Emaar Properties records net operating profit of AED 2.343 billion (US$ 638 million) in first nine months of 2010

Emaar Properties records net operating profit of AED 2.343 billion (US$ 638 million) in first nine months of 2010

• Revenue for first nine months of the year was AED 8.320 billion (US$ 2.265 billion)
• Third-quarter 2010 revenue was AED 2.782 billion (US$ 757 million); net operating profit was AED 687 million (US$ 187 million)
• Company strengthens recurring revenue from hospitality and malls businesses

Dubai, UAE; October 27, 2010: Led by strong recurring revenue from its hospitality and malls businesses, Emaar Properties PJSC, the leading global property developer, recorded net operating profits of AED 2.343 billion (US$ 638 million) during the first nine months of 2010. These positive results demonstrate the significant gains that the company has achieved compared to the same period in 2009 – with net operating profits up over 67 per cent.

Revenue for the first nine months of the year reached AED 8.320 billion (US$ 2.265 billion), 53 per cent higher than the revenue of AED 5.429 billion (US$ 1.478 billion) in the first nine months of 2009.

Third quarter (July to September 2010) revenue for 2010 stood at AED 2.782 billion (US$ 757 million), 43 per cent higher than third quarter 2009 revenue of AED 1.948 billion (US$ 530 million).

Net operating profit for the third quarter of 2010 reached AED 687 million (US$ 187 million), which is at similar level as the profit for the third quarter of 2009.

In spite of the summer period, approximately 45% of the total units in Burj Khalifa, the world’s tallest building, have been handed over until the end of the third quarter 2010. The sales collection has been robust during the quarter providing additional liquidity to the company. In addition, with a view to convert short term liabilities into long term debt, Emaar launched a US$ 500 million of Convertible Notes due in 2015. The bond received overwhelming response with a demand in excess of US$ 3 billion. The Notes will be listed on the Luxembourg Euro MTF market subsequent to the approval at the Company’s Extraordinary General Meeting.

Mr Mohamed Alabbar, Chairman, Emaar Properties PJSC, said: “The solid results posted by Emaar during the first nine months of the year, marked by the delivery of our iconic tower Burj Khalifa, are testament to the strength of our diversified growth model. We have successfully focused on our strategy of geographic expansion in promising markets and delivered on our core competency of creating world-class real estate developments.”

He added: “Our strategic developments in shopping malls and hospitality are now yielding strong recurring revenues, which highlights our commitment to investing in the long term by adding value to our stakeholders. The challenges of the global financial slowdown are behind us, and we are entering a new phase of growth, complementing the vision of Dubai outlined by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.”




In the third quarter, Emaar continued handover of homes in Burj Khalifa, where the world’s first Armani Hotel Dubai also recorded robust occupancy levels. Emaar is currently completing orientation for the commercial suites in the tower, as well as for the residences.

Having successfully negotiated with contractors and consultants on several projects, Emaar is progressing with all its key property developments in Dubai, especially in Downtown Dubai, described as the “new heart of the city.”

Emaar further supported its shopping mall and leisure business segment by opening the region’s first boutique cineplex, the 6-screen Reel Cinemas at Dubai Marina Mall, and contributed to the city’s retail and hospitality sector through an array of promotions during the summer months aimed at driving international visitor flows.

Internationally, the first commercial offices in The Eighth Gate development in Syria were handed over within the Commercial Centre of the project, which is projected to become the leading business hub in the country. Earlier, Emaar handed over homes in Tuscan Valley Homes in Turkey and Canyon Views in Pakistan. Several landmark projects in Saudi Arabia, Jordan, Egypt and India will be completed in the coming months.

Mr Alabbar said: “Emaar has continuously focused on energising the domestic market by creating job opportunities and supporting ancillary industries. Our businesses complement this outlook by driving Dubai’s GDP growth, making Emaar an active partner in the Emirate’s socio-economic development and a driving force in realising the city’s ambitions.”

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.

Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping and entertainment destination.

In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.

Transparency pays off for MAG Group after handover of AED450 million tower in Dubai Marina proves property development in Dubai can work

Honesty is best policy says expert

Transparency pays off for MAG Group after handover of AED450 million tower in Dubai Marina proves property development in Dubai can work

A consistent vision, open and transparent communication and a commitment to quality has helped Dubai-based property developer MAG Group Properties, to deliver what some real estate analysts have described as a model development.

MAG 218 a residential tower in Dubai Marina, was built at a cost of approximately AED450 million consisting of 555 apartments spread over 66 floors. The building was officially handed-over to investors earlier this year on 15 May. To date 530 apartments are occupied with nothing for sale or lease at present.

Commenting Mohammed Nimer, CEO of MAG Group Properties, said: “We stood firm by our strategy. From the outset we wanted to be totally transparent and deliver our promise of a quality development, to specification and on budget. This has paid off handsomely, not only for MAG Group but for the investors as well.”

First of all to enable MAG Group to build a quality mid-priced development it needed to keep its budget under control, choosing to self finance the project, rather than paying interest on a bank loan, which helped to keep the costs down.

Even when MAG Group had some issues regarding late payments from some investors they decided to carry on irrespective, taking the view that the priority was to protect the majority and complete the project.

MAG Group sent the investors detailed and regular updates with fresh images so that they could chart the progress of the development. Results were also posted onto the MAG Group website.

“When milestone payments became due, we had few problems collecting that money. The owners could see the progress we were making and it generated a great deal of trust between us, at a time when investor confidence in many regional projects was beginning to wane. This proves that honesty is the right policy and furthermore quality at the right price can work in Dubai,” added Nimer.

