The Gate Towers 6 Billion AED development contract awarded to Arabian Construction Company

Sorouh Real Estate PJSC and Tameer Holding Investment LLC today announced the award of a AED 6.2 Billion contract to Arabian Construction Company (ACC) to build The Gate Towers, a joint venture project, situated at the entrance of Sorouh’s flagship project, SHAMS Abu Dhabi, on Al Reem Island.

This new contract will see ACC construct six of the eight towers that make up The Gate District, covering a construction area of 1.1 million square metres. Piling work is scheduled to start immediately and construction of the towers will begin January 2009, to be delivered in phases over the next four years. The Gate Towers will be a mix of residential, commercial, retail, serviced apartments and a hotel.

Mounir Haidar, Chief Executive Officer, Sorouh, stated:

“Sorouh is pleased to announce its continued partnership with ACC. As a leading real estate developer in the United Arab Emirates, Sorouh partners with companies that reflect our own professionalism and commitment to creating innovative real estate projects. We are looking forward to working with ACC on this phase of our exciting development.”

Dr. Abdallah Shaaban, Managing Director, Tameer Abu Dhabi, added:

“Tameer has an excellent relationship with ACC. This partnership adds value to our project with Sorouh, creating a spirit of excellence and efficiency where all three parties work together to produce an innovative and exciting development for Abu Dhabi.”

The contract is seen as a strategic partnership between Sorouh, Tameer and ACC, and will see all parties sharing roles and responsibilities such as procurement and engineering.

ACC’s Managing Director Hamed Mikati said the award of this contract shows that ACC has once again gained the trust of Sorouh.

“We are looking forward to completing this unique project which is set to change Reem Island’s ever growing skyline,” he said. “We have been active in the UAE for over 40 years and are very proud to have contributed in the growth of the country.

“We are very proud to extend our relationship with Sorouh and Tameer and we thank them for their confidence in ACC.”

SHAMS Abu Dhabi will be a completely new self-sustaining city designed around canals and parks which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape. In addition to the Gate District, Shams Abu Dhabi will feature several other unique projects including Central Park, Sky Tower, Sun Tower and Marina, and the Gate District.

ACC is currently building the Sky and Sun Towers in Abu-Dhabi for Sorouh, as well as Princess, the world’s tallest residential tower (414m high), and Elite Towers in Dubai for Tameer.

Zawya

ALDAR to establish boating hub in Abu Dhabi

ALDAR Properties, PJSC, Abu Dhabi’s leading integrated property development, investment and management company, announced today that it has created a new subsidiary dedicated to transforming Abu Dhabi into an international luxury boating destination.

The new entity, ALDAR Marinas, will provide a broad range of leisure marine facilities and services that constitute an integral part of ALDAR’s waterfront developments. The first marinas to become operational are located on ALDAR’s premier Yas Island and Al Raha Beach projects. Each marina will have its own identity and will provide state-of-the-art facilities for the yachting community from entry level boating to destination yachting.

Additionally, ALDAR Marinas will provide a comprehensive boat service yard incorporating a spectrum of associated marine services.

The Yas Marina, surrounded by the Formula One race track, will provide berthing for luxury yachts to 100 meters as well as guest berthing. The exclusive Yas Yacht Club located at Yas Marina will feature fine dining facilities and provide prime viewing of the Grand Prix race track. Guests at Yas Island Marina will have an ideal location from which to enjoy access to the Yas Island theme parks, golf course and five star hotels.

“Marinas are a salient feature of the world class waterfront communities we are building at various sectors in our waterfront projects in Abu Dhabi coast, and it is only natural that these facilities are run and operated to world-class standards to provide the residents of our communities and visitors of our unique leisure destinations with the ultimate in services and facilities,”

Ronald Stephen Barrott, CEO of ALDAR Properties, commented while speaking at the launch of this exclusive facility.

“The vision of ALDAR Marinas is to create a safe, sustainable and enjoyable recreational boating culture in Abu Dhabi and lead Abu Dhabi into becoming a premier boating destination. With the provision of world-class marina facilities and affiliated operations that enhance ALDAR’s premier waterfront development projects, the Marinas will command the highest integrity that is respected by our customers, competitors and the community,” he added.

