Asteco to lease premium office space in Al Saqr Business Tower

Asteco to lease premium office space in Al Saqr Business Tower

Al Saqr Property management appoints Asteco as sole agent for blue chip office space in rebranded business tower in prime Sheik Zayed Road location.  

Asteco one of the region’s leading real estate consultancy and property management firms, has been appointed the sole leasing agent for the Al Saqr Business Tower, situated in one of Dubai’s most prestigious and sought after business addresses.

Within walking distance of Dubai International Financial Centre and facing Sheikh Zayed Road, the 37-storey Al Saqr Business Tower, previously known as Al Attar Business Tower was recently acquired and rebranded by property developer Al Saqr Property Management.

Boasting 150 offices covering approximate total of 280,000 square feet, space ranging from 1,000 to over 9,600 square feet can be leased as customised individual units, or full floor options. Prices start from AED 135 per square foot which includes service charges and all utilities. The building also comprises of three executive floors which has its own dedicated VIP lift.

The business tower has built an enviable reputation over the years with corporate tenants and is currently home to, amongst others, Ernst and Young, British Airways, HSBC and Shakespeare & Co. Such is the popularity of the tower just five vacant offices remain, resulting in a 97.5% occupancy rate.

“The Al Saqr Business Tower is in a prime location close to DIFC and DWTC in the heart of Dubai’s financial and business district. Major corporate companies are drawn to the area especially listed companies and those that need to be close to the Dubai Financial Market. To accommodate ‘blue chips’ office space in Al Saqr is extremely well laid out, with quality fittings and commanding those all-important cityscape views,” said Sean McCauley, Director – Agency, Asteco Property Management.

The Al Saqr Business Tower underscores Asteco’s maturing partnership with Al Saqr Properties, having already been entrusted with sole agency status for the Sama Tower also located on Sheik Zayed Road. This property was completed in 2009, with Asteco successfully leasing since inception. 

“We have built an excellent reputation with owners, investors and development companies throughout the GCC, which has helped us secure leasing and management contracts for many high-profile developments, particularly in the UAE. Our relationship with Al Saqr Property Management is one of mutual respect and trust, built-up over the past five years – experience in a very young industry is the key to our ongoing success,” added McCauley.

Although office leasing in Dubai has seen relative stabilisation with overall market average rental rate increases of just 2% in Q2 compared with Q1 2014, an increase in enquiries and transactions is expected post summer as ongoing economic improvements and activity on the part of companies budgeting for the year ahead, and those expanding or relocating in the market, will all contribute to an increase in demand.

“We expect the main beneficiaries of this increase in demand to be the quality single-owned office buildings in prime business locations such as DIFC, Sheikh Zayed Road and Dubai Media & Internet City,” noted McCauley.

For more details, please visit www.asteco.com

Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985.  Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

Omniyat and Drake & Scull International partner to launch landmark residential project on Palm Jumeirah

Omniyat and Drake & Scull International partner to launch landmark residential project on Palm Jumeirah

Debuting at Cityscape Global 2014, the design of One at Palm is a global effort involving Soma of New York, Super Potato of Japan and Vladimir of Lebanon

Dubai, UAE, 31 August 2014: Omniyat, a leading developer in the Middle East, and Drake & Scull International PJSC (DSI), a major player in the region’s construction industry, have entered into a partnership to build a landmark project strategically located at the entrance of the Palm Jumeirah.

Expected to be one of the most significant projects to make debut at the forthcoming Cityscape Global 2014, One at Palm is jointly developed by both companies and will be managed by Omniyat. The enabling works is due to commence within the next two months.  

Mr. Khaldoun Al Tabari, Vice Chairman and CEO of DSI said: “We are delighted to partner with Omniyat to create a unique landmark on the iconic Palm Jumeirah skyline. Our 48 years’ expertise with high rise tower projects around the world will prove vital to delivering a project worthy of this prestigious location. We are confident that the synergy of our combined experience and Construction capabilities will deliver a new milestone on Dubai’s urban architecture. Omniyat’s track record of developing such high profile projects will complement our regional experience and we hope to enter into similar partnerships in the future.”

Mr. Mahdi Amjad, Executive Chairman and CEO of Omniyat, said: “Omniyat is very excited about developing this magnificent, super-luxury real estate project situated at the entrance of The Palm Jumeirah.”

“We believe this plot is the perfect location to build such an iconic development that will be a global collaboration with inputs from Dubai, Japan, New York and Lebanon. It will definitely stand out on the Dubai skyline,” Amjad added.

He elaborated: “We couldn’t have found a more competent partner than DSI to co-develop this landmark project, given their 48 years of excellence in the construction industry. The combination of DSI’s expertise and Omniyat’s multi-disciplinary leading credentials is set to create an outstanding piece of architecture that will add to Dubai’s list of numerous outstanding world projects.”

