* Residential (US$28bn), Commercial (US$11.46bn) and Education (US$7.13bn) were the leading sectors
* Initial market indicators suggest sustained growth in 2015 with an estimated 21% increase in construction projects awarded across the GCC
* GCC interiors and fit-out market to remain buoyant with a forecasted 9% increase in value in 2015
DMG Events has announced the results of a commissioned study conducted by Ventures ME which revealed that construction projects across all building sectors worth US$67.6bn were completed in the GCC in 2014. The research also looked into 2015 and estimates projects for US$72bn (+6.5%) to be completed and US$103bn (+21.2%) to be awarded across the year. This is the fourth consecutive year that DMG Events, the company behind INDEX - the leading MENA Design Exhibition - has invested in the study, contributing to the global industry with useful regional market insights.
Overview of 2014 GCC Building Construction Projects:
2014 was another strong year for the construction market with residential (41.5%), commercial (16.97%) and educational (10.6%) segments representing the highest market shares. US$67.56bn worth of projects were completed with a further US$85bn worth of projects awarded. Hospitality, medical and retail buildings were also completed – with total values of US$4.4bn, US$3.72bn and US$854mn respectively. The top markets across all sectors bar retail were KSA and the UAE, with Qatar ranking top with completed retail projects worth US$362mn.
Overview of 2014 GCC Interior Contracting and Fit-out Market:
The value of the GCC Interior Contracting and Fit-out Market in 2014 was US$7.35bn – with KSA and the UAE showing the highest market share within the industry. KSA was the highest ranking market with a 43 percent share (US$3.4bn) followed by the UAE valued at US$2.3bn and representing a 31 percent market share.
For the second year running the residential sector accounted for almost half of the overall 2014 market with a market share of 41.95 percent (US$3.09bn). The commercial sector followed with a 17.15 percent share corresponding to a value of US$1.26bn and the hospitality sector with 13.51 percent share and a value of US$993mn – largely unchanged when compared to 2013.
2015 Forecast:
Looking ahead to 2015 projects, the Ventures ME Report highlighted that figures across both the building construction and interiors markets are both set to increase further.
US$72bn worth of completed projects and US$103bn worth of awarded projects are forecasted over the next 12 months; the interiors market is also likely to grow by 9 percent.
The Healthcare Sector is expected to grow by 91.12 percent from a value of US$3.72bn registered in 2014, to an estimated value of US$7.11bn for 2015. Qatar in particular will be the country with the majority of healthcare buildings completed worth a total value of US$2.43bn -followed by KSA with US$2.15bn and the UAE US$1.82bn.
Despite the huge increase in the Healthcare Sector, the building construction market will still be led by the residential and commercial sectors that together will account for over half of the market share concentrated particularly in KSA, the UAE and Qatar.
Interior Fit-out Market:
Out of an overall estimated market value of US$7.35bn, the Residential Sector will account for 41.95 percent and US$3.09bn in value, followed by the Commercial Sector at 17.15 percent and US$1.26bn of value and the Hospitality Sector with 13.51 percent and US$99mn in value.
When compared to 2014 figures, the Healthcare Sector will see the biggest growth with a huge 91.6 percent increase and reaching a value of US$569m. The Education Sector is expected to see the biggest drop in value by -13.72 percent from US$571m to US$492m.
Commenting on the figures released by Ventures ME, Frederique Maurell, Group Event Director for INDEX and workspace at INDEX, said: “2013 was a strong year for the GCC Building Construction market with almost all sectors showing significant growth. For 2014 we’ve seen continued growth with KSA, the UAE and Qatar doing particularly well. Looking ahead to 2015 the forecast for both awarded and completed projects shows further increases again with particularly exciting times ahead for the Residential and Commercial Sectors.”
Saturday, February 21, 2015
Tuesday, February 10, 2015
Gigantic Dubai Mall Beats All Records!
The Dubai Mall is ‘the Center of World Retail’ welcoming a record 80 million visitors in 2014
* Surpassing visitor arrivals at global airports and major tourist destinations, The Dubai Mall is the world’s most visited retail and lifestyle destination for fourth consecutive year
* One of the world’s Top 10 geo-tagged locations by Instagram, The Dubai Mall also leads in social media engagement globally
* Retailers record 14% growth in sales in 2014 compared to previous year; total tenant sales accounts for about 5% of Dubai’s GDP
Surpassing annual footfall figures achieved by the world’s most popular tourist destinations and key international airports, The Dubai Mall is once again the ‘world’s most-visited lifestyle destination’ welcoming over 80 million visitors in 2014.
For the fourth consecutive year, the flagship mall asset of Emaar Malls continues to appeal to global visitors and retail enthusiasts as a must-visit destination with its world class lifestyle, retail and entertainment offering.
Mohamad Alabbar, Chairman of Emaar Malls, said: “This is another historic milestone for Dubai, with a record 80 million visitors to The Dubai Mall in 2014. No other global tourist destination or even airports, which traditionally have the highest footfall, have achieved the significant visitor arrivals The Dubai Mall recorded.
“With wholesale and retail accounting for nearly 30 percent of Dubai’s real GDP, The Dubai Mall continues to make a sterling contribution to our city’s diversified economic growth, as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.”
The visitor numbers recorded in the mall were higher than footfall figures provided in 2014 by Business Insider for Times Square, New York City at 39.2 million; Niagara Falls at 22.5 million; Central Park New York at 37.5 million; Union Station, Washington DC at 32.85 million; Disneyworld’s Magic Kingdom Orlando at 17.5 million and Eiffel Tower in Paris at 7 million, among others.
The contribution of The Dubai Mall to the city’s retail sector is significant, and is estimated to account for about 5 percent of Dubai’s GDP. Tenant sales recorded across the mall’s 1,200 plus retail stores and 200 F&B outlets at the mall, cumulatively grew by 14 percent in 2014, with growth seen across categories including fashion, luxury jewelry, footwear, sports and recreation, health and beauty, entertainment and food.
The popularity of the mall as the must-visit destination was further highlighted by the strong social media engagement of The Dubai Mall from people around the world. One of the Top 10 geo-tagged locations globally on Instagram (@thedubaimall), the mall also has over 1.5 million fans on Facebook (www.facebook.com/TheDubaiMall), the highest for any shopping mall destination in the world.
The Dubai Mall also leads in social engagement over Twitter (@TheDubaiMall) with over 250,000 followers. The Twitter feed of the mall has the most audience in the UAE, which is 80 percent more than the second most popular Twitter handle from the UAE. It is also the fastest growing profile in the country.