Designed to take advantage of the tranquil azure waters of the Arabian Gulf and many islands surrounding Abu Dhabi, ALDAR marinas will be a year-round boating destination.

“We also aim to add value to the joys of boat ownership by taking complete responsibility of an owner’s asset and develop a lifestyle for all socio-economic groups within the leisure boat category,” Barrott further explained.

WAM/SA

Dubai unveils $95bn ‘new city’ project

A Dubai government firm yesterday announced it will build a ‘new city’ in the emirate at a projected cost of $95bn, shrugging off the global financial turmoil.

The announcement came one day after Dubai developers Nakheel said it planned to build a tower which will stand more than one kilometre tall (3,280ft), beating the city’s own world record.
The mixed-use Jumeirah Gardens development will be “an integrated city within a city”, to be built over 12 years, Meraas Development said at the opening of Cityscape Dubai 2008, a four-day international real estate fair.

Dubai already boasts the world’s tallest building, the yet to be completed Burj Dubai tower, which reached a height of 688m (2,257ft) at the start of September and is still growing, according to developers Emaar.
It now boasts 160 storeys, the highest skyscraper in the world, Emaar said.

Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai’s main thoroughfare linking it to the emirate and UAE capital of Abu Dhabi, 150km to the south. Meraas Development said the project would comprise business, residential and leisure facilities linked by a transportation network and including some of the city’s biggest towers, and with a large canal running through the development. Construction of the first phase of the project has already begun, and the first buildings are due for handover in the fourth quarter of 2011, the company said.

The announcement came at the opening of the Cityscape exhibition, an annual feature on the property calendar of Dubai, which is in the midst of a construction frenzy. Some 1,500 firms from 150 countries are taking part in the event.

Nakheel CEO Chris O’Donnell told reporters on the sidelines of Cityscape that the skyscraper project announced on Sunday “will be over one kilometre and take 10 years to build”.
The tower, part of the Nakheel Harbour and Tower project, is expected to cost Dh140bn ($38bn), O’Donnell said. But Dubai has not been spared the turmoil on world markets. Dubai Financial Market dropped 7.6% yesterday to its lowest level in more than 18 months. The market has lost around 14% in the past two days, pulled down by the real estate sector. O’Donnell said Nakheel’s new project was likely to have a psychological effect on the real estate market but denied this was the reason behind the public launch.
“We’ve been working on the project for six years,” he said, adding that work on the foundations was already under way.

“The project is going to go through two or three economic cycles… when you’re running a business you can’t just stop at the middle of the downturn,” O’Donnell said.

“We believe in what we’re doing, (even though) it is an unfortunate time.”

Nakheel is behind some of Dubai’s most grandiose projects. It is building three palm tree-shaped artificial islands, as well as ‘The World’ — a cluster of some 300 islands looking like a blurred vision of the planet’s nations—off Dubai’s coast.

Scores of other ambitious ventures are under way or in the pipeline, including Dubailand, a series of billion-dollars entertainment and leisure projects touted as the Middle East’s very own Orlando. –AFP

Gulf Times

Connection Real Estate announces 1st LEED Platinum mixed-use towers in the Middle East at Cityscape Dubai 2008

Connection Real Estate and their exclusive sales agent, Colliers International, plan to launch the landmark Eco Towers at Cityscape Dubai 2008.

During their participation they will reveal details about the 23-storey twin towers which are strategically located in the prestigious community of Dhanet Abu Dhabi. The Abu Dhabi-based property development company is set to build the first mixed-used towers in the Middle East with LEED Platinum certification.

The Eco Towers, named for their eco-friendly positioning, will provide retail space, modern facilities and luxurious Grade-A quality finishing while adhering to environmentally sensitive standards. Costing an estimated Dhs900m, this unique residential and commercial property also personifies the compatibility between value driven principles and a multi-facted approach to green construction.

HE Khalifah Khoury, Vice President of Connection Real Estate said:

“We are extremely excited about launching the Eco Towers at this year’s Cityscape Dubai as it will highlight our company’s plans to play a dedicated role in promoting the UAE’s vision of green building. By offering construction solutions that create the lease impact on the environment, we hope to serve as a sustainable benchmark for the region.”

