Egypt is moving ahead strongly with Mega Project development and many of these projects focus on the resort / vacation sector of the market. Soma Bay is one of Egypt's most exclusive Mega Resort Projects. A completely self contained ten million square meter community located on the "Red Sea Riviera," Soma Bay is only a 4 hour flight from Central Europe and offers some of the most beautiful sandy beaches of the Red Sea as well as year round sunshine and a temperate climate.
SOMA BAY FEATURES:
>> Resort Hotels. Soma Bay has 3 of the finest resort hotels in the world:
**La Residence des Cascades. A member of The Leading Hotels of the World, La Residence is positioned on the highest point of the peninsula of Soma Bay. The hotel contains 250 guest rooms and suites that overlook the Cascades Championship Golf Course. La Residence is also home to one of the largest and most exclusive thalasso therapy centers in the world, Les Thermes Marins des Cascades.
**Sheraton Soma Bay Resort. The 312 room resort features Egyptian themed architecture in the spirit of the ancient Pharaohs and has one of the most beautiful sandy beaches on the Red Sea. It also features 3 sweet water pools... two of which are heated, windsurfing and sailing instruction, 3 tennis courts, a squash court, a gymnasium and a croquet court. Sheraton Soma Bay regularly wins accolades for the quality and friendliness of its service. It has been recognized by TUI in 2002 as the best Resort in Egypt!
**Robinson Club. This 300 room resort hotel offers a continuous program of sports activities and entertainment, including after dinner shows in its open-air theater. Sports facilities include diving, windsurfing, and sailing centers, seven tennis courts, a gymnasium and aerobics center, and two sweet water heated pools.
**Two more hotels will be opening soon in Soma Bay, The Breakers Diving and Surfing Lodge and Kempinski Hotel Soma Bay.
>> Cascades Golf and Country Club. One of Soma Bay's most attractive features, Cascades offers a Gary Player designed 18-hole, par 72 Championship Golf Course. Next to this course is a 9-hole, par 3 Challenge Course also designed by Gary Player. A Golf Academy and the Cascades Club House is located here as well.
>> Les Thermes Marins des Cascades. This Spa, as I noted earlier, is part of La Residence des Cascades and features thalasso therapy. This type of therapy is based on the curative properties of sea water and seaweed. The concept of thalasso therapy relies on the simultaneous use of all aspects of the marine environment with both a preventative and curative objective and according to Les Thermes:
'Treatments respond to the needs for relaxation, beauty, slimness, improved blood circulation and the relief of minor back and neck ailments. The effectiveness of the different treatments complement and reinforce one another, resulting in new vitality, improved form and more balanced health.'
>> Water Sports. Soma Bay, being located right on the Red Sea Coast, will have its own Marina and offer all kinds of water sports including:
- Scuba Diving
- Snorkeling
- Diving
- Kitesurfing
- Windsurfing
>> Resort Homes. For those who wish to purchase a residence, Soma Bay offers a variety of home choices:
- Bay Villas
- Reef Villas
- Golf Villas & Apartments
- Marina Apartments
- Soma Breeze Hotel Residences
All of these Soma Bay residences make a perfect second home getaway in what I consider to be one of the most beautiful resort destinations in the world.
Soma Bay is a total Mega Resort Project. It offers everything required for a relaxing first class holiday!
Here is a Soma Bay video from YouTube:
http://www.youtube.com/watch?v=Zj66rW1qx2k&feature=related
This link takes you to the Soma Bay website:
http://www.somabay.com/
Sunday, December 28, 2008
Tuesday, December 16, 2008
ARAB BILLIONAIRES 2008!!
Every year ArabianBusiness.com comes out with their 'World's 50 Richest Arabs' list. These are the richest and most powerful Arabs! They are involved in every kind of business and commerce you can imagine. They are the movers and shakers of the business world!
What follows is the complete 2008 list of the world's richest Arabs. Please note that there are 49 names on the list, not 50. This is because ArabianBusiness.com lists number 30 on their list as "Entry removed due to calculation error" so I did not include that on this list.
