Monday, January 16, 2017

Saudi developer Cayan surges ahead with $1.46bn projects

Cayan Group, a leading Saudi-based property developer and real estate investment group, said it has achieved remarkable success in 2016 with the launch of SR5.5 billion ($1.46 billion) projects across the Middle East region.

Cayan pointed out that 2016 was an ‘Year Of Excellence’ with the group achieving all its strategic business objectives last year and even surpassing some of its tactical objectives.

Throughout the year, the group surged ahead with planned projects and made steady progress in both construction and sales

In Riyadh, the CMC Tower’s enabling and structural packages were completed ahead of schedule in May within three and six months respectively, said the Saudi developer in its statement.

In addition, the group successfully launched Samaya project, a high-end mixed-use development located in a very primary area in Riyadh and the project is currently in the midst of the enabling stage.

In Dubai, the group launched the Cayan Arjaan Hotel Apartments in November at a press conference, during which it revealed that the residential tower of the Cayan Cantara project would also be managed and operated by renowned hospitality brand Rotana under their ‘Residences’ badge.

The sales of units in both the Samaya project in Riyadh and Cayan Cantara in Dubai have been remarkable with about 50 per cent already sold in each of the developments, thus leaving the group with a positive outlook for 2017.

Ahmed Alhatti, the chairman and president of Cayan Group, said: "The general fluctuation in economic conditions in the Gulf region, and in particular in Saudi Arabia, has thrown some challenges our way too but these have not had a lasting or deep effect on our plans."

"Challenges are neither a phenomenon or a permanent setback; they can be rectified through planning and preparation,"  noted Al Hatti.

On its 2016 achievements, the group chairman said one of its key areas of strategic expansion last year was the GCC’s hospitality sector though its Cayan Hospitality, and the development of projects such as Cayan Cantara.

“The hospitality sector is brimming with opportunities. It would be a shame not to be involved as we have a lot to offer when it comes to developing high-quality, high-end, and fascinating projects. We envision being a point of interest for the tourists whether they stay in a Cayan-branded hotel, or visit any Cayan-branded building,’’ remarked Alhatti.

“The Group will continue to seek opportunities in this sector in 2017,” he added.

Also part of the group’s strategy in 2016 was entering the world of IT and technology by implementing a new Microsoft Dynamics system. “We will carry on to adopting more revolutionary IT systems in 2017 that will enhance our real estate services across all of our entities,” Alhatti added.

"However, much like in 2016, the main focus for Cayan Group for 2017 remains its core business which is the development of iconic and awe-inspiring real estate. With three mega projects in the pipeline, Cayan continues to lead the way as the master-developer of choice in the Arab world as well as penetrating new market opportunities on an international scale," stated Al Hatti.

The group’s notable regional projects for 2017 will include a mixed-use development in north Riyadh and an iconic waterfront development in Jeddah.

On an international level, besides the la Mairena project in Spain, Cayan will also launch an ambitious mixed-use development in a prime location in London, UK.

"As 2016 draws to a close, we have a strong pipeline of projects that are custom-made to meet the needs of the real estate investors in the region and that stand out due to their individuality and exceptional quality," remarked Al Hatti.

"We are proud of what we have achieved and we are unified in our vision to extend these values to all our businesses," he added.-TradeArabia News Service

from Construction Realestate

Saudi Arabia to build 280,000 new housing units

Saudi government has started work on an ambitious housing programme which will see the construction of 280,000 residential units at an investment of SR119.5 billion ($32 billion) over the next three years, said a report.

As part of the program, 120,000 housing units of various built-up areas in all regions of the Kingdom will be given to citizens depending on income level and the number of family members, reported Saudi Gazette, citing the Ministry of Housing officials.

A total of 75,000 residential plots of land in several cities ready for construction will also be handed over to citizens, stated the report.

Financial support to 85,000 deserving citizens will also be provided in one year by the state.

This will be done through a partnership between the Real Estate Development Fund, banks, and financing institutions, it added.

from Construction Realestate

Turkish Airlines cargo jet crash kills 16 in Kyrgyzstan

A Turkish Airlines cargo jet crashed in a residential area near Kyrgyzstan's Manas airport on Monday, killing at least 16 people, according to the Kyrgyz government.

The body of one pilot has been recovered while 15 local people were killed when the Boeing 747 crashed on their homes, the healthcare ministry has claimed.

