Abu Dhabi continues to rapidly expand despite the global slowdown. The Emirate is developing a great number of Mega Projects. Many of these, such as Reem Island and YAS Island, I have already covered. Here are 10 top Abu Dhabi Mega Projects you may not have heard of yet!
1. Ghantoot Green City. This $10 Billion Mega Project is a mixed use development that includes the creation of an entire city with residential developments, hotels, office buildings and light industrial areas.
2. Taweelah Aluminum Smelter. This is a gigantic industrial complex with a construction cost of $10 Billion that will be built in two phases. Phase 1 will be completed this year followed by phase 2 sometime in 2011 or 2012. Once completed the project will produce 1.4 million tons of aluminum each year.
3. Khalifa Port and Industrial Zone. The port will be a multi purpose facility that will contain a global scale container and industrial port in addition to logistics, commercial, residential, educational and industrial free zones. Phase 1 of the project should be finished this year and the total cost of this project is estimated at $5 Billion.
4. Alghadeer. A $4 Billion mega residential project that is located right on the Abu Dhabi / Dubai border. Alghadeer is being developed by Sorouh and will contain over 6,000 homes in 6 different villages. This project has one of the best overall locations I have seen giving residents easy access to both Abu Dhabi and Dubai. Alghadeer will also contain schools, retail shops, parks, movie theaters, recreational facilities, etc.
5. Mafraq / Ghweifat International Highway. This highway will be 327km long and will link Mafraq to the border post with Saudi Arabia, at Ghweifat, in the western part of Abu Dhabi. The highway will be expanded to 8 lanes up to the Al Ruwais junction, and 6 lanes to the Saudi border. Estimated cost is $2.7 Billion.
6. Al Gharbia Housing Renovation. This project consists of the renovation of approximately 3,320 traditional homes located in Al Gharbia Municipality. The renovation is designed to improve the quality of life of the residents in this area and will cost $1.1 Billion.
7. Qasr Al Sarab Desert Resort & Spa. A 5-Star luxury development being built in the Liwa Desert. The project is huge with a total built up area of 53,000m2. Qasr Al Sarab will contain a five star hotel, a luxury health spa and a conference center at a total cost of $370 Million. As Abu Dhabi continues to attract more tourists you will see more and more of these kinds of projects going up.
8. Al Ain Oasis. A mixed use project being developed in the Al Ain area of Abu Dhabi. The project will feature both residential and office units. It will also contain plazas and streets lined with retail shops and art galleries as well as cafes and a wide variety of restaurants. A hotel is also planned to attract more tourists. Total cost of the project is $136 Million.
9. Mirfa Air Separation Unit. Two new air separation plants that will supply nitrogen for injection into the onshore condensate field in Habshan. The two plants will have a total nitrogen capacity of 670,000 standard cubic meters per hour and cost $100 Million to build.
10. Al Gharbia Parks. This $78 Million Mega Project will create over one million square meters of parklands across the region in several different cities including Baioona, Madinat Zayed, Al Marfa, Al Silaa, Ghayathi and Mizeriaa.
Sunday, April 4, 2010
Monday, February 15, 2010
Saudi Arabia's Top Mega Projects
The Kingdom of Saudi Arabia (KSA) is booming with new Mega Project developments. Although Dubai is in the news most of the time for spectacular Mega Projects you will be hearing more and more about the Mega Projects of KSA as time goes on. I will now list the top KSA Mega Projects.
1. King Abdullah Economic City (KAEC). This is, I believe, the largest Mega Project being developed anywhere in the world right now. Located in Rabigh and valued at between $50 Billion and $100 Billion depending on who you want to believe. KAEC will contain everything from a wide variety of industrial zones to a large variety of residential and vacation offerings. It will be the crown jewel of KSA when completed.
2. Sudair City. This $40 Billion development is a mixed use project that will contain commercial, residential, educational and entertainment facilities. The project is located just north of Riyadh and is one of the largest Mega Projects being developed in the world.
3. Princess Noura bin Abdul Rahman University. This university will be located near Riyadh and will be for women only. The cost is estimated at between $11 Billion and $12 Billion. The university will cover 8 million square feet and contain labs, research centers, administrative buildings, residential areas, a student hospital and a railway system. Twenty six thousand students will eventually attend the university.
4. Landbridge Project. This is a $10 Billion, 950km railway system that will connect Jeddah with Dammam City as well as connecting King Fahd Industrial Port with Jubail Industrial City. These railway systems are key to the overall expansion of KSA.