ARAB BILLIONAIRES 2008
1.) Prince Alwaleed bin Talal Al Saud, US$ 17.08 Billion, Saudi Arabia
2.) Nasser Al Kharafi, US$ 9.6 Billion, Kuwait
3.) Maan Al Sanea, US$ 9.3 Billion, Saudi Arabia
4.) Sheikh Mohammed bin Issa Al Jabber, US$ 8.8 Billion, Saudi Arabia
5.) Mohammad Al Amoudi, US$ 8.8 Billion, Saudi Arabia
6.) Abdulaziz Al Ghurair, US$ 7.8 Billion, United Arab Emirates
7.) The Bin Laden Family, US$ 7.2 Billion, Saudi Arabia
8.) The Olayan Family, US$ 7.2 Billion, Saudi Arabia
9.) The Kanoo Family, US$ 6.1 Billion, Bahrain
10.) Said Khoury, US$ 6 Billion, Palestine
11.) Sulaiman Al Rajhi, US$ 5.4 Billion, Saudi Arabia
12.) Saleh Kamel, US$ 5.3 Billion, Saudi Arabia
13.) The Al Shaya Family, US$ 5.1 Billion, Kuwait
14.) The Gargash Family, US$ 5 Billion, United Arab Emirates
15.) Mahdi Al-Tajir, US$ 4.4 Billion, United Arab Emirates
16.) Hasib Sabbagh, US$ 4.3 Billion, Palestine
17.) Majid Al Futtaim, US$ 4.3 Billion, United Arab Emirates
18.) Abdullah Al Futtaim, US$ 4.3 Billion, United Arab Emirates
19.) The Algosaibi Family, US$ 3.6 Billion, Saudi Arabia
20.) Shwan Al-Mulla, US$ 3.4 Billion, Iraq
21.) The Al Zamil Family, US$ 3.4 Billion, Saudi Arabia
22.) Mohamed Abdul Latif Jameel, US$ 3.3 Billion, Saudi Arabia
23.) The Sawiris Family, US$ 3.2 Billion, Egypt
24.) Khalid bin Mahfouz, US$ 3.2 Billion, Saudi Arabia
25.) Saleh Al Rajhi, US$ 3.1 Billion, Saudi Arabia
26.) Suad Al Humaidi, US$ 3 Billion, Kuwait
27.) Sheikh Walid Al Ibrahim, US$ 2.9 Billion, Saudi Arabia
28.) Abdullah Al Rajhi, US$ 2.9 Billion, Saudi Arabia
29.) Nadhmi Auchi, US$ 2.8 Billion, Iraq
30.) Saad Hariri, US$ 2.6 Billion, Lebanon
31.) Issam Fares, US$ 2.4 Billion, Lebanon
32.) Bahaa Hariri, US$ 2.3 Billion, Lebanon
33.) Mohammed Shafik Gabr, US$ 2.2 Billion, Egypt
34.) The Al Rostamani Family, US$ 2.2 Billion, United Arab Emirates
35.) Ayman Hariri, US$ 2.1 Billion, Lebanon
36.) The Shoman Family, US$ 1.9 Billion, Palestine
37.) Omar Ayesh, US$ 1.8 Billion, United Arab Emirates
38.) The Boodai Family, US$ 1.7 Billion, Kuwait
39.) Tareq Sultan, US$ 1.7 Billion, Kuwait
40.) Al Tayer Family, US$ 1.7 Billion, United Arab Emirates
41.) Mohamed Al Bahar, US$ 1.7 Billion, Kuwait
42.) The Alghanim Family, US$ 1.6 Billion, Kuwait
43.) Munib Al Masri, US$ 1.6 Billion, Palestine
44.) Ziad Manasir, US$ 1.6 Billion, Jordan
45.) Ahmed Ezz, US$ 1.5 Billion, Egypt
46.) Najib Mikati, US$ 1.5 Billion, Lebanon
47.) Hesham Talaat Moustafa, US$ 1.5 Billion, Egypt
48.) Fayez Sarofim, US$ 1.4 Billion, Egypt
49.) Mohammed Al Rajhi, US$ 1.1 Billion, Saudi Arabia
This link takes you to the ArabianBusiness.com 'World's 50 Richest Arabs' article. Here you will see the list as well as other interesting information about the Arab Billionaires.
http://www.arabianbusiness.com/richlist/list?clr=
What follows is the complete 2008 list of the world's richest Arabs. Please note that there are 49 names on the list, not 50. This is because ArabianBusiness.com lists number 30 on their list as "Entry removed due to calculation error" so I did not include that on this list.
ARAB BILLIONAIRES 2008
1.) Prince Alwaleed bin Talal Al Saud, US$ 17.08 Billion, Saudi Arabia
2.) Nasser Al Kharafi, US$ 9.6 Billion, Kuwait
3.) Maan Al Sanea, US$ 9.3 Billion, Saudi Arabia
4.) Sheikh Mohammed bin Issa Al Jabber, US$ 8.8 Billion, Saudi Arabia
5.) Mohammad Al Amoudi, US$ 8.8 Billion, Saudi Arabia
6.) Abdulaziz Al Ghurair, US$ 7.8 Billion, United Arab Emirates
7.) The Bin Laden Family, US$ 7.2 Billion, Saudi Arabia
8.) The Olayan Family, US$ 7.2 Billion, Saudi Arabia
9.) The Kanoo Family, US$ 6.1 Billion, Bahrain
10.) Said Khoury, US$ 6 Billion, Palestine
11.) Sulaiman Al Rajhi, US$ 5.4 Billion, Saudi Arabia
12.) Saleh Kamel, US$ 5.3 Billion, Saudi Arabia
13.) The Al Shaya Family, US$ 5.1 Billion, Kuwait
14.) The Gargash Family, US$ 5 Billion, United Arab Emirates
15.) Mahdi Al-Tajir, US$ 4.4 Billion, United Arab Emirates
16.) Hasib Sabbagh, US$ 4.3 Billion, Palestine
17.) Majid Al Futtaim, US$ 4.3 Billion, United Arab Emirates
18.) Abdullah Al Futtaim, US$ 4.3 Billion, United Arab Emirates
19.) The Algosaibi Family, US$ 3.6 Billion, Saudi Arabia
20.) Shwan Al-Mulla, US$ 3.4 Billion, Iraq
21.) The Al Zamil Family, US$ 3.4 Billion, Saudi Arabia
22.) Mohamed Abdul Latif Jameel, US$ 3.3 Billion, Saudi Arabia
23.) The Sawiris Family, US$ 3.2 Billion, Egypt
24.) Khalid bin Mahfouz, US$ 3.2 Billion, Saudi Arabia
25.) Saleh Al Rajhi, US$ 3.1 Billion, Saudi Arabia
26.) Suad Al Humaidi, US$ 3 Billion, Kuwait
27.) Sheikh Walid Al Ibrahim, US$ 2.9 Billion, Saudi Arabia
28.) Abdullah Al Rajhi, US$ 2.9 Billion, Saudi Arabia
29.) Nadhmi Auchi, US$ 2.8 Billion, Iraq
30.) Saad Hariri, US$ 2.6 Billion, Lebanon
31.) Issam Fares, US$ 2.4 Billion, Lebanon
32.) Bahaa Hariri, US$ 2.3 Billion, Lebanon
33.) Mohammed Shafik Gabr, US$ 2.2 Billion, Egypt
34.) The Al Rostamani Family, US$ 2.2 Billion, United Arab Emirates
35.) Ayman Hariri, US$ 2.1 Billion, Lebanon
36.) The Shoman Family, US$ 1.9 Billion, Palestine
37.) Omar Ayesh, US$ 1.8 Billion, United Arab Emirates
38.) The Boodai Family, US$ 1.7 Billion, Kuwait
39.) Tareq Sultan, US$ 1.7 Billion, Kuwait
40.) Al Tayer Family, US$ 1.7 Billion, United Arab Emirates
41.) Mohamed Al Bahar, US$ 1.7 Billion, Kuwait
42.) The Alghanim Family, US$ 1.6 Billion, Kuwait
43.) Munib Al Masri, US$ 1.6 Billion, Palestine
44.) Ziad Manasir, US$ 1.6 Billion, Jordan
45.) Ahmed Ezz, US$ 1.5 Billion, Egypt
46.) Najib Mikati, US$ 1.5 Billion, Lebanon
47.) Hesham Talaat Moustafa, US$ 1.5 Billion, Egypt
48.) Fayez Sarofim, US$ 1.4 Billion, Egypt
49.) Mohammed Al Rajhi, US$ 1.1 Billion, Saudi Arabia
This link takes you to the ArabianBusiness.com 'World's 50 Richest Arabs' article. Here you will see the list as well as other interesting information about the Arab Billionaires.