Rescuers and firefighter, as well as Vice Prime Minister Mukhammetkaliy Abulgaziev, are at the scene, said the Kyrgyz government. - TradeArabia News Service

from Travel Tourism Hospitality

Sunday, January 15, 2017

Boeing, SpiceJet in $22bn deal for 205 planes

Boeing and India’s SpiceJet have announced a commitment worth $22 billion for up to 205 airplanes during an event in New Delhi, India.

Booked at the end of 2016, the announcement includes 100 new 737 MAX 8s, SpiceJet's current order for 42 MAXs, 13 additional 737 MAXs which were previously attributed to an unidentified customer on Boeing's Orders & Deliveries website, as well as purchase rights for 50 additional airplanes.

"The Boeing 737 class of aircraft has been the backbone of our fleet since SpiceJet began, with its high reliability, low operation economies and comfort," said Ajay Singh, chairman and managing director, SpiceJet. "With the next generation of 737 and the 737 MAX we are sure that we can be competitive and grow profitably."

SpiceJet, all-Boeing jet operator, placed its first order with Boeing in 2005 for Next-Generation (NG) 737s and currently operates 32 737 NGs in its fleet.

"We are honoured to build upon more than a decade of partnership with SpiceJet with their commitment of up to 205 airplanes," said Ray Conner, vice chairman, The Boeing Company. "The economics of the 737 MAXs will allow SpiceJet to profitably open new markets, expand connectivity within India and beyond, and offer their customers a superior passenger experience."

The 737 MAX incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets and other improvements to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market.

The new airplane will deliver 20 percent lower fuel use than the first Next-Generation 737s and the lowest operating costs in its class – 8 percent per seat less than its nearest competitor. – TradeArabia News Service

from Travel Tourism Hospitality

Emirates to launch daily flights to Croatia

Emirates has announced plans to further expand its European network with the introduction of a daily flight from Dubai to Zagreb, the capital of Croatia from June 1, 2017.

The new southeast European destination will be served by an Emirates Boeing 777-300 aircraft, the only wide-body service operating to/from Zagreb.

“Emirates has had a commercial presence in Croatia since 2003, so to launch full operations is a natural progression. Emirates is pleased to have this opportunity to add such a picturesque destination to our global route network. We look forward to working with our partners and stakeholders in Croatia to provide our world renowned service to our customers on our young, modern fleet of aircraft. We are also committed to our contribution to growing the trade and tourism flows between Croatia and Dubai, as well as encouraging incoming tourism from the Middle East and Asia Pacific, where Emirates operates 45 destinations,” said Thierry Antinori, Emirates’ Executive vice president and chief commercial officer.

The new Zagreb flight opens a whole new exciting region for Emirates’ passengers to explore. The city itself is steeped in culture and history, with an abundance of charming pavement cafes and restaurants to be enjoyed during the spring and summer months. Located in the northwest of the country, the capital city offers easy access to the mountains and national parks for energetic travellers to hike, or visitors can simply admire the natural beauty and capture the stunning vistas for Instagram or the holiday photo album. During the winter months, the ski resort of Sljeme on mountain Medvednica is just a 20 minute drive away and is a great alternative to the busy Alpine slopes.

On Croatia’s Dalmatian Coast, the picturesque resort of Split and the exclusive islands of Hvar and Brac can be found. Further around the coast, the Unesco protected historical centre of Dubrovnik tempts visitors with its baroque cathedral and distinctive walled Old Town, which may have caught the eye of TV fans as ‘King’s Landing’ in the HBO hit series Game of Thrones. The city’s stunning architecture has also been selected by Disney as a filming location for the latest in the Star Wars franchise, Episode VIII, out later in 2017.

The country is a popular destination for business and leisure travel from around the world, in particular with tourists from Far Eastern destinations like South Korea, Japan, Taiwan and Singapore, plus Australia. The favourable flight times offered on Emirates’ new service will make travelling to Zagreb from these markets and many more, a more seamless and enjoyable experience.

The new flights will not only benefit travellers in Croatia, but also those in neighbouring Slovenia and even the southern regions of Hungary and Austria making it more convenient to travel with Emirates to Dubai and beyond. Visiting the airline’s home of Dubai for leisure or business, in a choice of three different cabins, on a modern, wide-body aircraft, is now a viable option. Onward travel to Shanghai, Beijing, Bangkok and Kuala Lumpur, or Sydney, Melbourne, Maldives, Seychelles and Sri Lanka can all be reached with less than four hours’ transit time.

