The five-star Salalah Rotana Resort is now officially opened in the capital of the southern Omani province of Dhofar. The stunning 400 room waterfront resort, part of the company’s steadily expanding Rotana Resorts, is the Sultante’s largest free-standing hotel in Oman.
“We pride ourselves in identifying desirable travel destinations and are excited to begin a new journey today at the first hotel to be operated by Rotana in Oman. Not only does it take us one step closer to reaching our ultimate vision but it has strengthened the company’s standing as the leading hotel management company in the region,” stated Omer Kaddouri, President & CEO of Rotana.
Set on the pristine Arabian coast only a stone’s throw from the famous Salalah Beach, each of the resort’s luxury rooms and suites are positioned directly on unique lagoons or nestled around water features and an elaborate network of man made waterways which connect the property to the Indian Ocean and which are filled with 105,000m2 of seawater refreshed every four days using natural tidal patterns.
Salalah Rotana Resort sits at one with nature, and has been designed to offer guests a distinctive sense of calm. Drawing inspiration from the landscape’s natural beauty and culture, the heart of the hotel boasts high ceilings and a central internally-lit handmade red clay dome complementing the wooden finishing and decorative mashrabiya latticework windows. The in-room furnishings have been carved from desert rock while Arabesque geometric designs and stone archways, constructed using traditional techniques, resemble a cathedral atrium.
Ranging from 43 sq meters to 143 sq meters, Salalah Rotana Resort boasts some of the most spacious accommodations in Oman. Private terraces or balconies, ensuite bathrooms and generous living areas in each room and suite allows for optimal privacy and superior comfort in a grand setting. The perfect destination for every type of traveller, the resort’s wide variety of dining options range from casual beachside cuisine and all-day-dining to fine dining Middle Eastern and Western fare.
Guests looking to rejuvenate and rebalance the body can make use of the Bodylines leisure and fitness club and impressive outdoor pool or indulge in spa treatments at Zen the spa, Rotana’s home-grown spa concept derived from ancient holistic Asian philosophies, which includes eight single-sex only treatment rooms and blends natural Omani elements with holistic treatments and rituals including full body massages, facials and soothing wraps.
Business visitors will benefit from a superb range of meeting rooms and a state of the art Business Center in addition to an array of business and leisure facilities.
Whether socializing at The Beach Bar & Restaurant, relaxing by the poolside or spending time with children in the sophisticated playful Kid’s Club, Salalah Rotana Resort exceeds the expectations of the most discerning guest.
++ I am glad to see Oman developing their own kind of Mega Projects that fit perfectly with the overall environment of the Sultanate.
Here is a link to the Salalah Rotana Resort site:
http://www.rotana.com/rotanahotelandresorts/oman/salalah/salalahrotanaresort
Monday, March 24, 2014
Thursday, March 20, 2014
Qatar Registers Second Highest Growth Rate In GCC Projects Market
Qatar’s projects market grew 26 percent last year, the second highest growth rate in the GCC, where project awards increased overall by 21 percent between 2012 and 2013, the first growth year since 2009.
The data was presented in a breakfast briefing at the Qatar Projects Conference, where a MEED Insight report detailed a comprehensive review of the GCC projects market from 2008-2013. The report said 2008 was a landmark year for Qatar, when over $22bn worth of projects were awarded predominantly by the construction and power sectors for megaprojects such as Ras Girtas Power & Water, Kharamaa Transmission Phase VIII, Barwa City Development and the Lusail Development.
Fast forward to 2013, Qatar maintains its momentum, awarding as much as $20bn on projects such as Qrail’s Doha Metro Red and Green Lines and several stations, which account for 41 percent of all projects awarded in the country.
Overall, during the period in review from 2008-2013, Qatar’s project market accounted for 12 percent ($96bn) of the total projects awarded in the GCC, for a massive outlay of an average of $16bn a year.
MEED Insight expects a robust 2014, with project awards estimated to range between $140-150bn. The outlook is also positive over the long-term, as GCC economies continue to grow and as the population explodes requiring further investments in infrastructure.
Challenges will most likely come from stiffer competition as contractors from Asia move to gain a bigger share of the market; and financing will play a factor in ensuring projects are not delayed.
Meanwhile, Elie Andraos, General Manager of Al Maysan, says the steady growth of the projects market is a great opportunity for heavy equipment and machinery suppliers. “Our participation in MEED’s Qatar Projects Conference 2014 is due to its importance in attracting local and international contractors. This conference is considered as a unique opportunity to display SANY’s heavy equipment and its proven reliability and quality in major construction projects in the GCC region. We are delighted to have participated, as it falls in line with Qatar’s 2030 vision in all aspects, particularly economic and construction,” he added.
Qatar Projects Conference concluded successfully, with optimism high among project stakeholders about the continued expansion of the projects market in Qatar. This year’s conference was supported by Samsung as the Official Technology Partner, Qatar Steel as Associate Partner, Mashreq and Global Building Solutions as Silver Sponsors, Parsons, Al Maysan and Larsen & Toubro as Bronze Sponsors.
Other corporate partners include Ibq (Gala Dinner Sponsor), Qatar Insurance Group (Lunch Sponsor), SEIB (Dedicated Partner and Breakfast Sponsor), PWC (as Reception Sponsor), HSBC (Masterclass Sponsor), Drake & Scull, ECG Engineering Consultants Group SA, Zurich Insurance and Hill International as Conference sponsors; and Shapoorji Pallonji as the Networking Sponsor.
Exhibiting companies include Al Jaber Engineering, ASTAD Project Management, International Aramoon Co Ltd as well as Salfo and Associates SA.
The data was presented in a breakfast briefing at the Qatar Projects Conference, where a MEED Insight report detailed a comprehensive review of the GCC projects market from 2008-2013. The report said 2008 was a landmark year for Qatar, when over $22bn worth of projects were awarded predominantly by the construction and power sectors for megaprojects such as Ras Girtas Power & Water, Kharamaa Transmission Phase VIII, Barwa City Development and the Lusail Development.
Fast forward to 2013, Qatar maintains its momentum, awarding as much as $20bn on projects such as Qrail’s Doha Metro Red and Green Lines and several stations, which account for 41 percent of all projects awarded in the country.
Overall, during the period in review from 2008-2013, Qatar’s project market accounted for 12 percent ($96bn) of the total projects awarded in the GCC, for a massive outlay of an average of $16bn a year.
MEED Insight expects a robust 2014, with project awards estimated to range between $140-150bn. The outlook is also positive over the long-term, as GCC economies continue to grow and as the population explodes requiring further investments in infrastructure.
