Dubai And Las Vegas

I have walked the streets of both Dubai and Las Vegas recently only to see gigantic cranes no longer in use looming over partially built Mega Projects that may never be completed. The cranes act as looming monoliths reminding me of a much better time.... a time of great prosperity and limitless ambition.... a time that ended so fast and so hard that many are still in disbelief. And as I look at the current economic crisis situation in both Dubai and Las Vegas I see many, many parallels between the two. Both Dubai and Las Vegas have many things in common:

> They both experienced an incredible real estate boom starting in 2002, which has now crashed,

> They have both built incredible cities where before there was only sand,

> They both think BIG when it comes to real estate development,

> Both Dubai and Las Vegas became "Boom Towns" from '02 until this current economic crash,

> During the boom both Dubai and Las Vegas attracted people from all over the world with a "gambling risk-taking spirit" when it came to real estate investment and development,

> Great fortunes were made and lost in Dubai and Las Vegas in the past seven years,

> They are both home to some of the most incredible Mega Projects in the world:

Dubai has--

* Palm Jumeirah,
* Palm Jebel Ali,
* Palm Deira,
* The World Islands,
* Burj Dubai,
* Ski Dubai,
* Dubai Marina,
* Business Bay,
* DIFC.... and many more.

Las Vegas has--

* Luxor, a gigantic man-made pyramid,
* Venetian, a Mega Resort built to duplicate Venice, Italy,
* Mirage, A Mega Resort with its own exploding volcano,
* MGM City Center, a huge mixed use Mega Project that has Dubai Holding as its partner,
* Mandalay Bay, a golden Mega Resort with its own private man-made beach,
* Stratosphere Tower, the tallest observation tower in the USA at 1149 feet in height,
* New York New York, a Mega Project built to look like a small version of New York City.... and many others.

> Both Dubai and Las Vegas want to be world entertainment centers. To this end Dubai is developing Dubailand, which, if it ever gets fully developed, will be the largest theme park in the world. Dubai also has many other entertainment attractions including Ski Dubai, Wild Wadi Water Park, Desert Safaris, etc. Las Vegas already is a world entertainment hub and has the largest concentration of entertainers on the planet as well as casino gaming, adventure sports, amusement rides and so on.

As you can now see both Dubai and Las Vegas have much in common. I guess the biggest difference between the two is that Dubai has no casino gambling. However with the incredible amount of speculative real estate flipping on projects that had not even broken ground, the Dubai real estate market was at one time one big casino.

Now both Dubai and Las Vegas have a number of big problems in common: > Both have a real estate market that has crashed and continues to get worse, > Both have Mega Projects partially built that may never make it to completion, > Both are losing residents who are leaving to seek prosperity elsewhere, > Both face a great deal of uncertainty about the viability of their future growth, > Both have lost a great deal of investor confidence.

I think in the long run both Dubai and Las Vegas will come back, at least to some degree. It will be interesting to see if they can ever return to their former glory.

The Gemini, Business Bay, Dubai

Gemini is a spectacular new commercial tower being developed in Business Bay, Dubai, by Omniyat Properties. Gemini has a cojoined twin tower design and huge black granite walls which are interlaced with veins of white glass, giving the building a very powerful and striking "retro futuristic" look. Set to become a Business Bay landmark when it opens, Gemini has been designed by an in-house team at Omniyat Properties charged with developing exclusive and unique working environments. I have found that one of the hallmarks of Omniyat is that they want their developments to look like works of art....which they do!

"Gemini will be a unique structure with the façade being largely constructed from solid black granite blocks with meandering aluminum and white glass. Its twin-towers are linked by a 15-storey central block which will house freehold offices, serviced offices, a tranquility zone, retail and medical facilities. Its exterior and interior design will differentiate it from its neighbors. The building will stand alone at one of the main Business Bay entrances with two sides facing waterways," said Mehdi Amjad, President and CEO of Omniyat.

