Sunday, May 29, 2016

Al Zorah’s Phase One Projects On Schedule For Completion By End Of 2016‏

> Board Meeting chaired by HH Sheikh Rashid bin Humaid Al Nuaimi commends high-quality ongoing work

> Projects worth AED 1.7 billion to be executed before year-end

The Governing Board of Al Zorah Development Company, a joint partnership between the Government of Ajman and Solidere International, reviewed all current projects valued at over AED 1.7 billion, at a board meeting to discuss the development and the performance of the organization, held at The Pavilion at Al Zorah in Ajman.

Al Zorah is the flagship project of Solidere international in the UAE and owns and develops all the projects within the new community. The development will feature a unique gate at the entrance scheduled for completion in December 2016, making it a stand-out project in the Northern Emirates.

The meeting was presided over by His Highness Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Board of Directors of Al Zorah Development Company, who lauded senior management for the strong construction and development progress seen at Al Zorah.

Roads, infrastructure and landscape work are already complete at the development, which embraces an organic lifestyle, complete with pedestrian trails, two million square meters of natural mangroves, 1.6 km beach front and 12 km of waterfront. The infrastructure works has been valued at AED 500 million.

Marina 1, home to the first of four marinas, which was completed 2 years ago with a total fit out value of AED 110 million, will open 47 berths for 80 foot yachts, by Q4 2016. Marina 1 will include a park encompassing over 17 retail and F&B outlets and a water sports center which will host a variety of water sports within a sandy beach area, dedicated parking, lawn areas and play areas. Marina 1 Park is valued at AED 50 million.

Through the course of the meeting, the board also discussed signature projects under development, including the world-renowned Oberoi  whose construction and development value is AED 550 million, which will come to Ajman for the first time to operate a 5-star resort – The Oberoi, AL Zorah -  later this year. With 113 villas and suites, the Oberoi, Al Zorah is a prime example of a premium, sophisticated hospitality project that meets the development’s world-class standards.

The members of the board recognized the work being completed in Al Zorah’s Fairways district which features luxurious residences set around the Nicklaus Design 18-hole championship golf course which was built at AED 160 million, and was launched in December 2015. Residents will be ready to move into the first set of the Golf Villas located on the course by the end of summer 2016. The total value of the Golf Villas under construction is AED 350 million.

The Federal Electricity & Water Authority (FEWA) has already begun supplying power to all the projects and as each project comes to life it will be fully powered for operations.

In addition, senior management strategized on future plans for the further growth of golf courses which has already attracted much attention in the global golfing community.

H.H. Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Board of Directors, Al Zorah Development Company, said: “Al Zorah is one of the most ambitious projects in the UAE and it is a matter of great pride to see it finally coming to life. We are confident that our project will have a strong impact on Ajman and its economy and we are keen to fulfill our long term goal of providing a high-quality destination to both residents and visitors looking for something unique.”

Nasser Chammaa, Chairman of Solidere and Solidere International and a member of the Board of Directors, added: “At Solidere we bring deep knowledge and expertise in real estate construction to create refined and sophisticated ‘Places for Life.’ We are extremely proud of the headway being made at Al Zorah, Solidere International’s flagship project in the UAE. We have witnessed significant progress in construction activity and look forward to what the future holds.”

Thursday, May 26, 2016

$2Trillion In GCC Project Pipeline

> Project pipeline in GCC valued at USD$2Trillion, led by Saudi Arabia and UAE

The pipeline of projects planned in the GCC as of May 2016 amounts to $2Trillion.

Delegates attending the MEED Construction Leadership Summit in Dubai yesterday were told at a briefing hosted by leading professional services firm Deloitte that Saudi Arabia leads the region in terms of the value of projects in the pre-execution stage, with 38.91 percent of the total value, followed by the UAE with 34.84 percent.

Qatar is next with an 8.57 percent share, then Kuwait with 8.22 percent. Oman follows with 6.48 percent with Bahrain having a 2.97 percent share of the market.