http://www.arabianbusiness.com/richlist/list?clr=
Thursday, December 11, 2008
Dubai Pearl
The Dubai Pearl is a huge mixed-use Mega Project being developed by a consortium of investors led by the Al Fahim Group and being built over an area of 1.7 million square feet, at a cost of $4Billion. Dubai Pearl is located in the Dubai Media and Technology Freezone and is only:
- 5 minutes from Dubai Marina,
- 10 minutes from Emirates Golf Club,
- 15 minutes from Jebel Ali Port and Free Zone,
- 20 minutes from Dubai International Airport,
- 50 minutes from Abu Dhabi.
Dubai Pearl has been designed to be a Pedestrian City which means the entire project is easily walkable, and what I really like about this development is that it will be climate controlled.....OUTSIDE. This "weather buffering" technology is being used more and more in Dubai Mega Projects including Jumeirah Lake Towers and Dubai International Financial Centre. It can actually cool outside areas just as air conditioning cools inside areas. You will see more and more of this all over The Gulf in order to eliminate the one big problem of this region....the heat.
Dubai Pearl, being a "city within a city," will offer everything you would expect from a multi billion dollar Dubai Mega Project including:
**Six, 5-Star Hotels including the Baccarat Hotel & Residences,
**Premium Residential and Commercial space,
**International Retail and Leisure Venues,
**Luxury Fashion Precinct,
**Boulevard of Luxury Boutiques,
**Gourmet Restaurants,
**2000 Seat Performing Theatre,
**Cinema Complex,
**Covered Parking for 16,500 vehicles,
**Landscaped Walkways,
**Sports Club,
**World Class Spa and Recreation Facilities,
**Jogging Track and Wellness Clinic.
The centerpiece of Dubai Pearl is the magnificent Dubai Pearl Tower. This is one of the most massive and impressive buildings I have ever seen. I predict it will become a Dubai monument right up there with Burj Dubai, Palm Jumeirah and Burj Al Arab. The gigantic Dubai Pearl Tower will be mixed use and contain the following:
Residential Areas:
> Sky Palaces with private gardens and pools,
> Sky Penthouses,
> Luxury Apartments,
> Branded Apartments,
> High speed elevators,
> Viewing Decks on every floor,
> Private Lobbies,
> Assigned underground parking.
These residences will be some of the finest in The Gulf and I have seen prices ranging from $1.25Million to $4Million depending on the size of the unit and its location within the Tower. However with real estate prices being slashed in Dubai look to pay far less!
Hospitality Areas:
> 5-Star Hotels,
> Boutique Hotels,
> Luxury Hotel Residences,
> World-Class Spa,
> International Restaurants and Entertainment.
Business Areas:
> Situated within the Dubai Media and Technology Free Zone (TECOM),
> 100% Foreign Ownership,
> 100% Repatriation of Capital,
> No Minimum Capital Investment,
> No Currency Restriction,
> No Corporate Taxes.
One of the best things about having an office at Dubai Pearl is that you can also buy one of the great residences offered, and virtually eliminate those annoying Dubai commutes to work!
Retail Areas:
> Luxury Shopping Mall,
> 21st Century Covent Garden,
> International and Themed Restaurants,
> Side-Walk Cafes,
> Premium Retail Space,
> Ample Parking.
"We conceived and planned Dubai Pearl as an international quality landmark that will continue to reinforce Dubai as a global city of excellence. Arguably the best location in Dubai deserves nothing less I believe," said Abdul Majeed Al Fahim, Chairman, Dubai Pearl
Dubai Pearl has everything it takes to become another spectacular monument for the region. The architecture of the project and the overall grandeur of the Dubai Pearl Tower will make this Mega Project a World Icon!
This link takes you to the Dubai Pearl website:
http://www.dubaipearl.com/
- 5 minutes from Dubai Marina,
- 10 minutes from Emirates Golf Club,
- 15 minutes from Jebel Ali Port and Free Zone,
- 20 minutes from Dubai International Airport,
- 50 minutes from Abu Dhabi.
Dubai Pearl has been designed to be a Pedestrian City which means the entire project is easily walkable, and what I really like about this development is that it will be climate controlled.....OUTSIDE. This "weather buffering" technology is being used more and more in Dubai Mega Projects including Jumeirah Lake Towers and Dubai International Financial Centre. It can actually cool outside areas just as air conditioning cools inside areas. You will see more and more of this all over The Gulf in order to eliminate the one big problem of this region....the heat.
