DOCSLIB.ORG

Retail Market Snapshot

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Retail Market Snapshot MENA RETAIL MARKET SNAPSHOT 2013 Accelerating success. RETAIL MARKET SNAPSHOT | 2013 | MENA | INTRODUCTION INTRODUCTION • The MENA region is categorised by two very diversified groups in 482 offices in terms of income and population; 62 countries on o The Arabian Gulf (GCC) countries, enjoy some of the highest per 6 continents capita levels in the world with small population bases, and supported by the registered growth in their oil-based economies. United States: 140 Canada: 42 o Conversely, there are other neighbouring countries in the region, Latin America: 20 some of which have undergone recent regime change, that are Asia Pacific: 195 characterised by a large population base, low GDP per capita and EMEA: 85 significant segments of the population living below the poverty line. • $2.0 billion in revenue • In this report, we take a quick snapshot of the following retail markets; • More than 13,500 employees • 5,100 brokers o Dubai. • $71 billion in transaction volume across more than 78,000 sale and lease transactions o Abu Dhabi. • 1.1 billion square feet under management o Cairo. SERVICES OFFERED BY COLLIERS o Muscat. INTERNATIONAL o Doha. • Retail Development Consultancy. • Retail Zoning & Mix Strategy. o Riyadh. • Tenant Coordination. o Jeddah. • Retail Leasing Services. • These markets have been acknowledged as the most active and • Property Management. promising across the region, in accordance with the existing dynamics pertaining to the Retail Demand Drivers. • Project Management. • Strategic & Business Planning. RETAIL DEMAND DRIVERS • Economic Impact Studies. The profitability of any retail offering is highly dependant on the level • • Market & Competitive Studies. of demand for retail space in the targeted market. • Highest & Best Use (HBU) Studies. • By “demand”, we mean the amount of retail space required to absorb retailer’s space requirements and fulfil the needs of customers within • Market & Financial Feasibility Studies. the targeted market. • Financial Modelling. • The spending potential and trends of the population residing within the vicinity of the catchment areas (Primary, Secondary and Tertiary), typically determine the majority of the demand for local retail goods and services. • This demand can be modelled using various quantitative and qualitative methodologies, such as; For further information please contact: o Population. Stuart J. Gissing o Income Levels. Regional Director | Middle East [email protected] o Consumer Confidence. Mansoor Ahmed MAS, MSc o Retail Trends & Product Penetration. Director | Development Solutions [email protected] o Investment Climate. Duncan Gray, BSc (Hons) MRICS MRTPI o Existing Product. Director | Head of Retail (MENA) [email protected] • Apart from these local demand drivers, residents of others areas also compose and contribute towards the demand for retail in the any targeted market. Colliers International P.O. Box 71591 | Dubai | UAE Colliers International Retail Snapshot provides a brief look at the Main: +971 4 453 7400 key dynamics impacting the major retail markets within the MENA region and the pertinent future outlook. 2 | COLLIERS INTERNATIONAL | WWW.COLLIERS.COM RETAIL MARKET SNAPSHOT | 2013 | MENA | RETAIL MARKET Dubai MARKET OVERVIEW • Over the past decade, developers and retailers have aligned their growth with the concurrent expansion of the tourism market which saw the introduction of multiple regional and super-regional developments. As Dubai continues to deepen its tourism offer, we are witnessing a shift in the retail landscape to include new formats of shopping, entertainment and dining destinations. • The new formats include “Single Category Destinations” co-locating in nodes or sub-districts adjacent to established retailing centres. • The retail market in Dubai is expected to witness a continuation of new global brand penetration. SUPPLY • The Dubai retail market is dominated by Super Regional malls, representing 68% of the existing supply within the market, whilst new developments have been focused on smaller formats such as community retail. Retail Supply in Dubai Dubai’s supply continues to be heavily focused on larger format destination shopping 3,500,000 14% • malls 3,000,000 12% • As of end of 2013 Dubai’s cumulative shopping mall supply exceeded 2.5 million m² 10% of GLA, achieving an increase of 2% compared to 2012 supply figures, with the 2,500,000 opening of City Walk and the expansion of Al Ghurair Centre. 