95% work on The Lagoons Islands completed
Sama Dubai, the international real estate investment and development arm of Dubai Holding, today announced it has successfully completed over 95 per cent of work on the water front (water-edging) at ‘The Lagoons’, the 70 million square feet Dubai Creek waterfront project that is fast taking shape as one of Dubai’s most ambitious developments.
With the excavation of canals almost complete and land reclamation in final stages, Sama Dubai estimates the seven landscaped and interconnected island districts that comprise ‘The Lagoons’ will be surrounded by Creek waters by end-2009.
As a master developer, Sama Dubai’s strategy is to develop various areas of the project through strategic partnerships with select third party developers. The preparedness of the site to flag off construction activities is being demonstrated with several third party (sub) developers mobilizing contractors to commence construction on their plots at The Lagoons. Last April, National Properties broke ground for its low-rise Flamingo Creek residential community at the award winning development.
Located within the heart of Dubai, the self-contained urban development has registered perhaps the most visible manifestation of the break-neck progression on site. Infrastructure work on more than 185,000 square meters of land is making rapid headway, achieving a significant number of key milestones.
Farhan Faraidooni, Executive Chairman of Sama Dubai, said:
“Sama Dubai is investing significant resources and efforts to ensure the infrastructure at ‘The Lagoons’ project is the best of breed. We have been making impressive strides towards the realization of a distinct project that will set precedents and raise the bar for future waterborne developments across the world.”
‘The Lagoons’ is currently making way to open its impressive on-site sales and customer service centre by the fourth quarter of 2008 with the upcoming release of two residential buildings slated for the first half of 2009.
The Lagoons’ will comprise seven beautifully landscaped islands, offering an inspired landscaped surrounding that is enhanced by a plethora of tranquil waterways, peaceful open parks, and green belts, all in a natural habitat setting. The development’s unique features have enabled it to continue attracting interest amidst the surge of real estate projects currently being developed in the UAE and across the region.
Underlining the emirate’s position as a world renowned destination, ‘The Lagoons’ anticipates the growing need in Dubai for a living environment that delivers an unmatched quality of life within a unique natural setting. The development embodies a bold vision of the future while building upon its rich past, where traditional souks and navigable waterways will co-exist with global business houses and boldly designed landmarks in a dynamic environment set amongst a lush, green waterfront.
Tatweer establishes Tatweer Dubai and Tatweer Investments
September 8, 2008 by UAERush · Leave a Comment
Tatweer, a subsidiary of Dubai Holding, has announced a restructuring of its operations where the real estate firm will pioneer as the holding company. Under the new structure, Tatweer Corporate will bring its entities across six diverse sectors under two distinct divisions - Tatweer Dubai and Tatweer Investments. Saeed Al Muntafiq is the Executive Chairman of Tatweer Corporate and responsible for the creation and overall delivery of the strategic plan, corporate governance, risk management and people development.
Al Muntafiq said
“As a strategic driver of a select group of entities, Tatweer’s restructuring initiative is in response to its enormous growth curve. It also marks the transition of Tatweer from its initial phase of identifying core business areas to its next state of delivering critical projects in Dubai while establishing a sound base for international growth”.
Khalid Al Malik is the CEO of Tatweer Dubai. He will focus on scheduled project delivery within the UAE and strategic long-term partnerships with organizations such as Partners-Harvard Medical International, Tiger Woods and Universal Studios. Tatweer Dubai’s entities comprise Dubai Healthcare City (DHCC), Dubailand, Bawadi, Theme Parks Cluster, and Dubai Industrial City.
Ahmad Sharaf is the CEO of Tatweer Investments. He will drive Tatweer’s foray into international markets, leveraging its synergy with global strategic partners. Tatweer Investments will extend Tatweer’s existing intellectual property portfolio and generate innovative IP driven investments and partnerships overseas. It will support MIZIN and establish new businesses in the food industry through alliances with leading international brands.
Tatweer Dubai and Tatweer Investments will work closely together in transforming Tatweer into an excellent organization. The new entities will facilitate the on-time delivery of real estate projects, enhance corporate governance and create an environment for sustainable development.
Tatweer targets Dh200bn by 2013
September 4, 2008 by UAERush · Leave a Comment
Dubai-based leisure and entertainment developer, Tatweer – a member of Dubai Holding – will quadruple investments in its projects on the ground in the next five years, reaching Dh200 billion by 2013, said a top official of the company yesterday.