MAG 218 is a highly desirable residential building, not just because of its location and quality of finish but the highly competitive service charges which underscore the overall technical engineering excellence of the design and build.

“Service fees in Jumiera Lakes Towers average AED15 per square foot, the Marina itself averages around AED13 but MAG 218 charges less than AED9.5 per square foot, a very attractive proposition to owners and end users alike,” said Mazen Falhout, General Manager of MAGme Property Solutions, a division of MAG Group.

Currently a one-bedroom apartment leases for around AED70,000 per annum while a two-bedroom flat currently achieves annual rental income of about AED110,000.

As such the owners in MAG 218 are feeling the benefits of such economical service charges, according to Camilla Van Der Merwe, Head of Sales and Leasing at Asteco Property Management.

“This gives apartment owners a distinct advantage in a very competitive market sector. Owners of a one-bedroom apartment, could be paying as much as AED5,000 less than landlords from other developments pay annually,” said Van Der Merwe.

“For investors, end-users and or tenants, it is also comforting to know that the tower is well built and maintained, protecting investment and keeping fees to a minimum. In many ways MAG 218 could be described as a model development,” added Van Der Merwe.

Almost 90% of MAG 218 tower was sold out within months of its 2006 launch, with many investors initially paying an average of AED700 – 800 per square foot. Today, despite falling prices over the past two years, the apartments have still appreciated on average by at least 10%, especially for those investors who bought at or close to the launch price.

Photo-caption:

1. MAG 218 tower in Dubai Marina – a model development.

2. Mohammed Nimer, CEO, MAG Group Property – “Honesty is the best policy...”

About the MAG Group

The Dubai-based Moafaq Al Gaddah Group of Companies (the MAG Group) was established in 1978 and has grown into a multinational organisation with 18 offices in eight countries throughout Europe, the Middle East and Asia.

In the past five years the MAG Group Properties has invested in 12 properties at various stages of development across the residential, commercial and industrial sectors. The company focuses on projects that provide long-term benefits to investors and customers.

RTA resets metro operation times to meet commuters wishes

RTA resets metro operation times to meet commuters wishes


Roads & Transport Authority – Manal Khalid:

It was announced by the CEO of Rail Agency, Roads & Transport Authority (RTA) Adnan Al Hamadi, that in response to the public desire and following extensive field surveys, RTA has introduced structural changes to the metro operation on the Red Line to take effect as of October 15th, 2010; coinciding with the opening of five new metro stations namely: Nakheel, Jumeirah Lakes Towers, Sharaf DG, First Gulf Bank and Business Bay stations.

“These changes are intended to serve the interest of the public who are the backbone of any project we seek to achieve and through them we can upgrade our services to world-class standards” said Al Hamadi. In the meantime he referred to the key changes to be introduced and aligned with the operation process saying that the changes would include changing the operation hours, service frequency time and the waiting time at the metro stations.

Commenting on the operational hours Al Hamadi said: “During the week days from Saturday to Wednesday, the metro operation will start from 06:00 am up to 11:00 pm, and on Thursday the metro will be operational from 06:00 am to 12:00 am (midnight), while on Friday the metro service will be running from 01:00 pm to 12:00 am (midnight).”

As to the service frequency time (headway), the CEO of Rail Agency said: “The service frequency will vary depending on the weekdays and the peak hours, and will be ranging from 8 to 6 minutes. Service frequency will be 10 minutes from 09:00 to 11:00 pm from Saturday to Wednesday, 8 minutes on Thursday and Friday, 10 minutes from 11:00 pm to 12:00 am (midnight), and 8 minutes on Fridays.”
Al Hamadi stated that the change also included slashing the stop time at stations from 30 seconds to 20 seconds.

RTA puts final touches on Green Line stations of Dubai Metro

RTA puts final touches on Green Line stations of Dubai Metro

The project is set to open as planned in August 2011

Roads & Transport Authority – Mohammed Al Munji:

H.E. Mattar Al Tayer, Chairman of the Board & Executive Director of the Roads & Transport Authority (RTA), announced that RTA had completed the construction works in most stations on the Green Line of the Dubai Metro, following the full completion of the 23-km long track extending along the Green Line. Completion rates in stations currently range from 55 to 100 percent in the finishing works, 65 to 85 percent in electromechanical works, and as high as 85% in the Park-and-Ride facilities at Al Qusais. He reiterated that work in the project is moving ahead on schedule and the project is set for opening in August 2010.

Al Tayer made these statements during an inspection tour of the work progress in the Green Line project of the Dubai Metro that took him to the Dubai Healthcare City, Al Ittihad, Al Ghubaiba, Al Ras, Al Qiyada, and Etisalat stations in addition to the multi-story car-parking building. Al Tayer was accompanied in the tour by the CEO of Rail Agency Adnan Al Hamadi, the Head of Follow-up Team of RTA Hosting UITP Congress 2011 in Dubai Mohammed Obaid Al Mulla, and a number of directors and engineers supervising the project.

Al Tayer set off his tour by inspecting the Dubai Healthcare City station where construction works have reached an advanced stage as the internal finishing works have almost reached 55 per cent and electromechanical works are as high as 65 per cent. Al Tayer then inspected the work progress in Al Ras and Al Ghubaiba stations where construction and civil works have been fully completed and so are the metal structures and platform doors. Completion of the finishing works in the two stations ranges from 55 to 70 per cent, whereas the completion of electromechanical works ranges from 65 to 75 per cent.

