Do you remember during the good "old" days of the UAE real estate boom the emirate of Ajman was exploding with new real estate development and investment? Ajman was being called "Dubai Jr." and "The Next Dubai." Spectacular Mega Projects were springing up all over Ajman. What a difference a year makes! These days Ajman is seldom even mentioned and the Mega Projects being developed there have run into all kinds of problems.
Let's take a look at some of the Ajman Mega Projects and see what has become of them.
> Al Zorah. This was one of the last and greatest Ajman Mega Projects announced before the markets started to crash. Al Zorah was planned as a giant $60 Billion mixed use project to be developed by the Ajman Government and Lebanon master developer Solidere. Today the project has been radically downsized and only parts of the project closest to the sea will be built.
> Marmooka City. Another massive Mega Project, Marmooka City was originally planned to have over 206 towers, malls, 5-Star hotel, medical centers, educational facilities, parks, gardens, etc. The project has been cut way down in size to only 20 buildings in all. What had been slated as a master planned city will likely end up little more than a small development.
> Awali City. This $5.4 Billion Mega Project being developed by Awali Real Estate Investments was to have 15 state-of-the-art residential and commercial towers. Now Awali has announced that the project will be re-sized by up to half its original size, this largely due to investors in the project no longer making payments.
> Humaid City. Another huge multi-tower project (exact number of towers not known) being developed by multiple developers. This entire project has evolved into pure chaos and most investors have pulled out. In my opinion it will be a miracle if anything ever comes of Humaid City.
> Berjal City. This $4.1 Billion project is a collaboration between Saudi Arabia and the UAE. Saudi company Berjal Real Estate and Al Rashid Real Estate of Ajman are the two developers of Berjal City. The project is still in concept stage and it is questionable if it will ever actually get built.
> Emirates City. One of the first Ajman residential and commercial mixed use Mega Projects, Emirates City has undergone quite a bit of development, however due to the world economic melt-down construction has been greatly slowed. Many projects have been put on hold. It looks like a skeleton city with partially finished buildings everywhere.
> Ajman Marina. The most spectacular of all the Ajman Mega Projects, Ajman Marina was to be an ultra-luxury mixed use Mega Project being developed by Saudi developer Tanmiyat. Construction has been halted but Tanmiyat has stated they will start up again in 2010. We shall see.
Now you can see just how hard Ajman has been hit. The negative world economy is not the only reason for the Ajman real estate bust. In October 2008 the Government of Ajman stopped issuance and renewal of investors' visas for freehold property owners in Ajman. This makes no sense to me and combined with the current state of the world economy has crushed the Ajman real estate market.
Friday, November 6, 2009
Sunday, October 4, 2009
Dubai City Tower: Greatest Mega Project That May Never Be Built
Dubai City Tower, which was being planned by Meraas Development of Dubai as part of their Jumeirah Gardens project, has been put on hold for now but if they ever do get this tower built it will be the greatest Mega Project ever developed. The tower, at 1.5 miles in height, would be over 3 times the height of Burj Dubai! It would be so massive that it would contain an entire city within its structure... a Vertical City!
The following is from the designers of Dubai City Tower:
'Our design for the Dubai City Tower is 400 habitable stories high topped by a 400m tall energy producing spire. Each floor to floor height is 5m making the overall height of the building 2400m (1.5miles). We are proposing that the tower be sited along the Gulf sea where part of the building could push into the ocean creating a marina and destination for cruise ships and tourism. The overall mass of the tower is broken down into 6 independent buildings, three rotating clockwise and three counter-clockwise about a central core. Sixty-five percent of the total building floor area is located in the first 100 stories maximizing leasing potential while easing the strain of servicing a 400 story tower. A six story base sits at the foot of the tower housing a convention center, retail, event space and parking. Two stories of VIP self parking exists above ground and fifteen stories of robotic parking are housed below ground. The overall tower is organized into four 100 story "neighborhoods" connected via a vertical bullet train that quickly distributes people between sky plazas that separate the different vertical neighborhoods.
'The sky plaza becomes a new town center at every 100 stories filled with the character of a city offering a diversity of experiences from shopping to leisure. Functionally, zones act to separate building and transportation systems into smaller more manageable units more typical to the design constraints of today. Here the vertical bullet train delivers passengers / tenants every 10 minutes. From this hub people then switch to more standard elevators to be distributed to their offices, hotels or homes. VIP helicopter pads are also located at each of the plaza levels allowing for quicker and more discreet access.
'The lower levels of each sky plaza serve to separate the tower's building system between neighborhoods. Each 100 story block serves as an independent unit with separate plumbing, electric and waste system all linked through a central core. Here chilled water created by thermal exchange and electricity created by strategically placed photovoltaic cells and turbines located in the spire are captured and delivered to occupants of the building. In addition, water purification and trash composing take place within this zone in a biosphere like garden that becomes a vertical park for recreation, oxygen creation and natural relief. Every effort has been made to make each neighborhood as self reliant as possible. Wind energy generated by turbines located in the spire combined with photovoltaic cells strategically laminated into each building's skin offset the tower's draw from the local power grid. Recycling efforts at each 100 story sky plaza and integrated desalination plants reduce the tower's impact on the surrounding infrastructure ushering in a new era of smart building design sensitive to both the building's occupants and the tower's local environment.
'The Dubai City Tower pushes every edge of building design. For centuries man has pushed construction towards the heavens. The sheer scale of the project will focus the world's eye towards the city of Dubai and it will be the tower's design and image that will preserve Dubai City Tower's grandeur into the future.'
Wow!! The designers of this Mega Project really thought BIG! However with the real estate market the way it is in Dubai I think it will be a miracle if Dubai City Tower ever gets built.
