Dubai Mall Flags Off Its Biggest Shopping Extravaganza, Today

The Dubai Mall hosts its biggest shopping festival today. Nine hundred retailers have participated in this giving away cash prizes from raffle draws which are conducted daily as well as weekly. Its not only raffle draws , but the shoppers can be swiped away with Bentley cars, several gift vouchers as well as ‘Bid to win’ auctions starting at Dh1. The shopping festival will have five lucky winners from the raffle draws. These lucky people would walk away with Dh10,000 each. To get these raffle coupons the customers would have to spend only Dh500 at any retail outlet within a month.

The excitement continues with the distinctive ‘Bid to win’ auction, where the visitors would take part to bid on a huge range on products which starts at Dh1. This shopping festival also offers a Grand Bentley Raffle. 5,000 tickets at Dh200 each would be drawn to give away the luxurious Bentley Continental Flying Spur.

On Saturday a weekly draw would be conducted for Dh10,000. Also, if at the time of the draw if the winner is present in the mall, he or she would win additional Dh50,000. Several entertainment activities would be hosted all around the mall. Its not only the Dubai property market but also the exclusive shopping festivals are a major attraction for people from all over the world.

Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said “With 900 retail outlets already open, The Dubai Mall has the highest concentration of the world’s most leading retail brands in a single mall. The festival is therefore unsurpassed globally in terms of retailer participation within a mall environment. Retailers in the mall have extended their full support to the festival, which is organised with the Dubai Shopping Festival Office as the Strategic Partner.”

David Reily, CEO Middle East, RSH, said that all of the company’s stores in the mall will have “cross-store offers” during the Festival with gift vouchers to be presented to customers.

Dubai Govt To Meet All Contractual Obligations

All its obligations based on contracts including its contractors will be met by the Government of Dubai but also, it has no clue that how companies that had received an aid from state would utilize those funds. This statement evolved as a result of a misleading report that got published on April 24, 2009, in MEED magazine.

The head of the Department of Finance, Dubai, Nasser Al Shaikh, mentioned last week that the names of the firms that have received support from the first bond proceeds will not be revealed by Dubai government, although the input beneficiaries were Dubai real estate companies in which some ownership stake is owned by the Dubai government.

"The government of Dubai will continue to meet all its contractual obligations, including to construction contractors, as per the terms agreed with all third parties," the government said. "It wishes to clarify that those companies that have received funding via the recently set up Financial Support Fund received such funds on strictly commercial terms, and that the utilization of such funds remains at the sole discretion of individual companies."

Dubai Government will not limit the number of construction firms licensed to operate in the emirate. London-based MEED reported in its latest issue that contractors who are to be paid money would not be paid for work they have carried out on Dubai government-backed schemes, as the emirate will only clear debts with contractors it wishes to work with in future.

"The Government of Dubai will continue to meet all its contractual obligations, including to construction contractors, as per the terms agreed with all third parties," it said in a statement.

Emaar’s Residential Properties in Morocco has Shown a Good Response

Dubai real estate firm, Emaar properties has a Morocco subsidiary known as Emaar Morocco, currently involved in a great residential project. The smooth construction of Aldea villas and townhouses in Tinja is going on. Tinja is located near the city of Tangiers and the forest land is in close proximity to the place. This residential development has added a new life to this place and the foundation work is currently under progress. The first phase of the project is scheduled to be completed in the year 2010.

Emaar Morocco is one of the largest foreign direct investors. The CEO of Emaar Morocco, Mr Yves Delmar said: “Tinja is introducing a new lifestyle choice to Tangiers with an integrated community featuring two hotels, and a vibrant town centre with retail outlets. More than 950,000 cubic meters of earthwork has been accomplished on the project and infrastructure work on the first phase is progressing." Managing Director of Emaar International, Mr Issam Galadari said: “Tinja is envisaged as year-round leisure and tourist destination that will further tap into the booming tourism sector of the Kingdom. Emaar leverages on the picturesque location of the project along the Atlantic Ocean coast to create a self-sustained neighborhood, which will strengthen the Moroccan economy.

This property project of Tinja was developed by Emaar Properties and is one of the three master-planned communities. These Tinja homes comprises of townhouse, villas and apartments and six distinctive communities form Tinja. The first phase of this development has strongly opened with great investment opportunities. Emaar Morocco is constantly developing other mixed use world class projects and engaged in developing world class residential communities. This company today has its presence globally in 36 markets and it is not limiting itself to villas, townhouses and apartments, but is also engaging in healthcare, finance hospitality, education and in other global sectors as well.

