Dubai, Abu Dhabi Property Markets- A Huge Divide

According to the recent studies and reports, there has been an increasing gap in the property markets of Dubai and Abu Dhabi due to the global economic crisis. On one end, Dubai’s house prices experienced the fall of around 53 percent since September 2008 whereas on other edge Abu Dhabi enjoyed an increase of 36 percent in its property rates due to lack of new properties over the year.

The report said, "Out of all the cities of the UAE, it is within Dubai that some of the biggest changes have taken place,” adding that there is a fall by 50 percent in rental rates since September 2008 in some parts of the emirate. “Yet, some of the most interesting observations of this year's report are the increasing differences between Dubai and Abu Dhabi, and what some see as an increasing divide between the two cities," the report, quoted by Ameinfo, added.

One effect of the turnaround in the market has been to lower the figures of inflation in Dubai, stimulated primarily by the ever-increasing property fizz, reaching over 12% - according to official figures - at the market's peak in 2008.

On the contrary, Abu Dhabi witnessed increase constantly.

"Rental prices are not only on the increase from last September, but in some cases are considerably higher - 36 percent for a studio flat on the Airport Road, or 20 percent for a one-bedroom apartment on Muroor Road, for example. This is not discounting the fact that, unlike Dubai, there is still significant undersupply in the capital," Leonard Kershaw added to the fact of “The survival to the fittest in Dubai” quoted in his Annual cost of Living Report.

Only 340,000 units will be available in 2010 against the actual need of 362,000 units in Abu Dhabi whereas Dubai is expected to observe the oversupply of 30,000 in 2010.

Considering further, the reports commented that $700bn worth are ongoing throughout the UAE though $582bn worth of real estate and infrastructure projects have been put on hold n Dubai.

Revision of Rent Laws by Emir

The Rent Law in Middle East has been revised leading to the rise in complexity of eviction of the tenant from a rented property.

According to the new Rent Law No.(20) of 2009,issued by The Emir H H Sheikh Hamad bin Khalifa ,the revision does not give right of raising the rentals to the landlord. In addition to this, a landlord cannot ask his tenant to vacate the property unless the property is needed for his/her personal use or the use of any of his legal dependants. Moreover, the landlord in this case, should also give the notice to his tenant at least six months prior to the requirement.

The revisions were implemented after reviewing the draft law proposed by the Cabinet, considering the views of the Advisory Council and assessing the Constitution and related laws.

Tenant’s Perspective
•    The new law averts any increase or alteration made in tenancy contract for first two years.
•     Landlord must provide the property in sound quality.
•    Article 16 of this law puts the responsibility of property maintenance on landlord. But very next article states that landlord shall not make any change which will affect the tenant benefit in any way.
•    Tenants should be sure that only the contracts which are in written form and registered with RERA will be valid.

Landlord's Perspective:

•    Landlords will be constrained to decide rent at the time of contract for two years. Keeping this in mind they can decide a reasonable rent, as per the future economic changes
•    The landlords are free to receive rent value on agreed dates.
•    Any changes to property cannot be made by the tenants without landlord's consent
•    Tenants need to pay the entire taxes due to the Government.

Any complaint from a tenant will not be received by the Rent Dispute Settlement Committee (RDSC) set up by Law No. 4 of 2008, unless the tenant confirms a rent contract registered at RDSC office. However, tenants who seek a proof of landlord-tenant relationship for leases which were signed before February 15, 2008 can approach RDSC without contract.

Hyder Consulting is now the Lead Consultant of Tameer Towers

The well known international advisory and design consultancy firm, Hyder Consulting Middle East has been appointed as the chief consultant for Tameer Towers, a flagship development in Abu Dhabi by Tameer Holding Investment LLC.

Tameer Towers is planned to become the focal point of The Shams District on Abu Dhabi’s Reem Island. The tower is ten-million square feet complex featuring a signature commercial tower and four luxury residential towers. Emphasizing the advancement on the project, Federico Tauber, president of TAMEER stated, "We incorporate state-of-the-art technology and design into our projects to ensure maximum comfort and satisfaction. Along with our partners, we are dedicated to developing and delivering projects that epitomize high quality and excellence. The appointment of Hyder Consulting represents our concerted efforts in collaborating with only the best and most reputed organizations in order to deliver the Tameer Towers project to our clients and investors according to the highest standards of excellence."