The following link takes you to the Meraas Development website:
http://www.meraasdevelopment.ae/
This link takes you to a few artistic renditions of Dubai City Tower:
www.liquididea.com/2008/10/18/DubaiCityTower.jpg
The following is from the designers of Dubai City Tower:
'Our design for the Dubai City Tower is 400 habitable stories high topped by a 400m tall energy producing spire. Each floor to floor height is 5m making the overall height of the building 2400m (1.5miles). We are proposing that the tower be sited along the Gulf sea where part of the building could push into the ocean creating a marina and destination for cruise ships and tourism. The overall mass of the tower is broken down into 6 independent buildings, three rotating clockwise and three counter-clockwise about a central core. Sixty-five percent of the total building floor area is located in the first 100 stories maximizing leasing potential while easing the strain of servicing a 400 story tower. A six story base sits at the foot of the tower housing a convention center, retail, event space and parking. Two stories of VIP self parking exists above ground and fifteen stories of robotic parking are housed below ground. The overall tower is organized into four 100 story "neighborhoods" connected via a vertical bullet train that quickly distributes people between sky plazas that separate the different vertical neighborhoods.
'The sky plaza becomes a new town center at every 100 stories filled with the character of a city offering a diversity of experiences from shopping to leisure. Functionally, zones act to separate building and transportation systems into smaller more manageable units more typical to the design constraints of today. Here the vertical bullet train delivers passengers / tenants every 10 minutes. From this hub people then switch to more standard elevators to be distributed to their offices, hotels or homes. VIP helicopter pads are also located at each of the plaza levels allowing for quicker and more discreet access.
'The lower levels of each sky plaza serve to separate the tower's building system between neighborhoods. Each 100 story block serves as an independent unit with separate plumbing, electric and waste system all linked through a central core. Here chilled water created by thermal exchange and electricity created by strategically placed photovoltaic cells and turbines located in the spire are captured and delivered to occupants of the building. In addition, water purification and trash composing take place within this zone in a biosphere like garden that becomes a vertical park for recreation, oxygen creation and natural relief. Every effort has been made to make each neighborhood as self reliant as possible. Wind energy generated by turbines located in the spire combined with photovoltaic cells strategically laminated into each building's skin offset the tower's draw from the local power grid. Recycling efforts at each 100 story sky plaza and integrated desalination plants reduce the tower's impact on the surrounding infrastructure ushering in a new era of smart building design sensitive to both the building's occupants and the tower's local environment.
'The Dubai City Tower pushes every edge of building design. For centuries man has pushed construction towards the heavens. The sheer scale of the project will focus the world's eye towards the city of Dubai and it will be the tower's design and image that will preserve Dubai City Tower's grandeur into the future.'
Wow!! The designers of this Mega Project really thought BIG! However with the real estate market the way it is in Dubai I think it will be a miracle if Dubai City Tower ever gets built.
The following link takes you to the Meraas Development website:
http://www.meraasdevelopment.ae/
This link takes you to a few artistic renditions of Dubai City Tower:
www.liquididea.com/2008/10/18/DubaiCityTower.jpg
Saturday, September 5, 2009
50 Richest Saudis
Here is a great new list compiled by ArabianBusiness.com of the 50 Richest Saudis in the world. Needless to say that many on this list are involved in Mega Project development and investment throughout the Middle East and all over the planet.
1. HRH Prince Alwaleed $16.3 Billion
2. Mohammad Al Amoudi $8.8 Billion
3. Sheikh Mohamef Bin Issa Al Jabar $8.5 Billion
4. Nasser Al Rashid $8 Billion
5. The Bin Laden Family $7 Billion
6. The Olayan Family $6.9 Billion
7. Sulaiman Al Rajhi $5.2 Billion
8. Issam Al Zahid $5.1 Billion
9. Mohamed Abdul Latif Jameel $5 Billion
10. Saleh Kamel $4.9 Billion
11. Mubarak Al Suwaiket $4.8 Billion
12. Saad Hariri $4.3 Billion
13. Al Zamil Family $3.5 Billion
14. Sulaiman Al Muhaidib $3.4 Billion
15. Osama Ismail Ali Abudawood $3.1 Billion
16. The Bin Mahfouz Family $3 Billion
17. Sheikh Walid Al Ibrahim $2.9 Billion
18. Abdulkader Bakri $2.8 Billion
19. Saleh Al Rajhi $2.8 Billion
20. Abdullah Al Rajhi $2.6 Billion
21. Mohammed Al Issa $2.5 Billion
22. Ayman Hariri $2.4 Billion
23. Ali Hussein Alireza $2.4 Billion
24. Bahaa Hariri $2.3 Billion
25. Abdullah Saad Al Rashid $2.3 Billion
26. Mohammed Abdulaziz Al Jomaih $2.1 Billion
