New Office in Dubai Silicon Oasis by Red Flag Group

The Red Flag Group is a leading advisory, due intelligence and technology firm. The Dubai Silicon Oasis Authority announced that they have set up an office at Dubai Silicon Oasis which is a hub for hi-tech industries, thus expanding their global presence. The Red Flag Group basically assists companies compliance programs and conducts, developing ethics, breaches of the US Foreign Corrupt Practices Act and last but not the least audits. This newly opened office at DSO will offer complete range of compliance related and ethics services along with online training and in-person training programs.

This DSO branch will be headed by Randa Almomani as the General Manager. Almomani is a 10 year veteran in information technology development and integration. Apart from the General Manager, he also serves as the company’s Lead Customer Advocate for managing approvals, management, escalations and ‘conflicts of interest’ disclosures. He is also the group’s head of the Greater Gulf region. The CEO, Red Flag Group, Scott Lane said: “Dubai was a natural growth area for the Red Flag Group because of its growing focus on corporate governance and compliance. With the Gulf region becoming more globally active, companies and governments are recognizing the value that good corporate compliance can bring.” He further added: “As we develop compliance-driven technology solutions for some of the world’s leading companies, DSO was our obvious choice. We are confident our presence at the technology park will help us develop greater synergy with its business partners that comprise some of the world’s best known names in the industry.”

The Red Flag Group will be benefitted by the strategic location of Dubai Silicon Oasis with quick and convenient access to Jebel Ali Port, Dubai International Airport and city’s central business district.

European Cosmetics Company Sets up Facility at Dubai Airport Freezone

PERFUMES Y DISENO is a European cosmetics and Perfume Company which has invested and setting up a distribution office in the Middle East – PYD Middle East Distribution FZCO. They have initially invested an amount of AED 11 million at Dubai airport Freezone. There is a phenomenal growth in this industry sector; however, the company is trying to take advantage of it. The Managing Director, PYD Middle East Distribution FZCO, Mr. Bashir Tahboub said: “Growth in cosmetics and perfumery business in this market has grown tremendously in the last couple of years up to as much as 10 times in value and we have set up a regional office at Dubai Airport Freezone to take advantage of the fantastic growth and opportunities available in this market.”

He further added: “PERFUMES Y DISENO is a major European cosmetics and Perfumery Company established 25 years ago in Madrid, Spain. The group's turnover last year was AED 552 million (US$ 150 million).” Three brands are represented by the PYD Middle East which are: J. Del Pozo, Roberto Verino and Tous. PYD is further planning to open tie ups with other retail chains in the UAE and over the entire Gulf.

The Director of Marketing at Dubai Airport Freezone, Mr. Ibrahim Ahli welcomed the addition of PYD Middle East at DAFZ, “PYD Middle East is a welcome addition to our growing list of international companies. At Dubai Airport Freezone we have a diverse mix of cosmetics and perfume companies to, electronics and IT, air charter, logistics companies to pharmaceutical all of them taking advantage of the well developed facilities at Dubai Airport Freezone for doing business and its strategic location and position of Dubai as a business hub in the Middle East. Most of our clients are long term tenants and recently, we have seen an increase in the number of international companies increasing their office space in anticipation of a rebound after a severe global economic downturn.”

Emaar and Nakheel to Participate in Cityscape 2009

Cityscape Dubai is the largest business to business real estate development and investment exhibition. Nakheel, the state owned master real estate developer has now agreed to take part in this grand real estate event Cityscape Dubai. Earlier, these two famous Dubai real estate developers have decided not to participate in the event; however they have now reversed their earlier decisions. Emaar Properties said that they will participate in order to explain the growth strategies and expansion of their work by various business segments. They need to further explore the new geographies especially, in North Africa and Middle East.

Nakheel’s decision of participating in Cityscape Dubai 2009 was followed by discussions with partners, leading event organizers and various industry stake holders. Moreover, they both said that they would not be participating in Dubai’s premier real estate show. On Saturday, Nakheel said: “It would focus on exhibiting communal properties on several of its developments that are close to completion.” Emaar will also feature various lifestyle communities which the company is developing in Dubai and in other international markets.