Challenges will most likely come from stiffer competition as contractors from Asia move to gain a bigger share of the market; and financing will play a factor in ensuring projects are not delayed.
Meanwhile, Elie Andraos, General Manager of Al Maysan, says the steady growth of the projects market is a great opportunity for heavy equipment and machinery suppliers. “Our participation in MEED’s Qatar Projects Conference 2014 is due to its importance in attracting local and international contractors. This conference is considered as a unique opportunity to display SANY’s heavy equipment and its proven reliability and quality in major construction projects in the GCC region. We are delighted to have participated, as it falls in line with Qatar’s 2030 vision in all aspects, particularly economic and construction,” he added.
Qatar Projects Conference concluded successfully, with optimism high among project stakeholders about the continued expansion of the projects market in Qatar. This year’s conference was supported by Samsung as the Official Technology Partner, Qatar Steel as Associate Partner, Mashreq and Global Building Solutions as Silver Sponsors, Parsons, Al Maysan and Larsen & Toubro as Bronze Sponsors.
Other corporate partners include Ibq (Gala Dinner Sponsor), Qatar Insurance Group (Lunch Sponsor), SEIB (Dedicated Partner and Breakfast Sponsor), PWC (as Reception Sponsor), HSBC (Masterclass Sponsor), Drake & Scull, ECG Engineering Consultants Group SA, Zurich Insurance and Hill International as Conference sponsors; and Shapoorji Pallonji as the Networking Sponsor.
Exhibiting companies include Al Jaber Engineering, ASTAD Project Management, International Aramoon Co Ltd as well as Salfo and Associates SA.
Wednesday, March 12, 2014
Marjan Island Resort & Spa Opens in Ras Al Khaimah
Located on a private island off the coast of Ras Al Khaimah, Marjan Island Resort and Spa opened its doors to the public this month. Offering spacious and sumptuously decorated accommodations, the resort boasts a total of 302 rooms and suites with large balconies from which guests can view idyllic island sunsets with the warm waters of the Arabian Gulf right on the doorstep. All rooms and suites, designed in palatial grandeur and thoughtfully decorated with Arabian touches, feature exclusive amenities and advanced interactive multimedia systems.
Marjan Island Resort and Spa prides itself on being a true family destination with a superb range of facilities and activities for even the very youngest of guests, including an indoor-outdoor playground, Pirate’s Club, Youngsters Entertainment Fun Center, dedicated children’s swimming pool and a host of watersports on the island’s two pristine beaches. Visitors will discover a variety of delectable dining outlets on the resort’s 1-km seafront boardwalk.
Relaxation and wellbeing are essential elements of the resort’s vision, with an entire floor dedicated to the La’Mar Holistic Wellness Spa which houses separate ladies and gentlemen’s treatment rooms, Hamams, steam rooms, saunas, Jacuzzis, gyms and an indoor swimming pool. Guests can book an appointment with a nutritionist or a cosmetic specialist, which forms part of the resort’s extensive wellbeing facility.
For business there is no need to leave the resort. With a 250-person ballroom, fully serviced business center as well as a boardroom and various breakout rooms, executives and decision-makers will have everything they need to get the job done.
“I’ve been in the hotel business for over 30 years, and you don’t get opportunities like this very often, to work in a destination as beautiful and rewarding as Marjan Island - Ras Al Khaimah, managing a property as amazing as Marjan Island Resort and Spa,” said Roger Tannous - General Manager, a Lebanese national who is also fluent in English and French and Arabic. “I am thrilled to be working with Marjan Island Resort and Spa’s management and owners. This resort is a one-of-a-kind, offering families a complete immersion in an authentic, intimate Arabian experience soaking up the culture, hospitality, tranquility and stunning surroundings, and that remains truer today than ever before.”
“We already have such an incredible property, the type of place where you can spend a week and not go out at all, just soaking up the cultural experience and one of the regions’ biggest spas, fine restaurants and lavish guest rooms,” said Khalid Motik – EAM Marjan Island Resort & Spa.
“We are confident that now is the time to bring Marjan Island Resort and Spa Ras Al Khaimah to the world. We have listened carefully to what our customers are looking for and we have taken the necessary time to ensure the product offering is just right. It has been meticulously planned and we are extremely happy with the result.” Mr. Motik further added.
++ Marjan Island Resort and Spa is owned by Manazil Real Estate Group of Sharjah and managed by InnovationZ Hospitality Group, specialists in resort operations, and is located on a private island off the coast of Ras Al Khaimah in the United Arab Emirates. They have done a great job with the development of this Mega Project! Here is a link to their website:
http://www.marjanislandresort.com/
Marjan Island Resort and Spa prides itself on being a true family destination with a superb range of facilities and activities for even the very youngest of guests, including an indoor-outdoor playground, Pirate’s Club, Youngsters Entertainment Fun Center, dedicated children’s swimming pool and a host of watersports on the island’s two pristine beaches. Visitors will discover a variety of delectable dining outlets on the resort’s 1-km seafront boardwalk.
Relaxation and wellbeing are essential elements of the resort’s vision, with an entire floor dedicated to the La’Mar Holistic Wellness Spa which houses separate ladies and gentlemen’s treatment rooms, Hamams, steam rooms, saunas, Jacuzzis, gyms and an indoor swimming pool. Guests can book an appointment with a nutritionist or a cosmetic specialist, which forms part of the resort’s extensive wellbeing facility.
For business there is no need to leave the resort. With a 250-person ballroom, fully serviced business center as well as a boardroom and various breakout rooms, executives and decision-makers will have everything they need to get the job done.
“I’ve been in the hotel business for over 30 years, and you don’t get opportunities like this very often, to work in a destination as beautiful and rewarding as Marjan Island - Ras Al Khaimah, managing a property as amazing as Marjan Island Resort and Spa,” said Roger Tannous - General Manager, a Lebanese national who is also fluent in English and French and Arabic. “I am thrilled to be working with Marjan Island Resort and Spa’s management and owners. This resort is a one-of-a-kind, offering families a complete immersion in an authentic, intimate Arabian experience soaking up the culture, hospitality, tranquility and stunning surroundings, and that remains truer today than ever before.”
“We already have such an incredible property, the type of place where you can spend a week and not go out at all, just soaking up the cultural experience and one of the regions’ biggest spas, fine restaurants and lavish guest rooms,” said Khalid Motik – EAM Marjan Island Resort & Spa.