5. Prince Abdulazaiz bin Mousaed Economic City. This Mega Project will be built in Hail and will consist of a variety of zones for trade and service sectors including agriculture, mining and food processing. This project will also include residential, educational and entertainment facilities. Estimated cost is $8 Billion.
6. Knowledge Economic City. This 5 million square foot Mega Project will be built in Madina at an estimated cost of $8 Billion. The entire city is being built to support the knowledge based industries of KSA. The project is estimated to take 10 years to build.
7. King Abdulaziz International Airport. This is a gigantic airport project and, in fact, will be one of the largest airport projects ever built coming in at a cost of $4.5 Billion. The project will be built in 3 phases. The first phase is currently underway and includes the construction of a 400,000 square meter terminal complex, a new control tower, new access roads and infrastructure.
8. Haramain High Speed Rail Project. This 450km railway will connect Makkah and Madina via Jeddah. The railway will be high speed electrified double passenger and is due to start running in 2012. Estimated cost is $4 Billion.
9. North-South Railway. Yet another massive railway project whose purpose is to connect bauxite and phosphate mines at Az Zubairah and Al Jalamid to processing facilities at Ras Azur Port. The project will be 2400km long and cost $3.5 Billion.
10. Jizan Economic City. This mixed use KSA Mega Project will be located south of Jeddah by the Red Sea. Like KAEC it will contain a variety of industrial zones as well as residential and entertainment offerings.
As you can now clearly see Saudi Arabia is rapidly expanding with Mega Projects of all kinds. I think the future of KSA is very positive and we can look forward to seeing many fantastic developments being built there for decades to come.
1. King Abdullah Economic City (KAEC). This is, I believe, the largest Mega Project being developed anywhere in the world right now. Located in Rabigh and valued at between $50 Billion and $100 Billion depending on who you want to believe. KAEC will contain everything from a wide variety of industrial zones to a large variety of residential and vacation offerings. It will be the crown jewel of KSA when completed.
2. Sudair City. This $40 Billion development is a mixed use project that will contain commercial, residential, educational and entertainment facilities. The project is located just north of Riyadh and is one of the largest Mega Projects being developed in the world.
3. Princess Noura bin Abdul Rahman University. This university will be located near Riyadh and will be for women only. The cost is estimated at between $11 Billion and $12 Billion. The university will cover 8 million square feet and contain labs, research centers, administrative buildings, residential areas, a student hospital and a railway system. Twenty six thousand students will eventually attend the university.
4. Landbridge Project. This is a $10 Billion, 950km railway system that will connect Jeddah with Dammam City as well as connecting King Fahd Industrial Port with Jubail Industrial City. These railway systems are key to the overall expansion of KSA.
5. Prince Abdulazaiz bin Mousaed Economic City. This Mega Project will be built in Hail and will consist of a variety of zones for trade and service sectors including agriculture, mining and food processing. This project will also include residential, educational and entertainment facilities. Estimated cost is $8 Billion.
6. Knowledge Economic City. This 5 million square foot Mega Project will be built in Madina at an estimated cost of $8 Billion. The entire city is being built to support the knowledge based industries of KSA. The project is estimated to take 10 years to build.
7. King Abdulaziz International Airport. This is a gigantic airport project and, in fact, will be one of the largest airport projects ever built coming in at a cost of $4.5 Billion. The project will be built in 3 phases. The first phase is currently underway and includes the construction of a 400,000 square meter terminal complex, a new control tower, new access roads and infrastructure.
8. Haramain High Speed Rail Project. This 450km railway will connect Makkah and Madina via Jeddah. The railway will be high speed electrified double passenger and is due to start running in 2012. Estimated cost is $4 Billion.
9. North-South Railway. Yet another massive railway project whose purpose is to connect bauxite and phosphate mines at Az Zubairah and Al Jalamid to processing facilities at Ras Azur Port. The project will be 2400km long and cost $3.5 Billion.
10. Jizan Economic City. This mixed use KSA Mega Project will be located south of Jeddah by the Red Sea. Like KAEC it will contain a variety of industrial zones as well as residential and entertainment offerings.
As you can now clearly see Saudi Arabia is rapidly expanding with Mega Projects of all kinds. I think the future of KSA is very positive and we can look forward to seeing many fantastic developments being built there for decades to come.