Business travellers into Zagreb will appreciate the convenient early afternoon landing into Franjo Tuđman (Pleso) International Airport from Dubai. Dubbed the new ‘Silicon Valley’ owing to its reputation for being an incubator for tech start-ups thanks to a growing population of highly-educated young professionals, Zagreb is central to industry in the region. In addition to new technology and telecoms, many of the largest Croatian and Central European companies and conglomerates have their headquarters or regional offices in the city centre.

From the perspective of trade and commerce, the whole southeast Europe region will now be more accessible to businesses in the Middle East and beyond, an area previously unreached by an Emirates route. Emirates’ daily 777 service will also offer up to 16 tonnes of cargo per flight, opening up access to more global markets for Croatian exports, and to support trade.

Flight EK129 will depart Dubai at 08:15 hours and arrive in Zagreb at 12:20 hours local time and the return flight EK130 will depart Zagreb at 15:35 hours and arrive in Dubai at 23:05 hours.

The three-class configured Emirates Boeing 777-300 which will operate on the route offers 12 lie-flat seats in First Class, 42 seats in Business Class and 310 spacious seats in Economy Class. Passengers can enjoy up to 2,500 channels of on demand audio and visual entertainment on Emirates’ award winning ice entertainment system and gourmet a la carte cuisine in all classes. Emirates’ famed service and hospitality will be provided by multi-national cabin crew from over 130 countries, including 234 crew members from Croatia. - TradeArabia News Service

from Travel Tourism Hospitality

Qatar Airways to launch Las Vegas flights

Qatar Airways has unveiled plans to launch a four times weekly, non-stop service to Las Vegas, Nevada, starting January 8, 2018.

The new route will be the airline’s 11th to the US, connecting McCarran International Airport to Hamad International Airport in Doha, making Qatar Airways the first Gulf carrier to provide regular scheduled service to Las Vegas.

“Las Vegas is a thriving leisure destination and adding the city to our route map has been long overdue. Growing our western US network is important to the airline as we are seeing exponential growth in passenger demand from the East via our state of the art hub in Doha,” said Qatar Airways Group chief executive, Akbar Al Baker.

“Our passengers appreciate the glamour, style and allure of Las Vegas and beginning in 2018, we are going to give our passengers from around the world direct and convenient access to this unique capital of entertainment.”

The new route also provides US-based flyers with an additional point of departure, when travelling abroad to Qatar Airways’ global network of over 150 destinations. It will be Qatar Airways’ second route from the American west, after the airline launched their popular Los Angeles to Doha route, in January 2016.

“International travel has been on an exponential rise and Qatar Airways serves more than 150 destinations, providing US passengers with shorter travel times to popular destinations in Thailand, Africa, the Middle East and India,” continued Al Baker. “With each new US destination, we are bringing our signature Qatar Airways hospitality to more Americans and raising their expectations for the services and sophistication a global airline can offer.”

This year, Qatar Airways is celebrating its 10th anniversary of serving the US, having started serving New York/Newark in 2007. Qatar Airways currently serves 10 American cities. Las Vegas will join Atlanta, Boston, Chicago, Dallas-Fort Worth, Houston, Los Angeles, Miami, New York City/JFK International Airport, Philadelphia and Washington DC. The new route will operate with a Boeing 777-200LR. - TradeArabia News Service

from Travel Tourism Hospitality

Tawasy Group ventures into fine dining segment

Tawasy Group, a leading UAE-based dining, catering and restaurant management firm, has revealed the opening of it’s first-ever restaurant ‘Tawasy Restaurant and Grill’, in Dubai Festival City.

The restaurant will serve authentic Arabic and Mediterranean cuisines which will offer a unique eating out experience to diners, bringing a fresh dining concept to Dubai’s robust food and beverage (F&B) sector. In addition, the company plans to open 10 more restaurants in the UAE in the next four years and expand across the GCC through franchising programs.