“So far we have invested Dh50bn in projects in Dubai and we estimate that figure to touch Dh200bn in the next five years,” said Khalid Al Malik, Chief Executive of Tatweer.
Speaking exclusively to Emirates Business, Al Malik said the developer would invest Dh40bn towards infrastructure funding in its projects over the coming years. Al Malik said a large portion of the projects will be self-funded, which will include proceeds from land sales. Approximately 20 to 30 per cent will come from the holding company, he said. Tatweer currently has a land bank of 3.5 billion square feet in Dubai alone across its key market entities such as The Tiger Woods Dubai, DreamWorks, Dubai Healthcare City, Dubai Energy, Dubailand, Universal Studios, Bawadi, Global Village, Dubai Industrial City, Mizin, Tatweer Lammtara joint venture and The Dubai Mercantile Exchange.
Tatweer is targeting a return on investment of 15 per cent, Al Malik said.
“As a rule, revenue starts flowing in three years after construction begins,” he said.
However, the seven theme parks planned – Universal Studios, Dreamworks, Legoland, Six Flags, Global Village, Hit Entertainment and Marvel – will start generating revenues collectively from 2009.
Al Malik said he was concerned about rising inflation, but Tatweer has factored in the expected cost overrun, he added.
“We estimate rising inflation to be around one to two per cent monthly. We don’t think this will continue over the years and eventually we will see annual inflation going up by around four to five per cent. This is what we have budgeted within our company operations,” Al Malik said.
Dh50 billion Culture Village closer to completion
August 26, 2008 by UAERush · Leave a Comment
Dubai Properties, master real estate developer and a subsidiary of Dubai Properties Group (DPG), a member of Dubai Holding, announced that the Dh50 billion Culture Village project has crossed key construction milestones, including the completion of 90 per cent of the Dh1 billion infrastructure works.
Dubai Properties recently premiered Culture Village’s residential component at Harrods in London to an excellent reception from investors.
Canal works within the 40 million sq. ft. Culture Village site, situated next to the Garhoud Bridge along the Dubai Creek, is 95 per cent complete. While the residential, commercial and retail districts within the project are being developed by 15 private developers, building works for these districts are being simultaneously undertaken. One of the most distinct developments on site will be the Palazzo Versace Dubai, a project by Gianni Versace Spa and Sunland Group Ltd, which is also 25 per cent complete.
Hashim Al Dabal, Executive Chairman, Dubai Properties Group, said:
“Culture Village is an important element of Dubai Properties’ total portfolio. It gives me great pride to witness the steady realization of a dream that began when Dubai’s leadership envisioned a project that would strengthen our city’s art and cultural offerings.”
Dubai Towers scoops prestigious property award
August 24, 2008 by UAERush · Leave a Comment
Sama Dubai, the international real estate investment and development arm of Dubai Holding, today announced its Dubai Towers-Doha project has won honours in three categories at the coveted CNBC Arabian Property Awards 2008.
The prestigious awards for Property Marketing, High-Rise Architecture and Best Developer Website, will be presented to Sama Dubai at a gala dinner to be held on 19 October at The Madinat Jumeirah in Dubai.
Farhan Faraidooni, Executive Chairman of Sama Dubai, said:
“We are proud our brand is synonymous with success in the regional and global markets. The prestigious awards for our Dubai Towers portfolio further consolidate our status as an international real estate master developer. Such coveted recognitions motivate us to expand our horizon and strive harder in our commitment to exceed expectations.”
Chaired by Eric Pickles, British Shadow Secretary of State, the awards’ panel comprised eminent global real estate experts, including design and architecture consultants.
Faraidooni added:
“The awards reiterate the UAE’s relentless pursuit of excellence. It also gives our brand higher credibility, allowing us to run the distinctions across all our marketing and communications strategy. In addition, investors will also be confident of making a informed decisions while selecting Sama Dubai as their master developer of choice.”
Earlier this year, CThe LagoonsC, a freehold, mixed-use project being developed by Sama Dubai, won two awards at Cityscape Abu Dhabi 2008. The Best Mixed-Use Development award was presented to CThe LagoonsC for its unique concept, components, overall planning and vision, while the Best Corporate Social Responsibility award was given in recognition of its vigorous efforts to preserve and enhance wildlife at the Ras Al Khor Wildlife Sanctuary.
Dubai Properties to double investment to $272bn
August 21, 2008 by UAERush · Leave a Comment
State-owned Dubai Properties is set to almost double its real estate investment to 1 trillion dirhams ($272.2 billion) within the next five years from 565 billion dirhams currently, its group CEO has said.