In order to maintain the momentum in the project pipeline and in the face of austerity concerns, Cynthia Corby, Partner, Middle East Infrastructure and Capital Projects Leader, Deloitte says, “It will be necessary to innovate, perhaps with a drive towards privately financed solutions.”

Besides the oil price slump, the future growth of the projects sector will depend on several factors, including the speed of enacting legislation, restructuring, prioritization of project plans, and the ability to obtain funding, according to Ed James, Director of Content and Analysis, MEED Projects. “But more importantly, governments’ commitment to maintain spending in the face of falling revenues to keep the economy moving will be a key factor in driving the industry forward through the challenging times,” he says.

Experts forecast huge project investment will still be made between now and the end of this decade. Growing economies across the Gulf region will require improved infrastructure for cities to function and expand as planned, but innovative financing models need to be explored as funding gaps arise because of government budget deficits.

“Significant opportunities still exist and public-private partnerships are high on the agenda as a way to leverage private funding,” said Chris Palfreyman, Director, Infrastructure Owner/Operator, Bentley Systems.

Wednesday, May 25, 2016

Dubai And Turkey Team Up For Mega Project

Deyaar announces Aşçıoğlu as strategic partner in Turkey for mega Midtown project

> Strong demand for Dubai properties from overseas investors

> Leading real estate brand will introduce Deyaar’s popular Dubai development to Turkish investors

Deyaar Development PJSC, one of Dubai’s largest property development and real estate services companies, announced details of a strategic partnership with Aşçıoğlu, a leading Turkish real estate brand. Aşçıoğlu will introduce an exclusive tower in the Dania District of Midtown to Turkish investors keen to invest in the thriving UAE property market.

Dania District is the second phase to be constructed of the grand 1.2 million sqft mega Midtown development. Comprising a built-up area exceeding five million sqft, Midtown is located in Dubai Production City, the growth corridor of the city, close to the Jebel Ali port, Expo 2020 and Al Maktoum International Airport.

The co-branded property, will be the first time Aşçıoğlu’s prestigious property brand, Selenium, has branched overseas, a testament to Dubai’s continuing success in attracting overseas property investment. The Selenium portfolio includes many significant properties in Istanbul including the landmark ‘Selenium Twins Towers’. The exclusive tower in Dania District will be customized to the needs and tastes of Turkish customers with the high quality architecture and living environment for which Deyaar is renowned.

The partnership was announced in Dubai by Deyaar’s Chief Executive Officer Saeed Mohammed Al Qatami and Chairman of Aşçıoğlu, Yaşar Aşçıoğlu. It follows a memorandum of understanding signed by the two companies in June 2015.

Commenting on the announcement, Saeed Al-Qatami said: “Deyaar’s properties offer a superior living environment, optimal value and solid return on investment and this is generating strong demand from overseas. We are confident that Midtown, which delivers ultimate levels of comfort and convenience in an urban community living space, will appeal to Turkish investors.”

“With nearly half a century of experience in real estate development, Aşçıoğlu was a natural choice of partner for Deyaar. Their commitment to customer service is aligned to our own high standards, so we can be sure our customers in Turkey will receive a high quality end-to-end experience.”

Commenting on the partnership, Saeed Al Falasi - Executive Director, of Dubai Production City said: “We are delighted to see two firms of such caliber teaming up to take advantage of the outstanding environment Dubai Production City offers. Located near the Expo 2020 site and Al Maktoum International Airport, Dubai Production City is a strategic location for this venture, offering excellent opportunities to provide a comprehensive community to live and work.”

Yasser Aşçıoğlu, Chairman of Aşçıoğlu Group said "We set out with the objective of making “Selenium” a world brand. After Istanbul, we chose Dubai, one of the world’s visionary entrepreneurial capitals. Thanks to Midtown by Deyaar, we have brought a prominent Turkish housing brand, Selenium, abroad for the first time”

This announcement follows a successful property roadshow held by Deyaar in Mumbai, India, earlier this month showcasing Deyaar projects to Indian investors. The partnership is further evidence of the popularity of the UAE’s property market as an investment opportunity for overseas buyers, attracted by the region’s stability, excellent infrastructure and lucrative rental yield. Deyaar is well placed to take advantage of overseas investors targeting the robust Dubai property market with an attractive offering of high quality properties, simple payment plans and low cost of entry.

