NO SIGN OF SLOWDOWN

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                                                                                                 The official show daily




                                                                         OCT 6 – DAY ONE   OCT 7 – DAY TWO        OCT 8 – DAY THREE    OCT 9 – DAY FOUR   2008




                                                                48
                                                                         NO SIGN OF SLOWDOWN
                                                                         All roads in Dubai lead to Cityscape this week and the traffic jams were the only
     Contents                                                            sign of slowdown yesterday, as thousands of visitors flocked to the world’s largest
                                                                         B2B real estate investment event, breaking all previous day-one figures.
9     Cityscape: welcome
      Personal perspective on the week’s networking and
      awards events
10    Update: exhibitor news
      Latest updates from the show floor and key emerging markets
23    Focus: financial
      The potential impact of the 2010 GCC Currency Union
24    Line-up: conference programme
      Analysis and debate of the industry’s hot topics
27    Line-up: speaker profiles
      Leading industry experts share their market insight
34    Review: day one
      Round-up of action from the conference sessions
      and show floor
43    Focus: industry report
      Mazaya Real Estate Index activity report on Saudi Arabia
45    Focus: Cityscape Intelligence
      Jones Lang LaSalle’s MENA Investor Sentiment Survey
48    Overview: Saudi Arabia
      Destination market overview
53    Event: awards
      Winners of the 2008 Cityscape Architectural Awards
58    Focus: Oxford Business Group                                       The 2008 exhibition and             the “US bail-out already             region’s leading players continued      He elaborated by saying that
      Syria’s investment and development focus
                                                                         conference was officially opened    feels like last year’s story.”       to unveil a raft of high-profile     it was important that the region’s
                                                                         by His Highness Sheikh Hamdan          He also referenced the            projects following hot on the        key players educate buyers about
                                                                         bin Mohammed bin Rashid             industry’s eternal buoyancy as       heels of Nakheel’s tallest tower     the changing market environment,
Meraas launches                                                          Al Maktoum, Crown Prince of         a key factor. “You want to be        announcement yesterday.              and readjust ROI expectations.

Jumeira Gardens                                                          Dubai and Chairman of the
                                                                         Executive Council of Dubai.
                                                                                                             optimistic, it’s the business
                                                                                                             you’re in. However, for the
                                                                                                                                                     DAMAC Properties reconfirmed
                                                                                                                                                  its confidence in the UAE market,
                                                                                                                                                                                       “But I don’t see real estate going
                                                                                                                                                                                       down in value,” he commented.
US$95 billion ‘city within a city’ for Dubai                                According to the organiser,      moment there is only uncertainty,    guaranteeing 40 percent rental          Jonathan Garner, a global
                                                                         IIR Conferences & Exhibitions,      and many of today’s speakers         returns on its new Executive         emerging markets strategist for
Meraas Development, a newly launched Dubai-based real estate             day one visitor figures broke       will hopefully help us peer          Suites project in Business Bay       the UK’s Morgan Stanley was also
development company, has announced the launch of its US$95               the 2007 record and there           through the sand in search           and Ali Kolaghassi, vice chairman    upbeat, particularly about the
billion Jumeira Gardens master planned community project.                were a number of multi-billion      of light,” said Dimbleby.            and CEO of Jordan’s Saraya           prospects of emerging markets,
   The mixed-use, freehold and leasehold development is being            dollar announcements to                This year’s conference sessions   Holdings said that the UAE is        echoing some analyst comment
positioned as an integrated ‘city within a city’, with the team of       launch the show including           also feature an interactive          “well placed to weather the          that the current slump is a cyclical
architects and planners tasked to devise bold designs that will help     Meraas Development’s US$95          keypad for instantaneous             storm and will rebound faster        downturn and market structures
redefine Dubai’s visual character and cityscape.                         billion Jumeira Gardens             delegate polling on a range of       than most other economies.”          would emerge largely intact.
   Jumeira Gardens will be home to some of the city’s largest towers,    master planned community.           issues. The first question was
which Meraas says will set standards of green building design.              Veteran British broadcaster,     ‘would things look brighter for
   Sina Al Kazim, CEO of Meraas Development, said that the project       and political commentator,          real estate projects within the
will be “a community that enriches the lives of everyone living and      Jonathan Dimbleby chaired           next six months?’ A total of 53
working within its borders”.                                             the opening Real Estate             percent of delegates said there
   To be constructed over a 12-year phased timeline, Jumeira             Leadership Strategy Summit,         would be little change in the
Gardens will see the redevelopment of an area north of Sheikh Zayed      addressing a packed audience        market but 29 percent believe
Road, between Al Diyafa Street and Safa Park.                            of regional investors, developers   that banks will curb lending.
   Construction of Phase 1 has already begun, and the first buildings    and industry professionals.            Despite industry-wide
are due for handover in the fourth quarter of 2011. Final completion        Commenting on the daily          acknowledgement of established
of Phase 1 is set for the fourth quarter of 2013.           Stand PB10   changing scenario in the            market issues and a slowdown
Turn to page 10 for the full story                                       global markets he said that         in some emerging markets, the
                                                                                                                                                                                                                               welcome SHOW