The launch of Tawasy Restaurant and Grill comes amid healthy growth in F&B outlets in the UAE in general and Dubai with consumers spending more on F&B. The move comes at an opportune time when the UAE’s F&B industry is forecasted to grow by around 4 per cent annually to $13.2 billion in 2018, according to a recent report by Orient Planet Research. As Dubai gears up to host Expo 2020, which is expected to host over 25 million tourists covering a period of six months, the new dining outlet by Tawasy Group will cater to the expanding population’s dining requirements.  

Rami Wardeh, CEO, Tawasy Group, said: “The UAE’s urban population is forecasted to grow to 7.9 million by 2020 at an average annual growth of 2.3 per cent in a decade with city dwellers, who eats out more often than others, accounting for 86.7 per cent of the country’s population. With such attractive numbers, opening a restaurant is a next step towards strengthening our position in the UAE’s F&B industry. Moreover, F&B outlets are expected take over a fifth of the mall space in the next 10 years, establishing our presence in the dining segment is a strategic business move.”

“Consumers in Dubai are very discerning and look out for new dining concepts to make their eating out experience unique and through our new outlet, we aim to address their demand. Tawasy Restaurant and Grill will carve for itself a niche by serving award-winning traditional homemade recipes from Arabian and Mediterranean regions, prepared in certified modern kitchen using only the freshest and carefully selected authentic ingredients. We aim to set a benchmark in not just the quality of our food but also through our excellent service,” concluded Wardeh.

Established in 2009, Tawasy Group is an experienced player in Dubai’s F&B market. It has emerged as a market leader in gourmet catering and home delivery segments and a Horeca food supplying specialist. Its popular Arabic grilled outlets - Mashawi2Go and Manqeesh2Go - are delivery and takeaway concepts while Tawasy Express is a catering service. - TradeArabia News Service

from Travel Tourism Hospitality

Marriott Al Forsan, Abu Dhabi appoints executive team

A new executive team has been set up for the launch of Marriott International's second Marriott Hotel brand property in Abu Dhabi, developed by Al Forsan Hotels.

Positioned in Al Forsan International Sports Resort, located within Khalifa City, Abu Dhabi, the 400-key Marriott Hotel Al Forsan showcases the Marriott Hotels brand innovation by offering sophisticated design, modern services and amenities that enable the next generation of travellers to ‘Travel Brilliantly’ through every aspect of their stay.

From modern guest rooms, high-tech meeting rooms, six signature culinary offerings to extensive sports facilities including an equestrian centre and polo field, a waterski and wakeboarding lake and two indoor paintballing areas - it really does offer something for everyone whether a leisure or business traveller.

In September 2016, Richard Bleakley was appointed general manager of the Marriott Hotel Al Forsan, Abu Dhabi. Bleakley has extensive experience within the hospitality industry, beginning his career as an area sales manager for Marriott in the UK. Prior to his new role, Richard was general manager of Courtyard by Marriott World Trade Center, Abu Dhabi which was the first property to launch in the capital as a Marriott endorsed brand in 2014 and has seen phenomenal success under his leadership. During this time, Richard was awarded the prestigious, Diamond General Manager of the year award by Marriott International. Since his appointment, he has been focused on bringing together a team of industry experts to form the foundations of the management team.

Speaking ahead of the hotel’s opening, Bleakley said: “We are extremely proud to open Marriott Hotel Al Forsan in Abu Dhabi, a property that we believe offers facilities unlike any other resort, not just in the capital but the entire UAE. I am fortunate to be leading an incredibly experienced and diverse team made up of more than 50 nationalities, who bring their strengths and expertise to position the property as a destination within a destination. We can’t wait to open our doors and welcome guests to experience a combination of sophisticated design and innovation, as well as delivering an unrivalled hospitality experience in the capital.”

The property executive team members include:

• Saad Al Ghamdi has been appointed as director of sales and marketing. In his new role, Al Ghamdi - who started his career with Marriott in 1999 - will see his fourth hotel opening with Marriott International across two different countries and three distinct Marriott International brands. He will be responsible for sales and marketing for the property.

• Naleem Ariff, the property's new director of operations, has more than 13 years’ experience in the hospitality industry and joined Marriott in 2006, where he was appointed Restaurant and Bar manager of JW Marriott Hotel, Dubai. Previous appointments include the role of Food and Beverage director at Forest of Arden Marriott Hotel & Country Club in the UK, followed by director of operations at the Northampton Marriott Hotel, UK, and then director of operations at Leicester Marriott Hotel, UK. In 2015, Ariff made the move oversees to the UAE where he was appointed as director of operations at Courtyard by Marriott World Trade Center, Abu Dhabi, before stepping in as acting general manager at the same property in 2016. In his new role as director of operations, Ariff will be overseeing the entire operational team to ensure a successful opening of the second Marriott Hotel in the capital.  