The Leadership in Energy and Environmental Design (LEED) is an international green building rating system that sets environmentally sustainable construction criteria. It aims to establish a common standard of building designs that minimize risks on the environment and raise awareness among consumers of the benefits of green construction. and Platinum is the highest level.

Fadi Al Qassim, Projects Manager of Connection Real Estate said:’ While striving to achieve the highest LEED certification in the extreme conditions of the desert for the Eco Towers, we look forward to the transformative effect of adopting environmentally friendly practices in the building industry. Building for the future has never been more exciting or imperative,’ Al Qassim continued ‘We have selected the US Green Building Council to grant us with the Leed Certification as they have a thorough understanding of what our local market requirements need as they experience similar conditions to those we have in our market.

The commercial tower will offer 36,485 square meters of office space while the residential tower will provide 36,685 square meters of space for healthy living. Eco Towers’ living and working spaces will be more cost-effective, safer for the environment, healthier to live and work in. Air purification systems, renewable energy, toxic-free materials, dual glaze windows, water efficiency and waste reduction are just some of the eco-friendly features incorporated into the development. Perched on a podium, the towers’ amenities include Smart Home Technology, linked underground car park and proximity to the Holiday Inn in Dhanet Abu Dhabi.

Connection Real Estate and Colliers International will showcase the Eco Towers at stand number 7E40, Hall 7 at the Dubai International Exhibition Centre. Expressions of interest for sales will be accepted at Cityscape Dubai 2008.

AME Info/Press release

Abu Dhabi’s real estate projects to hit US$500bn

Abu Dhabi, the richest city in the world, has seen its gross domestic product (GDP) soar from US$40.6 billion in 2002 to US$108.9 billion in 2007 (more than 8 per cent per annum). The booming real estate and tourism sectors are playing a significant part in this success story as the total value of announced projects in the capital inches towards the US$ 500 billion mark (AED 1.83 trillion). It is at this crucial time that MEED, the business intelligence expert in the Middle East, and the Abu Dhabi Department of Planning & Economy have announced details of its Abu Dhabi 2008 conference.

Contributing to the $500 billion portfolio are large-scale real estate projects such as Al Raha Beach (AED 58 billion), Al Reem Island (AED 35 billion), Das Islands (AED 43 billion) and the AED 100 billion Saadiyat Island development. Abu Dhabi’s economic growth as a whole can also be credited to the government’s determination to diversify the economy away from its reliance on oil and gas: non-oil and gas GDP has risen by 87 per cent to US$43.3 billion over the past five years.

The pace and scale of economic growth in Abu Dhabi presents huge challenges for all those working to promote long-term sustainable development in the capital. MEED’s Abu Dhabi 2008 conference will be an invaluable event for everyone wishing to make the most of this opportunity. The conference is supported by the Abu Dhabi Department of Planning & Economy and supported by the Abu Dhabi Chamber of Commerce and Industry. Sorouh Real Estate PJSC, Abu Dhabi Commercial Bank, Al Qudra and Burooj Properties are Platinum sponsors, and HSBC and Pacific Controls are Gold sponsors. The Abu Dhabi Conference 2008 will be held at the Emirates Palace in Abu Dhabi from 8 to 11 November.

This is the third conference of its kind and presents a unique opportunity to listen to and network with business leaders working within urban planning, real estate, tourism and culture, banking and finance, the environment, transport, infrastructure, petrochemicals, utilities, sports and leisure, education and healthcare industries.

Edmund O’Sullivan, Chairman, MEED Events comments: “2008 is a crucial point in the story of this great city and this event is essential for all those involved in, and with a stake in, its future success. This forum is an invaluable opportunity for those at the cutting edge of Abu Dhabi’s future to discuss its development.

“Away from the formality of the conference rooms, networking is another key benefit of the event. Unlike many others this conference allows for exceptional contacts to be made - including CEOs, VPs, CFOs and Chairmen from the key growth industries and Government departments. We are now in our third year with this event and it is undoubtedly one of the most important conferences in our calendar.”

Mounir D. Haidar, CEO of Sorouh Real Estate PJSC, who is speaking at this year’s event added: “MEED’s Abu Dhabi Conference 2008 is for a key event for Sorouh. Almost every stakeholder involved in the development of Abu Dhabi will be present, which is true of no other event of this size. As the pace of Abu Dhabi’s growth accelerates, it is important that there are forums such as these for the continued sharing of experience and best practice. We are all working towards one goal - the successful growth and development of Abu Dhabi.”

