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4DAY 6-9 October 2008 10 THE LIQUID REALITY Within the halls of Cityscape Dubai, the shadows of the global market meltdown have been illuminated by a regionally upbeat industry vibe and the liquid position of regional investors and developers is setting the tone for a positive future

As purse strings tighten in leading real estate figures on One of the unique aspects “The medium to long- Contents markets worldwide, Cityscape the last day of Cityscape so of the Gulf is that many term view for the UAE is very Dubai has seen one project we could share their unique investors do not rely to the positive, and once this crisis announced after another with market insight and experience same extent on third-party time has been overcome, 9 Cityscape: welcome overwhelming investor interest. over the four-day event. finance to make purchases, people will realise that there is Wrap-up of the 2008 Cityscape Dubai conference One resounding question “It has been the most with many developers quoting no issue at all here. The cycle and exhibition as the region bucks an almost positive Cityscape show for us an extremely low percentage of of uncertainty must pass.” 10 Update: exhibitor news worldwide trend has been, to date,” said Mohammed Bin sales being financed through Mohammed Nimer, CEO of Latest updates from the show floor and key emerging markets “What is the liquid reality Zaal, COO, Al Barari, citing banks and mortgage providers. the MAG Group, focused on the that sets the Gulf apart?” And recent sales figures as proof “The rich will stay rich, importance of the government’s 17 Line-up: conference programme we posed it to the region’s of the region’s stability. whether it’s here or in the role and the impact of the Analysis and debate of the industry’s hot topics US. The extremely wealthy situation in established markets 18 Line-up: speaker profiles are still buying multi-million at individual investor level. Leading industry experts share their market insight Peaking interest: dollar homes. We are lucky “Banks and financiers Regional real estate enough to be in this high-end are major players in the 24 Review: day three yet to find its limits Round-up of action from the conference sessions niche market,” said Bin Zaal. development circle and what and show floor Shafqat Malik, CFO, ALDAR is happening in the US and 35 Focus: industry report Properties, recognised prevailing Europe will affect all its Mazaya Real Estate Index activity report on Kuwait international market trends while components – from government also warning of the sensationalist to master developer, right 37 Focus: industry report nature of recent reports. down to the investor. For MAG Mazaya Real Estate Index activity report on Qatar “The liquidity crunch Group, we are self-financing 38 Focus: Oxford Business Group is currently a global so we don’t have issues, but Yemen’s investment and development focus phenomenon and is having at investor level, the financing 40 Overview: Kuwait and Oman an effect everywhere, at least challenge in turn affects us.” Destination market overview psychologically. For the first Nimer says that there is no time, most of the central banks downturn in interest and the 46 Event: cocktail party Review of the Cityscape Dubai Cocktail Party have just cut interest rates, and volume of visitors to Cityscape hopefully the credit crisis will Dubai proves that. “Around ease over the coming weeks. 40 percent of visitors are here “At the moment the markets to check out the impact of are very confused, and any what is happening globally, Best ever attendance positive news is being seen but as many as 60 percent as a sign of desperation. In are really eager to see what’s Show averaging over 20,000 visitors a day my view it should be a period new in Dubai and regionally. where there is no news so the “Dubai has incredible With 41,000 attendees in the first two days of the event and market can digest things for momentum – just look at the a further 10,000 by 2pm on day three, Cityscape is expected itself and take a rational stance. timing of the Meraas and to achieve well in excess of the 60,000 visitors originally “This week, with the Nakheel announcements. anticipated over the course of the four-day show. Cityscape showcase, I Any investment is a risk, but The final day of the 2008 event will come to a close at strongly believe that the there is less risk here than 8pm tonight, one hour later than originally scheduled, due to UAE fundamentals are very anywhere else in the world. ‘phenomenal public demand’ and both the organisers and the strong and nothing has You can’t get any better capital exhibitors eagerly await the final record-breaking tally. changed with regard to the gain than here in Dubai.” Nakheel Harbour & Tower country’s expansion plans. Continues on page 10

total sales at the luxury “The interest shown by the US$817 billion Dubai Pearl Dubai Pearl development to recently launched fund of more than US$2.7 billion. DIFC Investments also justifies deal for DIFC Investments Dr. Omar bin Suleiman, the our commitment to creating First for recently launched real estate fund governor of DIFC and chairman world class developments as of DIFC Investments, said: the region’s leading master “This acquisition marks developers of elite projects.” DUBAI – DIFC Investments, seeks to create a portfolio of our first major investment Dubai Pearl is expected to the investment arm of the quality real estate acquisitions into Dubai’s real estate be completed by December Dubai International Financial that will yield positive return sector, which continues to 2011. The premier business Centre (DIFC), announced on equity as the property demonstrate tremendous and lifestyle destination aims yesterday that it has invested sector continues to grow. potential for investors to create climate-conditioned over US$817 million in Dubai Pearl is a US$4.08 and homeowners.” pedestrian walkways, the Dubai Pearl project. billion mixed-use luxury project Abdul Majed Al Fahim, conveying a street café The investment was made located adjacent to TECOM chairman of Pearl Dubai, ambience with international through DIFC Investments’ Investments’ knowledge said: “We are delighted to restaurants, boutiques and real estate fund, which was clusters. It is being developed announce DIFC Investments urban landscaping, and it launched recently to tap into by Pearl Dubai, a consortium has acquired a significant is the only development the booming property sector in of investors led by Al Fahim portion of the prestigious overlooking Palm Jumeirah. Dubai and the UAE. The fund Group. The deal takes the Dubai Pearl development. Stand ZE60 welcome SHOW

WELCOME TO CITYSCAPE DUBAI 2008 Frederique Maurell Welcome to the fourth are running alongside the Despite the tremendous and final day of this exhibition have already brought amount of new supply coming year’s Cityscape Dubai to light an in-depth appraisal of online, there is reassurance for conference and exhibition. today’s challenges. As the world developers as the government Now in its seventh year, economy is in commotion, has a number of levers at its Cityscape Dubai has grown all eyes turn to Cityscape disposal (such as legislating to become the largest B2B Dubai to check the pulse of against co-habiting tenants) in real estate investment and the region. This year, we are order to catalyse demand, and development event in the world. pleased to be able to welcome these are coming to the fore. The flagship event of our high-profile industry experts In the office market, global Cityscape portfolio and personalities to share with the limited delivery of new has gone from strength to the audience their insightful office accommodation has strength over the past few knowledge; to examine today’s resulted in a persistent under years, capitalising on the challenges; and to identify new supply, precipitating double- fast-paced development and investment opportunities. digit growth of rental rates meteoric rise of the real estate As of yesterday, this year’s year-on-year, supported by market across the region. showcase had over 60,000 vacancy rates of less than two Demand for exhibition space real estate professionals from percent across the market. at the 75,000-square-metre more than 120 countries across The clustering of free Dubai International Exhibition the globe coming to be part of zones such as Dubai Media Centre was sold out several the excitement and see first- and Internet City and months ago, cementing the hand, the depth and breadth of the International Media demand and credibility of the development across the globe. Production Zone, continue event. This is a tremendous The innovative trends of the to attract blue-chip tenants accolade for the brand and market have been reflected and demand is also strong is a clear indication of the in the diversity and quality for office space on Dubai’s intention and success of the of the projects on display main commercial arteries. real estate market in the region. throughout the exhibition. On the retail front, over 70 The span of Cityscape It is fair to say that the percent of the forthcoming Dubai has long crossed over success of the Cityscape shopping mall supply, between the borders of the Middle brand has gone hand-in-hand 2008 and 2010, is already East region with a growing with the tremendous growth pre-let, which would suggest attendance from the global and success of real estate that retailers remain bullish on real estate community, from across Dubai and the UAE. the city’s growth prospects. developers to engineers to Dubai has taken advantage The hospitality sector also consultants, as well as avant- of its location and time zone, continues to perform well, with garde international architects. and is positioning itself as a the total number of tourists last intelligence, and seasoned The calendar of special valid financial hub located year at around seven million. attendees will return to discuss events has also played a vital between the major markets Occupancy levels across the the future of the real estate role in strengthening the overall of London and Tokyo. market were registered at industry with like-minded peers. success of Cityscape Dubai. In this market, the 84.4 percent in 2007, rising I hope you had a The Cityscape Golf Classic, overwhelming majority of to 88.7 percent within the great Cityscape Dubai Cityscape Architectural Awards, new residential supply is now five-star hotel segment. experience, and we look Cultural Night and Cityscape focused on the high-income All of these investment and forward to welcoming you Cocktail Party, have gained segment, with primary tier development opportunities to Cityscape Dubai 2009. remarkable recognition in the developers continuing to are showcased at this week’s industry as must-attend events. enjoy greater occupancy than event. Investors in the region Frederique Maurell The five conferences, secondary tier developments will find the show invaluable Exhibition Director, seminars and workshops that in select residential areas. in terms of gleaning industry Cityscape Dubai

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Dubai 2008 $ Cityscape official show daily $ 9 NEWS update