8% (m2) 2,000,000 Distribution of Shopping Malls in Dubai by Size - Current 6% GLA 1,500,000 4% 1,000,000 2% 500,000 0% - -2% 2016 2012 2013 2014 2015 2011 Retail Supply Growth (%) Proposed Source: Colliers International Retail Space Distribution in Dubai Source: Colliers International • Key upcoming shopping malls include The Pointe at Palm Jumeirah Crescent, The Beach at JBR, and the expansion of Dubai Mall, collectively expected to increase the existing supply by approximately 369,000 m² GLA by the end of 2015. • Provided developer construction timelines are met, cumulative shopping mall supply is estimated to reach 2.8 million m² GLA by 2014, an increase of 12% compared to 2013. Source: Colliers International 3 | COLLIERS INTERNATIONAL | WWW.COLLIERS.COM RETAIL MARKET SNAPSHOT | 2013 | MENA | RETAIL MARKET Dubai Contd.. Retail Demand in Dubai DEMAND 3,000,000 • Total retail sales in UAE reached an estimated US$ 33.59 Billion in 2013; achieving an increase of 8.3% compared to 2012. Although a breakdown for Dubai was not made available, it is Colliers view that the growth rate of Dubai exceeds that of the 2,500,000 UAE. • MasterCard Worldwide Index of Consumer Confidence shows that consumer 2,000,000 confidence in the UAE is currently at 94.7 basis points which is considered as “extremely optimistic”. 1,500,000 • In Dubai, demand for shopping mall space is primarily dependant on two factors: GLA (m2) GLA 1,000,000 - Population - Tourism • Apart from these two factors, demand for retail space is also influenced by income 500,000 levels, consumer confidence, spending patterns and the overall investment climate present in the market. - • The market, based on the existing population in the city, can sustain up to 2 million 2013 2014 2015 2016 2017 2012 m² (GLA) Gross Leasable Area, increasing by 5% compared to 2012. Source: Colliers International • Repeat visitations in Dubai’s malls is higher than other international benchmarks due to several factors including climate and cultural considerations. PRICING Size of Retail Sales in the UAE 60 15% • The success enjoyed by retail malls in Dubai is reflected in the relatively high rental levels commanded by established malls, as compared to secondary malls. 50 10% • Annual rents for large anchor tenants average USD 150 - USD 250 per m², whilst average rates for line stores range between USD 490 - USD 2,700 per m² per annum, the higher end of these ranges being achieved by primary malls. 40 5% OUTLOOK 30 0% • Although the retail sector remains buoyant; global benchmarking highlights an oversupply. However, this does not consider the significant contribution of tourism Percent (%) Percent USD (Billion) USD 20 -5% inflows. • Consequently, Colliers research analysis suggests that shopping malls that are 10 -10% repositioning and certain new entrants are offering varying levels of tenants incentives and lease structures, recognizing retailers operational carrying cost. 0 -15% • Over the short-medium term, we expect a suppression of base rates on non-primary 2011 2010 retail destinations due to the supply-demand gap along with additional supply coming 2016f 2013f 2014f 2015f 2017f 2012e online in 2014. Retail Sales Retail Sales (% of GDP) • With the existing trend within the market, it is imminent that developers will continue to further explore new retail formats thus perpetuating the evolving Dubai retail Source: BMI 2013, Colliers International landscape. 4 | COLLIERS INTERNATIONAL | WWW.COLLIERS.COM RETAIL MARKET SNAPSHOT | 2013 | MENA | RETAIL MARKET Abu Dhabi MARKET OVERVIEW • Over the past 12 years Abu Dhabi has seen a marked change in its retail landscape, moving from a market with no larger format, Regional/Super-Regional developments to one with successful primary grade retail projects. • Analysis of the Abu Dhabi’s retail market reveals that the majority of retail space in Abu Dhabi currently consists of non-mall supply. Super regional malls account for only 8% of total supply, while regional malls contribute 21% to total supply, in accordance with the Urban Planning Council (UPC) classifications. SUPPLY • Retail supply in Abu Dhabi is grouped under five broad categories (based on GLA and support population) by UPC; Super Regional, Regional, Community, Neighborhood and Convenience offering. Retail supply outside these categories is classified as “non mall” supply. Retail Supply in Abu Dhabi • The growth in supply over the past 5 years has been rapid, with the completion of 1,600,000 55% various new malls such as Mushrif Mall and Dalma Mall and as well as the expansions carried out by existing malls such as Al Wahda Mall’s expansion, which 1,400,000 increased GLA from 56,000m2 to 92,900m2. 