Hyder Consulting Middle East, being one of the leading consultancies in the field of planning, designing, engineering and management, has contributed to the engineering of esteemed developments such as the Burj Dubai, Emirates Towers, Ski Dubai, Shams development on Reem Island in Abu Dhabi, Lusail and Education City in Qatar, and Al Areen Desert Resort and Spa in Bahrain. It also stands with pride in the region for the last 45 years. Tauber also showed trust on Hyder saying, “Hyder Consulting has provided multidisciplinary services and solutions to ten of the world's 12 tallest towers and we are confident that this expertise coupled with their extensive regional knowledge and experience will be extremely beneficial in ensuring the design excellence of Tameer Towers”. Adding to it he also said, "Gensler, the international architecture, design and planning firm responsible for the unique and innovative design of Tameer Towers has also been retained as executive architects for the project".

Portraying Tameer’s customer-oriented approach, Tauber added, "TAMEER has a dedicated client servicing team that facilitates efficient communication between the company and its investors and clients by addressing them on an individual basis."

Emaar Retail Partners with HSBC for Kidzania

HSBC is the exclusive financial institution which is being operated in Kidzania, soon to open at The Dubai Mall. Kidzania is an education centre for children. Emaar Retail has partnered with HSBC in order to inculcate the habit of savings among children. Moreover, the banking edutainment of Kidzania will be provided by the HSBC bank itself. This venture is a unique concept that has been scaled down featuring other real-life business establishments. The child’s first activity after entering this city of kidzania is to acquire cash with the help of which they are allowed to participate in various attractions within the city.

They will be provided with a 50 Kidzos cheque and children need to get it cashed or they can either get an ATM card. The kids are then allowed to spend on various services and products throughout this mini city that is spread across an area of 80,000 square foot. It gives a true banking experience to the children as once the children runs out of kidzos, then in order to earn more kidzos the child should choose any of the 70 professions and have to work in these establishments to get more kidzos. At the end of the visit, any kidzos left will be saved in your account for you next visit. Moreover, the children actually earn interest on their kidzos deposited in their account.

Chief Executive Officer, Emaar Retail, Mr Arif Amiri said: “Today, more than ever before, it is extremely important to inculcate in children the importance of managing money. KidZania is the first of its kind edutainment destination that offers young ones the opportunity to understand the various aspects of different professions and the role of money in everyday life. Through the partnership with HSBC, one of the leaders in the financial sector, KidZania aims to instill in our young patrons a sense of fiscal responsibility and discipline, which we expect will extend further to their day-to-day lives.”

America’s Cup to Highlight Ras Al Khaimah’s Popularity

Ras Al Khaimah is the safest emirate for the America’s cup as the emirate has friendly relations with all its neighbors. This is now the 33^rd America’s Cup which will take place in RAK in the UAE. This has been announced by the Societe Nautique de Geneve (SNG). Dr Khater Massaad, CEO of RAK Investment Authority said: “It is quite reasonable to state that security for the America's Cup would be significant no matter where the event is held and in Ras Al Khaimah this event will receive the same level of importance with full cooperation from the Navy, Coast Guards and the Police services to ensure the safety and well being of all visitors to the Emirate."

This prestigious competition will be held in February 2010. The Crown Prince and Deputy Ruler of RAK, H.H. Sheikh Saud Bin Saqr Al Qasimi said: “We’ve made critical improvements to our commercial and economic infrastructure that are paying off in terms of high tourist footfall and rising numbers of investors and business organizations. We are directing our success towards the events sector as well, with the America’s Cup serving as a centerpiece addition. RAK's association with prestigious global events will help further enhance its image as a rapidly-evolving economy and a highly attractive investment and leisure destination in the Middle East.”

Internationally UAE has got the reputation of being the safest holiday destination and has the lowest crime rates across the world. Other than this various annual events are welcomed including business, sporting, academic etc. For the past two months the emirate has been working on installation of the infrastructure on Al Hamra Island which is the base for both the teams. Moreover, the project is on the verge of completion. In addition to this, the emirate offers 3000 hotel rooms.