27. Abdul Rahman Saad Al Rashid $2 Billion
28. Mohammad Kamal Jamjoom $1.9 Billion
29. Abdul Moshen Bin Abdul Azia Al Hokair $1.8 Billion
30. Fawaz Al Hokair $1.7 Billion
31. Al Saad Basamh $1.6 Billion
32. Adel Aujan $1.4 Billion
33. Al Naghi Family $1.2 Billion
34. Mahmood Saeed $1.1 Billion
35. Adnan Khashoggi $1.1 Billion
36. Al Juffali Family $1.1 Billion
37. Mohammed Al Rajhi $1 Billion
38. El Shalash Family $900 Million
39. Ibrahim Hamad Al Babtain $800 Million
40. Ajlan Bin Abdulaziz Ajlan $760 Million
41. Abdullah Bin Saleh Al Othaim $750 Million
42. Adel Mohammas Hamad Al Mojil $650 Million
43. Muhammad Al Agil $600 Million
44. Ahmed Zaki Yamani $550 Million
45. Al Subeaei Family $500 Million
46. Omar Suleiman Al Abdullatif $450 Million
47. Ahmad Hasan Fitaihi $400 Million
48. Abdul Aziz Al Jasser $400 Million
49. Mohammad Al Ali Al Abdullatif $380 Million
50. Khaled Baeshen $350 Million
Here is the link to the ArabianBusiness.com article:
http://www.arabianbusiness.com/saudi-rich-list/list?clr=
1. HRH Prince Alwaleed $16.3 Billion
2. Mohammad Al Amoudi $8.8 Billion
3. Sheikh Mohamef Bin Issa Al Jabar $8.5 Billion
4. Nasser Al Rashid $8 Billion
5. The Bin Laden Family $7 Billion
6. The Olayan Family $6.9 Billion
7. Sulaiman Al Rajhi $5.2 Billion
8. Issam Al Zahid $5.1 Billion
9. Mohamed Abdul Latif Jameel $5 Billion
10. Saleh Kamel $4.9 Billion
11. Mubarak Al Suwaiket $4.8 Billion
12. Saad Hariri $4.3 Billion
13. Al Zamil Family $3.5 Billion
14. Sulaiman Al Muhaidib $3.4 Billion
15. Osama Ismail Ali Abudawood $3.1 Billion
16. The Bin Mahfouz Family $3 Billion
17. Sheikh Walid Al Ibrahim $2.9 Billion
18. Abdulkader Bakri $2.8 Billion
19. Saleh Al Rajhi $2.8 Billion
20. Abdullah Al Rajhi $2.6 Billion
21. Mohammed Al Issa $2.5 Billion
22. Ayman Hariri $2.4 Billion
23. Ali Hussein Alireza $2.4 Billion
24. Bahaa Hariri $2.3 Billion
25. Abdullah Saad Al Rashid $2.3 Billion
26. Mohammed Abdulaziz Al Jomaih $2.1 Billion
27. Abdul Rahman Saad Al Rashid $2 Billion
28. Mohammad Kamal Jamjoom $1.9 Billion
29. Abdul Moshen Bin Abdul Azia Al Hokair $1.8 Billion
30. Fawaz Al Hokair $1.7 Billion
31. Al Saad Basamh $1.6 Billion
32. Adel Aujan $1.4 Billion
33. Al Naghi Family $1.2 Billion
34. Mahmood Saeed $1.1 Billion
35. Adnan Khashoggi $1.1 Billion
36. Al Juffali Family $1.1 Billion
37. Mohammed Al Rajhi $1 Billion
38. El Shalash Family $900 Million
39. Ibrahim Hamad Al Babtain $800 Million
40. Ajlan Bin Abdulaziz Ajlan $760 Million
41. Abdullah Bin Saleh Al Othaim $750 Million
42. Adel Mohammas Hamad Al Mojil $650 Million
43. Muhammad Al Agil $600 Million
44. Ahmed Zaki Yamani $550 Million
45. Al Subeaei Family $500 Million
46. Omar Suleiman Al Abdullatif $450 Million
47. Ahmad Hasan Fitaihi $400 Million
48. Abdul Aziz Al Jasser $400 Million
49. Mohammad Al Ali Al Abdullatif $380 Million
50. Khaled Baeshen $350 Million
Here is the link to the ArabianBusiness.com article:
http://www.arabianbusiness.com/saudi-rich-list/list?clr=
Friday, August 7, 2009
Dubai Marina Madness!
Dubai Marina is one of my favorite UAE Mega Projects and my number one pick for Dubai's Residential Mega Projects. Despite all of this the Dubai Marina is having a lot of problems right now with the delivery of many of its high-rise towers. This is unfortunate for Dubai as well as the many people who invested in these towers pre-construction. An excellent article from TheNational.ae entitled 'Dubai Marina's High-Rise Dreams Deferred' goes into more detail. Here are some excerpts from the article:
Harvans Nagpal and his wife once dreamed of a relaxing retirement in Dubai, enjoying leisurely days beside a sun-drenched swimming pool and unbeatable views from a beautiful, brand new serviced high-rise apartment overlooking the city's glamorous Marina.
Now the 70 year old London accountant's plans are on hold dogged by uncertainty brought by delays in the building of the apartment and the prospect of its cost rising beyond his means
People like Mr. Nagpal are statistics in the real estate bust, as projects throughout the UAE, especially in Dubai and the Northern Emirates, have been delayed, slowed down or become insolvent. Today, many of those investors are grappling with the fallout as projects, especially those by smaller developers, languish in crisis.
Mr. Nagpal bought off-plan in late 2007, paying a 25 percent down payment on a Dh1 million (US$272,000) one bedroom apartment in the 19-floor Harbour Residences. He was told that his apartment would be ready by early 2010, with his first Dh250,000 already paid into the development's escrow account. The strikingly designed tower remains little more than an artist's impression and a hole in the ground.
Harbour Residences is a development by Dheeraj & East Coast, a joint venture between Dheeraj Constructions of India and East Coast LLC of Dubai. The most recent construction update on the company's website, posted in March, shows a bare pit.
A survey by The National found at least nine idle sites where work has not progressed above ground; furthermore, the Marina is home to a number of partially built buildings on which work appears to have slowed or halted.