Dubai Pearl, being a "city within a city," will offer everything you would expect from a multi billion dollar Dubai Mega Project including:
**Six, 5-Star Hotels including the Baccarat Hotel & Residences,
**Premium Residential and Commercial space,
**International Retail and Leisure Venues,
**Luxury Fashion Precinct,
**Boulevard of Luxury Boutiques,
**Gourmet Restaurants,
**2000 Seat Performing Theatre,
**Cinema Complex,
**Covered Parking for 16,500 vehicles,
**Landscaped Walkways,
**Sports Club,
**World Class Spa and Recreation Facilities,
**Jogging Track and Wellness Clinic.
The centerpiece of Dubai Pearl is the magnificent Dubai Pearl Tower. This is one of the most massive and impressive buildings I have ever seen. I predict it will become a Dubai monument right up there with Burj Dubai, Palm Jumeirah and Burj Al Arab. The gigantic Dubai Pearl Tower will be mixed use and contain the following:
Residential Areas:
> Sky Palaces with private gardens and pools,
> Sky Penthouses,
> Luxury Apartments,
> Branded Apartments,
> High speed elevators,
> Viewing Decks on every floor,
> Private Lobbies,
> Assigned underground parking.
These residences will be some of the finest in The Gulf and I have seen prices ranging from $1.25Million to $4Million depending on the size of the unit and its location within the Tower. However with real estate prices being slashed in Dubai look to pay far less!
Hospitality Areas:
> 5-Star Hotels,
> Boutique Hotels,
> Luxury Hotel Residences,
> World-Class Spa,
> International Restaurants and Entertainment.
Business Areas:
> Situated within the Dubai Media and Technology Free Zone (TECOM),
> 100% Foreign Ownership,
> 100% Repatriation of Capital,
> No Minimum Capital Investment,
> No Currency Restriction,
> No Corporate Taxes.
One of the best things about having an office at Dubai Pearl is that you can also buy one of the great residences offered, and virtually eliminate those annoying Dubai commutes to work!
Retail Areas:
> Luxury Shopping Mall,
> 21st Century Covent Garden,
> International and Themed Restaurants,
> Side-Walk Cafes,
> Premium Retail Space,
> Ample Parking.
"We conceived and planned Dubai Pearl as an international quality landmark that will continue to reinforce Dubai as a global city of excellence. Arguably the best location in Dubai deserves nothing less I believe," said Abdul Majeed Al Fahim, Chairman, Dubai Pearl
Dubai Pearl has everything it takes to become another spectacular monument for the region. The architecture of the project and the overall grandeur of the Dubai Pearl Tower will make this Mega Project a World Icon!
This link takes you to the Dubai Pearl website:
http://www.dubaipearl.com/
Monday, December 1, 2008
Dubai Marina Yacht Club
Dubai is perfectly positioning itself to become one of the top yachting destinations of the world. Ideally located on The Gulf and a top destination for the world's Jet Set, I predict that Dubai will soon be known as the place to be if you are part of the Yachting World. The magnificent Dubai Marina will be the hub for yachting in Dubai, although Dubai will have a number of other exclusive marinas including those being developed by Island Global Yachting.
Since the Dubai Marina will be yachting central for Dubai it is only fitting that Emaar, developer of Dubai Marina, build an exclusive yacht club. And they have-- the newly opened Dubai Marina Yacht Club (DMYC)! According to DMYC:
'Set in the heart of ‘New Dubai’, the Dubai Marina Yacht Club (DMYC) is one of the largest private yacht clubs in the world, with a stunning purpose-built clubhouse and four marinas spread over a manmade 3.5-kilometre canal.
'More than simply a club for those with yachts or a love of the ocean, the DMYC was conceived and designed to satisfy the finer things in life, with both the clubhouse and marina facilities ensuring a 5-star experience from the moment the member arrives at the clubhouse or marina, with fully-trained and knowledgeable staff on call to ensure all marine lifestyle needs are served immediately.'
Eventually DMYC will be home to 500 yachts! Wow!! DMYC contains one of the most architecturally stunning clubhouses you will find anywhere in the world designed by architects Holfords with Hirsch Bedner Associates Design Consultants. At DMYC you will also find:
> Retail Shopping Arcade,
> International Yacht Broker Offices,
> Yacht Chartering,
> Yachting Fashion Boutique,
> Restaurants of all kinds including the world class Aquara seafood restaurant.
There will be special members only facilities and features at DMYC that will include: library and chart room, conference rooms, rooftop garden terrace, VIP courtesy cars, exclusive member events including cocktail parties and boat product launches, valet boat service, member service agents to assist members with all aspects of yacht ownership, etc.
The General Manager of DMYC, Steven Stiglbauer, had this to say:
"Dubai Marina Yacht Club is the first marine club in the extensive portfolio of Emaar and is our contribution to the rich marine sports heritage of the region. The club will drive the marine sports and leisure industry of Dubai and serve as the ultimate destination for marine enthusiasts and boat owners. The diverse array of specially tailored facilities for boat owners will greatly add to their convenience and make marine pursuits easier than ever before.
"The Dubai Marina Yacht Club also welcomes non-members. Apart from restaurants that offer spectacular waterfront views, the Club looks forward to familiarizing them with the Marina-based lifestyle and inspiring them to be active participants in marine pastimes."
DMYC is the perfect addition to the Dubai portfolio of marine related projects. And although at the moment Dubai, like the rest of the world, is taking a beating from the global financial melt-down, this great Emirate shall continue to grow and expand!
