Commenting on the handover, Mohammed Nimer, CEO of MAG Group Property Development, said: “We have maintained a consistent vision, communicating transparently. We have stood by our strategy through thick and thin which has underscored our commitment to our customers and our confidence in delivering our promise.”

Almost 90% of MAG 218 tower was sold out within months of its 2006 launch, with many investors initially paying an average of AED750,000 – 850,000 for a one-bedroom apartment. Today, despite falling prices over the past two years, the apartments have still appreciated, on average by at least 10%. Indeed competitive rental returns can be achieved due to the realistic original selling price.

Due to MAG Group’s strategic pricing, more than 70% of the owners are end users clearly keeping speculators at bay. The typical profile of residents consists of young professionals in their early thirties and to date MAG Group has not received any cancellations whatsoever.

“So far we have not received any notices’ of cancellation, which in the current climate is quite remarkable. However it does highlight the sustainable demand for quality mid-priced accommodation,” said Nimer.

In terms of service fees, again through MAGme the property management arm of MAG Group, rates are very competitive at less than AED10 per square foot per annum.

“This which compares favourably with other developments in the vicinity,” said Nimer.

Full-floor show-apartments located on the first floor of the MAG 218 Tower were opened in June 2008, so that owners could check out the quality of the interior finish, plus other interior fittings such as lights, built-in kitchen units & white goods, wardrobes and bathroom fixtures.

“Frequent online photo-updates were also posted on to the MAG Group website to further reassure overseas investors,” added Nimer.

The tower, which comprises 333 one-bedroom apartments and 222 two-bedroom apartments and six retail outlets, comes complete with 572 covered car parking spaces and an outdoor Olympic sized swimming pool. The top five floors feature a full glass exterior, which afford spectacular panoramic views of the Marina, Palm Jumeirah and beyond.

A dedicated recreational facilities and community floor houses a state-of-the-art gym, event and dining hall, TV room and an outdoor terrace.

The residential tower is strategically located close to all of the facilities in Dubai Marina and only five minutes’ walk from Dubai’s Internet City and Media City. The tower also forms an integral part of MAG Group’s development strategy to construct competitively priced buildings aimed at the mid-range market and appealing to Dubai’s middle income families.

Imre Solt

The total price tag: about $44 million — or roughly 10,000 years’ worth of salary for the average citizen of Azerbaijan. But the preteen who owns a big chunk of some of Dubai’s priciest real estate seems to be anything but average.

His name, according to Dubai Land Department records, is Heydar Aliyev, which just happens to be the same name as that of the son of Azerbaijan’s president, Ilham Aliyev. The owner’s date of birth, listed in property records, is also the same as that of the president’s son.

Officials in Baku, the capital of Azerbaijan, declined to comment on how the president’s son — or at least an Azerbaijani schoolboy with the same birth date and the same name as the son’s — came to own mansions on Palm Jumeirah, a luxury real estate development popular with multimillionaire British soccer stars and others with cash to burn. Ilham Aliyev’s annual salary as president is the equivalent of $228,000, far short of what is needed to buy even the smallest Palm property.

Azer Gasimov, the president’s spokesman, declined to discuss the Dubai real estate purchases. “I have no comment on anything. I am stopping this talk. Goodbye,” he said when contacted by telephone and told about the names on the property records. Gasimov did not respond to requests for further comment sent by fax, e-mail and cellphone text message.

Azerbaijan, a former Soviet republic blessed with plentiful oil and gas reserves yet blighted by widespread poverty outside its glitzy capital, has long had a reputation for corruption. But the Dubai purchases, which have not been reported before, could provide a rare concrete example of just how much money the country’s governing elite has amassed and of the ways in which at least part of this wealth has been stashed overseas.

The Washington Post

At the same time, construction on Gateway Towers, Trump International Tower and Hotel and Frond N villas has been delayed indefinitely, as well as other projects on the other Palm islands. According to group managing director of Nakheel development projects, Mr. Marwan al Qamzi, the projects on Palm Jumeirah will be reviewed when market conditions improve.

Other projects, such as the transformation of the famous cruise liner Queen Elizabeth II into a floating hotel, has also come to a halt as Dubai World seeks to cut costs and temporarily store the vessel in other ports. The port of Cape Town in South Africa has been considered but a decision has yet to be taken.

Work at Marina Residences has progressed rapidly, with groundwork commenced in September 2006. Johann Schumacher, Managing Director, Palm Jumeirah, said:

‘Nakheel is handing over thousands of villas in the next 24 months and Marina Residences is no exception. Over the course of this year we’ll be handing over the keys for 900 homes, and we’re looking forward to welcoming the newest Palm Jumeirah residents from April.’

