Dubai Fountain is winning name of Emaar’s water spectacle in Downtown Burj Dubai
October 27, 2008 by UAERush · Leave a Comment
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The water, music and light spectacle being created by Emaar Properties on Burj Dubai Lake in Downtown Burj Dubai will be called ‘Dubai Fountain.’ Following the successful completion of the fountain naming contest on September 15, a distinguished panel has selected the name which echoes the rising global prominence of Dubai and will be a fitting tribute to the city.
More than 4,000 participants representing over 100 nationalities took part in the competition, which was held from July 1 to September 15. Although the competition was open only to UAE residents, entries were received from all across the globe, further reflecting Dubai’s growing global significance.
Participants of the competition had to suggest a name that they believed captured the essence of the spectacular fountain. The winning name - Dubai Fountain - was chosen by a panel comprising senior management of Emaar, community leaders and project experts. The selection process was overlooked by a representative of Dubai Department of Economic Development.
‘Dubai Fountain’ was suggested by 15 participants, who will be contacted shortly. The total prize will be equally divided amongst the winners who have a valid UAE residency.
Mohamed Ali Alabbar, Chairman, Emaar Properties, said:
“By announcing a competition for naming the fountain on Burj Dubai Lake, we wanted to engage the residents of Dubai in creating a new landmark for the city. The response to the competition was overwhelming and demonstrated the spirit of solidarity among the UAE residents.”
He added: “The name Dubai Fountain is simple, has instant brand recall and above all, celebrates the global standing of Dubai as a multicultural destination and home to over 180 nationalities. Dubai Fountain is our tribute to this city, which serves as a platform for thousands of people to realise their dreams and enjoy a vibrant, modern lifestyle.” ‘Dubai Fountain’ also complements the other stellar attractions in close proximity - Burj Dubai, the world’s tallest building, and The Dubai Mall, one of the world’s largest shopping and entertainment destinations.
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Facts
Billed to be of the world’s finest water features integrating musical and attractive visual elements, Dubai Fountain is over 900 ft (275 metres) in length - equivalent to that of over two football fields. Designed by California-based WET, a worldwide leader that specializes in the design of water features and also the designers of The Fountains at Bellagio in Las Vegas, Dubai Fountain will be about 25 per cent larger in area than The Fountain at Bellagio.
Powerful water nozzles shoot water sprays to heights of over 500 ft (150 metres) - equivalent to that of a 50-storey building. Over 6,600 lights and 50 colour projectors create a visual spectrum of over 1,000 different water expressions. Different combinations of water-forms perform to selected musical pieces - chosen from a range of classical to contemporary Arabic and world music.
Dubai Fountain forms the centerpiece of the 12 hectare Burj Dubai Lake and will be operational in 2009. Open for free viewing, the fountain adds to the leisure appeal of the AED 73 billion (US$20 billion) Downtown Burj Dubai development, a mixed-use project with homes, offices, hotels and a vibrant Boulevard.
NOBLES Properties establishes strategic partnership and develops projects valued at AED 8 billion
October 20, 2008 by UAERush · Leave a Comment
NOBLES Properties revealed further details relating to its two forthcoming high-end luxury residential apartment complexes, with an estimated total value of AED 8 billion, located in the Dubai Waterfront and Burj Dubai areas.
NOBLES Properties has signed a strategic agreement with Rasmala, appointing the leading regional investment banking firm as issue manager and placement agent for 25 percent of the Waterfront and Burj Downtown Development Company.
NOBLES Properties will retain the other 75 percent. Mr. Omar Ayesh signed the agreement on behalf of NOBLES Properties, and the Deputy CEO of Rasmala, Mr. Tamer Bazzari, signed on behalf of the investment banking firm.
Speaking of the new company, Mr. Ayesh said,
“The Waterfront and Burj Downtown Development Company represents an excellent investment opportunity in two of the emirate’s most attractive locations – the Dubai Waterfront and Burj Dubai – both being well-situated along the planned Metro routes serving distinct commercial locations. We are confident that the partnership with Rasmala will ensure that the company will be well-structured and enable strategic co-investors to participate with NOBLES Properties in this very interesting venture. Once completed, we expect the two projects to offer high occupancy rates. We also anticipate attractive investment returns to our strategic co-investors.”
“We at Rasmala believe that the attractiveness of these two developments and the track record and experience of the Nobles Properties management team combine to present an excellent equity investment opportunity, and we look forward to being involved in the placement process for the Waterfront and Burj Downtown Development Company,” said Mr. Bazzari.
