Dubai has just completed another architectural masterpiece to add to its ever expanding portfolio of amazing Mega Projects. Cayan Tower, located in Dubai Marina and developed by Cayan Real Estate Investment and Development Company, is the worlds tallest twisted tower. It stands 307 meters high and cost Dh1 billion to build. It is one of the most amazing towers I have ever seen!
President and Chairman of the Board of Cayan Group Ahmed M. Al Hatti described the project's quality standards saying: "Cayan Tower(formerly known as Infinity Tower) has been built according to the highest international standards for towers and that won it several international awards. The Tower has received 'Best Architecture' award in London's International Property Awards as well as four Arab Real Estate Awards in Dubai."
"The Tower was designed by Skidmore Owings and Merrill, otherwise known for projects such as Burj Khalifa in Dubai, Trump Tower in Chicago and Jin Mao in Shanghai. It is a 75-storey tower, rising at approximately 307 meters which makes it the highest twisted tower in the entire world," he added.
The project is characterized by its magnificent architecture, giving residents stunning panoramic views of the Palm Dubai or Dubai Marina thanks to its 90 degree curve from top to bottom. In addition construction and architectural plans have been put in place specifically for the development of the internal design which complements the exterior design of the tower.
> From Skidmore Owings Merrill:
'The Skidmore Owings & Merrill LLP (SOM)—designed Cayan (formerly Infinity) Tower in Dubai, United Arab Emirates, was inaugurated by its developer, Saudi Arabia-based Cayan Investment & Development. The dramatically rising helix of the 75-storey building provides a distinctive landmark on the city’s storied skyline. The 1,010-feet (307-meters) tall reinforced concrete structure rotates a hexagonal floor plate around a circular core—with the top offset 90 degrees from the base. The shift maximizes views for each of the 495 apartments. “The lower portion of the tower is oriented toward the exciting waterfront promenade of Dubai Marina, while the upper floors are rotated to face the Gulf,” SOM Design Director Ross Wimer says.
'“Cayan Tower adds to SOM's significant impact on Dubai's 21st century skyline,” SOM Consulting Partner George Efstathiou says. “Its elegance, technological innovation and sustainability are hallmarks of our storied 75 year history. It takes its place with our finest designs, including the nearby Rolex Tower and Burj Khalifa.”
'Deep concrete exterior columns clad in a metal skin with perforated screens help shield the building’s interior from the intense desert sun. The tower’s innovative shape required equally innovative engineering. The corner and interior columns twist as they ascend, but most of the perimeter columns have an identical shape and tilted relationship to the floor plate. They are simply shifted, a bit more than a single degree, from floor to floor—resulting in a standardized construction method typical to most concrete structures.
'Mechanical, electrical and plumbing systems are located in the core or within a zone between the central circulation corridor and the residential units, allowing straight vertical paths for these systems as the relationship between the apartments served varies between floors.
'The shape of the tower is not only aesthetically unique but it serves a structural function as well. Its twisted shape greatly reduces wind forces on the tower and “confuses the wind” in a way that wind forces cannot organize themselves.'
> Design and Amenities:
Each unit enjoys contemporary internationally styled interiors, marble and wood finishes, and premium fixtures and fittings. Every unit has fully fitted kitchens with appliances from such leading brands such as Bosch or Siemens, bedrooms with built-in wardrobes, as well as high-speed Internet facility and access to digital/satellite TV, state-of-the-art air conditioning, and a comprehensive automation system to control lights, air-conditioning and other functions from a central handset. The building has 7 elevators, for convenient access to each floor.
The building’s residential amenities include a fully landscaped podium with a rooftop park, outdoor infinity pool, whirlpool and children’s pool, located on the 7th floor. Other amenities include a health spa with treatment rooms, a gymnasium, conference rooms, a fully-equipped nursery, an outdoor tennis court and a fully enclosed parking garage with state-of-the-art security. At street level, there will be designated shopping and retail outlets for both residents and visitors.
Cayan Tower also provides 5-storey secure parking behind the building, as well as a 24-hour concierge and security.
++ Cayan Tower is a true Mega Project masterpiece. I think it will become a world landmark for incredible architecture!
Cayan Real Estate Investment and Development:
http://www.cayan.net/
Skidmore Owings Merrill:
https://www.som.com/
Sunday, June 23, 2013
Sunday, June 2, 2013
Libya Could Be Next Mega Project Hub - Libya Projects 2013
Libya is expected to invest $140 billion in projects over the next decade as the country embarks on building a sustainable future. Among these projects include Gecol’s capacity building programme in the power sector which will see installed capacity rise from about 13,000MW in 2012 to 19,000-20,000MW by 2020.
In aviation, the newly-installed government has planned a $2.5 billion upgrade of the state’s busiest airports aimed at expanding capacity to about 28 million passengers a year from an estimated 5 million.
The housing sector is another critical investment focus. The government estimates that the country will face a housing shortfall of 500,000 units by 2020. The Housing & Infrastructure Board (HIB) has been tasked to deliver 200,000 new homes, with supporting infrastructure in the next seven years.
A major business conference, Libya Projects 2013, is being organised in Tripoli to provide local and international stakeholders an essential guide to the developments and projects across critical infrastructure, energy, utilities and industry sectors that will accelerate rebuilding efforts in Libya.
“There is currently a dearth of accurate and reliable information on the opportunities in the projects market in Libya which the conference hopes to address. Attended by leading authorities and key stakeholders, Libya Projects 2013 offers the best opportunity for companies to correctly access Libya’s projects market,” said Edmund O’ Sullivan, Chairman, MEED Events, organisers of Libya Projects 2013 in cooperation with Business Mirror (BM) Libya, and supported by the General National Congress.
Under the patronage of the General National Council, Libya Projects 2013 will gather key government officials and entities as well as leading private sector companies who will provide an expert overview of the wide-ranging political and economic reforms currently being implemented in Libya and the impact of these initiatives on the projects sector.
Confirmed speakers include Juma Attiga, Vice President, General National Congress; Awad Elbarasi, Deputy Prime Minister, Libya; Ali Hussein Al- Sharif, Minister of Housing and Utilities; and Dr. Khalil El-Arroudi, Chairman, GECOL.
The conference, scheduled to take place on June 3-5, 2013 at the Corinthia Hotel in Tripoli, will also focus on the government’s programme to promote and attract foreign direct investments in Libya, as well as provide a critical update on existing and stalled projects.
At Libya Projects 2013, delegates can also expect to gain invaluable insights on the government’s anticipated spending plans in the infrastructure and energy sectors; as well as learn how to establish JVs with local firms to take advantage of massive opportunities in the projects market.
Libya Projects 2013 is being supported by such top tier companies as: Ernst & Young, Drake and Scull, Electrical Industries Co, Hill International, Keller, Jeddah Cables Company, Saint Gobain Glass, Libya Holdings, Shapoorji Pallonji , Dar Al Handash, Phillips, Corodex Industries, Parsons & Afriqiyah Airways.
Further information:
http://www.meedlibyaprojects.com/homepage.asp
In aviation, the newly-installed government has planned a $2.5 billion upgrade of the state’s busiest airports aimed at expanding capacity to about 28 million passengers a year from an estimated 5 million.
The housing sector is another critical investment focus. The government estimates that the country will face a housing shortfall of 500,000 units by 2020. The Housing & Infrastructure Board (HIB) has been tasked to deliver 200,000 new homes, with supporting infrastructure in the next seven years.
A major business conference, Libya Projects 2013, is being organised in Tripoli to provide local and international stakeholders an essential guide to the developments and projects across critical infrastructure, energy, utilities and industry sectors that will accelerate rebuilding efforts in Libya.
“There is currently a dearth of accurate and reliable information on the opportunities in the projects market in Libya which the conference hopes to address. Attended by leading authorities and key stakeholders, Libya Projects 2013 offers the best opportunity for companies to correctly access Libya’s projects market,” said Edmund O’ Sullivan, Chairman, MEED Events, organisers of Libya Projects 2013 in cooperation with Business Mirror (BM) Libya, and supported by the General National Congress.
Under the patronage of the General National Council, Libya Projects 2013 will gather key government officials and entities as well as leading private sector companies who will provide an expert overview of the wide-ranging political and economic reforms currently being implemented in Libya and the impact of these initiatives on the projects sector.
Confirmed speakers include Juma Attiga, Vice President, General National Congress; Awad Elbarasi, Deputy Prime Minister, Libya; Ali Hussein Al- Sharif, Minister of Housing and Utilities; and Dr. Khalil El-Arroudi, Chairman, GECOL.
The conference, scheduled to take place on June 3-5, 2013 at the Corinthia Hotel in Tripoli, will also focus on the government’s programme to promote and attract foreign direct investments in Libya, as well as provide a critical update on existing and stalled projects.
At Libya Projects 2013, delegates can also expect to gain invaluable insights on the government’s anticipated spending plans in the infrastructure and energy sectors; as well as learn how to establish JVs with local firms to take advantage of massive opportunities in the projects market.
Libya Projects 2013 is being supported by such top tier companies as: Ernst & Young, Drake and Scull, Electrical Industries Co, Hill International, Keller, Jeddah Cables Company, Saint Gobain Glass, Libya Holdings, Shapoorji Pallonji , Dar Al Handash, Phillips, Corodex Industries, Parsons & Afriqiyah Airways.