Saturday, January 9, 2010
RICHEST ARABS
Each year ArabianBusiness.com publishes a list of the Richest Arabs in the world. These are some of the most powerful people on the planet. Furthermore, many of the people on the list are involved either directly or indirectly with the Mega Projects of The Gulf. Here is the newest list:
RICHEST ARABS
1. Prince Alwaleed / Saudi Arabia / $18 Billion
2. Sheikh Mohamed Bin Issa Al Jaber / Saudi Arabia / $9.7 Billion
3. Nasser Al Kharafi / Kuwait / $9.4 Billion
4. Mohammad Al Amoudi / Saudi Arabia / $8.8 Billion
5. Nasser Al Rashid / Saudi Arabia / $8 Billion
6. Al Ghurair Family / UAE / $7.1 Billion
7. Bin Laden Family / Saudi Arabia / $7.1 Billion
8. Olyan Family / Saudi Arabia / $6.9 Billion
9. Kanoo Family / Bahrain / $6.1 Billion
10. Said Khoury / Palestine / $6 Billion
11. Sulaiman Al Rajhi / Saudi Arabia / $5.2 Billion
12. Al Shaya Family / Kuwait / $5 Billion
13. Mohamed Abdul Latif Jameel / Saudi Arabia / $5 Billion
14. Saleh Kamel / Saudi Arabia / $4.9 Billion
15. Gargash Family / UAE / $4.8 Billion
16. Mubarak Al Suwaiket / Saudi Arabia / $4.8 Billion
17. Mahdi Al Tajir / UAE / $4.3 Billion
18. Saad Hariri / Saudi Arabia / $4.3 Billion
19. Hasib Sabbagh / Pasestine / $4.3 Billion
20. Majid Al Futtaim / UAE / $4.1 Billion
21. Abdullah Al Futtaim / UAE / $3.8 Billion
22. Al Zamil Family / Saudi Arabia / $3.5 Billion
23. Shwan Al Mulla / Iraq / $3.4 Billion
24. Sawiris Family / Egypt / $3.3 Billion
25. Osama Ismail Ali Abudawood / Saudi Arabia / $3.1 Billion
26. Bin Mahfouz Family / Saudi Arabia / $3 Billion
27. Suad Al Humaidi / Kuwait / $2.9 Billion
28. Sheikh Walid Al Ibraham / Saudi Arabia / $2.9 Billion
29. Abdulkader Bakri / Saudi Arabia / $2.8 Billion
30. Saleh Al Rajhi / Saudi Arabia / $2.8 Billion
31. Nadhmi Auchi / Iraq / $2.8 Billion
32. Abdullah Al Rajhi / Saudi Arabia / $2.6 Billion
33. Mohammed Al Issa / Saudi Arabia / $2.5 Billion
34. Ayman Hariri / Saudi Arabia / $2.4 Billion
35. Ali Hussein Alireza / Saudi Arabia / $2.4 Billion
36. Bahaa Hariri / Saudi Arabia / $2.3 Billion
37. Issam Fares / Lebanon / $2.3 Billion
38. Name Removed By Request
39. Mahammed Shafik Gabr / Egypt / $2.1 Billion
40. Al Rostamani Family / UAE / $2.1 Billion
41. Mohammed Abdulaziz Aljomaih / Saudi Arabia / $2.1 Billion
42. Abdulrahman Saad Al Rashid / Saudi Arabia / $2 Billion
43. Galardi Family / UAE / $2 Billion
44. Mohammad Kamal Jamjoom / Saudi Arabia / $1.9 Billion
45. Abdul Mohsen Bin Abdul Aziz Al Hokair / Saudi Arabia / $1.8 Billion
46. Bader Al Darwish / Qatar / $1.7 Billion
47. Bukhamseen Family / Kuwait / $1.7 Billion
48. Boodai Family / Kuwait / $1.6 Billion
49. Ali Said Basamh / Saudi Arabia / $1.6 Billion
50. Alghanim Family / Kuwait / $1.5 Billion
A great list! One thing really sticks out from reading this list: most of the Super Rich Arabs are from Saudi Arabia. Although the UAE gets most of the world headlines, Saudi Arabia is still the MacDaddy of The Gulf!