“Given the unique portfolio of projects Nobles has in the pipeline in key regional growth markets, we believe that Nobles can make a strong argument for a strategy that will succeed despite the current Global and Regional economic environment.” he added.
The establishment of the Waterfront and Burj Downtown Development Company in Dubai represents an important addition to the activities of Nobles Properties after its recent investments in two master planned communities in Libya and Yemen which have received significant interests from investors.
Arabian Business/Press release
Dubai unveils $95bn ‘new city’ project
October 7, 2008 by UAERush · 2 Comments
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
Nakheel plans to build 1-km tower
October 5, 2008 by UAERush · Leave a Comment
Dubai developers Nakheel yesterday announced plans to build a tower which could stand one kilometre high (3,280 feet), beating the booming city state’s own world record.
Holding company Dubai World president Sultan Ahmed bin Sulayem said the project would be “one of a kind”.
A whole town is to be built covering 270 hectares, forming a new Dubai and including “a tower which could reach one kilometre in height,” bin Sulayem was quoted as saying.
Bin Sulayem said the entire project would cost 140 billion UAE dirhams ($38.12bn).
The world’s tallest building, the yet to be completed Burj Dubai tower reached a height of 688 metres (2,257 feet) last month and is still growing, according to developers Emaar. It now boasts 160 storeys, the highest skyscraper in the world, Emaar said.
Nakheel, known for building palm-shaped islands off the coast of Dubai, has already started construction of the development, a project that will take about 10 years, chief executive Chris O’Donnell said.
O’Donnell said the project, which includes as many as 40 other towers and will house 55,000 people, would be developed in phases, depending on market conditions.
The developer, which already has about $60bn worth of projects, said it expected buyers in the emirate to focus more on schemes near water, transportation and landmark structures in the future.
Nakheel’s tower development, which will vie for the title of world’s tallest tower, will be financed through pre-sales and project finance.
O’Donnell said he was confident banks would lend to the developer as, in these times, lenders were looking for a “flight to quality”.
Last month, Nakheel launched a $1.2bn loan to finance general corporate activities, which was underwritten by Saudi Arabia’s Samba Financial Group, he said.
In February, chief financial officer Kar Tung Quek said the company needed about $5bn a year to fund projects through a mix of land, pre-sales and borrowing.
The firm had been aiming to raise 3bn dirhams ($817 million) of equity to finance housing and 5bn dirhams for infrastructure projects via an initial public offering of real estate investment trusts (REITs) this month, Quek said.
“Market conditions are adverse for any market currently … We are still preparing to launch REITs, but when the market conditions are right,” O’Donnell said.
Competition for the title of world’s tallest tower is heating up in the Gulf region as real estate developers benefit from a more than four-fold increase in oil prices.
Kingdom Holding Company, controlled by Saudi billionaire Prince Alwaleed bin Talal, is planning to unveil the designs for a mile-high (1,609 metres) tower in Jeddah this month, according to the London-based Middle East Economic Digest.
Kuwait has said the Burj Mubarak in its City of Silk development will also be more than 1,000 metres high.
Emaar Properties wins Best Developer in MENA region at Euromoney Liquid Real Estate Awards
October 3, 2008 by UAERush · Leave a Comment
UAE’s Emaar Properties, the global property developer, has been adjudged Best Developer in the Middle East and North Africa (MENA) region at the Euromoney Liquid Real Estate Awards. Emaar won six awards in all, including awards for Best Developer in the UAE, and for Best Residential and Best Mixed-Use Developer in the MENA region and the UAE.
Euromoney Liquid Real Estate Awards honour the world’s leading developers for their commitment to industry best practices in overall project management and strong investor relations and corporate governance practices, as reflected in the company’s financial fundamentals. Euromoney Liquid Real Estate is a publication focused on international real estate financial markets, and the winners are selected from a global poll amongst industry professionals.
Arif Amiri, Senior Director - Investor Relations and Corporate Governance, Emaar Properties, said:
“The Euromoney Liquid Real Estate Awards are a reiteration of Emaar’s thought-leader position in the real estate sector of the MENA region. Emaar is recognised as the pioneer of master-planned communities, and leveraging on the strength of forward-looking government policies, continues to explore growth options in developed and emerging markets.”
He added: “The driving force in Emaar’s global expansion has been a sustained focus on maximising value for our stakeholders through best practices in investor relations and corporate governance. As we go global, it is imperative that we inculcate international standards that enhance investor trust and build the basis for a fundamentally strong company. The Euromoney Liquid Real Estate Awards are recognitions from the real estate industry peers for the financial and developmental track-record we have built for the company.”