The six towers that make up Marina Residences hold 940 apartments and penthouses; a further 40 units rest on a marina fronted promenade in the form of townhouses. At the doorstep of each Marina Residence tower is Anchor Marina, one of Dubai’s largest marinas, with berths for 700 boats.

Gallery

“ While these are challenging times, Dubai Pearl’s confidence in the robustness of Dubai’s real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,”

said Abdul Majeed Ismail Al Fahim, Chairman, Pearl Dubai FZ LLC.

The development will feature an iconic building structure comprising of four 73-storey mixed-use towers, world-renowned fashion and technology brands, the Baccarat Hotel and Residences and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.

The project will include luxury hotel brands, a 2000 seat state-of-the-art theater, a luxury fashion precinct with a premier shopping mall as well a walkable environment representing one of the most unique facets of the development.

Press release

In addition to the resort, the project also includes a limited number of freehold apartments, penthouses and villas that are aimed at buyers who demand the very finest lifestyle experience.

“Right from the start of the planning process, we have been totally committed to create something that is really special,”

said Khalaf Al Habtoor.

“As a Group, we have extensive experience in building and managing properties of the very highest standard, and this will be our proudest achievement to date – we began by securing the most desirable location on the Crescent of Palm Jumeirah when what is today one of the world’s most noted man made creations was no more than an ambitious vision, and will now give people the opportunity to have one of the planet’s most exclusive addresses.”

A bespoke team has been put together to take the project from vision to reality – “comprising the world’s most innovative and creative designers, architects, interior and landscape artists, the team has a unique blend of international expertise,” added Khalaf Al Habtoor. “Most importantly from our point of view, everyone involved in this project has been selected because they share our ethos of honesty, enthusiasm, passion and commitment to create something that is truly exceptional, both in the region and anywhere in the world.”

Founded in 1970, and today one of the most respected and successful businesses in the Middle East, the Al Habtoor Group employs over 40,000 people and is uniquely positioned to develop, build and manage the resort. Habtoor Engineering built the Burj Al Arab, Jumeirah Beach Hotel, Madinat Jumeirah and Terminal Three at Dubai International Airport and is also building Trump Tower, along with several other multi-billion projects. The Group also owns and operates five star hotels and is a leader in the hospitality sector.

“Our vision for the Habtoor Island Resort & Spa is highly ambitious,”

said Khalaf Al Habtoor.

“Not only are we determined to deliver a property that will meet the expectations of the world’s most discerning buyers, but one that will be recognised as one of the finest developments of its kind anywhere on the planet – as part of this determination, we are also committed to achieving LEED Gold Rating for environmental friendliness. Our commitment to deliver an unrivalled lifestyle is further evidenced by the fact that 70% of the entire development (one of the highest ratios in Dubai) has been allocated for beautiful gardens and water features.”

Created to give a flavour of the unique nature of the project, a show apartment is now open for viewing. ‘There is massive interest in the project, which we are proud to position as the jewel in the crown of our extensive hospitality portfolio,’ concluded Khalaf Al Habtoor.

AME Info/Press release

Jash Hamad, Dubai at a glance:

• Ready-to-move-in freehold apartments
• Part of the prestigious ‘Shoreline Apartments’ project
• Located on the Trunk of Palm Jumeirah, Dubai
• Exquisite ocean views
• 12 floors of 1, 2, 3 and 4 bedroom apartments
• 6 units per each floor
• Mortgage finance available from Barclays

The Jash Hamad properties combine excellent shopping and entertainment activities, all designed to deliver an experience worthy of the 8th wonder of the world. Widely regarded as the Hub of Palm Jumeirah, the Trunk is where the island comes to life. It is home to a dazzling array of entertainment, leisure, green spaces and active marinas and is connected to the rest of the Palm by an innovative monorail network. Buyers/investors for Jash Hamad can now avail of a tailor-made direct 15-month payment plan.

GoWealthy.com

Anchor Marina, delivered in partnership with Nakheel, represents one of IGY’s most prestigious projects. The marina’s 590 berths will provide private yachts, between 10-30m in length, modern infrastructural elements such as spacious concrete pontoons in conjunction with some of the most modern technology available to boat owners, including LED illumination, underwater lighting, wireless internet connections and bespoke concierge services.

To reflect the prestige that is associated with Palm Jumeirah, great care has been taken to ensure that the structure and quality of service experienced at Anchor Marina will position it one of the world’s most well-appointed marinas. It will offer guests the choice of two clubhouses; one located on Anchor Marina East and the other on Anchor Marina West. The East Clubhouse will be designed for families whilst the West Clubhouse will have a sophisticated atmosphere with fine dining restaurants.