45% 1,200,000 • As of end of 2013 Abu Dhabi’s cumulative shopping mall supply exceeded 921,400 35% m² of GLA, and is likely to reach 1.33 million m² GLA by the end of 2014. 1,000,000 • When analysing the distribution of existing retail supply in Abu Dhabi, current 800,000 25% regional and super regional retail space (over 30,000 m² GLA as per UPC GLA (m2) GLA 600,000
Load more

Recommended publications
  • Dubai Crown Prince Opens Al Ghubaiba Bus Station Vision
    Issue No. 149 November 2020 Dubai Crown Prince opens Al Ghubaiba Bus Station Vision The world leader in seamless & sustainable mobility. Mission Develop & manage integrated and sustainable roads & transportation systems at a world-class level, and provide pioneered services to all stakeholders for their happiness, and support Dubai’s vision through shaping the future, developing policies and legislations, adopting technologies, innovations & world-class practices and standards. 2 Revamping Mobility The fast pace of technology and industrial connected, RTA embarked on a master plan for advancements triggered by the 4th Industrial shared and flexible transport. It covered non- Revolution, and the spiral demographic growth conventional mobility means such as shared of key metropolitan cities have brought on bikes, cars, scooters and buses on-demand. new challenges. Governments have to revise Other mobility means loom on the horizon such the basics of urban-planning and plans for as autonomous and individual mobility means. roads and transport infrastructure to cope with RTA currently offers Hala e-hailing service in future trends. partnership with Careem, and bike share (Careem “Smooth mobility and connected communities Bike) service encompassing 780 bikes at 78 have now become core standards of classifying docking stations. It has just started the trial run of future cities. We endeavour to deliver a global e-scooter at five areas, and deployed 13 buses on- model by delivering state of the art advanced demand at five different locations in Dubai. RTA and sustainable infrastructure projects. The is also committed to supporting youth and local smooth mobility and connected communities start-ups and offer them suitable opportunities.
    [Show full text]
  • Fear and Money in Dubai
    metropolitan disorders The hectic pace of capitalist development over the past decades has taken tangible form in the transformation of the world’s cities: the epic expansion of coastal China, deindustrialization and suburbanization of the imperial heartlands, massive growth of slums. From Shanghai to São Paolo, Jerusalem to Kinshasa, cityscapes have been destroyed and remade—vertically: the soar- ing towers of finance capital’s dominance—and horizontally: the sprawling shanty-towns that shelter a vast new informal proletariat, and McMansions of a sunbelt middle class. The run-down public housing and infrastuctural projects of state-developmentalism stand as relics from another age. Against this backdrop, the field of urban studies has become one of the most dynamic areas of the social sciences, inspiring innovative contributions from the surrounding disciplines of architecture, anthropology, economics. Yet in comparison to the classic accounts of manufacturing Manchester, Second Empire Paris or Reaganite Los Angeles, much of this work is strikingly depoliticized. Characteristically, city spaces are studied in abstraction from their national contexts. The wielders of economic power and social coercion remain anonymous. The broader political narrative of a city’s metamorphosis goes untold. There are, of course, notable counter-examples. With this issue, NLR begins a series of city case studies, focusing on particular outcomes of capitalist globalization through the lens of urban change. We begin with Mike Davis’s portrait of Dubai—an extreme concentration of petrodollar wealth and Arab- world contradiction. Future issues will carry reports from Brazil, South Africa, India, gang-torn Central America, old and new Europe, Bush-era America and the vertiginous Far East.