Introducing the concept of master-planned communities in Dubai with path-breaking projects such as Emirates Living, Dubai Marina, Arabian Ranches and Downtown Burj Dubai, Emaar expanded geographically and into new businesses such as education, healthcare, financial services, shopping malls and hospitality ‘&’ leisure. This was in line with its Vision 2010 to become one of the most valuable companies in the world.
Today, Emaar has a strong portfolio of projects in 36 markets globally, with a development value for the international projects alone over AED 367 billion (AED 100 billion). Emaar has set industry benchmarks with project such as Burj Dubai, the world’s tallest building; The Dubai Mall, one of the world’s largest shopping and entertainment destinations; and King Abdullah Economic City in Saudi Arabia, the single largest private sector project in the Middle East region. Emaar has unveiled integrated communities in Egypt, Morocco, Libya, Turkey, Saudi Arabia, Syria, Jordan, Indonesia, Pakistan, India, Canada and the US.
Emaar’s projects energise local economies by creating new job opportunities and supporting ancillary industries. The company’s development ethos is to create full-fledged communities that offer a spectrum of lifestyle amenities in integrated mixed-use neighbourhoods.
WAM/MMYS
Meraas dreams of a 2.4km tall tower
September 19, 2008 by UAERush · Leave a Comment
It may seem like a tall order, but a Dubai developer is considering building a tower three times the height of the Burj Dubai.
Three designs have been drawn up for the planned Jumeirah Garden City project, with the most breathtaking being a 2.4km-high edifice called the Dubai City Tower.
Renderings of the Dubai City Tower show six separate buildings twisting into a single structure dubbed a “vertical city”, capped by a 400-metre “energy-producing spire”.
“The Dubai City Tower pushes every edge of building design,” says the design proposal, which is circulating on the internet.
“For centuries man has pushed construction toward the heavens. The sheer scale of this project will focus the world’s eye towards the city of Dubai, but it will be the tower’s design and image that will preserve Dubai City Tower’s grandeur into the future.”
Meraas, the property developer and private equity fund of Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, is behind the project, according to a consultant for the company and a developer familiar with the plans.
The Dubai City Tower would dwarf the Burj Dubai, which reached 688 metres earlier this month. Emaar, the developer of the Burj Dubai, has kept the final height secret in part to prevent other developers from announcing taller projects.
The design prospectus for the Dubai City Tower, which does not list its developer or architect, shows the tower looming over the waterfront, near a marina.
It would have 400 storeys with each set of 100 storeys forming a “neighbourhood” and a Sky Plaza operating as a “town centre”. A vertical bullet train would ferry people from one “neighbourhood” to another.
The building would be fitted with solar panels and wind turbines, and biospheres that double as recreational parks and water purification centres.
Carol Willis, the director of the Skyscraper Museum in New York and a professor of urban studies at Columbia University, said the project appeared “buildable in technical terms” but economically difficult to justify.
Alastair Collins, of the international Council on Tall Buildings and Urban Habitat, said that height was the easy part with skyscrapers.
“The hardest part is the servicing of the height: the transportation, power, water and waste disposal,” he said, adding that such a tower would also produce swarms of traffic.
Another of the plans for the Jumeirah Garden City project includes designs for a building called the Atrium City Towers, which would incorporate three tall towers and was designed by architects Adrian Smith and Gordon Gill. Mr Smith also designed the Burj Dubai.
A spokesman for Meraas declined to comment on the designs, but said the company would reveal its plans at Cityscape Dubai on Oct 6. An advertisement for Meraas on the Cityscape website hints at a design similar to the Atrium project.
“They are seeking to create a standout building in that location, which is otherwise going to be really low-level,” the consultant said. “It will have the best quality hotels and commercial space in the heart of what is going to be a predominantly residential area with gardens.”
Meraas was created in 2007 and gained attention this year when it joined a coalition of investors that financed Boston Properties’ purchase of the General Motors building in New York for US$2.8 billion (Dh10.28bn). It was the most expensive office building sale in American history.
Jumeirah Garden City will be located in two districts, Satwa and Al Wasl, that are being razed to make way for the new development. The project includes a canal system and several iconic buildings.
“Sheikh Mohammed likes competition,” a consultant familiar with the company said. “He wants to add another layer to the other government-backed developers to challenge Sama, DP World and Nakheel.”
The company has also been hiring veterans in the Dubai market, including Binod Shankar, the former chief financial officer of Dubai Waterfront Corporation; Rashid Doleh, the former chief executive of Emaar Malls Group; and Vivek Rao, the former head of finance at Tamweel.