The two stations feature heritage designs depicting the history and legacy of the UAE. The design concept revolves around employing the architectural traditional elements used in antique buildings, such as wind towers (Brajeel), oriels (Mashrabia), alleyways (Sukaik), internal arches and others through replicating them in an enhanced manner, while addressing the aesthetic and technical dimensions of those elements such that the heritage-inspired stations would match the traditional Souks in the locality, look like a natural extension of the Heritage & Diving Village, and fit well with the antique control towers currently seen in the area.
Al Tayer then inspected the work progress in Al Ittihad Station; one of the stations in which the Red & Green Lines intersect and considered the world’s biggest metro station spanning an area of 25,000 square meters with a capacity to handle about 22,000 passengers per hour. The Station, which consists of two levels, extends 230 meters in length, 50 meters in width, and 18 meters in depth. It houses commercial & service outlets for serving metro users, and has two entry points equipped with lifts & escalators. Four tunnels branch out of the Station bound to Khalid bin Al Waleed & Al Rigga Stations on the Red Line, and Bani Yas & Salah Uddin Stations on the Green Line. Al Tayer attended to a briefing about the work progress in the station, where the contractor has completed all concrete works, and metal structures of platform screen doors and the completion rate has reached 70 per cent in the internal finishing works, and 85 per cent in the electromechanical works.
Al Tayer went about his tour to visit Al Qiyadah Station along Al Ittihad Road near the Dubai Police General HQ; one of the elevated stations of the Green Line that has a capacity to handle 11,000 passengers per hour in each direction with dimensions measuring about 130 m in length and 30 m in width. It has two ingress points fitted with escalators and lifts and the completion rate has reached 90 per cent in the construction works, 70 per cent in the finishing works and 75 per cent in the electromechanical works.

RTA Chairman of the Board and Executive Director concluded his tour by visiting Etisalat Station; the starting point of the Green Line where the Contractor has finalized all concrete works, metal structures of the station and the platform doors. Completion rate has reached 70 per cent in the finishing works, and 75% in the electromechanical works. He also inspected the multi-level Park-and-Ride facility where the completion rate in the parking lot, surrounding roads, bus station and footbridges is nearing 88 per cent. Al Tayer toured the building which has a capacity to house 2350 vehicles and meant to encourage the public to use the metro in their mobility across Dubai Emirate. The building has been designed to provide ample space for feeder buses of the station, ensure smooth traffic flow and accommodate huge number of buses at a time. It is also fitted with footbridges linking up with the opposite side of the road to ensure easy and safe access to the metro station, while providing the standard safety measures for passenger movement in the building.

At the end of the tour Al Tayer expressed his delight with the work progress in various locations of the project, and commended the efforts of all personnel working tirelessly to accomplish the project. However, he called on the contracting company to commit more efforts to ensure the opening of all stations on time.

Photo captions:
 Al Tayer attending to a briefing about the work progress in the Green Line Stations
 Huge progress made in the Green Line works

Libyan sustainable design triumphs at Cityscape Global Awards

Libyan sustainable design triumphs at Cityscape Global Awards

Projects that are sensitive to their environment received top honours at annual architecture awards

Upcoming master developments, residential communities and leisure facilities with a focus on sustainable design topped their categories at last night’s (5 October 2010) Cityscape Awards for Architecture in the Emerging Markets.

Tabanlioglu Architects won the Community Built award for the Tripoli Congress Centre, designed to reflect its surrounds in the city’s green zone. The glass structure is surrounded by a layer of metal mesh, which works in conjunction with the water features to keep heat out and reduce energy consumption.

“There’s nothing like this in Libya today so it’s leading a new wave of architecture in the country. Everything was inspired by the surroundings, from the trees to the colours in order that it sits in harmony with the area rather than imposing on it,” said designer Melkan Gursel Tabanlioglu.

Henderson Waves, an elevated pedestrian bridge connecting Mount Faber Park to Telok Blangah Hill Park in Singapore won the Tourism, Travel and Transport Built Award, which Judge Peter Clarke, Councillor and Chair of the Planning Committee for Melbourne, Australia, said was “superb”.

Zayed University, meanwhile, won the coveted Industry Choice Award, chosen by visitors to Cityscape Global.

Alexander Maul, from the creators BRT Architects said: “We don’t build buildings to win awards or please juries, we do it for out investors and key stakeholders. We try to build unique buildings that have an atmosphere and touch and spirit of the people so they can engage and feel comfortable.”

Another big winner at the event, held at the Grand Hyatt Dubai hotel, was Turkey’s Emre Arolat Architects (EAA), which won both the Leisure Built category for Mini City Model Park and the Residential Built category for its Maksimum Houses community project.

Yasemin Senar from EAA, said: “Istanbul is a very special place as it connects Europe and Asia plus we have to be sensitive to the environment. Our architectural vision is related to the city and how we can work with the surroundings to ensure harmony in our projects.”

The Future project categories were led by the King Abdullah International Gardens in Saudi Arabia, named best Leisure Future project. The park is built around seven differently themed gardens, but all have the common threads of using solar power and recycled water.

Meanwhile, the architects and planners behind the Khawr Awqad Integrated Sustainable Lifestyle Destination in Salalah, Oman, hope its win in the Environmental category will provide the impetus needed to push the plans through. The scheme has been designed to transform a wetland area into a sustainable resort destination, with the inclusion of parks, water esplanades, a centre for eco-literacy, agricultural fields, and a botanical garden celebrating the native plants of the region.