“We are confident that now is the time to bring Marjan Island Resort and Spa Ras Al Khaimah to the world. We have listened carefully to what our customers are looking for and we have taken the necessary time to ensure the product offering is just right. It has been meticulously planned and we are extremely happy with the result.” Mr. Motik further added.
++ Marjan Island Resort and Spa is owned by Manazil Real Estate Group of Sharjah and managed by InnovationZ Hospitality Group, specialists in resort operations, and is located on a private island off the coast of Ras Al Khaimah in the United Arab Emirates. They have done a great job with the development of this Mega Project! Here is a link to their website:
http://www.marjanislandresort.com/
Sunday, January 19, 2014
Completed GCC Construction Projects Up 27 Percent In Value For 2013
++ Total value of completed projects reached US$69.91bn
++ Residential (US$30.3bn), Commercial (US$12.7bn) and Education (US$7.01bn) were the leading sectors
++ GCC Interior Contracting and Fit-out Market also increased by 8 percent
++ A further 17 percent and 18 percent increase forecasted in 2014 for the Construction and Interiors Markets respectively
Construction projects across all building sectors worth US$69.91bn were completed in the GCC in 2013 according to a study conducted by Ventures ME and commissioned by DMG Events. The research also looks into 2014 and estimates projects for US$83.41bn (+17.43%) to be completed and US$82.2bn to be awarded across the year. US$7.81bn is the value of the related 2013 GCC Interior Contracting and Fit-out Market that registered an 8 percent increase compared to 2012 and is expected to increase by another 18 percent this year.
This is the third consecutive year that DMG Events, the company behind INDEX - the leading MENA Design exhibition – and workspace at INDEX, has invested in the study, contributing to the global industry with useful regional market insights.
Overview of 2013 GCC Building Construction Projects:
With residential (43.3%), commercial (18.2%) and educational (10%) segments leading the way, 2013 has been a positive year for the construction market. US$69.91bn worth of projects were completed with a further US$71bn worth of projects awarded. Hospitality, medical and retail buildings were also completed – with total values of US$4.6bn, US$2.4bn and US$1.8bn respectively.
KSA and the UAE rank in the top two positions for all sectors with the exception of education and healthcare for which Qatar ranks top with completed projects worth US$4.6bn in the educational segment (KSA: US$1.01bn; UAE: US$714m) and worth US$1.12bn in the healthcare segment (KSA US$482m; UAE US$570m).
Overview of 2013 GCC Interior Contracting and Fit-out Market:
The value of the GCC Interior Contracting and Fit-out Market in 2013 was US$7.81bn – an increase of 8 percent when compared to 2012. KSA was the largest market with a 47.4 percent share (US$3.7bn) followed by the UAE and Qatar valued at US$2.39bn and US$953m respectively. The residential sector accounted for almost half of the overall 2013 market with a market share of 42.6 percent (US$3.33bn). The commercial sector followed with a 17.9 percent share corresponding to a value of US$1.40bn and the hospitality sector with 13.4 percent share and a value of US$1.05bn.
2014 Forecast:
According to the Ventures ME study, figures for 2014 are expected to increase further for both the building construction and interiors markets. US$83.41bn worth of completed projects and US$82.8bn worth of awarded projects are forecasted over the next 12 months; the interiors market is also likely to grow by 18 percent and reach an estimated value of US$9.2bn by the end of the year.
Building Construction Market 2014 Forecast:
The Healthcare Sector is expected to grow by 250 percent from a value of US$2.4bn registered in 2013, to an estimated value of US$8.4bn. The UAE in particular will be the country with the majority of healthcare buildings completed worth a total value of US$3.19bn - almost five times the value registered in 2013 - followed by KSA with US$3.09bn and Qatar US$1.7bn. Kuwait is also worth highlighting with the value of projects completed moving from US$47m in 2013 to an estimated US$317m in 2014.
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 2014 Forecast:
Out of an overall estimated market value of US$9.2bn, the Residential Sector will account for 35.9 percent and US$3.33bn in value, followed by the Hospitality Sector at 19.8 percent and US$1.82bn of value and the Commercial Sector with 15.7 percent and US$ 1.44bn in value. When compared to 2013 figures, the Healthcare Sector will see the biggest growth with a huge 256 percent increase and reaching a value of US$672m. The Retail Interiors Market is expected to see the biggest drop in value from US$393m to US$308m.
Commenting on the figures released by Ventures ME, Frederique Maurell, Group Event Director for INDEX and workspace at INDEX, said: “Most segments of the GCC Building Construction market have recovered significantly from the downturn and 2013 has been positive with residential, education and hospitality segments in particular showing signs of growth and a strong recovery.”
++ Residential (US$30.3bn), Commercial (US$12.7bn) and Education (US$7.01bn) were the leading sectors
++ GCC Interior Contracting and Fit-out Market also increased by 8 percent
++ A further 17 percent and 18 percent increase forecasted in 2014 for the Construction and Interiors Markets respectively
Construction projects across all building sectors worth US$69.91bn were completed in the GCC in 2013 according to a study conducted by Ventures ME and commissioned by DMG Events. The research also looks into 2014 and estimates projects for US$83.41bn (+17.43%) to be completed and US$82.2bn to be awarded across the year. US$7.81bn is the value of the related 2013 GCC Interior Contracting and Fit-out Market that registered an 8 percent increase compared to 2012 and is expected to increase by another 18 percent this year.
This is the third consecutive year that DMG Events, the company behind INDEX - the leading MENA Design exhibition – and workspace at INDEX, has invested in the study, contributing to the global industry with useful regional market insights.
Overview of 2013 GCC Building Construction Projects:
With residential (43.3%), commercial (18.2%) and educational (10%) segments leading the way, 2013 has been a positive year for the construction market. US$69.91bn worth of projects were completed with a further US$71bn worth of projects awarded. Hospitality, medical and retail buildings were also completed – with total values of US$4.6bn, US$2.4bn and US$1.8bn respectively.
KSA and the UAE rank in the top two positions for all sectors with the exception of education and healthcare for which Qatar ranks top with completed projects worth US$4.6bn in the educational segment (KSA: US$1.01bn; UAE: US$714m) and worth US$1.12bn in the healthcare segment (KSA US$482m; UAE US$570m).
Overview of 2013 GCC Interior Contracting and Fit-out Market:
The value of the GCC Interior Contracting and Fit-out Market in 2013 was US$7.81bn – an increase of 8 percent when compared to 2012. KSA was the largest market with a 47.4 percent share (US$3.7bn) followed by the UAE and Qatar valued at US$2.39bn and US$953m respectively. The residential sector accounted for almost half of the overall 2013 market with a market share of 42.6 percent (US$3.33bn). The commercial sector followed with a 17.9 percent share corresponding to a value of US$1.40bn and the hospitality sector with 13.4 percent share and a value of US$1.05bn.