This link takes you to the DMYC website:
http://www.dubaimarinayachtclub.com
Since the Dubai Marina will be yachting central for Dubai it is only fitting that Emaar, developer of Dubai Marina, build an exclusive yacht club. And they have-- the newly opened Dubai Marina Yacht Club (DMYC)! According to DMYC:
'Set in the heart of ‘New Dubai’, the Dubai Marina Yacht Club (DMYC) is one of the largest private yacht clubs in the world, with a stunning purpose-built clubhouse and four marinas spread over a manmade 3.5-kilometre canal.
'More than simply a club for those with yachts or a love of the ocean, the DMYC was conceived and designed to satisfy the finer things in life, with both the clubhouse and marina facilities ensuring a 5-star experience from the moment the member arrives at the clubhouse or marina, with fully-trained and knowledgeable staff on call to ensure all marine lifestyle needs are served immediately.'
Eventually DMYC will be home to 500 yachts! Wow!! DMYC contains one of the most architecturally stunning clubhouses you will find anywhere in the world designed by architects Holfords with Hirsch Bedner Associates Design Consultants. At DMYC you will also find:
> Retail Shopping Arcade,
> International Yacht Broker Offices,
> Yacht Chartering,
> Yachting Fashion Boutique,
> Restaurants of all kinds including the world class Aquara seafood restaurant.
There will be special members only facilities and features at DMYC that will include: library and chart room, conference rooms, rooftop garden terrace, VIP courtesy cars, exclusive member events including cocktail parties and boat product launches, valet boat service, member service agents to assist members with all aspects of yacht ownership, etc.
The General Manager of DMYC, Steven Stiglbauer, had this to say:
"Dubai Marina Yacht Club is the first marine club in the extensive portfolio of Emaar and is our contribution to the rich marine sports heritage of the region. The club will drive the marine sports and leisure industry of Dubai and serve as the ultimate destination for marine enthusiasts and boat owners. The diverse array of specially tailored facilities for boat owners will greatly add to their convenience and make marine pursuits easier than ever before.
"The Dubai Marina Yacht Club also welcomes non-members. Apart from restaurants that offer spectacular waterfront views, the Club looks forward to familiarizing them with the Marina-based lifestyle and inspiring them to be active participants in marine pastimes."
DMYC is the perfect addition to the Dubai portfolio of marine related projects. And although at the moment Dubai, like the rest of the world, is taking a beating from the global financial melt-down, this great Emirate shall continue to grow and expand!
This link takes you to the DMYC website:
http://www.dubaimarinayachtclub.com
Tuesday, November 25, 2008
Fantasy Versus Reality In Dubai, Part 2: Atlantis Dubai Spends $20,000,000 On Grand Opening Party. Tameer To Lay Off Half Its Workforce.
I think this is a perfect example of fantasy versus reality in Dubai. On November 20th Dubai put on the greatest fireworks show in world history on Palm Jumeirah to celebrate the grand opening of Mega Resort, Atlantis The Palm. The entire celebration was reported to cost anywhere from $20,000,000 to $40,000,000 depending on who you want to listen to. It was another Dubai world's biggest and world's best. It was amazing.
Only 4 days later, on November 24th, we learn from ArabianBusiness.com in an article entitled 'Tameer axes half its workforce' that Dubai Mega Developer, Tameer, will lay off HALF its workforce!! From the article:
"UAE-based developer Tameer is to lay off around half of its workforce amid the slowdown in the local real estate market caused by the global financial crisis, Arabian Business has learnt. Tameer last week handed redundancy notices to around 180 employees stating that Dec. 31 would be their last day at work, staff said.
"No one is buying or selling. Everyone wants to sell, no one wants to buy," said another employee.
"The developer's projects include the Podium in Dubailand and Platinum Towers in Business Bay in Dubai, and Tameer Towers on Al-Reem Island in Abu Dhabi, according to its website."
....and then the article goes on about other Dubai Mega Developers axing jobs:
"News of the job cuts comes the same day as Dubai-based developer Omniyat Properties confirmed it has axed nearly a third of its workforce to ride out the real estate downturn. Dubai developer Damac said earlier this month it planned to lay off 200 employees. Emaar Properties chairman Mohamed Ali Alabbar said on Monday there "might be" redundancies as a result of the slowdown in the market."
I am sure the irony of Dubai throwing a $20,000,000 party while Mega Developer Tameer lays off half its workforce does not escape you. And I am sure you can also see how this perfectly illustrates the fantasy versus reality that is going on in Dubai right now.
This link takes you to the ArabianBusiness.com article used in this post:
http://www.arabianbusiness.com/539377-tameer-axes-half-its-workforce
Only 4 days later, on November 24th, we learn from ArabianBusiness.com in an article entitled 'Tameer axes half its workforce' that Dubai Mega Developer, Tameer, will lay off HALF its workforce!! From the article:
"UAE-based developer Tameer is to lay off around half of its workforce amid the slowdown in the local real estate market caused by the global financial crisis, Arabian Business has learnt. Tameer last week handed redundancy notices to around 180 employees stating that Dec. 31 would be their last day at work, staff said.
"No one is buying or selling. Everyone wants to sell, no one wants to buy," said another employee.
"The developer's projects include the Podium in Dubailand and Platinum Towers in Business Bay in Dubai, and Tameer Towers on Al-Reem Island in Abu Dhabi, according to its website."
....and then the article goes on about other Dubai Mega Developers axing jobs:
"News of the job cuts comes the same day as Dubai-based developer Omniyat Properties confirmed it has axed nearly a third of its workforce to ride out the real estate downturn. Dubai developer Damac said earlier this month it planned to lay off 200 employees. Emaar Properties chairman Mohamed Ali Alabbar said on Monday there "might be" redundancies as a result of the slowdown in the market."