    [Show full text]
  • The Best of Dubai
    04_281956-ch01.qxp 8/14/08 11:40 PM Page 1 1 The Best of Dubai In Dubai, just about everything is meant to be the biggest and the best. And it’s no joke: Here you’ll find the world’s tallest building, the largest man-made islands, the richest horse race, the biggest shopping festival, and soon the most extensive entertain- ment complex, the most massive mall, and the biggest hotel. People who live here will tell you that Dubai is always changing—that’s an under- statement. Dubai is growing so fast that it hardly seems recognizable from one year to the next. The city’s only competition these days seems to be with itself. Who can keep up? Construction cranes everywhere work relentlessly to continue raising a modern metropolis out of the desert sand. Once completed, the Palm Island Deira will be twice the size as the Palm Jumeirah. Mall of Arabia will eclipse Mall of the Emirates, which is already the biggest shopping center outside North America. The 25-story Ski Dubai will soon be dwarfed in size by the Snowdome being built in Dubailand, which itself will house the largest collec- tion of theme parks on the planet. Asia-Asia will take over as the world’s largest hotel. Each project is bigger, bolder, and significantly more expensive. The skyline is being filled with more architecturally daring high-rises. The land is being carved with new canals and marinas. The sea is being gifted with new artificial islands. In other words, nothing is constant.
    [Show full text]
  • Manivannan M
    MANIVANNAN M CONTACT OBJECTIVE STATEMENT Address To work in a competitive environment this enhances my skills as a professional and to dedicate my professionalism to the growth of the organization I can use my Sumaya restaurant Backside building proven skills and experience to grow the property department as I have in previous qusais Dubai. positions. Email :[email protected] EXPERIENCE Manivannan Muthusamy Securetrack (UAE) | Present Networking QUALIFICATIONS Shoppertrack Installnation and Troubleshooting Bio Metric System System Engineering B.TECH (IT) IN SMVC Storage Configuration CCTV Fixing and Configuration DIPLOMA (IT) IN MNGPC Network Cabling Cisco Meraki MR33 Access Point Configuration Technical Skills POS System Installation Monthly Report Prepare Hardware & Networking Our Clients : Adidas Windows Family, Linux African Eastern UAE Shoppertrack Desktop, Laptop, SharafDG Danway All In One & WorkStation Gunal NMC IP Configuration, Switching and Routing SSH, Putty List of Mall’s Worked Java, My SQL ,JSF, HTML, Dubai CSS, JS Abu Dhabi Dubai Mall Mall of the Emirates Extra Curricular Activities Abu Dhabi Mall Mirdif City Centre Al Wahda Mall Dubai Festival City Khalidiyah Mall Arabian Centre All India Senior National Madina Zayed Mall Dubai Marina Mall Level Football Champions Marina Mall Burjaman Mall League Runner of Football Mushrif Mall Dubai Outlet Mall in Pondicherry World Trade Center Mall Deira City Center Yas Mall, Yas Island City Center Me'aisem All India Junior National Cityland Mall Level Football Champions Al Ain Future malls League Runner of Football Mall of Arabia in Pondicherry Al Ain Mall Cityland Mall Bawadi Mall Sharjah All India Sub-Junior National Hili Mall Sharjah City Center Level Football Champions Sahara Center League Runner of Football Ajman Rolla Mall in Pondicherry City Centre Ajman Mega Mall Trimax IT India Chennai | Previous Experience District Level Football Runner Champion.
    [Show full text]
  • Dubai: Unifinished Skyscraper City
    DUBAI: UNIFINISHED SKYSCRAPER CITY World Similar DUBAI: BASIC INFORMATION Rank To Urban Area Population (2010) 2,500,000 151 Caracas. Changsha Projection (2025) 3,550,000 133 Curitiba, Casablanca Urban Land Area: Square Miles (2009) 600 Kansas City, London, Delhi, 50 Urban Land Area: Square Kilometers 1,550 Bankgkok Density: Per Square Mile (2007) 3,300 719 Portland, Dallas-Fort Worth Density: Per Square Kilometer (2007) 1,300 *Continuously built up area (Urban agglomeration) Land area & density rankings among the approximately 850 urban areas with 500,000+ population. Data from Demographia World Urban Areas (http://www.demographia.com/db-worldua.pdf) February 1, 2010 I picked up a copy of The Wall Street Journal-Europe on the concourse while boarding my Emirates Air flight from Paris to Dubai in late November of 2009. The lead story provided an unexpected relevance to the trip --- my first to Dubai. Dubai World, owned by the Dubai government, had announced a 6-month moratorium on payments of some of its $60 billion in debt. Since the announcement, stock markets have been dropping and recovering, company officials have attempted to calm borrowers and government officials have provided less assurance than Dubai’s investors might have preferred, though richer, neighboring Abu Dhabi backstopped Dubai with $10 billion in December. The United Arab Emirates: Dubai is one of the seven emirates of the United Arab Emirates (UAE), which like the United States and Canada is a federation. Broadly speaking, the emirates are as states or provinces. By far the richest is Abu Dhabi, with something like 10% of the world’s oil reserves.
