Farglory Group, one of the largest real estate developers in Asia, is preparing to release more ultra-prime units in its luxury development Maryah Plaza. The much-awaited event is in anticipation of demand in the second half of 2015 and will cater to investor and end-user preferences.
“Maryah Plaza’s initial launch was well received by domestic and international buyers. We have been listening closely to the market and have accommodated our unit designs to satisfy growing demand,” said Jack Hu, managing director of Farglory Middle East.
Maryah Plaza, located in Al Maryah Island’s new financial free zone, is the product of world-famous architect Lord Richard Rogers who is known for designing projects across the world such as London’s One Hyde Park and the Pompidou Centre in Paris. Maryah Plaza represents the architect’s first-ever project in the Middle East.
“We envisioned Maryah Plaza as a new emerging global icon and a benchmark for luxury,” said Hu. “That’s why we commissioned Lord Richard Rogers, one of the world’s greatest architects. Together we are building a new architectural landmark that will help to shape Abu Dhabi’s skyline on Al Maryah Island.”
Stationed at the waterfront, Maryah Plaza is a mixed-use development consisting of four steel towers. The largest tower will house offices, serviced apartments, and a boutique hotel. At ground level there will be restaurants, cafes, and shops.
Amenities include a clubhouse, zero-edge infinity pool, spa, gymnasium, and an outdoor art gallery with manicured green space.
“With the current positive growth outlook for Farglory in all its key markets, we are committed to fulfilling the market’s appetite for ultra-high-end property in the UAE’s capital city and exploring opportunities to match demand,” Hu said.
A silver sponsor at this year’s Cityscape Abu Dhabi, Farglory Group is a Taiwanese conglomerate established in 1969 with a portfolio of over 15 billion dollars. Farglory Group has completed over 700 projects across the world including China, the United States, Western Europe, and the Far East.
Tuesday, April 21, 2015
Sunday, April 19, 2015
Ajman Mega Project Al Zorah Going Strong
* Premier lifestyle project by Solidere International begins to take shape as phase one of the development comes to life
* Contract for final stage of infrastructure works valued at AED 115 million awarded
Ajman’s premier waterfront and organically connected lifestyle development project, Al Zorah has invested over AED 500 million in infrastructure, with the awarding of an AED 115 million contract for the final stage of Phase 1 infrastructure works. With the initial stages of infrastructure development already completed, the new contract to AIMS Group covers the rest of the road and utility networks to support all Phase one components of the premiere destination. The work is scheduled for completion in the fourth quarter of this year.
Located along the breathtaking natural peninsula on the coastline of Ajman, the flagship project of Al Zorah Development Company is spread over an area of 5.4 million sqm. Set apart from other destinations by its exotic setting of natural mangroves and seafront, Al Zorah blends the best of nature with the finest in modern amenities to create refined places for life. A freehold development encompassing 12 kms of waterfront, 1.6 kms of sandy beaches and a 700,000 sqm golf course, Al Zorah is slowly rising up from the ground to create unprecedented communal living at its best.
The first phase of the AED 2 billion development will welcome its first residents later this year. The key components that will provide a refreshing and vibrant lifestyle for residents and visitors include: a Beach Resort operated by Oberoi, a Beach Resort operated by Lux, an 18-hole Golf Course by Nicklaus Design, 42 premium residential villas on the golf course, serviced residential apartments, and The Pavilion, Al Zorah’s sales center.
The Phase 1 infrastructure works included the design, earthworks, work on four marinas that can accommodate over 200 boats, the 18-hole championship golf course, highway linking Sheikh Mohammed bin Zayed Road to Al Zorah, the entire road and utility network, bridge, and water edge protection across 3.5 km of waterfront.
Imad Dana, Chief Executive Officer of Al Zorah Development Company, said: “The foundations of the success of any property development project spread over such a large area like Al Zorah, is dependent on the connectivity of its individual components.