• Alan Paul Myers, director of engineering, has over 38 years’ engineering experience in the hospitality industry and started his career with Marriott International in 1997. Prior to this appointment he was director of engineering at The Nile Ritz-Carlton, Cairo, Egypt. Throughout his career, Myers has coordinated numerous projects, renovations and hotel openings and will now in this leadership role oversee the completion of the property, in addition to being responsible for the upkeep and maintenance.

• Albena Angelova Teophilova, director of finance, has over 10 years of experience with Marriott International. Starting her career with the company in 2000, Teophilova brings strength and depth of finance management expertise to her new role as director of finance at Marriott Hotel Al Forsan, Abu Dhabi.

• Petra Solle, multi-property director of human resources, has previously worked as a HR professional across a variety of Marriott hotels in the UK. Solle brings a solid knowledge of Marriott operations and HR to her new role, having been a part of the pre-opening team of Courtyard by Marriott World Trade Center, Abu Dhabi as director of human resources and more recently director of human resources, Marriott Hotel and Marriott Executive Apartments Downtown Abu Dhabi. - TradeArabia News Service

from Travel Tourism Hospitality

Dubai real estate transactions top $70bn in 2016

The total amount of real estate transactions recorded in Dubai, UAE last year exceeded Dh259 billion ($70.5 billion), according to the annual report released by Dubai Land Department’s (DLD).

The Emirate recorded a total of 60,595 real estate transactions in 2016, the report said. Over 41,776 sales transactions took place, representing a total value of Dh103 billion, while the 15,000 mortgage transactions were equivalent to a value of Dh128 billion.

Sultan Butti Bin Merjen, director general of DLD, said the findings in the report confirm that the real estate market in Dubai has reached a new phase of maturity and stability, and that it is moving towards sustainable growth.

Bin Mejren predicted that the real estate market in Dubai will gain further momentum in 2017, signalling an upward trend for sustained growth in the run-up to Expo 2020. The news was shared in his comment on the annual report, which was issued by Real Estate Research and Studies Department at DLD.

The DLD annual report which includes a detailed insight into Dubai’s real estate scene, the infrastructure of mega-projects, and preparations for Expo 2020—also reveals that the real estate market is expected to benefit from a new wave of activity and growth this year.

Developers have risen to meet the challenge of this new growth phase, with the launch of new projects valued at over 100 billion dirhams, as well as the completion of mega-projects and the development of new services to meet growing demands from a variety of real estate sectors.

New phase

In 2016, land sales and mortgage transactions represented a total value of Dh193 billion across 15,994 transactions. This breaks down to mortgages bringing in over Dh114 billion via 5,145 transactions, while sales secured over Dh55 billion from 9,892 transactions. In terms of value, commercial land (already built on) claimed the lion’s share, representing 30 percent of the total value secured by transactions in 2016.

Segmenting sales and mortgage transactions by buildings and units, DLD’s report finds that over 44,602 transactions took place, representing a total value of Dh66 billion. Building sales recorded 2,626 transactions worth Dh7 billion, while units performed 29,258 transactions worth Dh51 billion. In addition, the report records 1,391 building mortgage transactions worth Dh3.4 billion, and 8,000 unit mortgage transactions valued at Dh10.5 billion.

Real estate investors

Dubai’s real estate sector continued to attract a wealth of investors in 2016; DLD reports that the sum of real estate investment transactions for the year exceeded Dh91 billion from 55,928 investors. As has been the case in previous years, the leading investors were UAE nationals from across the GCC, Arabs, and foreigners, for their investment of nearly Dh22 billion from over 7,000 investors.

In 2016, citizens of the Gulf Cooperation Council (GCC) states contributed Dh35 billion from 12,768 investors of six nationalities, while 3,294 Saudi Arabian investors made transactions worth Dh8 billion.

Investors from Qatar and Kuwait approached Dh2 billion mark, from 1,006 and 770 investors respectively, followed by nationals from Oman (301 investors) and Bahrain (244 investors), who contributed up to Dh1 billion.