Nasser Rafi, Chief Executive Officer of Emaar Malls, said: “We are proud to have welcomed 80 million visitors to The Dubai Mall, who enjoy our best in class retail, entertainment and leisure offers. We are committed to creating memorable experiences for our customers not only within the mall environment, but also to be engaging and connecting with people around the world on our social platforms.
“While we set records in visitor arrivals and social media engagement in 2014, we are now looking to take the mall experience to beyond the extraordinary with the expansion of our Fashion Avenue by adding another 1 million sqft (built up area) and a further 150 high-end and luxury international brands. Our vision is to deliver an unmatched experience for our visitors.”
As a world leader in family-leisure and entertainment, The Dubai Mall’s attractions also include SEGA Republic, the largest indoor theme park of its kind; KidZania®, the dedicated children’s city; Dubai Ice Rink, an Olympic sized ice rink; and the 22-screen Reel Cinemas that can seat over 2,800 people. The mall also serves as the gateway to At The Top, Burj Khalifa SKY, the world’s tallest observatory deck.
* Surpassing visitor arrivals at global airports and major tourist destinations, The Dubai Mall is the world’s most visited retail and lifestyle destination for fourth consecutive year
* One of the world’s Top 10 geo-tagged locations by Instagram, The Dubai Mall also leads in social media engagement globally
* Retailers record 14% growth in sales in 2014 compared to previous year; total tenant sales accounts for about 5% of Dubai’s GDP
Surpassing annual footfall figures achieved by the world’s most popular tourist destinations and key international airports, The Dubai Mall is once again the ‘world’s most-visited lifestyle destination’ welcoming over 80 million visitors in 2014.
For the fourth consecutive year, the flagship mall asset of Emaar Malls continues to appeal to global visitors and retail enthusiasts as a must-visit destination with its world class lifestyle, retail and entertainment offering.
Mohamad Alabbar, Chairman of Emaar Malls, said: “This is another historic milestone for Dubai, with a record 80 million visitors to The Dubai Mall in 2014. No other global tourist destination or even airports, which traditionally have the highest footfall, have achieved the significant visitor arrivals The Dubai Mall recorded.
“With wholesale and retail accounting for nearly 30 percent of Dubai’s real GDP, The Dubai Mall continues to make a sterling contribution to our city’s diversified economic growth, as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.”
The visitor numbers recorded in the mall were higher than footfall figures provided in 2014 by Business Insider for Times Square, New York City at 39.2 million; Niagara Falls at 22.5 million; Central Park New York at 37.5 million; Union Station, Washington DC at 32.85 million; Disneyworld’s Magic Kingdom Orlando at 17.5 million and Eiffel Tower in Paris at 7 million, among others.
The contribution of The Dubai Mall to the city’s retail sector is significant, and is estimated to account for about 5 percent of Dubai’s GDP. Tenant sales recorded across the mall’s 1,200 plus retail stores and 200 F&B outlets at the mall, cumulatively grew by 14 percent in 2014, with growth seen across categories including fashion, luxury jewelry, footwear, sports and recreation, health and beauty, entertainment and food.
The popularity of the mall as the must-visit destination was further highlighted by the strong social media engagement of The Dubai Mall from people around the world. One of the Top 10 geo-tagged locations globally on Instagram (@thedubaimall), the mall also has over 1.5 million fans on Facebook (www.facebook.com/TheDubaiMall), the highest for any shopping mall destination in the world.
The Dubai Mall also leads in social engagement over Twitter (@TheDubaiMall) with over 250,000 followers. The Twitter feed of the mall has the most audience in the UAE, which is 80 percent more than the second most popular Twitter handle from the UAE. It is also the fastest growing profile in the country.
Nasser Rafi, Chief Executive Officer of Emaar Malls, said: “We are proud to have welcomed 80 million visitors to The Dubai Mall, who enjoy our best in class retail, entertainment and leisure offers. We are committed to creating memorable experiences for our customers not only within the mall environment, but also to be engaging and connecting with people around the world on our social platforms.
“While we set records in visitor arrivals and social media engagement in 2014, we are now looking to take the mall experience to beyond the extraordinary with the expansion of our Fashion Avenue by adding another 1 million sqft (built up area) and a further 150 high-end and luxury international brands. Our vision is to deliver an unmatched experience for our visitors.”
As a world leader in family-leisure and entertainment, The Dubai Mall’s attractions also include SEGA Republic, the largest indoor theme park of its kind; KidZania®, the dedicated children’s city; Dubai Ice Rink, an Olympic sized ice rink; and the 22-screen Reel Cinemas that can seat over 2,800 people. The mall also serves as the gateway to At The Top, Burj Khalifa SKY, the world’s tallest observatory deck.
Wednesday, January 21, 2015
Nakheel Unveils Al Khail Avenue
Nakheel is set to launch 1.5 million square feet of shopping, dining and entertainment space at Al Khail Avenue, the latest project in the company’s growing retail portfolio.
Located at Nakheel’s Jumeirah Village Triangle community, alongside Dubai’s Al Khail Road, the mall will have 350 shops including a supermarket, department stores and specialty outlets, a multi-screen cinema, entertainment zone and a diverse range of cafes and restaurants including al fresco dining.
Al Khail Avenue, first announced during design stage in August 2014, will be a new destination for visitors and residents across Dubai, and a convenient, on-the-doorstep shopping and leisure hub for the tens of thousands of people living at Jumeirah Village, Jumeirah Park and other nearby areas. Nakheel expects to issue a construction tender in Q1 2015, with project completion anticipated in 2018.
Al Khail Avenue – named after its strategic location by one of Dubai’s busiest highways, Al Khail Road – will feature a modern geometric design and a central glass atrium letting in plenty of natural light. The mall’s diverse range of shops will be complemented by a wide selection of dining options, including a number of outdoor restaurants on a first floor promenade. There will also be a five-level car park for more than 4,400 vehicles.
Al Khail Avenue is the latest project in Nakheel’s growing portfolio of retail developments. The company has almost seven million square feet of leasable area in the pipeline, with malls underway at Palm Jumeirah, Deira Islands, Jumeirah Village Circle and Triangle; souks at Deira Islands and Warsan Village; major extensions to Dragon Mart and Ibn Battuta; and neighborhood retail centers – the first two of which opened last year – at several communities across Dubai.
Located at Nakheel’s Jumeirah Village Triangle community, alongside Dubai’s Al Khail Road, the mall will have 350 shops including a supermarket, department stores and specialty outlets, a multi-screen cinema, entertainment zone and a diverse range of cafes and restaurants including al fresco dining.