“We are committed to the comforts of our future residents right from the start and we are ensuring that the entire project is geared to provide a holistic lifestyle from day one when people move in. Al Zorah is all about creating that special value for our investors and we can see that vision coming to life already.”
The development is all set to energize Ajman bringing in a truly world-class lifestyle destination that will enhance the Emirate’s competitiveness and development.
++About Al Zorah Development Company:
The Al Zorah Development (Private) Company P.S.C marks the partnership between the Government of Ajman and Solidere International and is a Free Zone Company under the laws of Ajman, UAE. The company’s aim is to develop Al Zorah as a distinctive tourist and lifestyle destination.
++About Solidere International:
Solidere International (SI) is a master developer, a real estate developer, a development manager and a property manager. SI is a limited company registered in Dubai International Financial Center. Solidere sal of Lebanon is its founding shareholder. The Company’s shareholders include individual and institutional investors from the Middle East, Europe as well as international funds. SI draws on the extensive and mature expertise of Solidere sal to develop unique quality and professionally managed projects covering a broad array of properties from mixed-use communities to individual building in select markets, known as ‘Places for Life.’ Solidere International’s in-house expertise covers the full development value chain of property development from business planning, master planning, financing, construction management, marketing, sales and property management services. Solidere International is rapidly growing to become a premier regional and international property developer and development manager. The company is currently active in developing its own residential and mixed-use projects in Saudi Arabia, UAE, Lebanon and strengthening its presence in promising international markets.
* Contract for final stage of infrastructure works valued at AED 115 million awarded
Ajman’s premier waterfront and organically connected lifestyle development project, Al Zorah has invested over AED 500 million in infrastructure, with the awarding of an AED 115 million contract for the final stage of Phase 1 infrastructure works. With the initial stages of infrastructure development already completed, the new contract to AIMS Group covers the rest of the road and utility networks to support all Phase one components of the premiere destination. The work is scheduled for completion in the fourth quarter of this year.
Located along the breathtaking natural peninsula on the coastline of Ajman, the flagship project of Al Zorah Development Company is spread over an area of 5.4 million sqm. Set apart from other destinations by its exotic setting of natural mangroves and seafront, Al Zorah blends the best of nature with the finest in modern amenities to create refined places for life. A freehold development encompassing 12 kms of waterfront, 1.6 kms of sandy beaches and a 700,000 sqm golf course, Al Zorah is slowly rising up from the ground to create unprecedented communal living at its best.
The first phase of the AED 2 billion development will welcome its first residents later this year. The key components that will provide a refreshing and vibrant lifestyle for residents and visitors include: a Beach Resort operated by Oberoi, a Beach Resort operated by Lux, an 18-hole Golf Course by Nicklaus Design, 42 premium residential villas on the golf course, serviced residential apartments, and The Pavilion, Al Zorah’s sales center.
The Phase 1 infrastructure works included the design, earthworks, work on four marinas that can accommodate over 200 boats, the 18-hole championship golf course, highway linking Sheikh Mohammed bin Zayed Road to Al Zorah, the entire road and utility network, bridge, and water edge protection across 3.5 km of waterfront.
Imad Dana, Chief Executive Officer of Al Zorah Development Company, said: “The foundations of the success of any property development project spread over such a large area like Al Zorah, is dependent on the connectivity of its individual components.
“We are committed to the comforts of our future residents right from the start and we are ensuring that the entire project is geared to provide a holistic lifestyle from day one when people move in. Al Zorah is all about creating that special value for our investors and we can see that vision coming to life already.”
The development is all set to energize Ajman bringing in a truly world-class lifestyle destination that will enhance the Emirate’s competitiveness and development.
++About Al Zorah Development Company:
The Al Zorah Development (Private) Company P.S.C marks the partnership between the Government of Ajman and Solidere International and is a Free Zone Company under the laws of Ajman, UAE. The company’s aim is to develop Al Zorah as a distinctive tourist and lifestyle destination.