I am sure the irony of Dubai throwing a $20,000,000 party while Mega Developer Tameer lays off half its workforce does not escape you. And I am sure you can also see how this perfectly illustrates the fantasy versus reality that is going on in Dubai right now.
This link takes you to the ArabianBusiness.com article used in this post:
http://www.arabianbusiness.com/539377-tameer-axes-half-its-workforce
Saturday, November 22, 2008
Fantasy Versus Reality In Dubai.
With the world economic crisis continuing to get worse and worse and the price of oil dipping into the 40's we are witnessing an extremely negative effect in the Dubai real estate market:
> Prices are being slashed by as much as 40% on residences all over Dubai, including Palm Jumeirah. We see more and more "distressed sales" of properties every day. And this will get even worse as the global financial melt-down continues.
> Many projects are being "put on hold" or cancelled altogether by their developers. "We are at the denial stage where lots of developers know for a fact that their projects should be cancelled and they're either not announcing it or they're saying it's going to be delayed," said Mohannad Sweid, speaking on future Dubai growth at the Nasdaq OMX Investor Conference.
> Dubai real estate brokers are losing their jobs at a rapid pace and this too will continue and get far worse, I think. Developers including DAMAC and Omniyat are also letting employees go.
> Foreign investment in Dubai is slowing at an alarming rate due to the slow down and sometimes collapse of the economies of those countries that were investing heavily in Dubai.
> Real estate prices are falling fast in most countries around the world thus creating many very attractive investment opportunities that investors may favor over Dubai.
I could go on and on. But the point is that Dubai must now take a very close look at its "Limitless" anything is possible outlook. In this financial environment announcing one incredible Mega Project after another is no longer reality, it is pure fantasy. I even sometimes wonder if:
- Palm Deira, which is the size of New York City, will ever be fully developed. Where will all the investment come from to completely develop this Mega Project? I even wonder if Palm Jebel Ali will ever be fully developed.
- Dubai Waterfront, planned to be twice the size of Hong Kong, will ever even come close to reaching that size.
- Dubailand, planned to be the biggest theme park in the world, will end up being scaled way back and ultimately not even reach the size of a Disney park.
- Nakheel Tower will ever even be built. A tower that has been planned to soar one mile into the sky seems a long way from reality.
And there are many, many more projects that I could list. All of the Dubai Mega Projects take ENORMOUS amounts of investment capital to build, and the Dubai government alone cannot foot the bill for all of them. Even with the help of Abu Dhabi, without vast amounts of foreign investment there will be huge pull backs in the overall development of Dubai. This is REALITY. There is no bigger fan of Dubai than myself, but times have changed dramatically and quickly and the boom we saw from 2002 to July 2008 is over.
I know some of the Dubai realtors are predicting that in 3 to 6 months everything will be back to the way it used to be. This is pure FANTASY. It will take at least one year and probably much longer for any kind of meaningful bounce back in the real estate market...which is not even at its bottom yet. And I doubt that even when things do get better that it will be anything like it was from 2002 to July 2008. Investors will be much more cautious with their capital after having gone through one of the worst financial catastrophes in world history.
> Prices are being slashed by as much as 40% on residences all over Dubai, including Palm Jumeirah. We see more and more "distressed sales" of properties every day. And this will get even worse as the global financial melt-down continues.
> Many projects are being "put on hold" or cancelled altogether by their developers. "We are at the denial stage where lots of developers know for a fact that their projects should be cancelled and they're either not announcing it or they're saying it's going to be delayed," said Mohannad Sweid, speaking on future Dubai growth at the Nasdaq OMX Investor Conference.
> Dubai real estate brokers are losing their jobs at a rapid pace and this too will continue and get far worse, I think. Developers including DAMAC and Omniyat are also letting employees go.
> Foreign investment in Dubai is slowing at an alarming rate due to the slow down and sometimes collapse of the economies of those countries that were investing heavily in Dubai.
> Real estate prices are falling fast in most countries around the world thus creating many very attractive investment opportunities that investors may favor over Dubai.
I could go on and on. But the point is that Dubai must now take a very close look at its "Limitless" anything is possible outlook. In this financial environment announcing one incredible Mega Project after another is no longer reality, it is pure fantasy. I even sometimes wonder if:
- Palm Deira, which is the size of New York City, will ever be fully developed. Where will all the investment come from to completely develop this Mega Project? I even wonder if Palm Jebel Ali will ever be fully developed.
- Dubai Waterfront, planned to be twice the size of Hong Kong, will ever even come close to reaching that size.
- Dubailand, planned to be the biggest theme park in the world, will end up being scaled way back and ultimately not even reach the size of a Disney park.
- Nakheel Tower will ever even be built. A tower that has been planned to soar one mile into the sky seems a long way from reality.
And there are many, many more projects that I could list. All of the Dubai Mega Projects take ENORMOUS amounts of investment capital to build, and the Dubai government alone cannot foot the bill for all of them. Even with the help of Abu Dhabi, without vast amounts of foreign investment there will be huge pull backs in the overall development of Dubai. This is REALITY. There is no bigger fan of Dubai than myself, but times have changed dramatically and quickly and the boom we saw from 2002 to July 2008 is over.
I know some of the Dubai realtors are predicting that in 3 to 6 months everything will be back to the way it used to be. This is pure FANTASY. It will take at least one year and probably much longer for any kind of meaningful bounce back in the real estate market...which is not even at its bottom yet. And I doubt that even when things do get better that it will be anything like it was from 2002 to July 2008. Investors will be much more cautious with their capital after having gone through one of the worst financial catastrophes in world history.
