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Dubai Review 2020 – 2021 Outlook
Dubai Review Outlook www.valustrat.com ValuStrat Price Index – VPI Dubai Residential Base: January 2014=100 ValuStrat Price Index – VPI Dubai Office Base: January 2015=100 All prices are quoted in UAE Dirhams unless otherwise stated Sales and Rent performance are measured on a quarterly basis while hotel performance are on yearly basis 2020 Review FIRST QUARTER REVIEW 2020 VPI Residential VPI Residential VPI Office Capital Values Rental Values Capital Values 73.3 69.6 63.1 -10.1% -8.9% -14.7% Y-o-Y Y-o-Y Y-o-Y Residential Ready Residential Ready Ticket Size Sales Volume 1.71m 3,491 AED Transactions 0.6% -0.3% Q-o-Q Q-o-Q Residential Off-Plan Residential Off-Plan Ticket Size Sales Volume 1.45m 5,224 AED Transactions -8.6% -26.3% Q-o-Q Q-o-Q Office Sales Office Sales Office Ticket Size Volume Rent 0.92m 269 863 per sq m AED Transactions AED -17.9% 11.2% -5.2% Q-o-Q Q-o-Q Q-o-Q Jan COVID - 19 PANDEMIC • The VPI – residential capital values for Dubai as of March 2020 stood at 73.3 points, dipping 0.9% since February, -10% annually. 1W • First confirmed case in the UAE recorded on 29th January • The Dubai VPI for residential rental values during Q1 2020 stood at 69.6 points, • Suspension of all flights except cargo, halting operation of major public mass declining 1.7% quarterly and 8.9% annually. On an annual basis, apartment and transport (Dubai Metro and Tram) villa asking rents fell 9.4% and 8% respectively • Countrywide curfew and disinfection drive started • VPI for Dubai’s office capital values stood at 63.1 points, suggesting that -
Urban Megaprojects-Based Approach in Urban Planning: from Isolated Objects to Shaping the City the Case of Dubai
Université de Liège Faculty of Applied Sciences Urban Megaprojects-based Approach in Urban Planning: From Isolated Objects to Shaping the City The Case of Dubai PHD Thesis Dissertation Presented by Oula AOUN Submission Date: March 2016 Thesis Director: Jacques TELLER, Professor, Université de Liège Jury: Mario COOLS, Professor, Université de Liège Bernard DECLEVE, Professor, Université Catholique de Louvain Robert SALIBA, Professor, American University of Beirut Eric VERDEIL, Researcher, Université Paris-Est CNRS Kevin WARD, Professor, University of Manchester ii To Henry iii iv ACKNOWLEDGMENTS My acknowledgments go first to Professor Jacques Teller, for his support and guidance. I was very lucky during these years to have you as a thesis director. Your assistance was very enlightening and is greatly appreciated. Thank you for your daily comments and help, and most of all thank you for your friendship, and your support to my little family. I would like also to thank the members of my thesis committee, Dr Eric Verdeil and Professor Bernard Declève, for guiding me during these last four years. Thank you for taking so much interest in my research work, for your encouragement and valuable comments, and thank you as well for all the travel you undertook for those committee meetings. This research owes a lot to Université de Liège, and the Non-Fria grant that I was very lucky to have. Without this funding, this research work, and my trips to UAE, would not have been possible. My acknowledgments go also to Université de Liège for funding several travels giving me the chance to participate in many international seminars and conferences. -
The World at Your Feet. Info@Messe–Me.Com Tel
The venue The Dubai International Convention and Exhibition Centre has become the most successful venue in the Middle East. With its state of the art facilities, its easy access to and from the airport, shops, restaurants and hotels, it is the ideal setting for the DOMOTEX middle east 2006 carpets and floor coverings exhibition. Dubai - Centre of industrial development The development of the first Free Zone 20 years ago was an important step in creating the future of Dubai. Today, the Jebel Ali Free Zone is the biggest Free Zone in the Middle East with more than 8,000 registered companies. Newer Free Zones such as Media City, Internet City and Knowledge Village are rapidly growing due to the increase in demand from the outside world. Soon, Dubai will develop Free Zones for publishing, printing, manufacturing and Bio-technology to meet the needs of its consumers as well as to maintain its key position amongst rest of the world. The city has a healthy mixture of small and middle-sized businesses as well as wholesale and retail on many different levels. Dubai actually hosts more than one million people from over 130 different countries, with an expatriate rate of more than 70 percent. What has assisted in the region's growth is a newly formed law, enabling expatriates to purchase their own property. This has increased the number of investors and expatriates establishing their private homes here in the UAE, from all over the world. Booking details Space only – USD $315 per square metre. Shell Scheme – USD $365 per square metre. -