It is a similar story for countless other investors in properties around the Marina. Close to the most northerly of the road bridges across the Marina are two massive craters, both without signs of activity other than security guards sitting in chairs at the entrances to the sites. One plot is littered with rubbish, but no information is displayed. A hoarding on the other says it is the intended home of My Tower, a 36-storey building first advertised in 2007.
On some sites, progress has been halted, with skeletal foundations left exposed to the atmosphere. On others, work even appears to have gone backwards. Shahla Tower, a planned 39-storey residence, occupies a prime site by the water. The new Marina Mall is a five minute walk across the road bridge that runs alongside the plot, the beach and the seaside shops and restaurants of The Walk are even closer. Launched in 2006, the tower was due for completion by mid-2008. Yet, for months now, the only sign of activity at the site has been the drone of generators driving water pumps 24 hours a day to keep the half finished foundations dry. The status of the project has yet to be categorized by RERA.
Another site echoing only the sound of generators is that of the Eden Blue Tower, a pit of protruding metal foundations that has seen little activity for six months except for the pumping of water. Nearby, more pumps, and little else, are at work on the foundations of the Dubai Marina Star development, a project initiated by Al Seef Investments, a Dubai investment company, and since taken over by the UK Capital Investments Group (UKCIG).
++ Here is the link to the complete article from TheNational.ae
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090807/NATIONAL/708069831/1040
Harvans Nagpal and his wife once dreamed of a relaxing retirement in Dubai, enjoying leisurely days beside a sun-drenched swimming pool and unbeatable views from a beautiful, brand new serviced high-rise apartment overlooking the city's glamorous Marina.
Now the 70 year old London accountant's plans are on hold dogged by uncertainty brought by delays in the building of the apartment and the prospect of its cost rising beyond his means
People like Mr. Nagpal are statistics in the real estate bust, as projects throughout the UAE, especially in Dubai and the Northern Emirates, have been delayed, slowed down or become insolvent. Today, many of those investors are grappling with the fallout as projects, especially those by smaller developers, languish in crisis.
Mr. Nagpal bought off-plan in late 2007, paying a 25 percent down payment on a Dh1 million (US$272,000) one bedroom apartment in the 19-floor Harbour Residences. He was told that his apartment would be ready by early 2010, with his first Dh250,000 already paid into the development's escrow account. The strikingly designed tower remains little more than an artist's impression and a hole in the ground.
Harbour Residences is a development by Dheeraj & East Coast, a joint venture between Dheeraj Constructions of India and East Coast LLC of Dubai. The most recent construction update on the company's website, posted in March, shows a bare pit.
A survey by The National found at least nine idle sites where work has not progressed above ground; furthermore, the Marina is home to a number of partially built buildings on which work appears to have slowed or halted.
It is a similar story for countless other investors in properties around the Marina. Close to the most northerly of the road bridges across the Marina are two massive craters, both without signs of activity other than security guards sitting in chairs at the entrances to the sites. One plot is littered with rubbish, but no information is displayed. A hoarding on the other says it is the intended home of My Tower, a 36-storey building first advertised in 2007.
On some sites, progress has been halted, with skeletal foundations left exposed to the atmosphere. On others, work even appears to have gone backwards. Shahla Tower, a planned 39-storey residence, occupies a prime site by the water. The new Marina Mall is a five minute walk across the road bridge that runs alongside the plot, the beach and the seaside shops and restaurants of The Walk are even closer. Launched in 2006, the tower was due for completion by mid-2008. Yet, for months now, the only sign of activity at the site has been the drone of generators driving water pumps 24 hours a day to keep the half finished foundations dry. The status of the project has yet to be categorized by RERA.
Another site echoing only the sound of generators is that of the Eden Blue Tower, a pit of protruding metal foundations that has seen little activity for six months except for the pumping of water. Nearby, more pumps, and little else, are at work on the foundations of the Dubai Marina Star development, a project initiated by Al Seef Investments, a Dubai investment company, and since taken over by the UK Capital Investments Group (UKCIG).
++ Here is the link to the complete article from TheNational.ae
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090807/NATIONAL/708069831/1040
Wednesday, July 15, 2009
Business Bay Continues To Expand With The Citadel
Despite the world economic melt-down Business Bay Dubai continues to expand! The latest addition to the completed towers at Business Bay is Deyaar Development's spectacular Citadel. The following is a press release with all the details:
Dubai, July 15, 2009: Fulfilling its commitment to hand over seven projects in 2009, Deyaar Development, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, today announced that it will hand over in August all units at The Citadel, its premium 41-storey commercial tower located in the Business Bay master development.
The Citadel comprises 565,000 square feet of office space, including 406 state of the art contemporary commercial units and 29,000 square feet of retail. The project is strategically located within minutes of Sheikh Zayed Road, the upcoming airport in Jebel Ali, and all major shopping malls and business clusters in Dubai. The Citadel is one of the first projects to be delivered in the Business Bay master development.
"With the hand over of The Citadel, Deyaar Development will have successfully fulfilled its hand over commitments for 2009," said Markus Giebel, Chief Executive of Deyaar.
"At Deyaar Development Company we have consistently set high benchmarks of quality and value in our projects, and The Citadel is no different. As one of the largest developers in Business Bay, Deyaar Development Company's projects occupy a place of prominence within this master development. We are confident that the design and quality of The Citadel will prove to be extremely beneficial to all businesses and commercial establishments operating from the tower," said Giebel.
Deyaar will also host an orientation program for all customers on July 18, 2009 at 11:00am ahead of the final delivery. The orientation program will be used to update customers with the final documentation procedure for their respective units to discuss the building operating budget and facilities management contract. Additionally, an explanation of the building systems, amenities and personnel will also be provided.