Al Khail Avenue, first announced during design stage in August 2014, will be a new destination for visitors and residents across Dubai, and a convenient, on-the-doorstep shopping and leisure hub for the tens of thousands of people living at Jumeirah Village, Jumeirah Park and other nearby areas. Nakheel expects to issue a construction tender in Q1 2015, with project completion anticipated in 2018.
Al Khail Avenue – named after its strategic location by one of Dubai’s busiest highways, Al Khail Road – will feature a modern geometric design and a central glass atrium letting in plenty of natural light. The mall’s diverse range of shops will be complemented by a wide selection of dining options, including a number of outdoor restaurants on a first floor promenade. There will also be a five-level car park for more than 4,400 vehicles.
Al Khail Avenue is the latest project in Nakheel’s growing portfolio of retail developments. The company has almost seven million square feet of leasable area in the pipeline, with malls underway at Palm Jumeirah, Deira Islands, Jumeirah Village Circle and Triangle; souks at Deira Islands and Warsan Village; major extensions to Dragon Mart and Ibn Battuta; and neighborhood retail centers – the first two of which opened last year – at several communities across Dubai.
Sunday, December 7, 2014
Richest Arabs 2014
Every year ArabianBusiness.com publishes their list of the World's Richest Arabs. They do a great job of finding the Arab Billionaires. Most of the Billionaires on the list are involved either directly or indirectly with the Mega Projects of the Middle East. For example, number one on the list, Prince Alwaleed, is building Kingdom Tower in Saudi Arabia which will be the tallest tower in the world when completed. And number twenty two on the list, Hussain Sajwani, is the Chairman of Damac Properties of Dubai.
Here is the complete World's Richest Arabs 2014 List followed by a link to ArabianBusiness.com where you can find a more detailed version of the list.
1. Prince Alwaleed bin Talal Al Saud, Saudi Arabia, 28.1bn
2. Olayan family, Saudi Arabia, 12.5bn
3. Joseph Safra, Brazil/Lebanon, 11.9bn
4. Sawiris family, Egypt, 11.3bn
5. Issam Al Zahid, Saudi Arabia, 11.2bn
6. Mohamed Bin Issa Al Jaber, Saudi Arabia, 9.2bn
7. Mohammed Al Amoudi, Saudi Arabia, 9bn
8. Binladin family, Saudi Arabia, 8.4bn
9. Kharafi family, Kuwait, 8.3bn
10. Majid Al Futtaim, UAE, 7.9bn
11. Al Ghurair family, UAE, 7bn
12. Bukhamseen family, Kuwait, 6.4bn
13. Tareq Al Qahtani, Saudi Arabia, 6.2bn
14. Kanoo family, Bahrain, 6bn
15. Toufic Aboukhater, Monaco/Palestine, 5.6bn
16. Bugshan family, Kuwait, 5.5bn
17. Mansour family, Egypt, 5.4bn
18. Mohammed Jameel, Saudi Arabia, 5.3bn
19. Abdullah Al Rushaid, Saudi Arabia, 5.1bn
20. Al Rajhi family, Saudi Arabia, 4.3bn
21. Mubarak Al Suweiket, Saudi Arabia, 4.3bn
22. Hussain Sajwani, UAE, 4bn
23. Al Muhaidib Family, Saudi Arabia, 3.5bn
24. Gargash family, UAE, 3.5bn
25. Alghanim family, Kuwait, 3.4bn
26. Adel Aujan, Saudi Arabia, 3.3bn
27. Taha Mikati, Lebanon, 3.2bn
28. Najib Mikati, Lebanon, 3.2bn
29. Mohammed Al Issa, Saudi Arabia, 3.15bn
30. Mohammed Jamjoom, Saudi Arabia, 3.1bn
31. Abdulatif Al Fozan, Saudi Arabia, 3.05bn
32. Issad Rebrab, Algeria, 3bn
33. Hayek Family, Switzerland/Lebanon, 2.9bn
34. Bahaa Hariri, Switzerland/Saudi Arabia, 2.8bn
35. Saad Hariri, Lebanon, 2.7bn
36. Ziad Manasir, Russia/Jordan, 2.6bn
37. Mohammed Elkhereiji, Switzerland/Saudi Arabia, 2.55bn
38. Osama Abudawood, Saudi Arabia, 2.51bn
39. Abdullah Al Futtaim, UAE, 2.5bn
40. Mansour Ojjeh, France/SaudiArabia, 2.45bn
41. Othman Benjelloun, Morocco, 2.4bn
42. Ayman Asfari, UK/Syria, 2.35bn
43. Mohammed Ibrahim, UK/Sudan, 2.2bn
44. Mohammed Al Barwani, Oman, 2bn
45. Nadhmi Auchi, UK/Iraq, 1.9bn
46. Saleh Kamel, Saudi Arabia, 1.85bn
47. Hasan Abdullah Ismaik, UAE/Jordan, 1.8bn
48. Mohammed Al Fayed, UK/Egypt, 1.7bn
49. Abdullah Al Rabiah, Saudi Arabia, 1.65bn
50. Anas Sefrioui, Morocco, 1.5bn
http://www.arabianbusiness.com/the-world-richest-arabs-2014-574217.html
Here is the complete World's Richest Arabs 2014 List followed by a link to ArabianBusiness.com where you can find a more detailed version of the list.