Mohamed Binbrek, CEO of Dubai Properties Group, said the company has 26 property plots still to be developed, UAE daily Emirates Business reported on Thursday.
The developer is confident of reaching 700 billion dirhams worth of investment in the next three years, Binbrek said.
Dubai Properties, a subsidiary of Dubai Holding, reached 550 billion dirhams in investments in April, with the launch of its Mohammed bin Rashid Gardens mega eco-project.
Binbrek told the newspaper Dubai remains the focus for the firm, but it is considering options for expansion overseas, including opening an office in India.
The firm is also considering opportunities in Pakistan, Tunisia, Qatar, Uzbekistan, the Maldives and Madagascar, he said.
Tatweer invests Dhs3.68bn in new wellness resort at DHCC
August 17, 2008 by UAERush · Leave a Comment
Tatweer, a member of Dubai Holding, today announced it will establish an Dhs3.68bn Dubai Wellness Resort in Phase-II of Dubai Healthcare City (DHCC), a member of Tatweer.
Tatweer’s new initiative adds its investments in DHCC to a total of Dhs12.5bn, underpinning its profound support of delivering quality healthcare services, while driving the growth of life-improving industries across the region. DHCC has so far attracted Dhs15bn of additional investments from its partners, bringing the overall investments in DHCC to Dhs27.5bn.
Situated alongside the Dubai Creek, within DHCC’s Wellness Cluster, the resort will serve as a premier location for preventative and integrative medicine, and for promoting health-enhancing lifestyles in the region.
The Dubai Wellness Resort will include a rejuvenation centre for cosmetic services; healing and health-centre for integrated medical services; active-lifestyle centre as sports medicine facility, and healthy-living residences for eco-friendly living. It will also encompass a healthy-lifestyle retail district in the town centre and 7-star luxury hotels.
Saeed Al-Muntafiq, Executive Chairman of Tatweer, said:
‘The new wellness facility underpins our relentless endeavour to promote Dubai as the hub for healthcare excellence. Its integrative medicine approach will solidify DHCC’s position as the leading destination for comprehensive health services through its fusion of allopathic, complementary, and alternative medicine using an evidence-based approach.’
The resort will bring together under one roof advanced curative approaches in integrative medicine from the West, East and the Arab world. Set amidst a sustainable, carbon-neutral environment, it will distinguish itself through the application of innovative techniques in preventative medicine, provision of timely and holistic patient management programs, and ongoing follow-up treatment.
Al-Muntafiq added: ‘Regarded as the world’s most integrated healthcare free zone, patients seeking DHCC’s world-class treatment and medical procedures will now have the privileged option of selecting from a range of curative therapies. The Dubai Wellness Resort will offer a continuum of care, facilitating patients’ referral to and from key components within DHCC, such as the Mohammed Bin Rashid Al Maktoum Academic Medical Center and other medical establishments.’
As an integral element of DHCC, which priorities the provision of quality healthcare, the Dubai Wellness Resort will provide an additional incentive for boosting wellness tourism in the region.
Through the integration of Phase-I that will be the center for cutting edge diagnosis and conventional treatment modalities, and Phase-II that focuses on wellness therapies, DHCC aims to offer holistic healthcare through disease prevention and management, health psychology, and other life-enhancing services.
Sama Dubai launches construction on QAR 2.3 Bn ‘Dubai Towers’ in Doha, Qatar
June 23, 2008 by UAERush · Leave a Comment
Sama Dubai, the international real estate investment and development arm of Dubai Holding, has commenced infrastructure work on the QAR 2.3 (Dh20) billion mixed use corporate towers - ‘Dubai Towers - Doha’. Ongoing construction work includes advanced enabling (substructure) works and tower piling. Podium piles have already been installed, with the main structure ‘building’ works scheduled to commence in the first half of 2007.
Located on the Corniche in the West Bay area of Doha, the project is set to be one of Qatar’s iconic landmarks and a prominent feature of Doha’s new skyline. The mixed-use corporate towers have been conceived to deliver the complete corporate experience in the heart of Doha’s bustling new business district. Projected to reach a soaring height of 435 meters, ‘Dubai Towers - Doha’ will help enhance the city’s diverse offerings and cosmopolitan character. Providing premium corporate real estate facilities with services and amenities catering to the local and regional business community, the towers will meet the rising demand for first-rate office space, quality residential units and hotel rooms.