Excellent Residential Options Displayed By Emaar Misr At Property Exhibition

For the Development S.A.E, Emaar Misr, the completely possessed country subsidiary of Dubai real estate cmpany Emaar Properties, is displaying its varied collection of pleasingly planned and designed entirely finished homes at the exhibition- Next Move commencing from April 28 to May 1, 2009 at the Cairo International Conference Centre. 3 residential communities have been launched by Emaar Misr - Marassi, Mivida and Uptown Cairo- to potential customer and sturdy investor response can make well-versed procured finance decisions at the venue of the exhibition.

The CEO of Emaar Misr for Development, Sameh Muhtadi, mentioned that, "Emaar Misr is bringing to the country truly global competencies in master-planned community development. Next Move is one of the premier exhibitions for the real estate sector in Egypt and brings together various stakeholders including developers, consultants and customers. We are showcasing the rapid progress achieved in the construction of our projects at the exhibition."

Emaar Misr has a striking 596 sq m pavilion at Next Move, which demonstrates the representations of its projects and the growth in construction achieved. Emaar will also emphasize on the various features that add worth to the properties in Mivida, Marassi and Uptown Cairo. The incorporated communities propose the benefit of effortless access to the city centre while providing that ready-to-step-in apartments.

Launched in February 2009, lately, Mivida is the latest community for residential purposes by Emaar Misr and is located in New Cairo City, only at a distance of 1.5 km from the American University of Cairo. Senior Director, - Development, Emaar International Mr Mohamed A. El. Moshneb, added: "Emaar's projects reflect our philosophy to create fully-integrated lifestyle communities. All our projects in Egypt will feature healthcare centers, educational institutions, hotels, thus providing an engaging lifestyle experience. We have made on-schedule progress with our projects and are committed to deliver them."

National Bank of Fujairah records profit

The results for the first quarter have been announced by the National Bank of Fujairah where a net profit of Dh30.3 million has been recorded. In previous year 2008, the profits have been recorded of AED 55.4 million. This decline in profit reflects the current economic slowdown in the world. The Deputy Chairman of the National Bank of Fujairah, HE Sir Easa Saleh Al Gurg said this is a solid set of results in one of the most challenging economic environments we have ever seen. Following the full year loss of 2008, these results mark a welcome return to profitable operations. The Bank will continue its prudent approach in the unprecedented market conditions and will pursue selective opportunities for achieving steady growth and adding value for its shareholders."

Despite of the bank’s liquidity management, the cost of liquidity has been higher in the market and thus, laid a huge impact on the net profit and income. If we compare this years figures of net interest and foreign exchange income with the previous year 2008, the foreign exchange and net interest income has been increased by 1.5 and 2.2 per cent. At 31st December 2008, the investment portfolio was reduced from Dh227.4m to Dh144.3m. Therefore, only a modest loss of investment has been recognized.

If we look at the total assets of the NBF it stood up at Dh11.9 billion from Dh12.8 billion at the end of the year. The balance sheet of the bank shows reduction thereby, reflecting the risk craving of the bank and such financial institutions. This profit which the NBF recorded was for the three month period.

Dubai Bank Shows Annual Net Profits

Strong profits have been declared by one of the leading Islamic banks, Dubai Bank. These are the results for the financial year ending December, 2008. The new profits declared are huge as it stood at Dh226.1 million. This shows a growth of around 7.26 percent over the span of 1 year. In spite of the crunch faced by UAE’s economy especially by Dubai property sector, it has overcome with all the challenges posed by the global economy.

The chairman of Dubai Bank, Fadel Al Ali said, “We are very pleased with Dubai Banks' performance. 2008 has been a difficult year for the global financial services industry, but we have remained firmly on our path of continued growth, achieving healthy profits and phenomenal increases across all our core operations. We will continue to use and build on these strengths in the future." If we talk about the performance, assets and deposits of the bank, few amazing figures come out. Apart from performance another key factors have also improvised. Deposits grew by 94 percent and reaches out to a figure of Dh14.97 billion, similarly, assets grew by 69 percent.

At the Islamic Banking Product Awards held in Dubai, this success of Dubai bank is recognized and is awarded with the "Best Islamic Credit Card" award. The CEO Al Shaksy, Dubai bank said, “The challenges faced by the global market in 2008 also offered us a number of unique opportunities that we have managed to capitalize on effectively.”