++About Solidere International:
Solidere International (SI) is a master developer, a real estate developer, a development manager and a property manager. SI is a limited company registered in Dubai International Financial Center. Solidere sal of Lebanon is its founding shareholder. The Company’s shareholders include individual and institutional investors from the Middle East, Europe as well as international funds. SI draws on the extensive and mature expertise of Solidere sal to develop unique quality and professionally managed projects covering a broad array of properties from mixed-use communities to individual building in select markets, known as ‘Places for Life.’ Solidere International’s in-house expertise covers the full development value chain of property development from business planning, master planning, financing, construction management, marketing, sales and property management services. Solidere International is rapidly growing to become a premier regional and international property developer and development manager. The company is currently active in developing its own residential and mixed-use projects in Saudi Arabia, UAE, Lebanon and strengthening its presence in promising international markets.
Wednesday, March 25, 2015
Mega Project Launched To Regenerate Old Medina of Casablanca, Morocco
* Wessal Capital, the investment fund with a unique SWF shareholding structure supports second stage of Casablanca re-development
* Growing investor confidence in Moroccan tourism market helps Wessal Capital, the investment arm overseeing the Wessal Casa-Port project, to secure additional €28 million of funding to support development
* Old Medina project builds on rich cultural heritage to reclaim Casablanca’s status as premier cultural, business and tourism destination
* The regeneration of the Old Medina is a response to local residents’ desire to improve their neighborhood and boost local economy
Morocco has begun the €28 million regeneration of the historic Old Medina of Casablanca, a vital part of the city’s history and one of its most appealing tourist attractions. The project is part of Wessal Capital’s €530 million Casa-Port project, which will transform Casablanca’s harbor and port area and help restore the city once known as the jewel of Morocco.
The restoration of the Old Medina is the second phase of the Casa-Port project, with work on the port redevelopment starting last week. When completed, Wessal Casa-Port will offer world-class tourism infrastructure, including the development of the city’s first marina, an upgraded port and new commercial and cultural spaces. The public-private partnership is due for completion in five years.
The historic Old Medina is one of Morocco’s most important cultural sites and the country’s largest medina, dating to the sixth century. It has been a focus for Casablanca’s commercial and civic life for centuries, including currently hosting seven mosques, three synagogues and a church – a testament to Morocco’s religious openness and sense of tolerance. The regeneration works include creating a 3.7 km tourist pathway winding through the medina and connecting with the new cruise ship terminal, going through all the major heritage buildings combining tradition and modernity in a way that inspires visitors and the people of Morocco.
Tourism is the second largest contributor to Morocco's GDP and is also the second biggest job creator, playing a vital role in the country’s overall economy. In 2013, tourist arrivals exceeded 10 million for the first time. However, Casablanca is often overlooked as a tourist attraction by visitors who instead prioritize travel to other parts of the country, such as Marrakech and Fes. Enhancing the appeal of the medina, which has long been the heart of the city, together with the coastline district, will help reposition Casablanca as a major destination for cultural, business and cruise tourism.
Morocco projects the investment in Wessal Casa-Port will help revitalize the economy, generating employment in a thriving tourism sector. The project is anticipated to double employment in the area and triple employment in areas indirectly linked to the project. Already 2000 jobs have been created in the construction phase alone, with 6000 more planned.
The project reflects His Majesty King Mohammed VI’s personal interest in the social and economic development of Casablanca, as well as the improvement of the standard of living of the city’s inhabitants.
The rehabilitation aligns with Morocco’s wider cultural, socio-economic and urban development strategy, which is improving living conditions, creating job opportunities, upgrading the city’s buildings and preserving Casablanca’s historical and cultural legacy.