Exciting Promotions at Gitex 2009 Launched by Etisalat Business Solutions

A series of promotions have been launched during the Gitex 2009 event by Etisalat Business Solutions which will attractive savings to the customers on the entire product and service solutions. The promotions have commenced from Oct 18, 2009. A Blackberry Storm Smartphone will be given free to customers subscribing to the business broadband connections 3MB/4MB package and this promotion is only valid till Nov 18, 2009. Other than this the customers those who are subscribing to the Etisalat’s Internet Dedicated Access service will save an amount up to AED 23,650 along with free rental and installation for one month. This particular promotional offer is valid for two months.

Those who use audio conferencing service can avail and exciting offer during Gitex whereby customers can save AED 400 along with free one month rental and initial connection charge. This promotion is valid till January 31, 2010. Moreover, on the Mobile Business package, customers can avail free rental for the first three months; however, the promotion is valid for a month. Subscription of the Etisalat’s mobile Business Data package also proves to be beneficial as the customer can get free subscription to the 10 GB and 1 GB data package saving upto AED 1380 for three months. Moreover, there is a free trial for three months for customers subscribing to its messaging service.

For eBusiness solutions, customers those who are subscribing to its Shared Web Hosting services will get an additional subscription for three months if they sign in an annual contract. This promotion is valid for 1 month. There is a waiver on SMS charges for one month for mParking customers. In terms of the security solutions Etisalat is offering a wide range of promotions which are valid from Oct 18 – Dec 1, 2009 which includes 20% discount on its E-Mail Defend Service, 10 % discount on the Qualys Vulnerability Management Service and 25% discount on SSL Server Certificates.

According to Asteco Dubai property with completed facilities are preferred choices

Asteco is the largest property services company in the UAE, which says that the sales price of the apartments which are in completed projects in Downtown Burj Dubai area have seen the highest increase. This company carries out a comprehensive market analysis and has reported that the transactions and enquiries have picked up in line with mortgage availability. The sales apartment prices have gone up from Dh1, 200 per sq ft in the Q2 to Dh1, 300 per sq ft in Q3. Other than this, the sales price in other parts of Dubai has shown a slight increase. Moreover, the rental charges have also changed minimally.

According to the reports and study, the demands for smaller units including 1, 2 bedroom apartments, studios and villas are increasing. Currently there is average rental rate for studio apartments which varies as per apartment types. For studio apartment, the price is Dh45, 000 whereas, for 1, 2 and 3 bedroom apartments the rental prices are: Dh76, 000, Dh103, 000 and Dh139, 000 respectively. The CEO of Asteco, Elaine Jones said: “Both Downtown Burj Dubai and Jumeirah Beach Residence are highly desirable, fully established communities, which are exactly what the market is seeking. A completed tower is no longer enough if it is not part of an integrated community with convenient access to schools, hospitals, transport, leisure and entertainment facilities. In terms of villa communities, The Springs and Arabian Ranches are faring well for the same reasons.”

Rates for 1 bedroom apartments are studios are beginning to stabilize whereas the report says, that there is still a scope for further drops for larger units. As per the company’s study the majority of inquiries are coming from Umm Suqeim and Jumeirah where tenants are searching for 3 bedroom units in a specific price range.

Gold Swiss-Belhotel Dubai now open

Gold Swiss Belhotel was recently opened in Dubai. This 4 tar deluxe hotel was eagerly awaited and it comprises of 184 guest rooms and suites. Moreover, the hotel offers true value for your money by offering great comfort along with exciting food and beverage concepts, meeting facilities, business centers and various recreational facilities as well and is a great add on in Dubai property sector. The hotel is closely located to Dubai International Airport and Sheikh Zayed Road. It is an ideal choice for holiday makers as well as for business travelers. The General Manager, Mr Nils Rothbarth, said: “The hotel is poised to become one of the city's leading 4-star properties offering 5-star quality with an affordable price tag. The opening of Gold Swiss-Belhotel Dubai marks the introduction of the Swiss-Belhotel brand to the UAE and the 5^th hotel in the Middle East region for the group.”

This low-rise hotel building comprises of five levels and the construction is designed by Al Ghaith along with Diar Consult. Nils Rothbarth, further added: “The opening of Gold Swiss-Belhotel Dubai marks the introduction of the Swiss-Belhotel brand to the United Arab Emirates and the fifth hotel in the Middle East region for the group.” All hotel rooms are well appointed with great comfort settings. Moreover, the hotel offers three food and beverage outlets, ideally located on the lobby level.