WELCOME TO CITYSCAPE DUBAI 2008                                                   Adrian Smith & Gordon Gill, winners at the Cityscape Architectural Awards                                              Ken Jamieson

On behalf of the exhibition and         showcase got off to a flying
events team, may I welcome              start on Sunday 5th with the
you to day two of Cityscape             traditional curtain-raiser, the
Dubai. As expected, yesterday           Cityscape Dubai Golf Classic.
was a very busy first day and           This event provides the ideal
we are looking forward to an            opportunity for international
equally rewarding second day.           participants to meet and
   Due to the immense size of           network in the friendly and
the exhibition and its various          informal environment that
high-profile conferences,               such a fun activity creates.
Cityscape Dubai often                      Once again, the golf
presents a challenge to many            tournament proved to be
participants and attendees              a great success with over
to meet and network with                120 real estate industry
prospective business partners,          professionals competing in
industry colleagues and peers.          two-player teams for a range
To address this issue, my team          of prizes and the accolade
and I play an increasingly              of being the Cityscape Dubai
important role at Cityscape,            Golf Champions. This year’s
in creating a range of special          tournament was sponsored
events and activities designed          by Shaikh Holdings who have
to get groups of people to              approached the event with great
meet and network through a              enthusiasm and excitement
variety of different activities.        to ensure that the tournament
   In developing a series of            participants had a truly
special events and activities,          memorable and enjoyable day.           Over the last few years the                Over 850 industry professionals                 Cityscape Dubai have the                      Village, one of the inspiring
what we are trying to create is a          Played on the stunning           Cityscape Architectural Awards                from the emerging markets                       opportunity to not only benefit               developments from the Dubai
set of multi-layered experiences        Dubai Creek Golf and Yacht          have developed into the world’s               attended to celebrate and                       from attending the exhibition                 Properties Group. Undoubtedly,
designed to ensure any visitor          Club course, the afternoon          premier recognition vehicle                   acknowledge industry                            and various conferences, but                  this year will present a number
or attendee of Cityscape is able        competition allowed all players     for the emerging markets. The                 figureheads who have                            also to network and meet future               of new ideas and suggestions
to network and develop future           to enjoy the excitement,            awards recognise excellence in                surpassed the already high                      business associates at a variety              for special events and activities
business opportunities with             friendly competition and            architecture and design from                  standards of the industry.                      of other networking events..                  for next year. By developing
other visitors and attendees.           camaraderie that can only be        the emerging regions of the                      Tonight, we have the                            Finally, on Wednesday                      and integrating these new
The key to success is to                experienced by playing with         Gulf States, the Middle East,                 third of our special events                     evening we have the Cityscape                 activities into the special
deliver a series of memorable           fellow real estate industry peers   Asia, Africa, South America and               and activities, the Cityscape                   Cultural Evening. This is a new               events programme we hope to
events which promote and                and colleagues. A resounding        South and East Asia and Latin                 Cocktail Reception. This event                  event designed specifically                   offer a comprehensive range
encourage personal interaction          success, the tournament is          America. The awards seek to                   has been designed to bring                      for our international guests                  of special events and activities
between attendees. This                 set to remain a key feature of      recognise and reward real estate              together key participants of                    to savour a truly authentic                   for all Cityscape attendees.
requires detailed and careful           Cityscape Dubai’s portfolio of      industry professionals, projects,             Cityscape for a final evening                   Arabic evening of fine food                      On behalf of my
planning to ensure the range            special events and activities.      developments and architects                   of fun and excitement. Set                      and entertainment. Set in the                 colleagues, I wish you a
of activities meet with the                Last night, we had the           that have shown outstanding                   in the specially designed                       stunning Cityscape marquee                    productive and rewarding
aims and objectives of the              second of our special events        designs, performance, vision                  Cityscape marquee and                           along the Mina A’Salam hotel                  Cityscape Dubai 2008.
profile of Cityscape attendees.         and activities, the 2008            and achievement in key                        overlooking the stunning                        beachfront, this evening will
   When developing these                Cityscape Architectural             emerging market and project                   Burj Al Arab, this event will                   allow delegates to meet,                      Ken Jamieson
events for 2008, we have tried          Awards. This event is               areas. The awards, and seals                  once again be a highlight of                    network and enjoy traditional                 Chief Xperience Officer and
to place the consumer as a              designed to bring together          of distinction, were presented                the week’s social calendar.                     Arabic hospitality. The venue                 Group Director – Special Events
key performer within all of the         the cream of the emerging           at an elaborate and lavish                       So, by creating an integrated                has been specially created and
activities. This was suitably           market real estate industry         gala dinner held at the Grand                 programme of special events                     themed along traditional lines
demonstrated when this year’s           for one night of celebration.       Hyatt Dubai, last night.                      and activities, attendees to                    and is sponsored by Culture


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                                                                                                                                                                                                        Dubai 2008      Cityscape official show daily   9
NEWS update




                                                                                                                                                   Solidere unveils
                                                                                                                                                   Al Zorah Riviera
                                                                                                                                                   Lebanese developer announces first
                                                                                                                                                   emirates based project in Ajman
                                                                                                                                                   DUBAI – Solidere International announced its
                                                                                                                                                   Al Zorah Riviera residential complex at Cityscape
                                                                                                                                                   Dubai yesterday.
                                                                                                                                                      Designed by the world-renowned German architect
                                                                                                                                                   Axel Schultes, Al Zorah Riviera is the first residential
                                                                                                                                                   project to be announced within the US$60 billion Al
                                                                                                                                                   Zorah City, the largest development launched to date
                                                                                                                                                   in Ajman.




