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News Brief 04 Sunday, 27 January 2019

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News Brief 04 Sunday, 27 January 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION NEWS BRIEF 04 SUNDAY, 27 JANUARY 2019 RESEARCH DEPARTMENT ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2019 asteco.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA GCC ECONOMIC GROWTH TO DRIVE MENA EXPANSION DESPITE IRAN CONTRACTION SAUDI HOTEL INDUSTRY TO BOOM ON RELIGIOUS AND BUSINESS TRAVEL ALMOST $30BN IN HOTEL CONSTRUCTION CONTRACTS TO BE AWARDED BY 2023 MIDDLE EAST PROVES MAGNET AS GLOBAL TOURISTS RISE TO 1.4BN IN 2018 UAE'S SAFESTWAY SUPERMARKET BRAND SOLD MASTER PLAN APPROVED FOR NEW SAUDI ECO-TOURISM MEGA PROJECT NEW VISA REFORMS TO SPUR UAE PROPERTY DEMAND FROM INVESTORS HOW MUCH SHOULD I BORROW FOR MY MORTGAGE? REAL ESTATE INVESTMENT TRUSTS LOWER ENTRY BARRIER FOR INVESTORS SAUDI ARABIA UNVEILS INVESTMENT PRINCIPLES AS IT COURTS FOREIGN INVESTORS UAE RETAIL GIANT OPENS NEW $117M OMAN MALL BAHRAIN TO GET 'SIGNIFICANT' GDP BOOST FROM TOURISM: EXPERT OMAN TOURISTS FALL 2.8% IN 2018 DESPITE RISE IN HOTEL REVENUES MIDDLE EAST MERGER AND ACQUISITION DEALS VALUE CLIMBS 50% BOOSTED BY MEGA TRANSACTIONS PLANS REVEALED FOR WORLD'S LARGEST CROWNE PLAZA HOTEL IN MAKKAH LUXURY HOTEL BRAND FAIRMONT MAKES DEBUT IN RIYADH TIME DEVELOPERS START THINKING BEYOND POST-HANDOVER PLANS UAE ECONOMY SET FOR 3.8% ANNUAL SURGE UNTIL 2023 DUBAI TOP DUBAI BROKER TARGETS CHINESE REAL ESTATE INVESTORS IN 2019 WORLD'S LARGEST SPORTS MALL ON TRACK FOR Q1 2020 LAUNCH IN DUBAI DUBAI'S RTA LAUNCHES SIX NEW BUS ROUTES ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management | 2019 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS WALDORF ASTORIA DIFC TO OPEN IN SPRING 2019 DUBAI PROPERTY DEVELOPERS PUT BOND PLANS ON HOLD: SOURCES DUBAI'S ECONOMIC GROWTH BETWEEN ILLUSIONS OF EXPECTATIONS AND FACTS EMAAR SAYS SET TO OPEN NEW DUBAI MALL LINK BRIDGES HANDOVER BEGINS AT $141M DUBAI MARINA WATERFRONT PROJECT DUBAI RULER ORDERS HATTA TOURISM PROJECTS TO BE FAST-TRACKED PRIME RESIDENTIAL OPPORTUNITIES IN DUBAI SHOULD YOU BUY OR RENT A PROPERTY IN DUBAI? BUY DUBAI HOUSE, GET FREE TRADE LICENCE DUBAI AMONG 10 BEST CITIES TO LIVE IN 2019 DUBAI SOUTH INVESTING DH2BN IN EXPO 2020 HOMES DISTRICT, CHIEF EXECUTIVE SAYS HOMEFRONT: CAN I ASK FOR A RENT REDUCTION IF MY VILLA IS ALREADY BELOW MARKET RATE? MORE JOBS AND SOLAR-POWERED VILLAS TO CROP UP IN UAE'S GREEN ECONOMY DAMAC CHAIRMAN SAYS 2018 AND 2019 WILL 'NOT BE EASY' RISE OF A NEW CITY NEAR EXPO SITE: DUBAI SOUTH TO ATTRACT 50,000 RESIDENTS DUBAI PRIME PROPERTY SALES FALL 11% TO $10.6BN IN 2018 DEVELOPER BREAKS GROUND ON $272M MIXED-USE PROJECT IN DUBAI NEW FERRY SERVICE LAUNCHED TO LINK DUBAI SHOPPING MALLS HOTEL GIANT INKS DEAL TO DEVELOP NEW UPMARKET DUBAI PROPERTY PANTHEON GROUP TO INVEST DH600 MILLION IN DUBAI DUBAI DEVELOPER PHASES OUT LAUNCH TO TEST MARKET DEMAND CANADA CONFIRMS EXPO 2020 PARTICIPATION DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2019 asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS ABU DHABI ALDAR PLANS TWO NEW DEVELOPMENTS AMID STRONGER MARKET SENTIMENT SERVICE FEES REDUCED BY 50 PER CENT IN UAE ALDAR OFFERS MID-MARKET PLOTS TO EXPATS FOR THE FIRST TIME ABU DHABI VILLAS BUCK TREND OF FALLING RENTS, POST 1.5% INCREASE INTERNATIONAL ASKING PRICES FOR LONDON HOMES FALL TO 2015 LOWS HONG KONG HOUSING RANKED WORLD’S LEAST AFFORDABLE FOR 9TH YEAR IMF CUTS GLOBAL GROWTH OUTLOOK FOR 2019 WORLD TOURIST NUMBERS HIT 1.4 BILLION IN 2018, TWO YEARS AHEAD OF FORECAST DUBAI BILLIONAIRE, FOUNDER OF DAMAC PLANS TO INVEST $1.3 BILLION IN LONDON GLOBAL CEOS MORE PESSIMISTIC ON ECONOMIC GROWTH IN 2019, SAYS PWC 'INDIA TO GROW 7-7.5% OVER NEXT FEW YEARS' DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2019 asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION ALDAR PLANS TWO NEW DEVELOPMENTS AMID STRONGER MARKET SENTIMENT Sunday, January 20, 2019 Aldar Properties, the Abu Dhabi real estate developer, plans to unveil two new projects in the first half of this year as it responds to an increase in investor activity fuelled by initiatives such as the emirate’s Dh50 billion stimulus, its chief executive said. The schemes to be announced include a mix of residential and commercial units and land plots for development by third-party investors on Yas and Saadiyat islands, and elsewhere in the emirate, Talal Al Dhiyebi said yesterday. “Last year, people were seeing value in the market but