Some key speakers addressing vital issues around development include:

 

• H.E. Al Soweidi, the Chairman of the Department of Planning & Economy
• H.E. Waleed Ahmed Al Mokarrab Al Muhairi, the Director General of the Abu Dhabi Council for Economic Development
• Falah Al Ahbabi, the General Manager of the Urban Planning Council
• H.E. Majid Al Mansouri, the Secretary General of the Environment Agency, Abu Dhabi
• H.E. Hussain Al Nowais, the Chairman of the Khalifa Fund
• H.E. Eng. Salah Salem bin Omeir Al Shamsi, the Chairman of the Abu Dhabi Chamber of Commerce and Industry
• Eng. Jaber Hareb Al Khaili, the Chief Executive Officer of ZonesCorp
• Mukhtar Hussain, the Global Head of HSBC Amanah and MENA Head of Global Banking and Markets
• Mounir D. Haidar, CEO, Sorouh Real Estates PJSC

 

Delegates for MEED’s Abu Dhabi Conference 2008 also have the opportunity to attend a post-conference masterclass that will look at the current state of the real estate market and forecast growth trends; profitable investment and development strategies; contract negotiation and valuation techniques, contracts, and better risk management.

MEED is the acknowledged market-leader in key regional industry-focused events and conferences; delivering expert, up-to-date business intelligence, industry data and research findings. Further information about The Abu Dhabi Conference 2008 - including latest news, post-conference masterclass and full conference details, can be found at www.meed.com/events/abudhabi.

To reserve places at the conference, call the MEED customer services team on +9714 390 0049 or email conferences@meed-dubai.com.

Zawya

Asteco set to unveil Dh2b Central Park project

Real estate and property services leader Asteco has won the contract for apartment sales of Central Park, Abu Dhabi’s newest residential tower. Representing an investment of more than Dh2 billion, the Central Park development comprises two towers offering 640 one, two and three-bedroom apartments.

The towers are located at an enviable location on the central park of the Shams on the Reem Island master-planned community overlooking the stunning Abu Dhabi skyline.

Due for completion in 2011, apartments are available on a freehold basis. Sales will be launched at Cityscape (October 6-9, 2008) and potential buyers can view the model at the Asteco stand in Hall 7, stand number 7G30 of the Dubai International Exhibition Centre (DIEC).

“We have seen an increase in demand for premium residential apartments in Abu Dhabi,”

said Jock Douglas, Asteco’s Sales Manager in Abu Dhabi.

“Although many projects are coming on stream, residents are not always satisfied with the quality, service standards, room sizes and facilities provided.”

“Al Reem is witnessing high levels of activity as some projects near completion and residential units are in great demand even at higher prices owing to the high levels of quality and design. Apartments on higher floors command values of almost Dh3,500 per square foot giving an indication of growing returns that can be expected,” Douglas added.

Strategically located to take advantage of the Arabian Gulf’s skyline, design has been conceptualised by leading architects, Gensler, who were also awarded the design contract for Tameer Towers, Abu Dhabi’s 7-star hotel. Al Hilal Bank are the financial partners.

Central Park buyers can opt for one, two and three-bedroom apartments with unit sizes starting from 970, 1,755 and 1,937 square feet respectively. All apartments are spacious, designed to maximise views, and will be equipped with fully-fitted kitchens.

In addition to the 640 contemporary designed apartments, the tower boasts swimming pools located on a garden terrace in a lush park-like environment, a social lounge, fitness centre and spa, business centre, lobby lounge, mail and package delivery rooms for residents, extensive private gardens, a day care centre and prayer room.

Central Park is being developed by the Sama Emirates Holding Group, a multi-disciplined company specialising in real estate development with a diverse portfolio of projects in Dubai and Abu Dhabi.

Aldar revises Noor Al Ain development

Aldar Properties yesterday announced that it was revising its Noor Al Ain project in Al Ain to cope with new guidelines developed by the Abu Dhabi Urban Planning Council (UPC).