2014 Forecast:
According to the Ventures ME study, figures for 2014 are expected to increase further for both the building construction and interiors markets. US$83.41bn worth of completed projects and US$82.8bn worth of awarded projects are forecasted over the next 12 months; the interiors market is also likely to grow by 18 percent and reach an estimated value of US$9.2bn by the end of the year.
Building Construction Market 2014 Forecast:
The Healthcare Sector is expected to grow by 250 percent from a value of US$2.4bn registered in 2013, to an estimated value of US$8.4bn. The UAE in particular will be the country with the majority of healthcare buildings completed worth a total value of US$3.19bn - almost five times the value registered in 2013 - followed by KSA with US$3.09bn and Qatar US$1.7bn. Kuwait is also worth highlighting with the value of projects completed moving from US$47m in 2013 to an estimated US$317m in 2014.
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 2014 Forecast:
Out of an overall estimated market value of US$9.2bn, the Residential Sector will account for 35.9 percent and US$3.33bn in value, followed by the Hospitality Sector at 19.8 percent and US$1.82bn of value and the Commercial Sector with 15.7 percent and US$ 1.44bn in value. When compared to 2013 figures, the Healthcare Sector will see the biggest growth with a huge 256 percent increase and reaching a value of US$672m. The Retail Interiors Market is expected to see the biggest drop in value from US$393m to US$308m.
Commenting on the figures released by Ventures ME, Frederique Maurell, Group Event Director for INDEX and workspace at INDEX, said: “Most segments of the GCC Building Construction market have recovered significantly from the downturn and 2013 has been positive with residential, education and hospitality segments in particular showing signs of growth and a strong recovery.”
Sunday, December 29, 2013
New Hazaa Bin Zayed Mega Project For Al Ain
Major details of the massive mixed use Hazaa Bin Zayed Stadium project in Al Ain have been announced today including a hotel, residential and commercial buildings, a sports center, and food and retail outlets. Once complete, the project will be the main attraction for hundreds of community, entertainment and business events.
The new development covers an area of 500,000 square meters which, in addition to the main stadium, includes a community with 700 residential units in a complex of apartments and green spaces, two office buildings of 20,000 square meters, and a chain of 50 restaurants and retail outlets plus a 172 room international hotel.
The project, which will be constructed in phases, will have a public courtyard for both visitors and residents, stylish promenades linked together by a network of pedestrian walkways and a family entertainment area synonymous with a healthy and modern lifestyle. The multi-use project is part of a vision of building a touristic, social and sports destination that includes Hazaa Bin Zayed Stadium and the area surrounding it, to foster ongoing growth and development in Al Ain and the UAE.
The Hazaa Bin Zayed Stadium, which will be launched mid-January 2014, is considered an architectural marvel and one of the most impressive and technologically advanced sports constructions in the UAE. It can accommodate 25,000 spectators and was built in only 17 months, measuring up to the best international standards.
The development is located in the strategic Tawya area of Al Ain, which is easily accessible for visitors coming from Abu Dhabi and Dubai, and with close proximity from the city’s main roads. It is only 15 minutes from Al Ain Airport, and is situated near other main attractions in Al Ain which makes it one of the most sought after destinations by families in Al Ain and the UAE in general.
The Plaza area will stand as the main part of the project and the head point for all sports and social gatherings, with the Hazaa Bin Zayed Stadium in the background adding even more atmosphere to the open spaces and surrounded by a number of restaurants and retail outlets.
The project will also include a healthy lifestyle area with a number of sports zones and a dedicated pool and gymnasium considered to be the biggest of its kind in Abu Dhabi. The whole project has been planned to reflect the principles of health and well-being and encourage a more sporting life. The Plaza and the area surrounding the stadium are designed to help walking as no cars are allowed inside. The outer area of the project includes cycling, jogging and walking tracks.
The family entertainment area provides its visitors with a wide selection of entertainment facilities that suit different age groups and several sports activities to help residents and tourists enjoy their time in a healthy and stylish atmosphere throughout the year.
The restaurant and café area is located near the hotel, linked together with a pedestrian design that provides access to as many of the development’s destinations as possible and provides a location for a variety of high-end restaurants and coffee shops.
The new stadium will be officially opened in January 2014. The celebrations will include a 3 day family festival from January 16-18, plus other events for launching the stadium. The 25,000 capacity Hazza Bin Zayed stadium will officially be the new home for Al Ain Football Club’s first team, and is intended to boost the sports activities in the UAE. The stadium covers an area of 45,000 square meters and it is 50 meters high which makes it one of the highest buildings in Al Ain City. It hosts more than 3,000 premium seats, one of the highest ratios of premium seating in the world for football stadiums. The mobile roof can move to cover the whole play field during the hotter months. The marvelous design of the outer façade of the stadium is inspired by the trunk of the palm tree which is an integral part of the UAE’s heritage and legacy.
The new development covers an area of 500,000 square meters which, in addition to the main stadium, includes a community with 700 residential units in a complex of apartments and green spaces, two office buildings of 20,000 square meters, and a chain of 50 restaurants and retail outlets plus a 172 room international hotel.
The project, which will be constructed in phases, will have a public courtyard for both visitors and residents, stylish promenades linked together by a network of pedestrian walkways and a family entertainment area synonymous with a healthy and modern lifestyle. The multi-use project is part of a vision of building a touristic, social and sports destination that includes Hazaa Bin Zayed Stadium and the area surrounding it, to foster ongoing growth and development in Al Ain and the UAE.
The Hazaa Bin Zayed Stadium, which will be launched mid-January 2014, is considered an architectural marvel and one of the most impressive and technologically advanced sports constructions in the UAE. It can accommodate 25,000 spectators and was built in only 17 months, measuring up to the best international standards.
The development is located in the strategic Tawya area of Al Ain, which is easily accessible for visitors coming from Abu Dhabi and Dubai, and with close proximity from the city’s main roads. It is only 15 minutes from Al Ain Airport, and is situated near other main attractions in Al Ain which makes it one of the most sought after destinations by families in Al Ain and the UAE in general.
The Plaza area will stand as the main part of the project and the head point for all sports and social gatherings, with the Hazaa Bin Zayed Stadium in the background adding even more atmosphere to the open spaces and surrounded by a number of restaurants and retail outlets.
