Construction boom to stay

Construction and property market in the GCC will continue to grow and projects worth billions of dollars have been tendered across the GCC during the last few weeks, said Hatem Al Qaranshawi, economic expert and former adviser to Egyptian Prime Minister.

He was speaking during the first Arab Real Estate and Urban Development Conference in Abu Dhabi.

"Tenders for projects valued at about $150bn have been issued during the last few weeks across the GCC. Most of these projects are in Saudi Arabia and the UAE," said Al Qaranshawi.

During the conference it was revealed that about 250 projects are currently being executed in the GCC member-states at a total cost of $2.39trn.

Conference Chairman and Director-General of Arab Administrative Development Organisation, Rifat Abdelhalim Alfaouri, said the global financial crisis has had no negative effect on the Gulf realty sector.

Speaking to Emirates Business, Alfaouri said all Gulf countries have been facing a major shortage of housing units. "The problem is not about excess supply," he said.

The global financial crisis, according to him will have a positive impact on the property and construction industry by bringing down the cost of construction as prices of building materials have been falling and skilled manpower is easily available.

Al Qaranshawi also advised the Gulf central banks to lower the ceiling of real estate loans offered by national banks to five per cent of the total loan amount rather than 20 per cent as it is in some countries currently.


Source - © Emirates Business 24/7 [28 October 2008]

Emaar initiates share buy-back

Emaar acquired 200,000 of its own shares yesterday as the developer began its long-awaited buy-back programme.

In September, Emaar said it would begin buying back up to 10 per cent of its 6.1 billion shares following the publication of its third-quarter results, which were subsequently released last week. Emaar bought shares in two tranches of 100,000, paying Dh5.60 per share for the first batch and Dh5.50 per share for the second. The buy-back must be completed by December 25.

Emaar has embarked on the buy-back after stating it believes its shares are undervalued in the market. The purchases will be funded from its available cash balance. Emaar's shares have fallen 66 per cent this year and dropped 9.25 per cent to a 46-month low of Dh5.10 yesterday. It is the fourth-worst performer on the DFM this year.


Source - © Emirates Business 24/7 [28 October 2008]

95% of expat professionals yet to register for ID cards

Abu Dhabi: About 95 per cent of the expatriate professionals are yet to register for national identity cards before the deadline on December 31, a senior official told Gulf News on Monday.

"Although we do not have the exact official number of expatriate professionals, it is estimated to be about 600,000 and just 30,000 of them registered so far," said Thamer Rashed Al Qasimi, Planning Director and Project Management Director at the Emirates Identity Authority (EIDA). "About 200,000 Emiratis also have to finish their registration by the end of this year".

He said EIDA has the capacity for 7,000 registrations a day, if people don't delay, major part of expat professionals can be covered in time. "But we receive about 3,500 people a day". Among the 28 registration centres all over the country, most of them work from 7.30am till 10pm, said the official.

He said a lot of negative publicity was given to EIDA's reminder on the deadline of December 31 for the professional expats. "It was not new but announced in May and everybody knew about it. But very few people turned up to register and our centres were empty until we mentioned the possible sanctions," explained Al Qasimi.

It is totally unacceptable that people approach a legal requirement on the basis of possible sanctions, he pointed out. They have to think how to fulfil their legal obligation rather than the problems to encounter if not registered. For more information, Call EIDA at 600523432 or log on to www.emiratesid.ae

Stateless people: No extension to deadline

There will be no extension to the November 6 deadline for receiving applications from people without documents to prove their identity who wish to apply for citizenship.

Major General Nasser Al Nuaimi, Director of the Interior Minister's office and Chairman of the committee tasked with tackling the issue of people without documents to prove their identity called on people from the six categories to register. These categories include people who have a UAE passport but no Khulasat Al Qaid (Family book) and have no previous nationality, people who have been naturalised by decrees and have no other citizenship, people who have applied for citizenship and were given follow-up receipts.

Source - © Gulf News [28 October 2008]

Global players keen on UAE market

The current lull in the global property and construction market is pushing several industry players, especially contracting companies, to enter the GCC, and the UAE in particular, in search of better opportunities.

According to industry experts, more than a hundred new companies from Europe and the United States are currently looking for opportunities to either start operations or tie-up with business partners in the UAE.