He further added “Our focus on innovation and creativity was further highlighted when we became the first bank in the region to introduce Mobile Banking. In addition, we signed a number of strategic agreements to support our expansion plans, with the aim of providing new banking outlets for existing and prospective customers.”

Abu Dhabi Real Estate Grows With Cityscape

Cityscape Abu Dhabi has returned to Abu Dhabi National Exhibition Centre (ADNEC), held from 19-Apr-22-Apr. This event is expected to be 32 percent larger than the event in 2008, which would be spread across a gross area of more than 38,000 sq m.

Over the years Cityscape Abu Dhabi has shown significant growth. This event was launched in 2007. With the expansion of ADNEC, it aims at becoming the largest exhibition centre in the Gulf. Since, Cityscape Abu Dhabi 2008, six additional halls have been added to ADNEC. This has enabled the event to span the Atrium as well as the nine exhibition hall. Having the Cityscape Abu Dhabi returned to the emirate, amongst 50% of such exhibitions, signifies the strength of the organization like ADNEC and its contribution to the economy.

Simon Horgan, ADNEC CEO said: “One of the main reasons why ADNEC was created was to attract new events to the capital and to then support their growth. Since the venue opened in 2007 we have been committed to helping organisers make their events more successful each season. Cityscape Abu Dhabi is a perfect example of an event which has been able to grow due to the support which ADNEC gives.”

Rohan Marwaha, Managing Director, Cityscape, IIR Exhibitions added: “The support of ADNEC has been instrumental in the success of Cityscape Abu Dhabi. The 2009 edition of the event will be the largest Cityscape Abu Dhabi that we’ve held, and we’re expecting to see a significant increase in visitors and investors coming from all over the world to Abu Dhabi.”

Damac Properties, a Dubai Real Estate Developer Aims At Meeting Delivery Schedule

Damac Properties has proclaimed that the company is focusing on meeting their delivery schedule. They are aiming at delivering 25 towers by 2011. Hussain Sajwani, Chaiman of Damac Properties, believes in looking at the market more optimistically. Also, he believes negative attitude or destructive talk would not help the market recover.

Sajwani said “The brand Dubai has suffered in the last few months due to negative rumours, gossip and speculation, which prompts me to reject the cynicism by looking ahead into the future of the property market in Dubai and talk about the recovery process. We have to talk about taming the current situation with our positive attitude towards the change& we need to lead by example”.

He also added “I have heard all kinds of rumors about Damac. We have adapted our business to meet the challenges that exist at the moment and we have had to take a long, hard look at our efficiency rates and our longer term projections and targets. The corrective measures we have taken have been prompted by viewing the road ahead. We are a successful company and I do not feel that I should refrain from talking positively about the future.”

Damac Properties has, also, declared that they would assign Dh2 billion worth deal for construction work to continue, in 2009. The company is expected to meet its target of delivering 7100 units by the end of next year. This year Damac Properties has delivered 800 residential units at The Cresent in IMPZ and 536 units at Lake View, Jumeirah Lake Towers. Damac Properties has declared, Park Towers at DIFC and Ocean Heights at Dubai Marina are nearly 40% complete. These properties are expected to complete their construction by 2011 and have 25 towers delivered.

"No one is pretending that these times are easy. We have had to alter our plans and change the way we do business, but we have tried to meet these challenges in the best way we can,'' he said.

"We were criticised by some for making what seemed harsh choices, but in making these tough decisions we have gone a long way to protect the future of the company," he added.

"We will continue to concentrate on those developments where construction is already under way. We will also monitor the market for the right time to revisit those projects which we had announced but not yet started," Sajwani said.

Dubai Property Madison Residency Is Handed Over By Deyaar in May

One of the fastest growing real estate company Deyaar Development, has announced the handing over of Madison Residency by May 2009. This is the first Dubai real estate project to be delivered by Dayaar in 2009. The company is organizing a seminar for the owners on the handover process of the residential units. This orientation process would focus on the procedure required for the final documentation of handing owner respective properties to the owners. Also, the 2009 operating budget for the building would be discussed and the home owners would be explained the amenities and facilities of the property.