Sunday, November 16, 2008
Goldcrest Business Vistas, Ajman
Ajman is exploding with growth! One major reason for this is that real estate in Ajman is quite a bit cheaper than real estate in Dubai or Abu Dhabi. In addition, Ajman is ideally located just minutes from Dubai. We hear a lot about all the Residential Mega Projects going up in Ajman, however what we must also focus on are the commercial towers being developed. Ajman is an ideal location for opening a business in the UAE, and office space there is much more reasonably priced than in Dubai or Abu Dhabi.
Goldcrest Business Vistas is a 37 storey commercial tower being built in Emirates City, Ajman. The tower is being developed by Star Giga, and I think the project offers an excellent opportunity for investors wanting to purchase office space in Ajman, as well as businesses wanting a UAE location. Goldcrest Business Vistas has been designed to offer local as well as multi-national companies the best environment for doing business:
"The ambitious project seeks to attract a large number of business firms willing to operate in a modern set up. The Goldcrest Business Vistas is a quality real estate development that will truly reflect the forward-looking spirit of Dubai.
"Ajman has tremendous business potential and we are delighted to be part of yet another iconic development in the Emirate. Emirates City, Ajman is one of the most coveted new developments in the United Arab Emirates. Located on the Emirates Road, this is the most ideal environment to launch your business. I am sure Goldcrest Business Vistas shall offer a unique working experience," said Amir Pardesi, Director, Star Giga Establishment and Vice Chairman, Mazyood Giga International.
According to Star Giga, Goldcrest Business Vistas will offer 5 different sizes of offices, ranging from 845 square feet to 1544 square feet. All offices are open plan and hence offer greater interaction and an ideal environment for teamwork. Each office is provided with a washroom and pantry area. You can choose from lake facing offices that will provide inspiration everyday or enjoy the Emirates City view as you work.
Goldcrest Business Vistas is only a 20-minute drive from Dubai and Sharjah International Airports. The tower is 100% Freehold, and the first commercial tower in Emirates City. Amenities include:
**Rooftop Gym and Pool,
**Conference Facilities,
**Business Center,
**Podium Level Multi-National Cuisine Restaurant,
**Concierge Service,
**Wireless Internet & High-Speed Data Network,
**Parking.
"It is apparent that Ajman's economic diversification has been nothing short of blistering, with iconic property developments, Free Trade Zones and tax free earnings for corporations and individuals, providing just some of the reasons for the city's dynamic growth. In line with these significant developments, Star Giga is proud to announce the launch of one of the most distinguished commercial properties. This move further reinforces our commitment to the Emirate as well," said Abid Junaid, Executive Director, ETA Star and Director, Star Giga Establishment.
I think Goldcrest Business Vistas offers a great opportunity for investors wanting to purchase office space in Ajman as well as businesses wanting to open an office there. This project should be a big success!
Here is a YouTube Goldcrest Business Vistas video:
http://www.youtube.com/watch?v=1ozPalqFVD0
This link takes you to the Goldcrest website:
http://www.goldcrestworld.com/
Goldcrest Business Vistas is a 37 storey commercial tower being built in Emirates City, Ajman. The tower is being developed by Star Giga, and I think the project offers an excellent opportunity for investors wanting to purchase office space in Ajman, as well as businesses wanting a UAE location. Goldcrest Business Vistas has been designed to offer local as well as multi-national companies the best environment for doing business:
"The ambitious project seeks to attract a large number of business firms willing to operate in a modern set up. The Goldcrest Business Vistas is a quality real estate development that will truly reflect the forward-looking spirit of Dubai.
"Ajman has tremendous business potential and we are delighted to be part of yet another iconic development in the Emirate. Emirates City, Ajman is one of the most coveted new developments in the United Arab Emirates. Located on the Emirates Road, this is the most ideal environment to launch your business. I am sure Goldcrest Business Vistas shall offer a unique working experience," said Amir Pardesi, Director, Star Giga Establishment and Vice Chairman, Mazyood Giga International.
According to Star Giga, Goldcrest Business Vistas will offer 5 different sizes of offices, ranging from 845 square feet to 1544 square feet. All offices are open plan and hence offer greater interaction and an ideal environment for teamwork. Each office is provided with a washroom and pantry area. You can choose from lake facing offices that will provide inspiration everyday or enjoy the Emirates City view as you work.
Goldcrest Business Vistas is only a 20-minute drive from Dubai and Sharjah International Airports. The tower is 100% Freehold, and the first commercial tower in Emirates City. Amenities include:
**Rooftop Gym and Pool,
**Conference Facilities,
**Business Center,
**Podium Level Multi-National Cuisine Restaurant,
**Concierge Service,
**Wireless Internet & High-Speed Data Network,
**Parking.
"It is apparent that Ajman's economic diversification has been nothing short of blistering, with iconic property developments, Free Trade Zones and tax free earnings for corporations and individuals, providing just some of the reasons for the city's dynamic growth. In line with these significant developments, Star Giga is proud to announce the launch of one of the most distinguished commercial properties. This move further reinforces our commitment to the Emirate as well," said Abid Junaid, Executive Director, ETA Star and Director, Star Giga Establishment.
I think Goldcrest Business Vistas offers a great opportunity for investors wanting to purchase office space in Ajman as well as businesses wanting to open an office there. This project should be a big success!
Here is a YouTube Goldcrest Business Vistas video:
http://www.youtube.com/watch?v=1ozPalqFVD0
This link takes you to the Goldcrest website:
http://www.goldcrestworld.com/
Monday, November 10, 2008
Dubai Multi Commodities Centre
Dubai is rapidly becoming one of the leading financial centers of the world. Already, Trader Monthly magazine has rated Dubai number 10 on its 'Top Trading Cities of the World' list! And Dubai is just getting started! One of Dubai's largest Financial Mega Projects is the Dubai Multi Commodities Centre (DMCC). From DMCC:
'A strategic initiative of the Dubai government, The Dubai Multi Commodities Centre (DMCC) was created to establish a commodity market place in Dubai, and provide industry-specific market infrastructure and a full range of facilities for the gold & precious metals, diamonds & colored stones, energy and other commodities industries. Rated ‘A’ by Standard & Poor’s, the world’s foremost provider of independent credit ratings, DMCC is a free zone authority offering 100% business ownership, a guaranteed 50 year tax holiday and freehold property options.'