                                                                MERAAS LAUNCHES
                                                                                                                                                      Al Zorah Riviera will reflect outstanding design
                                                                                                                                                   elements and the natural ambience of Al Zorah City
                                                                                                                                                   and will be strategically located on the sandy beaches
                                                                                                                                                   of Ajman next to the downtown district of the city,
                                                                                                                                                   (also known as the Balad) offering direct access to




                                                                JUMEIRA GARDENS
                                                                Mixed-use project in Dubai will feature
                                                                                                                                                   the beach with stunning views of the sea, old town
                                                                                                                                                   fort and marina.
                                                                                                                                                      The project comprises six towers offering 1,400
                                                                                                                                                   to 1,500 freehold residential units in an attractive
                                                                                                                                                   mix of low and high-rise buildings ranging from 22 to
                                                                                                                                                   45 floors, with studios, one, two and three-bedroom

                                                                future iconic landmarks                                                            apartments.
                                                                                                                                                      Residents of each unit will enjoy unobstructed
                                                                                                                                                   views of the Arabian Gulf and will have direct
                                                                DUBAI – Continued from cover. Meraas Development, a Dubai-based real               access to white sandy beaches. The towers will be
                                                                estate development company with an innovative approach to sustainable              surrounded by five-star resort hotels, marinas and
                                                                urban planning, architecture and design, announced the launch of                   open public green spaces. Stand PG10

     Investment guarantee                                       the US$95 billion Jumeira Gardens in Dubai, its first master planned
                                                                community, at Cityscape Dubai yesterday.
                                                                   The mixed-use, freehold and leasehold development will be an
     DAMAC launches Executive Suites with                       integrated ‘city within a city’, with distinct neighbourhoods linked by a
     40 percent rental guarantee                                diverse network of transportation options, and will comprise low, medium
                                                                                                                                                   Bloom’s sunny outlook
                                                                and high density areas with business, residential, retail, leisure and
     DUBAI – DAMAC Properties has underlined the                recreational components.                                                           Multi-use, community-oriented
     investment potential of the UAE with its own                  Sustainability and appeal for urban living were overriding concerns for
     assurance – launching Executive Suites, a serviced         planners and architects, who also were encouraged to devise bold designs
                                                                                                                                                   development expected to do well in
     office tower on the first day of Cityscape Dubai, with     that would help redefine Dubai’s visual character and cityscape. Some              new growth markets
     a 40 percent rental return guarantee over three years      of the city’s largest towers will be located in Jumeira Gardens, which will
     for the project.                                           set standards of ‘green’ building design, through features such as passive         DUBAI – Bloom Properties CEO, Dr. Hani Shammah
        Speaking at the launch, Peter Riddoch, CEO,             energy generation, shaded foliage-covered atriums and roofs, heat reducing         has stated that a selection of fast growing markets
     DAMAC Properties Dubai said: “We believe Dubai             cladding and shading fins.                                                         will remain attractive to property developers,
     has the potential to become the most expensive                All of the holding company’s collective resources will contribute to the        especially as the demand fundamentals of these
     commercial real estate destination in the world in         Jumeira Gardens project. “We will leverage our subsidiaries’ expertise in          countries remain strong.
     the coming years. The demand and prices for office         healthcare, education, retail and leisure to complement the competencies               “We are particularly bullish about Abu Dhabi in
     space is increasing; a recent report by Gulf News          of Meraas Development in building a district of unrivalled comfort,                addition to select markets in the MENA, South East
     stated a price increase of 74 percent over last year.      convenience and community,” said HE Abdulla Ahmad Al Habbai,                       Europe and South East Asia regions. The current
     And, according to Colliers International, today            Chairman of parent company Meraas Holding.                                         global turmoil will certainly affect developer and
     Dubai is ranked third in terms of global office real          Sina Al Kazim, CEO of Meraas Development, said that the project                 buyer bank lending behaviours across these markets,
     estate construction activity, behind Moscow                “addresses every element of urban living through comprehensive planning,           however this should not divert us from the fact
     and Shanghai.”                                             adopts sustainable building practices, implements cutting-edge designs             that some of these countries have medium-term
        He added: “In line with these reports and based         and engineering, and always focuses on people, to ensure Jumeira Gardens           structurally undersupplied property markets.”
     on our research, we at DAMAC Properties are so                                                          is a community that enriches             Shammah says that community-orientated
     confident about the market that we are assuring a 40                                                    the lives of everyone living and      developments specifically, have experienced
     percent rental return on the property over the three                                                    working within its borders.”          unabated interest over the last year, and this trend is
     years following delivery. We are offering this incentive                                                   Jumeira Gardens will be built      likely to continue as investors seek out convenience
     to our customers as we forecast positive growth                                                         over 12 years, across an area north   in terms of location and amenities.
     trends in the coming years where the market will                                                        of Sheikh Zayed Road between Al          Following the success of its Bloom Gardens
     still be bullish and we are aiming to supply for the                                                    Diyafa Street and Safa Park. There    development situated on one of the last stretches
     growing demand.”                                                                                        will be several major parks and       of land on Abu Dhabi’s Eastern Mangrove Corniche
        Executive Suites’, located in Business Bay – the                                                     a number of smaller community         Road, Bloom is launching the second phase of
     most-sought-after business hub of Dubai – will offer                                                    parks to ensure extensive             this development, consisting of Andalusian-style
     customers a completely new concept in working.                                                          green areas. A large canal will       villas and townhouses in addition to luxury low rise
     Customised to suit personal taste and designed                                                          run through the heart of the          apartments. Stand MC10
     with access to full business services and facility for                                                  development and will flow, at one
     effective functioning of an office, the tower is being                                                  end, into the Business Bay Canal
     positioned as an ideal location to work among the                                                       and, at the other end, out to sea.
     company of like-minded people. Stand RN10                                                                  Construction of Phase 1 has
                                                                                                             already begun, and the first          CITYSCAPE SOUNDBITE...
                                                                                                             buildings are due for handover in
                                                                                                             the fourth quarter of 2011. Final     MIMIT BHUTA
                                                                                                             completion of Phase 1 is set
                                                                                                             for the fourth quarter of 2013.
                                                                                                             Stand PB10
                                                                                                                                                   Director, Ajit Bhuta & Associates
                                                                                                                                                          What are you hoping to achieve at Cityscape Dubai?
                                                                                                                                                          We are hoping to achieve a new clientele base,
                                                                                                                                                          establish joint ventures, meet new contractors and
                                                                                                                                                          vendors as well as embark on partnerships
                                                                                                                                                   for new technologies and investments to enable
                                                                                                                                                   us to add more landmark projects in the other
                                                                                                                                                   Gulf regions as well as India




