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NEWS BRIEF #44 SUNDAY 03 November 2013

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NEWS BRIEF #44 SUNDAY 03 November 2013 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF #44 SUNDAY 03 November 2013 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE CENTRAL BANK ISSUES MORTGAGE SYSTEM: 80% OF PROPERTY VALUE FOR EMIRATIS, 75% FOR EXPATS UAE AN IDEAL PLACE TO LIVE IN: WESTERN EXPATS FOREIGN RESEARCH FIRMS BLAMED FOR UAE PROPERTY CRISIS: AL OTAIBA UAE TOURISM AND HOSPITALITY SECTORS TAKE OFF TO A NEW HIGH EXPO 2020 WOULD GROW FINANCE SECTOR UAE LEADS THE WAY IN GREEN BUILDING PRACTICE ABU DHABI ALDAR EYES RENTALS, SMALLER PROJECTS POST-MERGER ABU DHABI BOOSTS CHECKS ON READY-MIX SECTOR ABU DHABI’S ESTIDAMA PROGRAMME AT VANGUARD OF GREEN BUILDING REVOLUTION ABU DHABI’S ICONIC ETIHAD TOWERS SCOOPS FIVE AWARDS ABU DHABI INVESTMENT AUTHORITY SET FOR BIG FRENCH PROPERTY DEAL DUBAI DEYAAR ANNOUNCE PROFIT SURGE AL MAKTOUM INTERNATIONAL: PERFECT LANDING FOR EXPO 2020, HUGE TAKE-OFF FOR DWC PROPERTY DEVELOPMENT A HOME IN THE CLOUDS: WHY DUBAI DOMINATES THE SKY INDIGO'S USD41M ORANGE LAKE PROJECT 50% COMPLETE EMAAR LAUNCHES 'SKY COLLECTION' OF APARTMENTS IN THE ADDRESS RESIDENCE FOUNTAIN VIEWS III DUBAI BUYERS HAVE OPTIONS ON ACCESSIBLE PROPERTIES AL MAZAYA HOLDING RECORDS DH263.7M IN OPERATING REVENUES DUBAI IOAS' DIKTAT: NO MOVING HOMES OVER WEEKENDS NO CURRENT PLANS TO BUILD TOWER TALLER THAN BURJ KHALIFA: EMAAR BUY PROPERTY IN DUBAI AND GET YOUR TICKET MONEY REFUNDED SKY GARDENS PROPERTY LAWSUIT IN DUBAI STARTS TRIAL AT DIFC COURTS TWOFOLD RISE IN DUBAI INVESTMENTS’ QUARTERLY PROFITS AS INVESTMENTS AND RENTAL EARNINGS SOAR NORTHERN EMIRATES WATER COOLING JOY FOR SHARJAH RESIDENTS AL NAHDA RENTS BEGIN TO SKYROCKET: 2-BED IN DUBAI TOUCHING DH100,000, SHARJAH UP TO DH65,000 QATAR FIRST METRO SERVICE LIKELY BY 2019-END KSA KINGDOM HOUSING SECTOR ROBUST FOR AT LEAST 5 YEARS NONTOXIC PROJECTS STIMULATE SAUDI BUILDING SECTOR OTHER CALL TO ROOT OUT FRAUD AND CORRUPTION IN GLOBAL CONSTRUCTION INDUSTRY DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 1 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DEYAAR ANNOUNCE PROFIT SURGE MONDAY 28 OCTOBER 2013 Dubai-based commercial and residential developer Deyaar reported a net profit surge in third quarter profit on Monday amid renowned confidence in Dubai’s property market. According to a Deyaar press release the developer recorded Dh40.5 million in the third quarter of 2013, significantly higher than the Dh5.1 million the company reported in the same 2012 period. The company is performance in 2013 has outstripped recent years since the financial crisis. For the first nine months of 2013 Deyaar has recorded Dh87.1 million total net profits, which accumulates to 162 per cent growth when compared to the Dh33.2 recorded over the same 2012 period. Net operating profits at the Dubai-based developer have also improved from Dh72.9 million in the first nine months of 2012 to Dh181.6 million for the same 2013 period. “The real estate segment has been registering ongoing [sic] growth through each quarter this year. This sound financial performance is a testimony to the industry’s underlying resilience,” Saeed Al Qatami, Chief Executive Officer, Deyaar, stated. Deyaar did not respond to request for further comment. According to CBRE’s 2013 third quarter Dubai Office & Residential Market View report the emergence of strong demand has accelerated rental growth among commercial properties in the central business district (CBD) area with average rates increase 7 per cent quarter on quarter. But Dana Williamson, Head of Agency, Middle East North Africa (Mena) at Jones Lang LaSalle, said that residential and land sales were driving the market. Residential rental property rates in Dubai have jumped by 23 per cent so far this year. The main drivers is residential and land sales because in terms of commercial property in the office point there has only been some improvement, Williamson said. However, Deyaar’s third quarter announcement affirms the bounce back the Dubai’s property market is witnessing. “It indicates ... that confidence is up and because confidence is generally is up you will see more transactions in land and residential sales,” Williamson said. Source: Gulf News Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION KINGDOM HOUSING SECTOR ROBUST FOR AT LEAST 5 YEARS TUESDAY 29 OCTOBER 2013 The supply of housing in Saudi Arabia may lag demand for at least the next five years, creating