A mile-high tower is planned by Kingdom Holdings for Jeddah in Saudi Arabia and Kuwait also has a 1km tower in the works. Nakheel, another Dubai developer, is expected to announce a tower to rise higher than 1km in Al Burj, according to published reports.
Burj Dubai reaches 688 meters
September 1, 2008 by UAERush · Leave a Comment
Burj Dubai, the most-talked about property in the UAE, being developed by Emaar, has attained a new height of 688 meters (2,257.2 ft). The real estate pride in Dubai is located on Shaikh Zayed Road, and presently stands at over 160 storeys.
Upon completion, Burj Dubai will qualify all criteria laid down by the Council on Tall Buildings and Urban Habitat (CTBUH), which classifies the world’s tallest structures.
Designed by Chicago-based Skidmore, Owings & Merrill (SOM), Burj Dubai property is constructed by high-rise experts South Korea’s Samsung Corporation. Burj Dubai is an integral part of Emaar’s flagship mega real estate project, the Dh73 billion Downtown Burj Dubai, a mixed-use property in Dubai.
Emaar Properties unveils ’smart living’ with 18 Burj Dubai Boulevard residential tower
August 26, 2008 by UAERush · Leave a Comment
Emaar Properties will unveil one of Dubai’s pioneering urban professional residential towers, designed by international architects and centrally located within Downtown Burj Dubai. A two tower complex, 18 Burj Dubai Boulevard elegantly incorporates curvilinear architecture, and is designed to maximize its spatial dimensions and is located on the vibrant Burj Dubai Boulevard.
“Urban professional residences are a new trend in modern residential architecture with the accent being on maximising spatial use. Emaar is building on this trend with 18 Burj Dubai Boulevard, a valuable addition to the diverse portfolio of projects in Downtown Burj Dubai. Homes in 18 Burj Dubai Boulevard are specifically designed to meet the needs of discerning buyers who value a modern lifestyle in one of the most sought-after destinations in Dubai,” said Mr Saif Al Mansoori, Sales Director, Emaar Properties.
Featuring a 47-storey and a 31-storey tower, 18 Burj Dubai Boulevard also incorporates a pavilion level nestled between the two towers. The pavilion features a distinctly designed swimming pool and Jacuzzi, with several areas specifically designed for relaxation.
18 Burj Dubai Boulevard also features studios, one-, two- and three-bedroom homes designed with the optimal use of space in mind and replete with modern finishes, luxury fittings and advanced telecom & entertainment connectivity. Apart from the pavilion amenities, residents can also access an indoor swimming pool, a multi-purpose lounge with a central seating area, dining and sports rooms and exterior lounge with private dining and barbecue facilities, games room, children’s play area and a full-size squash court.
“The central location of 18 Burj Dubai Boulevard on Downtown Burj Dubai offers residents the convenience of being in close proximity to The Dubai Mall, one of the world’s largest shopping and entertainment destinations, and the financial and business nerve-centres in Dubai,” added Mr Al Mansoori. “In addition to the Dubai Metro for enhanced connectivity, residents can also benefit from the Burj Dubai Tram system that connects all nodal points within Downtown Burj Dubai - regarded as the new ’soul of Dubai’ and the most prestigious square kilometre on earth.”
Sale of homes at Tower 1 of 18 Burj Dubai Boulevard will be held from August 30, 2008, at Emaar Business Park and Emaar’s Abu Dhabi Sales Centre from 9am to 6pm. Dubai and other Emirate residents wishing to buy from Emaar Business Park must register online, while Abu Dhabi residents can make their purchases on a first-come, first-serve basis at the Abu Dhabi Sales Center. Online registration begins on August 27, 2008 at www.emaar.com. Several financial institutions are offering easy home finance options.
Potential customers can call toll-free 800-EMAAR (36227) or log on to www.emaar.com for more details on 18 Burj Dubai Boulevard which is designed and engineered by KEO International Consultants, an award-winning architectural design firm. 18 Burj Dubai Boulevard is a perfect complement to the modern residential towers in Downtown Burj Dubai that have opened to strong investor response.
Downtown Burj Dubai is the flagship mega-project of Emaar. Considered the newest neighbourhood in Dubai and covering 500-acres, Downtown Burj Dubai will feature a bustling boulevard that will strengthen the community life that is already taking shape. Currently open are three hotels in the area, Al Manzil, Qamardeen and The Palace, The Old Town which is directly connected to Souk Al Bahar, a shopping mall featuring Arabesque architectural elements. The area will feature a fountain that is envisaged as one of the world’s finest water features integrating musical and attractive visual elements.