Recently, Nakheel has completed the handover of 33 islands on The World. There are various other property developments in its portfolio for which the handovers are scheduled. The company is further preparing for the inaugural Dubai World Championship Golf tournament which is going to be held in November at Jumeirah Golf Estates. Earlier Emaar refused to participate as they wanted to focus on its existing portfolios. Emaar Properties is set to merge with three government owned property units. Now, both have decided to take part in this grand real estate event.

Abu Dhabi Residential Demand Strong

According to EFG-Hermes, an Egypt based investment bank, the demand for residential accommodation in Abu Dhabi continues to remain high and strong. This strong growth is due to the high demand because of the liberalization and growing population. Abu Dhabi real estate sector is expected to keep prices high for next five to seven years. Reports have said that this hike in demand in property in Abu Dhabi is backed by the shortage of all property types. Sana Kapadia, the author of the report said: “A structural shortage of good quality space across the various types of real estate combined with both pent-up demand and strong immigration growth prospects underpin the supply and demand dynamics of the emirate's real estate market.”

The residential market demand is expected to remain undersupplied until late 2009 as no major additions in residential units are expected before that. Moreover, the demand for not only residential units, but even for office space is expected to remain sturdy due to the vacancy rates. The quality of existing space is poor thus; the demand is rapidly increasing for both residential and commercial spaces. Apart from this older businesses are now looking forward to upgrade their facilities as they are seeking presence in the Middle East.

Significantly supply rising are expected to help rising prices and rents. This property demand hike is shown due to many reasons as a recent phenomenon is showing that malls are the recent updations in Abu Dhabi and fast growing young population along with rising income levels. Most of the projects which are currently developed or are under construction phase are multi-use and such retail space is expected to increase further.

Al Fara'a Properties Hands over Le Grand Chateau Project Ahead of 2010 Deadline

Le Grand Chateau is a residential development which is completed well ahead of its 2010 deadline and the project is set for delivery. Al Fara’a Properties which have announced the handover of these units is a member of the Al Fara’a Construction, Property and Industrial Group. The announcement coincides with the first batch of tenants moving into this high class luxury development in the very famous Jumeirah Village in Dubai real estate. This development has adopted top quality construction standards and the there is a great competitiveness among other landmark projects across the Gulf region.

The ‘Le Grand Chateau' project is greatly inspired from the 16^th century Chateaux architecture of the Loire Valley in France. This development features 15 four bedroom luxurious G+2 townhouses and other residential building block combining a total of 185 apartments. The project is completely furnished along with impressive designs blended with highest standards. The President and Executive Chairman of Al Fara'a Construction, Property and Industrial Group, Dr JR Gangaramani said: “We are thrilled to be the first developer to deliver a project in Jumeirah Village, ahead of our 2010 scheduled completion date. Through maximising our ability to deliver world-class turnkey solutions as a truly integrated construction group in the UAE, we believe that we have positioned ourselves as a real estate provider of choice to customers that seek solid investment solutions.”

A facilities management decision has been recently developed by the group which helps in optimizing the maintenance and other costs in order to ensure great investments. The project is ideally situated in the heart of Jumeirah Village. In addition to this, Al Fara’a Properties has partnered with Al Huzaifa Furniture offering great décor ideas centered on classic Italian Furniture, thus making it an ideal residential development.

Emirati Service Management Firm Completes Leasing of Villas in Sorouh Development

Khidmah is a services management company, which was the first owned and operated company in Abu Dhabi. It has announced the leasing for 588 villas in Sorouh Real Estate's development; Sas Al Nakhl Village has been completed. Despite of the global downturn of the region’s property sector all properties including 244x4 bedrooms, 307x3 bedroom and 37x5 bedroom villas were all leased within few months. Khidmah’s website played a very important role in boosting the leasing rates of these villas. The latest Google data indicates that now around 39 percent of the UAE respondent’s research online before finalizing any purchasing.