Arab investors

Arab investors from outside the GCC contributed over Dh12 billion to the real estate market last year, from 6,416 investors of 16 nationalities. DLD’s report reveals that among these, Egypt ranked highest in number of investors, with 1,364 investors making transactions worth over Dh2.4 billion. Other leaders in numbers of investors were Algeria, Iraq, Lebanon, Palestine, Sudan, Yemen, and other Arab countries, while citizens of Jordan ranked highest in terms of value, investing a total of Dh2.5 billion across 1,331 investors.

Indian success

2016 saw foreign investment in the Dubai real estate market approaching Dh44 billion, from 22,834 investors of 136 nationalities. Indian nationals rank highest in terms of both volume and value, making Dh12 billion worth of property transactions across 6,263 investors. Pakistan contributed Dh4.4 billion worth of property transactions across 3,372 investors, while British investment totalled Dh5.8 billion from 3,372 investors. The report also details the activity of investors from Canada, China, France, Iran, Russia and the United States, who are among the most prominent foreign investors in Dubai's real estate market.

Attractive areas

DLD’s report identifies Dubai’s top five sales areas for 2016,  revealing that the Business Bay area benefited from a high level of interest — 3,508 investments worth Dh6.2 billion — followed by Dubai Marina, Jebel Ali 1, Burj Khalifa and Warsan 1.

Studying the same list in terms of value alone, the Burj Khalifa area stands out as superior to others, having secured over Dh7 billion across 2,097 transactions. Following closely behind, the Dubai Marina area recorded 2,937 transactions worth Dh6.3 billion. Business Bay secured third place, followed by Jebel Ali 1 and Warsan 1.

Dubai’s Seeh Shuaib emerged as the most attractive area for investors in 2016, with the value of its land sales transactions reaching Dh3 billion across 1,684 transactions. It was followed by Al Yafra 3, Al Yafra 2, Al Hebeya 3 and Sheikh Mohammed Bin Rashid Gardens.

With regards to building sales, Sheikh Mohammed Bin Rashid Gardens was the most prominent area in 2016, attracting a total of 699 transactions valued at Dh1.8 billion. Al Yalayis 1, Al Thunaya 4, Al Yalayis 2, and Nad Al Sheba 1 were the next most active areas for building sales.

With regards to individual unit sales, Business Bay took first place with 3,491 transactions valued at Dh5.1 billion, followed by Dubai Marina with 2,923 transactions exceeding Dh6 billion. Jabal Ali 1, Burj Khalifa and Warsan 1 were the next most active areas for unit sales.

Land mortgages

The highest number of land mortgage transactions was recorded in Al Thunaya 5, which secured 352 mortgage transactions representing a total value of Dh2.274 billion. It was followed by Al Hibeya 3, which recorded 340 mortgage transactions at a total value of Dh1.002 billion, and Wadi Al Safa 6, where 261 mortgage transactions amounted to a total value of Dh865 million.

In terms of buildings, Al Thunaya 4 came on top in terms of mortgage transactions, with 350 mortgage transactions amounting to Dh623 million, followed by Al Yalayis 1, which recorded 280 mortgage transactions at a total value of Dh362 million. Wadi Al Safa 6 came in third place, with 170 mortgage transactions amounting to Dh363 million.

Dubai Marina secured the highest number of mortgage transactions for individual units, with 1,107mortgage transactions amounting Dh1.721 billion. It was followed by Thunaya 5, where 953 mortgage transactions totaled Dh1.258 billion, with Business Bay following in third place with 783 mortgage transactions representing a total value of Dh1.154 billion.

Real estate figures

DLD’s data released by Developers Registration also indicates the entry of 55 new developers into the real estate market, with the launch of 134 new projects worth over Dh100 billion, and the completion of a further 62 projects in 2016. The data also reveals that in 2016, DLD recorded over 410 thousand lease contracts from different groups across Dubai.

DLD issued 695 licenses over the course of 2016, and the report details that the activity of Brokerage in the sale of real estate and leasing came in first with 272 licenses, with the activity of Brokerage in real estate rental coming in a close second at 223 licenses.

There has been demand for other categories of licenses in the field of real estate, most notably real estate development, the interim real estate development, property valuation services, rental services and property management to third parties, the purchase of land and properties, mortgage brokers and many others.