Here is the link to the ArabianBusiness.com article that I got this list Rich List from:
www.arabianbusiness.com/richlist/list
RICHEST ARABS
1. Prince Alwaleed / Saudi Arabia / $18 Billion
2. Sheikh Mohamed Bin Issa Al Jaber / Saudi Arabia / $9.7 Billion
3. Nasser Al Kharafi / Kuwait / $9.4 Billion
4. Mohammad Al Amoudi / Saudi Arabia / $8.8 Billion
5. Nasser Al Rashid / Saudi Arabia / $8 Billion
6. Al Ghurair Family / UAE / $7.1 Billion
7. Bin Laden Family / Saudi Arabia / $7.1 Billion
8. Olyan Family / Saudi Arabia / $6.9 Billion
9. Kanoo Family / Bahrain / $6.1 Billion
10. Said Khoury / Palestine / $6 Billion
11. Sulaiman Al Rajhi / Saudi Arabia / $5.2 Billion
12. Al Shaya Family / Kuwait / $5 Billion
13. Mohamed Abdul Latif Jameel / Saudi Arabia / $5 Billion
14. Saleh Kamel / Saudi Arabia / $4.9 Billion
15. Gargash Family / UAE / $4.8 Billion
16. Mubarak Al Suwaiket / Saudi Arabia / $4.8 Billion
17. Mahdi Al Tajir / UAE / $4.3 Billion
18. Saad Hariri / Saudi Arabia / $4.3 Billion
19. Hasib Sabbagh / Pasestine / $4.3 Billion
20. Majid Al Futtaim / UAE / $4.1 Billion
21. Abdullah Al Futtaim / UAE / $3.8 Billion
22. Al Zamil Family / Saudi Arabia / $3.5 Billion
23. Shwan Al Mulla / Iraq / $3.4 Billion
24. Sawiris Family / Egypt / $3.3 Billion
25. Osama Ismail Ali Abudawood / Saudi Arabia / $3.1 Billion
26. Bin Mahfouz Family / Saudi Arabia / $3 Billion
27. Suad Al Humaidi / Kuwait / $2.9 Billion
28. Sheikh Walid Al Ibraham / Saudi Arabia / $2.9 Billion
29. Abdulkader Bakri / Saudi Arabia / $2.8 Billion
30. Saleh Al Rajhi / Saudi Arabia / $2.8 Billion
31. Nadhmi Auchi / Iraq / $2.8 Billion
32. Abdullah Al Rajhi / Saudi Arabia / $2.6 Billion
33. Mohammed Al Issa / Saudi Arabia / $2.5 Billion
34. Ayman Hariri / Saudi Arabia / $2.4 Billion
35. Ali Hussein Alireza / Saudi Arabia / $2.4 Billion
36. Bahaa Hariri / Saudi Arabia / $2.3 Billion
37. Issam Fares / Lebanon / $2.3 Billion
38. Name Removed By Request
39. Mahammed Shafik Gabr / Egypt / $2.1 Billion
40. Al Rostamani Family / UAE / $2.1 Billion
41. Mohammed Abdulaziz Aljomaih / Saudi Arabia / $2.1 Billion
42. Abdulrahman Saad Al Rashid / Saudi Arabia / $2 Billion
43. Galardi Family / UAE / $2 Billion
44. Mohammad Kamal Jamjoom / Saudi Arabia / $1.9 Billion
45. Abdul Mohsen Bin Abdul Aziz Al Hokair / Saudi Arabia / $1.8 Billion
46. Bader Al Darwish / Qatar / $1.7 Billion
47. Bukhamseen Family / Kuwait / $1.7 Billion
48. Boodai Family / Kuwait / $1.6 Billion
49. Ali Said Basamh / Saudi Arabia / $1.6 Billion
50. Alghanim Family / Kuwait / $1.5 Billion
A great list! One thing really sticks out from reading this list: most of the Super Rich Arabs are from Saudi Arabia. Although the UAE gets most of the world headlines, Saudi Arabia is still the MacDaddy of The Gulf!
Here is the link to the ArabianBusiness.com article that I got this list Rich List from:
www.arabianbusiness.com/richlist/list
Sunday, December 13, 2009
Will Nakheel Survive?
I never thought I would be writing a post with this title but times have changed...in a BIG way. One of the largest and greatest real estate developers in world history, and my favorite Gulf developer, Nakheel, is in trouble. Big trouble! The following, taken from an article at Zawya.com entitled 'Creditors face reality of a bare cupboard' sums up Nakheel's woes:
Referring to Nakheel the article states--
'The prickling of the real estate bubble has put the company (Nakheel) under severe financial distress throughout the year, forcing it to make fire sales and slash staff to keep its head above water. Some buildings in low income projects, Discovery Gardens and International City have been sold to other parts of the Dubai Government, according to CB Richard Ellis, a real estate service provider.