10     Cityscape official show daily    Dubai 2008
                                                                                                                                                          update NEWS




                                                                                                                                                                     Anana Tower




ACCOLADES FOR
TAMEER SKYSCRAPER
Atkins Dubai wins design competition for
600-metre tall tower
                               DUBAI – Tameer unveiled the
                               competition-winning design of its 600-
                               metre-tall skyscraper project on Sheikh
                               Zayed Road in Dubai yesterday.
                                  A global design competition brought
                               several global offices of the design firm
                               Atkins – from Dubai, London and Hong
                               Kong – into competition against each
                               other, with the winning bid coming from
                               Atkins Dubai.
                                  CEO of Tameer, Ghassan Sakhnini,
                               said that the design of the Anana Tower
                               represents a convergence of art and
                               culture, with a world-renowned art gallery
                               at the heart of this 100-storey building,
                               which will sit at the foot of ‘New Dubai’.
                                  “Like Dubai itself, great art comes from
                               great vision. Anara represents the future        The design also incorporates the latest environmental considerations and will adhere to LEED
                               of what is already the most future-forward     certification requirements.
                               metropolis in the world,” said Sakhnini.         The company also revealed its Podium project yesterday. This mixed use development boasts
                                  The tower will house a mix of one, two                                  a
                                                                              a 33-storey media screen façde – the world’s largest LED screen – which will be visible from
                               and three-bedroom apartments as well as        1.5 kilometres away.
                               penthouse suites. Along with the art gallery     The Podium project will be developed in the Majan district of Dubailand, and offer a
                               it will have a spacious retail outlet and a    powerful medium for advertising, messaging and art, when completed in the third quarter of
                               five-star boutique hotel.                      2011. Stand 2A10




                                                                                                                                  Dubai 2008   Cityscape official show daily   11
NEWS update




     UP’s retail focus
     Five million square feet of retail
     space planned
     DUBAI – Union Properties is showcasing its current
     developments: Index, Limestone and its signature
     MotorCity project at Cityscape Dubai.
         The company has announced that it will develop
     an area of five million square feet of high street
     retail, commercial and hospitality space in MotorCity,
     a development based on a unique automobile and
     motor sport theme that includes residential, business
     and leisure opportunities. The project’s construction
     has commenced and is due for completion in 2010.
         “We are delighted to announce the development
     of the unique high street retail, commercial and
     hospitality area within MotorCity,” said Simon E.
     Azzam, CEO of UP. “The new development will
     include a total of 11 buildings that will stretch
     through MotorCity.”
         “Business and leisure are important factors
     that enhance any development and in the case




