Projects worth $800 billion(!) under way in the UAE

Despite caution over future projects, $800 billion (Dh2.9 trillion) of projects are currently under construction in the UAE, according to a survey by Proleads, the research partner of The Big 5.

Though the analysis covers all industries, civil construction developments continue to dominate projects under way topped by Jumeirah Gardens, Dubailand, Palm Deira, Yas Island, and White Bay Umm Al Quwain.

Proleads is currently tracking in excess of 5,200 individual projects worth in excess of $4trn across the Middle East. Its database lists more than 980 projects under some level of construction across all industries in the UAE.

“It is important to say that the $800bn of projects in this survey are all under construction,”

said Bernard Walsh, Managing Director of The Big 5 organisers dmg world media Dubai.

“Despite caution over future projects, it emphasises yet again that the huge projects under way in the UAE are increasingly at levels unmatched in other parts of the world as the economic slowdown affects markets worldwide.”

Emirates Business

Yas Mall to be showcased at MAPIC

Aldar Properties, Abu Dhabi’s leading property development, investment and management company today unveiled plans to build a signature Super Regional Mall as part of Abu Dhabi’s premier retail and leisure destination at Yas Island.

Leading retailers, property developers and investors attending MAPIC, one of the world’s major retail real estate events, will have a closer look at Aldar’s “Yas Mall”, a Super Regional facility which will provide in excess of 700 retail and catering units including four major department stores and six hotels.

The Super Regional Yas Mall will serve not only the local and regional markets but also the millions of tourists visiting Yas Island’s host of tourist and leisure attractions, including the world’s first Ferrari Theme Park, a water park and the 2009 Formula 1 Yas Marina Circuit which will host the Etihad Airways Abu Dhabi Grand Prix in November 2009

“The Mall will serve one of the most affluent populations in the world, with Abu Dhabi already ranking among the world’s top list in terms of GDP per capita. The capital’s local population is expected to increase by 40 % in the next five years. By then, Abu Dhabi hopes to draw some 2.7 million tourists. Yas Mall , on account of its strategic location will be best placed to serve both the national and international customer,”

comments Mohammed Al Mubarak, Aldar’s Chief Commercial Officer

The Yas Mall will feature a fantastic line up of brand name stores from around the world, along with the world’s most dazzling video and water displays. It will be the focal point for the community playing host to a variety of tastes and budgets, special events, exclusive exhibitions and cinema premieres.

Comments Philip Vaughan, Director of Retail Development, Aldar Properties:

“MAPIC is a great opportunity to reveal details of Aldar Super Regional Yas Mall. We are also keen to show investors and industry leaders the progress across our entire retail portfolio. On completion in 2011, the Mall’s retail area will amount to some 460,000 m2 and together with the adjoining theme parks will total a massive 780,000 m2 of retail and leisure.”

Yas Mall will be directly connected to the themed attractions on the Yas Island, including the Ferrari World Abu Dhabi theme park and the water park. There will be high level dining terraces and garden areas as well as a lush interior environment and beautiful water features, all contained under the one spectacular roof.

The design of Yas Mall has been inspired from the best retail destinations in the world to create something unique and inspiring to visitors. Extra emphasis has been applied to create a uniquely positive customer experience, through accessibility and tenant mix.

“Our participation in MAPIC is expected to encourage greater international retail investments in Abu Dhabi, and defines Yas Mall as one of the world’s largest lifestyle, shopping and entertainment destinations”

added Vaughan.

MAPIC on it’s 14th edition, will have over 2,300 retail developers from 71 countries, and more than 1,050 exhibitors with a comprehensive range of retail real estate projects, that will offer an incomparable perspective of the sector.

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

Yas Island on schedule

ALDAR Properties, the leading integrated property development company said yesterday it was on schedule for completion of phase 1 infrastructure work on its multi-faceted entertainment destination, Yas Island.

Key milestones have been achieved on the multi-billion dollar project, with over 30% of the infrastructure of phase 1 complete, with the remaining scheduled for completion well before the 2009 Formula One Etihad Airways Abu Dhabi Grand Prix.

Commenting on the progress of ALDAR’s Yas Island, Ronald Stephen Barrott, CEO of ALDAR Properties stated, “This exceptional performance and the ongoing achievements by the Yas Island development team highlight the dedication and commitment that ALDAR puts into its projects. Yas Island is set to become a world famous tourist attraction for Abu Dhabi, and it will contribute to the tourism industry of the United Arab Emirates.”

ALDAR is currently in the process of deepening the canal leading to Yas Island to allow super yachts to anchor in the Royal Yas Marina, providing excellent views for the audience to the Yas Marina Circuit. The Royal Yas Marina wall and excavation is currently 90% complete. The marina is dammed to complete the remaining construction in the dry and is scheduled for flooding in the 2nd quarter of 2009. .

The Yas Marina Circuit is progressing very well. The pit building and the four grandstands for the Abu Dhabi Grand Prix’s spectators will be completed by mid-2009, with concrete works for the top floor levels nearing completion and installation of mechanical, electrical and plumbing infrastructure now underway. Grading and shaping works in preparation for construction of the pavement for the race track itself are well progressed..

Yas Mall and parking structure piling works are also progressing on schedule. The highways and bridges are well advanced and will be complete for race day.

“Yas Island infrastructure will be ready for the expected visitors for this inaugural event. The development team and workforce have worked with exceptional efficiency, and we are very pleased with their efforts,” commented Steve Worrell, Project Director, Yas Island. “With three vehicle entrances to Yas Island for the race day, race goers will experience easy traffic flow through these access points. “

The Yas Island project covers an area of 25km2 and is set to become a cornerstone of Abu Dhabi’s fast growing tourism industry. In addition to racing circuit, the development will include Ferrari World Abu Dhabi, a Warner Bros. Theme Park, five-star and boutique hotels, a water park, 356000 square meters of retail space, a links golf course, 3 marinas, restaurants, various entertainment facilities and luxurious residential property.

Ronald Stephen Barrott, CEO, ALDAR Properties, concluded: “Yas Island is just one component of ALDAR’s diverse development portfolio, which is attracting considerable worldwide interest and inward investment. The unique tourist destination will complement scores of residential, business, retail, and other community-oriented projects that set ALDAR apart as a leading integrated developer.”