Significant Progress on Tamani Hotel Business Bay

Dubai Properties newly appointed CEO, Mr. Abdul Wahab Halabi visited the progress of Tamani Hotel at Parklane tower. The impressive iconic development in Business Bay by KM properties has reached the 17^th to 18^th level core walls.

Business Bay, after its full development will become the same as Manhattan or Ginza, the business center of New York or Tokyo. The first phase of Dubai’s incredible revolution into a international hub began with the scouring of the Creek in the 1970s. It is expected that the new extension of the Creek will strengthen the entry of Dubai into the international business cities’ league. Added to its splendor, Tamani Hotel will contribute a lot for the cause.

While inspecting the construction of Tamani, Mr. Abdul Wahab Al Halabi was quite impressed both with the progress of the tower and with the commitment of KM Properties in fulfilling its role in the development of Dubai’s Business Bay. Mr. Abdul Wahab Al Halibi was also keyed up by the status of the project and conveyed his enthusiasm to the team of KM Properties.

The five - star deluxe hotel, Tamani Hotel at Parklane Tower comprises of thirty three storeys. The modern hotel includes commercial offices as well with leisure facilities which offer splendid views of Shiekh Zyed Road’s beautiful and impressive skyline and the new creek area of Ras Al Khor. The world renowned designer Carlos Ott has successfully designed Tamani Hotel and the major construction contractor of the project is Al Rostamani Pegel. The official interior designer who has been appointed by KM Properties is LW Design Group.

According to Mr. Sanjeet Joher, the Group Chief Operating Officer of KM Properties, “We at KM Properties are proud to announce that the project is progressing well. We are moving ahead despite the current economic climate and we are very much ready to create the developments that will form an integral part of Dubai's future Business District which is the Business Bay."

Dubai Properties Chairman Arrested

The Chairman of Dubai Properties, the state-owned developer, has been arrested on suspicion of offensive financial dealings, as reported by news agency Bloomberg on Friday. According to Dubai Attorney General, Essam Essa al Humaidan, Hashim Al Dabal  was arrested ten days ago and is now being interrogated.

Humaidan added, “We are questioning him almost daily and Mr. Al Dabal indicated he is ready to answer questions without having a lawyer present. We’re still trying to determine the extent of Al Dabal’s misconduct. When the investigation is complete, all details will be announced.” Further adding to this, he also added, ”The investigation is being “conducted swiftly and, God willing, it will be concluded soon and Al Dabal will be allowed to meet with a lawyer as soon as he appoints one and his family is allowed to visit him.”

An investigation had begun last year, to determine the corruption in real estate companies, which benefited from heaving demand after foreigners were allowed to buy property for the first time. Consequently, many officials were arrested including Zack Shahin, former chief executive officer of the emirates’ second-biggest property developer, Deyaar Development, and Adel al-Shirawi, former CEO of mortgage lender Tamweel.

Al Dabal is being held at detention center. He can be held for 21 days after which he must appear before the judge.

Meanwhile, the acting chairman appointed by Dubai Holding is Ahmad bin Byat. Subsequently, the CEO of Dubai Properties LLC, Khalid Al Malik will report to bin Byat.

Emaar Properties, the builder of the world’s tallest buildings nearing completion in Dubai, is on the edge of combining with Dubai Holdings along with two other state-controlled competitors, Sama Dubai and Tatweer. The move is aimed at controlling the supply of new buildings in Dubai in the midst of the flood of homes which coerced the prices of Dubai 50 percent lower.

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.

Attractive Finance for Executive Towers by Dubai Properties

Dubai Properties is a subsidiary of Dubai Properties Group (DPG). It has announced its coalition with the Standard Charted Bank in order to offer Easy loan mortgages. This easy loan serves as a great funding option for potential buyers and those who are the existing owners of the residential units at Executive Towers. This master development is a unique property in Dubai ideally located at one of the prestigious development in Business Bay. The Executive Towers comprises of both commercial as well as residential units.

Customer’s property will be evaluated directly by SCB as a part of this easy loan by some independent surveyors and finance is being offered with minimal documentation requirement from the client. This easy loan mortgage product is beneficial for those who are resident in the UAE and they should also meet some specific eligibility criteria for that matter. This mortgage product offers financing of up to 40 percent of the total property price. The Group CEO of Dubai Properties Group, Mohamed Binbrek said: Dubai Properties' alliance with Standard Chartered, one of the leading Mortgage Providers, is part of an endeavor to provide our clients with viable loan options. We are focused on leveraging synergies across the real estate sector and aim to continue delivering strong investment values to our customers and give them the confidence and security to invest in the real estate market.”

The advantage of these financing terms can be taken by the customers for the final payment for tenure of 3 to 25 years. This financing term is on Dubai Properties Executive Tower residential property units. The financing term for the final payment varies from Dh150000 to Dh10 million. As part of the loan customers can also finance their land registration charges.

Infrastructure Work going on at Business Bay Development in Dubai

Key infrastructure work is going on at Business Bay development. It was announced by Dubai Properties, a subsidiary of Dubai Properties Group. The key infrastructure work includes district cooling, water network, sewage and power connectivity. The total amount that is being spent on this work is Dh10 billion. The master developer is also pulling up the socks for the delivery of Executive Towers which is also a part of Dubai property sector. Business Bay is a master real estate development; however its work is steadily progressing.

Business Bay is a master development for Dubai Properties and is an 80 million sq ft development. It is ideally located on Dubai Creek’s extension. In February 2009 this real estate project was energized by a power substation of 132/11 Kv. This was to feed the first and the second phase of the development on the west side of this real estate development.

The Group CEO of Dubai Properties Group, Mohamed Binbrek said: “Business Bay is our most acclaimed and ambitious project up to date. The unprecedented logistics and scale of construction that encompasses the development is closely supervised by Dubai Properties and relevant business partners and stakeholders, and we are determined to deliver all foundational function in a timely manner. In line with our promise to our stakeholders, our status is backed by projects such as Executive Towers and the Creek extension at Business Bay, amongst other spectacular developments around Dubai. Client needs stand as our topmost priority and we will continue to bring on stream projects that serve as a benchmark for generations to come.”

A broad and widely spread road network has also been laid out throughout these two phases of this spectacular project in order to serve both the commercial as well as residential premises.