“The luxury residential building will be designed by internationally renowned architects Soma from New York, Super Potato from Japan and Vladimir from Lebanon. The building will offer 360-degree breathtaking views, with apartment sizes ranging from 2,500 to 20,000 square feet,” Amjad said. “The finishing will be handled by famed interior designers. The combined expertise of these world-class firms is guaranteed to create a unique, high-end extraordinary development.”

Internationally renowned Japanese design firm Super Potato is known for its sophisticated designs for the interiors of restaurants, shops and hotels. Super Potato's work has had a significant impact on interior design in Japan and around the world.

Vladimir Djurovic Landscape Architecture is engaged in the creation of timeless landscapes through its commitment to drawing out the uniqueness of an environment with simplicity of gesture that gives nature the stage. The firm’s expertise extends from escapist retreats and private residences, to the planning and development of boutique hotels, resorts and public urban spaces.

SOMA is a New York-based firm of architects with a portfolio and expertise in refurbishment and sustainability. SOMA’s work, mainly in New York, Dubai, Qatar, Erbil and Lebanon, covers projects across several industries as well.

“Our objective is to maximize shareholders’ value by designing and developing unique and prestigious Real Estate developments,” Amjad concluded.

About Omniyat

Omniyat is a privately held real estate development and service related company established in 2005 and headquartered in Dubai, UAE. It is considered as the most innovative, successful and premium development brand in the Gulf region, conceptualizing and creating real estate assets with a combined gross realization of over AED 12 Billion.  Led by Mr. Mahdi Amjad, Executive Chairman and CEO, Omniyat undertakes investment, development and asset management across a broad spectrum of property assets, providing sustained value and tangible, measurable benefits to all stakeholders involved, including shareholders, buyers and the community. Omniyat works with the world’s best known and most respected architects, specialty consultants and contractors to develop and launch large-scale and iconic properties. www.omniyat.com

About Drake & Scull International PJSC

Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, Water and Wastewater Treatment, Waste to Energy and Oil and Gas, through People, Innovation, and Passion.

DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Abu Dhabi, Egypt, Kuwait, Oman, Saudi Arabia, Qatar, Jordan, Algeria, Iraq, India, Thailand, as well as managing projects in Europe and other parts of North Africa.

DSI‘s main business streams include Drake & Scull Engineering, which serves as the MEP and Water & Power arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit, Drake & Scull Oil & Gas, which undertakes oil pipelines and related petrochemical projects, Drake & Scull Rail, Germany based Passavant Energy & Environment which focuses on Water and wastewater treatment as well as waste to energy and Drake and Scull Development, focusing on the Infrastructure sector.

In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008.

DSI has since then used the funds to integrate, establish and acquire businesses that complement its corporate strategy of expansion into new markets, via organic and inorganic growth.

The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.

DSI is a leader through experience, and has established a regional leadership position over 48 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters. DSI has delivered more than 700 projects around the world in the last five decades catering to aviation, residential, mixed use, power plants, district cooling plants, hospitality, healthcare, renewable energy, data centres, petrochemical, rail, commercial, government, leisure, and infrastructure sectors.

European property developer Preatoni sets up UAE sales & operations division

European property developer Preatoni sets up UAE sales & operations division

Builder of 2.5 billion worth of tourism and leisure projects in MENA region adopts non-exclusivity policy with UAE sales brokers

Dubai, UAE,  August 2014: Preatoni, the leading European property developer which recently opened Preatoni Real Estate in Dubai, has launched a dedicated sales division to handle the UAE realty market.

The company, which has built tourism and residential complexes, hotels and leisure centers worth 2.5 billion euros in the MENA region, has adopted a non-exclusivity policy with UAE sales brokers, thus opening the doors for all sales agents.

“We are fully geared to unlock the potential of the UAE real estate market in residential, office, retail and hospitality sectors. Our newly established dedicated sales division will work in coordination with other units to drive sales and generate further demand in our projects,” said Edoardo Preatoni, CEO of Preatoni Real Estate.  

“We decided not to appoint any exclusive sales agents for any of our UAE projects with the goal of replicating our success stories in Europe, Baltic and the Middle East. So far, this model is paying off in the UAE market as we work with all brokers and agents to maintain open channels with key players in the market.”

He added: “Property management is our bread and butter. By leveraging our track record with hotels, resorts and other projects, we believe we do a good job of selling a product. Further, long-term investor care figures on top of our priority list, and our financial capability and experience in hospitality make it easier for the sales unit to successfully market our projects to end users as well as investors.”