    [Show full text]
  • Interior Design, Contracting & Project Management
    Interior Design, Contracting & Project Management CORAL SUPPLIES & INTERIORS LLC Deira Office Al Qusais Office Al Bakhit Centre Office 505 Al Habtoor Warehouse Complex Unit No 46 PO Box 24538 Dubai United Arab Emirates. PO Box 24538 Dubai United Arab Emirates. T: +971 4 2625261 F: +971 4 2664630 T: +971 4 2588732 F: +971 4 2588723 E: [email protected] W: www.csiuae.com E: [email protected] W: www.csiuae.com Design & Build Solutions INTERIOR PROJECT DESIGN MANAGEMENT TURNKEY TENNANT FITOUT CO-ORDINATION CONTRACTORS CIVIL & MEP SERVICES A wide range of specialist activities and experience including: l Turnkey Fit Out Contractors l Retail Design Consultants l Commercial Interior Design and Space Planning l Project Management l Islamic Design and Decorative Finishes l Tenant Co-ordination for Shopping Centres & Commercial Developments l F&B Design and Fit Out INTRODUCTION CSI is a specialist in Interior Design, Project Management and Fit Out Conntracting, offering a full range of professional services Based in Dubai since 1991, CSI has been involved in projects throughout the GCC region, Asia and Europe. PHILOSOPHY CSI sets a different approach. We firmly believe that good design can save our clients money. The object is to improve the efficiency and profitability of our client’s business. CSI is fully committed to sustainable use of materials and care of the environment. Our fit out work enforce health and safety procedures and fully commited to sustainable use of materials and the care of the environment. RETAIL CSI offer a dedicated service covering all aspects of interior design and fitout for shops and shopping malls.
    [Show full text]
  • Talal Al Gaddah CEO of MAG 02 ABOUT MAG ABOUT MAG
    WELCOME TO THE MAG FAMILY It is my pleasure to present to you our upscale residential tower, MAG 230, in the heart of Dubailand – City of Arabia. The luxury residences have been designed for maximum comfort and style with impeccable interiors and a host of amenities; including swimming pool, indoor children’s play area, fully equipped gym and a state-of-the-art health club which includes steam, sauna and jacuzzi facilities. Furthermore, MAG 230’s location alongside Sheikh Mohammed bin Zayed road, connects you to major entertainment, leisure and adventure destinations across Dubai. In addition, the multi-billion dollar upcoming Dubailand neighbourhood is envisioned to become a new hub for commercial and residential communities. Situated away from the city’s bustle, MAG 230 offers comfortable living spaces with all amenities just a few minutes away. I welcome you to browse through the following pages for further details regarding the project and the valuable investment opportunity that it presents. Sincerely, Talal Al Gaddah CEO of MAG 02 ABOUT MAG ABOUT MAG MAG is the lifestyle development arm of the Moafaq Al Gaddah (MAG) Group - a multinational conglomerate based in the UAE. The Group’s portfolio currently includes real estate, contracting, engineering, industrial and commercial trading, freight services, and hospitality. MAG Group is one of the largest corporations in the region, maintaining a highly prominent position of leadership among its peers. OUR PHILOSOPHY Our vision at MAG is to be at the forefront of the region’s property industry through our dedication to the Group’s corporate philosophy of innovation and continuous improvement.