The CEO, Khidmah, Sutton Turner, said: “Sas Al Nakhl is a wonderful community developed by Sorouh and we are very excited to be providing our extensive portfolio of services to its new residents. Leasing this community is just the beginning for Khidmah - the next step is to provide unmatched resident services with the rollout of our own maintenance, fitness, cleaning and landscaping teams.” He further added: “Crucial to Khidmah's success to date has been our commitment to effectiveness in managing and maintaining successful properties, coupled with our ability to deliver great value, fulfill customer needs, and serve our partners - all via a single point of contact. We believe this is what gives us the edge, and it's what ensured that we delivered for Sorouh in a short space of time in a challenging marketplace.”

Khidmah has appointed a special leasing staff. It has recently added to the UAE’s services management market as it launched Cityscape Abu Dhabi in April 2009. Sorouh Real Estate contracted the company including leasing for 2 completed all-villa developments and for Sas Al Nakhl Village. Sorouh is a joint venture partner in Khidmah along with Capital Investment.

Dubai Properties Group To Display 5 Projects At Cityscape

Dubai properties Group (DPG) is a member of Dubai Holding. It has recently announced that 5 new landmark developments will be showcased as these are scheduled for handover at this year’s Cityscape Dubai 2009. Cityscape is a largely organized business to business development event in the world and property investment. Dubai properties group is now participating in this grand event for the sixth consecutive year. The event will be held at the Dubai International Convention and Exhibition Centre from October 5-8. This well known property group has recently realigned its business in order to ensure long term profitability and investment to the company.

Group CEO, Khalid Al Malik, DPG, said, “Our participation at Cityscape Dubai 2009 not only allows us to showcase the diversity of our projects, but to demonstrate the tremendous progress we have achieved in delivering a remarkable number of unique communities in 2009, all contributing to the growth of Dubai. DPG looks forward the participating in this year's event as we have some exciting news to share during the press conference on the second day of Cityscape 2009.  We are confident our exhibit will be well attended by our stakeholders and industry peers.”

This is the first time at cityscape that Dubai properties group will present its completely integrated development profile. This complete profile leverages the strengths and portfolios of Dubai properties with Sama Dubai. Tatweer’s real estate projects are also incorporated including REEMRAM. Others include The Tiger Woods Dubai, Dubailand and Bawadi. This is to create the largest development based and real estate business in the region.

Model Units of Bab Al Bahr Property Development In Ras Al Khaimah are Completed

The model apartments of Bab Al Bahr in Ras Al Khaimah have been completed by Rakeen. Rakeen is one of the most trusted and dynamic property developers in Ras Al Khaimah and has completed this value added offering giving clients a preview of the actual property. It includes layout, amenities, ambience and other actual features which are expected to be in your dream home. These property units feature 1 and 2 bedroom units and are equipped with the same state-of-art facilities of the apartments built overlooking the coastline of the Arabian Gulf. These model units are ideally located along the main road just before the entrance to Al Marjan Island.

These residential units give a realistic forecast of the views of the residences. The Commercial Director of Rakeen, Jeremy Savory said: “Bab Al Bahr is Rakeen's first end-user development, which has been designed to redefine living in Ras Al Khaimah real estate and to add value to the emirate's community. With its exclusive beachfront location and stunning views, Bab Al Bahr is a residential development conducive to relaxation that will serve as a new landmark in the emirate. While awaiting the highly anticipated handover during the second half of 2010, we are inviting residents and interested buyers to visit the model units, which we believe will help them generate unique ideas for the physical arrangements and additional furnishings they want to include in their residences.”

Rakeen has invited interested buyers and other property investors to visit this new construction so that they can have a look at these newly revamped model units. This gives a clear view of the properties which are there in Bab Al Bahr. These properties are designed with the emirate’s goal of becoming a great lifestyle oriented residential destination. Bab Al Bahr is the first end user development created by Rakeen.

Dubai Food Exports Reaches Dh3.5 Billion

According to the recent figures from Dubai Export Development Corporation, the emirate is increasingly exporting food products around the world with around AED 3.5billion traded last year. In the year 2008, Dubai re-exported around AED 4.1billion of food products. In the list of food exports, confectionery and sugar are ranked at the top of the list, thus making up an export value of 37 percent of all food products. More local businesses of food export across the world are to be encouraged, thus an ‘International Buyers Centre’ at Sweets in the Middle East will be hosted by Dubai Municipality. It will take place at Dubai International Convention and Exhibition Centre on 2-4 November 2009.

