Saturday, February 28, 2009
Sherwoods expects transparency, affordability to help restore Dubai rent market stability in second half of 2009
Sherwoods expects transparency, affordability to help restore Dubai rent market stability in second half of 2009
Newly introduced rental index drives back investor confidence as financial crunch helps bring rents to more reasonable levels
February 28, 2009
Sherwoods Independent Property Consultants has announced that it has recently deployed new strategic initiatives to capitalise on an expected upswing in real estate business activities within the last two quarters of 2009, as the global financial downturn gives way to more positive changes in Dubai's property rental market. Furthermore, Sherwoods revealed that it expects the rental index introduced recently by the Real Estate Regulatory Authority (RERA) to further consolidate and stabilise the rental market in the long term, as it creates a highly transparent system that promotes investor confidence and helps control rates from once again escalating to unreasonable levels.
With rents becoming more affordable partly as a result of the global financial downturn, Sherwoods pointed out that the situation will ultimately deliver long-term benefits to Dubai's property sector as businesses will feel less pressure in subsidising housing allowances for their workers, while more people will be encouraged to relocate in the emirate. Sherwoods further noted that a more stabilised rental market combined with the adoption of a credible rental index system will likewise drive investor confidence as rental yields will be much more predictable and easier to calculate.
"Two key issues will impact Dubai's rental rates: employment and the supply of property in the market. Further job losses could erode demand, while the supply of inventory into the market needs to be controlled to avoid oversupply issues. However, as affordable accommodation remains a key driver to the Dubai economy, we have seen a positive trend in terms of proactive government intervention and the rent market's resiliency, which we believe will eventually help rents to level off and stabilise during the last two quarters of 2009," said Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants.
"The sharp acceleration of rents over the last couple of years has put enormous pressure on employers who were subsidising housing allowances, negatively impacting the growth of a number of business establishments. With the emerging trend of more affordable rents, the long-term prospects become a lot more encouraging as it helps encourage both businesses and people to relocate here. Accordingly, Sherwoods has devised new strategies to help clients identify and take advantage of the gainful opportunities that have evolved in this transition period in Dubai's rental market," added Rehman.
Sherwoods also noted that some of the issues raised against the rental index are likely short-term problems, which can be settled once the values reflected on the rental index are updated for 2009, providing a more accurate depiction of the current market situation. Furthermore, as it considers the rental index a more viable long-term solution to resolve issues in Dubai's rental market, Sherwoods expects RERA to update the index figures on a regular basis and subsequently have a more clear-cut policy on the index's role in the rental market.
"To obtain credibility the index has to be updated by RERA on a regular basis to correctly reflect market rents. There also needs to be a clear message from RERA; currently they say the index is only a guide, but if it is to replace the rent cap then it will need to be adhered to as law. The index could prove revolutionary in meeting the needs of both landlords and tenants and if the mechanism is used correctly, it will provide a very transparent system to evaluate rental yields and help control rates escalating again to unaffordable levels," concluded Rehman.
Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the region's fastest growing real estate companies. Sherwoods has expanded to five branch offices all over the UAE and regional offices in the UK, France, and soon in other key locations around the world. The company offers a diverse range of services, including search and acquisition of properties, offshore company information, selling of properties, mortgage services, valuation and appraisal, legal and tax services, and lettings and management.
