Dubai World is one of Dubai's huge Sovereign Wealth Funds responsible for investing in companies that it feels will increase in value over time and thus benefit Dubai. Well I think I have found their WORST investment. Back in August of 2007 Dubai World and Mega Casino Operator MGM Mirage became partners when Dubai World agreed to pay $4.3 Billion for half of the gigantic CityCenter Complex Mega Project being built in Las Vegas (note: some sources say Dubai World paid $2.7 Billion). Dubai World also agreed to purchase $2.4 Billion in MGM stock.
Bad move! In August 2007 MGM Mirage stock was trading at around $75.00 a share. Today, March 23, 2009, MGM Mirage stock closed at $3.11 a share!! This is about a loss of 95% of the investment in a little over a year and a half.
That's not all. Dubai World, through its subsidiary Infinity World, is taking legal action against MGM MIRAGE because MGM has said it is so strapped for cash that it may not be able to complete CityCenter Complex... which Dubai World paid $4.3 Billion for a 50% share!! WOW!
Here is an article from TheNational.ae with details about the lawsuit:
Infinity Takes MGM to Court Over Vegas Project
Infinity World, a subsidiary of Dubai World, says it has taken legal action against MGM Mirage after the company allegedly committed a "breach" of its joint venture agreement to build a major project on the Las Vegas strip.
The company is asking a Delaware court to relieve it of any obligations under the agreement after MGM stated in its financial filings on March 17 that "there is substantial doubt about our ability to continue as a going concern." MGM also said it "cannot provide assurance" that it could generate enough cash flow to pay for its share of the project.
The two companies had agreed to build a 31-hectare project in Las Vegas called CityCenter, which is described as the largest casino project in history. The US$8.6 billion (Dh31.58bn) project includes plans for several casinos, hotels, a retail strip and other office and residential buildings. Infinity World contributed $4.3bn to the project and owns 50 per cent of it, Dubai World said.
"The current path of the project is simply unsustainable given our partner’s financial troubles," Dubai World said today, adding that it had been left with "no other option but to act to protect its investment and the future of CityCenter."
Dubai World also alleged that MGM had "mismanaged" CityCenter, causing higher costs despite reducing the scope of the project.
An MGM spokesman could not immediately be reached for comment, but the firm’s chief executive, Jim Murren, told investors last week that he believed the company would succeed despite the challenges it faced. The company was granted a waiver by its lenders until May 15 to restructure at least $7bn of $13.5bn in long-term debt. "I have no illusions that this is going to be easy," he said, according to the Associated Press. "I do not at all harbour any ill feelings towards people who think we will fail, because this is not without risk. But I wake up thinking that we’re going to make progress every day."
The company is being hit by a combination of lower land and property values, less gambling, and declining room rates during the worst US recession in decades.
Indications that MGM was having difficulty with the CityCenter project first emerged in January, when local inspectors found faults in the construction quality of some of the buildings. The company modified parts of the project to cut costs, but it still needs about $1.2bn to finish the project.
Dubai World said it was working with lenders and MGM to ensure the project could still be completed by its deadline of late this year.
http://www.thenational.ae/article/20090323/BUSINESS/712223757/1042
Monday, March 23, 2009
Saturday, March 14, 2009
Crash!
There is no bigger fan of Dubai than myself. In the last 7 years Dubai has truly accomplished the amazing. Through Dubai's Grand Vision the Emirate has created some of the most iconic and spectacular architectural marvels in world history. Projects like:
- Palm Jumeirah
- Burj Dubai
- Dubai Marina
- World Islands
- DIFC
- Ski Dubai.... and many others have made the entire world focus on Dubai with awe and envy. No other location on the planet has EVER developed so much so fast! And Dubai gave birth to the greatest real estate developers in history. Names like Nakheel, Emaar, Limitless and DAMAC have become almost legend through their amazing Mega Project developments.
Dubai also gave almost unlimited opportunities for great prosperity and wealth to all those expats who chose to come to Dubai and seek their fortunes. Many, many individuals made great fortunes in real estate and finance by coming to Dubai. In fact, Dubai was a true "Boom Town" and the world took notice
But all of this has now changed. In a BIG way! The world economies have crashed and Dubai, once thought immune, is also crashing. And crashing fast. I am truly amazed at how fast people are leaving Dubai. The change over the past few months has been remarkable. People are literally leaving all they had in Dubai.... cars, homes, etc. and just getting on a plane and leaving. Jobs are being lost at an alarming pace, especially in those areas that were only a short time ago the most attractive-- real estate and finance.
Real estate prices are collapsing and will no doubt continue on a downward spiral. The future of many of the great Mega Projects is also in question and in my opinion:
> It is very doubtful that either Palm Jebel Ali or Palm Deira will ever be fully developed. There is simply no demand for developments on these two gigantic man-made islands.
> Dubailand will never come close to the spectacular original plan for the project. I think certain parts will end up getting finished, but the vast majority of the project will never be built. It has always been questionable whether this project, even if it were ever to get fully built, could attract the projected 40,000 visitors a day hoped for. Especially during the hot summer months.
> Dubai Waterfront, which was originally planned to be a Mega Community twice the size of Hong Kong, will never be fully developed. Nakheel Harbour and Tower, part of Dubai Waterfront, has already been cancelled.
> Development of towers in Business Bay will be drastically cut back. What is the point of building more and more business towers if there are no businesses wanting to occupy them? And Dubai already has a successful business district with DIFC. A second business district is not called for.