The project will also include a healthy lifestyle area with a number of sports zones and a dedicated pool and gymnasium considered to be the biggest of its kind in Abu Dhabi. The whole project has been planned to reflect the principles of health and well-being and encourage a more sporting life. The Plaza and the area surrounding the stadium are designed to help walking as no cars are allowed inside. The outer area of the project includes cycling, jogging and walking tracks.
The family entertainment area provides its visitors with a wide selection of entertainment facilities that suit different age groups and several sports activities to help residents and tourists enjoy their time in a healthy and stylish atmosphere throughout the year.
The restaurant and café area is located near the hotel, linked together with a pedestrian design that provides access to as many of the development’s destinations as possible and provides a location for a variety of high-end restaurants and coffee shops.
The new stadium will be officially opened in January 2014. The celebrations will include a 3 day family festival from January 16-18, plus other events for launching the stadium. The 25,000 capacity Hazza Bin Zayed stadium will officially be the new home for Al Ain Football Club’s first team, and is intended to boost the sports activities in the UAE. The stadium covers an area of 45,000 square meters and it is 50 meters high which makes it one of the highest buildings in Al Ain City. It hosts more than 3,000 premium seats, one of the highest ratios of premium seating in the world for football stadiums. The mobile roof can move to cover the whole play field during the hotter months. The marvelous design of the outer façade of the stadium is inspired by the trunk of the palm tree which is an integral part of the UAE’s heritage and legacy.
Sunday, December 15, 2013
The Billionaires - World's Richest Arabs 2013
Here is a list compiled by ArabianBusiness.com of the World's Richest Arabs for 2013. I think you will enjoy reading it. These are the wealthiest Arabs in the world and most of them are involved in one way or another with the Mega Projects going up in the MENA Region. As you will see Saudi Arabia is by far the leader in Arab Billionaires. For some reason, aside from Prince Alwaleed of KSA, the list does not include any other Arab Royals. Perhaps this is because their net worth is harder to estimate.
WORLD'S RICHEST ARABS 2013
1. Prince Alwaleed bin Talal Al Saud, KSA, $31.2 Bil
2. Mohamed Al Jaber, KSA, $12.66 Bil
3. Olayan Family, KSA, $12.5 Bil
4. Mohammed Al Amoudi, KSA, $12 Bil
5. Issam Al Zahid, KSA, $11.6 Bil
6. Sawiris Family, Egypt, $11.2 Bil
7. Kharafi Family, Kuwait, $8.6 Bil
8. Binladin Family, KSA, $8.1 Bil
9. Joesph Safra, Brazil/Lebanon, $7.5 Bil
10. Said Khoury, Palestine, $7.2 Bil
11. Bukhamseen Family, Kuwait, $6.8 Bil
12. Al Ghurair Family, UAE, $6.3 Bil
13. Kanoo Family, Bahrain, $6.1 Bil
14. Majid Al Futtaim, UAE, $6.1 Bil
15. Tareq Al Qahtani, KSA, $6 Bil
16. Bugshan Family, KSA, $6 Bil
17. Toufic Aboukhater, Palestine, $5.8 Bil
18. Mansour Family, Egypt, $5.1 Bil
19. Mohamed Abdul Latif Jameel, KSA, $5 Bil
20. Abdullah Al Rushaid, KSA, $4.6 Bil
21. Mubarak Al Suweiket, KSA, $4.5 Bil
22. Al Rajhi Family, KSA, $4.3 Bil
23. Gargash Family, UAE, $3.7 Bil
24. Adel Aujan, KSA, $3.56 Bil
25. Taha Mikati, Lebanon, $3.5 Bil
26. Mohammad Jamjoom, KSA, $3.4 Bil
27. Najib Mikati, Lebanon, $3.4 Bil
28. Alghanim Family, Kuwait, $3.4 Bil
29. Saad Hariri, Lebanon, $3.3 Bil
30. Sulaiman Al Muhaidib, KSA, $3.3 Bil
31. Abdulatif Al Fozan, KSA, $3.25 Bil
32. Hayek Family, Lebanon/Switzerland, $3.2 Bil
33. Bahaa Hariri, KSA, $3.1 Bil
34. Munib Masri, Palestine, $3 Bil
35. Zamil Family, KSA, $2.9 Bil
36. Mansour Ojjeh, KSA, $2.8 Bil
37. Mohammed Elkhereiji, KSA, $2.73 Bil
38. Ayman Asfari, UK/Syria, $2.7 Bil
39. Mohammed Sharbatly, KSA, $2.69 Bil
40. Osama Abu Dawood, KSA, $2.68 Bil
41. Wafic Said, UK/Syria, $2.6 Bil
42. Mohammed Al Barwani, Oman, $2.6 Bil
43. Ziad Manasir, Joedan, $2.58 Bil
44. Mohammed Al Issa, KSA, $2.38 Bil
45. Nadhmi Auchi, UK/Iraq, $2.2 Bil
46. Mohammed Ibrahim, Sudan, $2.15 Bil
47. Miloud Chaabi, Morocco, $2.1 Bil
48. Saleh Kamel, KSA, $2 Bil
49. Fawaz Al Hokair, KSA, $1.98 Bil
50. Ayman Hariri, KSA, $1.95 Bil
Source:
http://www.arabianbusiness.com/the-world-s-richest-arabs-530591.html
WORLD'S RICHEST ARABS 2013
1. Prince Alwaleed bin Talal Al Saud, KSA, $31.2 Bil
2. Mohamed Al Jaber, KSA, $12.66 Bil
3. Olayan Family, KSA, $12.5 Bil
4. Mohammed Al Amoudi, KSA, $12 Bil
5. Issam Al Zahid, KSA, $11.6 Bil
6. Sawiris Family, Egypt, $11.2 Bil
7. Kharafi Family, Kuwait, $8.6 Bil
8. Binladin Family, KSA, $8.1 Bil
9. Joesph Safra, Brazil/Lebanon, $7.5 Bil
10. Said Khoury, Palestine, $7.2 Bil
11. Bukhamseen Family, Kuwait, $6.8 Bil
12. Al Ghurair Family, UAE, $6.3 Bil
13. Kanoo Family, Bahrain, $6.1 Bil
14. Majid Al Futtaim, UAE, $6.1 Bil
15. Tareq Al Qahtani, KSA, $6 Bil
16. Bugshan Family, KSA, $6 Bil
17. Toufic Aboukhater, Palestine, $5.8 Bil
18. Mansour Family, Egypt, $5.1 Bil
19. Mohamed Abdul Latif Jameel, KSA, $5 Bil
20. Abdullah Al Rushaid, KSA, $4.6 Bil
21. Mubarak Al Suweiket, KSA, $4.5 Bil
22. Al Rajhi Family, KSA, $4.3 Bil
23. Gargash Family, UAE, $3.7 Bil
24. Adel Aujan, KSA, $3.56 Bil
25. Taha Mikati, Lebanon, $3.5 Bil
26. Mohammad Jamjoom, KSA, $3.4 Bil
27. Najib Mikati, Lebanon, $3.4 Bil
28. Alghanim Family, Kuwait, $3.4 Bil
29. Saad Hariri, Lebanon, $3.3 Bil
30. Sulaiman Al Muhaidib, KSA, $3.3 Bil
31. Abdulatif Al Fozan, KSA, $3.25 Bil
32. Hayek Family, Lebanon/Switzerland, $3.2 Bil
33. Bahaa Hariri, KSA, $3.1 Bil
34. Munib Masri, Palestine, $3 Bil
35. Zamil Family, KSA, $2.9 Bil
36. Mansour Ojjeh, KSA, $2.8 Bil