Preatoni has built high-class tourism and residential complexes, hotels and leisure centers worth 2.5 billion euros in the MENA region, including the Domina Coral Bay Resort in Sharm El Sheikh Egypt.

The company aims to expand its portfolio of residential and commercial complexes through this dedicated arm, which will play an instrumental role in generating further demand for Preatoni’s current and future projects.

Preatoni has regional headquarters in Milano, Italy; Tallinn, Estonia; Villnius, Lithuania; Riga, Latvia; Moscow, Russia; Sharm El Sheikh, Egypt and Dubai, UAE.

Preatoni has recently invested in Dubai Star Tower which is taking shape as a prominent landmark on the Dubai skyline and the company is slated to announce other major projects in the short term.

Preatoni concluded: “This sales unit will work in harmony with other concerned sections at our company. We are confident this move will take Preatoni ahead of competition, driven by the factors like strong track record, investor and client confidence and international profile.”

Runway refurbishment to take Dubai airport’s growth notches up

Runway refurbishment to take Dubai airport’s growth notches up 

 Spotless execution of complicated project on schedule

Effective planning and coordination among stakeholders

High Speed Turnoff (HST) taxiway capacity enhanced

Dubai, 16 August 2014: The refurbishment of two runways at the Dubai International Airport has been carried out with minimal disruptions in flight operations due to a “well-planned” execution of the “complicated” project within the 80-day schedule with all the stakeholders working together with a one-team spirit.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority (DCAA) and Dubai Air Navigation Services (DANS) had formed a committee comprising of all concerned departments and companies. This committee, under his supervision, laid a ‘perfect’ programme which lead to the successful completion of the project in record time, avoiding any obstacles that could have been caused during the work whilst, documenting the workflow in daily reports.

Mohammed Abdulla Ahli, Director General of Dubai Civil Aviation Authority (DCAA) and CEO of Dubai Air Navigation Services (DANS), said the project involved the up gradation and maintenance of the two runways in the most innovative and effective manner without entailing the complete closure of the flight operations.

“We were told that no other project of this kind has occurred in the history of civil aviation in which the runway refurbishments were made with the least possible impact on normal flight operations,” he remarked. DANS provides Air Traffic Control (ATC), electronic engineering and meteorology services at both Dubai International and Al Maktoum International in Dubai World Central (DWC).

The independently-managed ANSP asserts that the “inspirational” cooperation among the aviation stakeholders about the need for equipping the world’s fastest-growing aviation hub with cutting-edge bigger facilities would go a long way in handling the air traffic which has been consistently growing between five to seven per cent annually, higher than the global average of 3.5 per cent.

Dubai International recorded 6.2 per cent surge in the number of passengers which stood at 34.67 million in first half of 2014 despite over 26 per cent cut in flights during May and June for the refurbishment. Despite the refurbishment project, the airport was able to record its 18^th consecutive month of more than five million passengers. 

DANS contributed a significantly big part in the planning of the refurbishment programme by looking at the various flight operation scenarios with the prime aim being the minimal disruption and delays. The project was carried out by the Dubai Aviation Engineering Projects (DAEP) with the other key players being Dubai Airports, Dubai Civil Aviation Authority.

He said: “As Dubai International offers airlines a 24/7 operation, the runway closures were more complex and required meticulously planning. Our inputs were crucial in the planning of the whole project. The average delay was less than five minutes. The northern runway required resurfacing and other modifications to accommodate future traffic. There was a requirement to construct new rapid exit taxiways on the southern runway to boost capacity.”    

Now, the runways are the best in the world to land and take off on with an increased capacity for High Speed Turnoff (HST). HST is a long radius taxiway designed and provided with lighting or marking to define the path of an aircraft, traveling at high speed.

Busy airports typically construct high-speed or rapid-exit taxiways in order to allow aircraft to leave the runway at higher speeds. This allows the aircraft to vacate the runway quicker, permitting another to land or depart in a shorter space of time. The ICAO rapid exit taxiway design speed is 50 knots (93 kmph) for Code 3 and 4 aircraft for exit speeds under wet conditions.  The aircraft usually travels slower when it exits – the nominal turnoff speed is 30 knots for Code 3 and 4.

For flight operations, authorities have four peak hours 24/7 at the Dubai International Airport and an average of 33 arrivals are handled in an hour. DANS aims to increase it to 45 by the year 2016 as part its 10-year strategy plan that has been in the works.

A slew of projects are on the anvil that would enable DANS to handle the anticipated growth in air traffic in Dubai and to decongest and restructure the airspace that has been labeled as one of the most congested in the world.  The UAE airspace system currently handles approximately 600,000 movements a year. By 2025 it needs to accommodate the range of 1.2 million movements.