Further information:
http://www.meedlibyaprojects.com/homepage.asp
Thursday, May 9, 2013
The Headquarters Business Park, Jeddah, Saudi Arabia
Saudi Arabia is going through an incredible real estate boom! Mega Projects are being built all over The Kingdom. In fact Saudi Arabia has the largest Mega Project in the world under construction - King Abdullah Economic City, which I have written about in a previous post. Today I will cover The Headquarters Business Park.
LOCATION
The Headquarters Business Park is located on the north side of Jeddah in Saudi Arabia. Sitting directly on North Corniche Road it overlooks the Red Sea in all directions. On either side of it sits the Westin and Hilton Hotels, and it is also conveniently just 15 minutes from King Abdulaziz International Airport.
The building is made up of three main sections:
~ The West Tower
~ The Podium
~ The East Tower
WEST TOWER
Sky Villas:
The Headquarters Business Park contains 10 Sky Villas. Each has two floors and its own indoor garden. Each garden is about 8m high, and overlooks the Corniche.
Offices:
The Business Park has 250 flexible office spaces with floor plans that range from 1,270 square feet to 3,229 square feet. Each office unit comes with amazing views in either direction.
The Business Center:
The business center is the ultimate business destination for client meetings. It includes all the latest technology and equipment to ensure total connectivity.
The Smart Building:
This building has the most advanced technologies because The Business Park is one of the newest buildings in the region. Not just lightning fast connectivity but it is host to a number of the most advanced features:
> Smart parking systems
> Smart elevators
> Smart restaurants
> State-of-the-art security
> Maintenance and support
> Unified building and services billing system
> Public areas and owners union systems
EAST TOWER
The East Tower serves as a high standard hotel that is designed as an independent building but linked to the West Tower through the Roof Garden. The hotel adds to the Business Park’s features by offering a health club, a business center, and a variety of upscale restaurants that are designed to meet the lavish taste of the business people and their visitors.
PODIUM
The Podium contains 9 stories above ground and 2 stories of underground parking with close to 2,000 total parking spaces. The Podium also contains a health and fitness center.
ADDITIONAL FEATURES
Health and Fitness Center:
The health and fitness center is located on both the 6th and 7th floor in the Podium section of The Business Park. At over 12,916 square feet it boasts all the latest fitness equipment.
Restaurants and Cafes:
The Headquarters Business Park has 43,055 square feet of restaurant and cafe space that caters to any taste. The crown at the top is Sky at 52, the fine dining establishment on the 52nd floor that faces the Red Sea.
VIP Lounge:
The VIP Lounge is the ultimate business area. Sitting on the 1st floor it hosts all the technology and plush surroundings to get work done in style. The VIP Lounge features:
> Private entrance
> Dedicated reception and lobby area
> Smart elevators with specialized floor selection
> Reserved parking spots
> Complementary coffee, tea, and seating lounges
++ The Headquarters Business Park stands as a shining example of the evolution of the booming Saudi Arabian real estate development market and the expanding Saudi economy.
LOCATION
The Headquarters Business Park is located on the north side of Jeddah in Saudi Arabia. Sitting directly on North Corniche Road it overlooks the Red Sea in all directions. On either side of it sits the Westin and Hilton Hotels, and it is also conveniently just 15 minutes from King Abdulaziz International Airport.
The building is made up of three main sections:
~ The West Tower
~ The Podium
~ The East Tower
WEST TOWER
Sky Villas:
The Headquarters Business Park contains 10 Sky Villas. Each has two floors and its own indoor garden. Each garden is about 8m high, and overlooks the Corniche.
Offices:
The Business Park has 250 flexible office spaces with floor plans that range from 1,270 square feet to 3,229 square feet. Each office unit comes with amazing views in either direction.
The Business Center:
The business center is the ultimate business destination for client meetings. It includes all the latest technology and equipment to ensure total connectivity.
The Smart Building:
This building has the most advanced technologies because The Business Park is one of the newest buildings in the region. Not just lightning fast connectivity but it is host to a number of the most advanced features:
> Smart parking systems
> Smart elevators
> Smart restaurants
> State-of-the-art security
> Maintenance and support
> Unified building and services billing system
> Public areas and owners union systems
EAST TOWER
The East Tower serves as a high standard hotel that is designed as an independent building but linked to the West Tower through the Roof Garden. The hotel adds to the Business Park’s features by offering a health club, a business center, and a variety of upscale restaurants that are designed to meet the lavish taste of the business people and their visitors.
PODIUM
The Podium contains 9 stories above ground and 2 stories of underground parking with close to 2,000 total parking spaces. The Podium also contains a health and fitness center.
ADDITIONAL FEATURES
Health and Fitness Center:
The health and fitness center is located on both the 6th and 7th floor in the Podium section of The Business Park. At over 12,916 square feet it boasts all the latest fitness equipment.
Restaurants and Cafes:
The Headquarters Business Park has 43,055 square feet of restaurant and cafe space that caters to any taste. The crown at the top is Sky at 52, the fine dining establishment on the 52nd floor that faces the Red Sea.
VIP Lounge:
The VIP Lounge is the ultimate business area. Sitting on the 1st floor it hosts all the technology and plush surroundings to get work done in style. The VIP Lounge features:
> Private entrance
> Dedicated reception and lobby area
> Smart elevators with specialized floor selection
> Reserved parking spots
> Complementary coffee, tea, and seating lounges
++ The Headquarters Business Park stands as a shining example of the evolution of the booming Saudi Arabian real estate development market and the expanding Saudi economy.
Friday, February 8, 2013
Middle East Real Estate Power Elite List 2013
In this post I am going to give you a list of the people I consider to be the most important in the Multi-Trillion dollar Middle East real estate industry. I have chosen 70 people to put on the list and all of them contribute greatly to the incredible expansion we are all seeing in Middle East real estate development. Middle East real estate is a truly gigantic industry and the people at the forefront are the movers and shakers, the leaders - The Power Elite!
MIDDLE EAST REAL ESTATE POWER ELITE LIST 2013
1. Mohamed Ali Alabaar, Chairman and CEO, Emaar, UAE
2. Yousef Al-Shelash, Chairman, Dar Al Arkan, Saudi Arabia
3. HH Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Royal Group & Tourism Development and Investment Company, UAE
4. Abdulrahman Abdulqader Al Faqih, Chairman, Jabal Omar Development & Makkah Construction & Development Company, Saudi Arabia
5. Khalaf Al Habtoor, Chairman, Al Habtoor, UAE
6. Khadem Abdulla Al Qubaisi, Chairman, Arabtec Holding & Aabar Properties, UAE
7. Sami Asad, CEO, Aldar Properties, UAE
8. Mohammed Bin Ali Al Hedfa, Group CEO, Qatari Diar, Qatar
9. Bakr Bin Ladin, Chairman, Saudi BinLadin Group, Saudi Arabia
10. Hussain Sajwani, Chairman, DAMAC Properties, UAE
11. Sheikh Saad R. Hariri, Chairman, Saudi Oger, Saudi Arabia
12. Abubaker Seddiq Al Khouri, Managing Director, Sorouh Real Estate, UAE
13. Prince Alwaleed Bin Talal Al Saud, Chairman, Kingdom Holding, Saudi Arabia
14. Ali Rashid Lootah, Chairman, Nakheel, UAE
15. Said T. Khoury, Chairman, Consolidated Contractors Company, Greece & Middle East
16. Maher Merehbi, Chairman, Arabian Construction Company, Lebanon
17. Ahmad Suleiman Abdulaziz Al Rajhi, CEO, Al Arrab Contracting Company, Saudi Arabia
18. Mishal Kanoo, Deputy Chairman, Kanoo Group, Bahrain
19. Fahd Al Rasheed, CEO, King Abdullah Economic City, Saudi Arabia
20. Khaled Musaed Al Seif, Chairman, El Seif Engineering & Contracting, Saudi Arabia
21. Mehdi Amjad, Executive Chairman & CEO, Omniyat Properties, UAE
22. HE Hitmi bin Ali Al-Hitmi, Chairman, Barwa Real Estate, Qatar
23. Sheikh Thani Bin Abdullah Bin Thani Al-Thani, Chairman, Ezdan Real Estate, Qatar
24. Ahmed Alhatti, Chairman, Cayan Real Estate Investment and Development, UAE
25. Saleh Mohammed Bin Nasrah, Chairman, Eshraq Properties, UAE