"Dubai has enough work for the next five years and in Abu Dhabi things are just beginning to take off. We were not present in a major way in the UAE market until now. But even now we feel it is not too late," said a representative of ANMOPYC, the Spanish Manufacturers' Association of Construction and Mining Equipment.

Participation in forthcoming industry exhibitions such as Big 5 PMV will be an indicator of interest and opportunities in the Gulf. If this year's attendance at Big 5 PMV is any indication, the number of international participants has more than doubled compared to 2007.

Meanwhile about 30 senior executives from Irish construction companies met in Dubai last week as part of an Enterprise Ireland initiative to help them internationalise their businesses. Construction industry in the US and most of Europe has significantly slowed down. South Korea last week said it would spend about $4 billion (Dh14.69bn) to prop up its construction industry.

The UAE has so far managed to avoid any major signs of slowdown being witnessed in other parts of the world and companies are hoping that the boom in the construction industry would continue unaffected. Several exhibitors during the recently concluded Conmex 2008 in Sharjah told Emirates Business that for the next 10 years the construction industry in the UAE would continue to grow unaffected. According to them the UAE is expected to withstand the current liquidity crunch.

Participants at the Enterprise Ireland initiative included Tom Costello, Managing Director of contracting firm John Sisk & Son, and Finn Lyden, Chief Executive of Siac Construction, besides several heads of architectural, engineering, surveying and interiors companies.

According to reports, Liam O'Donohoe, head of leadership development at Enterprise Ireland, said the scheme was designed to help companies expand their business outside Ireland and to enable them to work together to secure projects.

According to Nick Webb, Director of Streamline Marketing Group, organiser of Big 5 PMV, of the 300 global and 53 local firms participating in this year's exhibition, 241 are attending for the first time. "A lot of these companies are looking for new opportunities here, wanting to do business," he said.

More exhibitors from the concrete production sector at Big 5 PMV is an indication of growing construction activity in the region.

According to Webb countries such as Spain never looked to enter overseas markets as the local industry was performing well. "They are not happy any more and are now keen on overseas expansion. Although the actual number of Spanish companies participating in Big 5 PMV is less compared to other European countries, with 89 per cent Spain stands first," he added.

The number of Italian companies has increased from 38 in 2007 to 81 in 2008 while Chinese participation rose from 24 to 82.

According to the French Trade Commission, there is a growing tendency for local real estate developers and contractors to award design and build contracts to French companies, enticing many firms to increase their presence in the UAE.

Pascal Roger of the French Trade Commission said: "While French equipment and building material suppliers have been present in the UAE for some time, there is a large influx of French contractors coming now. This is due to changing market conditions in France as a result of increased tax rates and the effects of the economic slowdown. French construction groups are keen to work in the UAE and the region."


Source - © Emirates Business 24/7 [27 October 2008]

Emirates reduces ticket prices by 7 to 35 %

Dubai: Emirates Airline has announced a revision on a range of its Business and Economy Class fares, for tickets issued in the UAE, to more than a dozen popular destinations, including cities in India, Europe, the Middle East and the Far East.

Reflecting the further softening of fuel prices, this latest move will see fares reduced by between seven to 35 per cent on selected Emirates flights, including Amman, Damascus, Bangkok, Mumbai, Kozhikode, Paris, Colombo, Cochin, Delhi, Frankfurt, Munich, Hong Kong, Hyderabad, Chennai, Thiruvananthapuram and Zurich.

Adnan Kazim, Emirates' Senior Vice President Commercial Operations Gulf, Middle East and Iran, said: "Demand for Emirates' flights has remained robust, but we are glad to be able to introduce further fare revisions in tandem with the lowering fuel prices. We believe that our customers, particularly in light of the increasingly challenging economic climate, would welcome our latest round of revisions."

"Emirates is monitoring the situation closely. While we continue to provide a high-quality service and product, we are also working hard to keep our unit costs down so that we can keep on delivering the best value proposition to our customers."

In August, Emirates announced its first fare revision on the back of lowering oil prices for tickets issued in Middle East and GCC markets to over 20 cities in Europe, Far East and the Middle East.

Based in Dubai, Emirates operates flights to 101 cities across six continents. On October 26, the airline will start non-stop services between Dubai and Los Angeles three times a week.