Bobby Krishna, Senior Food Studies Officer, Dubai Municipality said: “The UAE has many great food products to sell to the world. Dubai was built around the trade industry, and with the Arab Free Trade Agreement and the close proximity of our neighbors, we are well positioned to export many great products to the region.” He further added: “There will be experienced staff at the International Buyers Centre in Sweets Middle East to provide advice and guidance on the opportunities abroad. We will also be able to provide on-site support to international exhibitors at the show who are looking to sell food in Dubai.”

The exhibition is organized by Dubai World Trade Centre in combination with organizer of the world's leading confectionary show ISM, Koelnmesse. In addition with this International Buyers Centre, the municipality of the emirate is helping in organizing a special workshop on Understanding Food Trade Regulations in Dubai. This workshop will provide guidance to all those international companies who will be showcasing their latest products at the show.

Special Ramadan Deals For Properties At Downtown Burj Dubai by Emaar

Emaar properties are one of the leading global real estate developers in Dubai. As Ramadan is going on Emaar unveiled some special Ramadan packages at competitively priced apartments. Moreover, they are giving flexible purchase options and other unique benefits that include: up to one year waivers on maintenance fees for residential units in real estate in Dubai in one of the most prestigious developments that is Downtown Burj Dubai. There is several property units which are new to the market and are on the offer. All these properties can conveniently access various local attractions including The Dubai Fountain, The Dubai Mall and various other entertainment destinations.

The sales initiative is for residences in all established communities including Burj Views, The Old Town, South Ridge and The Residences. MD-UAE, Emaar Properties, Ahmad Al Matrooshi said: “Emaar's new initiatives for the Holy Month of Ramadan and through September are specially tailored to offer several advantages for customers. These offers are part of our concerted efforts to support our customers and assure flexible and attractive options when making a purchase decision. Customers can also meet with our mortgage consultants at the Emaar Square Sales Centre for free consultancy.”

A special and attractive offer for Rent To Own customers is announced who convert to ownership by the end of the September. This Rent To Own scheme was unveiled last year, thereby, offering the customers to rent a home for one year. Easy mortgages of up to Dh2.5 million on variety of studios to 3 bedroom apartments, however, this benefit follows only for potential customers. Emaar Square Sales Centre is the mortgage consultants of the company which are giving free consultancy to the clients who are interested in the offer. For details, potential customers must visit Emaar Square Sales Centre.

Fortune Group To Handover Fortune Executive Tower in November

Fortune Group is one of the leading real estate developers in Dubai which is currently involved in the construction of Dubai’s first duplex offices. The Fortune Executive Tower will be their second commercial projects which will be a new add on in real estate in Dubai. It will be completed soon towards the end of this year. CEO of Fortune Group, Syed Mohammed Ali said: “The project for the first time offers duplex offices that are tailored to meet the business needs of corporate houses. We are optimistic that the units, which range in size from 800 Sqft to 4,000 Sqft, will meet the demand of all sections of the business community.” The developer has a portfolio worth Dh12 billion and it is also offering various flexible payment plans to the investors.

This commercial freehold tower is 35 storeys tall and is located at the very famous Jumeirah Lake Towers. This commercial tower will soon turn out to be corporate address for many reputed international business conglomerates in the Middle East. Syed Mohammed Ali further added: “Fortune Executive Tower adds a different dimension to Dubai's freehold commercial space.” This tower is the group’s second property project which will be completed successfully. Soon the tower will be handed over to the end-users in Dubai.

The CEO also commented on the flexible payment structure of this property unit: “Fortune Group is committed to the people who have put their trust in our brand and have committed money to our project. Despite our own financial constraints, we are not only pushing ahead towards completion of Fortune Executive Tower but have also adopted a very flexible approach towards payments. We are offering our investors multiple payment options, depending on individual cases. Our revised payment options have been tailored to reflect the new market reality.” Thus, the next generation office space will soon get ready.