37. Mohammed Elkhereiji, KSA, $2.73 Bil
38. Ayman Asfari, UK/Syria, $2.7 Bil
39. Mohammed Sharbatly, KSA, $2.69 Bil
40. Osama Abu Dawood, KSA, $2.68 Bil
41. Wafic Said, UK/Syria, $2.6 Bil
42. Mohammed Al Barwani, Oman, $2.6 Bil
43. Ziad Manasir, Joedan, $2.58 Bil
44. Mohammed Al Issa, KSA, $2.38 Bil
45. Nadhmi Auchi, UK/Iraq, $2.2 Bil
46. Mohammed Ibrahim, Sudan, $2.15 Bil
47. Miloud Chaabi, Morocco, $2.1 Bil
48. Saleh Kamel, KSA, $2 Bil
49. Fawaz Al Hokair, KSA, $1.98 Bil
50. Ayman Hariri, KSA, $1.95 Bil
Source:
http://www.arabianbusiness.com/the-world-s-richest-arabs-530591.html
Tuesday, December 10, 2013
Abu Dhabi To Spend $100 Billion On Projects!
Abu Dhabi’s project spending could balloon to over $100 billion in the next seven years as the government ramps up efforts to sustain economic gains built over the last few years.
The 8th Abu Dhabi Conference 2013, which began yesterday, highlighted the key sectors that will receive the bulk of investments until 2020.
According to MEED, which tracks projects activity throughout the Middle East, construction projects remain the most active with $30 billion worth of projects to be awarded in the next seven years, followed by the Oil & Gas sector with a project pipeline valued at $25 billion.
Transport and chemical-related projects will also see a surge in investments with a total of $20 billion contracts to be awarded during the same period. The industrial as well as power & water sectors will likewise be busy with contracts valued at $6 billion and $5 billion to be awarded until 2020.
H.E. Eng. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy delivered the opening address this morning, and said that the UAE economy is growing strongly and will benefit from new government measures designed to promote the private sector and foreign investment. “The UAE economy is on solid ground. It has been attracting visitors and investors looking for a safe haven in the Middle East. Growth was 4.4 percent in 2012, its fastest pace since 2006. In view of improved activities, we expect UAE GDP to have expanded by 4.5 percent this year.”
Abu Dhabi Department of Economic Development (ADDED) Undersecretary H.E. Mohammed Omar Abdullah then spoke to the conference delegates about creating a business hub critical to the global economy, highlighting the initiatives and upcoming projects aimed at driving long term investments into Abu Dhabi.
And for the first time at a conference – H.E. Dr. Abdullah Hassan Ghareeb Al Bloushi, Executive Director, Land and Property Management Sector, Department of Municipal Affairs presented details of the Onwani project – the unified addressing and wayfinding project for the Emirate of Abu Dhabi, saying “This is the largest project the municipal system in Abu Dhabi has ever undertaken, and it is also one of the Emirate’s most important. The vital infrastructure provided by the new addressing system will take us forward to meet future economic and social challenges and bring real benefits to residents, businesses and visitors alike. It is not only a street map for the Emirate, but a road for development.”
This year alone, based on an article 'Gulf projects market hits new peak' recently released by MEED, the construction sector in Abu Dhabi picked up pace when the Tourism Development & Investment Company (TDIC) awarded the long-awaited $653m contract to build the Louvre Museum on Saadiyat Island to a consortium comprising the local Arabtec Construction, Spain’s San Jose and Oger Abu Dhabi – the local affiliate of Saudi Oger.
TDIC has also tendered the contract to build the Zayed National Museum on Saadiyat Island, although an award is not expected this year. In July, Abu Dhabi-based Saadiyat Investment & Development Company awarded a $482m contract to local Al-Jaber Building for the construction of 462 villas at the Hidd al-Saadiyat Villas Development on the island.
As a result, along with new projects awarded in Dubai, the UAE has seen the largest rise in project activity in the GCC this year. MEED’s Gulf Projects Index is now at its highest level ever, having reached $3.19 trillion this month.
“The return to growth is the latest chapter in what has been a roller coaster ride for the index over the past seven years. The index remained relatively flat until about 12 months ago, when it began to move upwards as stalled projects were revived and new schemes launched, which has seen it grow more than 30 percent to its current level of $3.19 trillion. The major driver of this growth has been the UAE, with Abu Dhabi contributing a significant chunk of investments,” said Richard Thompson, Editor, MEED.
By 2014, the IMF has forecasted real GDP growth for the UAE of 3.6 percent (up from 3.1 percent last year) owing to the government’s continued push to boost the economy led by a spate of new infrastructure investments.
“Abu Dhabi has targeted knowledge-intensive sectors, such as aviation, petrochemicals, renewable energy and health care. The developments across these strategic sectors are aimed to make the capital an attractive proposition for domestic and international investors,” said Abraham Akkawi, MENA Infrastructure Advisory Services Leader, Ernst & Young.
Yesterday’s highlights included a special VIP Plenary Session that provided a snapshot of project opportunities, achievements and challenges faced in delivering Abu Dhabi’s economic vision 2030 across key sectors. The session was led by a panel of authorities from Abu Dhabi’s key agencies such as the Abu Dhabi Food Control Authority (ADFCA), Environment Agency- Abu Dhabi (EAD), Health Authority Abu Dhabi (HAAD), Industrial Development Bureau as well as the Khalifa Fund for Enterprise Development.