26. Abdullah Ali Obaid Al Hamli, Chairman, Deyaar, UAE
27. Saeed Ahmed Saeed, CEO, Limitless, UAE
28. Khalid Bin Kalban, Chairman, Union Properties, UAE
29. Abdulla Ahmed Al Ghurair, Chairman, ETA Ascon, UAE
30. Abdullah Al Habbai, Chairman, Meraas Holding Group, UAE
31. Mohammad Hassan Omran, Chairman, RAK Properties, UAE
32. Nasser Chammaa, Chairman, Solidere, Lebanon
33. Tariq Bin Faisal Al Qassimi, Chairman, Enshaa Real Estate Development, UAE
34. Abdullah Mohammad Juma Al Naboodah, Chairman, Al Naboodah Construction, UAE
35. Issa M. Al Mohannadi, CEO, Msheireb Properties, Qatar
36. Rahail Aslam, CEO, Select Group, Dubai
37. Abdullah Mohammed Al Issa, Chairman, Saudi Construction Company, Saudi Arabia
38. Mohammed Abdulaziz Al-Shaya, Chairman & Managing Director, Mabanee, Kuwait
39. HRH Prince Salman Bin Abdul Aziz, Chairman, Arriyadh Development, Saudi Arabia
40. Abdul Fatah M. R. Marafie, Chairman & Managing Director, Al Tijaria, Kuwait
41. Ghazi Fahad Al Nafisi, Chairman & Managing Director, Salhiah Real Estate, Kuwait
42. Abdullah Nasser Sabah Al Ahmad Al Sabah, Chairman, United Real Estate Company, Kuwait
43. Rashid Fahad Al Naimi, Chairman, Mazaya Qatar Real Estate Development, Qatar
44. Jamil Sultan Al-Essa, Chairman, National Real Estate Company, Kuwait
45. Samir Barraj, General Director, First Saudi Contracting Company, Saudi Arabia
46. Athbi Salem Al Ali Al Sabah, Chairman, Al-Themar International Holding, Kuwait
47. Mohammed Jassim Al Marzouq, Chairman & CEO,Tamdeen Real Estate, Kuwait
48. Mohammed Abdullah Al Nassar, Founder & Managing Director, Kuwait Remal Real Estate, Kuwait
49. Khalifa Yousef Al-Roumi, Chairman, Kuwait Real Estate Company, Kuwait
50. Khaled Khudair Al-Mashaan, Chairman, Alargan International Real Estate, Kuwait
51. Rashid Yaqoub Al-Nafisi, Chairman, Al Mazaya Holding, Kuwait
52. Marzooq Rashed Al-Rashdan, Chairman, Abyaar Real Estate Development, Kuwait
53. Imad Abdullah Al-Thaqip, Chairman, Al Enmaa Real Estate, Kuwait
54. Sheikh Abdulla bin Khalifa Al Khalifa, Chairman, Seef Properties, Bahrain
55. Seraj S. Al-Baker, Chairman, First Dubai Real Estate Development, UAE
56. Mansour Hamad Al Mubarak, Chairman, Aayan Real Estate, Kuwait
57. Khalid Othman Abdul Wahab Al Othman, Chairman & Managing Director, Ajial Real Estate Entertainment, Kuwait
58. Adnan Yaqoub Bu Rahma, Chairman, Al Mudon International, Kuwait
59. Omar Bin Abdallah Al Kadi, Managing Director, Injaz, Saudi Arabia
60. Adnan Abdul Wahab Al Nusuf Nusuf, Chairman & Managing Director, Manazel Holding, Kuwait
61. Hamad Fawzy Aleisa, Chairman, Massaleh Real Estate, Kuwait
62. Samir Yaqoob Al Nafisi, Chairman, Inovest, Bahrain
63. Waleed Ahmad Al-Mannai, Chairman, Arkan Al-Kuwait Real Estate, Kuwait
64. Emad Jawad Bukhamseen, Chairman & Managing Director, Al Arabiya Real Estate, Kuwait
65. Sheikh Ali Abdullah Al Khalifah Al Sabah, Chairman, Tijara & Real Estate Investment, Kuwait
66. Yaser Abul Hasan, Chairman, Kuwait Business Town Real Estate, Kuwait
67. Mohammed A. Hayat, Chairman, Pearl Of Kuwait Real Estate, Kuwait
68. Sheikh Bader G. Al Zahrani, Chairman, Ishraqah, UAE
69. Hisham Ahmed Al Rayes, Chairman, Gulf Holding, Bahrain
70. Carlos Obeid, Chairman, Capitala, UAE
MIDDLE EAST REAL ESTATE POWER ELITE LIST 2013
1. Mohamed Ali Alabaar, Chairman and CEO, Emaar, UAE
2. Yousef Al-Shelash, Chairman, Dar Al Arkan, Saudi Arabia
3. HH Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Royal Group & Tourism Development and Investment Company, UAE
4. Abdulrahman Abdulqader Al Faqih, Chairman, Jabal Omar Development & Makkah Construction & Development Company, Saudi Arabia
5. Khalaf Al Habtoor, Chairman, Al Habtoor, UAE
6. Khadem Abdulla Al Qubaisi, Chairman, Arabtec Holding & Aabar Properties, UAE
7. Sami Asad, CEO, Aldar Properties, UAE
8. Mohammed Bin Ali Al Hedfa, Group CEO, Qatari Diar, Qatar
9. Bakr Bin Ladin, Chairman, Saudi BinLadin Group, Saudi Arabia
10. Hussain Sajwani, Chairman, DAMAC Properties, UAE
11. Sheikh Saad R. Hariri, Chairman, Saudi Oger, Saudi Arabia
12. Abubaker Seddiq Al Khouri, Managing Director, Sorouh Real Estate, UAE
13. Prince Alwaleed Bin Talal Al Saud, Chairman, Kingdom Holding, Saudi Arabia
14. Ali Rashid Lootah, Chairman, Nakheel, UAE
15. Said T. Khoury, Chairman, Consolidated Contractors Company, Greece & Middle East
16. Maher Merehbi, Chairman, Arabian Construction Company, Lebanon
17. Ahmad Suleiman Abdulaziz Al Rajhi, CEO, Al Arrab Contracting Company, Saudi Arabia
18. Mishal Kanoo, Deputy Chairman, Kanoo Group, Bahrain
19. Fahd Al Rasheed, CEO, King Abdullah Economic City, Saudi Arabia
20. Khaled Musaed Al Seif, Chairman, El Seif Engineering & Contracting, Saudi Arabia
21. Mehdi Amjad, Executive Chairman & CEO, Omniyat Properties, UAE
22. HE Hitmi bin Ali Al-Hitmi, Chairman, Barwa Real Estate, Qatar
23. Sheikh Thani Bin Abdullah Bin Thani Al-Thani, Chairman, Ezdan Real Estate, Qatar
24. Ahmed Alhatti, Chairman, Cayan Real Estate Investment and Development, UAE
25. Saleh Mohammed Bin Nasrah, Chairman, Eshraq Properties, UAE
26. Abdullah Ali Obaid Al Hamli, Chairman, Deyaar, UAE
27. Saeed Ahmed Saeed, CEO, Limitless, UAE
28. Khalid Bin Kalban, Chairman, Union Properties, UAE
29. Abdulla Ahmed Al Ghurair, Chairman, ETA Ascon, UAE
30. Abdullah Al Habbai, Chairman, Meraas Holding Group, UAE
31. Mohammad Hassan Omran, Chairman, RAK Properties, UAE
32. Nasser Chammaa, Chairman, Solidere, Lebanon
33. Tariq Bin Faisal Al Qassimi, Chairman, Enshaa Real Estate Development, UAE
34. Abdullah Mohammad Juma Al Naboodah, Chairman, Al Naboodah Construction, UAE
35. Issa M. Al Mohannadi, CEO, Msheireb Properties, Qatar
36. Rahail Aslam, CEO, Select Group, Dubai
37. Abdullah Mohammed Al Issa, Chairman, Saudi Construction Company, Saudi Arabia
38. Mohammed Abdulaziz Al-Shaya, Chairman & Managing Director, Mabanee, Kuwait
39. HRH Prince Salman Bin Abdul Aziz, Chairman, Arriyadh Development, Saudi Arabia
40. Abdul Fatah M. R. Marafie, Chairman & Managing Director, Al Tijaria, Kuwait
41. Ghazi Fahad Al Nafisi, Chairman & Managing Director, Salhiah Real Estate, Kuwait
42. Abdullah Nasser Sabah Al Ahmad Al Sabah, Chairman, United Real Estate Company, Kuwait
43. Rashid Fahad Al Naimi, Chairman, Mazaya Qatar Real Estate Development, Qatar
44. Jamil Sultan Al-Essa, Chairman, National Real Estate Company, Kuwait
45. Samir Barraj, General Director, First Saudi Contracting Company, Saudi Arabia
46. Athbi Salem Al Ali Al Sabah, Chairman, Al-Themar International Holding, Kuwait
47. Mohammed Jassim Al Marzouq, Chairman & CEO,Tamdeen Real Estate, Kuwait
48. Mohammed Abdullah Al Nassar, Founder & Managing Director, Kuwait Remal Real Estate, Kuwait
49. Khalifa Yousef Al-Roumi, Chairman, Kuwait Real Estate Company, Kuwait
50. Khaled Khudair Al-Mashaan, Chairman, Alargan International Real Estate, Kuwait
51. Rashid Yaqoub Al-Nafisi, Chairman, Al Mazaya Holding, Kuwait
52. Marzooq Rashed Al-Rashdan, Chairman, Abyaar Real Estate Development, Kuwait
53. Imad Abdullah Al-Thaqip, Chairman, Al Enmaa Real Estate, Kuwait
54. Sheikh Abdulla bin Khalifa Al Khalifa, Chairman, Seef Properties, Bahrain
55. Seraj S. Al-Baker, Chairman, First Dubai Real Estate Development, UAE
56. Mansour Hamad Al Mubarak, Chairman, Aayan Real Estate, Kuwait
57. Khalid Othman Abdul Wahab Al Othman, Chairman & Managing Director, Ajial Real Estate Entertainment, Kuwait
58. Adnan Yaqoub Bu Rahma, Chairman, Al Mudon International, Kuwait
59. Omar Bin Abdallah Al Kadi, Managing Director, Injaz, Saudi Arabia
60. Adnan Abdul Wahab Al Nusuf Nusuf, Chairman & Managing Director, Manazel Holding, Kuwait
61. Hamad Fawzy Aleisa, Chairman, Massaleh Real Estate, Kuwait
62. Samir Yaqoob Al Nafisi, Chairman, Inovest, Bahrain
63. Waleed Ahmad Al-Mannai, Chairman, Arkan Al-Kuwait Real Estate, Kuwait
64. Emad Jawad Bukhamseen, Chairman & Managing Director, Al Arabiya Real Estate, Kuwait
65. Sheikh Ali Abdullah Al Khalifah Al Sabah, Chairman, Tijara & Real Estate Investment, Kuwait
66. Yaser Abul Hasan, Chairman, Kuwait Business Town Real Estate, Kuwait
67. Mohammed A. Hayat, Chairman, Pearl Of Kuwait Real Estate, Kuwait
68. Sheikh Bader G. Al Zahrani, Chairman, Ishraqah, UAE
69. Hisham Ahmed Al Rayes, Chairman, Gulf Holding, Bahrain
70. Carlos Obeid, Chairman, Capitala, UAE
Sunday, December 16, 2012
My DAMAC Properties Interview
DAMAC Properties is one of the leading real estate developers in the Middle East. Its real estate projects are some of the finest and most cutting edge I have ever seen and the company has great integrity. DAMAC Properties was established in 2002 as a private residential, leisure and commercial developer in Dubai and the rest of the Middle East. In this interview I conducted with Mr. Niall McLoughlin, Senior Vice President, DAMAC Properties, we will cover a full range of interesting topics.