Friday, February 27, 2009
Almas Tower,DMCC, JLT,Dubai construction photos by Imre Solt, 27/February/2009
Almas Tower,DMCC, JLT,Dubai construction photos by Imre Solt, 27/February/2009
Thursday, February 26, 2009
Jumeirah Lakes Towers ,JLT, lake works, 26/February/2009
Jumeirah Lakes Towers ,JLT, lake works, 26/February/2009
Palm District Cooling pursues long-term strategic plan to leverage growing demand for economical cooling alternatives
Palm District Cooling pursues long-term strategic plan to leverage growing demand for economical cooling alternatives
Mega developments take advantage of cost-saving and pro-environmental qualities of PDC's cooling solution
February 26, 2009
Palm Utilities (PU), the water and district cooling utility service provider established by government-owned investment firm Istithmar, a major investment holding and part of the Dubai World group of companies, has recently announced that it has been actively promoting the strategic benefits delivered by Palm District Cooling's (PDC) world-class cooling solution as part of a campaign to consolidate its presence in the GCC and other key international markets. With recent studies by Middle East Economic Digest (MEED) predicting the regional market to grow by up to 8.3 million tonnes of refrigeration (TR) by 2015 from just 1.8 million TR in 2007, PDC has devised a long-term growth plan and complementary awareness campaign to promote district cooling as an economical solution for the region's increasing air conditioning requirements.
PDC currently provides district cooling services to a significant number of prestigious mega developments in the UAE, including the Gardens Residential Complex (25,000 TR), Jumeirah Islands (15,000 TR), Discovery Gardens (126,000 TR) and Palm Jumeirah Trunk (126,000 TR). Several developers all over the region are likewise increasingly deploying PDC's cost-efficient and environmentally friendly district cooling solutions.
Shafiq Khoori, Managing Director, PDC said: "Palm District Cooling is focusing its efforts on creating a sustainable development plan that will help us overcome the ongoing economic challenges and maintain our long-term growth prospects. We are also trying to leverage the growing interest towards our products and services as an increasing number of developers are beginning to appreciate the long-term benefits of district cooling solutions following PDC's successful deployment of district cooling facilities within a number of landmark developments in the UAE. Our new growth strategy ultimately aims to help our clients improve utility costs and maximise energy efficiency, which is one of the most important concerns among developers right now."
Other high-stakes projects that utilise PDC's district cooling solution are The Jumeirah Lake Towers (167,000 TR), Palm Jumeirah Crescent (124,000 TR), Jumeirah Village South (255,000 TR), International City (125,000 TR) and Dubai Maritime City (100,000 TR)
Wherever water resources are scarce and expensive, PDC utilises Treated Sewage Effluent (TSE) supplied by Palm Water (PW) – a strategic collaboration that results in reduced energy consumption, ultimately benefiting end-users and the entire community through lower utility costs and minimal environmental impact.
Palm Utilities, through PDC and PW, has been established to address the region's unique requirements in the distinctly critical areas of district cooling, and waste water treatment.
Wednesday, February 25, 2009
Dubai International Boat Show 2009, press conference
Dubai International Boat Show 2009, press conference
RTA Opens New Sectors of Al Ittihad Road
RTA Opens New Sectors of Al Ittihad Road
Dubai (United Arab Emirates): Roads & Transport Authority opens yesterday (Wednesday 25th Feb) new sectors of Al Ittihad Road Improvement Project (Phase I) for traffic between Dubai and Sharjah. Sectors opened include HQ Tunnel (Galadari) 1 & 2; which serves traffic from Dubai to Sharjah and vice versa, while maintaining the current traffic main stream through the existing tunnels; thus easing traffic flow on this vital corridor.
Opening of this Phase is part of a comprehensive project undertaken by the RTA over two phases. The first phase extends from Shu’la R/A and passes through HQ Tunnel and Mulla Plaza Tunnel, and the second one starts from Shu’la R/A and passes through the Airport Tunnel along Sheikh Rashid Road up to Al Garhoud Bridge. These works, which are part of a master plan to upgrade this vital road that started in early 2007 at a total cost of AED830 million, aim to ease the mobility of road users; thus contribute to realization of RTA vision to provide safe and smooth transport for all.
Engineer Maitha bin Adai, CEO of RTA Traffic & Roads Agency said: “Completing & opening these sectors under Phase I of Al Ittihad Road Improvement Project – which will be fully completed in the second half of next March – will contribute significantly to easing traffic congestion on this key road, particularly during the morning and evening peak hours. We hope for even a better traffic flow upon completion of Phase II of the Project”.
