Week 34 SUNDAY, 25 AUGUST 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA DH50.6 BILLION WORTH OF PROJECTS ANNOUNCED IN GCC IN JULY REVEALED: HOW FAR UAE PROPERTY PRICES HAVE FALLEN SO FAR IN 2019 UAE HAS 54,438 HOTEL ROOMS IN PIPELINE UAE BANKS' EXPOSURE TO REALTY DECLINES UAE CONSTRUCTION SECTOR TO GROW UP TO 10% IN 2020 ARABIAN CENTRES' PROFITS REACH $60.53M JEDDAH HOTEL OCCUPANCY RATE HITS NEAR-3 YEAR HIGH IN JULY WEWORK COMPETITOR KNOTEL RAISES $400M FROM KUWAITI FUND FROM 7.9% TO 6%: UAE BANKS GET KIND OF GENEROUS ON MORTGAGES DUBAI CHINA’S APPETITE FOR DUBAI PROPERTY GROWS AMID STRENGTHENING OF SINO- UAE TIES DUBAI'S EMAAR BUYS REMAINING 35% OF RESORT DEVELOPER MIRAGE: EXCLUSIVE DUBAI TO SPEND OVER $75.4M ON LANDSCAPING PROJECTS FOR EXPO 2020 SITE DAMAC IN TALKS WITH DICO OVER AL SUFOUH, BUSINESS BAY LAND PLOTS FLEXIBLE WORKSPACES ADAPT TO UAE’S NEW-GEN WORKERS AFFORDABLE LUXURY: DUBAI HOME BUYERS LOOK TO UPGRADE AS PRICES CONTINUE TO FALL AL QUDRA RESIDENTS WELCOME RTA PLANS FOR FLYOVER, BRIDGES AND WIDER LANES VILLA SALES RISE IN DUBAI AS CHEAPER STOCK COMES ONTO THE MARKET HOMEFRONT: 'WHAT ARE THE BEST PLACES TO LIVE IN DUBAI FOR A NEW ARRIVAL?' LUXURY DUBAI PROPERTY PRICES EDGE UPWARDS IN Q2 UAE DEVELOPER AZIZI APPOINTS NEW CFO TO DRIVE FINANCIAL STABILITY ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS OPINION: THERE'S NO PLACE LIKE HOME DUBAI WAITS FOR ITS NEXT GROWTH BOOSTER ABU DHABI WORK BEGINS ON $49.8M AL AIN CITY ROUNDABOUT PROJECT IMKAN APPOINTS CHINESE FIRM TO BUILD PIXEL PROJECT IN ABU DHABI REPORTAGE PROPERTIES TO DELIVER 5 PROJECTS IN 3 YEARS INTERNATIONAL MORTGAGE RATES AROUND THE WORLD: DANISH BANK PAYS HOMEBUYERS TO TAKE OUT LOANS INDIA'S REAL ESTATE POTENTIAL SHINES THROUGH OPEC BEARISH ON OIL MARKET, POINTS TO 2020 SURPLUS AS RIVALS PUMP MORE IMKAN EYES EGYPT EXPANSION WITH SECOND MAJOR PROJECT DUBAI-LISTED BLME BUYS $32.6M EDINBURGH OFFICE BUILDING EMAAR UNIT REJECTS LAWSUIT OVER EGYPT PROJECT LAND OWNERSHIP ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION DH50.6 BILLION WORTH OF PROJECTS ANNOUNCED IN GCC IN JULY Wednesday, Aug 21, 2019 Projects worth $13.8 billion (Dh50.6 billion) were announced across the GCC in July 2019, registering 140 per cent growth month-on-month with the energy sector registering the highest value in terms of new project announcements worth $9.2 billion, according to BNC Projects Journal. The energy sector also led contract awards with $3.7 billion in awards, and project completions during the month, equalled 90 per cent of project completions seen during the whole of Q2 2019. Saudi Arabia awarded projects worth $3.3 billion and Oman announced new projects worth $5 billion in July. The UAE registered project completions worth $7 billion, followed by Saudi Arabia with $ 3.7 billion. Although there was an increase in project completions month-on-month, completions were 20 per cent lower than the monthly average this year. "GCC's project market fared surprisingly well in July, considering the annual summer slowdown," said Avin Gidwani, CEO of Industry Networks. Urban construction contract awards tripled in July compared to $1 billion awards in June primarily driven by the UAE which contributed around 65 per cent of the urban contract awards last month. Source: Khaleej Times Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION WEWORK COMPETITOR KNOTEL RAISES $400M FROM KUWAITI FUND Thursday, Aug 22, 2019 Flexible workspace provider targeting expansion into the 'world's 30 largest cities' Skyline of New York City, which is home to flexible workspace provider Knotel. It has just raised $400m in a funding round led by Kuwait's sovereign fund. AFP A three year-old competitor to WeWork has secured $400 million (Dh1.5 billion) in a new round of funding led by Wafra, an investment arm of Kuwait's sovereign wealth fund. Knotel is a New York-based flexible workspace provider which manages more than 370,000 square metres of space in more than 200 locations in cities such as New York, San Francisco, London, Los Angeles, Washington DC, Paris and Berlin, among others. The company said it will use the new money to grow its footprint in existing markets and "continue expansion into the world's 30 largest cities". It also said it would "accelerate recent innovations" such as Baya — an internal blockchain platform used to support data-driven acquisitions — and a system known as Geometry aimed at streamlining its delivery model. “Knotel is building the future of the workplace, and we are excited