1. Prince Alwaleed bin Talal Al Saud, Saudi Arabia, 28.1bn
2. Olayan family, Saudi Arabia, 12.5bn
3. Joseph Safra, Brazil/Lebanon, 11.9bn
4. Sawiris family, Egypt, 11.3bn
5. Issam Al Zahid, Saudi Arabia, 11.2bn
6. Mohamed Bin Issa Al Jaber, Saudi Arabia, 9.2bn
7. Mohammed Al Amoudi, Saudi Arabia, 9bn
8. Binladin family, Saudi Arabia, 8.4bn
9. Kharafi family, Kuwait, 8.3bn
10. Majid Al Futtaim, UAE, 7.9bn
11. Al Ghurair family, UAE, 7bn
12. Bukhamseen family, Kuwait, 6.4bn
13. Tareq Al Qahtani, Saudi Arabia, 6.2bn
14. Kanoo family, Bahrain, 6bn
15. Toufic Aboukhater, Monaco/Palestine, 5.6bn
16. Bugshan family, Kuwait, 5.5bn
17. Mansour family, Egypt, 5.4bn
18. Mohammed Jameel, Saudi Arabia, 5.3bn
19. Abdullah Al Rushaid, Saudi Arabia, 5.1bn
20. Al Rajhi family, Saudi Arabia, 4.3bn
21. Mubarak Al Suweiket, Saudi Arabia, 4.3bn
22. Hussain Sajwani, UAE, 4bn
23. Al Muhaidib Family, Saudi Arabia, 3.5bn
24. Gargash family, UAE, 3.5bn
25. Alghanim family, Kuwait, 3.4bn
26. Adel Aujan, Saudi Arabia, 3.3bn
27. Taha Mikati, Lebanon, 3.2bn
28. Najib Mikati, Lebanon, 3.2bn
29. Mohammed Al Issa, Saudi Arabia, 3.15bn
30. Mohammed Jamjoom, Saudi Arabia, 3.1bn
31. Abdulatif Al Fozan, Saudi Arabia, 3.05bn
32. Issad Rebrab, Algeria, 3bn
33. Hayek Family, Switzerland/Lebanon, 2.9bn
34. Bahaa Hariri, Switzerland/Saudi Arabia, 2.8bn
35. Saad Hariri, Lebanon, 2.7bn
36. Ziad Manasir, Russia/Jordan, 2.6bn
37. Mohammed Elkhereiji, Switzerland/Saudi Arabia, 2.55bn
38. Osama Abudawood, Saudi Arabia, 2.51bn
39. Abdullah Al Futtaim, UAE, 2.5bn
40. Mansour Ojjeh, France/SaudiArabia, 2.45bn
41. Othman Benjelloun, Morocco, 2.4bn
42. Ayman Asfari, UK/Syria, 2.35bn
43. Mohammed Ibrahim, UK/Sudan, 2.2bn
44. Mohammed Al Barwani, Oman, 2bn
45. Nadhmi Auchi, UK/Iraq, 1.9bn
46. Saleh Kamel, Saudi Arabia, 1.85bn
47. Hasan Abdullah Ismaik, UAE/Jordan, 1.8bn
48. Mohammed Al Fayed, UK/Egypt, 1.7bn
49. Abdullah Al Rabiah, Saudi Arabia, 1.65bn
50. Anas Sefrioui, Morocco, 1.5bn
http://www.arabianbusiness.com/the-world-richest-arabs-2014-574217.html
Tuesday, December 2, 2014
GCC's Top Mega Projects Will Be?
The hunt is on to find the Gulf’s Project Of The Year. Currently some $2.7 Trillion worth of projects are planned or underway in the GCC, laying the foundations for the long-term, sustainable development of the region that will support the ambitions of the Gulf’s future generations. MEED(Middle East Economic Digest) aims to support these ambitions by recognizing and celebrating the best achievements of the region’s projects industry through its annual MEED Quality Awards for Projects, run in association with Mashreq.
Now in its fifth year, the MEED Quality Awards for Projects, in association with Mashreq, has established itself as the leading stamp of quality and achievement for companies operating in the GCC projects sector.
Previous winners of the coveted MEED Quality Project of the Year include the Burj Khalifa (UAE, 2011), Pearl GTL project (Qatar, 2012), Concourse A – Dubai International Airport (UAE, 2013), and Bahrain Petroleum Company’s (BAPCO) Install Refinery Wastewater Treatment Plant Project (Bahrain, 2014).
“The awards not only recognize the construction element of project delivery but also consider the value and quality of a project throughout its entire life cycle, from the design concept through to engineering and construction and its wider contribution to society and to the environment,” said Richard Thompson, Editorial Director, MEED.
Central to the success of the awards has been the authority provided by the core values of integrity, trust and transparency associated with MEED.
The judging process evaluates and recognizes the key organizations behind successful project completion across the GCC – including contractors, engineers, architects, consultants, developers and project owners. “We are delighted to partner with MEED for the third year to recognize the highest quality projects in the region,” said Julio Armando de Quesada, Group Head – Corporate Banking, Mashreq.
Last year, UAE-based projects won the most number of regional awards with four, including the Abu Dhabi National Oil Company’s (ADNOC) Integrated Gas Development Project, nominated by Abu Dhabi Gas Industries (GASCO), winning Industrial Project of the Year; and Dubai Electricity and Water Authority’s (DEWA) Mohammed Bin Rashid Al-Maktoum Solar Park Phase 1 Project, nominated by First Solar, taking home the Power Project of the Year trophy.
This trend of success for UAE projects is expected to continue as the amount of work in the Emirates increases. In the first 10 months of the year, 961 projects totaling $46.7bn, have been awarded in the UAE, making it the largest projects market in the Middle East, according to MEED Projects.
Notable projects completed this year and eligible for entry into the awards include: Takreer’s new $10bn 400,000 b/d refinery at Ruwais; Mubadala’s $1.5bn Cleveland Clinic in Abu Dhabi; the $550m Yas Mall by Aldar on Yas Island; and the $460m JW Marriott Marquis hotel in Dubai.
Saudi Arabia emerged triumphant with three regional awards, including the King Fahad National Library Project, nominated by Saudi Binladin Group & Gerber Architekten, which scooped the 2014 Social Project of the Year award; while the National Water Company’s Riyadh Water Supply Project won in the 2014 Water & Water Reuse Project of the Year category. MARS Inc.’s MARS Chocolate Factory Project, nominated by Hyder Consulting Middle East Ltd, won the 2014 Small Project of the Year award.
In 2014, the Kingdom is expected to award nearly $44bn worth of projects, owing in large part to the Riyadh Metro project. That project, valued at about $22.5bn, accounted for one quarter of the GCC’s total projects contract awards and about one half of Saudi Arabia’s total.
Qatar’s Baytna - Qatar's First Passivhaus Project, jointly owned by Qatar Green Building Council (QGBC), Barwa Real Estate Group (BRE) and Qatar General Electricity & Water Corporation (Kahramaa), and nominated by ETA Star Engineering & Contracting, received the 2014 Award for Innovation.
For Qatar’s project market, the outlook from now to 2020 is extremely strong. Although much of this has been attributed to its successful bid to stage the FIFA 2022 football World Cup, the reality is that the projects planned and underway are more about meeting the country’s National Vision 2030 than hosting the international sporting event. The combination of these two drivers leads to an active projects market estimated by regional projects tracker MEED Projects to be worth $285bn.
Significant investments have gone into Qatar’s transportation and shipping infrastructure, including the construction of the New Doha International Airport [now Hamad International], the New Doha Port and several Megacities such as Lusail and Msheireb. Additionally, the railway network project, estimated at $35bn, entails plans to extend shipping railways by 325 kilometers, and to connect Qatar’s rail networks to those of the other GCC countries.