The report also records that the number of brokers has increased to 5,933 over the past year, and that 2,285 brokers’ offices were active in 2016. – TradeArabia News Service

from Construction Realestate

Qatar highway project on track for 2019 launch

With nearly 40 per cent of the work on Dukhan Highway East development already competed (including the construction of bridges, tunnels and asphalt laying work), the project is on track for launch by the second quarter of 2019, said senior officials from Qatar's Public Works Authority (Ashghal).   

The Dukhan Highway East project runs from the Al-Wajbah Palace Interchange (west) to the Tilted Interchange (east) and along Al-Gharrafa Road from Al-Rayyan Street (south) to Thani bin Jassim Street (north).

The project works include the construction of approximately 7.5 km of dual. Works also include the construction of seven major interchanges, service roads, and auxilliary lanes along sections of the road, they stated.

The officials were speaking after Minister of Municipality and Environment Mohamed bin Abdullah Al Rumaihi paid a site visit to Dukhan Highway East and inspected the work relaated to package 7 of Roads and Infrastructure Development (Phase Two) project in Bani Hajer North.

Dukhan Highway East along with Dukghan Highway Central will provide an expressway which links the country’s east with the west, Dukhan in the west to the heart of Doha.

The project will facilitate movement to and from Education City through a pedestrian tunnel between the Tilted Roundabout and Northern al Gharrafa Intersection, they stated.

Ashghal said about 58 per cent of the total works in Bani Hajer development project, had been completed, which included laying of asphalt, road paving and other works related to developing local roads.

This project will serve about 557 residential units, and provide a 21-km-long network of local roads, in addition to the installation of lighting systems, signposts, road markings and other services. Integrated sewage and drainage systems are also part of the project.

The project is scheduled for completion in fourth quarter of 2017, it added.-TradeArabia News Service

from Construction Realestate

Al Hamra unveils new payment plan for luxury properties

UAE-based Al Hamra Real Estate Development (AHRED) has launched a new five-year payment plan on a range of ready-to-move-in luxury properties at its integrated community in the northern emirate of Ras Al Khaimah.

Located in the New Ras Al Khaimah, Al Hamra Village is just 45 minutes away from Dubai, offering attractive ownership costs across the company portfolio.

The development comprises over 4,000 residential units, five luxury hotels, Al Hamra Golf Course, Al Hamra Marina and Yacht Club and Al Hamra Mall, plus a diverse range of international restaurants to choose from.
Under this new scheme, potential buyers can own properties in the luxury development by paying just Dh3,300 ($898) per month over a five-year period, said a statement from AHRED, the largest real estate developer in Ras Al Khaimah.

This compares to Dh55,000 ($14,970) for the annual rent of a studio apartment in Dubai’s Jumeirah Lake Towers; Dh50,000 ($13,609) in Dubai Marina; and Dh70,000 ($19,052) in Jumeirah Beach Residence according to the Asteco Q3 2016 Dubai Real Estate Report.

The report also highlighted a rise in Ras Al Khaimah prices, with average rents increasing by up to two per cent between the second and third quarter in 2016.

The new payment plan, with a range of property options including studio, one-, two- and three-bedroom apartments, villas, and townhouses, will appeal to buyers seeking attributes ideal for families, a peaceful, stress free environment and slightly slower pace of life with quality entertainment, dining, retail and education options, said a top official.

Barry Ebrahimy, the head of commercial services, at AHRED said: "This is an excellent opportunity for people to own a property in the luxurious Al Hamra Village development, which offers a quality build and a relaxed lifestyle."

According to him, the pricing scheme has been designed to provide outstanding value for money and the chance to live in one of the most enviable locations in the UAE.

"We are very close to 100 per cent occupancy at Al Hamra Village, with only a few remaining units left, that is why we have decided to launch this campaign and help people renting make the transition into home ownership," remarked Ebrahimy.

"We are an attractive proposition for investors, end-users and tenants. These are not off-plan or under-construction properties investors will receive after three-to-five years - these properties are ready to move in now," he stated.

"Investors can move in after making the down payment and enjoy the property, while making the regular payments over the next five years, unlike buying off-plan where investors still pay rent while making payments on the new property, therefore saving on this additional expenditure," he added.-TradeArabia News Service

from Construction Realestate

ADFD to fund Caribbean hybrid power project

Abu Dhabi Fund for Development (ADFD) has signed a $15-million concessionary loan agreement for the development of an innovative new hybrid solar and wind generation project in the Caribbean state of Antigua and Barbuda; one of the third funding cycle recipients of ADFD/Irena Project Facility.