This project in particular will support the aspirations of Casablanca’s youth. It has been designed to help them access new economic, social and cultural opportunities which support their own well-being and Morocco’s continued growth. Part of the rehabilitation program launched by the King includes setting up “work re-insertion centers”, especially focused on women and youth, to help some of the inhabitants acquire working skills and take advantage of the local job opportunities created by the vast infrastructure developments underway nearby. Another initiative is working to improve the marketing of handicraft products produced by the artisans of the medina.
* Growing investor confidence in Moroccan tourism market helps Wessal Capital, the investment arm overseeing the Wessal Casa-Port project, to secure additional €28 million of funding to support development
* Old Medina project builds on rich cultural heritage to reclaim Casablanca’s status as premier cultural, business and tourism destination
* The regeneration of the Old Medina is a response to local residents’ desire to improve their neighborhood and boost local economy
Morocco has begun the €28 million regeneration of the historic Old Medina of Casablanca, a vital part of the city’s history and one of its most appealing tourist attractions. The project is part of Wessal Capital’s €530 million Casa-Port project, which will transform Casablanca’s harbor and port area and help restore the city once known as the jewel of Morocco.
The restoration of the Old Medina is the second phase of the Casa-Port project, with work on the port redevelopment starting last week. When completed, Wessal Casa-Port will offer world-class tourism infrastructure, including the development of the city’s first marina, an upgraded port and new commercial and cultural spaces. The public-private partnership is due for completion in five years.
The historic Old Medina is one of Morocco’s most important cultural sites and the country’s largest medina, dating to the sixth century. It has been a focus for Casablanca’s commercial and civic life for centuries, including currently hosting seven mosques, three synagogues and a church – a testament to Morocco’s religious openness and sense of tolerance. The regeneration works include creating a 3.7 km tourist pathway winding through the medina and connecting with the new cruise ship terminal, going through all the major heritage buildings combining tradition and modernity in a way that inspires visitors and the people of Morocco.
Tourism is the second largest contributor to Morocco's GDP and is also the second biggest job creator, playing a vital role in the country’s overall economy. In 2013, tourist arrivals exceeded 10 million for the first time. However, Casablanca is often overlooked as a tourist attraction by visitors who instead prioritize travel to other parts of the country, such as Marrakech and Fes. Enhancing the appeal of the medina, which has long been the heart of the city, together with the coastline district, will help reposition Casablanca as a major destination for cultural, business and cruise tourism.
Morocco projects the investment in Wessal Casa-Port will help revitalize the economy, generating employment in a thriving tourism sector. The project is anticipated to double employment in the area and triple employment in areas indirectly linked to the project. Already 2000 jobs have been created in the construction phase alone, with 6000 more planned.
The project reflects His Majesty King Mohammed VI’s personal interest in the social and economic development of Casablanca, as well as the improvement of the standard of living of the city’s inhabitants.
The rehabilitation aligns with Morocco’s wider cultural, socio-economic and urban development strategy, which is improving living conditions, creating job opportunities, upgrading the city’s buildings and preserving Casablanca’s historical and cultural legacy.
This project in particular will support the aspirations of Casablanca’s youth. It has been designed to help them access new economic, social and cultural opportunities which support their own well-being and Morocco’s continued growth. Part of the rehabilitation program launched by the King includes setting up “work re-insertion centers”, especially focused on women and youth, to help some of the inhabitants acquire working skills and take advantage of the local job opportunities created by the vast infrastructure developments underway nearby. Another initiative is working to improve the marketing of handicraft products produced by the artisans of the medina.
Friday, March 13, 2015
Kuwait's Tamdeen Group To Go Ahead With US$700 Million Al Khiran Development
> 75,000-sqm high end ‘Outlet Mall’ with state-of-the-art entertainment and F&B components to showcase the project
> Resort style apartment living adjacent to a 5-star hotel with an international spa
Tamdeen Group – Kuwait’s leading mixed-use property developer that is reshaping the urban and social landscape of the country through innovative projects – has announced the multi-million dollar Al Khiran development which will be at the heart of the Sabah Al Ahmed Sea City.