BRETT SIEGEL: One of my favorite developments in Dubai International Financial Centre is DAMAC's Park Towers. How has Park Towers been doing since its completion?
MR. MCLOUGHLIN: Park Towers is one of the most iconic projects we have completed and stands proud in the heart of the Dubai International Financial Centre. As winner of the ‘Best Mixed-Use Development’ at the International Property Awards it is not only a symbol of luxury and quality in Dubai, but across the world. The two towers were completed almost a year ago now and we have been delighted by the response from the residents, who enjoy living in one of the most vibrant and thriving districts in Dubai. Each tower is 49 storeys high, and offers exquisitely designed one, two and three bedroom apartments.
BRETT SIEGEL: I am very enthused about all the development going on at Al Reem Island, Abu Dhabi. Give us some details about what DAMAC is doing on Al Reem Island.
MR. MCLOUGHLIN: DAMAC Properties has two projects on Al Reem Island. The first, Marina Bay, was completed at the end of September 2012. We are now in the process of handing over the 24-storey tower which has exquisite views of the canal that connects the entire development. It is a huge milestone for us as Marina Bay is our first completed project in Abu Dhabi.
We are also making good progress on Oceanscape, our second project on Al Reem Island. Oceanscape will occupy a prime position on the water's edge at Al Reem Island offering residents uninterrupted views of the sea. The development also includes exclusive sea-facing townhouses above the podium level and with retail space over three levels.
BRETT SIEGEL: DAMAC Properties' Ocean Heights Tower in Dubai Marina has to be one of the most beautiful residential towers in the world. What was the inspiration behind the development of Ocean Heights?
MR. MCLOUGHLIN: Ocean Heights, another project which is already completed, is one of our most sought after towers. Blessed with amazing views over the Palm Jumeirah on the entrance to Dubai Marina, the tower spirals skywards, creating a dramatically different view from every angle of the apartment. The inspiration was to bring the peaceful ambiance of the marina to the luxury living of the apartment.
BRETT SIEGEL: To say that Qatar is booming would be an understatement. What projects does DAMAC Properties have lined up for Qatar?
MR. MCLOUGHLIN: We are working on a number of highly anticipated projects in the Lusail district of Doha, Qatar. The Piazza is a large development of Italian-style low-residential and office developments, which are set to be completed as early as the middle of 2013. The four-storey developments will hand over next year in one of the most desirable areas in the Qatari capital.
Business Square, a 20-storey mixed use high-end luxury development is scheduled for 2014.
We have seen a strong uptake for all three of the mixed use developments under construction in the iconic Lusail City. Our projects in Qatar are dominating the enquiries coming in to our overseas offices; comfortably rising ten-fold since Qatar was selected to host the World Cup. Business Square, the Piazza One and Two are all progressing at a good pace and are already close to selling out.
BRETT SIEGEL: Saudi Arabia is rapidly going to the forefront of real estate development in the Middle East. How is DAMAC's Al Jawharah Tower in Jeddah progressing?
MR. MCLOUGHLIN: Al Jawharah in Jeddah is making great progress and is already becoming an iconic tower on the skyline overlooking the Red Sea. We have now passed the 32nd floor of the tower that will eventually stretch 48 floors into the sky. The project recently won the ‘Outstanding Development of the Year’ Award in the GCC from The Big Project and was also highly commended, for the second year in a row, at the International Property Awards in the Residential High-Rise Development’ category and ‘Best Interior Design’ category for the partnership with Versace Home.
Work was recently completed on the Versace Home designed dedicated lobby to the DAMAC Residences.
We are working closely with Versace Home to develop ‘The DAMAC Residences’, a distinguished interior design concept for the top ten floors of the project that will produce the most exclusive residential apartments in the Kingdom.
Apartments of one, two or three bedroom homes are expected to be delivered by the last quarter of 2013. The DAMAC Residences project, with its limited release Versace Home designed interiors, is anticipated to be completed by the second quarter of 2014.
BRETT SIEGEL: Tell us more about the Overseas Property Professionals Excellence Awards that DAMAC was given.
MR. MCLOUGHLIN: We were delighted receive the Developer of the Year Award for the Middle East at this year’s Overseas Property Professionals (OPP) Excellence Awards. The OPP Excellence Awards in London brought together 300 of the leading figures in the global property market from more than 20 different countries. The Best Developer in the Middle East award was selected by a panel of highly experienced judges from across the world.
BRETT SIEGEL: It’s good to see that real estate development in Dubai is once again on an upswing and the recent announcement of the Mohammed Bin Rashid City Mega Project is particularly upbeat. What is DAMAC's view of the future of the Dubai real estate industry?
MR. MCLOUGHLIN: Dubai’s property market will grow at a steadier and more stable pace over the next year. There will be solid investment opportunities. Independent reports have put the growth in prices of real estate in Dubai through 2012 at anywhere from 7-19 percent, depending on location and the quality of the project. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be smart about where they invest and in which projects in each area.
Location will remain key with projects in areas which already have solid infrastructure and these projects will continue to drive a premium, but there will also be great investment opportunities in the projects where infrastructure is just underway. As this completes these projects will grow in value significantly.
Overall there has not been a better time to invest in the Dubai real estate market in the past four years. The increases in business and tourism coming to Dubai will make it one of the most lucrative real estate markets in the world in 2013.
BRETT SIEGEL: Tell us about some exciting new projects in the DAMAC pipeline.
MR. MCLOUGHLIN: We currently have 65 buildings at various stages of progress across the Middle East and North Africa, so there is a great deal of development underway.
Some of the projects that are coming online next year in the Hotel Serviced Apartments sector are highly anticipated. Burjside Boulevard, in the Burj Area of Dubai, will be our first luxury serviced apartment offering and providing five-star concierge services throughout – offering some of the highest luxury we have ever brought to the market.
We think serviced apartments will prove very popular as this is currently an under-served sector in Dubai. Owners will be able to enjoy their property and the services that go with it, or if they are away for any period of time, we will add it to our rental pool and manage the whole process of finding tenants and collecting rent. It is the most flexible investment opportunity we have offered.
BRETT SIEGEL: Thank you for this interview Mr. McLoughlin and I know DAMAC Properties will continue to develop superlative real estate projects throughout the Middle East!
Contact:
DAMAC Properties Co. LLC
P.O Box 2195
Dubai, UAE
Tel: +971 4 373 1000
Fax: +971 4 373 1001
Toll Free: 800 32622 (UAE only)
Web: http://www.damacproperties.com/
BRETT SIEGEL: One of my favorite developments in Dubai International Financial Centre is DAMAC's Park Towers. How has Park Towers been doing since its completion?
MR. MCLOUGHLIN: Park Towers is one of the most iconic projects we have completed and stands proud in the heart of the Dubai International Financial Centre. As winner of the ‘Best Mixed-Use Development’ at the International Property Awards it is not only a symbol of luxury and quality in Dubai, but across the world. The two towers were completed almost a year ago now and we have been delighted by the response from the residents, who enjoy living in one of the most vibrant and thriving districts in Dubai. Each tower is 49 storeys high, and offers exquisitely designed one, two and three bedroom apartments.
BRETT SIEGEL: I am very enthused about all the development going on at Al Reem Island, Abu Dhabi. Give us some details about what DAMAC is doing on Al Reem Island.
MR. MCLOUGHLIN: DAMAC Properties has two projects on Al Reem Island. The first, Marina Bay, was completed at the end of September 2012. We are now in the process of handing over the 24-storey tower which has exquisite views of the canal that connects the entire development. It is a huge milestone for us as Marina Bay is our first completed project in Abu Dhabi.
We are also making good progress on Oceanscape, our second project on Al Reem Island. Oceanscape will occupy a prime position on the water's edge at Al Reem Island offering residents uninterrupted views of the sea. The development also includes exclusive sea-facing townhouses above the podium level and with retail space over three levels.