While this year is set to be the most active for oil and gas contractors in Oman, 2015 will see several large schemes move ahead. With an estimated $2.4bn of engineering, procurement and construction (EPC) deals awarded in the year to date, 2014 has been the most active year for projects in Oman since 2006. The most important project in Oman is the $16bn Khazzan tight gas project being carried out by UK oil major BP. The government is planning to develop infrastructure across the Sultanate and also bolster Oman’s status as a luxury destination with several five-star hotel projects underway. The number of hotels rose from 224 to 282 in the five years to 2013, increasing the number of rooms by 37 percent. In 2013 the value added to the economy by the tourism sector increased by 45 percent to RO709m ($1.8bn) and the government is aiming to increase this further and welcome 4 million tourists by 2015.
In Bahrain, the government is embarking on a major capital spending program that includes transport projects, investment in utilities, the construction of low-cost housing, and a series of energy schemes intended to generate income for the country. GDP growth is forecast to be a healthy 3.5-4 percent this year, led by expansion in the non-oil sector.
The Avenues Project owned by the Mabanee Company, was awarded the 2013 GCC Leisure and Tourism Project of the Year. This year, the country is expected to compete strongly as the projects market has $3.7bn-worth of new orders placed so far in 2014, mostly in the transport and social infrastructure sectors. It has been a steady 2014 for contractors as work continues on existing projects and new work is awarded on major schemes. For existing work, there are currently $19bn of contracts in the execution phase, with just over $3bn set for completion this year.
The awards program will recognize projects completed between January 2013 and December 2014 across several categories, including Oil and Gas Project of the Year, Industrial Project of the Year, Power and Water Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Infrastructure Project of the Year, Building Project of the Year, Sustainable Project of the Year, Award for Innovation and Small Project of the Year.
The deadline for submission of projects has been set for December 17, 2014. Winners will be announced at the MEED Construction Leadership Summit taking place in May 26-27, 2015. The Summit is a high-end meeting place for the Gulf’s construction leaders and provides a much needed platform to promote open dialog between the leading contractors, consultants and clients that examines the strategic direction of the region’s construction industry, the challenges threatening it’s performance and those leading it’s change.
Now in its fifth year, the MEED Quality Awards for Projects, in association with Mashreq, has established itself as the leading stamp of quality and achievement for companies operating in the GCC projects sector.
Previous winners of the coveted MEED Quality Project of the Year include the Burj Khalifa (UAE, 2011), Pearl GTL project (Qatar, 2012), Concourse A – Dubai International Airport (UAE, 2013), and Bahrain Petroleum Company’s (BAPCO) Install Refinery Wastewater Treatment Plant Project (Bahrain, 2014).
“The awards not only recognize the construction element of project delivery but also consider the value and quality of a project throughout its entire life cycle, from the design concept through to engineering and construction and its wider contribution to society and to the environment,” said Richard Thompson, Editorial Director, MEED.
Central to the success of the awards has been the authority provided by the core values of integrity, trust and transparency associated with MEED.
The judging process evaluates and recognizes the key organizations behind successful project completion across the GCC – including contractors, engineers, architects, consultants, developers and project owners. “We are delighted to partner with MEED for the third year to recognize the highest quality projects in the region,” said Julio Armando de Quesada, Group Head – Corporate Banking, Mashreq.
Last year, UAE-based projects won the most number of regional awards with four, including the Abu Dhabi National Oil Company’s (ADNOC) Integrated Gas Development Project, nominated by Abu Dhabi Gas Industries (GASCO), winning Industrial Project of the Year; and Dubai Electricity and Water Authority’s (DEWA) Mohammed Bin Rashid Al-Maktoum Solar Park Phase 1 Project, nominated by First Solar, taking home the Power Project of the Year trophy.
This trend of success for UAE projects is expected to continue as the amount of work in the Emirates increases. In the first 10 months of the year, 961 projects totaling $46.7bn, have been awarded in the UAE, making it the largest projects market in the Middle East, according to MEED Projects.
Notable projects completed this year and eligible for entry into the awards include: Takreer’s new $10bn 400,000 b/d refinery at Ruwais; Mubadala’s $1.5bn Cleveland Clinic in Abu Dhabi; the $550m Yas Mall by Aldar on Yas Island; and the $460m JW Marriott Marquis hotel in Dubai.
Saudi Arabia emerged triumphant with three regional awards, including the King Fahad National Library Project, nominated by Saudi Binladin Group & Gerber Architekten, which scooped the 2014 Social Project of the Year award; while the National Water Company’s Riyadh Water Supply Project won in the 2014 Water & Water Reuse Project of the Year category. MARS Inc.’s MARS Chocolate Factory Project, nominated by Hyder Consulting Middle East Ltd, won the 2014 Small Project of the Year award.
In 2014, the Kingdom is expected to award nearly $44bn worth of projects, owing in large part to the Riyadh Metro project. That project, valued at about $22.5bn, accounted for one quarter of the GCC’s total projects contract awards and about one half of Saudi Arabia’s total.
Qatar’s Baytna - Qatar's First Passivhaus Project, jointly owned by Qatar Green Building Council (QGBC), Barwa Real Estate Group (BRE) and Qatar General Electricity & Water Corporation (Kahramaa), and nominated by ETA Star Engineering & Contracting, received the 2014 Award for Innovation.
For Qatar’s project market, the outlook from now to 2020 is extremely strong. Although much of this has been attributed to its successful bid to stage the FIFA 2022 football World Cup, the reality is that the projects planned and underway are more about meeting the country’s National Vision 2030 than hosting the international sporting event. The combination of these two drivers leads to an active projects market estimated by regional projects tracker MEED Projects to be worth $285bn.
Significant investments have gone into Qatar’s transportation and shipping infrastructure, including the construction of the New Doha International Airport [now Hamad International], the New Doha Port and several Megacities such as Lusail and Msheireb. Additionally, the railway network project, estimated at $35bn, entails plans to extend shipping railways by 325 kilometers, and to connect Qatar’s rail networks to those of the other GCC countries.
While this year is set to be the most active for oil and gas contractors in Oman, 2015 will see several large schemes move ahead. With an estimated $2.4bn of engineering, procurement and construction (EPC) deals awarded in the year to date, 2014 has been the most active year for projects in Oman since 2006. The most important project in Oman is the $16bn Khazzan tight gas project being carried out by UK oil major BP. The government is planning to develop infrastructure across the Sultanate and also bolster Oman’s status as a luxury destination with several five-star hotel projects underway. The number of hotels rose from 224 to 282 in the five years to 2013, increasing the number of rooms by 37 percent. In 2013 the value added to the economy by the tourism sector increased by 45 percent to RO709m ($1.8bn) and the government is aiming to increase this further and welcome 4 million tourists by 2015.