The Citadel is the latest in the line of high quality projects completed and delivered by Deyaar in the past few years. Facilities at the project include 24-hour security and ample parking space, among others.
I think this is great progress for Business Bay and for Dubai overall. It shows the world that despite hard financial times Dubai will continue to expand to become a leading world business hub. Master developments like Business Bay and Dubai International Financial Centre will make Dubai the primary business center of the Middle East.
This link takes you to the Deyaar website:
http://www.deyaar.ae/
Dubai, July 15, 2009: Fulfilling its commitment to hand over seven projects in 2009, Deyaar Development, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, today announced that it will hand over in August all units at The Citadel, its premium 41-storey commercial tower located in the Business Bay master development.
The Citadel comprises 565,000 square feet of office space, including 406 state of the art contemporary commercial units and 29,000 square feet of retail. The project is strategically located within minutes of Sheikh Zayed Road, the upcoming airport in Jebel Ali, and all major shopping malls and business clusters in Dubai. The Citadel is one of the first projects to be delivered in the Business Bay master development.
"With the hand over of The Citadel, Deyaar Development will have successfully fulfilled its hand over commitments for 2009," said Markus Giebel, Chief Executive of Deyaar.
"At Deyaar Development Company we have consistently set high benchmarks of quality and value in our projects, and The Citadel is no different. As one of the largest developers in Business Bay, Deyaar Development Company's projects occupy a place of prominence within this master development. We are confident that the design and quality of The Citadel will prove to be extremely beneficial to all businesses and commercial establishments operating from the tower," said Giebel.
Deyaar will also host an orientation program for all customers on July 18, 2009 at 11:00am ahead of the final delivery. The orientation program will be used to update customers with the final documentation procedure for their respective units to discuss the building operating budget and facilities management contract. Additionally, an explanation of the building systems, amenities and personnel will also be provided.
The Citadel is the latest in the line of high quality projects completed and delivered by Deyaar in the past few years. Facilities at the project include 24-hour security and ample parking space, among others.
I think this is great progress for Business Bay and for Dubai overall. It shows the world that despite hard financial times Dubai will continue to expand to become a leading world business hub. Master developments like Business Bay and Dubai International Financial Centre will make Dubai the primary business center of the Middle East.
This link takes you to the Deyaar website:
http://www.deyaar.ae/
Tuesday, June 23, 2009
Sovereign Wealth Funds Of The Gulf: Dubai Holding
Dubai Holding, like Dubai World which I have already covered in a previous post, is a division of the gigantic Dubai sovereign wealth fund, The Investment Corporation of Dubai. The company has over 32,000 employees, and offices all over the world. From Dubai Holding:
'Dubai Holding was created in 2004 to consolidate and lead Dubai's large-scale infrastructure and investment projects. We are committed to improving every aspect of life in the region by investing in life-improving industries.
'Our achievements have helped build the success and prosperity of the United Arab Emirates (UAE) and the surrounding region. This includes the creation of a world-class commercial and physical infrastructure that attracts multinational companies from around the globe, and our work with the Government of Dubai to promote Dubai as a role model and catalyst for the region’s economic and social development.'
Dubai Holding has companies in 13 different industries:
1. Hospitality
2. Technology
3. Communication
4. Education
5. Finance
6. Real Estate
7. Healthcare
8. Leisure & Entertainment
9. Industrial Manufacturing
10. Biotechnology
11. Energy
12. Telecommunication
13. Aerospace
Dubai Holding consists of 7 member companies that own, manage and run more than 250 businesses involved in the above 13 Industries. I will now cover each of these 7 member companies and list some of the major businesses owned by each company.
JUMEIRAH GROUP
The Jumeirah Group handles Dubai Holding’s renowned luxury hotels and resorts. They aim to become the international hospitality industry leader through a world-class property portfolio. The Jumeirah Group portfolio includes:
> Burj Al Arab, > Jumeirah Beach Hotel, > Madinat Jumeirah, > Jumeirah Bab Al Shams Desert Resort & Spa, > Jumeirah Carlton Tower, > Jumeirah Lowndes Hotel, > Jumeirah Essex House.
TECOM INVESTMENTS
TECOM Investments is working to build the knowledge economy in Dubai by providing and running free trade zones that support the development of knowledge-based industries. The TECOM portfolio includes:
> Dubai Internet City, > Dubai Media City, > Dubai Knowledge Village, > Dubai International Academic City, > Dubai Outsource Zone, > Dubai Studio City, > International Media Production Zone, > Enpark, > DuBiotech, > Empower, > Smart City, > eHosting Data Fort.
DUBAI GROUP
Dubai Group is Dubai Holding’s leading diversified financial services company, focusing on banking, investments and insurance both regionally and globally. The Dubai Group portfolio includes:
> Dubai Investment Group, > Dubai Capital Group, > Dubai Financial Group, > Dubai Banking Group, > Dubai Insurance Group, > Noor Investment Group.
DUBAI PROPERTIES GROUP
Dubai Properties Group is Dubai Holding’s pioneering community developer. It offers integrated and holistic services in real estate, retail, hospitality and lifestyle management. The Dubai Properties portfolio includes:
> Dubai Properties, > Salwan, > Injaz, > Dubai Asset Management, > Dubai Retail, > Dubai Hospitality.
TATWEER
Tatweer owns and manages a strategic group of companies for Dubai Holding. These cover real estate, hospitality, energy, healthcare, education, leisure and entertainment. The Tatweer portfolio includes:
> Dubailand, > Bawadi, > The Tiger Woods Dubai, > Universal Studios Dubailand, > Dubai Healthcare City, > Global Village, > DreamWorks Dubailand, > Six Flags Dubailand, > Dubai Industrial City, > Dubai Merchantile Exchange, > Mizin, > Dubai Energy.