Gemini utilizes Omniyat's everything-under-one-roof / city within a city OYSTER principle of design: Offices Yielding Superior Targets through Efficiency and Relaxation. This means that as well as providing exceptional office space, the Gemini also offers unparalleled leisure and relaxation facilities. This includes a unique Tranquillity Zone where employees can go to unwind and relax, ensuring that they’re fresh and ready for work. This zone includes an artificial beach complete with sand and a beach deck, nap shells, aqua massage, and a spa and gym to give the ultimate in relaxation. Other features of Gemini include:

**Executive Club. Provides the perfect surrounding for formal and informal business meetings, networking and conferences. Equipped with a library, a gym and a personal "pit-stop," the Executive Club creates an atmosphere which is ideal for initiating and tightening business relations.

**Retail Area. Extensive shopping facilities all under one roof. The retail area contains banks, travel agents, a business center, speciality shops for chocolate, flowers, greeting cards and jewelry as well as outlet stores and a mini-mart. A car rental agency, a smoking zone, a cash point, an Etisalat payment machine, restaurants, cafés, a Robo-bar, and a nail bar are also offered to give people who work at Gemini the unique city within a city environment.

**Services. Gemini will contain: a day care center where parents who work there can leave their children, medical zones with clinics, dentists and pharmacy, a coiffeur and even a "car spa" will be available to make life more comfortable.

**Dining Areas. According to the developers: 'Dining can be so convenient at Gemini! At lunch time no one wants to waste time searching for a free seat in crowded far-off restaurants. Just change floors and enter a world of lovely tastes and delicious indulgence. Four restaurants provide a great variety of foods. One of them is an exclusive fine dining restaurant set in a landscaped terrace overlooking the creek."

I really like how Omniyat has designed the offices at Gemini. They feel that standard offices are outdated and instead call their offices Corporate Performance Enhancement Centers 'where the features, facilities and technology will make your work life comfortable, convenient and productive.'

Even parking your car at Gemini is something out of the future: 'The organization of the traffic flow at The Gemini will awe you. High-tech streamlined vehicle paths will facilitate organized vehicle traffic within and around the building. And over 1200 spacious parking berths will see that you’ll never be in a tight spot when it comes to parking,' according to Omniyat.

"By delivering convenience and efficiency we ensure our buyers and tenants will live the future. This self-sufficient building will aid efficiency as staff will no longer have to leave the office to pay bills, go to the dentist or visit the travel agent. All these tasks can be accomplished in one place with minimal effort which will enhance workplace productivity," said Ehab S. Shouly, Senior Vice President & Marketing Director of Omniyat.

Gemini at Business Bay will be one of the finest locations to work at in Dubai. This Mega Project offers everything a business could want for ultimate work performance and employee satisfaction!

This link takes you to The Gemini website:

http://213.42.18.110/index.php?id=334

Dubai Waterfront: Could This Be The Number One UAE Mega Project?

> Bigger than Manhattan!
> Bigger Than Beirut!
> Twice the size of Hong Kong!
> So big it will dwarf the Palm Islands!
> Largest waterfront development in the world!
> Largest master planned development in the world!

THE DUBAI WATERFRONT!! At 1.4 BILLION square feet this Mega Project, if ever completely developed by Nakheel, will perhaps be the greatest of all the UAE Mega Projects! Here are a few more stats about the Dubai Waterfront:

> It will eventually be home to 1.5 million residents,
> It will add 70km of coastline to Dubai,
> More than 20,000 workers are involved in building the project,
> 3.52 million cubic meters of land reclaimed EACH MONTH for the project,
> Dubai Waterfront will create 1 million jobs!

According to Nakheel:

'Waterfront will comprise a wide variety of residences, commercial districts and industrial areas, with a number of major tourist attractions and leisure amenities that are expected of a city for more than a million people. In addition to the high-end residential and business properties, Waterfront will also provide a range of affordable housing for Dubai’s working community.

'Waterfront's location ensures it is easily accessible on a local, regional and international basis. Positioned between the leading hubs of the UAE, with the capital Abu Dhabi to its west and the commercial hub of Dubai to its east, Waterfront is located close to prime international commerce and industry hubs Jebel Ali Port, Dubai World Central Airport, and the Jebel Ali Free Zone. Waterfront’s location ensures it is easily accessible on a local, regional and international basis.'

Dubai Waterfront is planned to have 6 distinct districts:

1. Waterfront City. An entire city within Dubai Waterfront that will contain a wide variety of towers, residences, offices and entertainment options. This district of Dubai Waterfront will house 80,000 and have a working population of 300,000. It will cover 330 hectares, having a central island surrounded by four neighboring districts: Boulevard, Madinat Al Soor, the Resort and the Marina.