Source - © Gulf News 2008

UAE-Saudi Highway to Cost Dh10 Billion

Plans for the modernisation of the highway connecting Abu Dhabi and Al Guwaifat in Al Gharbia are being drawn up, it was disclosed by Abu Dhabi Transport Department's highway division.

Faisal Ahmed Al Suwaidi, director-general of the highway division at the department said: "The Abu Dhabi Department of Transport is intending to launch the 327km long highway at a cost of Dh10 billion."

The international highway (Abu Dhabi-Al Guwaifat) is considered the only land passage connecting the UAE to Saudi Arabia and the rest of the GCC countries. The existing road was constructed in several stages since 1974 until 1982 with only occasional maintenance work being carried out at present.

The new highway will be extended to four lanes, bridges will replace existing intersections and the entire highway is to be provided with lights.

The Abu Dhabi National Oil Company (ADNOC) has prepared a plan to provide fuelling services along the new expressway.

At present the residents of Al Gharbia and the road users say the highway is inadequate and quite dangerous.

Khalid Al Rubi, a motorist said: Despite the fact that the existing highway is the only land passage connecting the UAE to the KSA and other countries in the region, the road lacks basic necessities such as lighting and fuel stations.

The road is long and it requires more than the two fuel pumps available now.

If you miscalculate and don't fill up your gas tank, you will end up in trouble."

Eisa Al Mansouri, another user of the road said: "Poor drainage and damaged spots on the road have led to serious accidents leaving behind hundreds of victims."

More than 6,000 vehicles use the road from the Al Guwaifat side, while some 25,000 motorists use the road from the Al Mafraq side everyday.

Half of these vehicles are heavy trucks and, the numbers are expected to rise.

The international highway witnessed around 576 traffic accidents between 2004-2006, causing 114 casualties and 1,108 injuries.

Source - Khaleej Times [27 October 2008]

UAE property prices set to fall

Property prices could fall in the United Arab Emirates but local banks would be able to handle the long-expected downturn, the country's central bank governor said at a conference on Monday.

"A real estate correction could happen, but UAE banks are cushioned... the banks are safe," Sultan Nasser al Suweidi, the central bank governor, said at a conference held by the Arab Monetary Fund in Abu Dhabi, the capital of the UAE.

The governor stressed that the domestic liquidity situation was improving and that the central bank stood ready to pump in even more capital into the banking system, but it is the first time a high-ranking government official has admitted that local real estate prices could fall.

Despite many warnings of corrections in recent years, property prices have continued to soar in the UAE, driven by booming economic growth, negative real interest rates, and a vast influx of expatriates.

Mr Suweidi also added credence to rumours of consolidation in the country's banking sector, which is crowded by more than 50 domestic and international commercial houses, many of them government-controlled.

"At this stage I'd say mergers are a very good choice for banks," Mr Suweidi told reporters on the sidelines of the conference. "[This is] not necessarily for weak banks but also for strong banks because mergers among strong banks will cut expenses and other administrative costs."

Several Gulf governments, including the UAE, have deposited billions of dollars in local banks and issued blanket deposit guarantees to ease a liquidity crunch and prop up economic growth.

The UAE, one of the hardest hit countries in the Gulf region due to the relatively openness of its economy, has made up to Dh120bn available to local banks, some as direct deposits and some as a credit facility at the central bank.

Of the Dh50bn available from the central bank, about 15 per cent, or Dh7.5bn ($2bn) had been tapped so far, Mr Suweidi said on Monday.

Concerns over the liquidity squeeze and a possible downturn in real estate markets across the region - particularly in ritzy Dubai - have exacerbated the slump of local equity markets. The MSCI Gulf index has lost nearly half its market capitalisation this year.

The two UAE bourses in Abu Dhabi and Dubai both fell on Monday, declining 5.80 per cent and 2.01 per cent respectively. Saudi Arabia, the region's biggest and most diverse stock market, slumped 5.0 per cent.

Oman's exchange was the region's worst performer, dropping 7.45 per cent, while Qatar fell 1.46 per cent and Bahrain declined 2.90 per cent.

Kuwait's stock market fell 2.22 per cent, as the central bank was forced to issue a blanket guarantee of all deposits, after Gulf Bank, the country's second-largest commercial bank, said it had lost money on a client currency derivatives trade.