Jumeira Gardens CITYSCAPE SOUNDBITE... Sherwoods launch ABID JUNAID, affordable apartments Executive Director, ETA Star Buyers in spiralling rent ladder targeted What do you think were this year’s hot topics? New legal framework and laws in real estate DUBAI – Sherwoods has launched an affordable were the most important topics this year, residential complex with prices starting from around benefiting the whole real estate industry as US$176,000. this will help to build end users confidence and The property consultant said that the Santaville provide security to all stakeholders Apartments are targeted at those who are looking to get off the rental ladder and buy their own properties. Santaville Apartments, developed by AC Holdings, offers 111 units of studios, one-bedroom apartments and duplexes, on top of a wide range of leisure and recreational facilities. Dubai expansion Iseeb Rehman, managing director of Sherwoods Independent Property Consultants, said: “At the continues moment, most of the really affordable residential Overall growth is 16 percent in Q2 properties are in Ajman, Ras Al Khaimah and Sharjah, but the distance and the stress of daily DUBAI – The quarterly overall growth rate in Dubai travel has discouraged many people from moving slowed from 42 percent in the first quarter of 2008 further north. to 16 percent in the second quarter, according to Located in Jumeirah Village District 11 at the Colliers International House Price Index for Dubai Q2. Continued from cover junction of Emirates Road and Al Barsha Road, However the global real estate consultancy said Saeed Ahmed Saeed, CEO of Dubai’s Limitless commented on the cyclical the Santaville Apartments complex sits within that the annual overall growth between Q2 2007 and nature of the global markets. “Markets go up and go down, and we cannot a prestigious neighbourhood of high-profile Q2 2008 was 76 percent – representing growth from ignore the current climate. What is important is long-term performance. developments such as the Jumeirah Islands Villa and 117 to 206 points on the underlying index. “Limitless is not in real estate for the short-term, and we remain Emirates Hills. Stand 6E01 The index shows that prices increased across all optimistic about the long-term outlook for the sector. A significant downturn market sectors covered, which include apartments, will affect all industry players to a degree in the short-term, but Limitless villas and townhouses. is well-funded and has a strong, global portfolio of developments offering The report also reveals that demand for residential excellent geographical diversity and a favourable risk profile. property mortgages, an indicator of the demand for “Price adjustments are necessary to maintain sustainability, but as property, was very strong and increased significantly our projects are uniquely positioned, we believe any effect will be minimal. Ain Al Fayda from the previous quarter. This increase in demand In addition, our business model enables us to effectively manage risk and caused prices to rise as supply remained short. react to market challenges.” showcase for Al Qudra Ian Albert, Colliers regional director, said: “While Mahmood Al Mahmood, CEO, Al Qudra Real Estate stated that the our research shows that overall growth has slowed situation is very much ‘business as usual’. “As far as we are concerned Launch of prime Al Ain project from 42 percent in the first quarter of 2008 to 16 there is plenty of liquidity in the market. The banks that Al Qudra is dealing a Cityscape success percent in the second quarter of 2008, it is worth with are giving out loans as usual, and nothing has changed.” noting that overall price growth still occurred across Ali Kolaghassi, vice chairman and CEO of Jordan’s Saraya Holdings DUBAI – Abu Dhabi-based Al Qudra Real Estate, all residential sectors. commented: “At an individual level the liquidity is there, but people are Silver sponsor of this year’s event, launched its Ain “If you consider the performance of other global sitting and waiting for the bust to recover to realise what the next step will be. Al Fayda project at Cityscape Dubai this week to an cities over the same period, Dubai offered attractive “The GCC, and MENA region as a whole, is not immune to what’s enthusiastic response. Designed by architectural firm returns comparative to these markets. Looking happening in the world, but I believe that with the liquidity available Noor, the same company behind the new Atlantis forward to future quarters we expect a return to though local governments, if necessary, they would intervene – like some hotel on the Palm Jumeirah, Ain Al Fayda embraces fundamentals as the demand-supply dynamic moves have – to inject more money, so that the banks, in the next few months, the Al qudra philosophy of ‘work-live-play’. towards equilibrium.” start lending like before. The stand also attracted interest from visitors The HPI report also highlights factors that Colliers “In all cases, banks are going to be more selective in their lending eager to try out its new interactive ‘touch-less screen’ believes have contributed to the increase in prices policies, whether it’s to institutions, developers or to home buyers, and the presentation, with full details of the company’s during this period. available easy credit that there was, is not going to be there anymore. But project portfolio including Desert Star, Manarah Bay They include projects at or near handover appear only qualified investors will be able to get mortgages. and Al Nasseem, as well as international projects in to enjoy a spike in prices; increasing construction “From a developer perspective, only companies with a solid financial Algeria, Morocco, Belarus, and Syria. costs; rising inflation; increasing residential property statement will be able to borrow. But we mustn’t forget that our part of the “The projects we are displaying at Cityscape rents; increased availability of mortgages; increasing world is a little different from a demographic perspective. We have a young Dubai 2008 reflect our commitment in fostering the residential rental rates making ownership more population, and we will continue to have requirements for housing, office property boom in the UAE and developing regions,” appealing and cost-effective for residents. Stand 7E40 space, retail etc. Saudi Arabia is a good example of this. said Claus Peter Rees, acting CEO. “So, in summary, the global situation will have an impact in the short- “We have one of the busiest stands at the show,” term, but I think that our part of the world will survive this problem.” commented Paul Gebara, marketing director, Al Yusuf Fakhruddin, CEO of Dubai-based Fakhruddin Properties added: Qudra Real Estate. “Here, especially in Dubai, it is a cash market. Al Qudra is not affected by the global market CITYSCAPE SOUNDBITE... “What we see is that there are a lot of UK investors coming here, they downturn, according to Gebara. “Our projects are have cash lying around and have to invest it somewhere. Right now, the purely targeted at the UAE national population, so we HUSSEIN FAKIH Middle East is a sure bet. are seeing continued strong interest,” he said. “In terms of financing our development, we are more into calculated “We are thrilled at the interest that Ain Al Fayda CEO, MINA AL FAJER risk taking rather than just betting on the sentiment of the market, and experienced during the first day of the event, and What did you hope to achieve at Cityscape Dubai? we keep a big buffer. would like to invite all UAE nationals interested Investors from Dubai make up a large percentage “There is also a lot of interest in this market and I don’t see a slowdown in investing in this unique development to of investors in the real estate sector in the UAE. at the moment. The issue now will be for developers who don’t have a quickly reserve their share in the development,” And they believe in investing in potential good track record. When the market is up then you can just put money added Pierre Moerland, vice president of sales markets like Fujairah, where new opportunities are now with anyone, so long as the pluses and minuses add up. But in this market and marketing. emerging with the impressive progress of Mina Al Fajer. environment, everyone wants to put their money with the right developers “Ain Al Fayda is a mixed-use community and Cityscape Dubai is vital for us because it allows us and this has narrowed the market.” modern-day oasis which will feature healthcare, to engage local and international investors. As Mina For a different perspective, Farid Ben Driss, chief development officer, tourism, residential and retail components. The Al Fajer resort is expected to jumpstart the growth Qatari Diar, summed up the Cityscape vibe. “We thought this year’s event development is poised to become a well-being of tourism and real estate in Fujairah, we are would be quieter, but we were very surprised and very excited by the destination, the first of its kind in the region. happy to have this singular chance to meet number of enquiries and interest from various investors. We are seeing a Lodged at the base of Jebel Hafeet in Al Ain amidst them and share with them the investment very wide spread of enquiries this year, from Fiji and Cambodia to Oman abundant foliage and healing hot springs, Ain Al opportunities we offer and the Dominican Republic. Fayda will comprise two, three, and four-bedroom “Cityscape has become the most important real estate exhibition in the houses designed for both nature-lovers and modern world, and we feel very bullish. It would not be unfair to say that there are city dwellers,” he added. some questions in the minds of many people in the region, but Qatari Diar “We only work with the best in the world – leading is cognisant of this. Because we are covering a very specific segment of the consultants and architects who assist us in achieving market, nobody is forgetting to ask the right questions.” our objectives,” concluded Rees. Stand ZT20

10 $ Cityscape official show daily $ Dubai 2008 update NEWS

AL BARARI UNVEILS PHASE TWO Sustainable luxury development on show

DUBAI – Luxury developer Al Barari has unveiled phase two of its US$6.4 billion project at Cityscape Dubai with the intention of whetting the market’s appetite ahead of its official release for sale early next year. Commenting on the announcement, Mohammad Bin Zaal, COO, said: “In phase two we have set about developing a community rooted in tranquillity and harmony which further demonstrates our commitment to value creation not just through bricks and mortar, but more importantly through intrinsic, tangible experiences.” Spread over 1.3 million square metres and located in the Nad Al Sheba area, the multi-billion dollar development has a strong community focus and aims to marry environmental sustainability with luxury living. According to Bin Zaal, initial interest in phase two has exceeded expectations, as he explained: “I was expecting this Cityscape to be a bit slower than the previous ones, but in fact it has been the most successful one so far. “We have seen a shift in demographics with a lot more people coming from the western world – Europe and the US, and there’s a need for people to look at various investment options. Dubai is obviously a hotspot and people just want to know what’s going on here. It’s been an excellent harmonious balance and The Old Souk, a blend of retail outlets, fresh markets, small offices, showcase for us. restaurants and coffee shops. “You always have to showcase. For us, it’s such an amazing product and to be able to have this In addition to 55 secluded spa villas with private treatment pavilions and pools, Al Barari’s medium, to actually show people what it is all about, is excellent. A huge number of people are Billionaire Collection will deliver top drawer apartment living. “We also want to push the here, and we need to be here,” he added. realms of luxury living, and our Billionaire Collection with infinity swimming pools, hanging Phase two of Al Barari includes several distinctive living zones including The Living Wall, which gardens, courtyards, home theatres and private home spas will redefine the apartment concept,” encompasses a walled garden walkway featuring rustic organic shops, individual mixed retail added Bin Zaal. outlets and lifestyle apartments. The Cultural Island with its open-air markets, galleries, exhibition Bin Zaal confirmed that the on-time handover of phase one, with 300 villas, will take place halls, theatres and Art Guild will act as the cultural heart and soul of Al Barari. The Grand within the next four months, and subsequent future phases will be delivered every three months Mosque, an Islamic architectural statement that intertwines modern day living with traditional thereafter with the phase two spa villas ready in two and a half years. Stand 3C10

Dubai 2008 $ Cityscape official show daily $ 11 NEWS update

STUDIO D enters design marketplace European architect eyes Middle East opportunities

GCC – Regional commercial and hospitality projects are being targeted by European architecture studio STUDIO D, as part of its strategy to enter the GCC market. Its focus is the development and project management of both indoor and outdoor architecture, with an emphasis on restaurants and hotels. After a dynamic year in Southern Europe including a 10,000-square-metre dining area in Expo Zaragoza 2008, STUDIO D aims to strengthen its position through its involvement in Cityscape, by establishing its international team and showcasing its design ability within a Middle Eastern context. Stand ZB78

Burooj Properties unveils waterfront tower Project located on Al Reem Island Eco-friendly village DUBAI – Burooj Properties KAIZEN SHOWCASES unveiled by Deyaar has unveiled a 40-storey tower project with 270 apartments in Project includes Dubai’s first cycle paths the City of Lights development on Abu Dhabi’s Al Reem Island. DUBAI – Deyaar Development has announced an Burooj Terraces is 25 FIRST PORT environmentally friendly mixed-use community off Al kilometres from Abu Dhabi Warqa, Dubai. International Airport and offers Deyaar Village is conveniently located on Emirates great views of the beaches on Road with easy access to Dubai International Airport, the island and the Arabian Gulf. Dubailand and the forthcoming metro station. The development also RASHID PROJECT The new community will include residences, includes a multi-purpose hall, All projects in Nakheel development to be offices, shops, an open-air theatre and open green gym, a swimming pool, steam spaces for more than 30,000 residents. room and sauna, and dedicated gold LEED rated Deyaar Village has been designed on the theme parking spaces for both of ‘wellness’ and will have significant green spaces, residents and shoppers. DUBAI – Kaizen Developments disclosed details of its Altura project, at Cityscape yesterday, including a sprawling central park, a range of Easa Al Tenaiji, assistant which is the first known project in Nakheel’s Mina Rashid development in Dubai. landscaped gardens and bicycle paths – a first for general manager of Burooj The 6.8-million-square-metre tower in Port Rashid, Bur Dubai, will be officially launched next any such project in the emirate. Properties, said: “Burooj month, with construction starting in the first quarter of 2009 and completed in June 2011. Unveiled at Cityscape Dubai, Deyaar Village Terraces is a unique tower as it Amir Salam, managing director of Kaizen Developments, said: “We believe that the Mina was showcased at the company’s 270-square- provides residents with all the Rashid project will be unique, drawing on the roots of modern day Dubai. The redevelopment metre pavilion modelled on the layout of this new amenities that are essential to will build on the culture and heritage of the original port. community project. a comfortable urban lifestyle.” “We believe that this project will epitomize what Kaizen Developments stands for in terms of Markus Giebel, CEO of Deyaar, said: “Deyaar Stand ZH60 quality and efficiency, and our ethos of ‘Responsible Luxury’,” he added. Village promises to attract individuals, families and As a requirement of Nakheel, the Altura project will be LEED certified to gold standard. businesses eager to work and live in a harmonious The Cityscape event also marked the launch of Kaizen’s Equinox Residences, which is the first and healthy community.” Stand 2C10 RERA (Real Estate Regulatory Authority) approved development on the Palm Jebel Ali Crescent. This US$194.6 million development on Crescent A of the Palm will offer 21 floors of one to four bedroom, duplex and penthouse apartments – each with unobstructed views of the Gulf and direct access to the beach. The apartments feature Bosch designer kitchens, Bose stereo systems, smart home CITYSCAPE SOUNDBITE... technology and the building boasts a state-of-the-art gym with in-house nutrionists and personal trainers. The building even has a concierge and chauffer car service. DARRELL METZGER Construction will begin on the 22,296-square-metre development in the first quarter next year and complete in December 2010. CEO, Ruwaad Destinations Kaizen has a portfolio of US$2.5 billion in developments, at various levels of progress, and What do you think were this year’s hot topics? the company hopes to have them all launched within the next six months. Going forward Kaizen The local real estate market is a hugely dynamic said it will continue to develop in Dubai and Abu Dhabi, with an eye on the wider Gulf region – one. We need only look at the phenomenal in particularly Saudi Arabia. developments that have been taking place over Salam said that traffic flow had been high during this Cityscape event, dispelling any fears the last five years in Dubai to realise that this industry of a market downturn. He added that any consolidation in the market was only a good thing is in a constant state of innovative flux. We are currently because when customers become more discerning and financiers more selective the customer witnessing the development of the world’s tallest seeks out the highest quality products, in the best locations and built by the most reputable tower and we are in a period of anticipation about a developers, “which is all good for the market”, according to Salam. Stand RC30 number of master planned developments that are likely to put the Middle East on the world’s stage

12 $ Cityscape official show daily $ Dubai 2008 update NEWS

CITYSCAPE SOUNDBITE... CITYSCAPE SOUNDBITE... SAMIR BADRO, MEHDI AMJAD , Chairman, President and CEO, Greenline Interiors Omniyat Properties How important is it for What were your expectations at Cityscape Dubai? you to be present at This year’s Cityscape presented an important this and other Cityscape foundation for participants to meet and discuss events? “It is of extreme ideas and developments within the property importance for us to be present development sector. Omniyat Properties sought to relevant at exhibitions, engage in such discussion and build relationships so that we can maintain while reviewing investment opportunities to our associations with develop projects in the UAE and abroad key developers

Riffa Views awarded US$750,000 waste water contract Metito set to treat 3,600 cubic metres Record demand for waste water per day real estate finance

