>>The developer expects to handover five more projects for the remainder of the year
Azizi Developments, a fast growing Dubai-based real estate developer operating in the UAE for over a decade, announced the completion in 22 months of Azizi Royal Bay, a luxury residential property project at Palm Jumeirah. This makes it the sixth project to be delivered by the developer.
The delivery of the AED350million Azizi Royal Bay project marks yet another step in Azizi Developments’ track record of completed projects on schedule. Since the start of the year the property developer demonstrated a faster pace of completed projects with handovers of 1,000 units in Dubai. The developer is expected to hand over five more projects for the remainder of the year and 80 projects before 2020, including the AED12billion Azizi Riviera development in Meydan One.
Azizi Royal Bay comprises 90 stylishly designed serviced apartments including 58 one-bedroom, 30 two-bedroom and two 3-bedroom penthouses. The interiors blend contemporary architecture with state-of-the-art European fittings and appliances. Angled at 45 degrees with spectacular views of the city’s skyline, the Atlantis Hotel and the Arabian Gulf, the fully-serviced residential apartments provide direct access to a private beach.
Apartments range from between 802 sqft to 1,638 sqft and prices start at approximately AED2.2million and go up to AED4.5million.
Farhad Azizi, CEO, Azizi Developments said: “We are very excited to hand over yet another project in Dubai and this reflects our capabilities to deliver our properties on time. The remainder of the year will see us delivering more projects. Construction work is underway in a number of our projects across prime locations in Dubai and, in the run up to Expo 2020, the next few years are a critical period for us.”
Azizi Royal Bay is also very strategically located and is never too far from the best retail, F&B and entertainment options on The Palm, including The Atlantis, Aquaventure Waterpark and Dolphin Bay, while residents will also have access to the Palm Monorail that connects the Atlantis to the Al Ittihad Park Station.
Furthermore, expansive windows and functional areas create spacious and airy living spaces in one of Dubai’s most sought after neighborhoods.
“Serviced residences are an important part of the real estate landscape in Dubai as they supplement the demand for space. With Dubai’s emergence as a regional hub for business, tourism and world-class events such as the Expo 2020, we are confident that the demand for international-level serviced apartments will only grow in the future,” Azizi added.
Azizi Developments is a construction-driven company with over 100 projects in the pipeline across Dubai. Additionally, Azizi Developments continues to offer the best community living experience for customers, and is increasingly focusing on creating urban neighborhoods supported by investments in developing signature communities with distinct identities.
Thursday, August 24, 2017
Sunday, August 20, 2017
Prince Alwaleed Invests $800 Million To Create World's Largest Four Seasons Resort To Be Built In Egypt
>>Saudi Billionaire Prince Alwaleed bin Talal invests $800 million into Resort expansion in Sharm El Sheikh.
According to latest BNC report released by The Big 5 Construct Egypt, there are approximately $5.3 billion worth of hospitality projects in Egypt today.
800 new rooms will soon be added to the Four Seasons Resort of Sharm El Sheikh, making it the world’s largest Four Seasons, with a total of 1,400 keys. Saudi Billionaire Prince Alwaleed bin Talal announced an $800 million investment to expand the resort in the popular Egyptian tourist destination on the Red Sea, a few weeks after the Egyptian Parliament ratified the country’s new investment law.
Easing investment opportunities, cutting down bureaucracy and providing incentives to investors, the new law is expected to further boost the tourism and construction sectors in Egypt. According to the latest BNC report released by The Big 5 Construct Egypt (“Egypt Tourism and Hospitality Market Snapshot 2017”), there are over $335 billion worth of active construction projects in the country, 5% of which belong to the hospitality sector.
“Thanks to a recovered political stability, state led initiatives and the new investment law, we expect the tourism sector, which is vital to Egypt’s economy, to pick up in 2017, further inflating the demand for new hotels and resorts,” comments Andy Pert, Exhibitions Portfolio Director of The Big 5 Construct Egypt, a leading international construction event launching in Cairo in 2018.