Wednesday, May 4, 2016

Japan Is Interested In Al Zorah

A high-profile delegation led by the Ambassador of Japan to the UAE, Kanji Fujiki, visited Ajman and were given a special tour of Al Zorah, a premier waterfront and organically connected lifestyle project by Solidere International in partnership with the Ajman Government.

Consul Fuminori Takaoka of the Consulate General of Japan in the UAE, accompanied the team along with other senior officials of the Japanese Embassy and Consulate. Top-ranking business leaders from Mitsubishi Corporation, The Bank of Tokyo, Sumitomo Mitsui Banking Corporation, Hitachi Ltd, among others, discussed various investment opportunities and areas of cooperation between the two entities. The delegation also discussed possibilities of setting up a workshop around these opportunities.

The Al Zorah tour was preceded by a visit to the Ruler’s Court to meet with His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince and President of the Executive Board.

The delegation was received by Imad Dana, CEO of Al Zorah Development Company, at The Pavilion - Al Zorah’s iconic sales center - where they were provided an overview of the development, located along the breathtaking natural peninsula on the coastline of Ajman.

The group was able to preview the massive 5.4 million sqm project through a corporate video and the detailed model followed by a tour of the 18-hole Nicklaus Design Al Zorah Golf Club and other areas such as the Golf Villas.

With trade between the UAE and Japan having reached over AED120 billion in 2015, according to the latest data released by Japan External Trade Organization (Jetro), the delegation’s visit was timely as it not only hopes to secure further investment from the UAE but also wishes to explore many opportunities within the UAE.

They also expressed their appreciation of Al Zorah’s design concept and development approach, which blends the best of nature with the finest in modern amenities to create refined places for life. Al Zorah is set apart from other destinations by its exotic setting of natural mangroves and seafront.

Dana explained the tremendous business opportunities and lifestyle choices offered by the freehold development, which will start welcoming visitors at the end of the year. The development is set across 12 kms of waterfront, 1.6 kms of sandy beaches, the championship golf course, two beach resorts that are being built, the golf villas that are rising up rapidly and marinas which will see several marine-related activities by year-end. Over 2 million sqm of natural mangroves are spread over the property, 60 percent of which is devoted to public spaces and protected mangroves.

Dana said: “It was indeed an honor for us to host the high-ranking Japanese business leaders who have achieved tremendous success in their businesses through their commitment and dedication. The visit reaffirms the positive investment climate within the economic eco-system of the country and the delegation’s expression of interest has been very encouraging for us.

“Al Zorah is an innovative project that reflects the strong development capabilities of Solidere International, whose attention to detail is a reflection of Solidere, the mother company in Lebanon. Their strong interest in the business potential and lifestyle choices offered by Al Zorah, a free zone and freehold project, will contribute to growing investments in Ajman.”

He added: “We are grateful to the Ajman Chamber of Commerce for facilitating the visit of the delegation of Japanese diplomatic and business leaders to Al Zorah, and also to the Government of Ajman for its unceasing support. With great opportunities for associations and investments, the visit enabled us to present the first-rate features and amenities in this impressive lifestyle development. Their appreciation of the diverse aspects of the project underlines our promise to delivering a truly spectacular project that adds tremendous value to all residents and visitors.”

Al Zorah is in close proximity to Dubai and Sharjah Airports, yet away from the bustle of city-life, and the wide range of outdoor pursuits further define the project. It is masterfully crafted and planned by Solidere International, renowned for developing refined ‘Places for Life,’ and principally established in Dubai International Financial Centre by Solidere, the Lebanese public company that is responsible for the urban regeneration of downtown Beirut.

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