The Abu Dhabi Conference is an annual gathering of government and private sector leaders which enables discussions and updates on upcoming project and investment opportunities in Abu Dhabi’s diverse economy. It is a heavily Government supported event, with the Abu Dhabi Department of Economic Development, Abu Dhabi Sustainability Group, Western Region Development Council and Abu Dhabi Tourism and Culture Authority as supporting partners; The Abu Dhabi Water & Electricity Authority as Strategic Partner, Zones Corp as Industrial Partner and the Abu Dhabi Chamber as silver sponsor. Other conference partners include Al Khalij Bank Hill International, E&Y, Bentley Systems and Mashreq. For more information on the conference: http://www.theabudhabiconference.com/
The 8th Abu Dhabi Conference 2013, which began yesterday, highlighted the key sectors that will receive the bulk of investments until 2020.
According to MEED, which tracks projects activity throughout the Middle East, construction projects remain the most active with $30 billion worth of projects to be awarded in the next seven years, followed by the Oil & Gas sector with a project pipeline valued at $25 billion.
Transport and chemical-related projects will also see a surge in investments with a total of $20 billion contracts to be awarded during the same period. The industrial as well as power & water sectors will likewise be busy with contracts valued at $6 billion and $5 billion to be awarded until 2020.
H.E. Eng. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy delivered the opening address this morning, and said that the UAE economy is growing strongly and will benefit from new government measures designed to promote the private sector and foreign investment. “The UAE economy is on solid ground. It has been attracting visitors and investors looking for a safe haven in the Middle East. Growth was 4.4 percent in 2012, its fastest pace since 2006. In view of improved activities, we expect UAE GDP to have expanded by 4.5 percent this year.”
Abu Dhabi Department of Economic Development (ADDED) Undersecretary H.E. Mohammed Omar Abdullah then spoke to the conference delegates about creating a business hub critical to the global economy, highlighting the initiatives and upcoming projects aimed at driving long term investments into Abu Dhabi.
And for the first time at a conference – H.E. Dr. Abdullah Hassan Ghareeb Al Bloushi, Executive Director, Land and Property Management Sector, Department of Municipal Affairs presented details of the Onwani project – the unified addressing and wayfinding project for the Emirate of Abu Dhabi, saying “This is the largest project the municipal system in Abu Dhabi has ever undertaken, and it is also one of the Emirate’s most important. The vital infrastructure provided by the new addressing system will take us forward to meet future economic and social challenges and bring real benefits to residents, businesses and visitors alike. It is not only a street map for the Emirate, but a road for development.”
This year alone, based on an article 'Gulf projects market hits new peak' recently released by MEED, the construction sector in Abu Dhabi picked up pace when the Tourism Development & Investment Company (TDIC) awarded the long-awaited $653m contract to build the Louvre Museum on Saadiyat Island to a consortium comprising the local Arabtec Construction, Spain’s San Jose and Oger Abu Dhabi – the local affiliate of Saudi Oger.
TDIC has also tendered the contract to build the Zayed National Museum on Saadiyat Island, although an award is not expected this year. In July, Abu Dhabi-based Saadiyat Investment & Development Company awarded a $482m contract to local Al-Jaber Building for the construction of 462 villas at the Hidd al-Saadiyat Villas Development on the island.
As a result, along with new projects awarded in Dubai, the UAE has seen the largest rise in project activity in the GCC this year. MEED’s Gulf Projects Index is now at its highest level ever, having reached $3.19 trillion this month.
“The return to growth is the latest chapter in what has been a roller coaster ride for the index over the past seven years. The index remained relatively flat until about 12 months ago, when it began to move upwards as stalled projects were revived and new schemes launched, which has seen it grow more than 30 percent to its current level of $3.19 trillion. The major driver of this growth has been the UAE, with Abu Dhabi contributing a significant chunk of investments,” said Richard Thompson, Editor, MEED.
By 2014, the IMF has forecasted real GDP growth for the UAE of 3.6 percent (up from 3.1 percent last year) owing to the government’s continued push to boost the economy led by a spate of new infrastructure investments.
“Abu Dhabi has targeted knowledge-intensive sectors, such as aviation, petrochemicals, renewable energy and health care. The developments across these strategic sectors are aimed to make the capital an attractive proposition for domestic and international investors,” said Abraham Akkawi, MENA Infrastructure Advisory Services Leader, Ernst & Young.
Yesterday’s highlights included a special VIP Plenary Session that provided a snapshot of project opportunities, achievements and challenges faced in delivering Abu Dhabi’s economic vision 2030 across key sectors. The session was led by a panel of authorities from Abu Dhabi’s key agencies such as the Abu Dhabi Food Control Authority (ADFCA), Environment Agency- Abu Dhabi (EAD), Health Authority Abu Dhabi (HAAD), Industrial Development Bureau as well as the Khalifa Fund for Enterprise Development.
The Abu Dhabi Conference is an annual gathering of government and private sector leaders which enables discussions and updates on upcoming project and investment opportunities in Abu Dhabi’s diverse economy. It is a heavily Government supported event, with the Abu Dhabi Department of Economic Development, Abu Dhabi Sustainability Group, Western Region Development Council and Abu Dhabi Tourism and Culture Authority as supporting partners; The Abu Dhabi Water & Electricity Authority as Strategic Partner, Zones Corp as Industrial Partner and the Abu Dhabi Chamber as silver sponsor. Other conference partners include Al Khalij Bank Hill International, E&Y, Bentley Systems and Mashreq. For more information on the conference: http://www.theabudhabiconference.com/
Wednesday, November 27, 2013
Dubai Wins Bid For World Expo 2020 - New Boom For Dubai!
Dubai is on the cusp of yet another development boom as it seeks to strengthen its position as the leading business and tourism hub in the region.
Detailing the latest investment and development opportunities in Dubai, MEED(Middle East Economic Digest) has organized Destination Dubai 2020 to dissect, along with local and international experts, the various factors that will shape Dubai’s development trajectory in the next six years.
Among the highlights of the conference presentations and panel discussions include the impact of Dubai winning its World Expo 2020 bid, with leading stakeholders from across Dubai’s key government agencies outlining their future plans in detail for the first time after securing the rights to host the expo.
The total value to the economy of staging the event has been estimated at AED143.22bn. More than 277,000 jobs would be created between 2013 and 2021 as a result, with about 40 per cent in the travel and tourism sector. For every Expo employee, about 60 additional jobs would be sustained in the wider economy.
“MEED has organized Destination Dubai to track the exciting new developments happening in Dubai until 2020, a critical case especially in light of its winning expo bid and just a decade before the governments 2030 vision for the country. We wholeheartedly support Dubai’s Expo 2020 bid and look forward to working with our friends and partners in Dubai and the UAE to ensure the 2020 Expo will be the best ever," Ben Greenish, Managing Director, MEED.