As part of the phased completion of the Project, three bridges have been opened last October under Phase I (Bridges 2, 3 and 4). Bridge 2 serves traffic from Abu Hail Road heading left towards Al Qusais and Sharjah, and Bridge 4 serves traffic coming from Salah Uddin Road heading right to Al Qusais and Sharjah through Bridge 3; which combines the traffic coming from both Salah Uddin and Abu Hail Roads heading towards Al Qusais and Sharjah. Bridge 1 had already been opened in May 2008 to serve traffic from Al Quds Road to Al Ittihad Road.
This Project has a strategic importance as the Road is one of the most congested highways in Dubai and the whole region. It is a key arterial road for traffic between Dubai and the northern emirates. Thus widening this Road contributes to easing tailbacks and adds to the list of vital projects currently being undertaken to improve and upgrade roads and provide advanced services at residential areas. It is part of an integrated network of road widening and improvement projects in Dubai.
The Project also comes in the context of RTA strategy to meet the current and projected roads & transport requirements and develop integrated solutions of road systems as well as surface and marine road networks that are safe for users, in line with the comprehensive development plans and capable of meeting the requirements of demographic growth and expansion in the emirate.
19 Superyachts Select Dubai International Boat Show as preferred Marketing Platform to record a Staggering 45% Growth
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DUBAI INTERNATIONAL BOAT SHOW RISES ABOVE ECONOMIC CHALLENGES TO PRESENT FIVE MAJOR GLOBAL LAUNCHES AND 22 REGIONAL PREMIERS
19 Superyachts Select Dubai International Boat Show as preferred Marketing Platform to record a Staggering 45% Growth
Dubai, United Arab Emirates
The 17th edition of the Dubai International Boat Show surmounts an unprecedented troubled economic climate to deliver one of its strongest editions in the event’s history next week. Taking place at the Dubai International Marine Club, Mina Seyahi from 3-7 March 2009, the Dubai International Boat Show is the Middle East’s first boat show to take place this year.
As the largest and most influential marine industry event, the Dubai Boat Show sets the momentum for a week of anticipation and excitement as the leisure boating fraternity focuses on the unveiling of at least five major global launches and 22 regional premiers of the most spectacular boats and yachts from around the world. Many more launches are due to be announced during the coming days.
Additionally, the event will usher in 19 Superyachts from across the globe to Dubai next week, marking a staggering 45 percent sector growth in the show.
Despite the widespread slowdown across many industries, the show is presenting a massive 85,000 square metres of exhibition space with more than 721 international companies from 50 countries, of which 20 percent are new exhibiting companies and brands. This further proves the strength and resilience of the industry and the enduring Dubai Boat Show brand.
These achievements are evidence of the Dubai Boat Show’s growing global appeal as one of the most sought after and strategic leisure marine events in the world.
“The global challenges confronting international economies, and the luxury goods market in particular, will only direct more international boat manufacturers and suppliers towards the emerging Middle East markets. The opportunities remain extensive in this region and the Dubai Boat Show is well positioned to provide the international marine industry the boost of confidence and opportunities they are seeking at this critical time,” said Helal Saeed Almarri, CEO, Dubai World Trade Centre (DWTC), organiser of Dubai International Boat Show.
The Dubai International Boat Show is the preferred platform in the region for the worldwide debut of four superyachts and over ten exclusive regional premiers from world-class companies such as AMELS, Burger Boats, Emirates Yachting, Gulf Craft, Platinum Yachts, Sunseeker and Western Marine.
New to the show is the Superyacht Pavilion. As one of the fastest growing sectors in the Middle East marine industry, this showcase brings together the finest superyacht and luxury boat builders in the world. This exclusive section houses some of the biggest names in the business, including Abeking & Rasmussen, AMELS, Burger Boats, Feadship, Heesen Yachts, Lurssen Yachts and Trinity Yachts.