to welcome a group of investors who believe passionately in our product, vision and ability to execute,” said Amol Sarva, the company's co-founder and chief executive. “Wafra will help us continue our rapid global expansion and solidify our position as the leader in a fast- growing, trillion-dollar flexible office market.” The latest $400m funding round values the company at over $1 billion, Knotel said in a statement, and brings the total the company has raised to date to $560 million. Investors to participate in the latest round alongside Wafra include three Japanese firms - real estate company Mori Trust, trading conglomerate Itochu and equity investor Mercuria. Wafra is an alternative asset investor with assets and commitments of about $24bn. Its other investments include The Avenue, a luxury apartment building in Washington DC and in private equity firm TowerBrook Capital. Competitor WeWork's parent firm The We Company last week revealed plans for its IPO. WeWork has raised more than $12bn in funding since its launch in 2010. The company has received backing from Japan's SoftBank Vision Fund. Its IPO filing revealed that last year, the company declared a net loss attributable to its shareholders of $1.6bn on revenue of $1.8bn. Source: The National Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REPORTAGE PROPERTIES TO DELIVER 5 PROJECTS IN 3 YEARS Thursday, Aug 23, 2019 Reportage Properties, an Abu Dhabi-based real estate developer, has revealed that it is ready to hand over five new developments in Abu Dhabi within the next three years. The five projects are located in leading investment areas in Abu Dhabi such as Masdar City and Al Raha Beach, and offer more than 1,600 new housing units for the Abu Dhabi market, said Nasser Al Khamees, CEO of Reportage Group of companies. He stressed the company's commitment to complete all its projects as scheduled, which contributes to enhancing investors' confidence in the projects, and attracts more investors to the real estate sector in Abu Dhabi. He also noted that the realty sector is boosting stability amid positive signs of improved activity, with the adoption of further measures, laws and legislations that stimulate investment. Khamees said that the company would start delivering the units at 'Oasis Residence 1' project in Masdar City during the first quarter of 2021, where 25 per cent of the work has been achieved. The project provides 612 apartments, with 310 studios, 256 one-room apartments, 44 two-room apartments, two three-room apartments. The total area of the project is 8,371 square meters. The company is also in the process of handing over the units in 'Oasis Residence 2' project in Masdar City, which will provide about 300 residential units during the second quarter of 2022. They will also hand over the units of the 'Gate' project in Masdar City, which will be started soon and will provide about 420 units during the second quarter of 2022. Khamees also noted that construction work on 'Al Raha Beach' projects is in progress with more than 20 per cent of the work having been achieved. The company is developing 'Al Raha Loft 1' project with 164 units, including 14 studios, 96 one-bedroom apartments and 31 two-bedroom apartments. The total area is 6,663 square meters. 'Al Raha Loft 2' with 110 apartments, is in the process, including 22 studios, 52 one-bedroom apartments, 24 two- bedroom apartments and 12 three-bedroom apartments. It has an area of 5,364 square meters. "The work at Al Raha Loft 1 and Al Raha Loft 2 exceeds 28 per cent, and its units are expected to be delivered during the first half of 2021," said Khamees, adding that the two projects include retail spaces and facilities and services such as swimming pools, a gym and tennis court. Khamees also said that the company has recently completed the delivery of units in 'Leonardo Residence' residential project in Masdar City, which provides 177 apartments, including 122 studios, 48 one-bedroom apartments, 16 two-bedroom apartments, and one apartment with three bedrooms. The total area of the project is 4,250 square meters. Source: Khaleej Times Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION LUXURY DUBAI PROPERTY PRICES EDGE UPWARDS IN Q2 Friday, Aug 23, 2019 New research by Knight Frank says prime residential values in Dubai rise 0.3% in second quarter but are 6% down year-on-year Luxury property prices in Dubai registered their first rise for years during the second quarter of 2019, according to new research by Knight Frank.