As far as business facilities are concerned, it features small sized meeting rooms which can further be divided into separate smaller rooms. Moreover, the room facilitates with whiteboards, projection screens, high speed internet connection and all other latest technology. Tired of working the whole day? Various recreational facilities on the level 5 of the hotel is the answer to this. Other guest services include: laundry valet, babysitting, car rental service, complimentary shopping centre and souvenir shops.

French Deputy PM promotes major real estate project at Cityscape Dubai 2009

A Gallic flair was added to the last day of the grand real estate event Cityscape Dubai as the Deputy PM of France, Patrick Devedjian delivered a half an hour presentation on Paris La Defense. This amazing real estate development aims to become the new commercial capital of Europe. Cityscape Dubai is a grand event in context with Dubai real estate and people associated with real estate sectors from all over the world. The real estate project talked about y the Deputy PM of France is a centrally located project which comprises a mixture of new builds and renovations. An office space of 3.2 million sq m is to be developed within 15 towers between 35 to 301 m high.

The encompassing developments around the project are €33 billion which targets insurance companies, energy, banking, schools, universities and research centers. Other than this it also houses up to 20,000 residents upon completion. The Deputy PM, France, Patrick Devedjian said: “The crisis has given us the opportunity to create a new financial city which will serve as the new commercial capital of Europe - this is our ambition. For the first time in France, towers will integrate a mix of functions.”

He was confident enough as the prevailing financial circumstances would not affect the project as €23 million of funding has already been secured for the project within 10 months. The project was launched in 2006 and leading architects such as Jean Nouvel, Tom Mayne and Norman Foster are currently involved in this real estate project. These towers are being designed BREEAM, HQE and LEED standards. The Tour Phare, 301 m Tour Signal and 300 m high Tour Generali are among the most striking towers being developed.

GITEX Shopper opens at Airport Expo, Dubai

GITEX Shopper and Consumer Electronics Expo, is the most popular and one of the largest technology retail event in the Middle East which was opened recently by the Chairman of Dubai Culture and Arts Authority, His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum. It will run until October 24, 2009 with more than 25,000 products ranging from mobile phones, laptops to other exclusive and expensive gadgets. This expo offers some of the best deals and exclusive GITEX Shopper packages including wide range of electronic gadgets etc. Soon after the launch of this grand electronics event, thousands of people gather at the expo. The exhibitors include various big brands including Compu, Acer, Emax and Etisalat. Moreover, the shopper visitors have the opportunity to preview Windows 7 on new PC’s prior to its global launch.

The CEO of Dubai World Trade Centre, Helal Saeed Almarri said: “I would like to thank His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum for inaugurating this year's GITEX Shopper. The show has become synonymous with great offers on the latest gadgets, electronics and software and this year we are leading the market with the preview of the Windows 7 prior to its global launch.” More than 160 companies will be participating in this grand expo. A Gitex shopper mega draw will be entered, which has a top prize of 2010 Chevrolet Camaro. Other than this various other prizes include: Digital Cameras, Xbox consoles, camcorders, netbooks and LCD TV’s.

Jacky’s and Jumbo are the strategic partners of the event offering exclusive bundled offers, available only at the expo. There is a lot for all passionate gamers across the region as The Intel Extreme masters Global Challenge is a big attraction for the audience. The Gitex Shopper Expo is supported by Gold sponsor’s hp and by Platinum sponsors Microsoft. The show runs daily from 11am to 10pm except on Friday when the show starts at 3pm to 10pm.

UAE’s Largest Indoor Events Auditorium by ADNEC

Abu Dhabi National Exhibitions Company (ADNEC) an international venue development and management company has recently announced that the largest indoor exhibition and events auditorium has been completed. This multi-purpose hall 12 covers an area of 7920 Sqm thus; it is the largest indoor events auditorium. The hall has the capacity of seating up to 5,700 spectators. This hall is termed as the most flexible places for all kinds of indoor events as a fully automated retractable tiered seating system is recently installed. Other than various weddings and exhibitions, hall 12 can now host a range of live events including live concerts, sports and other entertainment events.