BAHRAIN – Riffa Views in says firm Manama, Bahrain has awarded a contract worth US$750,000 470 applicants on day one alone to Metito Utilities for the DUBAI – Tamweel has revealed a ‘record response’ treatment of waste water on CADIZ INTERNATIONAL to its finance packages at Cityscape despite the the 2.8 million square metres global credit crisis. residential development. The mortgage lender recorded more than 470 Walid Madwar, business registrations for property on the first day alone development manager, indicating that the market is still strong. Metito Utilities, said: “The DESIGNS NEW RAK Investors and end-users responded positively to conventional aeration process Tamweel’s offer of up to 90 per cent finance for started in 2008 with a small visitors who register for a pre-approval facility at the temporary plant but, with the company’s exhibition stand, with no arrangement success of the development, TOWN SQUARE fees upon registration of select properties. within a few months extra CEO Wasim Saifi said: “Amidst ongoing turmoil in capacity was requested.” Manar Mall expansion to offer lifestyle destination the global credit markets, there was a great deal of Metito developed the plant anticipation about the response from investors and into a Build, Operate, and DUBAI – Plans to expand the existing Manar Mall site in Ras Al Khaimah and double its size end-users to the Cityscape event. Transfer project (BOT) which have been revealed. The new-look mall will incorporate a waterfront promenade with up to 20 “But by the end of the first day and the record aims to cater for the growth concept restaurants and dining outlets overlooking the local mangroves. A four-star family hotel, response to our finance offers, we remain more of the residential area. The serviced apartments and two condominium towers will create a mixed-use destination. convinced than ever that the fundamentals of the now ready to operate Sewage The plans also include a watersports venue and water taxi service. The island fronting the market here remain extremely sound. Treatment Plant is able to mall is also pegged for development, creating a new ‘Mangrove City’. “We are still a good three years away from supply- treat 3,600 cubic metres of Mohammed Sultan Al Qadi, managing director and chairman of Manar Mall, said: “It is demand equilibrium in the Dubai market, and the wastewater per day. The final high time to renovate, improve and expand the Manar Mall Development to align with the appetite for well-priced properties remains unabated.” effluent from the treatment government’s policy of enhancing the lifestyle of Ras Al Khaimah by providing a place that is all He added: “For real estate finance providers like plant will be used for golf things for all people.” Tamweel, the future appears extremely bright.” course irrigation and to keep the The design, created by Cadiz International is focused around the concept of a town square. Stand 6B30 surrounding area green. According to Cadiz CEO Medardo Cadiz: “Lifestyle is more than shopping, it’s about enjoying Founded in 1958, Metito yourself with your friends and families in a special place. now operates locally in 14 “With all the improvements specially the new public waterfront promenade, people will countries of the Arab and come not just to shop but to stay and enjoy the picturesque environment.This is like a big Islamic World, and supplies its piazza, a town square for everybody.” Cpanama Real Estate plants internationally to global Once completed the new centre will be rnamed as Manar City – A City within a City. locations such as Argentina The 22-storey Manar Residence, which will cover an area of 55,000 square metres, will debuts at Cityscape and Australia from its UAE have a tropical-influenced design that will highlight the nearby mangrove plantations, while Company from Latin American offer base. It has recently supplied vertical landscaping will be used to complement the natural environment. high purity demineralised investors range of services water for Jebel Ali and Umm Al Nar power projects and a PANAMA – Cpanama Real Estate Corp. will showcase MBR waste water treatment Panamanian investment opportunities this week. The plant for Palm Jumierah and CITYSCAPE SOUNDBITE... company offers investment strategy consultation, Al Yas Island in the UAE, as joint ventures, and project management services well as a large sea water PATRICK GALLAGHER, at the pre-construction stage as well as for existing desalination plant for The properties in Panama City and the interior of the Pearl project in Qatar. Patrick Gallagher Decoratives and Design country. The company also offers foreign investors What did you hope to achieve at Cityscape Dubai? We are a renowned interior design firm, legal services and help in acquiring residency. operating throughout Europe and the USA. We are currently establishing a presence in Dubai to The Colon Free Trade Zone is second only to Hong cater to a growing need for international standard interior design. Our services are of an Kong in size, and is host to most of the world’s major ultra high-end nature, with clients throughout Europe and the USA. The objectives of PG shipping routes, with US$14.6 billion worth of goods D&D are of a B2B nature. Our primary goal in attending Cityscape Dubai was to build our client shipped through in 2006. Stand 8H40 portfolio in the Middle East and to further acquaint ourselves with high end, regional trailblazers

Dubai 2008 $ Cityscape official show daily $ 15 programme CONFERENCE

THE LINE-UP: CONFERENCE AND SUMMIT PROGRAMME DAY 4: THURSDAY 9TH OCTOBER

INTERNATIONAL REAL ESTATE INVESTMENT AND DEVELOPMENT CONFERENCE 12:35 The Power of Impact Branding: Risk Mitigation and Return Optimisation Michael Shvo, President, Shvo, USA BRANDING – TIRING OR INSPIRING? SHOULD WE REINVENT THE WHEEL? 13:00 The World Is Full Of Newly-Built Properties – How 10:00 Registration And Coffee Will The Middle East Property Boom Sustain Its Competitiveness On The Global Stage? 11:00 Chairman’s Opening Remarks Peter Robinson, Director, Richmond Green Group, UK

11:10 Emerging Marketing And Branding Trends In The 13:30 Networking Lunch Middle East Real Estate Market – Futurebrand’s Gulf Real Estate Study 2008 14:30 Sales And Marketing Innovation Rina Plapler, Executive Director, FutureBrand, USA In Real Estate Peter Gianoli, Director of Sales and Marketing, 11:40 Keynote: Online Advertising – The Power Of The Saville, Australia Internet To Reach Global Buyers Simon Baker, CEO, REA Group, Australia 15:00 Destination Branding For Today And Tomorrow Jonathan Bell, Managing Director, WANT Branding, USA 12:10 How Appropriate Branding And Marketing Of Properties Can Impact Your ROI 15:30 Creating, Building And Delivering The Right Brand Win Peniston, Vice President, Strategy & Promise To Add Value To Customers Lives Development, Posner Advertising, NY, USA Leonie Matta, Marketing and Communication Director, Saraya Holdings,UAE

16:00 Chairman’s Closing Remarks and Close of Conference

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Dubai 2008 $ Cityscape official show daily $ 17 SPEAKERS keynote

SPEAKERS ONE-ON-ONE

Lee Tabler CEO, Tourism Development and Investment Company (TDIC)

HOTEL & TOURISM INVESTMENT & DEVELOPMENT CONFERENCE Topic: The champions and challengers of Middle East Tourism Session timing: 10:30am today, Sheikh Maktoum Hall

TDIC redevelopment, Al Bateen Wharf, Abu Dhabi Lee Tabler is perfectly suited professionally and successfully, memory. Abu Dhabi is pushing to his current position with matching the expectations the envelope, but in a manner an extensive educational of TDIC’s stakeholders, in respectful of its past while background involving terms of operating a company defining the future. How could architecture and planning as that is gaining world-class anyone fail to be motivated by well as real estate finance. stature, and which is now a this courage and foresight?” he He explains: “My career has significant force on the global comments. taken me travelling around the hospitality, leisure, cultural TDIC was established less world from North America to and tourism landscape. “In than three years ago to manage Europe and the Middle East, delivering on these expectations and develop the tourism assets where I held positions in Dubai I have to ensure that the core entrusted to it by its sole and Saudi Arabia. ethos of Abu Dhabi – that of shareholder, the Abu Dhabi “Prior to joining TDIC I environmental, cultural and Tourism Authority. already had more than 25 socio-economic sustainability From the outset, TDIC made years international real estate is reflected in everything TDIC worldwide headlines with development experience – does,” adds Tabler. the unveiling of its flagship 15 of these were in senior Tabler is motivated by the Saadiyat Island project – the management positions with sense of being a part of the natural island just off Abu in the region on Saadiyat “I am adamant that TDIC not “We are also differentiated technical and financial history of Abu Dhabi. He adds: Dhabi city shores, which is Beach, and for a number of only ‘talks the talk, but walks by our determination to deliver responsibilities. My broader “This emirate is going through being transformed into a other alliances across the the walk’. to ‘best of breed’ standards experience encompassed a very exciting evolution into signature leisure, residential hospitality, construction and “Throughout our projects across all fields in which we project feasibility, concept the stately global capital and cultural destination. engineering sectors.” we have undertaken a slew operate and we have proven and real estate development, envisaged in the government’s Since its inception, the TDIC has since gone on to of environmental initiatives, this with the partnerships we brand creation and Urban Plan 2030. Abu Dhabi island has continued to be the master developer of from the protection of turtle have struck.” project management. is experiencing something capture global media attention the recently-opened, multi- breeding grounds on Saadiyat Another core principle of “Previously I was heavily of a cultural and hospitality – with news of the Sheikh experiential Desert Islands Island, to the upgrading of TDIC is to protect and promote involved in the entire real estate renaissance and is embracing Zayed National Museum, destination in Abu Dhabi’s a bird sanctuary on Sir Bani the cultural heritage of Abu the Guggenheim Abu Dhabi Al Gharbia (Western) region Yas Island – at the core of Dhabi, and this is reflected in Museum, the Louvre Abu Dhabi and the Qasr Al Sarab desert the Desert Islands project – to the various company projects. and other institutions. resort in the emirate’s famed the creation of environmental At Qasr Al Sarab, for Tabler says: “Believing that Empty Quarter. These flagship construction guidelines for our instance, there are authentic these buildings will be as much developments head a growing investors and developers. architectural touches, which a visitor draw as their contents, project portfolio, which now “These guidelines touch were implemented following we then went on to sign up comprises city centre business on materials to be used, no-go research from the UAE some of the world’s most resorts, exclusive gated island construction areas, noise University in Al Ain. eminent architects for their neighbourhoods and the mixed- and light restrictions and Whereas, on the Desert design. These include Lord use urban redevelopment of waste disposal. Islands, the company has Norman Foster, Frank Gehry, landmark areas. “Sustainability is drilled into endeavoured to use culture to Jean Nouvel, Zaha Hadid and In his presentation to TDIC’s corporate DNA.” its advantage. Even the signage Tadao Ando. delegates at Cityscape Dubai, TDIC has an advertising on Sir Bani Yas Island has “This was the start of Tabler intends to give insights campaign that states: ‘Because been made from wood taken a world-class partnership into Abu Dhabi’s recent sometimes it’s about what you from an unused dhow from approach that has now become hospitality renaissance and don’t develop that matters’; nearby Dalma Island and it something of a TDIC hallmark to outline the significant and Tabler believes that this has been fashioned in the style and that has since led us to investment opportunities which sums up the company. “From that was first created when the partner with golfing legend Gary have, and continue, to emerge the outset we have been totally destination was the private eco- Player, for the championship within the emirate. committed to environmental resort of the late UAE President Saadiyat Beach Golf Course and Tabler insists that the preservation and have adopted and Ruler of Abu Dhabi, His with St. Regis, for the operation commitment of TDIC to something of a leadership role Highness Sheikh Zayed bin of its first hotel sustainable development is total. in this arena. Sultan Al Nahyan.

development chain including, projects of a scale and planning and design, legal scope unimaginable in most review and co-ordination, as other places.” well as due diligence and The Cultural District on negotiation on land acquisition Saadiyat Island – which will and deal structuring for major be home to the world’s single mixed-use, hospitality and largest concentration of premier entertainment projects.” cultural institutions – is a case Tabler’s overall role is to in point. “A global cultural hub ensure the company’s strategic of this size and significance has plans and policies are delivered never been attempted in living TDIC headquarters