SAMA DUBAI
Sama Dubai is the international real estate arm of Dubai Holding. Sama creates and invests in development projects around the world. The Sama Dubai portfolio includes:
> Dubai Towers, Dubai, > Dubai Towers, Qatar, > The Lagoons, > Salam, > Amwaj Morocco, > Mediterranean Gate, > Smart City.
DUBAI INTERNATIONAL CAPITAL
Dubai International Capital is a Dubai-based international investment company with a primary focus on private and public equity. The Dubai International Capital (DIC) portfolio includes:
> DIC Private Equity, > DIC Global Equities, > DIC Emerging Markets, > DIC Asset Management.
'Dubai Holding was created in 2004 to consolidate and lead Dubai's large-scale infrastructure and investment projects. We are committed to improving every aspect of life in the region by investing in life-improving industries.
'Our achievements have helped build the success and prosperity of the United Arab Emirates (UAE) and the surrounding region. This includes the creation of a world-class commercial and physical infrastructure that attracts multinational companies from around the globe, and our work with the Government of Dubai to promote Dubai as a role model and catalyst for the region’s economic and social development.'
Dubai Holding has companies in 13 different industries:
1. Hospitality
2. Technology
3. Communication
4. Education
5. Finance
6. Real Estate
7. Healthcare
8. Leisure & Entertainment
9. Industrial Manufacturing
10. Biotechnology
11. Energy
12. Telecommunication
13. Aerospace
Dubai Holding consists of 7 member companies that own, manage and run more than 250 businesses involved in the above 13 Industries. I will now cover each of these 7 member companies and list some of the major businesses owned by each company.
JUMEIRAH GROUP
The Jumeirah Group handles Dubai Holding’s renowned luxury hotels and resorts. They aim to become the international hospitality industry leader through a world-class property portfolio. The Jumeirah Group portfolio includes:
> Burj Al Arab, > Jumeirah Beach Hotel, > Madinat Jumeirah, > Jumeirah Bab Al Shams Desert Resort & Spa, > Jumeirah Carlton Tower, > Jumeirah Lowndes Hotel, > Jumeirah Essex House.
TECOM INVESTMENTS
TECOM Investments is working to build the knowledge economy in Dubai by providing and running free trade zones that support the development of knowledge-based industries. The TECOM portfolio includes:
> Dubai Internet City, > Dubai Media City, > Dubai Knowledge Village, > Dubai International Academic City, > Dubai Outsource Zone, > Dubai Studio City, > International Media Production Zone, > Enpark, > DuBiotech, > Empower, > Smart City, > eHosting Data Fort.
DUBAI GROUP
Dubai Group is Dubai Holding’s leading diversified financial services company, focusing on banking, investments and insurance both regionally and globally. The Dubai Group portfolio includes:
> Dubai Investment Group, > Dubai Capital Group, > Dubai Financial Group, > Dubai Banking Group, > Dubai Insurance Group, > Noor Investment Group.
DUBAI PROPERTIES GROUP
Dubai Properties Group is Dubai Holding’s pioneering community developer. It offers integrated and holistic services in real estate, retail, hospitality and lifestyle management. The Dubai Properties portfolio includes:
> Dubai Properties, > Salwan, > Injaz, > Dubai Asset Management, > Dubai Retail, > Dubai Hospitality.
TATWEER
Tatweer owns and manages a strategic group of companies for Dubai Holding. These cover real estate, hospitality, energy, healthcare, education, leisure and entertainment. The Tatweer portfolio includes:
> Dubailand, > Bawadi, > The Tiger Woods Dubai, > Universal Studios Dubailand, > Dubai Healthcare City, > Global Village, > DreamWorks Dubailand, > Six Flags Dubailand, > Dubai Industrial City, > Dubai Merchantile Exchange, > Mizin, > Dubai Energy.
SAMA DUBAI
Sama Dubai is the international real estate arm of Dubai Holding. Sama creates and invests in development projects around the world. The Sama Dubai portfolio includes:
> Dubai Towers, Dubai, > Dubai Towers, Qatar, > The Lagoons, > Salam, > Amwaj Morocco, > Mediterranean Gate, > Smart City.
DUBAI INTERNATIONAL CAPITAL
Dubai International Capital is a Dubai-based international investment company with a primary focus on private and public equity. The Dubai International Capital (DIC) portfolio includes:
> DIC Private Equity, > DIC Global Equities, > DIC Emerging Markets, > DIC Asset Management.
Saturday, May 23, 2009
The Mega Developers: Barwa
Barwa is one of Qatar's largest Mega Developers. Barwa was created in 2005 by the government owned Qatari Diar Real Estate Investment Company to develop projects in the Middle East and abroad. According to Barwa:
'We see ourselves ‘builders’ in Qatar’s emergence as a vibrant investment for the global community. Our work covers a wide array of real estate business related functions. Barwa manages, operates, leases and rents projects owned by us and by other partners, both locally and internationally. We also manage real estate portfolios and funds. Our work has earned us the accolade of being known as a master developer and planner who is committed to creating lasting legacies.'
Barwa underwent an IPO on the Doha Securities Market in 2006 that raised $330 million for 55% of the company's equity. Barwa is run by Ghanim Bin Saad Al Saad, Chairman, Managing Director & CEO, and Tamer Khader, CFO. In a short period of time the company has created one of the most impressive real estate portfolios I have seen, and become one of the top 20 developers in The Gulf.