    [Show full text]
  • Dubai, Where Too Much Is Never Enough - New York Times
    Dubai, Where Too Much Is Never Enough - New York Times http://travel.nytimes.com/2006/06/04/travel/04dubai.html?pagewante... June 4, 2006 Dubai, Where Too Much Is Never Enough By SETH SHERWOOD Pity the cartographers and guidebook publishers striving to capture Dubai's juggernautlike sprawl. With every month bringing announcements of audacious new hotels and leisure concepts — a huge artificial coral reef studded with World War II planes and pounds of gold is being built for scuba divers — today's top draws can easily become tomorrow's fire sales. Dubai travel guides and maps, their shelf life shorter than eggs, can pretty much go straight from printing press to pulp plant. For the moment, Dubai's marquee attraction is the much-touted 25-story, 1,300-foot-long ski run inside the new Mall of the Emirates. But even more dazzling is the après-ski scene afforded by the 400 shops and restaurants in the 6.5 million-square-foot mall. For luxury goods, follow the black robes of Saudi billionaires' wives to the Rivoli, Harvey Nichols and Yves Saint Laurent boutiques. For nourishment, join the D & G-wearing Lebanese women crowding the Giorgio Armani cafe. During his decades of travels, the 14th-century explorer Ibn Battuta traversed North Africa, Egypt, Persia, India, China and Andalusia. Thanks to the new Ibn Battuta Mall — "the world's largest themed mall" — 21st-century shoppers can make the same trip in an afternoon. Containing 250 outlets spread through six architecturally distinct zones based on the countries Battuta visited, the place is a history lesson and retail blitz in one.
    [Show full text]
  • Arabian Gu Lf a R a Bi an Gulf
    Map of Dubai The Palm Deira u/c 2009 The World u/c 2008 W a t e r f r o n t The Palm Jebel Ali The Palm Jumeirah The Crescent Kingdom Atlantis of Sheba S ub- Sea Tun nel Emerald Palace Kempinski M aritim e C en tre D r The iv Marina e District The Maritime Centre Dusit Harbour A Maritime Residences Seafarers Academy Club The Fronds Bonnington r Residence JEBEL ALI HARBOUR DUBAI a Industrial MARITIME N d Precinct a o R d i West j a M n i B d CITY e m h A Breakwater S b d a o R d ji East Taj Exotica a M in B d e m h Tanker i A Berth Breakwater No. 9 Helicopter a Harbour Pad Marina Offices Tanker n Residences Jebel Ali Berth Grandeur Golf Resort No. 7 Residences & Spa Dubai G Cart Club Hassah u Tanker l Marina f Berth No. 5 Royal Amwaj f His Highness Tanker the Ruler`s Garden Berth The Resort No. 3 l Golf Course Container Terminal S JEBEL ALI PORT The Fairmont Palm u he Hotel & Resort Shoreline ik Tanker Apartments h Berth G Dubai Za UAE No. 1 Jumeirah Al Fattan ye Palm Resort d Hassah Navy Dry Ro Palace ENOC Trump Int`l PORT RASHID ad Hotel & Tower n EPPCO a Coaster Al Shindagha A r a b i Docks Berth Department of ENOC The Palm Ports and Customs oad ENOC l Mina R Golden A Heritage & Sheikh Saeed Diving Village House Mile D92 Bin S A Al Shindagha h l Private Dubai Beach Port Administration Suroor in Shoreline Market Mosque dag Dubai Tu h Island Diving Al n a Deira Fish, Meat & Gh t n Apartments uba e e West Swedish iba e Vegetable Market Centre Ro r l Dubai Marine ad t S Consulate 1 AL MINA h 3A Wharf a D85 Beach Resort H.H.
    [Show full text]
  • Declares 2017 As Year of Giving
    JANUARY 2017 JANUARY JANUARY 2017 A monthly publication issued by Zayed International Foundation for the Environment 167 Issue 167 creating green communities for a better tomorrow UAE President HH Sheikh Khalifa bin Zayed Al Nahyan declares 2017 as Year of Giving HH Sheikh Mohammed transforms Dubai into an international role model for sustainability January 2017 | 1 2 creating green communities for a better tomorrow 3 The UAE ushered in the New Year in a spirit of generosity and benevolence as 2017 has been earmarked as the Year of Giving under the directives of President HH Sheikh Khalifa bin Zayed Al Nahyan. This call for sowing the seeds of generous giving has resonated well throughout the widely diverse communities of the UAE and even beyond. As a nation known for its humanitarian approach - the UAE is one of the top countries in the world in terms of per capita contributions to humanitarian assistance and development aid - the marking of 2017 as the Year of Giving underlines the values of human dignity, tolerance and cooperation that the nation proudly upholds. Prof. Mohammed bin The Year of Giving is the culmination of many initiatives launched by the wise and Fahad benevolent rulers of the UAE and is also the embodiment of the long-standing Executive Editor philanthropic approach established by the nation’s founder, the late Sheikh Zayed bin Sultan Al Nahyan. It must be remembered that the launch of the Year of Giving follows the concluding ceremony of the Year of Reading 2016, during which more than 1,500 reading initiatives were launched and most significantly, a strategy that aimed at transforming the act of reading into a lifestyle in the UAE was also launched.