The hall is fully air conditioned. The MD, ADNEC, HE Ali Saeed Bin Harmal, said: “The transformation of Hall 12 is a special date for ADNEC and for Abu Dhabi. The capital now boasts the country's largest indoor events auditorium and we look forward to the exciting range of events, which we will host in the future.  This is a big milestone in the short history of ADNEC as we have hugely expanded the scope of the live events we are capable of staging." The hi-tech seating system unfolds 23 rows of high specification at the touch of a button.

The seating is finished with black fabric and ice-birch veneer. Other than these, various moveable partitions, acoustic panels, matching mobile units, multi-use seats and flat floor WIP completes the entire 5700 seater venue. Last week a ceremony was held in which Mr Al Dhaheri officially handled the control of the new seating arrangement from the Chairman and CEO of Kotobuki Mr. Shigeyuki Fukasawa. This is the company which supplied the custom designed system. ADNEC is the largest exhibition centre throughout the Gulf region and stages over 100 live events every year and welcomes over 1.8 million people annually.

Empower Commissions Business Bay Executive Towers District Cooling Plant

Emirates Central Cooling Systems Corporation (Empower) announced recently that for Business Bay Executive Towers it has commissioned the 45,000 refrigeration tone district cooling plant. This world class plant has started supplying chilled water to the area since June 2009. Empower has done a joint venture with Dubai Electricity and Water Authority and Dubai Technology and Media Free Zone. The CEO of Empower, Ahmed Bin Shafar said: “Business Bay Executive Towers is expected to be one of the busiest and dynamic business spots of Dubai. International quality standards were adopted in commissioning this significant plant. The plant will supply not only the 11 towers of this development, but also other developments at the Business Bay at phase one and two project serving through a 6-7 km long network.”

This executive tower comprises of 11 towers, out of which 9 are residential towers, Business Bay hotel and a commercial development. Bin Shafar further added: “District cooling systems (DCS) achieves economies of scale by using centralized plants instead of individual cooling units in each building. The centralized system results in reduced capital and operating costs, thus reducing air-conditioning set-up and energy costs per building.” The Executive Towers is the first phase of the development that has been launched in this billion dollar Dubai real estate development.

The commission of this world class plant has been finished and it will serve the entire project through the off site district cooling systems in order to save around 35 percent energy consumption. Bin Shafar said: “Commissioning is vital to ensure a seamless implementation of the project until the completion phase. It is a matter of pride that this project will be completed in time and within budget and this where commissioning fits in.”

The Big 5 Exhibition Shows Positive Signs for UAE Real Estate Sector

The Dubai World Trade Centre will soon be enlightened by the Big 5, the leading construction and international building show which is all set to take place starting from November 23-26, 2009. This is one of the largest events of its kind where various contractors, engineers, developers and architects will be given a platform in order to specify their real estate products and constructions. The developers both from the private and public sectors can network their real estate construction works. Moreover, the exhibitor space has already increased and pre-registrations are at record levels, the organizers of the event are expecting positive signs for recovery of the construction industry in the UAE.

The Director of the show, Paula Al Chami said: “The Big 5 exhibition is somewhat of a barometer for the construction industry and we are extremely positive that business is starting to stabilize. We seem to be bucking the trend of some other trade shows, which has been reflected in the increased floor space, and the right level of industry people signing up. Clearly, this has been a year of a slow down in growth in construction, but it seems that The Big 5 is coming at just the right time, as the industry is starting to look forwards again and will be able to put a considerable amount of speculation to rest.”

As of now, visitors from over 70 countries have signed in to attend the show. This time it is expected that the show will be 15 times bigger than it was last year in 2008. It has grown to the level of new hall constructions at the venue. Dmg research has shown that despite of the global downturn, the real estate industry in the Middle East will keep on budding at an annual rate of 3.5 percent in the next 5 years.

DED Honours Dubai Team on Doing Business 2010 Report

DED is Department of Economic Development has honored the Dubai team that has been involved in fulfilling the requirements of ‘Doing Business 2010’ report of the World Bank and International Finance Corporation. The Director General of DED, His Excellency Mr Sami Al Qamzi honored the team. The country’s position has been elevated to No 33 by 14 ranks up. The concerned efforts of governmental organizations in the UAE have contributed in this high ranking. The focused efforts have paid rich dividends in getting an internationally known position. The ceremony was attended by the Secretary of the Emirates Competitiveness Council (E.C.C.), General Abdullah Nasser Lootah.

