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News Brief 22 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 22 SUNDAY, 28 MAY 2017 RESEARCH DEPARTMENT ABU DHABI | AL AIN | DUBAI | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE/ GCC NEW GCC BUILDING DEALS SET TO HIT $85.6BN IN 2017 ARABTEC RIGHTS-ISSUE INVESTORS LEFT WITH 33% LOSS IN ONE WEEK ENMAA SETS UP FUND FOR $1BN SAUDI MIXED-USE COMPLEX OMANI WAREHOUSES, INDUSTRIAL UNITS URGED TO INSTALL SOLAR PANEL UAE FUND PUMPS $16BN INTO ARAB INFRASTRUCTURE PROJECTS ODG LANDS MUSCAT AIRPORT DUTY FREE DESIGN WORK OMNIYAT, SWISS-BELHOTEL TO OPERATE TWO NEW HOTELS IN KUWAIT 5,800 NEW HOMES TO ENTER QATAR MARKET BY YEAR-END KUWAIT TO SPEND $309M ON ROAD DEVELOPMENT DUBAI RAMADAN UNLIKELY TO DENT DEMAND FOR DUBAI REAL ESTATE DUBAI SECONDARY OFFICE RENTS '18 MONTHS AWAY FROM RECOVERY' NFT SUPPLIES POTAIN CRANES FOR BIG DUBAI PROJECT XANADU DELIVERS $204M DUBAI RESIDENTIAL PROJECTS ITHRA DUBAI MARKS COMPLETION OF WATERFRONT MARKET ABU DHABI ALDAR HIRED TO BUILD NEW $272M ABU DHABI MEDIA FREE ZONE CONTRACT AWARDED FOR WORLD'S LARGEST SOLAR POWER PLANT IN ABU DHABI AL MAHA ARJAAN BY ROTANA COMPLETES $13.6M RENOVATION ABU DHABI | AL AIN | DUBAI | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS NORTHERN EMIRATES $106M RAK SHOPPING MALL EXTENSION TO OPEN SOON LEADING REAL ESTATE DEVELOPER CROWNGATE INTERNATIONAL BREAKS GROUND ON BEACH-FRONT HOTEL RESORT IN RAS AL KHAIMAH, UAE CROWNGATE BREAKS GROUND ON $50M RAK RESORT INTERNATIONAL U.S. HOME SALES SLIDE IN APRIL FOREIGN BUYER RESIDENTIAL TRANSACTIONS IN U.S. REACHED $102.6 BILLION IN 2016 UK HOUSE HUNTERS UNDETERRED BY POLITICAL UNCERTAINTY ADD ANOTHER £3,600 TO ASKING PRICES TO HIT A RECORD HIGH IN MAY HONG KONG CURBS LENDING TO CHECK PROPERTY BUBBLE CHINA'S LOGISTICS HUBS TO BENEFIT FIRST FROM ASIA'S NEW BELT & ROAD INITIATIVE ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEW GCC BUILDING DEALS SET TO HIT $85.6BN IN 2017 Friday, May 26, 2017 The overall value of new building contracts awarded in the GCC in 2017 is expected to hit $85.6bn. This is the conclusion of the GCC Building Construction Market Report, which was created by Ventures Onsite on behalf of The Big 5 Heavy. If accurate, the figure would represent an increase of approximately 7 percent, compared to the $79.5bn of new construction contracts awarded in the GCC in 2016. The UAE tops the regional ranking, with an estimated $40.5bn (AED148.8bn) of building contractor awards predicted during 2017. Qatar is in second place with $16.7bn (QR60.8bn), and Saudi Arabia is in third with $16bn (SR60bn). The UAE also topped the GCC league table in 2016, with $32.6bn worth of project awards – the highest figure since 2008. Approximately 45% of building projects in the GCC are in the pre-construction phase, while 32 percent are at the tendering stage, according to Ventures Onsite. The Big 5 Heavy will replace the Middle East Concrete (MEC) and PMV Live events, which were previously collocated with The Big 5 exhibition in Dubai. The inaugural The Big 5 Heavy will run from 26-28 March, 2018 at Dubai World Trade Centre (DWTC) in the UAE. Source: Arabian Business Back to Index ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION ARA BTEC RIGHTS-ISSUE INVESTORS LEFT WITH 33% LOSS IN ONE WEEK Monday, May 22, 2017 Investors who bought contracts that entitle them to participate in Dubai Construction Company Arabtec Holding’s rights issue were left with a 33 percent loss at the end of the security’s single week of trading. The contracts surged on their first day, the only session when no limits were placed on the price, carried on a wave of speculative buying, said Majd Dola, senior research analyst at Al Ramz Capital in Dubai. The securities rose as high as 21 fils (US 6 cents) on May 15, from an opening price of 1 fil, and settled at 9 fils. They ended at six fils on Sunday, their final session, having lost a third of their value from the close on the initial day of trade. Many investors bid for the contracts without necessarily understanding what they were buying, and were caught out when liquidity evaporated in the remaining sessions, Dola said. Holders will be able to subscribe for new shares at one dirham, plus the cost of the contract, while Arabtec stock traded on Dubai’s Financial Market closed at 79.2 