18 $ Cityscape official show daily $ Dubai 2008 CONFERENCE programme

THE LINE-UP: CONFERENCE AND SUMMIT PROGRAMME DAY 4: THURSDAY 9TH OCTOBER

12:15 The Attraction Of Attractions HOTEL & TOURISM INVESTMENT Darrell Metzger, CEO, Ruwaad Destinations, UAE WORLD ARCHITECTURE CONGRESS & DEVELOPMENT CONFERENCE Malcolm Ross, Chief Operating Officer, POST-CONGRESS WORKSHOP Seven Tides, UAE 10:00 Chairman’s Opening Remarks Manfred Ursprunger, CEO, QE2 Enterprises, Spotlight On Large Scale Lighting Projects and Sustainability Stephen Marney, Former Sky News Presenter, Nakheel, Dubai In Modern Lighting Design General Manager, Middle East Centre For Sustainable Led by: Jonathan Speirs, Partner, Speirs & Major Associates, UK Development, UAE 13:00 Lunch For Speakers And Delegates Workshop Timings: Registration will begin at 09:00 with the workshop beginning 10:15 Bigger, Better Or Budget? The Middle East Gap 14:00 Hotels Going Green: The Eco-nomics at 09:30. There will be refreshment break at 11:00. The Conrad Bigham, Director, Cushman & Wakefield Gary Lopez, Group Director Of Development And workshop will conclude at 13:30 with lunch. Hospitality EMEA, UK Planning, Jumeirah Group, UAE James Simmonds, Project Manager, Mubadala, UAE Members Of The Middle East Centre For James Lehouiller, President, Dileonardo Sustainable Development International, USA Mihir Thacker, Director Development Middle East & 15:00 Creating Luxury Design: Africa Intercontinental Hotel Group, UAE 5 star hotels on 4 star budgets Rohit Talwar, CEO, Fast Future, UK James Lehouiller, Chairman, Dileonardo Hala Matar Choufany, Director Middle East, International, USA HVS International, UAE Scott A. Lee, Senior Vice President, Principal SB Architects, USA 11:00 Networking And Refreshment Break 15:45 Chairman’s Conference Summary 11:30 Private And Boutique Hotels: The Market Squeeze Ananya Narayan, Senior Vice President, Global 16:00 Close Of Conference Strategy, Preferred Hotel Group, UAE Rod Taylor, Head of Hospitality & Tourism, Europe Arab Bank, UK

20 $ Cityscape official show daily $ Dubai 2008 programme CONFERENCE

WORKSHOP AND SEMINAR PROGRAMME DAY 4: THURSDAY 9TH OCTOBER

SEMINARS@CITYSCAPE DUBAI

11:00 – 12:00 11:00 – 12:00 16:00 – 17:00 REAL ESTATE AGENTS THEME ARCHITECTURAL THEME TECHNICAL SESSIONS SUPPLIER/VENDOR Corporate Culture & Services Dubai Towers: Innovations by Design Energy Efficient Mechanical Systems For Low Energy, t

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%FTJHO PROJECT MANAGEMENT THEME *OOPWBUJPO FIDIC – Contract Heaven Or Hell? 14:30 – 15:30 16:00 – 17:00 TECHNICAL SESSIONS SUPPLIER/VENDOR PROJECT MANAGEMENT THEME Integrating Customer Relationship Management (CRM) Developing The Right Skills For Managing Projects In A Fast systems into the business and building systems of real Moving Sector estate projects

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Dubai 2008 $ Cityscape official show daily $ 21 keynote SPEAKERS

SPEAKERS ONE-ON-ONE

Rina Plapler Michael Shvo Executive Director, FutureBrand President, Shvo

INTERNATIONAL PROPERTY INVESTMENT AND DEVELOPMENT CONFERENCE INTERNATIONAL REAL ESTATE INVESTMENT AND DEVELOPMENT CONFERENCE Topic: Emerging Marketing and Branding Trends in the Middle East Real Estate Market Topic: The Power of Impact Branding: Risk Mitigation and Return Optimisation Session timing: 11:10am today, Sheikh Maktoum Hall Session timing: 12:00pm today, Sheikh Maktoum Hall

Rina Plapler has worked at Plapler says that in the “They command better price Michael Shvo began his career purchase or it can steer them designers they admire, the FutureBrand for almost nine Middle East the real estate premiums, have longevity, as a real estate broker in New to your competition,” he says. hotels they stay in. In short, years, and has been based branding trends include the fact provide greater customer York, which, he says, allowed As CEO and president, – we immerse ourselves in in the Gulf for almost eight that high-priced developments loyalty and connect with him to learn first-hand what Shvo has a huge number of the buyer’s lifestyle and years. Prior to that she worked are continuing to woo buyers people in a way that a generic buyers were looking for in a responsibilities, but he sums then call on our rolodex at blue chip strategy firm with more extravagant efforts product does not. A company home. “By spending a great them up into one word - to of brand partners to best Gormley & Partners in the US. – private concerts, flights to can optimise this asset many deal of time with buyers – ‘inspire’. Shvo says: “My find the perfect match.” She says: “I feel my current Europe, etc. “We also see ways: expansion, franchising, listening intently to what their role is to inspire developers Shvo believes that a job is absolutely perfect for me cities and countries not just partnering, price tiering, etc.” needs and desires were – I grew to build something that has real estate project with the as I earned a Masters Degree promoting their developments, However, she questions to understand how to match never been built before, to right international brand from Harvard University in Near but themselves, with rebrands how many companies really their wants with what the inspire brand partners to think attached to it will out-perform Eastern Studies and majored for Abu Dhabi, Sharjah and a invest in branding. “A logo market had to offer,” says Shvo. outside of their traditional an unbranded real estate in Arabic and Islamic Studies. new ad campaign for Bahrain. and a brochure do not a “I quickly became very comfort zone, to inspire my project. “We’ve proven this “So now I get to do “New Urbanism was brand make,” she adds. successful, not because I was talented staff to never accept in New York and now we’re branding work in a part of definitely a hot trend this year, Through the years many necessarily smarter than the the status quo, to inspire our proving it in projects around the world I have always been with many companies featuring people have said that developer other brokers, but because I vendors to help us be the the world,” he adds. fascinated with, and involved it directly or indirectly as a core brands could charge a premium paid attention to what they first to market with innovative That impact is quantified with a culture and language part of their offering. On a more over others because of the had to say and I did my ideas and designs, and most by the increase in the cost I have studied for years.” concerning note, it seems that strength of their brand. Plapler Plapler is senior executive with delays, cancellations and adds: “I think it’s clear a strong director of consulting for various scandals, there’s a bit brand definitely can impact My role is to inspire developers to build something that has FutureBrand North America more of a dark cloud over the sales and rentals positively, never been built before, to inspire brand partners to think and Middle East. “That category than in years past. both in terms of price and ( outside of their traditional comfort zone basically means I work “In terms of real estate brand volume but obviously any with a very smart group of performance, Plapler suggests great brand needs to deliver. “If you are selling something homework to best understand importantly, to inspire home per square that a branded that is inferior, don’t try which product was available buyers to think beyond the development can achieve and charge top dollar. A to best meet their needs. tangible assets of the project versus the competitive product. basic of branding is being “Whereas other brokers and to imagine a lifestyle that Strategically planned and credible promising is easy, would waste a lot of time they never dreamed possible.” well-branded products will performing is hard.” showing prospective buyers Shvo says that he is always result in a higher selling In order to quantify the apartment after apartment, motivated by working with price and ultimately, greater impact of a brand, Plapler I typically never had to show talented individuals to build profits, according to Shvo. recommends that the more than one or two before projects and experiences that However, the wrong brand brand’s performance is I was able to close the deal, have never been built before. associated with a real estate annually benchmarked. because those one or two In terms of avoiding and venture can be devastating. “That way, its strengths, apartments perfectly met mitigating risks in branding “We’ve witnessed several weaknesses and maturity the criteria that the buyer exercises, Shvo says that developers that have gone are clearly measured was looking for,” he adds. it is imperative to ensure down the wrong path without Shvo started his company that the branding path you truly understanding the lifestyle Some of the world’s most innovative offerings are in the because he wanted to surround choose resonates with the of their consumer targets and himself with like-minded consumers’ wants and needs. choosing brand partners that region but, at the same time, we’ve seen some cracks and professionals who could work “It’s the fundamentals of have actually done irreparable (concerns, everything from the global economic crisis and together to help developers being a good marketer and damage to their projects and inflation to corruption, lack of transparency and delays build products based on salesperson,” he adds. resulted in lost sales and their in-depth understanding In real estate, brand overall poor market reception.” people in our consulting that Emaar is certainly the and can be tracked. of the marketplace. partnerships are a fairly new Shvo believes that brand team, helping to develop strongest across the Middle “Keep in mind, there’s He adds: “I’ve hired the phenomenon, pioneered and quality go hand-in-hand in strategic brand solutions for East. “There are pockets a continuum in customer best researchers, strategists, by Shvo. He says: “We’re terms of importance, he adds: our clients,” she adds. of strong local performers, behavior, starting with project designers, branding proud to have been the first “Why should anyone have to At Cityscape Dubai, Plapler but Emaar is definitely the being aware of the brand, to experts, marketing and company to introduce Armani make a choice between the will showcase FutureBrand’s benchmark by far,” she argues. ultimately being an advocate creative professionals and Casa, Philippe Starck, Jade two when you can have both?” fourth annual Gulf Real Estate Plapler suggest that we are in for it. internationally-savvy sales Jagger and the W Hotel to the Study and outline the notable an incredibly fascinating time “Depending on where a staff to bring a project New York property buyer.” trends, findings and insights in the Gulf as the real estate brand we are working with to life and to market. The process of selecting of the research. This will industry is at a crossroads. is in this spectrum, which “Because I understand a brand partner is about include brand performance “It has certainly matured we call the Hierarchal very well why buyers make understanding where the listings across the region, from 2000 when things in Decision Model (HDM), the choices that they do, I un-met need is in the opportunities for brands to Dubai were just starting. Some there are different needs personally enjoy the challenge marketplace, according to improve themselves, and the of the world’s most innovative and different success factors of crafting the sales centre Shvo. Once that is determined, overall state of real estate and amazing offerings are in that should be measured.” experience to make an it is about exploring what marketing from a branding the region but, at the same There are also more isolated/ emotional connection with specifically appeals to the and marketing perspective. time, we’ve seen some cracks indirect ways to test impact, the buyer. No detail is too buyer in product categories FutureBrand is a relatively and concerns, everything from including questioning whether small – from the images that outside of the real estate new brand consultancy. It was the global economic crisis and a new marketing and branding appear on the video monitor space. He adds: “Our research established with the objective inflation to corruption, lack of programme resulted in to the cushions on the sales and marketing group goes to of marrying strong consulting transparency and delays.” increased calls or visits to the office couch – consumers great lengths to investigate and world-class design to Plapler says that for those sales centre, or whether a new notice these details and it can which cars they drive, the create a firm that was future- companies that put the effort customer service programme make the difference between restaurants they dine at, the focused; creating powerful in, strong brands have been resulted in less complaints, making a home shopper feel fashion labels they wear, drives for today and tomorrow.” shown to be good business. according to Plapler. comfortable in making a the watches they buy, the

Dubai 2008 $ Cityscape official show daily $ 23 NEWS update

Omniyat targets three Colliers International deliveries in third year UAE launches Capital Developer to double current portfolio Investment Division