Valued at US$700 million, the resort-style project which will be spread across 350,000-sqm of water-front, will eventually create significant opportunities for Kuwait’s tourism and business growth. A one-of-a-kind development, the project will include Kuwait’s first high-end Outlet Mall, two high-rise residential towers, one furnished apartments tower, a marina to house over 900 boats – the biggest in Kuwait - and a 5-star resort style hotel with an international spa component.
Launching the project, Mohammed Jassim Khalid Al Marzouq, Chairman of Tamdeen Group said: “We believe in Kuwait, in its economic future and its excellent legal systems. The new found cooperation between the Government and Parliament has given us even more confidence to invest further in Kuwait. Today we have projects worth US$2 billion in the pipeline.
“Kuwait is recognized as a country that has one of the world’s highest per capita incomes estimated at US$48,260, which means the country is well-placed to drive growth across different retail segments. It also remains one of the most underserviced markets in the GCC in terms of quality retail space.
“Kuwait’s economy is among the strongest in the region and in a country where 45 percent of the population is in the 20-39 years age range, household spending on international brands within the retail sector is on the rise. This is where Al Khiran will offer value not just in terms of shopping but an overall customer experience.”
The Tamdeen Group has been developing significant shopping center and mixed-use properties over the last two decades. The Group has built the iconic 360 MALL and the Al Kout waterfront project, both of which have become important symbols of Kuwait. Their unique architecture makes them one-of-a-kind destinations offering an unmatched shopping experience for their discerning customers. Al Khiran will add to that offering in its own unique way.
“We also believe that Kuwait has huge untapped potential for ‘conservative tourism’ and this project will attract people from our three large neighbors creating a new destination,” added Al Marzouq.
The 75,000-sqm luxury Outlet Mall within Al Khiran will have the finest mix of luxury and premium brands. The entire mall will have an outdoor ambiance with indoor streets covered by continuous skylights to provide natural light.
Designed by leading international architects RTKL, the mall will have a unique resort-style architecture which will incorporate traditional Arabic motifs. The mall’s façade will add to its identity providing a highly sustainable solution which filters light and provides shade. A continuous covered arcade will showcase the retail elements and provide comfortable seating for various restaurants.
A lot of thought and input has gone into landscaping design for the entire project which in itself will be an attraction for tourists and residents alike. A massive promenade covered with palms will create the pedestrian space between the mall and the marina. Celebrated landscape architects PWP from the USA have worked hard to create the landscape link for the entire project while providing terraced seating options for customers’ dining pleasure.
The most iconic landform will be at the center of the development. The Al Khiran Park with its rich and varied vegetation will include a variety of open air attractions for children as well as huge performance spaces. This in itself will create a powerful magnet for all of Kuwait.
Al Khiran will become the entertainment and commercial cornerstone of the new community at Sabah Al Ahmed Sea City and surrounding areas of over 200,000 people. The residences will provide a resort-style home-away-from-home for the discerning Kuwaiti with access to some of the finest leisure facilities, private swimming pools and a ‘beach front’. A 5-star hotel with an international spa will attract both Kuwaiti residents and tourists alike.
Al Marzouq further explained: “Tamdeen Group companies have been known to deliver high-end, world-class quality projects that rival the very best in the world. Kuwait has been witnessing a 6.6 percent average rise in tourism and increasing demand for luxury products and services. Projects like Al Khiran fulfil that national expectation and Tamdeen Group is honored to be a catalyst to the country’s overall economic, retail and tourism growth.”
Today, the Tamdeen Group of Companies has a combined paid up capital of US$1.35 billion with close to US$4 billion in assets, making the group one of Kuwait’s most significant private-sector players.
> Resort style apartment living adjacent to a 5-star hotel with an international spa
Tamdeen Group – Kuwait’s leading mixed-use property developer that is reshaping the urban and social landscape of the country through innovative projects – has announced the multi-million dollar Al Khiran development which will be at the heart of the Sabah Al Ahmed Sea City.