fils on Sunday. “Naive investors fell into the speculation trap,” said Dola. “People followed the liquidity on day one of trading and then got stuck as liquidity disappeared. That’s why it makes no economic sense.” The construction company, whose shares have slumped 85 percent in the past three years, intends to use the proceeds of the issue to fund the completion of projects and to implement a turnaround business plan. At the end of March, Arabtec posted its first quarterly profit since September 2014. Arabtec’s largest shareholder, Aabar Investments, has committed to subscribing for its full entitlement under the rights offer, and for any unsold shares up to 1.5 billion dirhams. The new shares are expected to start trading on the bourse on June 8. Source: Arabian Business Back to Index ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION ENMAA SETS UP FUND FOR $1BN SAUDI MIXED-USE COMPLEX Friday, May 26, 2017 Saudi-based Al Enmaa Investment Company said it has set up a new real estate development fund to build a residential and commercial complex near the Al Haramain train station in the port city of Jeddah at an investment of SR4 billion ($1.06 billion). The Darb Al Haramain complex will come up on a 1.38 million sq m area on the intersection of King Abdullah Road and Al Haramain Train Station in the old airport area of Jeddah city, said the company in a statement. The work began on the project last December and the marketing and selling of units is likely to start early next year, it stated. The complex has a modern unique structure that was designed by architecture group Hossam Al Abdulkarim in alliance with global industry giants US-based Cal Thorpe, Kranekel, and Canadian company WPS. Al Enmaa has signed up Saqefat Al-Safa Real Estate Development and Management Company to undertake the implementation and marketing of the project, it stated. On the new project, CEO Saleh Al Hanaki, said: "The complex, regarded as the most important residential and commercial complex for Al Haramain Train Station visitors, is expected to be completed in 2018." "The complex design stands to be the first-of-its-kind when compared to other similar projects in Jeddah, as it is structured with seven floors (services + 5 identical residences + an appurtenance) with the minimum number of 60 floors for the residential buildings within the complex, and located directly on King Abdullah Road," revealed Al Hanaki. In addition, the main road named “Al-Hijaz Road” was constructed to divide the complex from the west to the east, with buildings along the sides ranging from 20 to 60 floors each, he stated. "The complex also includes a large central park and medium-size gardens that obtain all the sports and entertainment activities, as well as services amenities for the residences of the complex," he added. The supervision and implementation of the project has been assigned to The Arab Center for Engineering Consultancy, a specialist in the field of engineering consultancy in Saudi Arabia for nearly 30 years with several major projects to its credit across the kingdom. Darb Al Haramian complex will be a major facility catering to the Al Haramian station visitors. It will have access to high-level road networks as well as Jeddah metro stations, allowing major commercial and touristic interchange in the area. According to Al Hanaki, the Sulaymaniyah main station in Jeddah is the most important railway station of the five connecting Al Haramain train station, as it links the departure and arrival of a huge number of users, which calls for an urgent demand of houses, hotels and various commercial projects. Darb Al Haramian complex will be a major facility catering to the Al Haramian station visitors. It will have access to high-level road networks as well as Jeddah metro stations, allowing major commercial and touristic interchange in the area. ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 6 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION According to Al Hanaki, the Sulaymaniyah main station in Jeddah is the most important railway station of the five connecting Al Haramain train station, as it links the departure and arrival of a huge number of users, which calls for an urgent demand of houses, hotels and various commercial projects.
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