DUBAI – Omniyat Properties is looking to double its Unit established to satisfy growing current US$2.7 billion portfolio within the next two demand for high quality investments years and is preparing for three major deliveries in the first half of next year. DUBAI – Colliers International adds investment Speaking at Cityscape Dubai, Mehdi Amjad, CEO, services to its UAE business operations with said that the company is already gearing up for the the launch of its dedicated Capital Investment opening of Beachfront Living, Fusion Tower and its Division. The new business unit has been established signature Omniyat Tower in Business Bay – which to satisfy a growing demand for high quality will coincide with the developer’s third anniversary. investment opportunities in the booming Middle In all, the developer, which promotes itself as a 21st East region. century lifestyle provider, has eight projects currently Colliers Capital Investment Division enables under construction. investors to leverage the firm’s extensive “We are a niche developer which focuses on market intelligence and network of clients when design, technology and innovation,” said Amjad. investing in the global real estate market. In a credit-crunch busting move, Omniyat is With over US$1 trillion worth of projects underway planning to launch a major 20,774 square metre within the GCC, investors are becoming increasingly residential development in Bahrain at the end of sophisticated in their search for suitable opportunities. 2008, and open an office in Saudi Arabia. John Davis, CEO of Colliers, said: “Our aim is “We believe that there’s still huge potential in the to identify direct and indirect investment solutions GCC,” he added. “We are going to face challenges that can meet our investors’ target returns and in the short-term, but the key fundamental drivers risk profiles.” are very strong – good leadership, population growth, strong economies and strong demand.” He said that its investor pool is drawn far and wide, encompassing the UK, CIS, India, Pakistan and GCC countries. Commenting on the introduction of Law 13 in the Dubai market, which will tighten up off-plan sales, Amjad said it was a move he supported, adding that Omniyat stipulates that buyers must put down 30 US$4.4 BILLION percent before they can sell. “It will stabilise the market and encourage investors to take more of a long-term view,” he said. While he agreed that the current spikes in the Dubai market were not sustainable, Amjad said rates UPGRADE FOR were still affordable when compared with Singapore and London. “I think by the end of next year we will see everything settle down and a good balance between supply and demand.” Stand 4B30 WEMBLEY CITY Upscale hotel to A dynamic renewal for London’s open in the exclusive principal sporting venue Al Seef precinct ALDAR agrees deal with Swiss chain Dubai Properties UK – England’s premier sports venue, Wembley Stadium, has undergone a dramatic transformation at the hands of regeneration specialist, Quintain ABU DHABI – ALDAR Properties has announced launches integrated Estates and Development. the signing of an agreement with Swiss-owned The landmark ‘Wembley City’ scheme, which surrounds the world Mövenpick Hotels & Resorts for the operation of services subsidiary famous football stadium, will be showcased at Cityscape giving investors an upscale resort hotel. the opportunity to review the proposals for the US$4.4 billion project. The development, in the Al Seef precinct on the Asset and community management Nick Shattock, deputy chief executive of Quintain, comments: “The Al Raha Beach development, is the second hotel focus for regional clients transformation of the area around Wembley is very exciting and continues property to be developed and built by ALDAR as part our commitment to delivering visions, which transform world-class venues. of a strategic alliance between the two companies. DUBAI – Dubai Properties Group has launched “The launch of this dazzling project, leading up to the 2012 Olympics, The hotel will be an island resort with 300 Dubai Asset Management, an asset and community for which Wembley is an official venue, has the capacity to drive demand rooms in the residential precinct of Al Seef, in management subsidiary which provides integrated at the site. It will also see the creation of 7,000 new jobs and pump Al Raha Beach. services to clients regionally. US$263 million per year into the local economy.” Paul Bell, managing director of ALDAR Hotels & The newly-launched company, whose client When completed, the 365,000-square-metre Wembley City site will Hospitality, said: “The agreement we have signed portfolio includes more than 200 blue chip provide a combination of living, entertainment and business premises. This with Mövenpick Hotels & Resorts delivers on ALDAR’s companies, comprises five subsidiaries – Dubai will include 85,000 square metre of office and commercial space; 55,000 strategy of partnering with world class operators Security Group, Dubai Community Ventures, Baabel square metres of retail; 46,000 square metres of entertainment and who have the experience and scale to ensure Life, Enmaa Consultancy and Idama Facility Services. leisure, including a 10 screen cinema; 4,200 homes on 344,000 square the best facilities and services are delivered to Mohamed Binbrek, Group CEO of Dubai Properties metres of residential space; a luxury hotel; an apart-hotel; and will create our customers.” Group, said that Dubai Asset Management has been in the region of 7,000 new jobs. The retail offer includes a 14,000 square Andreas Mattmüller, of Mövenpick Hotels & established to manage the fundamental operations metre designer outlet centre, 13,000 square metres of sports related retail Resorts, said: “This deal with Aldar reinforces our of Dubai Properties Group developments and other and 13,000 square metres of restaurants, bars and cafés. commitment to providing Swiss hospitality to the leading communities around the emirate. Stand 1B01 Middle East and especially Abu Dhabi. “The company brings extensive experience to “ALDAR is developing some spectacular the market and will be a solid asset to community developments, like Al Raha Beach and Yas Island, partners with its full line of management services and we look forward to establishing our brand on and client focused solutions,” he commented. these landmark developments.” Stand 6F10 CITYSCAPE SOUNDBITE... Mövenpick Hotels & Resorts operates 18 properties throughout the Middle East and over 60 globally. MIMIT BHUTA, Stand 4G10 Director, Ajit Bhuta and Associates What were this event’s hot topics? Large-size development and investment opportunities in other Gulf countries as well as developing countries like India, Pakistan, China and Africa, as well as green development and architecture

24 $ Cityscape official show daily $ Dubai 2008 NEWS update

Zaya reveals plans for child-centric project Cityscape Dubai delegates provide acid test for development

ABU DHABI – Zaya will launch a new high-end family-centric development in March next year, according to the CEO, Nadia Zaal. The Makani development will be built at an undisclosed location in the UAE as a destination spa hotel resort, with a residential component. Zaal said that the company was using Cityscape German architects Dubai to refine the concept by asking potential tour show investors for their feedback on the plan. The family theme will be integrated throughout Group stunned by projects the project, with a child-only restaurant and specially design children’s rooms throughout the hotel and DUBAI – A group of 30 architects from Germany residential components. The project will also have were bowled over yesterday by the size and scale a strong well-being element, for the adults, with of the projects on show during a guided tour luxurious spa facilities and feng shui furnishings. of Cityscape. Zaal said that the company was looking across Architect Martin Wiedemann, from Berlin, said: the Middle East, at Oman and Qatar in particular, as “I think the skyscrapers are amazing. There is well Eastern Europe and Asia, possibly Cambodia or nothing like this in Germany. There is no chance Bhutan, for future iconic projects. to do that anymore in our country. Zaya released a limited number of additional units “They are not only imaginative here but very on its Nurai project, in Abu Dhabi, on the opening beautiful too. We will take back some amazing day of Cityscape Dubai 2008. memories.” Launched in May 2008, Nurai’s first release, Wiedemann, who has his own architectural ICE tower which constituted 70 percent of the development’s practice in Berlin, called Thuerigen and units, was sold out in less than a month. The Wiedemann, said his favourite project was the additional units being released include limited Palm Jumeirah. edition beachfront estates of 1,184 square metres, which sit on generous plots, each with its own private beach, as well as luxury contemporary water villas of 514 square metres. In August 2008 mobilisation on Nurai commenced, ABYAAR REVEALS CITYSCAPE SOUNDBITE... and today marine works are underway, including dredging, sculpturing of Nurai’s beaches, preliminary SIPKE FEENSTRA, infrastructure works as well as building the marina and associated marine and rock works. This is all in CCO, La Perla line with Zaya’s goal to meet its project delivery and THREE TOWERS International architects to deliver handover date, scheduled for September 2010. International Living A contractor will be appointed this week, and the a trio of unique ‘boutique’ properties How important is it for you to be present at this winner bidder will be bound to supply one beachfront and other Cityscape events? We are exploring and one waterfront unit in time for showcasing DUBAI – Following its recent corporate identity ‘re-energisation’, Abyaar and researching the possibilities of new markets in November 2209, when the Formula 1 racing Real Estate Development has announced plans for a trio of towers, each such as the UAE. I have heard positive feedback event comes to Abu Dhabi. At that moment the last featuring the design talents of indivual internationally-acclaimed architects. on previous editions of Cityscape. If Cityscape proves remaining units will be sold in an auction to the Abyaar’s philosophy of combining ‘prime location, award-wining successful, meaning that it was well advertised/ highest bidder. Stand RJ10 architecture, designer interiors and exceptional finish’ is increasingly visited, generated prospects and created brand grabbing the attention of buyers looking for properties better able to hold awareness, then we will consider participation in their value in the long-term, according to Marzooq Al Rashdan, Abyaar’s the other exhibitions in this area as well vice chairman and managing director. “This year Cityscape is providing us with a launch pad for three out- of-the-norm projects – ICE and Pier 8 towers – set within Dubai Marina F Towers debut - and the Dubai Arts District, set within IMPZ. All offer a different spin on lifestyle-living,” he commented. New mixed-use project for Fakhruddin “We always keep longevity in mind – architecture is timeless, yet Hard Rock Hotel set innovative and progressive. Our fundamental belief in a design driven for Abu Dhabi DUBAI – Dubai-based Fakhruddin Properties has process forms the foundation of our unique approach to the initiation, announced the launch of its latest project - F Towers conceptualisation and delivery of all Abyaar projects,” he added. Five-star chain will be ‘place to be seen’ in Downtown Jebel Ali. The ICE tower, designed by Australian architect Karl Finder, is inspired The US$245 million project will have 22 storeys by the natural beauty of Arctic icebergs. It will be located in the Dubai ABU DHABI – Global brand Hard Rock Hotels has and feature retail, commercial and residential as well Marina district and will feature 103 spatially-unique apartments with announced plans to develop a second hotel in the as extensive leisure amenities including a swimming balconies hidden within an architectural fissure. United Arab Emirates in Abu Dhabi. pool, health club and mini golf course. Designed by Atkins, the 39-storey tall Pier 8 building includes Hard Rock Hotel Abu Dhabi will be developed with Commenting on the launch, Yusuf Fakhruddin, apartments as well as two ultra-luxurious sky villas and three podium levels the Tasameem Group. The two companies also have CEO, said: “Cityscape Dubai is the ideal launch townhouses overlooking the marina yacht basin. plans for a second Hard Rock Hotel in Dubai. pad for any competitive real estate project, offering Completing the three projects is an innovative arts precinct set in “The focus is a five-star luxury hotel brand that massive exposure for the new project in a setting Dubai’s International Media Production Zone (IMPZ), to be called the adds personality to its properties through music, ideal for this purpose, as this is the definitive real Dubai Arts District. The commercial portion of the project is designed by entertainment and superior customer service,” said estate event for the region. RTKL and the residential facet is under the expertise of Marks Barfield Hamish Dodds, CEO of Hard Rock International. “Anyone, corporation or individual, who is serious Architects, renowned for their work on the London Eye. Stand 1D20 The tower hotel will be situated on the Al about real estate, makes a point of coming to Meena Road, which is currently being rebuilt as the Cityscape Dubai. predominant centre for shopping, entertainment, In addition to launching the F Towers project, leisure and hospitality in Abu Dhabi. Fakhruddin is also showcasing several of its other Reconstruction of the area will offer green parks, major developments, including Lake Central, pools, fountains and will provide dramatic views Maimoon Towers and Coral International. Stand RL10 of Abu Dhabi. Stand 6B30

28 $ Cityscape official show daily $ Dubai 2008 update NEWS

NAKHEEL REVEALS DESIGN ARCHITECTS FOR WATERFRONT CENTREPIECE RMJM poised to take on Madinat Al Soor project

DUBAI – Architecture firm RMJM has clinched a deal with Nakheel to design the one million square metre Madinat Al Soor mixed-use development. The Waterfront City project is a sustainable, modern pedestrian city for approximately 22,000 residents. Madinat Al Soor is master planned by Nakheel and the Rotterdam- based Office of Metropolitan Architecture (OMA) and it forms the centrepiece of Nakheel’s Waterfront project in Jebel Ali. Waterfront City aims to transform 130 million square metres of empty desert and sea into an international community for an estimated population of 1.5 million people. The development is composed of Madinat Al Soor, the Island, the Boulevard, the Resort and the Marina, and it will be twice the size of Hong Kong Island. Stand 3B10

Dubai 2008 $ Cityscape official show daily $ 29 NEWS update

New online tool for CITYSCAPE SOUNDBITE... investors in GCC KATIE HODGE Prelaunch.me goes live Regional Communications DUBAI – A new business-to-business web portal, & PR Manager, Atkins www.prelaunch.me, is dedicated to the most lucrative What do you think were this event’s hot phase of property sales. Prelaunch (also referred topics? World’s biggest, world’s best, to as presale in the US & EU) is the sale of limited world’s first… sustainability and integration units/floors at an early stage to a limited audience, will also be on everyone’s lips at a heavily discounted price enabling the investor to achieve exponential returns (historically 30 to 57 percent ROI, or 200 to 400 percent ROE) in a three- month period. Founder and CEO of www.prelaunch.me, Karl Land Department Haddad believes online websites such as this have huge potential due to the growing e-commerce market official talks up and dynamic real estate sector throughout the GCC. He said: “Until now there has not been a single Dubai market common online platform offering real estate investment opportunities, purely at the prelaunch Real estate business still booming phase. This is a different category of investor, a in the emirate niche in itself, and needs a different and targeted approach with a different financial lingo. Prelaunch is DUBAI – An official from the Dubai Land Department when all serious investors are looking to purchase to has given an upbeat assessment of the emirate’s real achieve the maximum ROE. To emphasise, there are estate market saying business is still brisk and there no resales, rentals, or post-launch sales that will be is no sign of a downturn. presented to investors.” Mohamed Sultan Thani, assistant director general of the department, told Emirates Business 24/7: PLUS PROPERTIES “Dubai is a small city, even if there is a price correction it will be small. Furthermore, even if there is an oversupply it can be absorbed in two or three years’ time.” The department is continuing to record sales TO ESTABLISH transactions of properties worth an average of US$190 million a day and sometimes even up to US$400 million, which Thani said was a clear sign of a robust property market. BEACH COMMUNITY He added: “When reports are published on the real estate sector, they have to be area-specific. In the Beachfront resorts attract huge real estate business, some areas perform well and some perform lesser than others. This does not mean interest from investors the whole property market will see a downturn.”