2. Madinat Al Arab. This district will be home to Al Burj, which will be even taller than Burj Dubai. Madinat will also contain resorts, commercial and retail spaces, residences and a light rail system.

3. Canal District. Will contain 5 harbors and take up 178 hectares of land.

4. Omran. This project will provide high quality accommodations for approximately 60,000 members of the workforce. Omran will take workforce accommodations to a new high level of excellence.

5. Veneto. This is the ultra luxury district of Dubai Waterfront, and according to Nakheel it will be comparable to Bel Air, The Hamptons and St. Tropez. The residences will be made up of villas and low-rise townhouses.

6. Badrah. This community will offer affordable residences for a population of 120,000. Also at Badrah will be schools that include a modern university, retail and leisure outlets, restaurants, parks, and a business district called Talla.

Dubai Waterfront is without a doubt one of the greatest real estate developments in world history! It is an awe inspiring undertaking and only a Mega Developer like Nakheel could handle a project of this scope and magnitude. In fact, if ever completed - and with the current economic downturn this is in doubt, Dubai Waterfront may very well be the NUMBER ONE UAE MEGA PROJECT!!

This link takes you to the Dubai Waterfront website, which is one of the most well designed websites I have ever seen:

http://www.waterfront.ae/

Villamar At The Harbour, Bahrain

I have no doubt that the best place to live in Bahrain will be Villamar, located at the spectacular Bahrain Financial Harbour (BFH) in Manama, the capital of Bahrain. This $650Million Mega Residential Project being developed by Gulf Holding is one of the most exquisite residential developments I have seen anywhere in The Gulf! It is on par with the best being offered in Dubai and Abu Dhabi!

"We are extremely pleased with the launch of Villamar at the Harbour, the first residential development within BFH and therefore a milestone achievement. We congratulate Gulf Holding Company for delivering such a stunning world-class residential product within the overall design philosophy of BFH," said Mr. Esam Janahi, Chairman of Bahrain Financial Harbour.

Located on a site of over 32,000 square meters, Villamar will contain 2 different residential offerings:

> The Glass Towers. Three towers from 47 to 57 floors that, like all of Bahrain Financial Harbour, look like something from 200 years in the future! The towers have a gentle twist to them and are completely covered in blue-green glass to reflect the natural colors of Manama Bay. The towers face the sea to provide wonderful views for residents.

> The Floating Villas. These stunning villas make up the perimeter of the development. The villas rest on elevated towers 4 storeys high and have been designed to be "Villas In The Sky." These unique floating four and five bedroom residences feature double-height living spaces, balconies, and terraces with superb views of the boardwalk and the sea.

Another feature of Villamar is The Podium. The Podium is a series of landscaped terraces dropping towards the sea and featuring landscaped parks, pools and water walls. A health club and spa is located on the uppermost terrace providing unobstructed sea views. Parking for 1,800 cars is provided discreetly within the podium terraces.

Villamar will also have a Boardwalk that will be a major public attraction, featuring indoor and outdoor cafes, restaurants and boutique retail spaces. The experience of the Boardwalk includes shaded and air-cooled walkways, dancing water features and landscaped plazas.

"Bahrain has emerged as one of the most attractive real estate markets for investors in the region. Looking into the future it is very clear that the Bahrain Financial Harbour will be the focal point of the financial services industry in Bahrain and as such properties within it will be amongst the most prime real estate in the country. There is a clear need to provide residential accommodation of this quality within easy reach of the offices and facilities of BFH. We see this model operating successfully in other international financial centres such as Canary Wharf in London, ” said Mr. Faisal Al Mutawa, Chairman of Bayan Investment Company, a major shareholder of Gulf Holding.

There are many fine residences in Bahrain. Sukoon Tower, Amwaj Islands and Bahrain Bay to name just a few. However I feel that Villamar is truly the "Best of the Best" that Bahrain.... or anywhere else in The Gulf, has to offer!