In Bahrain, the government is embarking on a major capital spending program that includes transport projects, investment in utilities, the construction of low-cost housing, and a series of energy schemes intended to generate income for the country. GDP growth is forecast to be a healthy 3.5-4 percent this year, led by expansion in the non-oil sector.
The Avenues Project owned by the Mabanee Company, was awarded the 2013 GCC Leisure and Tourism Project of the Year. This year, the country is expected to compete strongly as the projects market has $3.7bn-worth of new orders placed so far in 2014, mostly in the transport and social infrastructure sectors. It has been a steady 2014 for contractors as work continues on existing projects and new work is awarded on major schemes. For existing work, there are currently $19bn of contracts in the execution phase, with just over $3bn set for completion this year.
The awards program will recognize projects completed between January 2013 and December 2014 across several categories, including Oil and Gas Project of the Year, Industrial Project of the Year, Power and Water Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Infrastructure Project of the Year, Building Project of the Year, Sustainable Project of the Year, Award for Innovation and Small Project of the Year.
The deadline for submission of projects has been set for December 17, 2014. Winners will be announced at the MEED Construction Leadership Summit taking place in May 26-27, 2015. The Summit is a high-end meeting place for the Gulf’s construction leaders and provides a much needed platform to promote open dialog between the leading contractors, consultants and clients that examines the strategic direction of the region’s construction industry, the challenges threatening it’s performance and those leading it’s change.
Sunday, November 30, 2014
Indigo Properties 10 Tips For Buying A Villa In Dubai
Dubai is a melting pot of cultures, offering a comfortable living experience of a high quality. Constantly soaring to new heights and offering a plethora of options in all aspects from housing and education, to recreation and dining, Dubai is undoubtedly the finest place to make home. There is plenty of choice of accommodation in Dubai but villa community living is definitely a preference, offering space, privacy and comfort. Although, once you make up your mind to buy a villa, it is easy to get lost in the multitude of factors that must be considered. One of UAE’s premier property developers, Indigo Properties, helps make this process much easier by outlining 10 important features to consider when buying a villa in Dubai.
1. Location and Neighborhood
Location is key, as it will remain constant until the end of time. Consider the proximity of public transportation such as the Dubai Metro. Perhaps a Tram station is in walking distance? If you have children, research the closest nursery’s and schools. If you’re a newly married couple do the same, as a home is permanent and long-term factors should be taken into consideration. Locate the closest supermarket, pharmacy, clinic, shopping center, petrol station and all other amenities that you will require. Ideally a villa community should have its own retail center having a large spectrum of outlets. Self-contained living communities make for an ideal home. Study the neighborhood: income levels and age distribution. If it’s an off-plan development, the reputation of the developer, property prices and the quality of construction should give you a considerable idea.
2. Credentials of Developer
What is the quality of the developers’ previous projects? Do they deliver excellence? Do they meet or surpass what they have promised? Based on personal or friends’ past experiences, are they trustworthy? What is their track record for after-sale care and maintenance? A genuine property developer won’t just sell you a property and end the relationship there; they’ll cater to your needs and ensure that your decision is best for you. Do some first-hand research; attain referrals for passionate, sincere developers with quality projects.
3. Quality of Property/Construction
What sets apart a genuine property developer from others is the quality of the property offered. While some properties come as shell and core units, others, for the same price per square foot, offer wall fittings, marble flooring, state-of-the-art kitchen appliances, smart home systems and more, with the developers absorbing extra costs for your benefit. These developers work with the very best partners at every stage, from engineers to architects, from master developers to contractors, ensuring the best quality of design and construction, and develop to deliver outstanding properties, reducing any potential problems that may exist such as structural issues and damage. A high quality, well-structured property will surely prevent you from facing major expenses.
4. Size
Most people when looking for a house do not factor in the long term and how demands might change. You might be a young couple and hence you need little space, however, in a few years you might have a couple of little ones to take care of, relatives visiting often or parents living with you. Factor these possibilities in and look for a place with a minimum of three or four bedrooms. Always look for a property with all ensuite bedrooms. Large, spacious townhouses or villas contribute to a more comfortable living. Enormous windows allowing bright sunlight to flood in would accentuate the spaciousness of the rooms.
5. View
It would be hard to enjoy your morning coffee on a weekend, gazing through the window at power lines or at the fish market. Imagine instead looking out at a fresh stream of flowing water while listening to birds chirping perched on nearby trees. Imagine gazing out your window at the twinkling lights and magnificent skyline of this remarkably beautiful city as you savor your candlelit dinner. Although the view may not seem as most important, a view of water and greenery adds some sparks and wonder to one’s daily routine and melts the stress away.
6. Service Charges
Recurring monthly or yearly costs must be taken into consideration, including electricity and service charges. Keep in mind that certain reoccurring expenses will take place post-purchase for maintaining the community. Set some cash aside for these minor expenses. Contrary to popular belief, villas’ service charges are usually much lower on a per square foot basis than apartments.
7. Maintenance Standards
When contemplating buying the right house, ensure that the villa complex uses a reputable maintenance agency. Imagine how tedious it would be trying to find a suitable maintenance person to come fix a faucet that decided to burst at 5am. Find out about their availability and clean services provided; how often and well are community areas cleaned? More importantly, ensure that your safety is a priority – find out if smart home technology is offered in villas and townhouses, and what security systems are in place in apartment buildings. How much is being done to keep your community living safe and clean?
8. Amenities Available
Is the community self-contained? Does the building offer basic amenities? Having to drive 20 minutes to go to the gym each day would be quite a demotivating factor. How much easier would it be if all gym facilities, perhaps even group classes and personal trainers, were available just a street away? Get a thorough understanding of all amenities available. Is it a safely guarded gated community for children to play in? Are children’s playgrounds available? Is there a shared gym and swimming pool? These are just some amenities to consider, your list of desired amenities depends on what factors are important to you.
9. Garden Space
If you have young kids, you do not want them cooped up in a room. Lush landscaping or garden spaces allow children to run about in the fresh air and be close to nature. As for you, what is a better way to spend a weekend than to be lazing in the tranquility of your garden, reading a good book?
10. Re-sale Value
While buying a new home is a lifestyle change and usually more permanent, you may make different decisions in the future such as taking on a new job in another country or shifting elsewhere – a home with more bedrooms, a newer location. You may not wish to keep your property due to requiring finances to make the change, so upon purchase of a property it is helpful to consider what the re-sale value would be after a specific time period.