Michael Horrigan, CEO Middle East and Europe, IGY said:

“We are delighted to announce the scheduled opening of Anchor Marina for this December. It’s a fantastic product that will propel Dubai onto the global stage as a yachting destination of choice. Located on the iconic landmark Palm Jumeirah, which is instantly recognisable around the world, we have worked hard to deliver, what we believe is a marina that will complement its fabulous surroundings.

“We know that demand for Anchor Marina will be high so we decided to explore new ways of leasing its berths to ensure a level playing field for interested parties – and the idea of an online auction site developed. We are anticipating a huge demand for the berths and this has been considered the most transparent and fair way of launching the first tier of leases.”

The dedicated auction site, www.igyauctions.com, has been developed to undertake the week long auction from 1st – 7th November and is exclusively for owners and residents of Palm Jumeirah. Owners and residents will be limited to leasing one berth per property and leases will be for the length of five years. The berths available for auction will be located on both the East and West side of Anchor Marina for yachts between 10-30m in length, inclusively.

Prospective bidders can register at www.igyauctions.com from 15th October from which they will become pre-qualified. Once pre-qualified users will then be able to exclusively browse the site and place bids on a unique selection of berths available for long-term leasing.

IGY will be attending the prestigious Monaco Yacht Show later this month where the company will be making a number of exciting announcements on new projects in the Middle East, Europe and worldwide.

“The site was fully evacuated of all staff and no one was injured,” said the spokesperson. “All safety and fire systems operated in accordance with standard operating procedures and emergency services worked quickly to extinguish the fire.”

According to the spokesperson, Atlantis will open on September 24 as scheduled. The firm is still assessing the extent of the damage, it said.

Atlantis is located atop the crescent of The Palm Jumeirah. Created by Kerzner International Holdings Limited, a leading international developer and operator of destination resorts, the 1,539-room resort began accepting reservations on February 1, 2008.

The resort will encompass a 460,000 square metre site with 170,000 square metres of water themed amusement, an open-aired marine habitat, extensive fresh and salt-water pools and lagoon exhibits, 5,600 square metres of meeting and function spaces, restaurants, a night club and retail facilities, among others.

Emirates Business

Leading Nakheel on this visit to Los Angeles will be Nakheel’s CEO, Chris O’Donnell, and Nakheel’s Director of Sales, Marketing and Customer Service, Manal Shaheen, who will be accompanied by a team of company professionals. The delegation will continue to pursue the company’s strategy of highlighting Nakheel’s expertise and projects to the US market which have already caught the world’s attention with their unique architectural design and innovative concepts. The delegation will also introduce various new investment opportunities in Dubai, including the recently launched Trump International Hotel & Tower on Palm Jumeirah

Speaking of the upcoming trip, Manal Shaheen said:

“This visit is significant in many ways. Firstly, it highlights Dubai’s incredible growth to American investors and encourages them to recognise and understand the significance of the emirate’s current economic vibrancy. This is particularly so within the real estate market, where Dubai has experienced the most impressive growth in the region during the first decade of this century. Secondly, this visit presents us with an excellent opportunity to promote Nakheel projects, allowing investors to examine our ventures up close and become familiar with both our company and our projects.”

Ms Shaheen added: “During our visit we will focus on explaining the strengths of investing in Dubai and how, by implementing solid legislation, providing an attractive investment environment, and offering a superior architectural experience, Nakheel has successfully managed to attract large international investors.”

Nakheel already has a major presence in North America and has signed several important agreements with some of the continents leading brands and corporations. Nakheel has partnered with The Trump Organization to develop the New York businessman’s first project in the Middle East – Trump International Hotel and Tower. It is also developing the first Worlds of Discovery theme parks outside of the US, with SeaWorld, Aquatica, Busch Gardens and Discovery Cove set to provide major attractions on Palm Jebel Ali by 2012.

In addition, Nakheel recently invested 20 per cent in Cirque du Soleil, the world’s leading live entertainment company, together with Dubai World sister company Istithmar World.

Nakheel’s hotel division, Nakheel Hotels, is also following a dual strategy of investing in key gateway cities around the world alongside up-and-coming destinations which offer huge growth potential. Major investments have already been made in North America, including a $375 million investment in the world-renowned Fontainebleau Miami Beach resort which has enhanced an existing portfolio of hotels in key North American locations, including New York, Washington D.C., Los Angeles, and Los Cabos.