BRETT SIEGEL: DAMAC Properties' Ocean Heights Tower in Dubai Marina has to be one of the most beautiful residential towers in the world. What was the inspiration behind the development of Ocean Heights?
MR. MCLOUGHLIN: Ocean Heights, another project which is already completed, is one of our most sought after towers. Blessed with amazing views over the Palm Jumeirah on the entrance to Dubai Marina, the tower spirals skywards, creating a dramatically different view from every angle of the apartment. The inspiration was to bring the peaceful ambiance of the marina to the luxury living of the apartment.
BRETT SIEGEL: To say that Qatar is booming would be an understatement. What projects does DAMAC Properties have lined up for Qatar?
MR. MCLOUGHLIN: We are working on a number of highly anticipated projects in the Lusail district of Doha, Qatar. The Piazza is a large development of Italian-style low-residential and office developments, which are set to be completed as early as the middle of 2013. The four-storey developments will hand over next year in one of the most desirable areas in the Qatari capital.
Business Square, a 20-storey mixed use high-end luxury development is scheduled for 2014.
We have seen a strong uptake for all three of the mixed use developments under construction in the iconic Lusail City. Our projects in Qatar are dominating the enquiries coming in to our overseas offices; comfortably rising ten-fold since Qatar was selected to host the World Cup. Business Square, the Piazza One and Two are all progressing at a good pace and are already close to selling out.
BRETT SIEGEL: Saudi Arabia is rapidly going to the forefront of real estate development in the Middle East. How is DAMAC's Al Jawharah Tower in Jeddah progressing?
MR. MCLOUGHLIN: Al Jawharah in Jeddah is making great progress and is already becoming an iconic tower on the skyline overlooking the Red Sea. We have now passed the 32nd floor of the tower that will eventually stretch 48 floors into the sky. The project recently won the ‘Outstanding Development of the Year’ Award in the GCC from The Big Project and was also highly commended, for the second year in a row, at the International Property Awards in the Residential High-Rise Development’ category and ‘Best Interior Design’ category for the partnership with Versace Home.
Work was recently completed on the Versace Home designed dedicated lobby to the DAMAC Residences.
We are working closely with Versace Home to develop ‘The DAMAC Residences’, a distinguished interior design concept for the top ten floors of the project that will produce the most exclusive residential apartments in the Kingdom.
Apartments of one, two or three bedroom homes are expected to be delivered by the last quarter of 2013. The DAMAC Residences project, with its limited release Versace Home designed interiors, is anticipated to be completed by the second quarter of 2014.
BRETT SIEGEL: Tell us more about the Overseas Property Professionals Excellence Awards that DAMAC was given.
MR. MCLOUGHLIN: We were delighted receive the Developer of the Year Award for the Middle East at this year’s Overseas Property Professionals (OPP) Excellence Awards. The OPP Excellence Awards in London brought together 300 of the leading figures in the global property market from more than 20 different countries. The Best Developer in the Middle East award was selected by a panel of highly experienced judges from across the world.
BRETT SIEGEL: It’s good to see that real estate development in Dubai is once again on an upswing and the recent announcement of the Mohammed Bin Rashid City Mega Project is particularly upbeat. What is DAMAC's view of the future of the Dubai real estate industry?
MR. MCLOUGHLIN: Dubai’s property market will grow at a steadier and more stable pace over the next year. There will be solid investment opportunities. Independent reports have put the growth in prices of real estate in Dubai through 2012 at anywhere from 7-19 percent, depending on location and the quality of the project. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be smart about where they invest and in which projects in each area.
Location will remain key with projects in areas which already have solid infrastructure and these projects will continue to drive a premium, but there will also be great investment opportunities in the projects where infrastructure is just underway. As this completes these projects will grow in value significantly.
Overall there has not been a better time to invest in the Dubai real estate market in the past four years. The increases in business and tourism coming to Dubai will make it one of the most lucrative real estate markets in the world in 2013.
BRETT SIEGEL: Tell us about some exciting new projects in the DAMAC pipeline.
MR. MCLOUGHLIN: We currently have 65 buildings at various stages of progress across the Middle East and North Africa, so there is a great deal of development underway.
Some of the projects that are coming online next year in the Hotel Serviced Apartments sector are highly anticipated. Burjside Boulevard, in the Burj Area of Dubai, will be our first luxury serviced apartment offering and providing five-star concierge services throughout – offering some of the highest luxury we have ever brought to the market.
We think serviced apartments will prove very popular as this is currently an under-served sector in Dubai. Owners will be able to enjoy their property and the services that go with it, or if they are away for any period of time, we will add it to our rental pool and manage the whole process of finding tenants and collecting rent. It is the most flexible investment opportunity we have offered.
BRETT SIEGEL: Thank you for this interview Mr. McLoughlin and I know DAMAC Properties will continue to develop superlative real estate projects throughout the Middle East!
Contact:
DAMAC Properties Co. LLC
P.O Box 2195
Dubai, UAE
Tel: +971 4 373 1000
Fax: +971 4 373 1001
Toll Free: 800 32622 (UAE only)
Web: http://www.damacproperties.com/
Sunday, November 11, 2012
My Interview With Mr. Tareq Abu-Sukheila, Managing Director, Gensler Abu Dhabi
I am very happy to be able to interview Mr. Tareq Abu-Sukheila the Managing Director of Gensler Abu Dhabi. Gensler is one of the largest and finest architecture and design firms in the world with over 3,500 professionals located in 42 offices on five continents. Gensler has a strong presence in the Middle East and works with a range of private developers and government organizations. In this interview we cover Gensler's role in the new National Bank Of Abu Dhabi Global Head Office development as well as Gensler's role in and view of the entire region.
BRETT SIEGEL: Hello Mr. Abu-Sukheila could you please give UAE Mega Projects readers a summary of the new National Bank Of Abu Dhabi(NBAD) Global Head Office project?
MR. ABU-SUKHEILA: The new National Bank Of Abu Dhabi’s Global Head Office will be a landmark building strategically located on a key site of Al Maryah Island. The building will be 67,300 square meters, 31-floors, and will face both the waterfront and a main access road. The building will primarily accommodate commercial office space while incorporating multiple functions, including hub bank, tower lobbies, trading floors, auditorium, conferencing center and a cafeteria.
The crisp and contemporary design is based on understanding the client’s aspirations, of creating a global headquarters that exemplifies strong commercial and corporate identity. Our designers gave special consideration to presenting an outstanding building that carries an unmistakable presence and dignity, while ensuring a highly functional and efficient interior.
BRETT SIEGEL: Exactly what will Gensler's role be throughout the construction of the project?
MR. ABU-SUKHEILA: Gensler is providing full design and supervision consultancy services including architecture, interior design, landscape design, engineering and site supervision services.
BRETT SIEGEL: Why was Al Maryah Island chosen as the location for the new NBAD Global Head Office?
MR. ABU-SUKHEILA: Al Maryah Island was chosen because it will be the core of Abu Dhabi’s new Central Business District as designated by the Urban Planning Council in its visionary Plan Abu Dhabi 2030. In following with UPC’s vision, NBAD’s new head office was designed to be a distinctive building with a strong presence, sculpted around the island’s master plan.
BRETT SIEGEL: Tell us about some of the unique features of the new NBAD Global Head Office.
MR. ABU-SUKHEILA: Gensler’s design team created a timeless modern structure with a unique form and sleek silhouette that will enhance Al Maryah’s skyline. The building is designed around a symmetrical central core that displays a clear axial relationship between the waterfront and main vehicular road. The overall massing is split into two thin towers emphasizing verticality and slenderness.
A key driver of the design concept was to compose a facade to reflect the presence of a well-established bank, within the context of contemporary society. To accomplish this, Gensler designers “veiled” the building with an arrangement of vertical fins that are used to extenuate the towers, while simultaneously creating a dynamic exterior that responds to the environment due to the varied fin rotations. During the day the fins modulate light and provide solar protection, in the evening they provide the illusion of a streaming glow, which creates the aesthetic perception of authority in a simple straightforward manner.
BRETT SIEGEL: What role do you see Gensler playing in the tremendous amount of real estate development we see going on in the Middle East?
MR. ABU-SUKHEILA: Overall, the UAE has proven to be a solid location for continued growth. Due to the plethora of projects over the past several years, clients have begun to become more educated and are beginning to demand higher quality from their projects. This has begun and will continue to provide new opportunities for the consultants in the region.
Gensler has experienced this first hand, as we have begun to gain more traction across the GCC over the past several years. Having a local presence has paid off as the firm has gained the trust and credibility of strategic developers mostly attributed to the gradual build-up in the Abu Dhabi office capacity to take on more work from the GCC. As we look toward the future, we are excited to be part of this uniquely positioned emerging market.
BRETT SIEGEL: What is Gensler's view of the future of the UAE as a world leader in cutting edge real estate development?
MR. ABU-SUKHEILA: Since the financial crisis of 2009 there has been continued growth in the UAE economy primarily due to favorable oil prices and substantial public expenditure. In addition, governmental subsidization across all sectors, and re-organization of several of the largest semi-public real estate development firms, assisted in maintaining steady growth amidst pricing pressure in all Emirates of the UAE. This translates into a slow and steady investment into real estate and development projects across the GCC.
With this incline we continue to see the UAE committed to the development of quality real estate projects that support the remaining needs of both business’ and residents across the Emirates. Standards are set very high and will naturally position the UAE as a leader in progressive and strategic real estate development.