The country "has recently faced mounting new challenges led by the current global turmoil and freezing international money markets," Brahim Razgallah, an economist at JPMorgan, wrote in a research note.

"Kuwait has a long history of bank deposits guarantee that well served the country to maintain confidence in the banking system after the financial crisis of the 1980s and the first Gulf War," he wrote in the note sent Monday.

Source - © The Financial Times Ltd 2008 [Monday, Oct 27, 2008]

Green Light For Region's Largest Solar Panel Plant

DUBAI: The Middle East's largest photo-voltaic manufacturing plant will be set up in Dubai's Technopark, it was announced on Friday evening at the opening of Green Dubai World Forum 2008.

The construction of the plant will begin next month and production is expected to start in the last quarter of 2010.

The forum, held at Atlantis, The Palm, commemorates the declaration of Green Dubai 2008 last year by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The declaration included the announcement of green building legislation in the UAE, the first of its kind in the world, which is being implemented in new buildings from the start of 2008, and the beginning of Dubai's objective of a pioneering role in sustainable development.

Dubai World Chairman Sultan bin Sulayem unveiled the plans for the one-million-square-foot photo-voltaic manufacturing plant, Solar Technologies FZE. The first phase will see the production of solar panels as big as 5.7sqm. Subsequently, Solar Technologies will establish similar plants in China, Mexico and Bulgaria.

Dilip Rahulan, Chairman and CEO, Solar Technologies FZE, said: "The energy from sunlight striking the Earth for 40 minutes is equivalent to the global energy consumption for a whole year. The mission of Solar Technologies is to accelerate the adoption of solar photo-voltaic by rapidly expanding manufacturing capacity and significantly reducing the cost of solar modules through innovations and manufacturing excellence. We intend to become one of the largest solar photo-voltaic module manufacturing units in the world over a period of time."

On the occasion, Dubai Municipality Acting Director-General Hussain Nasser Lootah unveiled the municipality's plans to introduce the "green roof" from next year, which aims to utilise excess water from air-conditioning units.

Lootah detailed the department's plans to study the green performance of buildings and rate their effectiveness, besides conducting awareness programmes.

"The challenge will be with the existing buildings, not the ones coming up," he pointed out.

Dubai Electricity and Water Authority (DEWA) Managing Director and CEO, Saeed Mohammed Al Tayer, outlined the authority's efforts to conserve resources and to explore alternative energy as well as support to green buildings.

"We have explored alternative energies, namely wind power, solar power and tidal power -- we are conducting a feasibility study for other cheaper proven sources of energy," Al Tayer said. Nobel laureate and former president of South Africa F. W. De Klerk also addressed the delegates in his role as the keynote speaker for the evening and commended Dubai Government for its leadership.

"The greatest obstacle in implementing a renewable energy system is not technology or money, but lack of public awareness. Forward looking thinkers should inspire citizens and their political and scientific leaders about the incredible potential of renewable energy resources."

The forum will continue today with the attendance of key decision makers from both public and private sectors from around the world.

Source - Khaleej Times [25 October 2008]

Hollywood Adventures plans AED 15 billion projects

ABU DHABI: Hollywood Adventures Group announced plans to invest AED 15 billion in a number of mixed-use projects nationwide.

"Our investment policy is based on the wise overall development plan initiated by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum", Honorary Chairman of the company Sheikh Saud Bin Faisal Al told a news conference in Abu Dhabi Gamal Fawzi, President of Hollywood Adventures, Abu Dhabi told a news conference that one project will be in Abu Dhabi and the location of the other is yet to be finalised.

"Among the projects are the Al Faisal Towers in Sharjah with an estimated cost of AED 1 billion and studies are underway for Hollywood Paradise, an indoor theme park that would be similar to the Disney theme parks," said Gamal Fawzi, Gamal Fawzi, President of Hollywood Adventures. The company's projects, Fawzi added, are based on three 5-year plans. The company has already struck deals with national banks and is establishing the UAE-Italian Investment Fund for the company's real estate investment projects."

"The Hollywood Adventures also plans to invest in manufacturing automobiles, speed boats, ships, telecom systems, construction materials and power plants", Fawzi said.

"We are considering a partnership with AvioCopter for operating chartered helicopter services and details will be announced n the coming few weeks", Fawzi stated.