> The gigantic new Dubai Mall could turn out to be a huge failure as more and more expats leave Dubai.
> Overall, real estate prices will continue down.... probably ending up 80-90% below their all time highs. And of course many more real estate brokerages and developers will go under.
++ Here is a quote from a recently published article in the Financial Times:
"Not so long ago Dubai was an Eldorado for construction and property companies. Attracted by some of the world’s most ostentatious and expensive projects, contractors from round the world flooded in to help the ambitious Emirate turn itself into a modern metropolis.
"Now, according to economists at National Commercial Bank, Saudi Arabia’s largest lender, $250bn (€199bn, £178bn) of projects have been cancelled or delayed in the seven-state United Arab Emirates – the majority in Dubai."
I could continue, but you get the point. On a more positive note I think that once the world economy begins to improve Dubai will bounce back STRONGLY. Dubai has already positioned itself as the center of finance for the Middle East and a leading world business hub. I believe that Dubai will eventually become a world business powerhouse equal to Hong Kong and London.
I also believe that Dubai will continue to be the world's most innovative developer of real estate projects. Once things begin to improve, Dubai will continue to develop amazing Mega Projects.... just at a slower and more balanced pace than during the boom.
One of the big positives that I see are all the great investment opportunities that the crash is creating. I will be giving you my favorite real estate investments for the Gulf Region in a future post.
In the long run I think the future of Dubai and the entire Gulf is very positive. In fact, I think The Gulf will emerge from the world economic crisis sooner and in better condition than most other parts of the world.
- Palm Jumeirah
- Burj Dubai
- Dubai Marina
- World Islands
- DIFC
- Ski Dubai.... and many others have made the entire world focus on Dubai with awe and envy. No other location on the planet has EVER developed so much so fast! And Dubai gave birth to the greatest real estate developers in history. Names like Nakheel, Emaar, Limitless and DAMAC have become almost legend through their amazing Mega Project developments.
Dubai also gave almost unlimited opportunities for great prosperity and wealth to all those expats who chose to come to Dubai and seek their fortunes. Many, many individuals made great fortunes in real estate and finance by coming to Dubai. In fact, Dubai was a true "Boom Town" and the world took notice
But all of this has now changed. In a BIG way! The world economies have crashed and Dubai, once thought immune, is also crashing. And crashing fast. I am truly amazed at how fast people are leaving Dubai. The change over the past few months has been remarkable. People are literally leaving all they had in Dubai.... cars, homes, etc. and just getting on a plane and leaving. Jobs are being lost at an alarming pace, especially in those areas that were only a short time ago the most attractive-- real estate and finance.
Real estate prices are collapsing and will no doubt continue on a downward spiral. The future of many of the great Mega Projects is also in question and in my opinion:
> It is very doubtful that either Palm Jebel Ali or Palm Deira will ever be fully developed. There is simply no demand for developments on these two gigantic man-made islands.
> Dubailand will never come close to the spectacular original plan for the project. I think certain parts will end up getting finished, but the vast majority of the project will never be built. It has always been questionable whether this project, even if it were ever to get fully built, could attract the projected 40,000 visitors a day hoped for. Especially during the hot summer months.
> Dubai Waterfront, which was originally planned to be a Mega Community twice the size of Hong Kong, will never be fully developed. Nakheel Harbour and Tower, part of Dubai Waterfront, has already been cancelled.
> Development of towers in Business Bay will be drastically cut back. What is the point of building more and more business towers if there are no businesses wanting to occupy them? And Dubai already has a successful business district with DIFC. A second business district is not called for.
> The gigantic new Dubai Mall could turn out to be a huge failure as more and more expats leave Dubai.
> Overall, real estate prices will continue down.... probably ending up 80-90% below their all time highs. And of course many more real estate brokerages and developers will go under.
++ Here is a quote from a recently published article in the Financial Times:
"Not so long ago Dubai was an Eldorado for construction and property companies. Attracted by some of the world’s most ostentatious and expensive projects, contractors from round the world flooded in to help the ambitious Emirate turn itself into a modern metropolis.
"Now, according to economists at National Commercial Bank, Saudi Arabia’s largest lender, $250bn (€199bn, £178bn) of projects have been cancelled or delayed in the seven-state United Arab Emirates – the majority in Dubai."
I could continue, but you get the point. On a more positive note I think that once the world economy begins to improve Dubai will bounce back STRONGLY. Dubai has already positioned itself as the center of finance for the Middle East and a leading world business hub. I believe that Dubai will eventually become a world business powerhouse equal to Hong Kong and London.
I also believe that Dubai will continue to be the world's most innovative developer of real estate projects. Once things begin to improve, Dubai will continue to develop amazing Mega Projects.... just at a slower and more balanced pace than during the boom.
One of the big positives that I see are all the great investment opportunities that the crash is creating. I will be giving you my favorite real estate investments for the Gulf Region in a future post.
In the long run I think the future of Dubai and the entire Gulf is very positive. In fact, I think The Gulf will emerge from the world economic crisis sooner and in better condition than most other parts of the world.
Saturday, February 28, 2009
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.
> 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.
Saturday, February 14, 2009
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
"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
Sunday, February 1, 2009
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/
> 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/
Sunday, January 25, 2009
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
"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
Sunday, January 18, 2009
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/
> 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/
Sunday, January 11, 2009
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
'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
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