BRETT SIEGEL: Could you tell us about other key Gensler projects in the Middle East?
MR. ABU-SUKHEILA: Gensler is currently involved in several key projects in the GCC, just to name some of these projects: The Avenues Mall in Kuwait; Wafra Seef F&B in Mahboula, Kuwait; Musheireb Heart of Doha, Qatar; World Trade Center KAFD, Riyadh, KSA; Wafra Real Estate Corporate Offices, Kuwait City; Al Ghurair Investment Group Corporate Offices in Dubai, UAE and Bloom Central Marriott Hotel in Abu Dhabi, UAE.
BRETT SIEGEL: Thank you for this interview Mr. Abu-Sukheila and we look forward to the growth and expansion of Gensler in the Middle East.
Contact:
Gensler Abu Dhabi
Al Buteen Tower C6, Office C503
Binunah Street No. 34
PO Box 26967
Abu Dhabi
United Arab Emirates
Tel: +971 (0)2 635 9100
Fax: +971 (0)2 635 9186
http://m.gensler.com/location/abu-dhabi
BRETT SIEGEL: Hello Mr. Abu-Sukheila could you please give UAE Mega Projects readers a summary of the new National Bank Of Abu Dhabi(NBAD) Global Head Office project?
MR. ABU-SUKHEILA: The new National Bank Of Abu Dhabi’s Global Head Office will be a landmark building strategically located on a key site of Al Maryah Island. The building will be 67,300 square meters, 31-floors, and will face both the waterfront and a main access road. The building will primarily accommodate commercial office space while incorporating multiple functions, including hub bank, tower lobbies, trading floors, auditorium, conferencing center and a cafeteria.
The crisp and contemporary design is based on understanding the client’s aspirations, of creating a global headquarters that exemplifies strong commercial and corporate identity. Our designers gave special consideration to presenting an outstanding building that carries an unmistakable presence and dignity, while ensuring a highly functional and efficient interior.
BRETT SIEGEL: Exactly what will Gensler's role be throughout the construction of the project?
MR. ABU-SUKHEILA: Gensler is providing full design and supervision consultancy services including architecture, interior design, landscape design, engineering and site supervision services.
BRETT SIEGEL: Why was Al Maryah Island chosen as the location for the new NBAD Global Head Office?
MR. ABU-SUKHEILA: Al Maryah Island was chosen because it will be the core of Abu Dhabi’s new Central Business District as designated by the Urban Planning Council in its visionary Plan Abu Dhabi 2030. In following with UPC’s vision, NBAD’s new head office was designed to be a distinctive building with a strong presence, sculpted around the island’s master plan.
BRETT SIEGEL: Tell us about some of the unique features of the new NBAD Global Head Office.
MR. ABU-SUKHEILA: Gensler’s design team created a timeless modern structure with a unique form and sleek silhouette that will enhance Al Maryah’s skyline. The building is designed around a symmetrical central core that displays a clear axial relationship between the waterfront and main vehicular road. The overall massing is split into two thin towers emphasizing verticality and slenderness.
A key driver of the design concept was to compose a facade to reflect the presence of a well-established bank, within the context of contemporary society. To accomplish this, Gensler designers “veiled” the building with an arrangement of vertical fins that are used to extenuate the towers, while simultaneously creating a dynamic exterior that responds to the environment due to the varied fin rotations. During the day the fins modulate light and provide solar protection, in the evening they provide the illusion of a streaming glow, which creates the aesthetic perception of authority in a simple straightforward manner.
BRETT SIEGEL: What role do you see Gensler playing in the tremendous amount of real estate development we see going on in the Middle East?
MR. ABU-SUKHEILA: Overall, the UAE has proven to be a solid location for continued growth. Due to the plethora of projects over the past several years, clients have begun to become more educated and are beginning to demand higher quality from their projects. This has begun and will continue to provide new opportunities for the consultants in the region.
Gensler has experienced this first hand, as we have begun to gain more traction across the GCC over the past several years. Having a local presence has paid off as the firm has gained the trust and credibility of strategic developers mostly attributed to the gradual build-up in the Abu Dhabi office capacity to take on more work from the GCC. As we look toward the future, we are excited to be part of this uniquely positioned emerging market.
BRETT SIEGEL: What is Gensler's view of the future of the UAE as a world leader in cutting edge real estate development?
MR. ABU-SUKHEILA: Since the financial crisis of 2009 there has been continued growth in the UAE economy primarily due to favorable oil prices and substantial public expenditure. In addition, governmental subsidization across all sectors, and re-organization of several of the largest semi-public real estate development firms, assisted in maintaining steady growth amidst pricing pressure in all Emirates of the UAE. This translates into a slow and steady investment into real estate and development projects across the GCC.
With this incline we continue to see the UAE committed to the development of quality real estate projects that support the remaining needs of both business’ and residents across the Emirates. Standards are set very high and will naturally position the UAE as a leader in progressive and strategic real estate development.
BRETT SIEGEL: Could you tell us about other key Gensler projects in the Middle East?
MR. ABU-SUKHEILA: Gensler is currently involved in several key projects in the GCC, just to name some of these projects: The Avenues Mall in Kuwait; Wafra Seef F&B in Mahboula, Kuwait; Musheireb Heart of Doha, Qatar; World Trade Center KAFD, Riyadh, KSA; Wafra Real Estate Corporate Offices, Kuwait City; Al Ghurair Investment Group Corporate Offices in Dubai, UAE and Bloom Central Marriott Hotel in Abu Dhabi, UAE.
BRETT SIEGEL: Thank you for this interview Mr. Abu-Sukheila and we look forward to the growth and expansion of Gensler in the Middle East.
Contact:
Gensler Abu Dhabi
Al Buteen Tower C6, Office C503
Binunah Street No. 34
PO Box 26967
Abu Dhabi
United Arab Emirates
Tel: +971 (0)2 635 9100
Fax: +971 (0)2 635 9186
http://m.gensler.com/location/abu-dhabi
Sunday, October 7, 2012
Cityscape Global 2012
Cityscape Global is one of the largest and most prestigious real estate events in the world. It is held each year in Dubai and this year took place from October 2-4 at the Dubai International Convention and Exhibition Centre. Top people from all areas of the real estate industry in the Middle East and beyond go to Cityscape Global including: developers, investors, brokers, architects and many other real estate professionals. What follows are excerpts from one of the press releases given by Cityscape which will give you a more complete overall view of the event:
Cityscape Global, the Middle East's largest and most influential international real estate event, is expected to grow by 25 per cent this year, as international developers from the world's emerging markets look to the region for potential investors.
Taking place from 2-4 October at Dubai International Convention and Exhibition Centre, the three-day event was repositioned three years ago to boost its international appeal, and is now seeing the results, with more than 50 per cent of exhibition space set to be occupied by overseas exhibitors.
Among the major international developers from emerging markets this year include the Russian developer Northern Caucasus Resorts Company (NCRC), and Turkish developer Agaoglu, which will showcase some of its flagship residential and office projects in the most prominent suburbs of Istanbul.
Nevra Dilmen, International Sales Director from Agaoglu said: "Agaoglu is one of the largest property developers in Turkey, with more than 50 per cent of our customers consisting of foreigners. The Middle East is particularly important for us, as lately most of our customers have come from the region.
"Our involvement at Cityscape Global 2012 is therefore a key part of our global marketing strategy, and we look forward to revealing at the show our latest project consisting of 7,000 units, which upon completion will be the largest project ever developed in Turkey."
Meanwhile, Barwa Real Estate from Qatar, another headline exhibitor participating at Cityscape Global is having a big year in 2012, as it delivers its portfolio of mega developments - Barwa Al Sadd, Barwa Commercial Avenue, and Barwa City.
Abdulla Abdulaziz Al Subaie, Group CEO at Barwa Real Estate said: "Locally, we are establishing Barwa's way of planning and delivering projects and we will replicate our excellence model to other global markets. "Through our participation at Cityscape Global, we are demonstrating our unique development approach and creativity focusing on delivering world-class quality standards."
The repositioning of Cityscape Global to attract more international exhibitors from emerging markets is well timed. According to The World in 2050 report compiled by HSBC Global Research, by 2050, 19 of the 30 largest economies will be from the emerging world, fuelled by improved economic governance, human capital resources, and growing income per capita.
Wouter Molman, Exhibition Director for Cityscape Global said: "Cityscape Global has seen a significant increase of international real estate companies and developers seeking a new breed of international investor that Cityscape Global attracts. The growth of the event is largely due to overseas participation from countries including Qatar, Bahrain, Lebanon, Egypt and further afield including Russia, Poland, UK, Brazil, Chile, USA, India and Turkey.
Now in its 11th edition, Cityscape Global is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.
In addition to the large international contingent of exhibitors taking part this year, key Dubai developers will also be returning to showcase their latest real estate updates, including Dubai Properties, Nakheel, Meraas Development, DAMAC, Deyaar, and Dubai World Central.
Dubai's real estate sector is also set for double digit growth in the next three years, due to a constant stream of fresh project handovers, while an influx of new supply entered the market in the first quarter of 2012.
According to the Dubai Real Estate Market Overview Q1 2012 report released by global real estate service firm, Jones Lang Salle, 3,000 residential units were completed in the first three months of this year, bringing the total number of units in Dubai to 341,000.