“Our project puts great emphasis on the environment. We always aspire to create projects that respect and protect the land. It’s a tangible project and I hope this award will encourage more sustainable design, particularly in public buildings,” said Mussallam Said Al Amry, Chief Investment Officer of the Global Omani Development and Investment Company.

Elsewhere, futuristic designs also stood out. The Singapore Civic, Cultural and Retail Complex, a scheme incorporating a theatre, gallery outdoor cinema and F&B plaza won the Commercial / Mixed Use Future Award, while the West Kowloon Terminus in Hong Kong was named best Tourism, Travel & Transport Future for its “unique landform and public building design”, said the judges.

“Most of the awards recognised sustainability and projects that exemplified exceptional architectural form. The West Kowloon Terminus is a fine example of that criteria,” added Peter Clarke.

Rohan Marwaha, CEO of Cityscape, said: “While the last year has undoubtedly been challenging, commitment to deliver real value and quality products has been unwavering. These awards highlight the great strides being made throughout the emerging markets in architectural design.”

The full list of winners is;

Commercial /Mixed Use Built - Burj Khalifa, Skidmore, Owings & Merrill LLP

Commercial / Mixed Use Future - Singapore Civic, Cultural and Retail Complex, Andrew Bromberg of Aedas

Community Built - Tripoli Congress Center, Melkan Gursel-Murat Tabanlioglu/ Tabanlioglu Architects

Community Future - Shanghai Nature Museum, Perkins+Will

Leisure Built - Mini City Model Park, EAA - Emre Arolat Architects

Leisure Future - King Abdullah International Gardens, Barton Willmore International

Residential Built - Maksimum Houses, EAA - Emre Arolat Architects

Residential Future - H Chalet, nabil gholam architects

Tourism, Travel & Transport Built - Henderson Waves, RSP Architects Planners & Engineers (Pte) Ltd

Tourism, Travel & Transport Future - West Kowloon Terminus, Andrew Bromberg of Aedas

Young Architect Award - Su-Per-form ® , Aezad Alam

Special Award - Environmental - Khawr Awqad Integrated Sustainable Lifestyle Destination, Klingmann Architects & Brand Consultants

Special Award - Islamic Architecture - King Abdullah Financial Center Mosque, FX Fowle

Special Award - Master Planning - Interpretation Center of the Archeological Site of Dougga, Tunisia, Draw Link Group

Special Award - Cultural Heritage - Dubai Municipality

Special Award - Industry Choice Award - Zayed University. Bothe Richter Teherani

Headline sponsors are Boomerang Parking Systems, Gaggenau and AGC Glass Unlimited.

The Cityscape Awards for Architecture in the Emerging Markets are held in conjunction with Cityscape Global. The flagship event of the world’s largest business-to-business real estate investment and development brand is being held in Dubai for the ninth year and has evolved from Cityscape Dubai as a result of the increased international participation it has attracted. This year the event has attracted over 180 exhibitors with participants from more than a 100 different countries and 30,000 visitors are expected during the four-day show.

For more information about Cityscape Global, please visit www.cityscapeglobal.com.


Photo caption: The winners of the Cityscape Awards for Architecture in the Emerging Markets celebrate receiving their awards.

About Cityscape

Cityscape, is the largest business-to-business real estate investment and development brand in the world, encompassing a series of major exhibitions and conferences that take place in Dubai and Abu Dhabi; Asia; Saudi Arabia; USA and Latin America; .

Cityscape Global 2010:Western investors look east to emerging markets

Western investors look east to emerging markets

Excesses in developed economies will lag on financial recovery, but emerging economies in Mid East & Asia should still offer sound ROI says expert at Cityscape

Excesses in the mature markets will stifle economic growth and therefore real estate values, pointing investors towards the emerging markets in the Middle East, South East Asia and Asia Pacific, according to real estate expert Ethan Penner, who delivered the keynote at Cityscape Global today (5 October).

US-based Penner, President of CBRE Capital Partners and Executive Managing Director, CBRE Investors, opened day two of the Cityscape Global Real Estate Investment and Development conference, delivering a keynote interview on ‘The New Paradigm for Global Finance, the Roles of Banks, the Capital Markets, and Regulators.’

“Many investors believe that real estate as asset class offers diversification away from stocks and bonds and that in my opinion is a mistake. Commercial real estate is completely and perfectly correlated one-to-one to the broader economy. The macro economic climate and the health of the financial system are the two driving forces that dominate real estate value,” commented Penner.

Penner went on to say that real estate professionals could not and do not create tenants out of thin air, only a growing economy could generate sustainable demand for space. To get ahead of the herd, an investor should understand and anticipate macro-economic change.

“Real estate, more than any other asset class is dependent on debt. It would be unheard of for a corporation to have 60-80% of its capital structure in debt, even 40% debt would be considered high risk. In real estate however this is commonplace, the average is 70% and frequently it can exceed 80% or even 90%, so when the debt capital markets catch a cold, real estate is invariably in trouble.”

Penner’s forecast for growth in the developed economies was equally sobering, “The best case scenario would be average growth of up to 1%, reminiscent of the way the Japanese economy has performed over the last twenty years,” he said.

“Moreover, Penner’s assessment of the developed and emerging real estate landscape is similar to that of US investment guru, Tom J Barrack Jr, who was a keynote speaker at the Cityscape Global Real Estate Investment conference yesterday, who claimed that the smart money was now focusing on emerging markets, which were outperforming the more mature markets in US and Europe,” said Chris Speller, Group Director, Cityscape Global.