Oxford Business Group Launches The Report: Abu Dhabi 2009

Abu Dhabi ambitious reform strategies and programs and its healthy economic development have already gained confidence of the international business community. These things have been analyzed in an English language report ever published on the investment and business opportunities of the emirates. The report Abu Dhabi 2009 has been produced by the Oxford Business Group. A team of OBG international analysts features a remarkable range of interviews with the top business figures and high level political contacts. It has been regarded as the leading source of information for foreign direct investment in the emirate.

The latest report launched by the business group embraces a detailed guide for foreign investors sector by sector. Some of the prominent figures with whom interview has been conducted were: Bernard Kouchner, French Minister, Chairman of the Executive Affairs Authority (EAA) of Abu Dhabi, Khaldoon Al Mubarak and many other high profile personalities and business leaders. The report that has been launched highly acclaimed research, consultancy firm and global publishing was launched on September 7, 2009. The report further mentioned that a detailed look is being given at the significant investment plan which the government is making in order to diversify the economy.

The new report provides an insight into various other areas of business that is significantly expanding, with a great emphasis being given to the major emerging fields of plastics and petrochemicals. Moreover, the emirate is looking forward for the construction of the Industrial zone and Khalifa Port, The Report 2009 is analyzing the roadmap of what may prove to be the most integrated industrial zones. Furthermore, Abu Dhabi is actively participating in tapping the tourism sector in order to complement its healthy business niche market. The publication provides a deep analysis and coverage of the eco-tourism and cultural projects for the emirate.

Dubai Lifestyle to Hit 80 Percent Occupancy At Marriot Hotel Properties

The three Marriot hotels being built at Dubai Lifestyle City which includes 5 star JW Marriot featuring 170 rooms, a Marriot courtyard with 150 rooms and 46 Marriot Executive apartments. These Marriot hotels are all set to hit around 80 percent occupancy when they open. Arif Rahman, the managing director, told Gulf News that: “We have a healthy RevPAR (revenue per available room) and we expect between 70 to 80 per cent occupancy.” There are various other Dubai real estate projects going on in Dubailand, which have been delayed, however, the Dubai Lifestyle City is progressing at a fast pace, due to the manageable size of the project.

The resources have said that since the project is in partnership with Marriot, therefore, the residential portion of the development will be named as the JW Marriot Residences. Moreover, the security, quality and safety of the project will be in line with the Marriot’s global international standards. Raza Siddiqui, the executive director explained that there will be sprinkler systems installed in Marriot residences. As far as the accommodation is concerned, there will be a total of 68 villas of five different types ranging from 10,000 square ft area to and area of 20,000 square ft. Each of the 68 villas has been given a name such as Siena etc.

The construction of 120 regular, penthouse and duplex apartments has already been awarded to Saleh Constructions. Around 500 people are working onsite. The entire project is expected to get completed by the end of the year 2012. Despite of the global financial downturn, Rahman is confident enough that the sales price for this real estate project in Dubai Lifestyle City are appropriate. Moreover, about 50 percent of these residential units have already been sold so far.

Address Dubai Mall To Add Extra Comfort For Shopping

The Address Dubai Mall defines new meaning and style in upscale hospitality. This is more than an outstanding accommodation and is an impressive and premium destination for business and leisure travelers alike. This luxury accommodation is beautifully designed and is ideally positioned within the surroundings of Downtown Burj Dubai. The Address Dubai Mall is one of the newest hotels in the Address Hotels and resorts, now offers an ideal prospect for an exciting shopping extravaganza. This extra comfort for shopping is scheduled to open next week, moreover, the hotel is suitably connected to the very famous and world’s largest entertainment and shopping destination The Dubai Mall.

The hotel comprises of 244 luxury rooms enriched with fine décor, celebrating the Middle East traditions. All this has been designed in order to provide that extra comfort and luxury to the travelers. The General Manager of The Address Dubai Mall, Mr. Olivier Heuchenne said: “The Address Dubai Mall builds on the key differentials of The Address Hotels + Resorts in assuring tangible guest benefits, marked by the highest standards of services in one of the city's most popular locations; The Dubai Mall, which is now the retail and leisure hub of the region.”