were cautious and preferred to wait, whereas now they are seeing opportunities and want to capitalise on them,” he said. “We are working on several projects to suit current demand.” Aldar expects to finalise research in the next 30 to 60 days to inform design and cost elements, and exactly which products to bring to market. The first development is set to be unveiled at the annual Cityscape exhibition in Abu Dhabi in April, he said. In particular, Aldar sees strong demand for affordably priced plots of land – a previously untapped segment of the market. Last week, the company unveiled its Alreeman project, a 2.8 million square-metre development in Al Shamkha featuring residential and commercial land plots with prices starting at Dh690,000 for villas and Dh4.69m for commercial areas. On Saturday, Aldar said it secured Dh1.6bn of sales at Alreeman, in a statement to the Abu Dhabi stock exchange, where its shares are traded. Most of the buyers are Arab expatriates or UAE nationals, Mr Al Dhiyebi said. “There has always been a will to buy land and build on it – it’s a cost-effective way of acquiring real estate – but people never had access to plots at these kind of prices and with flexible payment plans. “We will certainly be doing more of this.” The successful launch of Alreeman is a “very encouraging” start to 2019, he said, following a tough few years for UAE real estate in the wake of tumbling oil prices since 2014, which muted economic growth for many regional markets until last year. Property sales and rental values have declined steadily as cost-conscious residents seek cheaper deals and an influx of new supply keeps prices modest. However, a pickup in global GDP growth last year, together with specific national initiatives including Abu Dhabi’s Dh50bn fiscal package intended to encourage investment in the emirate, is starting to raise positive business sentiment. Mr Al Dhiyebi said there remain “pockets of very strong demand” despite price corrections in many areas of Abu Dhabi last year, and that Aldar “will continue to serve all segments of the market”. Within its commercial portfolio, Aldar is recording high occupancy rates of around DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2019 asteco.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION 90 per cent and tenants have begun requesting larger floor plans, indicating a rise in corporate hiring activity, he said. In addition, state-owned oil giant Abu Dhabi National Oil Company has announced a string of deals and expansion plans over the past six months, which could further boost the emirate’s property market. Around 50 to 60 per cent of Aldar’s proposed new residential supply falls in the affordable category, while around 30 per cent will be in the premium (mid-to-upper) segment, and 5 per cent is luxury product, mainly on Saadiyat Island. There are no plans to raise further financing in the first half of this year, following the issuance of Aldar’s $500m sukuk in September and an extension of its existing debt facilities, Mr Al Dhiyebi added. “We are very well financed for our new projects,” he said. Source: The National Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2019 asteco.com Page 6 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION GCC ECONOMIC GROWTH TO DRIVE MENA EXPANSION DESPITE IRAN CONTRACTION Monday, January 21, 2019 The UAE, Saudi Arabia and Egypt will drive economic expansion in the Middle East and North Africa in 2019, even as recession in Iran weighs on the region’s overall growth, Fitch Solutions said in a report yesterday. In the year ahead, a forecast of 4.1 per cent economic contraction in Iran, compared to 0.5 per cent in 2018, will act as the biggest drag on Mena growth, according to the unit of Fitch Group. “We believe the Iranian economy entered into recession in 2018 as the reimposition of US sanctions spurred investment outflows, oil export reductions, rial weakness and soaring inflation,” the report said. “This recession looks set to deepen in 2019 as sanctions remain in place and likely tighten further.” Last year, prior to reimposing sanctions, the US also withdrew from a nuclear deal struck between the US, UK, France, China, Russia, Germany and Iran in 2015. Mena average GDP growth will decelerate to 1.9 per cent in 2019 from 2.1 per cent in 2018 due to the recession in Iran, the report said. The report assumes Iran’s net hydrocarbons exports will reduce by about 30 per cent as a result of the reimposition of sanctions.
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