Dubai’s bid dossier estimates hosting the expo will cost $8.7bn in total – $7bn in investments and operating expenses of $1.7bn. Capital expenditure will mainly cover the development of the expo’s planned 4.4 square-kilometer plot in Jebel Ali and connecting infrastructure such as extending the Dubai Metro’s Red Line.
However, investors surveyed by the local chapter of CFA Institute, a global organization of investment professionals, are concerned that a successful bid by Dubai to host the expo could lead to another economic bubble. The study measured the opinions of 216 investment professionals in the UAE, and found out that more than half of the survey’s respondents (55 per cent) were concerned that a successful bid for the Expo 2020 will create another economic bubble, and only a quarter believed the UAE has done enough to make its economy immune since 2008.
Meanwhile, Egypt-headquartered investment bank EFG Hermes says the expo will make the country’s debt situation more pressing than it is now. “If the next phase of the investment cycle, accelerated by the Expo, is not met by revenue-building measures and asset sales, this could result in total Dubai debt rising to 110-115 per cent of gross domestic product (GDP) by 2020, up from 102 per cent of GDP currently,” the lender said in a report.
Without a doubt, the winning expo bid will provide a massive tourism boost. It is estimated that over the six months of the event 25 million people would visit Dubai Expo 2020, with more than 70 per cent coming from outside the UAE.
Destination Dubai will track the road map to Dubai’s continuing economic recovery, providing investors and stakeholders insights on what is driving confidence in the Emirate’s equity market, which this year has seen a 60 percent rise in growing confidence in Dubai’s long-term prospects.
Of primary importance to the readers of this blog will be a dedicated session on the real estate sector that will provide attendees key insights on one of Dubai’s most critical growth drivers. “Real estate prices in the Emirate have risen more than 30 per cent since the start of the year on growing demand from local, regional and international investors. In addition, major private and government-related real estate projects involving billions of dollars of new investment in Dubai have been announced, opening a possible new boom phase in Dubai’s property market,” says MEED’s editorial director Richard Thompson.
Other initiatives that are transforming Dubai into an unrivaled global hub and the gateway to the high-growth emerging markets (CIS, Africa, China and India) will be comprehensively discussed at Destination Dubai, detailing the road map for the build up and creation of a genuine and holistic “destination” involving travel, industry, real estate, tourism, retail and hospitality infrastructure and support systems.
++ In my opinion Dubai's winning bid for World Expo 2020 is extremely POSITIVE for the real estate market in Dubai and the rest of the UAE. The best is yet to come!
Scheduled to take place on January 28-29, 2014 at the JW Marriott Marquis, Destination Dubai is sponsored by Hill International.
http://www.destinationdubai2020.com/homepage.asp
Detailing the latest investment and development opportunities in Dubai, MEED(Middle East Economic Digest) has organized Destination Dubai 2020 to dissect, along with local and international experts, the various factors that will shape Dubai’s development trajectory in the next six years.
Among the highlights of the conference presentations and panel discussions include the impact of Dubai winning its World Expo 2020 bid, with leading stakeholders from across Dubai’s key government agencies outlining their future plans in detail for the first time after securing the rights to host the expo.
The total value to the economy of staging the event has been estimated at AED143.22bn. More than 277,000 jobs would be created between 2013 and 2021 as a result, with about 40 per cent in the travel and tourism sector. For every Expo employee, about 60 additional jobs would be sustained in the wider economy.
“MEED has organized Destination Dubai to track the exciting new developments happening in Dubai until 2020, a critical case especially in light of its winning expo bid and just a decade before the governments 2030 vision for the country. We wholeheartedly support Dubai’s Expo 2020 bid and look forward to working with our friends and partners in Dubai and the UAE to ensure the 2020 Expo will be the best ever," Ben Greenish, Managing Director, MEED.
Dubai’s bid dossier estimates hosting the expo will cost $8.7bn in total – $7bn in investments and operating expenses of $1.7bn. Capital expenditure will mainly cover the development of the expo’s planned 4.4 square-kilometer plot in Jebel Ali and connecting infrastructure such as extending the Dubai Metro’s Red Line.
However, investors surveyed by the local chapter of CFA Institute, a global organization of investment professionals, are concerned that a successful bid by Dubai to host the expo could lead to another economic bubble. The study measured the opinions of 216 investment professionals in the UAE, and found out that more than half of the survey’s respondents (55 per cent) were concerned that a successful bid for the Expo 2020 will create another economic bubble, and only a quarter believed the UAE has done enough to make its economy immune since 2008.
Meanwhile, Egypt-headquartered investment bank EFG Hermes says the expo will make the country’s debt situation more pressing than it is now. “If the next phase of the investment cycle, accelerated by the Expo, is not met by revenue-building measures and asset sales, this could result in total Dubai debt rising to 110-115 per cent of gross domestic product (GDP) by 2020, up from 102 per cent of GDP currently,” the lender said in a report.
Without a doubt, the winning expo bid will provide a massive tourism boost. It is estimated that over the six months of the event 25 million people would visit Dubai Expo 2020, with more than 70 per cent coming from outside the UAE.
Destination Dubai will track the road map to Dubai’s continuing economic recovery, providing investors and stakeholders insights on what is driving confidence in the Emirate’s equity market, which this year has seen a 60 percent rise in growing confidence in Dubai’s long-term prospects.
Of primary importance to the readers of this blog will be a dedicated session on the real estate sector that will provide attendees key insights on one of Dubai’s most critical growth drivers. “Real estate prices in the Emirate have risen more than 30 per cent since the start of the year on growing demand from local, regional and international investors. In addition, major private and government-related real estate projects involving billions of dollars of new investment in Dubai have been announced, opening a possible new boom phase in Dubai’s property market,” says MEED’s editorial director Richard Thompson.
Other initiatives that are transforming Dubai into an unrivaled global hub and the gateway to the high-growth emerging markets (CIS, Africa, China and India) will be comprehensively discussed at Destination Dubai, detailing the road map for the build up and creation of a genuine and holistic “destination” involving travel, industry, real estate, tourism, retail and hospitality infrastructure and support systems.
++ In my opinion Dubai's winning bid for World Expo 2020 is extremely POSITIVE for the real estate market in Dubai and the rest of the UAE. The best is yet to come!
Scheduled to take place on January 28-29, 2014 at the JW Marriott Marquis, Destination Dubai is sponsored by Hill International.
http://www.destinationdubai2020.com/homepage.asp
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