                                                               PAFILIA LAUNCHES
     of MotorCity, the new areas will complement                                                                                                Dr Saleb Al Habib
     the existing residential, commercial and leisure
     components,” commented Azzam.
          “MotorCity is our latest addition to UP’s brands,
     it is in fact ‘a city within a city’ with five project                                                                                       New enterprises
                                                                                                                                                  for Jiwar
                                                               MINTHIS HILLS
     components that include Dubai Autodrome,
     F1-X Dubai, Business Park MotorCity and its two
     residential components of UPTOWN MotorCity and                                                                                               Three new companies launched to
     Green Community MotorCity.”
         With easy access from the MotorCity interchange,
                                                                                                                                                  promote real estate development,


                                                               WOODS IN CYPRUS
     the new district will stretch through MotorCity. The                                                                                         property finance and hotel management
     buildings along this stretch will vary from four to 10
     storeys in a total built-up area of five million square                                                                                      SAUDI ARABIA – Saudi-based Jiwar Real Estate
     feet, and total leasable area of 2.25 million square                                                                                         Management & Marketing, the marketing arm of the
     feet with 4,000 basement parking spaces and 800                                                                                              Saudi-based Bin Laden Group, announced the launch
     surface parking spaces. Stand 3B30                        Bagot and Lovejoy London create                                                    of three new companies at Cityscape Dubai yesterday.
                                                                                                                                                     The first company specialises in the area of real
                                                               eleven villa designs                                                               estate development, the second in the area of property
                                                                                                                                                  finance and the third related to hotel management.
                                                               CYPRUS – Traditional Cypriot architectural values and styles have been                Dr. Saleh Al Habib, CEO of Jiwar Real Estate
     CITYSCAPE SOUNDBITE...                                    retained in the latest housing development by Pafilia. Located in Tsada            Management & Marketing, said: “This move comes

     RAZA SIDDIQUI                                             village, between Pafos and Polis, Minthis Hills is a private residential
                                                               complex that stretches across 4.9 million square metres of land, with just
                                                                                                                                                  amid efforts to further promote our company’s growth
                                                                                                                                                  and to leverage opportunities provided by the promising

     Executive Director,                                       100,000 square metres being built on.
                                                                  David Blackwood-Murray, director of Lovejoy London, creators of the
                                                                                                                                                  real estate sector in the region. We aim to expand our
                                                                                                                                                  business to provide an integrated property group, with

     Dubai Lifestyle City
            What are you hoping to achieve at Cityscape
                                                               master plan, explained: “We wanted to integrate the architecture with the
                                                               landscape, utilising local natural materials, whilst giving a sense of privacy
                                                               and community. By working with the natural assets and ecology, we are
                                                                                                                                                  specialised divisions in sales, marketing, real estate
                                                                                                                                                  development and finance, and hotel management.”
                                                                                                                                                     Dr. Al Habib added: “We look forward to
            Dubai? Having the privilege of being the           developing a country estate that celebrates nature, giving us the opportunity      establishing a real estate development company
            only property developer that JW Marriott has       to replant and replenish and maintain what is special to Cyprus.”                  with a value of US$133 million, headquartered in
            partnered with to provide the ultimate in             There are 11 villa designs, with another to be announced shortly. These         Jeddah with branches across the main cities of the
     luxurious ‘branded living’, we hope to be able to         include three, four and five-bedroom villas, three-bedroom bungalows and           Kingdom. This company will focus in various areas,
     showcase the world-renowned JW Marriott                   two and three-bedroom junior villas, with plots starting from 1,000 square         including engineering and design for the residential
     hospitality, luxury and comfort that makes                metres and costing upwards of US$1.4 million.                                      and commercial projects, conducting studies to
     Dubai Lifestyle City the place for ‘haute living’            Rob Steul, principal at Woods Bagot, said: “We spent a lot of time              identify the locations of the residents and commercial
                                                               studying Cypriot vernacular architecture, particularly the traditional stone       complexes, in addition to real estate development
                                                               houses and buildings in the mountain villages. These buildings were                and management; as it is projected to commence its
                                                               perfectly suited to their climate and landscape and developed over the             operations early next year.”
     CITYSCAPE SOUNDBITE...                                    centuries, and we wanted to use these building techniques in the house                Dr. Al Habib explained that the Saudi market has

     DR. MOHAMMED HADDAD                                       designs. We took the main elements of stone walls, courtyards, natural
                                                               ventilation, single pitched roofs, etc. and reinterpreted them in a modern
                                                                                                                                                  witnessed a significant growth in the area of real
                                                                                                                                                  estate finance; as it valued US$1.07 billion last year,

     CEO, KM Holding
            What are your expectations for Cityscape
                                                               way. While contemporary in style, the houses fit seamlessly with the
                                                               environment as well as the traditional architecture.” Shaded courtyards,
                                                               natural light and ventilation are all utilised and other eco initiatives have
                                                                                                                                                  and it is expected to reach US$13.3 billion by 2010;
                                                                                                                                                  while the value of construction projects is expected
                                                                                                                                                  to reach US$133.5 billion in 2010; as the real
            Dubai? Dubai is becoming the region’s property     been taken, including water recycling and the planting of around 50,000            estate finance is one of the contributing factors in the
            hub and, as is the case every year, we feel        indigenous trees and other plants. Stand RQ01                                      growth and development of the real estate industry.
            that Cityscape Dubai will result in even more                                                                                         Stand 2A10
     investments and deals. Many people come from all
     around the world to Dubai to find out about the latest
     developments, and this is what we will focus on,
     informing them of our latest news and giving them
     the information they need. More importantly,
     we will also guide them to make better
     investment choices so they can realise their
     desired profit level