lucrative opportunities for developers who can benefit from rapid population growth and a new mortgage law, the chairman of the Kingdom's largest listed developer said. "Official numbers refer to a need for 1.25 million units from 2010 through 2014 and for sure the market has not provided these units, which has led to a rise in prices," said Youssef Al- Shelash, who heads Dar Al Arkan Real Estate Development Co. "Supply remains well below demand which is expected to rise to 4 million units in the next 10 years...for developers this is definitely an opportunity." Some 60 percent of nearly 20 million local citizens in Saudi Arabia are estimated to live in rented accommodation. Home ownership is below rates in many developed and even developing countries. Local firms have struggled to meet demand, partly because of limited bank financing for developers and homebuyers, while ownership restrictions make it hard for foreign companies to enter the Saudi real estate sector. In 2011 King Abdullah announced a $67 billion program to build 500,000 homes over several years. The weak competition in the residential real estate market will make the market very attractive for at least the next five years, said Shelash, who with over 20 years of experience is known as a pioneer of the Saudi property industry. Satisfying demand for housing "is a big challenge for the country", he said in an interview at the Reuters Middle East Investment Summit. Partly because of the distortions in the market, responding to the demand does not guarantee rising profits for Saudi developers. Last week Dar Al Arkan posted its fifth straight decline in quarterly profit, citing lower margins and sales; net profit for the three months to end- September dropped 17 percent from a year earlier to SR183.3 million ($48.9 million). But the company's shares are up 21 percent year-to-date, slightly outperforming a 19 percent rise in the main Saudi stock market index. Shelash said that after suffering in 2009-2012 from the global financial crisis, Dar Al Arkan had focused this year on stabilizing cash flow and diversifying income sources, which limited profit growth. Construction firms in Saudi Arabia have faced rising cost pressures this year as the government, aiming to boost employment among its citizens, has cracked down on unregistered employment of cheaper foreign workers. DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION "We don't face direct labor problems, but contractors and suppliers do, and they are the two legs we walk on - their problems are ours," Shelash said. But he said Dar Al Arkan was now well placed to capitalize on growing demand for residential real estate, partly because a long-awaited package of new mortgage laws introduced last year would gradually make life easier for home buyers. "We expect 2014 to be the year of real growth and we seek growth of not less than 10 percent," he said. Early next year Dar Al Arkan plans to launch a multi-billion riyal, mixed-use real estate project inside Saudi Arabia and will need at least SR1.2 billion of financing for this, which could be raised via a sukuk (Islamic bond) issue, he said. The company does not expect to need this money for at least six to eight months, he added without giving further details of the project. In May this year, Dar Al Arkan sold a $450 million, five-year sukuk, its first international bond sale since 2010. Shelash said company's financial position was now very strong, with an asset base worth SR24 billion at end-June and debts worth only 15 percent of total assets, making it easy to afford payment of two sukuk issues maturing in 2014 and 2015. To ensure stable revenue, Dar Al Arkan has set a diversification plan which aims to obtain 50 percent of revenue from selling housing units and land, 40 percent from leasing housing and commercial units, and 10 percent from investments in equities and deposits. As part of the diversification, the company is studying the possibility of making two relatively small-scale investments in projects in Europe and Turkey, he said without elaborating. Source: The Saudi Gazette Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION CENTRAL BANK ISSUES MORTGAGE SYSTEM: 80% OF PROPERTY VALUE FOR EMIRATIS, 75% FOR EXPATS TUESDAY 29 OCTOBER 2013 The UAE Central Bank has issued the long-awaited mortgage lending system, which allows the country's banks to provide a loan of up to 80 per cent of the property value to Emiratis and 75 per cent to expatriates.
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