DUBAI – Two of the latest beachfront projects in the UAE, worth a combined US$313 million, from Plus Properties - a residential property in Dubai and residential and commercial towers in Ajman – have received a tremendous response at Cityscape Dubai 2008. Wave Residence 2 registered advanced interest valued at US$68 million, while the Tamara C and Starco towers were a significant attraction. “We are delighted with the superb response our latest beachfront projects have received at Cityscape Dubai,” said Georges Chehwane, CEO of Plus Properties. “Cityscape Dubai has proven to be a huge success this year. It is our observation that visitors to the exhibition this year are very discerning in their choice of properties, opting for projects that offer prime location and excellent investment opportunities.” Situated on the first row of developments directly on the beach, with a Meraas welcomes spectacular view of Palm Jebel Ali, Wave Residence-2 will be an exclusive Festival Centre residential concept. royal visitor The freehold residential tower – Tamara C and the freezone commercial gets makeover center – Starco will both be located strategically within Solidere’s Al Zorah Jumeira Gardens project attracting development. Major expansion of landmark water the Cityscape crowds These projects have been designed to cater to the growing demand for front retail resort quality commercial and residential spaces in and around Ajman. Plus DUBAI – The newly launched US$95 billion Properties will be among the first developers to start construction at the DUBAI – Festival Centre, the landmark waterfront Jumeira Gardens project from Meraas Development, Madinat Al Arab-Waterfront and Al Zorah, Ajman. retail resort that forms the epicentre of Dubai continued to wow visitors to Cityscape Dubai “We are committed to developing quality living and leisure concepts Festival City, is now undergoing a 60,386 square yesterday with an endless stream of visitors including with high business potential across the region. The keen interest we’ve metre expansion. His Highness Sheikh Majid Bin Mohammed Bin received for our projects serves to strengthen our belief that we are on the The Collection, will comprise a carefully selected Rashid Al Maktoum, who was welcomed to the stand right track. We would like to thank the organizers of this premier event for mix of over 170 premium boutiques, internationally- by Abdullah Al Habbai, chairman of Meraas Holding putting forward such an excellent platform”, concluded Chehwane. recognised flagship anchors, five-star day spa, and Sina Al Kazim, CEO of Meraas Development, the and will be the largest collection of luxury retailing subsidiary of Meraas Holding. in Dubai. The multi-billion dollar project will transform The Collection will be directly connected to the the heart of the city, regenerating the existing area prestigious Four Seasons Hotel Dubai Festival City, bordering Sheikh Zayed Road between Al Diyafa Street CITYSCAPE SOUNDBITE... ensuring exposure to an affluent segment of guests. in Satwa and the Business Bay Canal in Safa Park. Moreover, located alongside Festival Marina and Stand PB10 SANJAY TRIPATHI neighbouring waterfront pavilions, The Collection’s immediate catchment area encompasses the Marketing Director, Bloom Properties InterContinental Hotel Dubai Festival City, Crowne How important was it for you to be present at this and other Plaza Dubai Festival City, InterContinental Residence Cityscape events? It is the biggest B2B property show in the world Suites, The Event Centre, Four Seasons Golf Club and we are a UAE real estate developer, so this is an opportunity and the forthcoming W Hotel. Stand 1D30 for us to showcase our local, regional and international projects

30 $ Cityscape official show daily $ Dubai 2008 day three REVIEW

Asim Butt, Ghanshyam Mike de Dr Mohammed Investment Banker, Dubai, UAE The crowds I have seen says it all. What has also surprised me is the Jadeja Graffenried, Alqahtany, number of foreign investors. Given the economic climate, it’s great Planning Manager, CEO, Qatar First Research and Franchise Indu Projects, India Investment Bank, Qatar expert, UAE I am here on a fact-finding I’m interested in the whole Cityscape is showing great mission for the Cityscape development process. I’ve maturity now. What I would India show as my company come here to learn and like to see in the future is hoping to attend; but I understand, but a lot of what is more conference sessions really don’t think it can match I am seeing is notional. in Arabic as well as English Cityscape Dubai for scale

Khaled al-Harthi, Lola Guivarch, General Manager, Promoter, Sariin, UAE Nakheel, UAE The projects have been most We expected a lot of interest impressive. As an architect in the tallest tower project I am particularly interested but it has been tremendous. in the more flamboyant What is really interesting is projects like the new that the same people have Nakheel Harbour & Tower been coming back

Ali Faghieh, Dennis Johnson, Nancy Manager, Tribes Real Architect, H2L2, UAE Estate, Iran The projects I have seen Bruggemans, I am from Iran and I have up have been very attractive Commercial Manager, to 50 people a month asking but it is important to Nakheel, UAE me how and where they can have the right infrastructure This has been my first invest in Dubai. I think they in place. The needs of Cityscape and I’ve been would rather invest in Dubai the population must also very impressed with than in their own country be addressed everything. However I would like to know more about the sustainability of projects

TALK OF THE SHOW Day three of the 2008 Cityscape Dubai showcase saw even more visitors pour through its doors in record-breaking numbers

Dubai 2008 $ Cityscape official show daily $ 31 update NEWS

Trade Centre District DWTC ANNOUNCES COMMERCIAL PROJECTS Two major destinations to boost business base

DUBAI – Dubai World Trade Centre is planning two outlets; a range of luxury and business hotels and large-scale commercial destinations to boost the emirate’s serviced apartments – all set in open terraces, and tree- credentials as a global base for networking, business lined promenades. and lifestyle. Designed after careful analysis of industry demand and Dubai Trade Centre Jebel Ali and Dubai Trade Centre projected growth trends, the two new developments will District have been hailed by the company as two of the reflect Dubai’s rapid transformation as a global economic UAE’s most ambitious development plans to date. powerhouse, the company said. Dubai Trade Centre Jebel Ali is a seven-kilometre- The Dubai World Trade Centre’s CEO, Helal Saeed square integrated commercial destination anchored by Almarri, said: “Dubai Trade Centre Jebel Ali and Dubai a one-square-kilometre major exhibition complex, Dubai Trade Centre District form part of a strategic development Exhibition Centre (DBX). plan that will position Dubai as the destination of choice Close to the new Al Maktoum International Airport, for the global business tourism and networking sectors. DBX will have 120,000-square-metres of exhibition space “Furthermore, these two new developments will cement at launch, growing to 300,000 square metres by the our position as a leader in the global events industry.” final phase, providing a modern venue that is capable of DWTC is working towards contributing to the ambitious hosting the world’s largest and most prestigious events. Dubai Strategic Plan 2015, as laid out by His Highness The 100 percent increase in exhibition space provided Sheikh Mohammed bin Rashid Al Maktoum, Vice by DBX will also allow the scope to increase the size of President, and Prime Minister of the UAE and Ruler of some of the region’s most successful trade events, such as Dubai, which looks to grow the Emirate’s GDP by 11 Cityscape and Arab Health. percent a year over the next eight years, with a focus on Dubai Trade Centre District is positioned at the core growing tourism numbers by 15 percent. of Dubai’s business and financial district, encompassing Part of this will be driven by tourism and hospitality, the current exhibition centre and surrounding areas and with the convention and exhibition industry playing a stretching along Sheikh Zayed Road to Emirates Towers. major role in driving up business tourism numbers. The district will create a new business quarter at the DWTC is working towards a target of a one to 1.5 epicentre of the region’s most dynamic city, offering percent contribution to the emirate’s economy based premium grade A office space, high-end retail and lifestyle on global benchmarks.

Dubai 2008 $ Cityscape official show daily $ 33 industry report FOCUS

REAL ESTATE ACTIVITY REPORT AUGUST 2008: SAUDI ARABIA

GENERAL PRICE INDEX IN SAUDI ARABIA – TRENDS AND MOVEMENTS IN RESIDENTIAL LAND PRICES The volumes of deals dropped by 65.5 percent, to include all areas TRENDS AND MOVEMENT The prices of concluded deals fell by 6.2 percent during August at varying levels, led by Riyadh which dropped 69,000 square metres Since July 2008, the index of deals concluded during August with a cumulative rise of 3.4 percent since April, as a result to end at 36,000. Although rates are high, the investment in the continued its drop, this time by 5.7 percent in the commercial of an increase in low-price deals, an indicator that low-price commercial and investment land sector is marked by high fluctuations. buildings sector and commercial and residential land sector. The land outside residential areas in the capital have become the As a result, invested liquidity investment dropped by 67 percent decline was caused by the investor movements influenced by investors’ preference at a time when the average price is soaring. to a total of US$160 million, whereas Dammam accounted for 40 demand trends. Additionally this was due to a rise in the number of owners, percent (US$63.1 million). The volumes and values of deals are low in Riyadh. However, selling empty areas within residential land parcels, at the demand levels and volume and value of deals are on the up in the highest expected price. This of course affects the supply and TRENDS AND MOVEMENT OF COMMERCIAL BUILDINGS eastern province, namely in Al Khobar and Dammam, because the prevailing prices, where the average price per square metre (OFFICE) PRICES of commercial and demographic growth, we must also take into reached US$177, a price within the average that prevailed in The value of deals concluded in the commercial buildings sector consideration the fact that prices are well below prevailing rates in February, and which is still considered high and out of the reach dropped by 6.3 percent during August as expected. The leasing Riyadh, which led to a noticeable drop in price trends in general. of individual purchasing power. rates, which are still acceptable, bear pressure on the monthly In order to take advantage of the boom, demand for leasing The volumes of deals dropped by 49.6 percent during August activity concluded within the sector. investment land for varying periods has increased. Leasing and with a 52.8 percent decline in Riyadh, with transacted square The price per square metre reached US$3,000 for commercial investment requires less money than purchase, which means that metres totaling 2.7 million. buildings and US$4,000 for offices, compared to US$1,400 in more investors are interested in this field within the Kingdom, In Dammam, which started to assume a considerable percentage, at Dammam, which again proves its ability to attract more investment. leading to a decline in the volume of deals during August where times more than Riyadh, the amount of square metres transacted was The volume of deals fell by 64.7 percent, bringing the total to 43,000 the number of square metres transacted reached 6.7 million and 3.9 million, which shows the strength of demand in the area and which square metres with Dammam assuming 59 percent of the total. the cash invested represented almost US$1.5 billion, a level proves its ability to satisfy current demand and attract investment. With this, the volume of deals remains at extremely low levels incommensurate with market volume. The decline is a result of the Due to the decline in average prices and volume of deals, in comparison with the magnitude of the giant Saudi market, summer recession as the volume and values of deals dropped. liquidity invested in the sector fell by 52.7 percent, to US$1.17 specifically commercial buildings, taking into account the fact that Cash in circulation in the Saudi market has begun to take billion, with Dammam accounting for 29.5 percent (US$346 ownership is the preserve of long- established Saudi companies other routes away from the capital markets and real estate market million), with the rest attributed to Riyadh. and leasing is by non-Saudi companies. (within trading limits and ownership transfers for profit), which Liquidity invested fell sharply by 67 percent during August, at means waiting for further booms in other sectors where liquidity TRENDS AND MOVEMENT IN COMMERCIAL AND INVESTMENT a total value of US$126 million, with Riyadh accounting for 80 was geared. In particular this includes the commercial sector at LAND PRICES percent, and deals concentrated on offices in the country’s capital. domestic, regional and even global level, in view of the stability The average value of deals on the commercial and investment front of returns in the sector and the diversity of its components, which fell by 4.9 percent in August, at a time when further drops are Data provided by Mazaya Real Estate Index provide the advantage of reducing risk depending on the degree of expected depending on the areas of implementation concentrated diversification. This also takes into account the fact that the Saudi in major cities other than Riyadh, and also depending on levels real estate market has a lot to accomplish before it stabilises, or of demand and recorded activity in the eastern region and high reaches saturation levels. average prices in the capital, which equate to US$5,108. This price level will impact on activity levels and facilitate the ‘escape’ of domestic and foreign capital to other sectors. KSA PRICE INDEX MOVEMENT 1100 The recorded price level has led to higher levels of leasing investment land, as an interim solution to the problem of price hikes.