Source - Zawya [25 October 2008]

Nakheel marks its entry into the Forbidden City

Dubai: Master developer Nakheel is delighted to announce the unveiling of Forbidden City in International City. Inspired from the legendary Royal Court Palace of Imperial China, Forbidden City will be a residential neighbourhood offering its own extensive community facilities, enhanced by the range of retail and leisure offerings at International City and Dragon Mart.

Forbidden City will be home to 4,000 low rise studio, one bed and two bed apartments. At the heart of the development will be a landscaped vista leading to an ornate Grand Mosque, the spiritual centerpiece of the community. Work on the development started in April 2008 with final completion estimated to be in April 2011.

Eng. Rashid Al Helli, Director, International City, said:

"We are very excited about the unveiling of Forbidden City; another significant milestone for International City. This low-rise residential community will be quite unique in its design, inspired by the architecture of Imperial China. The development has been carefully planned to take into consideration everything that residents will need in terms of retail and leisure amenities, to help build a thriving and sustainable community."

In addition to 4,000 homes, Forbidden City will feature 50 retail stores including food outlets, restaurants, internet cafés and boutiques. Residents will also benefit from the close proximity to Dragon Mart, which offers the widest range of Chinese merchandise available outside of mainland China.

International City provides a diverse range of affordable accommodation options in an accessible living environment. Truly international in its design, the project's Residential District is divided into ten internationally themed communities representing, China, England, France, Greece, Italy, Morocco, Persia, Russia, and Spain.

Also located nearby is Lake District, thoughtfully designed residential community that shares enthralling views to Al Warsan Lake, one of the very few freshwater wetlands in the UAE. The lake is home to more than 190 species of birds, including some of the rarest birds know to the Arabian Peninsula and neighbouring regions. Nakheel has undertaken a series of measures to ensure that this habitat is protected and in the longer term, there are plans to provide suitable facilities that will enable the general public to enjoy the wildlife there.

International City is situated in Dubai's Al Warsan area, 12 kilometers from Dubai International Airport.

Source - Press Release [25 October 2008]

Sharjah Freehold Law Awaiting Ruler's Approval

The Sharjah Government has structured a new Property freehold law that is awaiting approval by the emirate's ruler, informed sources said.

"The freehold law has been worked out and is awaiting the Ruler's approval," a person close to the process told Emirates Business. The person declined to say whether the law will offer Property ownership only to Arab nationals or to all expatriates.

"It will be great news if Sharjah announces a freehold law. It will fuel growth in the Property market, considering the fact that most people working in Dubai reside there," said a real estate analyst.

Sharjah was the first emirate to offer Property on leasehold to GCC nationals, the analyst said.

Currently, the major developments in Sharjah are Al Nujoom Islands, being developed by Al Hanoo Holding Company and Sharjah Investment Centre by Saudi-based Property developer Snasco

In 2006, Dubai passed Freehold Law No 7, which allows non-GCC nationals to own Property within designated areas either in the form of freehold or a 99-year lease period. There are more than 30 designated freehold areas in Dubai that permit foreign ownership.

In June, His Highness Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman and Member of the Supreme Council, issued decrees to regulate the Property sector.

Source - Emirates Business 24/7 [23 October 2008]

Realty Sector Unaffected In Bahrain

Investments into the Kingdom's real estate sector would continue to flow in notwithstanding the global credit crunch. The Property market was poised to grow consistently without any downswing, the Minister of the Prime Minister's Court, Shaikh Khalid bin Abdulla Al Khalifa asserted yesterday,
In all, the value of the ongoing and announced real estate projects was put at a staggering $30 billion, including current projects accounting for half of it.

Bahrain, he said, had become an attractive destination for various investments, mainly in the real estate sector, thanks to sound and contemporary legislation protecting the rights of investors, citizens and state, Shaikh Khalid said.

"Prices might get affected, but not that much. Despite the global financial crisis, the Kingdom's economic growth rates have been high over the past years and will continue to be so as its progress is founded on strong fundamentals," he said, after inaugurating the 2008 edition of the premium Property exhibition, BIPEX organised by the Bahrain Society of Engineers.

"We have no reason to believe there will be an adverse long-term impact on the real estate markets of the region. The GCC is fundamentally different not only because the origin of the current economic crisis has no corresponding equivalent in the region but also because our economic structures are not similar to the markets where the current crisis originated," the Chief Executive Officer of Ithmaar Development Company, Khalil Al Sayed said.