Address Dubai Mall offers unparalleled choices of lifestyle and shopping. Mr. Olivier Heuchenne further added: “The Address Dubai Mall offers an exclusive blend of traditional Arab hospitality in the most contemporary and cosmopolitan environment keeping in mind the priorities of sophisticated travelers and shoppers.”

Dubai Metro Hopes To Boost Property Prices

The Dubai Metro will release soon as it will be officially inaugurated on 9^th September. Moreover, with its inauguration it is expected to play a very decisive role as far as real estate in Dubai is concerned. It is expected to increase the value of the nearby properties and with this new modern line, the traveling for residents and visitors will be much easier. Initially, metro’s red line is the first line to get opened and will have 10 stations. The metro line is also a huge attraction to two important communities, Jumeirah Lake Towers and Dubai Marina. So, now more buyers will get attracted towards property developments which are located closely to these metro stations. Hence, these properties are more marketable as told by a property management firm.

The metro line starts at Rashidiya and it has a stop at Terminal 3 of Dubai International Airport. It will run along the Sheikh Zayed Road and through the city center. The first stations which are getting opened soon will be at: Al Rigga, Union, City Center, Mall of the Emirates, Financial Center, Khalid bin Al Waleed, Jafliah and Nakheel Harbour & Tower. Another line which is the Green Line is also under construction and it will run along Dubai Creek and will have 18 stations. The Dubai metro will also have a station at the famous Burj Dubai. Now metro users will have an easy access to the world’s largest shopping mall and tallest building too.

The tower is ideally located in Downtown Burj Dubai and there are variety of entertainment centers, business areas and residential locations in the neighborhood. When it will be completed, around one million people will start working and living in this part of the city. Thus, if metro proves to be a successful venture, then properties near to the station will fetch a premium, like any other city.

Dubai’s Al Barari Villa Prices Fall By 30%

Al Barari villas are the luxury developments in the very famous Dubailand. The prices for these villas have fallen by 30 percent in the past one year. Meanwhile, the developers are preparing to handover around 290 residential villas next month. The Chief Operating Officer, Mohammed Zaal told that the handover will be phased in four batches and the delivery of the very first batch will begin around next month and that the first phase of the handover was likely to continue until next year July. Moreover, due to the economic downturn which real estate developers and other property agents around the world are facing, these villa prices have fallen. Dubai real estate has also been under this turmoil situation, however, things are settling down slowly.

If we compare the prices from the last year, it was Dh15m-Dh30m and the price now ranges between Dh12 million and Dh20m. Apart from this Zaal said that Al Barari development has not suffered losses as this project was sold before the property downturn began. Moreover, the construction contracts have been fixed since the year 2005. Majority of villas have been sold and 50 to 60 percent of payments have already been collected. Alwadiya said that as far as property here is concerned; villas are more in demand due to their limited supply.

Once the first phase of the project is handed over the demand for these villas will gradually increase, representing a high absorption especially among superior class segment. 290 villas have been sold in Al Barari, out of which only seven or eight had mortgages in place and the rest are cash buyers. Moreover, various boutique hotels, Grand Mosque, cultural island, the Healing Haven spa and residential apartments will be the elements of the second phase of the development. Not only this, but the developers are constantly putting an effort to improve the construction design in order to suit customer needs.

Dubai Pearl Real Estate Development Achieves Key Construction Milestone

Pearl Dubai is one of the leading real estate developers in the UAE. A key construction milestone has been achieved at Dubai Pearl thereby, making it an excellent fully integrated luxury real estate development. In this Dubai property, one of the Middle East’s largest foundation rafts is being installed at Tower 1. Dubai Pearl development comprises of 4 towers and each of the 4 towers will have a foundation slab of a total area of 3072 Sq m and thickness of 3.25 m. The mining of all the towers was 8.07 m in depth to the ground level from the bottom of the raft and it was completed in 8 months. By the end of this year an elevation of 5 levels will be achieved on the main structure.