“Naturally with emerging markets unhindered by unsustainable levels of debt and with healthy growing economies, the future of real estate looks bright. The obvious danger is that these markets once again become overheated, but Asian economies have learnt from previous economic crises, authorities are putting regulation in place to avoid future property bubbles,” added Speller.

The Cityscape Global conference which is taking place at the Dubai World Trade Centre, has attracted some of the leading minds throughout the international and regional real estate industry. Experts such as, Tim Fox, Chief Economist, Emirates NBD, Gurgit Singh, COO of Sorouh and Phillipe Baretaud, Develop Director Middle East at Accor Hospitality. Presentations were given on Islamic financing products, joint venture structures for frontier and emerging markets as well as forecasts for the regional economic outlook.

The flagship event of the world’s largest business-to-business real estate investment and development brand is being held in Dubai for the ninth year and has evolved from Cityscape Dubai as a result of the increased international participation it has attracted.
This year the event has attracted over 180 exhibitors with participants from more than a 100 different countries and 30,000 visitors are expected during the four-day show.

For more information about Cityscape Global, please visit www.cityscapeglobal.com.

Photo caption: Ethan Penner, President of CBRE Capital Partners and Executive Managing Director, CBRE Investors, USA.

About Cityscape

Cityscape, is the largest business-to-business real estate investment and development brand in the world, encompassing a series of major exhibitions and conferences that take place in Dubai and Abu Dhabi; Asia; Saudi Arabia; USA and Latin America; .

Dubai on the road to recovery , Cityscape Global witnesses wave of investor optimism after bout of positive economic news boosts confidence in Dubai..

Dubai on the road to recovery

Cityscape Global witnesses wave of investor optimism after bout of positive economic news boosts confidence in Dubai and other emerging real estate markets

Cityscape Global 2010 opened for business today (4 October), amidst a wave of optimism from regional and international investors after a spell of positive economic indicators since the Dubai World debt restructuring was completed earlier in September.

The real estate investment and development show which has thrown the spotlight on global emerging markets, runs until Thursday at Dubai World Trade Centre.

“There has been a flurry of good business news throughout the emerging markets, that have boosted investor sentiment, but none more so than Dubai recently,” said Roham Marwaha, CEO, Cityscape.

“Although Dubai World’s successful $25 billion loan restructuring was undoubtedly the catalyst, there has been other encouraging news, especially the $1.25 billion dual-tranche bond issued by Dubai Government just last week. The bond was four times oversubscribed and will be used towards infrastructure projects. A number of other key announcements have been made since,” added Marwaha.

Marwaha was clearly referring to the Nakheel confirmation that it had paid almost $1 billion to creditors and further news that it would restart work on a number of its stalled projects. Dubai Islamic bank also announced that it had increased its stake in mortgage lender Tamweel to 57% and declared that it would resume lending before the end of the year.

“Even today the Real Estate Regulatory Agency, announced that it would work with banks to raise up to $1.36 billion to try and finish 48 developments currently on hold. Also the news that Emirates Islamic Bank could merge with Dubai Bank and bring Amlak under the same umbrella could further boost liquidity into the market,” said Marwaha.

According to US investment guru, Tom J Barrack Jr, a keynote speaker at the Cityscape Global Real Estate Investment conference, who has invested over $45 billion in real estate, claimed that smart money is now focusing on emerging markets as many have dramatically outperformed more mature markets such as the US and Europe in recent years.

“Many developed economies are already heavily indebted in addition to running annual budget deficits, compounding their debt levels. These scenarios won’t unwind overnight, it will take time. On the other hand, developing economies are not running deficits and are not nearly so indebted, allowing their economies to grow quicker, giving higher returns,” said Barrack.

The flagship event of the world’s largest business-to-business real estate investment and development brand is being held in Dubai for the ninth year and has evolved from Cityscape Dubai as a result of the increased international participation it has attracted.

Sentiment on the exhibition floor matched that of the organisers and speakers. Fernando Fischmann - Creator and owner of Crystal Lagoons Corp, which is developing the largest lagoon in the world in Egypt commented: "Irrespective of the Dubai government bond, I’m confident that Dubai and the wider region will come back. However it is worth pointing out that the global crisis is not a problem for everyone, if as a developer you can add value. That makes a good investment."
Another aspect specific to the region is that 80% of the world’s largest Sovereign Wealth Funds (SWF) are based within the GCC, so many developers from mature markets are looking for investors, both institutional and high net-worth.

French exhibitor, Philippe Chaix - Managing Director, Paris La Defense, a mixed-use redevelopment in the west of Paris, concurred with both Fischmann and indeed Barrack. "Today most of our international investors are European but the Middle East represents just 3% and we have come here in a bid to increase awareness of the project throughout the region, which has huge potential for us.”

For more information about Cityscape Global, please visit www.cityscapeglobal.com.

Photo caption: US investment guru, Tom J Barrack Jr, was a keynote speaker at the Cityscape Global Real Estate Investment conference, has invested over $45 billion in real estate.

About Cityscape

Cityscape, is the largest business-to-business real estate investment and development brand in the world, encompassing a series of major exhibitions and conferences that take place in Dubai and Abu Dhabi; Asia; Saudi Arabia; USA and Latin America; .

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum opens Cityscape Global 2010 today

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum opens Cityscape Global 2010 today

Deputy Ruler cuts the ribbon signaling the launch of eagerly awaited exhibition
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai today (4 October 2010) officially opened Cityscape Global at the Dubai World Trade Centre.

The flagship event of the world’s largest business-to-business real estate investment and development brand is being held in Dubai for the ninth year and has evolved from Cityscape Dubai as a result of the increased international participation it has attracted.