"There is credit squeeze, but the coordinated response from leading central banks in the world and the region provided a surge of confidence required for the overall financial health of the markets."

The cautionary approach by some players was more a 'wait and watch' game.

He exuded confidence that the King­dom and the GCC region would weather the disturbance in the months to come and there was no impact at all in the medium and long term. In the first week of October alone, GCC Property firms announced or launched around $100 billion worth of projects in the current economic climate.

"The markets will not only stabilise but also come back stronger. Unlike Dubai, Bahrain market is not dependent on credit flow and speculative investors. There are no false values. Our market is conservative, the buyers astute and informed. These form a solid base for real estate projects, come credit turmoil or not," said Richard rowning, Chief Executive Officer of Riffa Views.

Source - Bahrain Tribune [24 October 2008]

The Dubai Mall to host first Waitrose store in the Middle East

The Dubai Mall, one of the world's largest shopping and entertainment destinations, to open on October 30, 2008, will host the first Middle East store of Waitrose, 'Britain's best high street retailer.' The location is also the first Waitrose outside the United Kingdom.

The 55,300 sq ft store will be the largest supermarket in Downtown Burj Dubai, and will showcase Waitrose's extensive range of quality food products. Located on the Lower Ground level, the same level as car parking, the store is accessible and convenient for all mall visitors.

Waitrose has entered into a licensing agreement with Fine Fare Food Market LLC to open the store in the Dubai Mall. A second Waitrose store will open at the Dubai Marina Mall, which is currently being constructed for opening towards the end of this year.

Mr Yousif Al Ali, General Manager, said: "The Dubai Mall is bringing in several new retail experiences to the Middle East region. Waitrose joins a league of international retailers like Galeries Lafayette, Bloomingdale's and Hamleys, who make their Middle East debut at the mall."

He added: "Waitrose has tremendous brand equity, and will appeal to a wide spectrum of shoppers. The opening of Waitrose is a reflection of the Dubai Mall's objective of bringing in as many unique shopping experiences as possible to the city."

Waitrose at the Dubai Mall has been designed by London-based design consultancy Kinnersley Kent Design to reflect the ambience of a Waitrose supermarket in Britain and to cater for the specific needs of the target market in the UAE. The store will offer an assortment of Waitrose branded products as well as locally sourced products to meet the needs of the Dubai customer demographic.

The product range includes fresh and frozen foods, delicatessen, cheese, fresh fish, meat, patisserie and hot food counters. Considering local tastes and traditions, Waitrose at the Dubai Mall will only sell-certified Halal food in the main store arena. A fully-functional scratch bakery; interactive butchery and fishmongers and a market-style fresh fruit and vegetable area will underscore the Waitrose commitment to freshness. The store will also carry a selected range of John Lewis non-food products.

Located in Downtown Burj Dubai, billed as the new heart of the city. The Dubai Mall is a 12 million sq ft complex featuring 1,200 retail stores and over 160 F&B outlets. The world-class Dubai Aquarium & Discovery Centre and the world's largest indoor Gold Souk are among the opening day attractions.

- 55,300 sq ft store showcases extensive range of quality food products

- To offer popular Waitrose-branded products in addition to locally sourced products

- Largest supermarket in Downtown Burj Dubai

Source - Zawya [24 October 2008]

Malabar Property Show - Finest Homes In UAE

DUBAI - The Malabar Property Show, the mega event showcasing the finest home options in Malabar begins on October 23, 2008 at Sheraton Deira, Dubai and closes on October 25. The show timings will be from 10 am to 8 pm.

This mega event brings together 16 master builders and their 1000 quality homes in Calicut, Kannur, Tellicherry & Malappuram, along with the easy finance options. This event will provide a great opportunity for home seekers. It is a unique opportunity for builders and buyers to come together and choose the finest home that matches their needs.

Ace Structures, Alfaone Builders, Alhind Builders, Apollo Build Tec (India) Pvt. Ltd., Crescent Builders, Cosmos Builders, Galaxy Builders, Hi-lite Builders, Calicut LandMark Builders, Malabar Builders, Prisunic Buiders Pvt. Ltd., PVS Aparments, Queens Habitat, Sea Star Holdings Inc, Seiken Proerties, Skyline Builders and Sreerosh Properties are the participants of the event.