This link takes you to the Villamar website:

http://www.villamarharbour.com/main.html

...and this link tales you to the Bahrain Financial Harbour website:

http://www.bfharbour.com/html/index.php

Dubai Festival City

Dubai Festival City (DFC), being developed by Al-Futtaim Group, is a $5Billion mixed use Mega Project spanning 1300 acres and stretching 3 kilometers along the Dubai Creek. DFC has been designed to be a fully integrated and self contained waterfront "city within a city" community. DFC will offer the finest in residences, shopping and entertainment, upscale offices, hotels and even schools...all in one convenient location only 5 minutes from Dubai International Airport.

> City Living. DFC will be home to over 50,000 and will offer all kinds of residences from luxurious high rises and townhouses to more affordable homes for working professionals. Residences include:

**Marsa Plaza,
**Al Badia Residences,
**Al Badia Hillside Village,
**Al Areesh Club.

> Shopping and Dining. DFC offers a wide variety of shopping and restaurant choices including:

**Festival Waterfront Centre with 550 stores, 90 restaurants, and a mutliplex cinema,
**Dubai Gold Marketplace,
**Canal Walk featuring 40 restaurants,
**Festival Marina-- the yachting hub of DFC with over 100 berths as well as fine dining and shopping,
**Waterfront Pavilions offering unique shopping, dining and entertainment features,
**5-Star Concierge Service.

> Entertainment. DFC will offer a large variety of entertainment options:

**Al Badia Golf Course and Club. Managed by Four Seasons and designed by Robert Trent Jones ll,
**Bowling City. Bowling is booming all over the Middle East and DFC will have one of the best bowling centers in the UAE,
**Festival Marina will offer all kinds of yachting events,
**Grand Cinemas-- twelve screen cinema complex,
**Non-Stop Events. There are always a multitude of events going on at DFC.

> Hotels / Hospitality. DFC will offer some of the finest accommodations in Dubai:

**Four Seasons Dubai Festival City,
**W Dubai Festival City,
**Crowne Plaza Dubai Festival City,
**Intercontinental Dubai Festival City,
**Intercontinental Residence Suites Dubai Festival City.

> Offices. DFC will offer enough office space for 50,000 personnel. The offices will be located in:

**Al Badia Business Park,
**Marsa Al Khor Business Park,
**Festival Tower.

> Marsa Automotive Park. A boulevard devoted to the automotive industry featuring showrooms with the following brands: Lexus, Toyota, Honda, Dodge, Volvo, Jeep and Chrysler.

Dubai Festival City is one of the finest mixed use Mega Projects being developed in the UAE. It will attract visitors from all over the Middle East and other parts of the world to the superlative lifestyle that Dubai has to offer!

Here is a DFC video from YouTube:

http://www.youtube.com/watch?v=s1X8rtHEZjs

This link takes you to the DFC website:

http://www.dubaifestivalcity.com/

Sky Tower, Reem Island, Abu Dhabi

Sky Tower, being developed by Sorouh, is located in the Gate District of Shams Abu Dhabi on Reem Island. Sky Tower will be one of the tallest skyscrapers in the world when finished, rising to a height of 300 meters/74 storeys. According to Sorouh:

'The Sky Tower creates a new perspective on life, with spectacular panoramic views of the Gulf and Abu Dhabi Island. This striking 74-storey elliptical edifice combines residential and commercial space assembled vertically around a central core. Clean modern lines and quality finishes define the interior spaces, while state-of-the-art amenities underwrite the lifestyle offering. Residents and workers are assured of a space that sets the ultimate standards in luxury and convenience.'

Sky Tower will have 3 separate areas: Residential, Business and Retail:

> RESIDENTIAL

The top 34 floors of the tower, starting at the 41st, will all be residential. Apartments will be offered in a choice of 1, 2, 3, and 4 bedrooms. For those who want the ultimate in Reem Island luxury, 3 and 4 bedroom duplex penthouses will also be offered. There will be 8 express elevators in Sky Tower that will do nothing but serve the residential units! Residents also have their own private lobby. A wide variety of amenities include:

**Fully-Equipped 180,000 sqft Fitness and Leisure Center,
**Spa with sauna, steam room, and massage rooms with separate male and female areas,
**A 10,000 sqft Gymnasium containing state-of-the-art equipment,
**3 Tennis Courts,
**2 Squash Courts,
**70m Infinity Pool,
**Lap Pool,
**Sun Deck,
**Party Room,
**Yoga Lawn.

