News Brief 17
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ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 17 MONDAY, 24 APRIL 2017 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR OVER 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE/ GCC PREMIUM PROPERTY CAN LIFT UAE AND SAUDI ECONOMIES, EXECUTIVES SAY REITS OFFER EFFICIENT WAY TO OWN UAE PROPERTIES WITHOUT THE HASSLE MANAZEL MAKES FURTHER CUTS TO PLANNED JORDAN DEVELOPMENT IMF SHARPLY CUTS MIDEAST OIL EXPORTERS’ ECONOMIC GROWTH FORECASTS MARKET ANALYSIS: IN TIME, NEW BANKRUPTCY LAW WILL BENEFIT UAE CAPITAL MARKETS ISLAMIC HOME FINANCE GOES MAINSTREAM ATKINS BOARD AGREES TO £2.1BN TAKEOVER APPROACH FROM CANADA’S SNC LAVALIN GOVERNMENTS OF GULF COUNTRIES INCREASINGLY FOCUSING ON DEVELOPMENT OF TOURISM SECTOR CHINESE INVESTORS LAUNCH OMAN INDUSTRIAL PROJECT DUBAI MORE VISITORS AT DUBAI WORLD TRADE CENTRE EMAAR PROPERTIES DECLARES 15% CASH DIVIDEND OF DH1.074BN FOR SHAREHOLDERS IS YOUR SALARY ENOUGH TO AFFORD DUBAI RENTS? SOUTHERN AFRICAN FUND PICKS EXPOSURE IN DUBAI REALTY DUBAI PROPERTY Q1 GAINS LED BY HIGHER VALUE DEALS AHEAD OF ATM, FOCUS IS ON THREE-STARS AND EXPERIENCES WHAT IS THE INTERIM PROPERTY REGISTER? IS THE MOST EXPENSIVE PROPERTY THE MOST UNDERPERFORMING? FROM THE SEA TO THE DESERT: NEW COMMUNITIES IN DUBAI SUSTAINABLE CITY RATED DUBAI’S ‘HAPPIEST’ COMMUNITY NAKHEEL BREAKS GROUND ON DH176M HOTEL DAMAC TO BUILD 2,000-ROOM HOTEL OVERLOOKING AKOYA OXYGEN GOLF COURSE DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS DUBAI’S PUSH FOR TRANSPARENT REAL ESTATE ARBITRATION ITHRA DUBAI TO DEVELOP COMMUNITIES FOR ENRICHMENT OF SOCIETY DUBAI TOURISM BRIEFS HOTEL INDUSTRY ON CITY’S LATEST DEVELOPMENTS ABU DHABI MALL TO BE CENTREPIECE OF ZAYED SPORTS CITY PROJECT ABU DHABI’S KHIDMAH TO MORE THAN DOUBLE LIFEGUARDS ABU DHABI’S TDIC MULLS IDEA OF AFFORDABLE HOUSING FOR SAADIYAT ISLAND ALDAR MAINTAINS ITS AIM AT ABU DHABI MID-MARKET PROPERTY ESHRAQ AND MUBADALA TEAM UP FOR ABU DHABI PLOT DEVELOPMENTS ABU DHABI RESIDENTIAL SALE PRICES DROP IN THE FIRST QUARTER DH3.23 MILLION ALLOCATED FOR DEVELOPMENT OF COMMUNITY FACILITIES IN ABU DHABI SEVEN PUBLIC MARKETS FOR ABU DHABI SUBURBS ALDAR LAUNCHES MID-MARKET RESIDENTIAL UNITS 'THE BRIDGES' ON REEM ISLAND NEW COMMUNITY FACILITIES TO ENHANCE LIVING STANDARDS IN AL DHAFRA TIME TO INVEST IN ABU DHABI MUBADALA REAL ESTATE UNVEILS ARZANAH PROJECT IN ABU DHABI TDIC SAYS PROJECTS ON TRACK WITH CONSTRUCTION IN FULL SWING TOP DEVELOPERS AMONG 100+ EXHIBITORS AT CITYSCAPE ABU DHABI ABU DHABI PROPERTY AT A GLANCE IN ABU DHABI, NEW APARTMENTS OFFER THE BEST DEALS IMKAN STARTS THE ARTERY AT MAKERS’ DISTRICT ON REEM ISLAND ABU DHABI MUNICIPALITY SIGNS DEALS WITH DEVELOPERS FOR FOUR COMMUNITY MALLS PROGRESS MADE ON ZAYED CITY DEVELOPMENT IN ABU DHABI SAADIYAT ISLAND RESORT DEAL AWARDED TO HILL INTERNATIONAL IN THE MIDDLE EAST FOR OVER 30 DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS NORTHERN EMIRATES RAK TO CONSOLIDATE FREE ZONES MINISTRY OF INFRASTRUCTURE DEVELOPMENT TO IMPLEMENT THREE PROJECTS WORTH DH171M EXPO CENTRE SHARJAH DISCUSSES COOPERATION WITH ISLAMIC CENTRE FOR DEVELOPMENT OF TRADE RAS AL KHAIMAH SEES GROWTH IN INTERNATIONAL ARRIVALS IN FIRST QUARTER INTERNATIONAL CHINESE PROPERTY STOCKS GO BACK IN OVERHEATED MODE BARCLAY BROTHERS BID FOR GROSVENOR HOUSE HOTEL: TIMES LUXURY LONDON HOME PRICES STAGNATE AS TOP-END AREAS DECLINE ROBUST DEMAND FOR CHINESE PROPERTY AS MORTGAGE LOANS JUMP IN FIRST QUARTER IN THE MIDDLE EAST FOR OVER 30 DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION MALL TO BE CENTREPIECE OF ZAYED SPORTS CITY PROJECT Wednesday, April 19, 2017 Mubadala Real Estate will look to begin talks with mall operators and investors interested in bringing forward a new 316,918 square metre mall next to the 43,000-capacity Zayed Sports City stadium by the end of this year. The mall will form the centrepiece of the revamped Arzanah development unveiled by Mubadala Real Estate at Cityscape Abu Dhabi on Tuesday. It will comprise more than 1.9 million sq m of built-up space around the existing football and tennis stadiums that will eventually be home to more than 30,000 people. Ali Eid AlMheiri, the executive director of Mubadala Real Estate, said the master plan unveiled was a "concept of how we believe the site could be developed in the future", but is based around promoting an active lifestyle for families. Residential buildings, for instance, could feature rooftop tennis courts and pools and there