This property is situated along the Sheik Zayed Road, on Technology, E-Commerce and Media (TECOM) freezone. Madision Residency hosts 312 residential units. This outstanding property includes 161 opulent studios, 99 two bedroom apartments and 52 one bedroom apartments. The property is equipped with state-of-the-art amenities which include swimming club, health club, roof garden, strong security system, under-ground parking and generously spread retail services.

Markus Giebel, Chief Executive Officer of Deyaar, said: "An orientation program in the lead-up to the delivery of Madison Residency further underscores Deyaar's continued commitment to providing our customers with best international quality and service experience and is in line with our 2009 strategy to facilitate increased communication with customers. A program of this nature is an essential practice followed by leading global developers. It provides customers the opportunity to understand the exact documentation procedure for the final handover as well as the facilities management contract and amenities provided at the project. Such a program proved to be very successful on our Al Seef II project that was recently handed over."
Giebel added: "Positioned in one of Dubai's most prestigious and sought-after locations, Madison Residency stands out for its close proximity to the key business hubs of Dubai and the world-class lifestyle it provides."

RAK Ceramics Keeps Tab on New Concepts and Ideas At Cityscape Middle East Real Estate Awards

The world’s largest ceramic manufacturer, RAK Ceramics and Laticrete, the joint venture partner have declared they would be the sponsors for the Cityscape Middle East Real Estate Awards. The industry leaders would come together at the Abu Dhabi National Exhibition Centre (ADNEC), at these awards which would be held from 19 April to 22 April 2009. The awards would give recognition to the extraordinary developments and achievements made by the MENA’s real estate sector. These awards would be categorized on the basis of Architecture and Development. The entries to this award would be judged on the basis of contribution to invention and imagination, world architecture culture, the planet, respect for people, context and environmental awareness in the MENA region.

Dr. Khater Massaad, CEO, RAK Ceramics said: "RAK Ceramics' sponsorship of the Cityscape Middle East Real Estate Awards reaffirms our company's commitment to help promote and cultivate quality and creativity. With such a diverse participation, we are confident that the Awards will be able to discover fresh ideas and new concepts that will help the real estate sector become ever more exciting in the future. Furthermore, it is also a privilege for us to contribute to the success of a key segment of Cityscape Abu Dhabi, which is one of the premier industry events in the region."

RAK Ceramics is a $700 million company which supplies its products to over 135 countries. These products are targeted towards project developers, architects and retail customers. However, RAK Ceramics’ joint venture partner, Laticrete is the global manufacturer and marketer of installation systems for stone and ceramic tiles.

Abu Dhabi Real Estate Firm Adopts Environment Friendly Technologies

Abu Dhabi based investment company Al Rayan Investments has joint hands with Green Precast System and Technologies, an Australian firm. The companies would jointly implement its distinctive 3D monolithic modular system. This idea would be applied to all construction projects across UAE to ascertain its commitment towards building real estate projects which contribute to the betterment of the environment.

Chairman of Board Al Rayan Investments, Mr Fardan Hassan Al Fardan said “In our role as a premier organization in Abu Dhabi we are committed to supporting the aspirations of our government in delivering environmentally friendly and sustainable technologies to the UAE, upholding the drive for a green future. In Green Precast we believe we have found the ideal partner to complete this aim, their technology enables significant savings to be made with up to 80% less labour required to deliver projects up to 70% faster than conventional methods, Their developments are 30% stronger and save up to 90% on the ongoing maintenance costs. Green Precast system is a combination is solutions and products, that varies from the UV - IR reflector that helps to save up to 50% on the running cost, the water technology can in some cases save up to 100% on irrigation or toilet flushing through the grey water treatment of the household, and the Ecobulb technology can reduce energy bills and usage by 85%. The combination of all these technologies is the world's leading green precast system. As a result we fully expect Green Precast to become one of the pre-eminent choices for major developments in the region in the near future.”

Competing with the Dubai real estate sector, now Abu Dhabi is gaining popularity with mega projects coming up in this region. Al Rayan Investment has signed the contract with Green Precast Systems and Technologies worth Dh450 million. Al Rayan Investments is the first company to opt for this technology. This company aims to offer residential accommodation to 25,000 people by 2010. Green Precast is a active member of Emirates Green Building Council. This company aims at offering up to 2000 jobs in the UAE.

Saunders Global Interior Design Would Design the First Regional Mall in Abu Dhabi

The renowned Australian interior design firm, Saunders Global has been awarded with the contract by Baniyas Investment and Development Company to design and develop the interiors of the first mall in the region, Baniyas, Abu Dhabi. Saundars Global owns a commendable portfolio with some of the well known project such as Palm Jumeirah Pointe, Sahara Centre, The World Sales Centre and Nuance.