Valued at US$700 million, the resort-style project which will be spread across 350,000-sqm of water-front, will eventually create significant opportunities for Kuwait’s tourism and business growth. A one-of-a-kind development, the project will include Kuwait’s first high-end Outlet Mall, two high-rise residential towers, one furnished apartments tower, a marina to house over 900 boats – the biggest in Kuwait - and a 5-star resort style hotel with an international spa component.
Launching the project, Mohammed Jassim Khalid Al Marzouq, Chairman of Tamdeen Group said: “We believe in Kuwait, in its economic future and its excellent legal systems. The new found cooperation between the Government and Parliament has given us even more confidence to invest further in Kuwait. Today we have projects worth US$2 billion in the pipeline.
“Kuwait is recognized as a country that has one of the world’s highest per capita incomes estimated at US$48,260, which means the country is well-placed to drive growth across different retail segments. It also remains one of the most underserviced markets in the GCC in terms of quality retail space.
“Kuwait’s economy is among the strongest in the region and in a country where 45 percent of the population is in the 20-39 years age range, household spending on international brands within the retail sector is on the rise. This is where Al Khiran will offer value not just in terms of shopping but an overall customer experience.”
The Tamdeen Group has been developing significant shopping center and mixed-use properties over the last two decades. The Group has built the iconic 360 MALL and the Al Kout waterfront project, both of which have become important symbols of Kuwait. Their unique architecture makes them one-of-a-kind destinations offering an unmatched shopping experience for their discerning customers. Al Khiran will add to that offering in its own unique way.
“We also believe that Kuwait has huge untapped potential for ‘conservative tourism’ and this project will attract people from our three large neighbors creating a new destination,” added Al Marzouq.
The 75,000-sqm luxury Outlet Mall within Al Khiran will have the finest mix of luxury and premium brands. The entire mall will have an outdoor ambiance with indoor streets covered by continuous skylights to provide natural light.
Designed by leading international architects RTKL, the mall will have a unique resort-style architecture which will incorporate traditional Arabic motifs. The mall’s façade will add to its identity providing a highly sustainable solution which filters light and provides shade. A continuous covered arcade will showcase the retail elements and provide comfortable seating for various restaurants.
A lot of thought and input has gone into landscaping design for the entire project which in itself will be an attraction for tourists and residents alike. A massive promenade covered with palms will create the pedestrian space between the mall and the marina. Celebrated landscape architects PWP from the USA have worked hard to create the landscape link for the entire project while providing terraced seating options for customers’ dining pleasure.
The most iconic landform will be at the center of the development. The Al Khiran Park with its rich and varied vegetation will include a variety of open air attractions for children as well as huge performance spaces. This in itself will create a powerful magnet for all of Kuwait.
Al Khiran will become the entertainment and commercial cornerstone of the new community at Sabah Al Ahmed Sea City and surrounding areas of over 200,000 people. The residences will provide a resort-style home-away-from-home for the discerning Kuwaiti with access to some of the finest leisure facilities, private swimming pools and a ‘beach front’. A 5-star hotel with an international spa will attract both Kuwaiti residents and tourists alike.
Al Marzouq further explained: “Tamdeen Group companies have been known to deliver high-end, world-class quality projects that rival the very best in the world. Kuwait has been witnessing a 6.6 percent average rise in tourism and increasing demand for luxury products and services. Projects like Al Khiran fulfil that national expectation and Tamdeen Group is honored to be a catalyst to the country’s overall economic, retail and tourism growth.”
Today, the Tamdeen Group of Companies has a combined paid up capital of US$1.35 billion with close to US$4 billion in assets, making the group one of Kuwait’s most significant private-sector players.
Saturday, February 21, 2015
Completed GCC Construction Projects For 2014 Come In At Total Value $67.6 Billion
* 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.”
* 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.”
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
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