    [Show full text]
  • News Brief 04 Sunday, 27 January 2019
    ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION NEWS BRIEF 04 SUNDAY, 27 JANUARY 2019 RESEARCH DEPARTMENT ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2019 asteco.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA GCC ECONOMIC GROWTH TO DRIVE MENA EXPANSION DESPITE IRAN CONTRACTION SAUDI HOTEL INDUSTRY TO BOOM ON RELIGIOUS AND BUSINESS TRAVEL ALMOST $30BN IN HOTEL CONSTRUCTION CONTRACTS TO BE AWARDED BY 2023 MIDDLE EAST PROVES MAGNET AS GLOBAL TOURISTS RISE TO 1.4BN IN 2018 UAE'S SAFESTWAY SUPERMARKET BRAND SOLD MASTER PLAN APPROVED FOR NEW SAUDI ECO-TOURISM MEGA PROJECT NEW VISA REFORMS TO SPUR UAE PROPERTY DEMAND FROM INVESTORS HOW MUCH SHOULD I BORROW FOR MY MORTGAGE? REAL ESTATE INVESTMENT TRUSTS LOWER ENTRY BARRIER FOR INVESTORS SAUDI ARABIA UNVEILS INVESTMENT PRINCIPLES AS IT COURTS FOREIGN INVESTORS UAE RETAIL GIANT OPENS NEW $117M OMAN MALL BAHRAIN TO GET 'SIGNIFICANT' GDP BOOST FROM TOURISM: EXPERT OMAN TOURISTS FALL 2.8% IN 2018 DESPITE RISE IN HOTEL REVENUES MIDDLE EAST MERGER AND ACQUISITION DEALS VALUE CLIMBS 50% BOOSTED BY MEGA TRANSACTIONS PLANS REVEALED FOR WORLD'S LARGEST CROWNE PLAZA HOTEL IN MAKKAH LUXURY HOTEL BRAND FAIRMONT MAKES DEBUT IN RIYADH TIME DEVELOPERS START THINKING BEYOND POST-HANDOVER PLANS UAE ECONOMY SET FOR 3.8% ANNUAL SURGE UNTIL 2023 DUBAI TOP DUBAI BROKER TARGETS CHINESE REAL ESTATE INVESTORS IN 2019 WORLD'S
    [Show full text]
  • Setting the Gold Standard
    w Setting the Gold Standard he Middle East has retained its position the natural elements of the region, informing a MIDDLE EAST AND as a key market for retailers across distinctive contemporary aesthetic. the world, with the shopping centre Aldar Properties' Al Falah Mall has been NORTH AFRICAN industry in particular experiencing designed to service the growing community of Trenewed vigour. AI Falah as well as the wider catchment areas, SHOPPING CENTRE As has long been the case, the Gulf States including the northern areas of Khalifa City A & B DEVELOPERS CONTINUE remain the engine room of shopping centre as well as Shamkha district.The mall is generously development and retail innovation generally. The laid out over 30,000sq m of retail space with a TO PROVE THEMSELVES dark cloud of the global economic recession multi-screen cinema, as well as F&B outlets, appears to have passed in the UAE and Qatar, and is destined to be a place of leisure as well TO BE AMONGST THE which are again vying for position as the No I as convenience for years to come. The mall is regional mall superpower. expected to complete in 2016. MOST INNOVATIVE AND Abu Dhabi Algeria EXCITING ACROSS THE United Projects for Aviation Services Company Developed by Société des Centres Commerciaux (UPAC) and National Real Estate Company d'Algérie, Es Senia in Oran is an open-air shopping WORLD, WITH A TRACK (NREC) announced the formalisation of their centre with 32,000sq m of GLA and 10,000sq m partnership agreement to develop Reem Mall this of leisure facilities, including, among other things, RECORD OF IMAGINATIVE year, which will be located on Reem Island.
    [Show full text]