'The company has land available for sale but there are still few takers given Dubai's property supply glut. And much of the company's undeveloped land is part of the projects that have taken down-payments from customers, so is a liability. "Elsewhere there isn't much left in the cupboard," says Nicholas Mclean, regional managing director of CB Richard Ellis.
'Cash flow has dried to a trickle, with the company's incoming cash flow barely enough to cover salaries and electricity bills, say two former employees.
'Contractors are owed as much as Dh11bn, the former employees say, even after some suppliers decided to take 75 cents on the dollar earlier this year as the government disbursed bail-out funds to the developer. "I was told 'take the haircut and sign non-disclosure forms, or go to the back of the queue'," said one consultant. "Luckily I took the money."
'Nakheel has also been encouraging customers on projects far away from completion to shift to developments that are finished or approaching handover. Buyers of expensive villas on the Palm Jebel Ali, which was to be the developer's second luxurious Palm Island, and is now permanently delayed, are being offered studio flats in lesser developments as compensation.'
Now you can see just how bad things have gotten for Nakheel. And there is more. Nakheel's gigantic Dubai Waterfront project, which was to be twice the size of Hong Kong, looks like it will not even be a fraction of the original planned size, if it ever gets developed at all. Furthermore, the third Palm Island, Palm Deira, justs sits there with no development taking place. In my opinion it will take at least 10 to 15 years before Palm Jebel Ali and Palm Deira are ever developed, and it is even possible that they will never be developed.
Dubai has been hit with one of the worst real estate disasters that I have ever seen. As of this writing the residential real estate market in Dubai, which has already fallen about 50%, continues to fall faster than any other location on the planet. In addition, 40% of Dubai office space is empty. And Dubai is building MORE residential units and MORE office space!
I hope Nakheel is able to survive in some form. They have built some of the most iconic and spectacular Mega Projects in world history. Projects that have put Dubai on the front page all over the world. A company this great should never be allowed to go under!
Referring to Nakheel the article states--
'The prickling of the real estate bubble has put the company (Nakheel) under severe financial distress throughout the year, forcing it to make fire sales and slash staff to keep its head above water. Some buildings in low income projects, Discovery Gardens and International City have been sold to other parts of the Dubai Government, according to CB Richard Ellis, a real estate service provider.
'The company has land available for sale but there are still few takers given Dubai's property supply glut. And much of the company's undeveloped land is part of the projects that have taken down-payments from customers, so is a liability. "Elsewhere there isn't much left in the cupboard," says Nicholas Mclean, regional managing director of CB Richard Ellis.
'Cash flow has dried to a trickle, with the company's incoming cash flow barely enough to cover salaries and electricity bills, say two former employees.
'Contractors are owed as much as Dh11bn, the former employees say, even after some suppliers decided to take 75 cents on the dollar earlier this year as the government disbursed bail-out funds to the developer. "I was told 'take the haircut and sign non-disclosure forms, or go to the back of the queue'," said one consultant. "Luckily I took the money."
'Nakheel has also been encouraging customers on projects far away from completion to shift to developments that are finished or approaching handover. Buyers of expensive villas on the Palm Jebel Ali, which was to be the developer's second luxurious Palm Island, and is now permanently delayed, are being offered studio flats in lesser developments as compensation.'
Now you can see just how bad things have gotten for Nakheel. And there is more. Nakheel's gigantic Dubai Waterfront project, which was to be twice the size of Hong Kong, looks like it will not even be a fraction of the original planned size, if it ever gets developed at all. Furthermore, the third Palm Island, Palm Deira, justs sits there with no development taking place. In my opinion it will take at least 10 to 15 years before Palm Jebel Ali and Palm Deira are ever developed, and it is even possible that they will never be developed.
Dubai has been hit with one of the worst real estate disasters that I have ever seen. As of this writing the residential real estate market in Dubai, which has already fallen about 50%, continues to fall faster than any other location on the planet. In addition, 40% of Dubai office space is empty. And Dubai is building MORE residential units and MORE office space!
I hope Nakheel is able to survive in some form. They have built some of the most iconic and spectacular Mega Projects in world history. Projects that have put Dubai on the front page all over the world. A company this great should never be allowed to go under!
Friday, November 6, 2009
Whatever Happened To Ajman??
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.
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.
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
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