This major highlight will present the largest-ever marina display of superyachts with more than 19 models, measuring over 25 metres. This records an astounding 45 percent growth of superyachts in the show this year.
The Dubai Boat Show will also offer visitors the first opportunity in the Middle East to see boats and marine products from leading popular local and international leisure marine names such as Holland's AMELS and Feadship, Kuwait’s Al Ghanim Marine, Qatar’s Al Fardan Marine, UAE’s Al Hareb Marine, Al Shaali Marine, Duboats, and Gulf Craft, UK's Sunseeker, Fairline, and Princess, and US yacht manufacturers Trinity Yachts and Westport.
As the consumer buying behaviour adjusts in response to a changing economic climate, international boat suppliers will be offering products, packages and deals that are attractive and creative.
“The Dubai Boat Show has grown from strength to strength in tandem with the expansion of the marine industry. The region has been on a steady upward climb over the last decade, so this temporary blip in the demand will only encourage the industry to enhance the creativity and innovation in their product offerings to consumers,” noted Saeed Harib, COO, Dubai International Marine Club, Mina Seyahi.
Even non-marine luxury brands are seeking premium associations with the Dubai Boat Show to leverage on its prestigious market connectivity and exclusive access to the affluent consumers in the region. Aston Martin, Damas, Lamborghini, Range Rover and Tiffany will be participating in the show.
The leisure marine industry plays a key strategic role in attracting visitors and driving tourism throughout the UAE and the rest of the Middle East. Current construction of marina projects across the region will see the opening of up to 30,000 berth spaces and an additional 1,500 kilometres of coastline over the next 5 years.
This year’s Dubai Boat Show registered an impressive 20 percent growth in National Group Pavilions and International Marine Associations. First-time exhibitors include Associacion Nacional de Empresas Nauticas (Spain), Finnish Marine Industries Federation (Finnboat) and South African Boat Builders Export Council (SABBEX).
Held alongside the Dubai Boat Show is the Dive Middle East Exhibition (DMEX) which will also run from 3 - 7 March 2009 offering a unique platform to showcase the very latest in diving equipment, supplies, services and techniques. Complimented by live diving demonstrations the show will host a series of presentations on the latest dive gear, training programmes and projects taking place around the region.
As a testament to the strength of the Dubai Boat Show as the ideal meeting place for a variety of marine industry professionals, the event will also play hosts to the 5th Gulf Boating Conference. Entitled ‘Where is the industry going?’ the conference will be held on 4 March 2009 and has the highest ever recorded pre-registered delegates. Topics discussed will allow attendees insights into recent changes in the market and business prospects that have emerged in the region.
Visitors to the event can also take advantage of the many competitions and promotions going on at this year’s event including 1,000AED to spend on Paspaley supplied by Damas, Cole Haan tote bag and luxury Damas giveaways and a chance to win the Emirates Yachting Grew 188 and a Yamaha Wave Runner. Other exciting highlights include diving demonstrations, the Superyacht Extravanganza and High Fashion and Jewellery Show.
Held at Dubai International Marine Club - Mina Seyahi, the Dubai International Boat Show is open to trade visitors and general public from 3 - 5 March 3pm - 9:30pm and from 6 - 7 March 1pm - 9:30pm. Visitors without an invitation must pay an entrance fee of AED 55 per person. Children under 12 will be admitted free and must be accompanied by an adult at all times. Access to the Marine Display Area may be restricted at certain times. For more information visit www.boatshowdubai.com.
Photo caption:
1- (From left to right): Lois Hall, Dubai International Boat Show Project Manager, Trixee Loh, Senior Vice President, Exhibitions and Events, Dubai World Trade Centre, Helal Al Marri, CEO, Dubai World Trade Centre, Saeed Hareb, COO of Dubai International Marine Club and Nadya Khan, Assistant Project Manager, Dubai International Boat Show.
2- Dubai International Boat Show rises above economic challenges to present five major global launches and 22 regional premieres.
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