Dubai, UAE Fact Sheet Vision Without Action Is Merely a Dream
Dubai, UAE Fact Sheet Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world. – Joel Barker Did you know that…? ♦ Dubai is on target for 11% annual growth in 2007 ♦ Dubai is strategically placed between key financial hubs in Asia with Hong Kong to the East and Europe to the West ♦ Dubai is roughly the same size as Rhode Island ♦ Two UAE women executives feature in the top ten most powerful Arab businesswomen, according to a Forbes survey ♦ Emirates Airlines is Boeing’s biggest customer and will become the world’s largest long‐haul carrier by 2012 ♦ The UAE posts the lowest software piracy rate in the region for the past 10 years ♦ Emaar Properties is the largest real‐estate company in the world in terms of market capitalization ♦ Dubai contains an 80‐meter indoor ski slope in the middle of the desert ♦ Dubai opened the first gold exchange in the Middle East ♦ More than 40 television stations broadcast from UAE ♦ The UAE‐USA Defense Cooperation Agreement was enacted in 1994 ♦ UAE Ports host more US Navy Ships than any port outside the USA ♦ Emaar’s Burj Dubai will be the world’s tallest building at 2,300 ft. when completed ♦ The spacious luxury of Jumeirah’s Burj al‐Arab’s 27 double‐height stories make it the world’s tallest hotel and the world’s only “seven‐star” hotel ♦ UAE boasts the highest travel and tourism economic activity per capita in the world ♦ At 78 years, life expectancy has reached levels comparable to Europe and North America ♦ Dubai contains extravagant -
However the Ugly Face of the So Called "Dubai Model" Which Was Based Upon Debt and Speculation, Was Hiding Somewhere in the Breakneck Boom
What is Dubai Crisis? y The Dubai Debt Crisis 2009 has been called by economists a consequence of real estate bubble burst when on November 26, 2009 vaDubai proposed to delay repayment of its debt which includes delay in the payment of $ 59 Billion debt on Dubai World, the investment vehicle for the emirates for 6 months. Dubai's Economy: y Dubai has one of the most unique and unusual economies in the world. Dubai has numerous free zones including Jebel Ali free zone, Dubai Maritime City, Dubai Internet City, and Dubai Media City. y Contrary to the general assumption that Dubai's economy is totally driven by oil and gas,It is a fact that oil sector only comprises less than 6% of the economy of Dubai. y In fact, Dubai's portion of natural gas revenues in the United Arab Emirates is only about 2%. Dubai's oil production is estimated to be about 240,000 barrels per day. y It is true that Dubai's economy was built on the back of Oil Money but Dubai's oil reserves have diminished significantly and are expected to be exhausted in 20 years. y The other largest contributing sectors of Dubai economy are Real estate and construction (22.6%), trade (16%), (15%) and financial services (11%) (all are 2007 figures). Diversifying to Real Estate: y In 2000, Dubai Financial Market (DFM) was established. It was established as a secondary market for trading securities and bonds, both local and foreign. During that time the Government decided to diversify Dubai's economy from a trade-based, but oil-reliant, economy to one that is service and tourism-oriented has made real estate more valuable. -
Implementing Sustainable Construction Practices in Dubai – a Policy Instrument Assessment
Master Thesis in Built Environment (15 credits) Implementing Sustainable Construction Practices in Dubai – a policy instrument assessment Marco Maguina Academic Supervisor: Catarina Thormark Spring Semester 2011 Master Thesis in Built Environment Implementing Sustainable Construction Practices in Dubai – a policy instrument assessment Author: Marco Maguina Faculty: Culture and Society School: Malmö University Master Thesis: 15 credits Academic Supervisor: Catarina Thormark Examiner: Johnny Kronvall Maguina, Marco 2 Master Thesis in Built Environment SUMMARY Recognized as one of the main obstacles to sustainable development, climate change is caused and accelerated by the greenhouse gas (GHG) emissions generated from all energy end-user sectors. The building sector alone consumes around 40% of all produced energy worldwide. Reducing this sector’s energy consumption has therefore come into focus as one of the key issues to address in order to meet the climate change challenge. Implementing sustainable construction practices, such as LEED, can significantly reduce the building’s energy and water consumption. Prescribing these practices may however encounter several barriers that can produce other than intended results. Since the beginning of 2008 Dubai mandates a LEED certification for the better part of all new constructions developed within the emirate, nevertheless the success of this regulation is debatable. This thesis identifies the barriers the introduction of the sustainable construction practices in Dubai faced and analyses the reasons why the regulatory and voluntary policy instruments were not effective in dealing with these barriers. Understanding these barriers as well as the merits and weaknesses of the policy instruments will help future attempts to introduce sustainable construction practices. To put the research into context a literature review of relevant printed and internet sources has been performed. -