> BUSINESS / OFFICE SPACE

All of the offices will be luxurious with floor to ceiling windows giving panoramic views. The technology will all be state-of-the-art and the highest quality materials are used artistically throughout to convey superior levels of elegance and urban sophistication. This is going to be one of the most prestigious office locations in Abu Dhabi.

> RETAIL / ENTERTAINMENT

Sky Tower will contain a 130,000 sqft shopping and entertainment district centered on an atrium linked internally to the level 1 lobby and to the street. This district will offer:

**Fine Dining Restaurants,
**Cafes,
**Gourmet Food Market,
**Bakery,
**Hair & Beauty Salon,
**Pharmacy,
**Travel Agent,
**Real Estate Agent,
**News Stand,
**Book Store,
**Dry Cleaner.

Mounir Haidar, CEO of Sorouh, said this about Sky Tower:

"The Sky Tower offers a unique combination of facilities that will enable it to support all the essential needs of its occupants on site. This distinguishes it from other major projects in the region."

Sky Tower will be one of the iconic landmarks of Reem Island. It will be one of the most prestigious locations to live and work in all of Abu Dhabi.

This link takes you to the Sky Tower section of the Sorouh website:

http://www.sorouh.com/Developments/OurProjects/Developments/3/Default.aspx

...and this link takes you to the Gate District at Shams Abu Dhabi website:

http://www.sorouh.com/microsites/gate/main.html

Jazan Economic City, Saudi Arabia

Jazan Economic City (JEC) is a Mega Project being developed by MMC and Saudi Binladen Group. The City will be built in the Province of Jazan which lies in the south west section of Saudi Arabia. Jazan has a population of approximately 1.2 million and covers an area of 40,000 sq km. It is ideally situated on the southern Red Sea Coast with a coastline of almost 300 km and in close proximity to the main east and west sea trade routes to Europe, the Far East and the Arabian Gulf.

According to JEC's developers: 'JEC will be wholly dedicated to pioneering further development of Saudi Arabia’s economy and her people. The proposed city of the future offers a timely opportunity to nurture non-oil based industries and to build and expand on new industries relevant to the Kingdom’s needs and aspirations.'

JEC will be divided into 4 distinct areas as follows:

1.) Heavy Industries;

- Power Plant
- Port
- Aluminum Smelter
- Refinery
- Dry Dock

2.) Secondary Industries;

- Silicon Processing
- Tech/Agritech Park
- Textiles
- Pharmaceuticals
- Food Processing
- Chemicals and Plastics
- Secondary Manufacturing
- Construction Materials
- Metal Fabrication

3.) Human Capital;

- Commercial Business District
- Education Area
- Recreation and Sports Facilities
- Convention and Exhibition Area
- Civic Administration
- Grand Mosque

4.) Lifestyle;

- Hotels and Leisure Developments
- Marina
- Residences

When I take a look at this project in its entirety I see that JEC is one of the most well balanced and well thought out Saudi Mega Projects I have seen to date. More facts on JEC from the developers:

> JEC represents one of the most important hubs on the coastline of the Red Sea, strategically in close proximity to local and international markets. Accordingly, this provides opportunities for better trade relations between Asia and Africa, offering valuable opportunities for investment and facilitating sea navigation and cargo shipping.

> JEC will draw more than a hundred million Saudi Riyals worth of private investment from the various sectors in the Economic City, consequently also contributing to 500,000 direct and indirect jobs.

> A large portion of the residential area lies on the periphery of the Gulf Coast, and the developers have designed residential marina housing, which will contribute to providing opportunities for the development of the real estate and encourage the luxurious lifestyle of the residents.

> JEC offers various lifestyle accommodations for its employees, hosting nearly 250,000 residents, which will in turn, vitalize residential and real estate development, especially near the education and health services vicinities.

The Kingdom of Saudi Arabia is rapidly expanding and developing world class Mega Projects. Jazan Economic City will contribute greatly to the economic growth of this great Arab Nation!

This link takes you to the JEC website:

http://jazanecity.com/en/index.asp

Soma Bay, Red Sea Coast, Egypt

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/