12     Cityscape official show daily   Dubai 2008
NEWS update




     CITYSCAPE SOUNDBITE...                                                                                 Dubai needs
     ABDULLAH AL MAJED, Vice Chairman, Tanmiyat Group
            What do you think will be this year’s hot topics?
                                                                                                            public
            The issue of sustainability, both in terms of the economy and the environment has been
            a hot topic in the regional real estate sector for some time now and will likely
                                                                                                            transport
            feature prominently in discussions at Cityscape this year. Similarly, I think that the          Former London
     effects of the global economic crisis on Middle East investment markets are of interest to             mayor “delighted” to
     developers and other parties involved in the regional real estate sector
                                                                                                            advise Dubai
 Marina Bay                                                                                                 DUBAI – The former mayor
                                                                                                            of London, Ken Livingstone,
                                                                                                            addressed regional and
                                                                                                            international press at
                                                                                                            Cityscape yesterday, urging
                                                                                                            Dubai to recognise the
                                                                                                            need for an efficient public
                                                                                                            transport system if it wants
                                                                                                                                                ETA Star launches
                                                                                                            to succeed in becoming a
                                                                                                            major financial centre.
                                                                                                                                                Waterfront ‘club living’
                                                                                                               Livingstone, who is chairing     concept
                                                                                                            the World Architecture Congress
                                                                                                            which forms a key part of this      Luxury residential project valued at
                                                                                                            year’s Cityscape programme,         US$545 million
                                                                                                            was recently appointed an




     SINGAPORE UNVEILS
                                                                                                            advisor on urban planning to        DUBAI – ETA Star Property Developers has announced
                                                                                                            Caracas, Venezuela, acting          the launch of its first residential club-living project,
                                                                                                            as a consultant on the city’s       Starliving, in Waterfront, Dubai.
                                                                                                            policing and transport. Asked       The project is valued at an estimated US$545 million
                                                                                                            if he would consider taking         and will comprise a main residential tower and a




     PLANS TO DOUBLE                                                                                        on a similar role for Dubai,
                                                                                                            he said: “I’d be delighted!”
                                                                                                               Being a strong advocate of
                                                                                                            public transport, with firm
                                                                                                                                                5,500-square-metre communal amenities area.
                                                                                                                                                   The 38-storey tower will feature one to four-
                                                                                                                                                bedroom apartments and penthouses, and will
                                                                                                                                                offer amenities related to serviced apartments and




     FINANCIAL DISTRICT
                                                                                                            ideas about how a city should       hospitality packages.
                                                                                                            be run, Livingstone introduced          “We are very proud to unveil our first ever club
                                                                                                            the congestion charge in London     living concept. Starliving will truly reflect the ultimate
                                                                                                            and oversaw a transformation        in club living and offer a unique experience that will
                                                                                                            of the city’s aging                 elicit a state of overall well-being to its residents. The
                                                                                                            transportation infrastructure       Starliving project will set a standard in the luxury
     New district more than twice the size of                                                               to free up London traffic.          apartment space and we are sure that it will be a

     London’s Canary Wharf                                                                                     When asked for his
                                                                                                            suggestions on how Dubai could
                                                                                                                                                sought out residential address to have,” said Abid
                                                                                                                                                Junaid, executive director, ETA Star.
     SINGAPORE – Singapore has announced plans to double the size of its financial district as part         be improved, he replied: “Dubai        As part of the concept, the project will have onsite
     of a strategy to position itself as one of Asia’s leading financial centres. The new growth area       must recognise a modern             restaurants and retail areas, as well as medical
     set aside for the extension of the existing financial district will be more than twice the size of     financial district requires         facilities and a business centre. The fitness centre
     London’s Canary Wharf. It will provide some 2.82 million square metres of office space – or the        the vast majority of workers        will feature a gym, running track, a spa and sports
     equivalent area of Hong Kong’s main business district.                                                 to use public transport.”           courts and the developer also plans to also offer
         “Singapore’s strong economic fundamentals have been driving the growth of the property                In an effort to both lower       indoor entertainment areas including a private
     market, and the corresponding demand for quality office space for the past few years.                  the Cityscape event’s carbon        theatre. Stand 6C20
     To continue attracting investments, we are planning ahead to ensure we have sufficient                 footprint and alleviate traffic,
     land and infrastructure to support our robust economic growth,” said Marc Boey, general                organisers have laid on a series
     manager, international land sales of the Urban Redevelopment Authority (URA), Singapore’s              of buses to shuttle delegates
     land-use agency.                                                                                       between major hotels in the city.
         Singapore’s economy grew by 7.7 percent in 2007, and is expected to continue to grow by                                                CITYSCAPE SOUNDBITE...
     between four and six percent in the medium-term. This sustained growth is what is hoped will
     drive the property market and demand for quality office spaces in the next few years.                                                      GABRIEL BEDOYA,
         “Singapore’s strategic location means we are well positioned to ride this growth. Thanks to
     forward planning on the part of the government some 30 years ago, we are now in an enviable            CITYSCAPE SOUNDBITE...              President, Corcoran New
     position of being able to seamlessly extend our existing business district to accommodate
     growing demand. Marina Bay remains the centrepiece of our plans to become a global financial           ASHER H SCHÖN                       York/Miami
     hub,” Boey added.
         Singapore’s office sector has seen robust growth over the past three years, with demand for        Vice President,                           What are your objectives at Cityscape
                                                                                                                                                      Dubai? To speak with as many delegates
     office space increasing by 260,000 square metres in 2007. The URA will continue to offer sites
     for development at Marina Bay over the next five to six years to meet expected demand.
        “A nucleus of office developments is already forming at the new extension of the financial
                                                                                                            Schön Properties
                                                                                                                   What are you hoping
                                                                                                                                                      as possible about real estate investment
                                                                                                                                                      opportunities in the US