There are approximately $5.3 billion worth of hospitality projects in Egypt today, 70% of which are in the initial stages of construction showing a healthy pipeline, as per The Big 5 Construct Egypt’s report. Beyond the Four Seasons resort, other notable projects currently underway to attract tourists include the Ritz-Carlton Resort in Sharm El Sheikh, and the Jumeirah Gamsha Bay Resort in Hurgada.
New developments in the hospitality industry are spread across the country, with Cairo’s rapid urban expansion fueling the demand for additional hotels and resorts in the capital city, which already hosts over 20 million people. “Cairo holds the record of construction activities in Egypt. Here, the demand for products and materials for the built environment industry is booming, and we expect the construction sector to grow further in the coming years,” confirms Mr. Pert.
To meet this growing demand, a leading international exhibition company, DMG Events Middle East, Asia & Africa, is bringing to Cairo its most successful and renowned construction event, The Big 5. From September 15 to 17 2018, the New Cairo Exhibition Center will host The Big 5 Construct Egypt, where hundreds of local and international manufacturers and suppliers of construction products will showcase the latest global, sustainable innovations and solutions for use in all current and planned developments.
According to latest BNC report released by The Big 5 Construct Egypt, there are approximately $5.3 billion worth of hospitality projects in Egypt today.
800 new rooms will soon be added to the Four Seasons Resort of Sharm El Sheikh, making it the world’s largest Four Seasons, with a total of 1,400 keys. Saudi Billionaire Prince Alwaleed bin Talal announced an $800 million investment to expand the resort in the popular Egyptian tourist destination on the Red Sea, a few weeks after the Egyptian Parliament ratified the country’s new investment law.
Easing investment opportunities, cutting down bureaucracy and providing incentives to investors, the new law is expected to further boost the tourism and construction sectors in Egypt. According to the latest BNC report released by The Big 5 Construct Egypt (“Egypt Tourism and Hospitality Market Snapshot 2017”), there are over $335 billion worth of active construction projects in the country, 5% of which belong to the hospitality sector.
“Thanks to a recovered political stability, state led initiatives and the new investment law, we expect the tourism sector, which is vital to Egypt’s economy, to pick up in 2017, further inflating the demand for new hotels and resorts,” comments Andy Pert, Exhibitions Portfolio Director of The Big 5 Construct Egypt, a leading international construction event launching in Cairo in 2018.
There are approximately $5.3 billion worth of hospitality projects in Egypt today, 70% of which are in the initial stages of construction showing a healthy pipeline, as per The Big 5 Construct Egypt’s report. Beyond the Four Seasons resort, other notable projects currently underway to attract tourists include the Ritz-Carlton Resort in Sharm El Sheikh, and the Jumeirah Gamsha Bay Resort in Hurgada.
New developments in the hospitality industry are spread across the country, with Cairo’s rapid urban expansion fueling the demand for additional hotels and resorts in the capital city, which already hosts over 20 million people. “Cairo holds the record of construction activities in Egypt. Here, the demand for products and materials for the built environment industry is booming, and we expect the construction sector to grow further in the coming years,” confirms Mr. Pert.
To meet this growing demand, a leading international exhibition company, DMG Events Middle East, Asia & Africa, is bringing to Cairo its most successful and renowned construction event, The Big 5. From September 15 to 17 2018, the New Cairo Exhibition Center will host The Big 5 Construct Egypt, where hundreds of local and international manufacturers and suppliers of construction products will showcase the latest global, sustainable innovations and solutions for use in all current and planned developments.
GCC Projects Market Improving
**Long-term prospects bright with over $2 trillion of known active projects in the pipeline across the GCC
The GCC projects market had a muted performance in the first half of 2017, but is expected to perform better in the second six months of the year as the region’s economies continue to adjust to lower oil prices.
According to the latest data from MEED Projects, the region’s leading projects tracking and analysis service, just $56bn worth of contracts were awarded in the first six months of 2017 compared with $69bn worth of deals over the same period in 2016.