A further 28,000 residential units are expected to be delivered for the remainder of 2012, while another 15,000 units should be ready for handover in 2013 and 2014, presenting a supply increase of 12 per cent from the current amount of stock.
Office space in Dubai is expected to increase by 24 per cent by the end of 2013, reaching 7.2 million square metres, as the Emirate is likely to add an extra 1.4 million sqm to the current 5.8 million sqm, the report said.
The hospitality sector is also seeing strong growth, with the opening of Millennium Plaza on Sheikh Zayed Road, and Rixos The Palm in the first quarter of this year adding a further 700 hotel rooms to Dubai's booming tourism industry, amounting to a total of 54,100 rooms. Another 11,300 rooms are expected to be injected by the end of 2014, up 20 per cent from the current amount of rooms.
Also Co-located with the exhibition are three dedicated conference programmes, including the Global Real Estate Summit, the World Architecture Congress and the Retail City Conference, bringing together a combined 750 senior real estate professionals who will explore opportunities and find solutions to key challenges affecting the industry today.
Cityscape Global link:
http://www.cityscapeglobal.com/
Cityscape Global, the Middle East's largest and most influential international real estate event, is expected to grow by 25 per cent this year, as international developers from the world's emerging markets look to the region for potential investors.
Taking place from 2-4 October at Dubai International Convention and Exhibition Centre, the three-day event was repositioned three years ago to boost its international appeal, and is now seeing the results, with more than 50 per cent of exhibition space set to be occupied by overseas exhibitors.
Among the major international developers from emerging markets this year include the Russian developer Northern Caucasus Resorts Company (NCRC), and Turkish developer Agaoglu, which will showcase some of its flagship residential and office projects in the most prominent suburbs of Istanbul.
Nevra Dilmen, International Sales Director from Agaoglu said: "Agaoglu is one of the largest property developers in Turkey, with more than 50 per cent of our customers consisting of foreigners. The Middle East is particularly important for us, as lately most of our customers have come from the region.
"Our involvement at Cityscape Global 2012 is therefore a key part of our global marketing strategy, and we look forward to revealing at the show our latest project consisting of 7,000 units, which upon completion will be the largest project ever developed in Turkey."
Meanwhile, Barwa Real Estate from Qatar, another headline exhibitor participating at Cityscape Global is having a big year in 2012, as it delivers its portfolio of mega developments - Barwa Al Sadd, Barwa Commercial Avenue, and Barwa City.
Abdulla Abdulaziz Al Subaie, Group CEO at Barwa Real Estate said: "Locally, we are establishing Barwa's way of planning and delivering projects and we will replicate our excellence model to other global markets. "Through our participation at Cityscape Global, we are demonstrating our unique development approach and creativity focusing on delivering world-class quality standards."
The repositioning of Cityscape Global to attract more international exhibitors from emerging markets is well timed. According to The World in 2050 report compiled by HSBC Global Research, by 2050, 19 of the 30 largest economies will be from the emerging world, fuelled by improved economic governance, human capital resources, and growing income per capita.
Wouter Molman, Exhibition Director for Cityscape Global said: "Cityscape Global has seen a significant increase of international real estate companies and developers seeking a new breed of international investor that Cityscape Global attracts. The growth of the event is largely due to overseas participation from countries including Qatar, Bahrain, Lebanon, Egypt and further afield including Russia, Poland, UK, Brazil, Chile, USA, India and Turkey.
Now in its 11th edition, Cityscape Global is the annual meeting point for key real estate investors, developers, investment promotion authorities, architects, designers and other real estate professionals to drive growth in real estate investment and development across emerging markets globally.
In addition to the large international contingent of exhibitors taking part this year, key Dubai developers will also be returning to showcase their latest real estate updates, including Dubai Properties, Nakheel, Meraas Development, DAMAC, Deyaar, and Dubai World Central.
Dubai's real estate sector is also set for double digit growth in the next three years, due to a constant stream of fresh project handovers, while an influx of new supply entered the market in the first quarter of 2012.
According to the Dubai Real Estate Market Overview Q1 2012 report released by global real estate service firm, Jones Lang Salle, 3,000 residential units were completed in the first three months of this year, bringing the total number of units in Dubai to 341,000.
A further 28,000 residential units are expected to be delivered for the remainder of 2012, while another 15,000 units should be ready for handover in 2013 and 2014, presenting a supply increase of 12 per cent from the current amount of stock.
Office space in Dubai is expected to increase by 24 per cent by the end of 2013, reaching 7.2 million square metres, as the Emirate is likely to add an extra 1.4 million sqm to the current 5.8 million sqm, the report said.
The hospitality sector is also seeing strong growth, with the opening of Millennium Plaza on Sheikh Zayed Road, and Rixos The Palm in the first quarter of this year adding a further 700 hotel rooms to Dubai's booming tourism industry, amounting to a total of 54,100 rooms. Another 11,300 rooms are expected to be injected by the end of 2014, up 20 per cent from the current amount of rooms.
Also Co-located with the exhibition are three dedicated conference programmes, including the Global Real Estate Summit, the World Architecture Congress and the Retail City Conference, bringing together a combined 750 senior real estate professionals who will explore opportunities and find solutions to key challenges affecting the industry today.
Cityscape Global link:
http://www.cityscapeglobal.com/
Friday, September 7, 2012
Sovereign Wealth Funds Top 10
This is my second Top 10 post and here I will cover the world's ten largest sovereign wealth funds(SWFs). In previous posts I have covered many of the Middle East SWFs. I want to give you a more complete look at the SWFs in this post so I will list the Top 10 SWFs of the world rather than only focus on those in the MENA Region. Three of the Top 10 SWFs, including the world's largest, are all in the Middle East: Abu Dhabi Investment Authority, Saudi Arabian Monetary Agency and Kuwait Invest Authority.
The SWFs are important to the Mega Project industry because many of them invest directly in the projects while others help to create an economic environment conducive to Mega Project development. I will give you the name of the SWF followed by the assets of the fund. A short description of the fund comes next along with complete contact information.
1.) ABU DHABI INVESTMENT AUTHORITY(ADIA), $627 Billion
Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally diversified investment institution that is wholly owned by the Government of the Emirate of Abu Dhabi.
ADIA manages a diversified global investment portfolio across more than two-dozen asset classes and sub-categories, including quoted equities, fixed income, real estate, private equity, alternatives and infrastructure.
Abu Dhabi Investment Authority
211 Corniche, PO Box 3600
Abu Dhabi, United Arab Emirates
Tel +971 2 415 0000
Fax +971 2 415 1000
http://www.adia.ae/En/home.aspx
2.) NORWAY GOVERNMENT PENSION FUND - GLOBAL, $593 Billion
NBIM(Norges Bank Investment Management) manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others NBIM and discussions in Parliament.
The ministry regularly transfers petroleum revenue to the fund. The capital is invested abroad, to avoid overheating the Norwegian economy and to shield it from the effects of oil price fluctuations. The fund invests in international equity and fixed-income markets and real estate. The aim is to have a diversified investment mix that will give the highest possible risk-adjusted return within the guidelines set by the ministry.
Norges Bank Investment Management (NBIM)
Bankplassen 2
P.O. Box 1179 Sentrum
NO-0107 Oslo, Norway
Tel +47 24 07 30 00
Fax +44 20 7534 9010
http://www.nbim.no/en/
3.) SAFE INVESTMENT COMPANY(State Administration of Foreign Exchange), China, $567.9 Billion
The State Administration of Foreign Exchange (SAFE) is responsible for managing China’s foreign exchange reserves. Top holdings include Royal Dutch Shell, Barclays, Tesco and Rio Tinto.
SAFE Investment Company
Huarong Plaza,
No.18 in Fucheng Road,
Haidian District, Beijing, 100048
Tel 68402265
http://www.safe.gov.cn/
4.) SAMA FOREIGN HOLDINGS, Saudi Arabia, $532.8 Billion
Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. Functions: issues national currency, the Saudi Riyal; acts as a banker to the government; supervises commercial banks; manages Kingdom’s foreign exchange reserves; conducts monetary policy for promoting price and exchange rate stability; promotes the growth and ensures the soundness of the financial system.
Saudi Arabian Monetary Agency
Al-Ma’ather Street
P.O. Box 2992
Riyadh 11169
Saudi Arabia
Tel +966-1- 463-3000
Fax +966-1- 466-2936 / 466-2966
http://www.sama.gov.sa/sites/SAMAEN/Pages/Home.aspx
5.) CHINA INVESTMENT CORPORATION, $482 Billion
China Investment Corporation (CIC) is an investment institution established as a wholly state-owned company under the Company Law of the People’s Republic of China and headquartered in Beijing. The mission of CIC is to make long-term investments that maximize risk adjusted financial returns for the benefit of its shareholder.
China Investment Corporation
New Poly Plaza,
No.1 Chaoyangmen Beidajie,
Dongcheng District, Beijing, 100010
Tel +86 (10) 8409 6167
Fax +86 (10) 6408 6731
http://www.china-inv.cn/cicen/
6.) KUWAIT INVESTMENT AUTHORITY, $296 Billion
The Kuwait Investment Authority (KIA) is an autonomous government body responsible
for the management and administration of the General Reserve Fund (GRF), and the
assets of the Future Generations Fund (FGF), as well as any other funds entrusted to it by the Minister of Finance for and on behalf of the State of Kuwait. KIA invests in the Local, Arab and International Markets with its main office located in Kuwait City and a branch office in London, UK.