1050 Dammam recorded prices topping US$3,600 caused by strong demand, which means that prices are on the way to increasing

1000 rather than declining, to the benefit of all parties, and maintaining growth rates targeted by the Saudi economy.

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Dubai 2008 $ Cityscape official show daily $ 35 industry report FOCUS

REAL ESTATE ACTIVITY REPORT AUGUST 2008: QATAR

GENERAL PRICE INDEX IN QATAR – TRENDS AND MOVEMENT TRENDS AND MOVEMENT IN RESIDENTIAL LAND PRICE Deal volumes went up by 2.1 percent as a result of high activity The general price index covering deals concluded during August The value of deals concluded on residential land plots during levels and the stable prices of implementation, which pushes declined by 2.5 percent, with a cumulative rise of 4.4 percent August fell by 6.2 percent with a cumulative rise of 3.6 percent, activities and deal numbers up from one month to the next. since April, in reference to the easing of price increases, whether indicating a decline in the price of development implementation, A new level of 93,000 transacted square metres was recorded. it was because of the drop in the number of deals or the various which forced investors to seek locations with low prices. This has brought the activity to third place in the Gulf after the sites of implementation. The average price of development implementation reached UAE and Oman. The values of deals went up by 1.8 percent Current demand is focused on sites and areas with low prices US$769 per square metre, placing the country third within the Gulf as prices stabilised. The total liquidity circulated amounted to which are expected to rise owing to the reluctance of owners and after Oman and Saudi Arabia, but fourth after Kuwait, the UAE and US$174 million. investors to engage in buying, selling and leasing activity to combat Bahrain, which shows that the Qatari residential land sector is still supply decline and then raise prices in different increments. attracting Gulf investors at prevailing prices according to current and TRENDS AND MOVEMENT IN COMMERCIAL This poses a new challenge to the Qatari real estate market in expected levels of activity and development. BUILDING (OFFICES) PRICES particular, and the economy in general, as a result of high inflation For the second month in a row, the volume of deals has declined The prices of the deals concluded on the commercial buildings and government spending on infrastructure, which is the basis by almost the same rates – 13.1 percent, thus reaching the levels sector dropped slightly by 1.7 percent during August, while the for development. seen in January. In fact, a pack of elements caused this to happen; cumulative rate increase reached 12.3 percent since April 2008. The volume of deals fell by 11.8 percent due to a drop in land, foremost is soaring prices, especially in desirable locations. The deals recorded certain price jumps eclipsing the commercial apartment and office supply while owners wait to secure higher The shortage of supply also played a role where factors such as land sector as owners were free to price the commercially-ready prices. In the meantime, the gap between supply and demand that developing the infrastructure affected deals, even hampering their areas where comparisons are difficult due to location and finish the commercial real estate sector faces is becoming wider where delays conclusion or leading to a rescinding of the agreement. quality. The US$4,000 per square metre rate placed Qatar second in connecting the essential services of electricity and water to the The amount of square metres transacted amounted to 885,000. in market comparison after Bahrain. waiting completed towers, puts pressure on prices and limits supply. With this, the activity in the sector secured third place at Gulf level The volume of deals, however, dropped by 12.8 percent, The volume of square metres transacted across all sectors after Saudi Arabia and Oman, showing a high in demand levels. bringing the cumulative rate increase to 184.7 percent since reached 995,000, 88 percent of which went to the residential land Liquidity invested also fell by 18.5 percent, affected by the decline April, and the number of transacted square metres to 16,000. The sector, indicating its sizeable components and number of deals, in the prices and deal volume, reaching US$687 million, coming monthly rate of fluctuation is seemingly up, according to demand and colossal projects aleady implemented. The commercial sector nearer to the levels seen last March, with no sharp rises since then. where the sector’s components are affected by commercial activity, was able to maintain acceptable liquidity values nearing the levels and taking into account the fact that commercial and financial seen last March despite a 15 percent drop, reaching US$934 TRENDS AND MOVEMENT OF COMMERCIAL competitiveness is at its highest among the countries of the region million, 73 percent of which was attributed to the residential AND INVESTMENT LAND PRICES who endeavor to account for the lion’s share of activity. sector, 19.2 percent to the commercial sector and 7.8 percent by The deals concluded in the commercial and investment land sector The values invested dropped by 14.3 percent, due to the drop in the commercial buildings (office) sector. dropped slightly by 0.3 percent, with a cumulative rise of 3.9 percent volumes and average price of deals, and the high degree of fluctuation The Qatari real estate market is noted to be undergoing a slight since March 2008. Average prices usually increase gradually, but no in the number of deals, with commercial buildings as the benchmark. stabilisation in average prices and deal volumes both for direct and ups or downs have been recorded lately. Yet, the average price revolved Total liquidity invested totalled The liquidity invested totalled indirect reasons: the objectives of owners and investors to achieve in the range of just under US$2,000 per square metre, falling into US$66 million, a rate that brings Qatar to second position in the the highest returns possible, and the shortage in supply due to non- fifth place after Kuwait, Saudi Arabia, Bahrain and the UAE. rankings after Saudi Arabia, and slightly eclipsing the commercial delivery or servicing. Commercial land prices are not expected to be affected by what buildings sector in the UAE. Yet, prices remain the independent variable which controls all other is happening in other sectors as deals concluded have dropped, trends in spite of legislation and controls set by the government. and the required liquidity is immense. Data provided by Mazaya Real Estate Index

QATAR PRICE INDEX MOVEMENT 3200

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Dubai 2008 $ Cityscape official show daily $ 37 DAILY TOPIC oxford business group

TOUTING FOR TRAVELLERS Yemen’s Tourism Promotion Council has set up its budget for 2009, as well as its plan for the next tourism season, with clear intentions to attract international travellers to supplement its perilously low GDP, according to a report by the Oxford Business Group

Yemen is primarily a rural Many of these are now keen to important measures directed projects in Yemen. The US$500 country, with 75 percent of invest in tangible assets, such as by the government in building million developments are the populace living outside real estate. They remain the key infrastructure have made a part of a series of signature urban areas. As the poorest investors and buyers in terms of considerable difference, as projects that EIG intends to country in the Middle East, real estate and construction. has a pledge of US$4.7 billion establish in the country. it also suffers from severe Yemen continues to be one from Gulf Cooperation Council Al Qudra, Emaar and development challenges, of the least developed real (GCC) countries to help develop Tameer are all expected to including water scarcity, estate markets in the Middle the country’s infrastructure. nurture a presence in the high unemployment and an East and North Africa. There The largest foreign capital, according to OBG. In underdeveloped infrastructure. is also a serious lack of Grade investments to date have been Aden, several large mixed-use According to a recent report A facilities in the retail, office, in real estate, with developers developments are planned. released by the Economic and residential and, until recently, from the GCC having announced The largest of these is Ferdosa, Social Commission for Western hospitality sectors, all of which plans for the cities of Sana’a which is expected to receive an Asia (ESCWA), economic growth are currently experiencing and Aden. The projects in investment of US$10 billion. in Yemen was estimated to increasing demand, according Sana’a include Majid Al Yemen’s growing population be approximately 4.3 percent to the Oxford Business Group Futtaim’s Bab al Yemen, a has created an increased for 2007, which represents (OBG) report to be released in mixed-use residential complex demand for housing. Demand no change from 2006 and The Market 2008 update. in the city centre, and Qatari for upmarket residential continues to fall short of the The lack of advanced Diar’s US$500 million Al properties is mostly for villas, target set by the government. infrastructure has been the Rayyan Hills project in the which most people choose However, Yemen also has a major deterrent to international new suburb of Fajj Attan. to have built themselves, significant number of high-income investment, with foreign cash In March 2008 the Emirates meaning that land is the most residents, as well as a large inflows thus far having been Investment Group (EIG) sought-after commodity in real segment of the population living directed almost exclusively at announced Sana’a Terraces estate. However, the biggest and some of the country’s to be allotted for offices has and working outside the country. the oil and gas sector. However, and Sana’a East as its flagship driver behind the residential islands will, however, be yet to be established. property market in Yemen is open to foreign purchasers. Hospitality and leisure the expatriate community, Large regional real estate development has been limited which is purchasing land investors are eyeing the by a perceived danger to tourists on which to build villas in Yemeni market, with Al from disaffected parts of Yemeni the south of Sana’a. Qudra, Diar, Emaar and society. The government is Another factor encouraging Majid Al Futtaim all planning now making serious efforts to expatriate investment is the developments in the capital. entice tourists to Yemen, so weakening Yemeni riyal, which Office space is arguably the far focusing mainly on visitors gives higher purchasing power most underdeveloped segment from GCC countries, who are to foreign currency holders. of the real estate market in attracted to Sana’a and Aden. Yet foreigners are currently not Yemen, and one which could The Ministry of Tourism allowed to purchase property prove central to the country’s recently reported that the in Yemen. The large, mixed- further development. With number of tourist in the first use real estate projects which an economy which remains quarter of 2008 had declined are planned in Sana’a, Salalah dependent on agriculture against the same period in

The largest foreign investments to date have been in real (estate, with developers from the GCC having announced plans for the cities of Sana’a and Aden.

and international companies 2007. However, the government establishing a substantial is also trying hard to improve the presence in the country, tourism sector. Yemen’s Tourism demand for formal, high-end Promotion Council has set up office space has been low, but its budget for 2009, as well is now being stimulated by as its plan for the next tourism Yemen’s potential for liquid season, which will include natural gas (LNG) production, participation in international according to the OBG report. travel trade exhibitions and the The only Grade A office implementation of an investment facility in the capital is found in promotion programme. the Sanaa Trade Centre (STC), In retail, the first international which has an expanding waiting retail player in Yemen was list. Many of the villas in the EMKE Group’s Lulu Centre in newly developed residential Aden, which opened its doors areas are also being rented in September 2006. The EMKE as office space. Most tenants Group also established the are international companies, 60,000 square metre Aden Mall. embassies, international Based on gross leasable organisations and non- area, OBG estimates that governmental organisations. air-conditioned mall space However, the situation is is around 0.0072 square now changing, with new stock metres per capita, a very rising more quickly than in any small amount in comparison other sector. Most mixed-use to the GCC average of 0.35 developments announced in square metres. This is a telling Sana’a include commercial reflection of the country’s space, although the proportion lower per capita income.

38 $ Cityscape official show daily $ Dubai 2008 OVERVIEW kuwait

MARKET OVERVIEW: KUWAIT

City of Silk

In recent years Kuwait’s the US$132 billion city is set to economy has enjoyed increasing include the world’s tallest tower, revenues from high oil prices several designated zones or as well as income from ‘cities’ for media, sport, culture, government assets abroad. The health and business, and is ministry of finance announced due to be completed by 2030. that for 2006-7, Kuwait’s It will also include a National stock of foreign investments Wildlife Sanctuary and parks. had reached US$250 The IMF estimates that Kuwait billion and had generated has the third highest GDP per US$29 billion of revenue. capita in the Middle East of The Economist Intelligence US$33,000. The population Unit estimates that for 2008-9, is increasing rapidly and has fiscal revenue will come grown from 2.2 million in 2000 predominantly from the oil to 3.3 million in 2007. Over sector and from the proceeds three-quarters of the population of oil revenue invested abroad, (78 percent) is aged between and will reach US$119 15 and 64 years. As a result, billion. Although the Kuwaiti the construction sector has FDI Source: fDi Intelligence from the Financial Times

