafes, restaurants and retail outlets on your doorstep

Etisalat acquires 45% in Indian mobile operator Swan Telecom

2008-09-23T04:05:00.001-07:00

WAM Abu Dhabi, Sept. 23rd, 2008 (WAM) -- Emirates Telecommunications Corporation (Etisalat) has signed a definitive agreement to acquire approximately 45% of Swan Telecom Private Limited, a recently licensed mobile operator in India, by subscribing to newly issued shares for a cash consideration of up to $900m, implying a post-money equity value for 100% of the Company.

Swan Telecom holds Universal Access Service Licenses ('UASL Licenses') in 13 telecom service areas in India, and is in the process of acquiring UASL Licenses in an additional 2 telecom service areas.

Together these licenses enable the Company to provide a full spectrum of telecom services, including GSM services, covering a population of over 900 million across India.

The remaining 55% of the shares in Swan Telecom are held by several entities, including the promoter of Swan Telecom, which is controlled by the Dynamix Balwas Group (the 'DB Group'), a Mumbai-based real estate and hospitality business group.

Commenting on the transaction, Mr. Mohammad Hassan Omran, Chairman of Etisalat, said: 'Our entry in India, one of the largest and fastest growing mobile markets in the world today, marks an acceleration of our expansion strategy and brings to us an opportunity which matches the scale of our ambitions.

''We are truly excited by the partnership with the DB Group and the prospect of building Swan Telecom into a leading telecom operator, emulating the successes we have achieved in similar situations elsewhere.' Vinod Goenka, Chairman and Shahid Balwa, Managing Director of the DB Group said: 'We are delighted to be partnering with Etisalat, a leading operator in international telecommunications. We believe that with Etisalat's operational and commercial expertise and with our knowledge of the Indian market, Swan Telecom has the potential to become a leading force in Indian telecommunications.' The transaction is subject to certain closing conditions.

Citigroup Global Markets Limited is advising Etisalat on this transaction. Deutsche Bank is advising Swan Telecom.

WAM/TF

Huge fire broke out in Port Khalid Sharjah

2008-09-20T22:50:00.000-07:00

According to media reports the fire started around 2.00am in a garbage bin at a depot owned by Emirates Refining Co. (ERCO), which manufactures edible oils and fats. At least two people have been injured in a huge fire at an oil storage depot inside Port Khalid in Sharjah.

The entire port was shut down and surrounding area cordoned off while civil defence and emergency services attempted to tackle the blaze

Sharjah Police Chief Brigadier Hamid Mohammed Al-Hudaidi, who is commanding the operations at the scene, said an investigation has been launched into the cause of the fire, according to state news agency WAM.

Two firemen and a worker sustained minor suffocation injuries and were treated at the scene, according to Al-Hudaidi.

He called on owners of surrounding factories at the Port to comply with safety precautions and safe storage measures to avoid "such disastrous accidents which wreak havoc upon public properties".

$272mn deal to build Meydan road network in Dubai

2008-09-14T04:06:00.000-07:00

MEGA PROJECT: An artist's impression of Meydan. (Supplied)Dubai’s transport authority has awarded Avecon Co. contract to build phase one of the road network around the new Meydan racecourse complex, worth in excess of 1 billion dirhams ($272.3 million).

The Roads and Transport Authority (RTA) said on Saturday the first phase of development will include construction of three crossings linking Muscat Road with the Dubai-Al Ain Road.

The RTA said phase two of the project, which will be put out to tender in the near future, will cover the elevation of a section of Dubai-Al Ain Road to allow for the passage of canal, a crossing at Al Khor Road, a road branching out of Dubai-Al Ain road towards Ras Al Khor Road, and inbound and outbound roads to Meydan

Dubai bank seizes UK suspect’s project

2008-09-12T23:19:00.000-07:00

Dubai bank seizes UK suspect’s project

Dubai Islamic Bank has seized control of a high-end Dubai real estate project as the British developer behind the project gets dragged into an investigation over allegations of corruption and fraud at the bank.

DIB, the oldest Islamic bank in the region, said on Thursday that it had seized the Plantation, which is being developed by Dubai-based Arthur Fitzwilliam, who has been detained by the authorities as investigators pursue allegations of corruption at several government-linked companies, including DIB.

Gowealthy.com strengthens commitment in Ajman with 10,000 sq. ft. dedicated office

2008-08-27T04:24:00.000-07:00

Dubai, 26 August, 2008: Gowealthy.com the region's global property and lifestyle brand offering comprehensive marketing solutions for property developers, investors and retailers, have opened a dedicated office in the emirate of Ajman, offering developers and investors a professional resource in the developing market.

Based out of the penthouse of the Escape Ajman project, Sheikh Amaar tower, the 10,000 sq. ft. office is the first step in Gowealthy.com's ongoing expansion and commitment to the emirate, boasting a knowledgeable team of twenty property consultants with experienced management and back office support.

"Our expansion into Ajman is not only a commitment to the dynamic and emerging market, but to the community as well. Ajman has tremendous untapped potential in so many respects and they are really starting to shine through. We are here to nurture this spirit of development and excellence both professionally and personally as they mirror our own ideals of providing a solid infrastructure for our partners," commented Peter Penhall, Chief Executive Officer of Gowealthy.com

Gowealthy.com intends to build further credibility in the market, helping to put more developers at ease with their investments by offering the best possible returns. In doing so, this would positively reflect on investor's margins and security as well, further adding a basic foundation for greater development in the emirate.

The state-of-the-art office not only features the latest in modern amenities and interior design but also offers a number of functional elements including a presentation theatre for developer meetings and launches, as well as break out rooms that can be used for one-to-one meetings or presentations. The office will also offer focused advice and service advisors to both investors and property developers looking for the best solutions to get their projects to market.