The government aimed at implementing business friendly initiatives thus, driving foreign investment and entrepreneurship. Mr Sami Al Qamzi said: “The ranking highlights the positive trends in the UAE's economic environment that contribute to the country becoming the destination of choice for local and international investors.” Among various key achievements the quantum jump that UAE achieved in the category ‘Dealing with Construction Permits’. The rankings have been improved from 54 to 27. Moreover, the rankings have also been moved up in ‘Registering Property’ from 11 to 7 and ‘Trading Across Borders’ from 13 to 5.

Mr Qamzi further added: “These positive shifts in the ranking not only highlight the focus of the government in improving trade and the prospects of the property sector but also demonstrate how the businesses have responded to the governmental initiatives.” The resolution 4/2009 has been approved by the Executive Council of Dubai in order to develop business activities. Headed by DED with Dubai Land Department, Department of Legal Affair, Dubai Customs. The team also cooperated with various other government departments including Dubai Electricity and Water Authority (DEWA), Dubai Ports Authority and Dubai Courts highlighting UAE achievements with regard to the business environment.

Abu Dhabi Say’s No to World’s Tallest Building

The planning authorities in Abu Dhabi have rejected the proposal of a giant Abu Dhabi property project which would have been the world’s tallest building comprising of 224 storeys. This tallest tower would have been called by the name of Al Imlaq or ‘The Giant’. The plan of this construction was presented to Sheikh Ahmed bin Zayed, a member of the royal family and the Abu Dhabi Executive Council member. The plan for this ultimate tower, The Giant was presented by a group of businessmen which was rejected.

The National report said that the planning permission of this tallest real estate construction was rejected after the staff of Sheikh Ahmed concluded that this building would affect air traffic. One of the major attractions of the building is that it would surpass the latest tallest building The Burj Dubai, thus creating a boom in the Abu Dhabi real estate market as well. The emirates real estate sector is expected to have more attractive investment propositions than Dubai by industry commentators.

Fayez Barakat the project’s promoter said: “One of the ideas for the building was to outdo the Burj Dubai. The Burj Dubai is expected to be more than 800m tall but its developer Emaar Properties has not disclosed the tower's exact height. Undeterred by Abu Dhabi's rejection, Barakat and his associates now plan to woo investors in Saudi Arabia, where billionaire Prince Alwaleed bin Talal's Kingdom Holding Company has already floated plans to build a 1.6-km tall tower.”

Moreover, the rejection of the proposal of this property development may be a blessing if it keeps the property supply in Abu Dhabi in check.

Two CNBC Awards for Schon Properties for Best Projects in Dubai

Schon Properties has been awarded with two awards this year. The CNBC Arabian Commercial Property Awards 2009 has announced these awards under the categories of Best Office Development and Best Mixed-Use for their two major property projects Schon Business Park and Dubai Lagoon respectively. The International Property Awards and the Arabian Commercial Property Awards are run in conjunction together and is one of the most prestigious competitions for finding the best professionals of the real estate industry from all over the globe. Landmark projects in Dubai are being developed by Schon Properties as a part of their Dh10 billion property portfolio.

VP, Danial H. Schön, Schon Properties said: “At Schön, our commitment towards the interest of our customers and investors has always been at the very heart of our vision. It is an honor to be recognized for our unwavering dedication. And in addition to marking Dubai Lagoon and Schön Business Park as the best developments across the region, this award will drive us to deliver the quality and confidence our customers have come to expect of us.”

Dubai Lagoon is located in the heart of Dubai Investment Park and is a huge project in real estate in Dubai. It has recently finished the last phase of its construction and the first batch of apartments is soon going to be delivered. The Business Park facilitates with 410 offices, capacity of accommodating 4000 employees. It also includes a state-of-art business centre which is operator-managed including various hi-tech business facilities and amenities. The facilities include: video conferencing and executive boardrooms. The Arabian Commercial Property Awards will be held on October 25, 2009 at Madinat Jumeirah in Dubai.