The initial 10MW project, rising to 25MW in subsequent phases, will bring clean energy to 90,000 people with a focus on providing energy for the operation of drinking water desalination plants, health and other essential facilities, said Mohammed Saif Al Suwaidi, the director-general of ADFD, after signing the deal with Gaston Browne, Prime Minister of Antigua and Barbuda during the Seventh Session of the Irena Assembly.

"Addressing the funding and skills gap in fast emerging economies like Antigua and Barbuda are crucial in accelerating the uptake of renewable energy solutions that can support sustainable socio-economic development in the long-term," stated Al Suwaidi.

"We are proud to be able to play our part in this islands’ development story and look forward to further collaboration opportunities," he noted.

According to him, the project will play a major part in the country’s 20 per cent target for renewable sources by 2018 and will support the country’s work towards meeting its sustainable development goals.

"Prior to 2016, Antigua and Barbuda had been totally dependent on fossil fuels for electricity generation," said Browne.

"Using renewable energy will diversify the energy sources for the country whilst actively moving towards more reliable and affordable electricity. Thanks to the Irena/ADFD Project Facility, we will bring to life a transformative renewable energy project that will help us improve access to water and electricity and reduce the cost of energy, while improving our resilience to the effects of climate change," he added.-TradeArabia News Service

from Construction Realestate

Nakheel to invite bids for $1.3bn Dubai luxury project

Master developer Nakheel is inviting construction proposals for Deira Islands Boulevard, its new Dh5 billion ($1.36 billion) community for 10,000 people, to be built at Deira Islands in Dubai, UAE.

A tender will be released this week for the construction of 2,924 apartments and townhouses in 16 residential towers spread across four clusters, each containing a swimming pool and extensive retail, restaurant and recreation space, said a statement from the company.

Due for delivery in 2020, Deira Islands Boulevard lies at the heart of Nakheel’s 15.3 sq km Deira Islands coastal city, a new hub for living, leisure and hospitality and a key element of the Government of Dubai’s tourism vision.

Reaching up to 21 floors, the 16 towers will be built in four clusters, each containing nearly 670 one-, two- and three- bedroom apartments, 65 townhouses and ground-level retail and recreation facilities.

There will be 4,500 podium-level car parking spaces at the development, which will have a total built up area of over seven million sq ft.

Set on an area of land spanning more than nine million sq ft – equivalent to nearly 120 international-standard football fields – Deira Islands Boulevard is designed as a self-sustaining community offering highly sought-after living, leisure and retail facilities.

With 20 per cent of the development dedicated to communal outdoor space, including gardens, shaded walkways and a sports and wellness facilities, Deira Islands Boulevard will be the defining landmark of the area traditionally known as ‘Old Dubai’.

Deira Islands Boulevard will be built around Deira Mall, Nakheel’s 6.5 million sq ft shopping, dining and leisure destination, for which a construction tender has already been released.

The Boulevard will also contain six further buildings – two hotels, two serviced apartment complexes and two residential – bringing the total number of towers to 22. A construction tender for these will be issued in due course, it stated.  

The new homes at Deira Islands Boulevard are key to Nakheel’s residential leasing strategy, under which the company is doubling its existing number of units to nearly 36,000.

The UAE developer is also building homes to lease at Jebel Ali, Nad Al Sheba, Palm Jumeirah and Jumeirah Heights, adding to its existing stock at The Gardens, Discovery Gardens, International City and Jebel Ali Village.-TradeArabia News Service

from Construction Realestate

Tuesday, November 22, 2016

Oman to transform Seeb area into tourist hub

Oman's Minister of Tourism Ahmed bin Nasser Al Mihrizi has signed an agreement with Orascom Development Holding to transform the Seeb area of Muscat into a tourist hub. The deal was signed for a 47,499-sq-m City Walk in Seeb - a multi-million-dollar beachfront commercial city complex - and is expected to include a five-star hotel with 123 rooms and 76 shops;

A suq with 110 shops, 47 restaurants and 23 offices; and an events centre and serviced apartments with 42 apartment units, a shop, a café, three restaurants, a cinema and a multi-purpose hall. Work on the project has already begun and is expected to be completed in five years. - TradeArabia News Service