THE BARWA MEGA PROJECTS
> Barwa U Street / Qatar
> Somerset West Bay Residence / Qatar
> Shaza Hotels and Spa Resort / North Africa
> Shard of Glass Tower / United Kingdom
> Somerset Al Fateh Juffair / Bahrain
> Somerset Corniche / Qatar
> Ajman Corniche Residence / UAE
> Al Mizab Project / Saudi Arabia
> Aspire Zone / Qatar
> Barwa Al Doha / Qatar
> Barwa Al Khor/ Qatar
> Barwa Ain Khalid Commercial Avenue / Qatar
> Barwa Al Dhahiya / Qatar
> Barwa Al Sharq / Qatar
> Barwa Al Sinya / Qatar
> Barwa Business Center / Qatar
> Barwa Financial Street / Qatar
> Barwa Financial District / Qatar
> Barwa Interim Doha Convention Center Capital / Qatar
> Labor Camp / Qatar
> Langham Building / United States
> Monaco Project / France
> Paris Convention Center / France
> Parking Yard and Laborer's City / Qatar
> Qatamiyah Residential City / Egypt
> Royal Monceau Hotel / France
> Royal Savoy Hotel Renovation / Switzerland
> Schweizerhof Hotel Renovation / Switzerland
> Somerset Tower / Qatar
> Touristic Resort / Croatia
Contact:
Barwa
Building 39, 3rd Floor
Al Saad Street
New Merqab Area
P.O. Box 27777
Doha, Qatar
Tel: +974 499-8888
Fax: +974 499-8887
Email: info@barwa.com.qa
Website: www.barwa.com.qa
'We see ourselves ‘builders’ in Qatar’s emergence as a vibrant investment for the global community. Our work covers a wide array of real estate business related functions. Barwa manages, operates, leases and rents projects owned by us and by other partners, both locally and internationally. We also manage real estate portfolios and funds. Our work has earned us the accolade of being known as a master developer and planner who is committed to creating lasting legacies.'
Barwa underwent an IPO on the Doha Securities Market in 2006 that raised $330 million for 55% of the company's equity. Barwa is run by Ghanim Bin Saad Al Saad, Chairman, Managing Director & CEO, and Tamer Khader, CFO. In a short period of time the company has created one of the most impressive real estate portfolios I have seen, and become one of the top 20 developers in The Gulf.
THE BARWA MEGA PROJECTS
> Barwa U Street / Qatar
> Somerset West Bay Residence / Qatar
> Shaza Hotels and Spa Resort / North Africa
> Shard of Glass Tower / United Kingdom
> Somerset Al Fateh Juffair / Bahrain
> Somerset Corniche / Qatar
> Ajman Corniche Residence / UAE
> Al Mizab Project / Saudi Arabia
> Aspire Zone / Qatar
> Barwa Al Doha / Qatar
> Barwa Al Khor/ Qatar
> Barwa Ain Khalid Commercial Avenue / Qatar
> Barwa Al Dhahiya / Qatar
> Barwa Al Sharq / Qatar
> Barwa Al Sinya / Qatar
> Barwa Business Center / Qatar
> Barwa Financial Street / Qatar
> Barwa Financial District / Qatar
> Barwa Interim Doha Convention Center Capital / Qatar
> Labor Camp / Qatar
> Langham Building / United States
> Monaco Project / France
> Paris Convention Center / France
> Parking Yard and Laborer's City / Qatar
> Qatamiyah Residential City / Egypt
> Royal Monceau Hotel / France
> Royal Savoy Hotel Renovation / Switzerland
> Schweizerhof Hotel Renovation / Switzerland
> Somerset Tower / Qatar
> Touristic Resort / Croatia
Contact:
Barwa
Building 39, 3rd Floor
Al Saad Street
New Merqab Area
P.O. Box 27777
Doha, Qatar
Tel: +974 499-8888
Fax: +974 499-8887
Email: info@barwa.com.qa
Website: www.barwa.com.qa
Tuesday, April 21, 2009
My Favorite Investments In The Gulf
With prices on many of the great Gulf Mega Projects coming way down due to the current world financial crisis I think it is time to look at some of the best opportunities for investment. This list is by no means complete. There are many great projects not mentioned here. What I am giving you are the projects I consider to be the "Best Of The Best."
Please understand that just because I like these projects does not mean that they will increase in value or that you should invest in them. Nobody can perfectly predict the future. Ultimately you must do your own research to decide which projects you feel are the best investments.
DUBAI:
> Dubai International Financial Centre (DIFC). This is my number one pick for a great Dubai investment. Above all else Dubai is positioning itself to become the financial center of the Middle East and a top worldwide financial hub. And DIFC is Dubai's center of finance. This mega project, unlike Business Bay, is already successfully functioning and has been since '04. DIFC is a huge project that will continue to expand. I would concentrate on office space rather than the residential projects in DIFC since Dubai is overbuilt with residential units in my opinion.
-- Right now I would be avoiding any residential investing in Dubai because, as I said, I think they have overbuilt in this area. I would also stay away from Palm Jebel Ali and Palm Deira as I have serious doubts if they will ever be fully developed. I would also be cautious about Dubailand projects as there are strong doubts if Dubailand will ever get fully developed.
ABU DHABI:
> Reem Island. This massive island Mega Project is being developed to eventually become the centerpiece of Abu Dhabi. Over 100 towers will be built on Reem Island which will one day be home to 250,000 residents as well as numerous businesses and resorts. Huge amounts of capital have been pouring into Reem Island and the Abu Dhabi government will add any required funding where needed during the current financial slowdown.