1. Location and Neighborhood
Location is key, as it will remain constant until the end of time. Consider the proximity of public transportation such as the Dubai Metro. Perhaps a Tram station is in walking distance? If you have children, research the closest nursery’s and schools. If you’re a newly married couple do the same, as a home is permanent and long-term factors should be taken into consideration. Locate the closest supermarket, pharmacy, clinic, shopping center, petrol station and all other amenities that you will require. Ideally a villa community should have its own retail center having a large spectrum of outlets. Self-contained living communities make for an ideal home. Study the neighborhood: income levels and age distribution. If it’s an off-plan development, the reputation of the developer, property prices and the quality of construction should give you a considerable idea.
2. Credentials of Developer
What is the quality of the developers’ previous projects? Do they deliver excellence? Do they meet or surpass what they have promised? Based on personal or friends’ past experiences, are they trustworthy? What is their track record for after-sale care and maintenance? A genuine property developer won’t just sell you a property and end the relationship there; they’ll cater to your needs and ensure that your decision is best for you. Do some first-hand research; attain referrals for passionate, sincere developers with quality projects.
3. Quality of Property/Construction
What sets apart a genuine property developer from others is the quality of the property offered. While some properties come as shell and core units, others, for the same price per square foot, offer wall fittings, marble flooring, state-of-the-art kitchen appliances, smart home systems and more, with the developers absorbing extra costs for your benefit. These developers work with the very best partners at every stage, from engineers to architects, from master developers to contractors, ensuring the best quality of design and construction, and develop to deliver outstanding properties, reducing any potential problems that may exist such as structural issues and damage. A high quality, well-structured property will surely prevent you from facing major expenses.
4. Size
Most people when looking for a house do not factor in the long term and how demands might change. You might be a young couple and hence you need little space, however, in a few years you might have a couple of little ones to take care of, relatives visiting often or parents living with you. Factor these possibilities in and look for a place with a minimum of three or four bedrooms. Always look for a property with all ensuite bedrooms. Large, spacious townhouses or villas contribute to a more comfortable living. Enormous windows allowing bright sunlight to flood in would accentuate the spaciousness of the rooms.
5. View
It would be hard to enjoy your morning coffee on a weekend, gazing through the window at power lines or at the fish market. Imagine instead looking out at a fresh stream of flowing water while listening to birds chirping perched on nearby trees. Imagine gazing out your window at the twinkling lights and magnificent skyline of this remarkably beautiful city as you savor your candlelit dinner. Although the view may not seem as most important, a view of water and greenery adds some sparks and wonder to one’s daily routine and melts the stress away.
6. Service Charges
Recurring monthly or yearly costs must be taken into consideration, including electricity and service charges. Keep in mind that certain reoccurring expenses will take place post-purchase for maintaining the community. Set some cash aside for these minor expenses. Contrary to popular belief, villas’ service charges are usually much lower on a per square foot basis than apartments.
7. Maintenance Standards
When contemplating buying the right house, ensure that the villa complex uses a reputable maintenance agency. Imagine how tedious it would be trying to find a suitable maintenance person to come fix a faucet that decided to burst at 5am. Find out about their availability and clean services provided; how often and well are community areas cleaned? More importantly, ensure that your safety is a priority – find out if smart home technology is offered in villas and townhouses, and what security systems are in place in apartment buildings. How much is being done to keep your community living safe and clean?
8. Amenities Available
Is the community self-contained? Does the building offer basic amenities? Having to drive 20 minutes to go to the gym each day would be quite a demotivating factor. How much easier would it be if all gym facilities, perhaps even group classes and personal trainers, were available just a street away? Get a thorough understanding of all amenities available. Is it a safely guarded gated community for children to play in? Are children’s playgrounds available? Is there a shared gym and swimming pool? These are just some amenities to consider, your list of desired amenities depends on what factors are important to you.
9. Garden Space
If you have young kids, you do not want them cooped up in a room. Lush landscaping or garden spaces allow children to run about in the fresh air and be close to nature. As for you, what is a better way to spend a weekend than to be lazing in the tranquility of your garden, reading a good book?
10. Re-sale Value
While buying a new home is a lifestyle change and usually more permanent, you may make different decisions in the future such as taking on a new job in another country or shifting elsewhere – a home with more bedrooms, a newer location. You may not wish to keep your property due to requiring finances to make the change, so upon purchase of a property it is helpful to consider what the re-sale value would be after a specific time period.
Thursday, November 27, 2014
Khayyat Contracting And Trading Sees Qatar Infrastructure Spending Reaching $200 Billion Over Next Decade
A leading contractor based in Doha sees total infrastructure investments in Qatar breaching the $200bn mark in the next 10 years.
Mohamad Moataz Al Khayyat, CEO, Al Khayyat Contracting and Trading, a leading international design and build company with its main headquarters in Doha, says state spending alone has been estimated to reach $160bn. He believes, however, that additional investments will pour in from the private sector to complement what the government is doing to boost infrastructure development in the country.
"Preparations for the World Cup, though a government driven activity, will also see external investments being made outside state funding to cash in on the windfall expected from staging the world's biggest sporting event. The retail industry will open up, as will the F&B sector. Tourism and hospitality will see further activity, beyond what the government is planning," said Al Khayyat.
The infrastructure spending is expected to boost Qatar’s non-oil economy, which EFG-Hermes predicts will expand by as much as 16 percent a year from next year until 2018.
The latest Arcadis Global Infrastructure Investment Spending Index already ranks Qatar as the second most attractive infrastructure investment destination in the world, behind only Singapore. "In the Gulf region, it leads all other nations and has maintained this ranking for the past two years - an affirmation of investor confidence in the country's potential to attract investments over and above what the state will spend," added Al Khayyat.
While the future prospects for Qatar's infrastructure projects market look promising, supply and construction costs issues will eventually surface and have to be addressed. Al Khayyat is currently developing many projects, and is feeling the burden of rising construction costs. By Al Khayyat’s estimates, prices of construction materials have increased by as much as 5-10% in the last twelve months.
Qatar has set its sights beyond the staging of the World Cup, ensuring the assets it has built over the next decade will have productive use beyond the event. "The infrastructure that will be put in place over the next few years, will accommodate the expected influx of tourists and new expatriate workers as Qatar’s economy continues to grow. The stadiums are already being earmarked for use by local clubs and tournaments as well as regional sporting events,” explained Al Khayyat.
Doha certainly has the liquidity and financial might to make its ambitions happen. And the private sector will also have a role to play in contributing to the future growth of Qatar.
++ About Khayyat Contracting and Trading (KCT) - KCT is a general construction company which has prominently emerged as a key construction contractor in Qatar with visionary leadership and highly experienced management. Its primary mission is to translate its vast professional expertise into construction landmarks within the potential of Qatari emerging markets by providing the highest level of integrity, innovative solutions, and continuous client support.