DMCC was established in 2002 and occupies a huge 200 hectare area that is the centerpiece of the Jumeirah Lake Towers development. DMCC is ideally located in close proximity to the major port of Jebel Ali and in easy reach of Dubai International Airport. Already DMCC has over 1300 registered members, and the number continues to grow. The DMCC development includes 3 Towers, each tower named after a commodity traded at DMCC:
> Almas Tower (Diamond Tower): This 65 floor Tower has been specifically built to cater to the Diamond Industry. Almas houses the regions only diamond exchange-- the Dubai Diamond Exchange. The Dubai Pearl Exchange will also be located here. The Tower, as you can no doubt imagine, will have the finest hi-tech security systems and secure vaulting facilities for its occupants. Conference Centers, a Business Center, and a Retail Boulevard will also be part of Almas Tower.
> Au Tower (Gold Tower): The tower will be 37 floors high on completion and will have facilities that enhance gold trading and will provide commercial and support facilities for market participants in a wide range of gold-related businesses. The entire Tower will look like one huge piece of gold because all of the glass that makes up the Tower is gold tinted! Au Tower will also have a retail area where all things gold will be offered.
> Ag Tower (Silver Tower): This 37 floor Tower will serve the needs of all other precious commodity related businesses at DMCC.
In addition, DMCC has many plots of land which have been set aside for specialized manufacturing operations that will be opening.
Another large facility at DMCC is the Jewelry and Gemplex which consists of 3 buildings of 12 floors with a total available space of 6000 square meters for each building. The Jewelry and Gemplex has been designed specifically to meet the needs of the jewelry fabrication business. There will even be staff accommodations here complete with dining and entertainment areas to house the jewelry workers!
DMCC will also house an Enterprise Zone. This is a Free Zone that will accommodate actual gold refineries and jewelry workshops. Office space will also be available here as well as all necessary infrastructure.
"Established with the objective of delivering a world-class and specialized market infrastructure to the commodities industry, DMCC has served to streamline commodities trading, by establishing and promoting the concepts of transparency and good governance and implementing international best practices," said Dr. David Rutledge, CEO of DMCC.
DMCC is a premier Dubai Financial Mega Project that will take the Emirate to the forefront of the financial world! Along with Business Bay and Dubai International Financial Centre, DMCC will make Dubai a leading global financial powerhouse!
This link takes you to the DMCC website:
http://www.dmcc.ae/
'A strategic initiative of the Dubai government, The Dubai Multi Commodities Centre (DMCC) was created to establish a commodity market place in Dubai, and provide industry-specific market infrastructure and a full range of facilities for the gold & precious metals, diamonds & colored stones, energy and other commodities industries. Rated ‘A’ by Standard & Poor’s, the world’s foremost provider of independent credit ratings, DMCC is a free zone authority offering 100% business ownership, a guaranteed 50 year tax holiday and freehold property options.'
DMCC was established in 2002 and occupies a huge 200 hectare area that is the centerpiece of the Jumeirah Lake Towers development. DMCC is ideally located in close proximity to the major port of Jebel Ali and in easy reach of Dubai International Airport. Already DMCC has over 1300 registered members, and the number continues to grow. The DMCC development includes 3 Towers, each tower named after a commodity traded at DMCC:
> Almas Tower (Diamond Tower): This 65 floor Tower has been specifically built to cater to the Diamond Industry. Almas houses the regions only diamond exchange-- the Dubai Diamond Exchange. The Dubai Pearl Exchange will also be located here. The Tower, as you can no doubt imagine, will have the finest hi-tech security systems and secure vaulting facilities for its occupants. Conference Centers, a Business Center, and a Retail Boulevard will also be part of Almas Tower.
> Au Tower (Gold Tower): The tower will be 37 floors high on completion and will have facilities that enhance gold trading and will provide commercial and support facilities for market participants in a wide range of gold-related businesses. The entire Tower will look like one huge piece of gold because all of the glass that makes up the Tower is gold tinted! Au Tower will also have a retail area where all things gold will be offered.
> Ag Tower (Silver Tower): This 37 floor Tower will serve the needs of all other precious commodity related businesses at DMCC.
In addition, DMCC has many plots of land which have been set aside for specialized manufacturing operations that will be opening.
Another large facility at DMCC is the Jewelry and Gemplex which consists of 3 buildings of 12 floors with a total available space of 6000 square meters for each building. The Jewelry and Gemplex has been designed specifically to meet the needs of the jewelry fabrication business. There will even be staff accommodations here complete with dining and entertainment areas to house the jewelry workers!
DMCC will also house an Enterprise Zone. This is a Free Zone that will accommodate actual gold refineries and jewelry workshops. Office space will also be available here as well as all necessary infrastructure.
"Established with the objective of delivering a world-class and specialized market infrastructure to the commodities industry, DMCC has served to streamline commodities trading, by establishing and promoting the concepts of transparency and good governance and implementing international best practices," said Dr. David Rutledge, CEO of DMCC.
DMCC is a premier Dubai Financial Mega Project that will take the Emirate to the forefront of the financial world! Along with Business Bay and Dubai International Financial Centre, DMCC will make Dubai a leading global financial powerhouse!
This link takes you to the DMCC website:
http://www.dmcc.ae/
Subscribe to:
Posts (Atom)