Cityscape Global will be open until Thursday 7th October 2010.

Caption

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum opens Cityscape Global 2010.

For more information on Cityscape Global, please log on to: www.cityscapeglobal.com

Cityscape Global gets down to business

Cityscape Global gets down to business

Having evolved from Cityscape Dubai, the brand’s flagship business-to-business event gets under way with real estate in international emerging markets under the spotlight

The first Cityscape Global will open its doors today (4 October 2010) until Thursday at Dubai World Trade Centre with a focus on international emerging markets, many of which have dramatically outperformed more mature markets such as the US and Europe in recent years.

The flagship event of the world’s largest business-to-business real estate investment and development brand is being held in Dubai for the ninth year and has evolved from Cityscape Dubai as a result of the increased international participation it has attracted.

“Going Global is a natural development following eight successful years as Cityscape Dubai,” said Chris Speller, Cityscape Group Director. “With a number of emerging markets continuing to grow throughout the global economic downturn and post-crisis recovery, it is fitting that we focus on these nations this year.”

“However, it is still important to acknowledge Dubai’s role in the development of this flagship exhibition and conference. Dubai is now an international destination for world class events and remains the Middle East’s primary business hub. Therefore we will continue to host this important real estate event in Dubai,” added Speller.

Headlining the conference schedule will be Tom Barrack, as he discusses driving international investment in challenging times, as the opening session of the Real Estate Investment and Development Conference. Other topics under discussion include; Sam Chandan’s keynote presentation focusing on global economic trends and recovery prospects; realigning portfolios; and repositioning Dubai as a global leader.

The conferences have also attracted top international speakers with Farshid Moussavi from Foreign Office Architects in the UK and Dr Suha Ozkan, Founding President, World Architecture Community and CEO, INNOCent Innovation Centre in Turkey, two of the key participants at the World Architecture Congress today (Monday) and tomorrow.

Retail City, meanwhile, brings together leading figures from major retailers, investors, shopping centre developers, and authorities across the MENA region. Starting tomorrow (Tuesday), the City Leaders Forum provides a two-day series of presentations and panel discussions covering the issues facing government leaders and policymakers around the world, such as innovation as a driver of sustainable growth and rapid urban expansion.

Entry for industry professionals is free throughout the four-day show, but in line with its return to a true business-to-business event, it will not be open to the general public. In total, the 180 exhibitors will cover a total floor space of 30,000 square metres, with the Egypt pavilion booking the largest stand at more than 800 square metres.

“The days of short term speculators flipping properties with significant premiums, are thankfully gone and the consolidation of Cityscape Global is a reflection of the more sober, considered and sustainable market conditions we are now witnessing,” said Speller.

“Even so Cityscape Global has still attracted many local and regional heavyweights and Emaar, Nakheel, Mubadala, RAK Properties and Dubai Properties Group will all be in attendance. Overall exhibitors will concentrate on showcasing completed projects, or finished phases in master communities but having said that, we are looking forward to some launches from emerging markets globally, including Egypt, Poland, France, Bahrain and Morocco,” added Speller.

Elsewhere today, Cityscape Intelligence, the brand’s information and market data service will release its ‘Focus on Global’ report. Produced in conjunction with Proleads, the report examines the impact of the financial crisis on Saudi Arabian economic fundamentals in light of changing oil prices and government moves to diversify away from an oil-based economy.

The Cityscape Awards for Architecture in Emerging Markets will be held on Tuesday, which aim to find the best in class across all areas of construction and design. Now in the eighth edition, The Young Design Award is an additional highlight this year to find the most talented students based in the UAE. New this year also is an innovative award scheme entitled, The Industry Choice Award. This award will be given to the most popular project showcased onsite, as voted by visitors to Cityscape Global.

Delegates can also take advantage of a number of value-added incentives, including the CEO Networking Lunch, Investor Round Tables and Business Matching Service, which is a dedicated online tool that facilitates one-on-one meetings between exhibitors, conference delegates, speakers and VIPs.

For more information about Cityscape Global, please visit www.cityscapeglobal.com.


Photo caption: Scenes from Cityscape 2009.

About Cityscape

Cityscape, is the largest business-to-business real estate investment and development brand in the world, encompassing a series of major exhibitions and conferences that take place in Dubai and Abu Dhabi; Asia; Saudi Arabia; USA and Latin America; .

Asteco:Affordable homes gain traction in Dubai

Affordable homes gain traction in Dubai

Asteco Q3 report finds lower-end stability across the city but high-end property sales and rents nudged down 4% and 6% respectively – office tenants defer decisions

Sale prices in a number of freehold communities across Dubai remained stable in Q3 this year compared to the previous three months, according to the latest report by leading Dubai-based property management company Asteco.

The Asteco Dubai Q3 Report 2010 published today (2 October 2010), revealed that, although further price adjustments are expected in the near future, affordable apartment developments, such as Discovery Gardens and Jumeirah Lake Towers (JLT) remained at AED 500 and AED 750 per sq ft respectively for the three months to the end of September.

“Asteco has recorded an average drop of 6% for [apartments]. This is mainly attributed to the increasing supply of apartments. However, we have also seen increased sales activity, predominantly due to owners who are expected to take handover of their unit but are unable to make the final payment, which often constitutes a large percentage of the overall sales price,” said the report.

This trend was also mirrored within Downtown Burj Dubai, which despite being at the opposite end of the price spectrum still commanded AED 1,300 per sq ft throughout the same period.