With the exception of Saudi Arabia, every country in the region experienced lower contract award values year-on-year, with the most marked falls seen in Kuwait (46%) and Bahrain (84%). Even Dubai, which has hitherto been the most robust and active of the GCC projects markets, experienced a slight dip between the two periods.
The prognosis for the second half of 2017 is brighter, however. Based on its tracker’s pipeline of projects under bidding in addition to contracts already awarded in July and August, MEED Projects forecasts a total of $61bn to be let in the second half of this year, a significant improvement on the first six months.
Added to the January-June numbers, the forecast for the year as whole for the GCC is therefore $117bn, roughly equivalent to value of contracts awarded in 2016. On a country level, the UAE, led by the Dubai real estate and transport sectors, remains the largest single market with about $38bn worth of contract awards. It is followed by Saudi Arabia at close second at $36bn, and then Kuwait at $16.8bn.
“Although market performance year to date has been sluggish, there have been signs of a pick-up in activity,” says Ed James, Director of Content & Analysis at MEED Projects. “The award of more than $5bn worth of EPC contracts on the new Duqm refinery in Oman at the beginning of August, plus a raft of new project announcements in Dubai, and the gradual re-emergence of activity in Saudi Arabia have provided a degree of impetus that points to a strengthening market.
“There’s no doubt that the past two years have been tough for the projects supply chain as government spending has slowed,” adds James. “But with construction companies now more efficient, the private sector more active and the number of PPP projects growing by the week, there is cause for optimism.
“Longer term, there is even more reason to be hopeful. Currently, there are over $2 trillion of known active projects in the pipeline across the GCC according to MEED Projects data. The majority of these are infrastructure projects that are essential to the future prosperity of the region, job creation and economic diversification. While inevitably not all will come to fruition, we can be confident that there is still a large amount of work to come regardless of the oil price.”
The GCC projects market had a muted performance in the first half of 2017, but is expected to perform better in the second six months of the year as the region’s economies continue to adjust to lower oil prices.
According to the latest data from MEED Projects, the region’s leading projects tracking and analysis service, just $56bn worth of contracts were awarded in the first six months of 2017 compared with $69bn worth of deals over the same period in 2016.
With the exception of Saudi Arabia, every country in the region experienced lower contract award values year-on-year, with the most marked falls seen in Kuwait (46%) and Bahrain (84%). Even Dubai, which has hitherto been the most robust and active of the GCC projects markets, experienced a slight dip between the two periods.
The prognosis for the second half of 2017 is brighter, however. Based on its tracker’s pipeline of projects under bidding in addition to contracts already awarded in July and August, MEED Projects forecasts a total of $61bn to be let in the second half of this year, a significant improvement on the first six months.
Added to the January-June numbers, the forecast for the year as whole for the GCC is therefore $117bn, roughly equivalent to value of contracts awarded in 2016. On a country level, the UAE, led by the Dubai real estate and transport sectors, remains the largest single market with about $38bn worth of contract awards. It is followed by Saudi Arabia at close second at $36bn, and then Kuwait at $16.8bn.
“Although market performance year to date has been sluggish, there have been signs of a pick-up in activity,” says Ed James, Director of Content & Analysis at MEED Projects. “The award of more than $5bn worth of EPC contracts on the new Duqm refinery in Oman at the beginning of August, plus a raft of new project announcements in Dubai, and the gradual re-emergence of activity in Saudi Arabia have provided a degree of impetus that points to a strengthening market.
“There’s no doubt that the past two years have been tough for the projects supply chain as government spending has slowed,” adds James. “But with construction companies now more efficient, the private sector more active and the number of PPP projects growing by the week, there is cause for optimism.
“Longer term, there is even more reason to be hopeful. Currently, there are over $2 trillion of known active projects in the pipeline across the GCC according to MEED Projects data. The majority of these are infrastructure projects that are essential to the future prosperity of the region, job creation and economic diversification. While inevitably not all will come to fruition, we can be confident that there is still a large amount of work to come regardless of the oil price.”
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