Nikken Sekkei to Display Latest Sustainable Projects

Nikken Sekkei will be presenting a range of selected green designs from its extensive international and regional portfolio at Cityscape Dubai which is one of the largest real estate investment and business-2-business show. Nikken Sekkei is the global leader and top architectural practice in sustainable design. This Cityscape Dubai event is the largest show showcasing real estate in Dubai and other emirates and is going to take place at the Dubai World Trade Centre starting from October 5-8, 2009. In previous years, Nikken Sekkei uncovered the Cool City and ECO Towers real estate projects using advanced energy and market-tested solutions. This time it is highlighting the innovative and exclusive ideas of sustainable architecture and what it will look line in 2020.

The Chairman, Mitsuo Nakamura of Nikken Sekkei, said: “The general public is more environmentally aware than ever before and carbon emissions are a contentious issue. Developers are now insisting on structural designs that comply with LEED standards and the use of environmentally friendly materials and coatings. Building owners are now also more commercially aware of the benefits of embracing sustainable design, in relation to maintenance and management costs over the lifetime of the building. So once again, Cityscape Dubai will provide us with an appropriate platform to demonstrate our sustainable design excellence capable of delivering substantial energy savings.”

This year in Cityscape Dubai, various technically advanced projects are to be showcased including Tokyo Midtow, Mode-Gakuen Spiral Towers, Shibuya New Cultural District Development Project, Pola Museum of Art, Toho Gakuen School of Music Annex, Guangzhou New Library and various other local projects such as Jumeira Gardens Techonopreneur City and Burj Al Alam etc. These are some of the top real estate projects that are to be showcased in this year’s grand property event.

Depa Bags Fit-Out Contract for Conrad Hotel Property in Dubai

Depa Limited is one of the world’s leading interior contracting companies. It has recently announced that the company has got a Dh 207 million contract to fit out all public areas, suites and guest rooms for Conrad Hotel property in Dubai. This hotel property is expected to get completed in the mid of 2011. As far as the fitting out of guest rooms is concerned, there are about 500 guest rooms. Apart from this, there are two ballrooms, executive lounges, business centre and 11 meeting rooms which are to be designed.

Previously, Depa has done various popular projects which include: Emirates Palace, Atlantis, The Palm and last but not the least the one and only Burj Al Arab. This Conrad Hotel project is yet another exciting one for the company as they are looking forward to closely work with the parties involved in it. The CEO, Mohannad Sweid of Depa Limited, said: “This contract win further strengthens our backlog position and Depa continues to be on target in terms of profit and revenue growth for 2009. This is driven by our consistent market leading position and due to the fact that we are invariably the preferred bidder for these types of major developments and projects due to unrivalled experience and track record of delivering prestigious works on time and within budget to the highest standards.”

This hotel is ideally located on the Sheikh Zayed Road which is just 20 minutes drive away from the Dubai International Airport.

Tasweek Plans to Create Real Estate Investment Portfolio

Tasweek Real Estate Marketing and Development has announced that it is planning to create a real estate investment portfolio worth $250 million. This investment portfolio feature key Abu Dhabi and Dubai projects in next 18 months. Tasweek is an Abu Dhabi based property solutions provider and advisor serving Middle East property markets. The locations chosen by Tasweek include Jumeirah Beach Residence, Dubai Marina, Al Raha Beach, Dubai International Financial Centre in Dubai and Reem Island and building material city in Abu Dhabi.

The CEO, Tasweek Real Estate Marketing and Development, Masood Al Awar said: “We plan to acquire properties in free zones and investment zones in Dubai and Abu Dhabi over the next few months. We have already begun acquiring properties using our own funds. We are ready to a steady start and are confident that we can raise the total amount we need mainly through the support of our shareholders and potential investors. We have already identified some strategic locations and we are aiming for an asset structure comprising a mix of commercial, residential and retail investments".

The targeted acquisitions are expected to generate returns on investment. The company focuses on its core competencies of professionalism and is deciding to buy complete floors, single units or other projects at the opportune time. It has recently signed the marketing and management consultancy Memoranda of Understanding (MoU) with RQ Associates Ltd. and IK Consult Ltd. RQ is the independent technology and management consulting firm and IK is the communication and training consultancy firm.

Al Awar concluded by saying that: “We recognize the need to meet the growing market demand for efficiency and effectiveness. We want to build on solid portfolios and services and further enhance our mediation between developers, customers and banks.”