The revised Noor Al Ain multi-use development will feature a mix of residential, office, retail, luxury, and entertainment facilities, at the heart of Al Ain.

Aldar will establish several residential buildings, a retail centre, a hotel, class “A” office space, and a host of entertainment and leisure facilities that will set the development apart as a sought-after destination. The height of the buildings will be reduced in line with the new guidelines of the UPC. These guidelines are intended to preserve the unique architectural pattern of the oasis city.

“Aldar and UPC and a number of other developers and consultants have been working closely on a new set of guidelines that will evidently be integrated into the Urban Structure Framework Plan for Al Ain,” said Ahmed Ali Al Sayegh, Chairman, Aldar Properties. “Aldar is keen to bring its heralded concept of integrated development to Al Ain and will do whatever it takes to ensure the culture and heritage of the area are preserved.”

The hallmark of the development will be Noor Al Ain shopping centre, which will provide 160,000 square metres of retail space. Combining value-for-money everyday items and a wide array of high-end luxury brands from around the world, this retail centre will cater to the versatile needs of shoppers.

Integral to this development are spa, and multi-screen cinema facilities that promise to transform the shopping centre into a comprehensive entertainment experience. While the rooftop gardens will bring the greenery effect into the interior, a fun-triggering water park and an indoor beach will help make the beach life experience a yearlong option for the residents of this inland city.

The project aims to transform Al Jimi Mall into a development that will enhance Al Ain’s attraction as a premium leisure destination. The multi-use development is set to become the focal point for more than 500,000 residents as well as visitors who are lured by the Garden City’s natural beauty and other tourist attractions.

Falah Al Ahbabi, UPC General Manager, said: “The Urban Structure Framework Plan for Al Ain will be announced in the coming months and we at UPC appreciate the co-operation that Aldar has shown in revising the Noor Al Ain to adhere to the principles of the UPC. This shows the constructive partnership between the government and private sectors to serve Abu Dhabi’s 2030 Vision.”

Emirates Business

90% of IREIS 2009 space reserved by real estate companies

Real estate giants from the UAE and other countries will gather in Abu Dhabi in January for a major property show and organizers said nearly 90 per cent of the exhibition’s area has already been booked.

Dome Exhibitions will organize the January 27-29 Abu Dhabi Real Estate and Investment Show - IREIS 2009, to be held under the patronage of H.H Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan.

“Property companies from the UAE and other countries of the region are now vying to grab the remaining area of the exhibition,” Dome Exhibitions said.

“The fifth IREIS edition, which coincides with a construction upsurge in the UAE in general and Abu Dhabi in particular, will be a chance for major real estate developers from the region and the whole world to view the latest investment opportunities in this sector.” The Show will attract such major property companies as Tameer; the platinum sponsor of this event, Sorouh, Aldar, Al Qudra and Hydra.

According to real estate sources, property projects worth nearly Dh1.2 trillion are being carried out in the UAE, including Dh300 billion in Abu Dhabi alone.

They noted that the real estate sector has become a major contributor to the country’s gross domestic product given its rapid growth over the past years.

The sources expected sustained growth in demand for housing units in Abu Dhabi and other UAE emirates in the light of the economic and social boom through which the country is passing.

“The 2009 edition of the exhibition will be an opportunity to view the major projects being carried out or planned in the UAE and the region given the wide participation by major property companies as well as finance firms, banks and real estate brokers. This means this show will be a significant platform to finalize large deals in this sector,” Dome Exhibitions said.

It said many real estate companies from the UAE and other Gulf countries have confirmed their participation and booked large spaces in the exhibition, adding that this demonstrates their strong interest in the event.

Besides showcasing their products, the participating companies will present their current projects and future investments.

“This means the event will present an important opportunity to national and expatriate investors to see those projects and future plans in this sector,” Dome Exhibitions said.

“There is a strong interest from many investors and companies to take part in this event as is evident from their planned participation in national pavilions that will constitute an umbrella for companies from the same country, including those from Egypt, Morocco and India.” “We are confident that this event will be a good chance for all exhibitors and investors to present their projects and this in turn will contribute to further expansion in this sector and achieve the interests of all concerned parties.”

WAM/MMYS

Capitala launches sales of Rihan Heights, first phase of Arzanah

Capitala, the Abu Dhabi-based real estate company, today announced it has launched the residential sales of Rihan Heights, the first phase of Arzanah, its flagship development.