Al Habtoor Leighton Group was awarded the construction work of this real estate development at the end of 2008 thus; the main construction is being undertaken by this group. The President and CEO of Pearl Dubai FZ LLC, Santhosh Joseph said: “We are pleased to announce that the project is progressing well. We are forging ahead despite the current economic climate and are well poised to shape a development that will transform the landscape of the TECOM area and Dubai Marina. We would like to thank all our investors for the continued faith in the project and its promise.”

Dubai Pearl is located in the heart of Media Free Zone and Dubai Technology and it has become a landmark real estate development which has been designed to offer extravagant views of the Arabian Gulf. It is located just opposite to the Palm Jumeirah Island. Dubai Pearl incorporates the best of facilities and will soon be turned into a 24 hour living city. The development boasts of all its leisure, residential, hospitality, commercial and retail components. Moreover, it features an active business district with some of the top most brands. It also includes landscaped gardens, places with private pools and luxury condominiums and apartments.

Cityscape Abu Dhabi 2009 Opens

Cityscape Abu Dhabi brings in a slew of all international and regional investors, government authorities and real estate developers together under one roof. This is one of the important events in the UAE and it opened in Abu Dhabi on Sunday at the Abu Dhabi National Exhibition Centre. People from these domains are gathered in order to discuss the current market challenges and they try and formulate new ways to deal with them. More than 40 companies are participating in this international exhibition. Shaikh Mohammad went around the exhibition and he was explained the real estate developments by the exhibitors.

This event lasts for 4 days and was opened by the Crown Prince of Abu Dhabi General Shaikh Mohammad Bin Zayed Al Nahyan and Deputy Supreme Commander of the UAE Armed Forces. Aldar Properties is the largest property developer by market capitalization in Abu Dhabi. Its senior executive, Ousama Ghannoum told Gulf News: “It's a forum where we are going to meet potential investors, partners and buyers for our residential and commercial projects.” He further added that there are various banks and other financial institutions which are offering loans to prospective buyers which are showing great buying interest for various Abu Dhabi property developments and the emirate.

Another executive from Sorouh Real Estate said: “Some of the developers are offering affordable housing for all levels of income, this is an important development, as earlier, we were only seeing announcements about high-end property developments.” The Managing Dircetor of Ascon Group said that the cityscape Abu Dhabi 2009 will surely boost the consumer’s confidence as far as the real estate sector is concerned. Moreover, the emirate carries the largest sovereign wealth fund in the world and long term plans are being formulated for infrastructure and other real estate developments.

DAMAC Properties Completes Structures Of Two Prime Towers

Damac properties are a luxury style provider to the residents of the UAE. It has recently announced that two of its projects have officially reached the top level at Business Bay. These two properties are: The XL Tower and Business Tower. Each building has reached the level of 18 and 19 floors respectively. Moreover, another building that is the twin tower development at nearby DIFC, the Park Towers is also expected to reach the top floor within next few weeks. This year, the total structural buildings announced by Damac Properties reaches four so far along with Lago Vista at IMPZ and Smart Heights at Tecom.

The Chairman of CSHK Dubai Contracting Fu He and the CEO of Damac Properties, Peter Riddoch performed a special ceremony in order to mark this major event. The construction of these two towers forms a part of the portfolio of the eight projects that are currently under way in Business Bay area. Riddoch said: “We are delighted to mark the structural completion of these first two towers in the Damac family of properties planned for Business Bay. It is has been a great pleasure to work with the teams from CSHK, who have totally lived up to their reputation of being focused and committed to deadlines.”

Business Tower which is on the verge of completion is one of the DAMAC’s signature commercial buildings featuring innovative office designs which is all based on the leading edge. Moreover, the form of the tower is in response to the path of the sun as during the day it moves around the building thus, featuring maximum daylight into the offices. Mr. Riddoch further added: “These two office towers with light and airy spaces for people to work in and stunning views of the waterfront are truly typical of the type of buildings that are synonymous with the DAMAC brand – exclusive designs in prime locations. I look forward to further commemorating with CSHK the completion of XL Tower and Business Tower in the near future.”