AJMAN:
> Ajman Marina. I think this is going to be the "Crown Jewel" project of this rapidly growing Emirate. Ajman Marina has been designed to become a mixed-use project focused on business, tourism, residential and commercial components. It covers everything. Advantages of the project include: --Strategic one-of-a-kind location in Ajman Waterfront Marina, --Investment opportunity to all nationalities with desirable Free Hold status, --All businesses given Free Zone regulations in which to operate, --Located near both Dubai and Abu Dhabi, --Yacht Clubs, malls, gardens, many high-end themed cafés and restaurants, --Educational areas, etc. I think Ajman Marina will be Ajman's most desirable project.
BAHRAIN:
> Bahrain Financial Harbour (BFH). Bahrain has many fine Mega Projects being built but my favorite by far is BFH. This is because BFH is the financial center of the very wealthy Kingdom of Bahrain as well as a leading Middle East business center. In fact, BFH could eventually become a leading world business hub just like DIFC. Think of BFH as Bahrain's version of DIFC. And as with DIFC, I would invest in office space here too.
QATAR:
> Pearl Qatar. The Pearl Qatar is Qatar's largest and most spectacular Mega Project. It is being designed to be the "Riviera of Arabia" and will be the most exclusive and desirable location in Qatar. It should be noted that Qatar's economy has not suffered at all throughout the world financial melt-down and in fact Qatar continues to grow. Investment in the Pearl Qatar is an excellent way to share in the prosperity of Qatar.
SAUDI ARABIA:
> Entaj Industrial Valley. Saudi Arabia is expanding rapidly and Entaj is set to become the Middle East's answer to America's Silicon Valley. Entaj will be part of King Abdullah Economic City, the largest real estate project ever developed. Entaj will focus on 7 different industry types: High Tech, Research and Development, General Industry, Logistics, Light Industrial Units, Construction, and Showroom / Retail Outlets. Office and industrial space could be a great investment at Entaj.
I have covered each of these projects in more detail in previous posts.
Two things to remember:
-- We are currently in one of the worst worldwide financial melt-downs in history and therefore prices of these projects will probably continue to fall. Thus you should wait for prices to come down even more before investing.
-- I think you will make more investing in office/commercial/industrial space rather than residential units.
Please understand that just because I like these projects does not mean that they will increase in value or that you should invest in them. Nobody can perfectly predict the future. Ultimately you must do your own research to decide which projects you feel are the best investments.
DUBAI:
> Dubai International Financial Centre (DIFC). This is my number one pick for a great Dubai investment. Above all else Dubai is positioning itself to become the financial center of the Middle East and a top worldwide financial hub. And DIFC is Dubai's center of finance. This mega project, unlike Business Bay, is already successfully functioning and has been since '04. DIFC is a huge project that will continue to expand. I would concentrate on office space rather than the residential projects in DIFC since Dubai is overbuilt with residential units in my opinion.
-- Right now I would be avoiding any residential investing in Dubai because, as I said, I think they have overbuilt in this area. I would also stay away from Palm Jebel Ali and Palm Deira as I have serious doubts if they will ever be fully developed. I would also be cautious about Dubailand projects as there are strong doubts if Dubailand will ever get fully developed.
ABU DHABI:
> Reem Island. This massive island Mega Project is being developed to eventually become the centerpiece of Abu Dhabi. Over 100 towers will be built on Reem Island which will one day be home to 250,000 residents as well as numerous businesses and resorts. Huge amounts of capital have been pouring into Reem Island and the Abu Dhabi government will add any required funding where needed during the current financial slowdown.
AJMAN:
> Ajman Marina. I think this is going to be the "Crown Jewel" project of this rapidly growing Emirate. Ajman Marina has been designed to become a mixed-use project focused on business, tourism, residential and commercial components. It covers everything. Advantages of the project include: --Strategic one-of-a-kind location in Ajman Waterfront Marina, --Investment opportunity to all nationalities with desirable Free Hold status, --All businesses given Free Zone regulations in which to operate, --Located near both Dubai and Abu Dhabi, --Yacht Clubs, malls, gardens, many high-end themed cafés and restaurants, --Educational areas, etc. I think Ajman Marina will be Ajman's most desirable project.
BAHRAIN:
> Bahrain Financial Harbour (BFH). Bahrain has many fine Mega Projects being built but my favorite by far is BFH. This is because BFH is the financial center of the very wealthy Kingdom of Bahrain as well as a leading Middle East business center. In fact, BFH could eventually become a leading world business hub just like DIFC. Think of BFH as Bahrain's version of DIFC. And as with DIFC, I would invest in office space here too.
QATAR:
> Pearl Qatar. The Pearl Qatar is Qatar's largest and most spectacular Mega Project. It is being designed to be the "Riviera of Arabia" and will be the most exclusive and desirable location in Qatar. It should be noted that Qatar's economy has not suffered at all throughout the world financial melt-down and in fact Qatar continues to grow. Investment in the Pearl Qatar is an excellent way to share in the prosperity of Qatar.
SAUDI ARABIA:
> Entaj Industrial Valley. Saudi Arabia is expanding rapidly and Entaj is set to become the Middle East's answer to America's Silicon Valley. Entaj will be part of King Abdullah Economic City, the largest real estate project ever developed. Entaj will focus on 7 different industry types: High Tech, Research and Development, General Industry, Logistics, Light Industrial Units, Construction, and Showroom / Retail Outlets. Office and industrial space could be a great investment at Entaj.
I have covered each of these projects in more detail in previous posts.
Two things to remember:
-- We are currently in one of the worst worldwide financial melt-downs in history and therefore prices of these projects will probably continue to fall. Thus you should wait for prices to come down even more before investing.
-- I think you will make more investing in office/commercial/industrial space rather than residential units.
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