     district with the development of One Raffles Quay; the soon-to-be-completed Marina Bay                        to achieve at Cityscape
     Financial Centre, and the two recently sold sites at Marina View. Several global banks and                    Dubai? This year we
     MNCs, including UBS, Deutsche Bank, DBS and Standard Chartered are already located or will                    are using Cityscape Dubai    CITYSCAPE SOUNDBITE...
     be locating in these developments,” said Boey.
        Apart from Marina Bay, to meet the future demand for Grade A office space, sites around the
                                                                                                            as a platform to launch our
                                                                                                            newest commercial project,          ZIAD BUSHNAQ
     Tanjong Pagar precinct will be released, and the Ophir-Rochor corridor will also be redeveloped
     into an office cluster.
        Extending from the commercial hub at Marina Centre, the Ophir-Rochor corridor will
                                                                                                            Libertas, to the market and
                                                                                                            expect this will generate a great
                                                                                                            deal of interest from potential
                                                                                                                                                CEO, Cornerstone Real Estate
                                                                                                                                                     What are your expectations for Cityscape
     complement the Marina Bay area, and will feature mixed-use developments with a mix of                  investors, due to a strong               Dubai? Our expectations are high in terms of
     offices, hotels, residential and other facilities set within a park-like environment. As with Marina   product offering and the                 attendance of investors and end-users
     Bay, the area is envisioned to be a pedestrian-friendly environment with green ‘lungs’ and             sheer demand for such                    interested in the Abu Dhabi market,
     exciting activities at the street level.                                                               properties, especially in           and we are hoping to position the Cornerstone
        The URA will feature these sites at Cityscape Dubai as part of the Singapore government’s           the ‘New Dubai’ area                stamp as the main provider of quality projects
     ongoing efforts to interest international investors in property development and investment
     opportunities in Singapore. Stand 6D31




14     Cityscape official show daily   Dubai 2008
NEWS update




     CITYSCAPE SOUNDBITE...                                                                                                                                              CITYSCAPE SOUNDBITE...
     DARRELL METZGER, CEO, Ruwaad Destinations                                                                                                                           AJAY RAJENDRAN
            What are you hoping to achieve at Cityscape Dubai?
            The reason we chose to attend Cityscape Dubai, is because it is one of the most definitive                                                                   Vice Chairman,
            industry events that has the power – just by its pre-eminent status – to make and break
            brands in our industry. As such, we are seeking to garner maximum awareness of Ruwaad                                                                        Sobha Real
     at Cityscape for our potential markets in the Middle East and Africa region. We will also be
     seeking to reiterate that we are committed to the development of the UAE, the entire
     Middle East and across the African continent, through sustainable destinations and
                                                                                                                                                                         Estate Group
                                                                                                                                                                                What are you hoping
     developments that will add value and economic benefits to the communities in which we                                                                                      to achieve at Cityscape
     choose to locate our projects                                                                                                                                              Dubai? Primarily, we will

                                                                                                            Dubai’s Limitless                                                   be using Cityscape as a
                                                                                                                                                                         forum to strengthen our brand
                                                                                                            enters Indonesia                                             identity as a developer with
                                                                                                                                                                         over 30 years experience in
                                                                                                            US$1.7 billion joint venture deal signed                     making homes, along
                                                                                                                                                                         with an opportunity to
                                                                                                            INDONESIA – Limitless, the global real estate arm            showcase our new and
                                                                                                            of Dubai World, is set to develop its first project in       existing projects
                                                                                                            Indonesia, Rasuna Epicentrum. This US$1.7 billion,
                                                                                                            330,000-square-metre mixed-use project in Jakarta
                                                                                                            will accommodate 40,000 people in more than 1.2
                                                                                                            million square metres of office and residential towers.
                                                                                                            The development – open to foreign investors – will be        Real estate is
                                                                                                            completed in phases over the next eight years.
                                                                                                               The announcement follows a joint venture signing
                                                                                                                                                                         huge income
                                                                                                            between Limitless and Jakarta-based Bakrieland
                                                                                                            Development (BLD). Under the agreement, Limitless
                                                                                                                                                                         generator
                                                                                                            becomes a 30 percent shareholder in Bakrie Swasakti          for GCC
                                                                                                            Utama, Bumi Daya Makmur and Superwish Perkasa,
                                                                                                            subsidiaries of BLD. Hiramsyah Thaib, president and
                                                                                                                                                                         Work in progress totals
                                                                                                            CEO of Bakrieland Development, added: “Bakrieland            US$1.3 trillion
                                                                                                            is honoured to partner with Limitless, whose world-
                                                                                                            class reputation and unrivalled expertise will ensure        DUBAI – Planned and on-going
                                                                                                            the successful delivery of Rasuna Epicentrum.”               real estate and construction
                                                                                                               Saeed Ahmed Saeed, CEO of Limitless, said:                projects in the GCC account
                                                                                                            “Our entry into Indonesia cements our commitment             for more than 150 percent of
                                                                                                            to South East Asia, where we have made huge strides          the region’s GDP, according