will be football pitches spread across the site. Mubadala Real Estate will be the site’s master developer and will service the plots, which it then plans to offer to third-party developers. The new mall will be the first element to be brought forward. "Once the concept is approved by all of the authorities then we will be marketing the plot to well-known mall operators/investors – the usual players in the UAE. We’ll get into discussions with them, see who’s interested in buying it and on the best commercial terms," said Mr AlMheiri. "We’re probably looking at some time towards the year- end. After that, once you reach the commercial agreement with them, then the clock ticks." He said potential investors and developers would largely decide on what went in the new mall (where a connected hotel is also proposed), but added that it is expecting the mall operator will incorporate an ice rink and bowling alley to replace existing facilities on site that will make way for the Arzanah project. The bulk of the remaining site will be made up of residential plots, although there is space for a couple of office buildings. However, Mr AlMheiri said Mubadala was conscious of current market conditions and would not "flood the market" with new plots. "We will be servicing the plots and selling to third parties to do those developments. And the third party will not come to do the plot unless the market is there to develop. So we are both aligned." He argued that there would be more interest in the mall, however, despite several major new mall projects now under way in Abu Dhabi, because most of these are on the eastern side of the island, while this is on the west. Arzanah was initially launched as a joint venture between Mubadala and Singapore-based Capitala in 2008 as a 1.4 million sq feet scheme containing a five-tower development with 854 apartments known as Rihan Heights on one corner. Mubadala ended up buying several of the buildings itself. IN THE MIDDLE EAST FOR OVER 30 DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION Mr AlMheiri said that Capitala would continue to oversee the Rihan Heights project but that Mubadala "will act as the master developer and will be responsible for developing the necessary infrastructure of the multi-phase master plan". Source: The National Back to Index IN THE MIDDLE EAST FOR OVER 30 DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN YEARS © Asteco Property Management, 2017 asteco.com | asteco.com/report_library Page 6 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION ABU DHABI’S KHIDMAH TO MORE THAN DOUBLE LIFEGUARDS Wednesday, April 19, 2017 The Abu Dhab-based buildings and maintenance company Khidmah is paddling ahead with plans to more than double the size of its lifeguard operation as property businesses attempt to splash out into new business areas at a time when prices and rents are sinking. At Cityscape yesterday the company, which is 60 per cent owned by Aldar, said it planned to increase the number of lifeguards it employs from 210 at the moment to more than 500 by the end of the year as the company looks to maximise alternative revenues during the property downturn. "Khidmah is a very opportunistic company. We started off identifying a need to employ lifeguards in our own communities in Abu Dhabi. In just a few years that small segment became a business unit with its own P&L and now it makes up one of the branches of our business," said Abdulla Al Qamzi, the Khidmah managing director. "We’ve expanded from Abu Dhabi communities to winning a tender to supply lifeguards for the Dubai public beaches last year. We’re currently in the process of expanding the business to all the public beaches of the emirate of Sharjah and by the end of the year we hope to start supplying lifeguards in Saudi Arabia too." Khidmah, which started operating in Saudi Arabia two years ago where it currently only provides technical support services such as snagging and heavy-duty maintenance, is currently negotiating a deal to supply 110 lifeguards to work in pools and healthclubs for one major Saudi landlord. Snagging is an expression widely used in the construction industry to define the process of inspection necessary to compile a list of minor defects or omissions in building works for the contractor to rectify. Khidmah was established as an in house management company in April 2009 as a joint venture between Sorouh (an Abu Dhabi developer that later merged with Aldar) and Dubai-based Capital Investment.