The Malabar Property Show is organised by Kerala Builders Forum's Calicut Chapter (KBF). KBF stands for the satisfaction of the customers and its members, promoting quality homes, business values and maintaining highest standards in building better homes. Above all, KBF fuels the development of the country and well being of the society.

Source - Khaleej Times [24 October 2008]

Three day Bahrain property expo begins ..

MANAMA: Over $50 billion worth of realty projects are being showcased at the Bahrain International Property Exhibition (BIPEX), one of the region's largest Property expos, and opened by Sheikh Khalid bin Abdulla Al-Khalifa, minister of the Prime Minister's Court.

Organized by Bahrain Society of Engineers (BSE), BIPEX is being held at Bahrain International Exhibition and Convention Center and will be open for three days, the last day being tomorrow.

BIPEX has attracted a record 96 participants from Britain, Portugal, India, Philippines, the United Arab Emirates, Kuwait, Oman, Saudi Arabia, Qatar and Jordan in addition to those from Bahrain, compared to 70 exhibitors last year.

A. Majeed AlGassab, BSE president, said: "I would like to express my gratitude to Sheikh Khalid for the invaluable support he's always extended toward holding of this landmark exhibition.

"The manner in which the government has been formulating and implementing key regulations to attract foreign investments that contribute to the socioeconomic development of the kingdom is truly commendable. BIPEX is today among the leading exhibitions where buyers and sellers from around the globe meet to maximize investment opportunities.

Mohammed Khalil Al-Sayed, BIPEX organizing-committee chairman, said: "For the first time in its five-year history, the show has had to increase its exhibition area to 8,700 square meters, from last year's 6,000, to cater for the growing demand from exhibitors and participants."

The show, supported by the Bahrain Chamber of Commerce and Industry, is expected to surpass last year's achievement, when over $38 billion worth of real-estate assets were displayed to over 12,000 visitors.

One of the major highlights of BIPEX is the interactive technical Property seminar, a novel initiative providing technical details on finance, taxation and legal norms to potential investors.

Source - Zawya [24 October 2008]

Bahrain: Realty boom

The Kingdom's economic boom coupled with growing urbanisation made it an attractive destination for foreign investments in various sectors, particularly the property market. Sound and contemporary legislation protecting the rights of investors, citizens and State fuelled the sector's growth, said Shaikh Khalid bin Abdulla Al Khalifa, the Minister of the Prime Minister's Court.

He was speaking at the fifth edition of Bahrain International Property Exhibition (BIPEX), which kicked off yesterday with a record 96 participants from across the globe. BIPEX is the first-of-its kind event organised by professionals in the industry, the Bahrain Engineers Society, to create an ideal environment to streamline and enhance the flow of investment into the region.

Property markets players of the Kingdom avowed that the real estate market was safe from the global credit squeeze and that it would emerge stronger in the medium and long term. "Credit squeeze will be over in a few months even as global markets are already showing signs of recovery," said Mohammed Khalil Al Sayyed, Chairman of the BIPEX organising committee.

"The manner in which the government has been formulating and implementing key regulations to attract foreign investments that contribute to the socio-economic development of the Kingdom is truly commendable," said A. Majeed Al Gassab, the society president.

"Bipex is today among the leading exhibitions where buyers and sellers from around the globe meet to maximise investment opportunities."

Property market players from the United Kingdom, India, Portugal, Philippines, UAE, Kuwait, Oman, Saudi Arabia, Qatar, Jordan, in addition to those from Bahrain were participating in the 2008 edition of the property exhibition.

The exhibition, which is supported by the Bahrain Chamber of Commerce and Industry, is expected to surpass last year's achievement, when over $38 billion worth of real estate assets with 70 exhibitors were displayed to over 12,000 visitors.

Source - Bahrain Tribune [24 October 2008]

Trains Take to the Track on Dubai’s First Monorail

Nakheel, Dubai’s master developer, today began on site testing for its newly delivered monorail trains on Palm Jumeirah - the first monorail service in the Middle East.

High-tech trains arrived from Japan this weekend from leading railway system manufacturer Hitachi Ltd, best known for creating Japan’s high speed Bullet train. Two trains were raised on to the 5.45km track on Palm Jumeirah, and are now making initial test journeys, closely monitored by the RTA and operators SMRTE.