Kuwait Investment Authority
Ministries Complex,
AlMurqab,
Kuwait City, Kuwait
Tel +(965)2485600
Fax +(965)2454059
http://www.kia.gov.kw/En/Pages/default.aspx
7.) HONG KONG MONETARY AUTHORITY, $293.3 Billion
The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. Its main functions are: maintaining currency stability within the framework of the Linked Exchange Rate system; promoting the stability and integrity of the financial system, including the banking system; helping to maintain Hong Kong's status as an international financial center, including the maintenance and development of Hong Kong's financial infrastructure; managing the Exchange Fund.
Hong Kong Monetary Authority
55th Floor
Two International Finance Centre
8 Finance Street
Central Hong Kong
Tel (852) 2878 8196
Fax (852) 2878 8197
http://www.hkma.gov.hk/eng
8.) GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION, $247.5 Billion
GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore. Our aim is to achieve good long-term returns for the Government - a reasonable risk-adjusted rate above global inflation over a 20-year investment horizon. By achieving these returns, we fulfil our responsibility to preserve and enhance Singapore's foreign reserves. The reserves provide a stream of income that can be spent or invested for the benefit of present and future generations. We do not own the funds we manage. We manage these funds on behalf of the Government of Singapore, our client.
Government of Singapore Investment Corp.
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel (65) 6889 8888
Fax (65) 6889 8722
http://www.gic.com.sg/
9.) TEMASEK HOLDINGS, Singapore, $157.5 Billion
Temasek's investment themes center on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications; media & technology; transportation & industrials; consumer & real estate; energy & resources; and life sciences.
Temasek Holdings
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Tel +65 6828 6828
Fax +65 6821 1188
http://www.temasek.com.sg/
10.) RUSSIA NATIONAL WELFARE FUND, $149.7 Billion
A combination of two funds, the National Wealth Fund and the Reserve fund:
The National Wealth Fund (NWF) is a part of federal budget assets. NWF is dedicated to support the pension system of the Russian Federation to guarantee long-term sound functioning of the system. Fund’s primary assignments are to co-finance voluntary pension savings of Russian citizens and to balance the budget of the Pension Fund of the Russian Federation.
The Reserve Fund is a part of the federal budget assets. The Reserve Fund is dedicated to ensure financing of the federal budget expenses and maintaining federal budget balance in case oil and gas budget revenues decline. The Reserve Fund contributes to stability of the Russian Federation economic development by means of reducing inflationary pressure and insulating national economy from volatility of earnings generated by export of non-renewable natural resources.
Russia National Welfare Fund
9 Ulitsa Ilyinka,
Moscow 109097
Tel (495) 987-91-01
Fax (495) 987-91-01
http://www1.minfin.ru/en/
++ A complete list of all the SWFs of the Middle East can be found in the sidebar of this blog in the SOVEREIGN WEALTH FUND LINKS section.
The SWFs are important to the Mega Project industry because many of them invest directly in the projects while others help to create an economic environment conducive to Mega Project development. I will give you the name of the SWF followed by the assets of the fund. A short description of the fund comes next along with complete contact information.
1.) ABU DHABI INVESTMENT AUTHORITY(ADIA), $627 Billion
Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally diversified investment institution that is wholly owned by the Government of the Emirate of Abu Dhabi.
ADIA manages a diversified global investment portfolio across more than two-dozen asset classes and sub-categories, including quoted equities, fixed income, real estate, private equity, alternatives and infrastructure.
Abu Dhabi Investment Authority
211 Corniche, PO Box 3600
Abu Dhabi, United Arab Emirates
Tel +971 2 415 0000
Fax +971 2 415 1000
http://www.adia.ae/En/home.aspx
2.) NORWAY GOVERNMENT PENSION FUND - GLOBAL, $593 Billion
NBIM(Norges Bank Investment Management) manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others NBIM and discussions in Parliament.
The ministry regularly transfers petroleum revenue to the fund. The capital is invested abroad, to avoid overheating the Norwegian economy and to shield it from the effects of oil price fluctuations. The fund invests in international equity and fixed-income markets and real estate. The aim is to have a diversified investment mix that will give the highest possible risk-adjusted return within the guidelines set by the ministry.
Norges Bank Investment Management (NBIM)
Bankplassen 2
P.O. Box 1179 Sentrum
NO-0107 Oslo, Norway
Tel +47 24 07 30 00
Fax +44 20 7534 9010
http://www.nbim.no/en/
3.) SAFE INVESTMENT COMPANY(State Administration of Foreign Exchange), China, $567.9 Billion
The State Administration of Foreign Exchange (SAFE) is responsible for managing China’s foreign exchange reserves. Top holdings include Royal Dutch Shell, Barclays, Tesco and Rio Tinto.
SAFE Investment Company
Huarong Plaza,
No.18 in Fucheng Road,
Haidian District, Beijing, 100048
Tel 68402265
http://www.safe.gov.cn/
4.) SAMA FOREIGN HOLDINGS, Saudi Arabia, $532.8 Billion
Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. Functions: issues national currency, the Saudi Riyal; acts as a banker to the government; supervises commercial banks; manages Kingdom’s foreign exchange reserves; conducts monetary policy for promoting price and exchange rate stability; promotes the growth and ensures the soundness of the financial system.
Saudi Arabian Monetary Agency
Al-Ma’ather Street
P.O. Box 2992
Riyadh 11169
Saudi Arabia
Tel +966-1- 463-3000
Fax +966-1- 466-2936 / 466-2966
http://www.sama.gov.sa/sites/SAMAEN/Pages/Home.aspx
5.) CHINA INVESTMENT CORPORATION, $482 Billion
China Investment Corporation (CIC) is an investment institution established as a wholly state-owned company under the Company Law of the People’s Republic of China and headquartered in Beijing. The mission of CIC is to make long-term investments that maximize risk adjusted financial returns for the benefit of its shareholder.
China Investment Corporation
New Poly Plaza,
No.1 Chaoyangmen Beidajie,
Dongcheng District, Beijing, 100010
Tel +86 (10) 8409 6167
Fax +86 (10) 6408 6731
http://www.china-inv.cn/cicen/
6.) KUWAIT INVESTMENT AUTHORITY, $296 Billion
The Kuwait Investment Authority (KIA) is an autonomous government body responsible
for the management and administration of the General Reserve Fund (GRF), and the
assets of the Future Generations Fund (FGF), as well as any other funds entrusted to it by the Minister of Finance for and on behalf of the State of Kuwait. KIA invests in the Local, Arab and International Markets with its main office located in Kuwait City and a branch office in London, UK.
Kuwait Investment Authority
Ministries Complex,
AlMurqab,
Kuwait City, Kuwait
Tel +(965)2485600
Fax +(965)2454059
http://www.kia.gov.kw/En/Pages/default.aspx
7.) HONG KONG MONETARY AUTHORITY, $293.3 Billion
The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. Its main functions are: maintaining currency stability within the framework of the Linked Exchange Rate system; promoting the stability and integrity of the financial system, including the banking system; helping to maintain Hong Kong's status as an international financial center, including the maintenance and development of Hong Kong's financial infrastructure; managing the Exchange Fund.
Hong Kong Monetary Authority
55th Floor
Two International Finance Centre
8 Finance Street
Central Hong Kong
Tel (852) 2878 8196
Fax (852) 2878 8197
http://www.hkma.gov.hk/eng
8.) GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION, $247.5 Billion
GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore. Our aim is to achieve good long-term returns for the Government - a reasonable risk-adjusted rate above global inflation over a 20-year investment horizon. By achieving these returns, we fulfil our responsibility to preserve and enhance Singapore's foreign reserves. The reserves provide a stream of income that can be spent or invested for the benefit of present and future generations. We do not own the funds we manage. We manage these funds on behalf of the Government of Singapore, our client.
Government of Singapore Investment Corp.
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel (65) 6889 8888
Fax (65) 6889 8722
http://www.gic.com.sg/
9.) TEMASEK HOLDINGS, Singapore, $157.5 Billion
Temasek's investment themes center on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications; media & technology; transportation & industrials; consumer & real estate; energy & resources; and life sciences.
Temasek Holdings
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Tel +65 6828 6828
Fax +65 6821 1188
http://www.temasek.com.sg/
10.) RUSSIA NATIONAL WELFARE FUND, $149.7 Billion
A combination of two funds, the National Wealth Fund and the Reserve fund:
The National Wealth Fund (NWF) is a part of federal budget assets. NWF is dedicated to support the pension system of the Russian Federation to guarantee long-term sound functioning of the system. Fund’s primary assignments are to co-finance voluntary pension savings of Russian citizens and to balance the budget of the Pension Fund of the Russian Federation.
The Reserve Fund is a part of the federal budget assets. The Reserve Fund is dedicated to ensure financing of the federal budget expenses and maintaining federal budget balance in case oil and gas budget revenues decline. The Reserve Fund contributes to stability of the Russian Federation economic development by means of reducing inflationary pressure and insulating national economy from volatility of earnings generated by export of non-renewable natural resources.
Russia National Welfare Fund
9 Ulitsa Ilyinka,
Moscow 109097
Tel (495) 987-91-01
Fax (495) 987-91-01
http://www1.minfin.ru/en/
++ A complete list of all the SWFs of the Middle East can be found in the sidebar of this blog in the SOVEREIGN WEALTH FUND LINKS section.
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