Strategically located at the gateway point to the island of Abu Dhabi, Arzanah is one of the few remaining parcels of prime real estate on the island, located just minutes away from Abu Dhabi city centre and the Central Business District.

Arzanah is a 1.4 million square metre fully integrated, mixed use development surrounding Zayed Stadium, offering a unique blend of quality residential, leisure, sports and retail environment that has been designed by some of the world’s finest designers, architects and engineers.

An exclusive sales invitation was extended for the first phase of the development, Rihan Heights, to all UAE Nationals who registered interest at the Capitala stand during Cityscape in Abu Dhabi earlier this year. Rihan Heights comprises 14 exclusive villas carefully planned around the plot and five residential towers with over 800 beautiful homes ranging from one to three bedroom apartments, as well as penthouses. The residents will also enjoy other amenities such as lush gardens, secure parking, swimming pools and a private gym.

Mr Heang Fine Wong, Acting Chief Executive Officer of Capitala commented:

“We are proud to launch the sales of Rihan Heights, the first phase of Arzanah. Our strategy was carefully developed to give priority to those who took the time to register interest in Arzanah at our stand during Cityscape Abu Dhabi in May this year, where we first showcased the project.” He concluded, “We are thrilled that not only are we offering our first phase to the market and starting to build long term relationships with our buyers, we are doing so with construction already underway and currently progressing ahead of schedule and with mortgage financing offered to our buyers through First Gulf Bank.”

Arzanah has been designed by award winning master planner Sasaki Associates and one of the world’s renowned architectural firms, SMC Alsop and aims to be an inspiring and enduring development, integrating seamlessly into the growing community of Abu Dhabi.

WAM/MAB

ADIH plans $2bn realty project by year-end

Abu Dhabi Investment House (ADIH) plans to launch a $2 billion (Dh7.36bn) real estate project in the capital by the end of the year, Emirates Business has learnt.

The development, Porta Moda Abu Dhabi, will mark the three-year-old firm’s entry into the UAE real estate market.

Porta Moda is the brand name of ADIH’s planned $7bn series of mixed-use residential and retail projects concentrating on fashion and style.

“We have finished our due diligence and are going to announce the project in Abu Dhabi by the end of the year,” said Rashad Yusuf Janahi, Managing Director and founder of ADIH. “It will be under the theme of Porta Moda and the size of the project is around $2bn. The concept will also be implemented in Qatar, Morocco, Tunisia and India.”

Janahi said the Abu Dhabi development would feature a district containing premium and luxury brands in the fashion, jewellery and interior design fields as well as town houses, studios, luxury villas, cafes, restaurants, boutique hotels and spas.

ADIH has signed a memorandum of understanding with Emirates International Properties to create Porta Moda Abu Dhabi and with Gulf Finance House (GFH) to establish developments in Morocco – the Royal Ranches in Marrakech – and in Tunisia.

The firm has also signed deals with Qatar Entertainment City and India Entertainment City to develop Porta Moda Qatar and Porta Moda India, added Janahi.

He said a fund to finance the plans would soon be placed through an ADIH team and underwriters who are marketing it in the UAE, Qatar, Oman, Saudi, Bahrain and Kuwait. The fund is also being marketed to international investors based on high levels of indicated interest.

Since its inception in 2005 ADIH has been associated with major projects across the region including the Beirut Gate in Lebanon, Entertainment City Qatar and Sunset Hills, Porta Reef and The Lagoon – Amwaj Islands in Bahrain.

It is also involved in several investment funds in the region. ADIH recently exited the Lagoon Fund, its first fund exit, with a 30 per cent return on investment. The fund was launched in June 2006 to finance the $90 million Lagoon project in Amwaj Islands.

ADIH made a partial exit from the Al Arabi Equity Fund, which registered an internal rate of return of 25 per cent, above the initial 20 per cent target.

It also made a partial exit from Al Arabi Equity Fund, which will give an IRR of 25 per cent, above the initial 20 per cent target IRR.

And a $500m fund introduced and launched by ADIH is being used to implement the first of the firm’s Entertainment Cities in Lusail, Qatar.

Emirates Business

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