Abu Dhabi has a vision to emerge as a prospective tourist destination as well as offer world class residential facilities. With its ambitious plans, Abu Dhabi real estate has made huge investments in its sector. With mega projects coming up in Abu Dhabi worth Dh200 billion it is now competing with the Dubai real estate sector. With an opportunity offered by Baniyas, Dh3 billion Bawabat Al Sharq, accompanied with its opulent mall will contribute immensely in Abu Dhabi’s economy as well as Baniya’s growth. This regional mall would be spread over 148000 square meters and would have 339 shops. This would be new shopping hub which would be spread over two floors on a prime leisure and retail space.

Baniyas Investment and Development Company CEO, Wael Tawil “We have chosen Saunders Global expertise to produce a combination of dramatic contemporary and traditional design, with every section having a distinctive style and a unique atmosphere. We are building a vibrant city, offering the perfect place to rent spacious homely apartments or villas that belong to a fully serviced community. Adding to the luxurious lifestyle, the mall will serve as an attractive and entertaining venue for families to shop and spend leisure time”.

RAK Real Estate Project: Al Marjan Island Completes Reclamation Work

A significant real estate developer in RAK, Rakeen has confirmed they have completed their reclamation work on the $1 billion project: Al Marjan Island. This is the first man-made island which surrounds the emirates coastline by 21 km. The infrastructure work in the first phase, by Rakeen, has covered electricity, sewerage, drainage, water, roads, telecommunication, street lighting and channel crossing. 2.7 million sq m of the project, this first phase includes island 1 and island 2 out of the 4 island cluster.

The infrastructure and Project Director of Rakeen said “"We have maintained the highest standards in all aspects of the project, and have adopted modern technology and pro-environment techniques that will distinguish Al Marjan island as an environmentally friendly business and residential destination in the region. Moreover, our commitment to protect the interests of investors and stakeholders of the project is clearly manifested by Rakeen's timely completion of the project's reclamation work."

From the Public Works Department, Rakeen had taken over as a master developer in May 2007. Island 1 and forty percent of Island 2 were domesticated. However, by 2008, Island 2 and Island 4 were completed. Reclamation work was completed for Island 3 by January, after finishing the rock work and sand filling.

Rakeen has also extended its responsibility by taking over the reclamation and infrastructural changes for Bab Al Bahr. This development is an integral part of Al Marjan Island, which will serve as a gateway to the integrated island community. This is a mixed used development hosting residential and office tower, accompanied with a hotel and a mall tower. The first building constructed for the residents in this development would be completed to handover by mid 2010.

Other developments in Al Marjan Island such as Marbella Bay and Pacific are also on its way to face some infrastructural changes.

Dubai Real Estate Off-Plan Rules Due for Amendments

Dubai real estate market has seen a new light with Dubai Land Department. It will propose an amended Article 11 of Law number 13 in next two weeks. The amendments proposed would introduce new provisions for contracts that are cancelled. Law No. 13 regulates Interim Real Estate Register. The practical application and the detailed explanation of Article 11 was circulated internally, by the department. According to the circular, when an off plan contract is terminated, the developer may retain 30 percent of the unit value. Also, the buyer can retain the contract value until the unit is sold. In short, if the purchaser defaults on a payment, even after a 30-day notice is served, the developer can terminate the contract and refund 70 percent of purchaser’s money.

A Government official of Dubai Land Department, Director-General Sultan Butti bin Mejren said “We will release an amendment to Article 11 in the coming two weeks. It is something good for the market as it is more comprehensive and detailed” Although Mejren declined to give details of the amendment, he said: "The revised article will set new grades for properties and developers. It will be more than 30-70 rule, which is now applicable."

Axel Jacob, a legal consultant with Fichte & Co, said: "Its no surprise that the government is now preparing an amendment to Law No13, which assumingly will bring the law closer to Real Estate Regulatory Agencys position as expressed in its circular. Hopefully the amendment will not only take developers interests into account, but also the interests of investors, whose confidence is what requires a boost in order to help the real estate market to pick up again. The amendment has been tipped to be more sophisticated than the circular, and it would be helpful if it took into account different stages of construction progress and possible defaults on behalf of the developer in evaluating the applicable penalty amount."