Despite demand for townhouses and smaller villas picking up speed – a trend Asteco expects to continue in the short-to-medium term – during Q3 it was properties in Emirates Hills, Jumeirah Islands and the Green Community that remained unchanged price-wise at AED 1,600, AED 950 and AED 700 per sq ft respectively.

“There has been a change in focus in the real estate sector as maximising rental yields and long-term capital appreciation takes precedence over short-term sale profits, with pro-active property management being a key factor,” said Elaine Jones, CEO, Asteco Property Management.

The rental market in Dubai has followed much the same pattern as the sales sector with price shifts favouring tenants.

Despite an overall apartment rental contraction of 6%, units in JLT slid just 2% with 3% adjustments in Discovery Gardens and Downtown Burj Dubai.

“The number of transactions, which are generally at their lowest during the summer and Ramadan, has been surprisingly active with a number of people taking advantage of the quiet months to look for value for money accommodation. Therefore, the drop in rents has proved to be less significant than in Q2. Although further declines across the board cannot be ruled out, the drop in [Discovery Gardens and JLT] is expected to be less noteworthy due to the already lower rents,” explained the report.

The villa rental market fared slightly better with average declines of just 4% over Q2 on the back on increased stock coming on the market in out-of-town developments in Dubailand and Dubai Silicon Oasis. Despite this, rates in the Green Community and on Palm Jumeirah remained unchanged with the market expected to gain momentum in the coming months as tenants look to upgrade from apartments.

“With an increase in activity over the summer, we expect this momentum to continue in Q4 2010 with expected demand predominantly coming from tenants looking to move from apartments to villas as rental levels continue to adjust. Villa rental rates seem to be more robust compared with apartments, which in part has to do with the fact that the current and future supply of villas is marginal compared to apartments,” said the report.

Meanwhile, the office market completed a relatively positive quarter in Dubai with average contractions of just 3% in the rental sector. But while small businesses have moved out of Dubai Internet and Media cities over the past three months, others are deferring decisions until Q4 as long-term downward pressure is likely within the planned supply.

“Long-term anchor tenants are expected to renegotiate lower rental rates whilst minimal relocation demand exists, however this will be tested as new supply enters the market and companies take advantage of better locations and facilities,” added the report.

For more details, please visit www.asteco.com

About Asteco
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.

Nikken Sekkei :Cityscape to welcome Japanese centurion to Dubai

Cityscape to welcome Japanese centurion to Dubai

The world’s top architect Nikken Sekkei to celebrate 110th anniversary with sustainable strategy that lasts over a century at real estate showcase in Dubai

The world’s top architectural practice and global leader in sustainable design, Nikken Sekkei, will be celebrating 110 years of excellence at Cityscape Global which takes place next week at the Dubai World Trade Centre on 4-7 October.

The Tokyo-headquartered company will present a selection of its latest sustainable designs from its extensive international portfolio as well as rolling out an updated corporate identity complete with a fresh logo and revamped English language website www.nikken.co.jp/en.

“During my career with Nikken Sekkei I have been fortunate to witness the evolution of sustainable design. It has been quite a journey so far, but it is always the future that holds such intrigue,” commented, Mitsuo Nakamura, Chairman of Nikken Sekkei.

“That is why we are showcasing a number of designs that use the very latest technology to improve and sustain building design, hopefully for another 110 years. In addition our corporate identity has also had a facelift to demonstrate the strength, reach and vision of the Nikken group,” added Nakamura.

The general public is now more environmentally aware than ever and carbon emissions are now firmly on the political agenda. In addition developers and building owners are also more commercially aware of the benefits of embracing sustainable design, in relation to maintenance, utility and management costs over the lifetime of the building.

In this respect, for the first time in the Middle East, Nikken Sekkei will be joined by a number of other group companies which complement core design services. They include interiors specialist Nikken Sekkei Space Design and Nikken Sekkei Research Institute, a think tank specialising in area energy management, integrated traffic planning and low-energy project consultation.

Since 1993, Nikken Sekkei has designed several important award winning buildings in the Middle East, such as the Islamic Development Bank in Jeddah, National Cultural Center in Cairo, and the Dubai Chamber of Commerce & Industry (DCCI), which recently became the first and only building in the Arab world to attain LEED certification for existing buildings.

“The DCCI project is an appropriate example of sustainable design. The building was originally designed by Nikken more than 15 years ago, three years prior to the inception of LEED standards. The fact that the building effectively accommodated DCCI’s sustainability programme which essentially entailed ‘greening an existing building’, highlights not only DCCI’s innovation, but also Nikken’s far reaching vision,” said Dr Fadi Jabri, General Manager of Nikken Sekkei’s office in the UAE.

Other groundbreaking designs on show at Cityscape will include The Sony building in Tokyo, which is the world’s first BIO SKIN design and the futuristic Tokyo Sky Tree broadcasting tower, which is proceeding and on schedule to open in Spring 2012. Once completed in late 2011, the structure is expected to be the world’s tallest antennae at 634 meters.

Finally Nikken is launching a new book, its third edition about sustainable architecture entitled, ‘Sustainable Architecture in Japan, The Continuing Challenge 1900-2010 and Beyond, to commemorate their achievements over the past 110 years and to look ahead to the year 2100.S Sustainable Architecture in Japan |”By utilizing
By utilising the latest technology that is not only accessible but cost-effective, we are creating practical but innovative designs aimed at maintaining optimum performance levels in energy consumption and water conservation, ideally suited to the Middle East’s arid climate,” said Dr. Jabri.

Since the economic downturn, thanks to meticulous planning and an efficient operation typical of major Japanese corporations, Nikken Sekkei’s 2,565 headcount is virtually unchanged, a major achievement in itself.