Mohamad Moataz Al Khayyat, CEO, Al Khayyat Contracting and Trading, a leading international design and build company with its main headquarters in Doha, says state spending alone has been estimated to reach $160bn. He believes, however, that additional investments will pour in from the private sector to complement what the government is doing to boost infrastructure development in the country.
"Preparations for the World Cup, though a government driven activity, will also see external investments being made outside state funding to cash in on the windfall expected from staging the world's biggest sporting event. The retail industry will open up, as will the F&B sector. Tourism and hospitality will see further activity, beyond what the government is planning," said Al Khayyat.
The infrastructure spending is expected to boost Qatar’s non-oil economy, which EFG-Hermes predicts will expand by as much as 16 percent a year from next year until 2018.
The latest Arcadis Global Infrastructure Investment Spending Index already ranks Qatar as the second most attractive infrastructure investment destination in the world, behind only Singapore. "In the Gulf region, it leads all other nations and has maintained this ranking for the past two years - an affirmation of investor confidence in the country's potential to attract investments over and above what the state will spend," added Al Khayyat.
While the future prospects for Qatar's infrastructure projects market look promising, supply and construction costs issues will eventually surface and have to be addressed. Al Khayyat is currently developing many projects, and is feeling the burden of rising construction costs. By Al Khayyat’s estimates, prices of construction materials have increased by as much as 5-10% in the last twelve months.
Qatar has set its sights beyond the staging of the World Cup, ensuring the assets it has built over the next decade will have productive use beyond the event. "The infrastructure that will be put in place over the next few years, will accommodate the expected influx of tourists and new expatriate workers as Qatar’s economy continues to grow. The stadiums are already being earmarked for use by local clubs and tournaments as well as regional sporting events,” explained Al Khayyat.
Doha certainly has the liquidity and financial might to make its ambitions happen. And the private sector will also have a role to play in contributing to the future growth of Qatar.
++ About Khayyat Contracting and Trading (KCT) - KCT is a general construction company which has prominently emerged as a key construction contractor in Qatar with visionary leadership and highly experienced management. Its primary mission is to translate its vast professional expertise into construction landmarks within the potential of Qatari emerging markets by providing the highest level of integrity, innovative solutions, and continuous client support.
Tuesday, November 18, 2014
Tilal City, Sharjah
Tilal Properties, the new joint venture between Sharjah Asset Management and Eskan Real Estate Development, launched Tilal City, a mixed-use community with a total cost of Dhs 2 billion and an area of 25 million square feet.
Attended by His Excellency Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Tilal Properties, as well as more than 300 VIP guests, the exclusive launch event in Sharjah’s Al Jawaher Convention Center offered attendees the opportunity to view the plans for the new sustainable, mixed-use community and register their interest in purchasing land plots for development.
Speaking at the event, HE Sheikh Sultan bin Ahmed Al Qasimi said that Tilal Properties, through the launch of its new city, seeks “to keep pace with the intellectual and urban development witnessed by Sharjah.”
He clarified that “Tilal City is one of a series of projects that will be implemented by Tilal Properties” and it will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah’s property market.
The Sharjah Executive Council has recently issued Resolution No. 26 of 2014, which, for the first time, allows foreign investors the right to own properties in Sharjah for up to 100 years. This resolution is expected to stimulate investment in the Emirate.
Pointing to the remarkable development witnessed by Sharjah in the real estate market, the Chairman of Tilal Properties said: “We all realize the importance of the real estate sector, which greatly contributes to the GDP and economic growth in general.”
He added: “Through Tilal City, we aspire to serve the real estate requirements of the Emirate and benefit all segments of the society. We also aspire to add this integrated model city to Sharjah’s tourist destinations.”
For his part, Khalifa Al Shaibani, Director General of Tilal Properties, said: “This development really sets Sharjah up as a destination for investors and prospective residents. We are building a new community that is of high-quality and of a modern design.”
He indicated that Tilal City would occupy a total area of 25 million square feet, including 13 million square feet for sale and 12 million square feet for public facilities, roads and parks.
The project, according to Al Shaibani, will comprise 1800 land plots. Split into five zones, it will provide high-quality, affordable housing for 65,000 residents in apartments, villas and townhouses. The construction of the infrastructure is well under way and will be complete in the first three zones by December 2016. Tilal City will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas.
The brand new city is strategically located on Emirates Road, close to the Al Dhaid interchange, just 10 kilometers from Sharjah’s International Airport and within convenient commuting distance to nearby Emirates.
Attended by His Excellency Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Tilal Properties, as well as more than 300 VIP guests, the exclusive launch event in Sharjah’s Al Jawaher Convention Center offered attendees the opportunity to view the plans for the new sustainable, mixed-use community and register their interest in purchasing land plots for development.
Speaking at the event, HE Sheikh Sultan bin Ahmed Al Qasimi said that Tilal Properties, through the launch of its new city, seeks “to keep pace with the intellectual and urban development witnessed by Sharjah.”
He clarified that “Tilal City is one of a series of projects that will be implemented by Tilal Properties” and it will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah’s property market.
The Sharjah Executive Council has recently issued Resolution No. 26 of 2014, which, for the first time, allows foreign investors the right to own properties in Sharjah for up to 100 years. This resolution is expected to stimulate investment in the Emirate.
Pointing to the remarkable development witnessed by Sharjah in the real estate market, the Chairman of Tilal Properties said: “We all realize the importance of the real estate sector, which greatly contributes to the GDP and economic growth in general.”
He added: “Through Tilal City, we aspire to serve the real estate requirements of the Emirate and benefit all segments of the society. We also aspire to add this integrated model city to Sharjah’s tourist destinations.”
For his part, Khalifa Al Shaibani, Director General of Tilal Properties, said: “This development really sets Sharjah up as a destination for investors and prospective residents. We are building a new community that is of high-quality and of a modern design.”
He indicated that Tilal City would occupy a total area of 25 million square feet, including 13 million square feet for sale and 12 million square feet for public facilities, roads and parks.
The project, according to Al Shaibani, will comprise 1800 land plots. Split into five zones, it will provide high-quality, affordable housing for 65,000 residents in apartments, villas and townhouses. The construction of the infrastructure is well under way and will be complete in the first three zones by December 2016. Tilal City will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas.
The brand new city is strategically located on Emirates Road, close to the Al Dhaid interchange, just 10 kilometers from Sharjah’s International Airport and within convenient commuting distance to nearby Emirates.
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