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ZFBS underway include the US$250 metres of retail space, and United Nations Development investment projects with Hempel Group (Denmark), Dow The freehold market is million Kuwait Business Town the Mall of Kuwait with over Programme. Kuwait is Chemical (USA) and Barnies Coffee & Tea (USA) among therefore driven by demand which will create a Central 150,000 square metres of hoping to position itself as an the top 10 from Kuwaiti nationals. The Business District with nine space. According to Colliers inbound GCC business tourism government provides financial office towers, shopping malls, a International, the GLA of retail destination with an emphasis assistance for its citizens via convention centre and a hotel. space will reach 1.15 million on business traveller meetings the National Savings and Loans The increasing number of square metres by the end of and exhibitions. Data from Bank in order to help anyone expatriates and spending power 2010. In 2006 the average OBG shows that from 2004 CAPEX US$BILLIONS over the age of 21 to purchase of the local population has annual rent was US$635 to onwards, 70 permits were property. With the increases in meant that the retail sector is US$1,140 and, by 2006, had issued for hotels, of which 22 4.00 property prices, first time buyers experiencing significant growth. increased by approximately are under active construction. are now looking for smaller In 2007, the first phase of 17 percent year-on-year. The number of hotel rooms properties. Data from Oxford The Avenues Mall opened with Although not previously currently stands at 4,600 but 3.00 Business Group (OBG) shows a GLA of 160,000 square considered a major tourist OBG anticipates this could that the average property price metres and investments destination, as part of Kuwait’s increase to as many as 16,000. 2.00 is US$889,000 and developers say the biggest demand for property is in the price 1.00 range between US$315,000 Market data and US$420,000. Global .09 0.02 Investment House anticipates YIELDS BY ASSET CLASS 2006 2007 significant under-supply in the residential market, with figures % 2005 2006 2007 from the Public Authority Office 10 10 10.5 for Housing Welfare showing Residential - villa 8.5 8.5 8.5 government is investing to seen increasing levels of activity 79,894 applications as of Residentials - apartment 11 10 10 improve oil production and and residential property is the mid-2007 and a waiting list of Retail 10 10 10.5 refining capacity the 2009-14 main driving force of demand. 30,414 individuals for housing. Hospitality N/A N/A N/A strategic plan aims to diversify A report by Global Investment The commercial sector has the economy into areas outside House shows real estate and begun to develop as a result the hydrocarbon sector. construction accounted for six of the events taking place A recent report by the IMF percent of Kuwait’s GDP in 2006 in Iraq, and the potential SUPPLY recommended that Kuwait and estimates that over the next business opportunities arising should ‘support private sector- five years the private sector will from Iraq’s redevelopment. Sector 2004 2005 2006 2007 2008e 2009e 2010e led investment and growth invest up to US$8 billion in Kuwait is well-positioned to Residential by bringing capital market, real estate and construction. act as a base for companies (No. of Units) 131,215 140,793 151,071 162,100 173,933 186,630 200,254 companies, competition, The residential market is wishing to access these new Office (GLA m2) public-private partnerships and the backbone of the Kuwaiti business opportunities and the (Manama) 287,980 304,436 312,664 289,626 304,107 319,312 335,278 privatisation laws in line with construction sector and accounts commercial property sector Retail (GLA m2) best international practice’. for approximately 67 percent has expanded in anticipation (Manama) 218,339 243,339 291,439 367,939 801,607 1,035,057 1,181,057 As part of Kuwait’s efforts of buildings. However, Kuwait of this increased demand. Hospitality (4&5 Star Rooms) to diversify its economy, it has, so far, not opened up its However, OBG anticipates (Manama) 3,843 4,419 5,082 5,845 6,721 7,730 8,889 is undertaking a flagship real estate market in the same that there is likely to be a development called City of way as other Gulf nations, and surplus by 2010 and there will Supply figures are total of Kuwait Silk. Built on an area of 250 currently foreigners are not able be 450,000 square metres Office Supply - Grade A, Retail Supply - Shopping Malls square kilometres and situated to buy or own property. This has of office space by 2009. The e = expected, f = forecast in Subiya opposite Kuwait City, created a growing rental market shortfall of demand had led

40 $ Cityscape official show daily $ Dubai 2008 oman OVERVIEW

MARKET OVERVIEW: OMAN

Over the last few years, the and training is a major recent years and data from and an increasing numbers of Oman economy has continued focus for the government. Oxford Business Group (OBG) companies into the country. its vigorous growth and Oman has a population of shows that average prices As a result, demand for experienced GDP growth approximately 2.6 million and have increased from US$195 commercial space is steadily FDI of 5.7 percent in 2006. is growing at a rate of 3.2 to US$260 per square metre increasing, and OBG data Source: FDi Intelligence from the Financial Times Surpluses from high oil prices percent, with per capita GDP in 2004 to US$390 to shows that monthly rental Figures from January 2003 to August 2008 have enabled the country’s at US$19,000. High liquidity US$520 per square metre in rates for offices increased from government to undertake and population growth have 2007. Prices for prestigious US$6.5 per square metre to REPORT HIGHLIGHTS a programme of economic led to continued expansion developments such as US$29 per square metre in t
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reform in a bid to diversify the of the construction sector The Wave, range between 2006. Sale prices have risen recorded a total of 116 investment projects from economy away from reliance on and the value of construction US$2,300 to US$4,400. from US$390 to US$520, to 94 companies declining oil and gas reserves. projects under development Monthly rentals for a two US$780 up to US$1,040 in t
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Oman has signed several in 2007 was approximately bedroom apartment in Shining 2007. A number of buildings accounted for 16 percent of projects free trade agreements as US$30 billion. In 2006, a Shati, the latest development are under development and t
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part of the government’s law was introduced allowing to come onto the market, are mixed-used developments accounted for 18 percent of projects continued push for economic foreigners to purchase property approximately US$2,200. such as The Wave, Muriya and t
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diversification through the in certain designated areas Some of the larger projects Al Khuwayr have a provision investment projects with EMKE Group (UAE), Landmark development of infrastructure, and the influx of expatriate under development include for commercial space. OBG Group (UAE) and Orascom Group (Egypt) among the top manufacturing, tourism, workers has also contributed to Blue City (Al Madina A’Zarqa) estimates that a total of 10 companies commercial and residential rising demand for real estate. with 6,000 residential 150,000 square metres of t
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projects. The government is A report by Global Investment units, The Wave with 4,000 space is due to be released Muscat and Suhar, providing 32 percent and nine percent promoting greater private sector House states that projects such residential units and Omagine over the next three years, investment projects respectively involvement in the water and The Wave, Blue City, Yitti and with 3,900 residential units. although this is unlikely to electricity sectors. It has also Muscat Golf and Country Club When completed, the six satisfy future demand. embarked on a programme of have attracted investments of largest projects will provide Until recently, the retail ‘Omanisation’ to increase the between US$10 to US$12 an additional 17,660 units. sector in Oman remained number of Omani nationals billion, and are driving demand. Oman’s large industrial relatively underdeveloped but employed across all sector Residential unit prices and tourism projects have rising incomes, increases in and, as a result, education have doubled in Muscat in attracted foreign investment the number of international CAPEX US$BILLIONS visitors and increasing demand for international brands has 4.00 resulted in the launch of several new retail developments. 3.00 Market data According to figures from YIELDS BY ASSET CLASS Retail International, at the end of 2007 approximately 2.00 % 2005 2006 2007 68,000 square metres of new Office 10 10 11 gross leasable area (GLA) 1.00 Residential 10 8.5 9 had been planned for retail Retail N/A N/A 7 space, and it is anticipated 0.84 1.09 4.50 Hospitality N/A 6 7 that another 75,000 square metres is scheduled to be 2006 2007 2008 completed by 2011. The Muscat Grand Mall SUPPLY is being constructed in the Al Khuwair district of the Two malls are being retail centres, golf courses Sector 2004 2005 2006 2007 2008e 2009e 2010e capital and will cover 61,000 developed in Sohar a 36,000- and other leisure facilities. Residential square metres of prime real square-metre project by the Yenkit Tourism Development (No. of Units) 440,715 450,653 460,815 471,207 481,832 492,698 503,808 estate. It is part of the Tilal Al Safeer Group and the Al is developing a US$2 billion Office (GLA m2) Khuwair development project Masa Mall, by the Sharaf integrated resort which (Muscat) 86,384 90,703 95,238 100,000 105,000 110,250 115,763 and includes commercial, Group, which opened in late- will consist of four five-star Retail (GLA m2) residential and retail space 2006. Capitalising on the hotels, golf facilities, a beach (Muscat) 157,143 182,007 246,448 284,896 309,396 365,996 365,996 (due for completion in 2009). success of its free zone and club and nature reserve. Hospitality (4&5 Star Rooms) Retail leasing rates vary increased tourism activity, The project is in response (Muscat) 2,990 3,105 3,426 4,106 4,572 5,205 5,986 according to location, and the first large-scale shopping to the government initiative OBG calculates an average centre in Salalah is also to create a tourism corridor Supply figures are total of Oman square metre rent of US$26 to being developed by United stretching along the coast from Office Supply - Grade A, Retail Supply - Shopping Malls US$31, and space in higher- Real Estate Company. Muscat to the southern city e = expected, f = forecast end shopping malls at around Tourism in Oman has of Sur. The Muscat Golf and US$41.6 up to US$49.4. grown impressively and the Country Club is a residential government aims to increase and leisure development the contribution of tourism to which is also attracting GDP from 0.3 percent in 2003 considerable investor interest. to 1.4 percent of GDP by 2010 According to OBG, the and three percent by 2020. In number of rooms in Grade order to achieve these targets, A hotels currently stands at the government budget for 2,144 and four-star hotels the promotion of tourism has provide another 1,500 rooms. increased from US$10 million It is estimated that over 1,000 to more than US$30 million. rooms will be required every Demand for hotel rooms has year in the next three years continued to outstrip supply, to meet forecasted demand. and OBG figures indicate that Oman is focusing on high-end the RevPar in Muscat has risen resort tourism, with the prime by 52.8 percent to US$152. market continuing to be defined Room capacity is expected to by the Shangri-La Barr Al double by 2012 and a number Jissah which has enjoyed of large mixed-use projects an average occupancy of 65 are under development which percent since its opening will include hotels, marinas, in February 2006. Master plan of The Wave, Muscat

Dubai 2008 $ Cityscape official show daily $ 41 cocktail party EVENT

(L - R): Paul Scoble, IIR Middle East; Melissa Harris and Patricia Brown, UKIP Business Television

(L - R): Samer Halabi, Mark Bayyari, KONE; Hasan Hamshari, Hapco Group; Khalaf Al-Maddan and Yazan Abu Suleiman, KONE

(L - R): Johannes de Long, KONE; Richard Vaughan, VSH International; and Esa Maenpaa, KONE

(L - R): Peter Norgaard, Jonathan Kinsley, Cathy Lee, Courtney Davies, Andrea Viana and Matthew McCallum, Arquitectonica

A NIGHT OF NETWORKING The annual Cityscape Dubai Cocktail Party was a fitting finale to wrap up three days of interactive social events. Delegates headed to the popular Mina A’Salam hotel on the Jumeirah coastline for an invitation-only night of networking, music and magic.

Dubai 2008 $ Cityscape official show daily $ 43 EVENT cocktail party

(L - R): Jean-Marc, Sama Dubai; Danielle Grossenbacher, (L - R) Gordon Thomson, Formation Architects; Mohamed Mohideen, KONE; and Christopher Ginter, Nasa Multiplex Brown Harris Stevens: and Emily Crutcher, Jones Lang LaSalle

Tracey and Conrad Bingham, Conrad Bingham

(L - R): Annika Yamashita, VSH International; Francis Tan and Mahar Mallah, ALDAR; Marina Vlasyuk, Rustar; and Eriny Derkach

(L - R): Lindsay Urquhart, Kate Owens and Krista Shearer, Bespoke Worldwide (L - R): Joanna Michalak, Polish Economic Development Office; Omar Abdel Razek, Gulf International Cancer Center; Ghizlane Remmal, Era Projects; and Saadia Hassan, Manazel

44 $ Cityscape official show daily $ Dubai 2008 REVIEW day three

AJAY RAJENDRAN, Vice Chairman, Sobha Real Estate Group What do you think were this year’s hot topics? The media has been rife with news of a correction in property prices. In the short- term, pessimism born out of this will have a marginal effect. I believe that globally, realty markets tend to have a short-term memory. With industry specific exhibitions like Cityscape, one will definitely see a return of customer confidence

HUSSEIN FAKIH CEO, Mina Al Fajer What have been this year’s hot topics? Investors have been looking at new growth areas, as well as environmental sustainability issues which have become a major concern for a growing number of developers, including us. This is why from the onset we have chosen to develop a concept that seamlessly incorporates nature into our project to reflect our commitment to preserving the beauty of nature and harnessing its potential for sustainable development MR WONG HEANG FINE CEO, CapitaLand How important was it for you to be present at this and other Cityscape events? Cityscape is one of the most important and influential property exhibitions in the region, combining both industry and general public focus into four days of intense competition for the attention of the attendees. As a platform for networking and knowledge sharing, it is unparalleled, and thus it is one of our target industry events for both this year and the next few years FROM THE SHOW FLOOR The Cityscape team spoke to visitors and exhibitors from the region, and beyond, to get their opinions on another exciting day of industry interaction throughout the eleven exhibition halls. For the third day running, the feedback was unanimous on the event’s continued success

46 $ Cityscape official show daily $ Dubai 2008