“Nikken Sekkei’s mantra is to be sustainable by design, directed by sustainable strategy and driven by sustainable business,” added Dr. Jabri.


Photo caption: Mitsuo Nakamura, Chairman of Nikken Sekkei.

About the Nikken Group

The Nikken Group, consisting of nine companies headed by Nikken Sekkei, offers comprehensive design, engineering, management, consulting and R&D services.

This year the group celebrates the 110th anniversary of Nikken Sekkei Ltd. Established in 1900, Nikken Sekkei has since grown into one of the world’s largest architectural design firms with over 2,565 professional staff. The company’s comprehensive portfolio consists of over 20,000 projects in 40 countries, covering a wide spectrum of sustainable public and private projects including: city design, high-density, mixed-use transit-oriented developments, super-high rise buildings, business parks, offices and facilities for commercial, cultural, educational and healthcare use.
Environmental responsibility and sustainability are the foundation of Nikken Sekkei’s design principles. It constantly strives to create innovative design solutions that maximise energy conservation, enhance environmental comfort, while minimising waste and environmental damage, throughout the lifetime of a building.
Arriving in the Middle East in 1993, Nikken Sekkei has designed several important award winning buildings such as the Islamic Development Bank in Jeddah, National Cultural Center in Cairo, and the Dubai Chamber of Commerce & Industry, which recently became the first and only building in the Arab world to attain LEED certification for existing buildings.

Nikken is headquartered in Tokyo, with branch offices in China, Korea, Vietnam, the Kingdom of Saudi Arabia and the United Arab Emirates.

Iconic projects and world-class lifestyles mark global showcase of Emaar Properties at Cityscape

Iconic projects and world-class lifestyles mark global showcase of Emaar Properties at Cityscape

• Developer of Burj Khalifa and The Dubai Mall underscores capability to deliver world-class assets
• Highlights the commitment to delivery and the opportunity for new lifestyles
• Impressive roster of properties in Dubai and key international markets

Dubai, UAE; October 2, 2010: Emaar Properties PJSC, the global property developer, is highlighting its proven capabilities in delivering world-class assets at Cityscape Global 2010, the premier real estate expo to be held at Dubai International Convention Centre from Oct. 4 to 7.

Emaar’s rich portfolio of delivered projects in Dubai and other key global markets will take centrestage at the event in addition to an overview of key projects that are currently being developed. The Emaar pavilion will also feature the development portfolio of the company’s subsidiaries, including hotels, shopping malls, leisure choices and healthcare centres.

A highlight of Emaar at Cityscape Global is a spectacular display of Downtown Dubai, the 500-acre destination development of the company anchored by Burj Khalifa, the world’s tallest building featuring the world’s first Armani Hotel.

Encompassing The Dubai Mall, the world’s largest shopping and entertainment destination, several world-class hotels, residences and prime office space, Downtown Dubai underscores Emaar’s strategy of developing fully integrated communities that energise the economy.

Also on display will be Emaar’s lifestyle developments in Turkey and Pakistan have been handed over to customers, and Egypt, Saudi Arabia, Jordan, Syria, Lebanon, and Canada, will be handed over to customers in the coming months.

Mr Ahmad Al Matrooshi, Managing Director, Emaar Properties, said: “From pioneering master-planned communities in Dubai to developing iconic projects, Emaar has consistently set the benchmarks for world-class property development in Dubai and our global markets. At Cityscape Global, we are emphasising on the lifestyle appeal of our projects and our commitment to delivery. We are creating a new world for our customers – truly integrated communities where they can live, work and play.”

He added: “This year’s Cityscape is special as we are showcasing Burj Khalifa – now a thriving ‘vertical city’ - following its grand inauguration in January. The tower is a powerful statement on our project development competencies, and we are drawing on our strengths and track-record to create world-class projects in all our markets.”

Emaar will present from a comprehensive overview of Downtown Dubai as well as models of up-and-coming residential developments in the community and a dedicated section for Armani Hotel Dubai and Armani Residences. For the first time, a special section will also be set aside for ‘Downtown Dubai venues’ – Burj Park, Burj Steps, Burj Plaza and Emaar Boulevard – which are ideal for hosting lifestyle, business or personal events.

Among key international developments of Emaar at Cityscape Global are the Emaar Residences at the Fairmont Makkah, developed by Emaar Middle East; Tuscan Valley Houses in Istanbul; Samarah Dead Sea Resort in Jordan; Canyon Views and Crescent Bay in Pakistan; BeitMisk in Lebanon; The Eighth Gate in Syria and Wills Creek town homes in South Surrey, Canada.

Of these projects, Emaar has handed over the first phase of Tuscan Valley Houses and Mirador villas in Canyon Views. The first commercial offices in The Eighth Gate have also been handed over within the Commercial Centre of the project, which is billed to become the No 1 business hub of Syria.

Emaar’s International’s project showcase will also feature various mall and hospitality developments in key markets including Egypt, Morocco and France. Among the highlights of Emaar Hospitality Group, the hospitality & leisure subsidiary, at Cityscape Global include The Address Hotels + Resorts in Dubai and other international markets.

Emaar Malls Group, which owns and manages The Dubai Mall and Dubai Marina Mall; and Emaar Retail, credited with introducing innovative leisure concepts, will demonstrate their strengths in line with Emaar’s philosophy of developing integrated communities.

Emaar’s 540 sq m pavilion is located in front of Hall 7. For more details, log on to www.emaar.com.

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.
Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping and entertainment destination.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.