Robert Lee, Nakheel Managing Director, Investment Projects, said:

“It’s great to see the Palm Monorail trains well and truly on track. Having the first monorail in the Middle East here in the Palm Jumeirah is indicative of Nakheel’s vision, leadership and ambition as a developer. It will ensure we continue to play a critical role in Dubai’s growth as a global centre for tourism, and marks our commitment to creating sustainable transport systems, hand-in-hand with our partners at the RTA.”

Tests on the trains will be carried out for the next six months before the monorail is opened to the public in April next year. The new system will carry thousands of passengers each day between Gateway Station at the trunk of Palm Jumeirah and the Atlantis’ Aquaventure Station on the crescent, calling at Trump International Hotel & Tower and the luxury retail centre Palm Mall en route. The system will ultimately connect to the Dubai Metro following the introduction of RTA’s Al Sufouh tramline, with direct links to Dubai Airport and other major transport hubs.

The Palm Monorail is being developed by a consortium of leading international companies led by the Marubeni Corporation. The system is fully automatic and driverless, although an attendant will be on board at all times. The monorail will initially carry up to 2,400 passengers per hour per direction in four separate trains, each made up of three cars. At full capacity, the figure will rise to a maximum of 6,000 people in nine vehicles.

Source - Zawya [Monday, 20 October 2008]

Dubai shrugs off global turmoil with new $95bn mega project

A Dubai government firm on Monday announced it will build a “new city” in the booming Gulf emirate at a projected cost of 95 billion dollars, shrugging off the global financial turmoil.

The announcement came one day after Dubai developers Nakheel said it planned to build a tower which will stand more than one kilometre tall (3,280 feet), beating the city’s own world record.

The mixed-use Jumeirah Gardens development will be “an integrated city within a city,” to be built over 12 years, Meraas Development said at the opening of Cityscape Dubai 2008, a four-day international real estate fair.

Dubai, part of the oil-rich United Arab Emirates, already boasts the world’s tallest building, the yet to be completed Burj Dubai tower, which reached a height of 688 metres (2,257 feet) at the start of September and is still growing, according to developers Emaar.

It now boasts 160 storeys, the highest skyscraper in the world, Emaar said.

Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai’s main thoroughfare linking it to the oil-rich emirate and UAE capital of Abu Dhabi, 150 kilometres (95 miles) to the south.

Meraas Development said the project will comprise business, residential and leisure facilities linked by a transportation network and including some of the city’s biggest towers, and with a large canal running through the development.

Construction of the first phase of the project has already begun, and the first buildings are due for handover in the fourth quarter of 2011, the company said.

The announcement came at the opening of the Cityscape exhibition, an annual feature on the property calendar of Dubai, a regional business and tourism hub which is in the midst of a construction frenzy and aims to rival financial centres like London and New York.

Some 1,500 firms from 150 countries are taking part in the event.

Nakheel CEO Chris O’Donnell told reporters on the sidelines of Cityscape that the skyscraper project announced on Sunday “will be over one kilometre and take 10 years to build.”

The tower, part of the Nakheel Harbour and Tower project, is expected to cost 140 billion dirhams (38 billion dollars), O’Donnell said.

But Dubai has not been spared the turmoil on world markets.

Dubai Financial Market dropped 7.6 percent on Monday to its lowest level in more than 18 months. The market has lost around 14 percent in the past two days, pulled down by the real estate sector.

O’Donnell said Nakheel’s new project is likely to have a psychological effect on the real estate market but denied this was the reason behind the public launch.

“We’ve been working on the project for six years,” he said, adding that work on the foundations is already under way.

“The project is going to go through two or three economic cycles… when you’re running a business you can’t just stop at the middle of the downturn,” O’Donnell said.

“We believe in what we’re doing, (even though) it is an unfortunate time.”

Nakheel is behind some of Dubai’s most grandiose projects. It is building three palm tree-shaped artificial islands, as well as “The World” — a cluster of some 300 islands looking like a blurred vision of the planet’s nations — off Dubai’s coast.

Scores of other ambitious ventures are under way or in the pipeline, including Dubailand, a series of billion-dollars entertainment and leisure projects touted as the Middle East’s very own Orlando.

Source - APF [Monday, 6 October 2008]