Emaar Development PJSC and Its Subsidiaries
Emaar Development PJSC and its Subsidiaries CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Emaar Development PJSC and its Subsidiaries Consolidated Financial Statements For the Year Ended 31 December 2020 Table of Contents Pages Directors’ Report 1 - 2 Report on Audit of Consolidated Financial Statements 3 - 9 Consolidated Statement of Comprehensive Income 10 Consolidated Statement of Financial Position 11 Consolidated Statement of Changes in Equity 12 - 13 Consolidated Statement of Cash Flows 14 Notes to the Consolidated Financial Statements 15 – 44 KPMG Lower Gulf Limited The Offices 5 at One Central Level 4, Office No: 04.01 Sheikh Zayed Road, P.O. Box 3800 Dubai, United Arab Emirates Tel. +971 (4) 4030300, www.kpmg.com/ae Independent Auditors’ Report To the Shareholders of Emaar Development PJSC Report on the Audit of the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Emaar Development PJSC (“the Company”) and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as at 31 December 2020, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). -
Week 34 SUNDAY, 25 AUGUST 2019
Week 34 SUNDAY, 25 AUGUST 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA DH50.6 BILLION WORTH OF PROJECTS ANNOUNCED IN GCC IN JULY REVEALED: HOW FAR UAE PROPERTY PRICES HAVE FALLEN SO FAR IN 2019 UAE HAS 54,438 HOTEL ROOMS IN PIPELINE UAE BANKS' EXPOSURE TO REALTY DECLINES UAE CONSTRUCTION SECTOR TO GROW UP TO 10% IN 2020 ARABIAN CENTRES' PROFITS REACH $60.53M JEDDAH HOTEL OCCUPANCY RATE HITS NEAR-3 YEAR HIGH IN JULY WEWORK COMPETITOR KNOTEL RAISES $400M FROM KUWAITI FUND FROM 7.9% TO 6%: UAE BANKS GET KIND OF GENEROUS ON MORTGAGES DUBAI CHINA’S APPETITE FOR DUBAI PROPERTY GROWS AMID STRENGTHENING OF SINO- UAE TIES DUBAI'S EMAAR BUYS REMAINING 35% OF RESORT DEVELOPER MIRAGE: EXCLUSIVE DUBAI TO SPEND OVER $75.4M ON LANDSCAPING PROJECTS FOR EXPO 2020 SITE DAMAC IN TALKS WITH DICO OVER AL SUFOUH, BUSINESS BAY LAND PLOTS FLEXIBLE WORKSPACES ADAPT TO UAE’S NEW-GEN WORKERS AFFORDABLE LUXURY: DUBAI HOME BUYERS LOOK TO UPGRADE AS PRICES CONTINUE TO FALL AL QUDRA RESIDENTS WELCOME RTA PLANS FOR FLYOVER, BRIDGES AND WIDER LANES VILLA SALES RISE IN DUBAI AS CHEAPER STOCK COMES ONTO THE MARKET HOMEFRONT: 'WHAT ARE THE BEST PLACES TO LIVE IN DUBAI FOR A NEW ARRIVAL?' LUXURY DUBAI PROPERTY PRICES EDGE UPWARDS IN Q2 UAE DEVELOPER AZIZI APPOINTS NEW CFO TO DRIVE FINANCIAL STABILITY ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING -
Dubai: Uno Spunto Per Una Nuova Lettura Dello Sviluppo Del Territorio
NICOLETTA VARANI Dubai: uno spunto per una nuova lettura Dello sviluppo Del territorio DUbAI: Uno SpUnTo pER UnA nUovA LETTURA DELLo SvILUppo DEL TERRIToRIo. Dubai, segnata dal contrasto tra la cultura araba e le caratteristiche contraddizioni delle metropoli moderne, è ricca di fascino per la sua posizione tra deserto e mare, e ambita meta del turismo internazionale per lo shopping, il lusso e l’albergo più elegante del mondo. Anche se alcuni studiosi sostengono che non ha e non potrà mai avere una propria identità, attualmente Dubai, capitale dell’omonimo emirato, viene considerata una città medio-orientale con una cultura, una religione, una lingua una “mentalità” decisamente diverse da quelle occidentali. negli ultimi anni Dubai è divenuta famosa nel mondo sia per lo sviluppo di progetti architettonici avveniristici, inconcepibili altrove, sia per la riuscita del processo di diversificazione economica, tanto che la tangibile ricchezza di Dubai non proviene più dal petrolio, ma da una fiorente economia che poggia su quattro settori: lo sviluppo del commercio tradizionale, il ruolo di “rappresentante commerciale”, lo sviluppo turistico e gli ingenti investimenti nella tecnologia digitale. DUbAI: A STARTIng-poInT FoR A nEW TERRIToRy DEvELopMEnT InTERpRETATIon Dubai, identified by contrast between Arab culture and typical modern metropolis’ contradictions, is full of glamour, due to its sea and desert sighting position, besides being an international tourism very sought after destination, for shopping, luxury and the world’s most sumptuous hotel. Though some scientists maintain that it has no identity and that never will have one, for the moment being Dubai, capital of the homonymous emirate, is being looked upon as a Middle East city with culture, religion, language and mentality decidedly unlike the occidental ones. -