     LUXURY DEVELOPER
                                                                                                            since launching our operations there nine months             to a report.
                                                                                                            ago.” The company already has developments                      The total value of work-in-
                                                                                                            underway in Malaysia and Vietnam, with 11 projects           progress developments is a
                                                                                                            currently underway worldwide, worth over US$100              staggering US$1.3 trillion,
                                                                                                            billion, covering more than two billion square metres        with the 23 major planned




     ANNOUNCES MEGA
                                                                                                            and accommodating three million people. Stand ZJ20           property projects worth more
                                                                                                                                                                         than US$300 billion alone,
                                                                                                                                                                         according to global management
                                                                                                                                                                         consulting company McKinsey.
                                                                                                                                                                            An estimated 16.35 million




     YACHT MARINA PROJECT
     US$116 million Dubai scheme will boast 75 berths
                                                                                                            Government bid to
                                                                                                            tackle spiralling rents
                                                                                                            Backing given to new build programme
                                                                                                                                                                         square metre of gross leasable
                                                                                                                                                                         area (GLA) is set to be added to
                                                                                                                                                                         the region by 2010 – which is
                                                                                                                                                                         equivalent to 45 percent of the
                                                                                                                                                                         total GLA in Frankfurt.
                                                                                                                                                                            The expected expansion
                                                                                                            ABU DHABI – A huge construction initiative to drive          represents an increase in GLA
     DUBAI – Island Global Yachting (IGY) the luxury marina developer and management company                down rents by bridging the gap between supply and            of more than 20 percent per
     has revealed plans to develop and manage Dubai’s first dedicated mega yacht marina.                    demand has been launched in Abu Dhabi.                       year over the ten-year period. In
        Palm Jumeirah Mega Yacht Marina will become one of only a handful in the world and has                 This will bring welcome relief to thousands of hard-      contrast, the GLA in China has
     an estimated completion date of 2009. It will be located on the west side of Palm Jumeirah’s           pressed tenants who have suffered huge rent rises            been increasing at around 16
     trunk, adjacent to the Trump International Hotel Tower.                                                which have also been blamed for a surge in inflation.        percent per year.
         With an estimated value of US$116 million, the marina will have 75 berths, 30 of which will           The government has given the go-ahead to a                   Projects will include housing,
     be capable of accommodating yachts between 50 to 165 metres in length. The remaining 45                number of major property projects to address the             retail, office, industrial and
     berths will accommodate yachts between 14 to 20 metres in length.                                      crisis caused by the rapid population growth and             hotel space as large developers
         IGY’s Middle East CEO, Michael Horrigan, said: “The Middle East is home to more mega               an economic boom, said Butti Al Qubaisi, executive           attempt to meet demand.
     yachts than any other region in the world, so it is fitting that such a magnificent facility should    director of planning and statistics at Abu Dhabi                Figures reveal that Dubai-
     be located in Dubai.                                                                                   Department of Economy and Planning.                          based Emaar is the seventh
        “Even amidst the current economic climate, demand remains extremely high for this size of              Qubaisi told the Abu Dhabi-based Sama Emirates            largest real estate company
     yacht, and we are delighted to be able to deliver the magnificent Palm Jumeirah Mega Yacht             magazine that rising rents were responsible for nearly       in the world by market
     Marina through our partnership with Nakheel.                                                           60 percent of Abu Dhabi’s inflation last year.               capitalisation, which currently
        “The Palm Jumeirah Mega Yacht Marina is set to become our global flagship marina,                      He said: “Because of this, the government of Abu          stands at US$19 billion.
     enhanced by the exceptional upland and water based facilities it will offer. Using the business        Dhabi has ordered the construction of massive housing           The tourism market is also
     model that we have successfully implemented in our many luxury marinas around the world, we            projects in the next three years to alleviate this crisis,   growing strongly say McKinsey.
     will be able to offer berth holders the very highest levels of service in a stunning environment.”     which in turn will contribute to tackling inflation.         Around 37 million foreign
        At the heart of the marina will be the clubhouse, a members’ only facility with other                  “If such projects attain their goals of achieving a       tourists visited the region last
     outstanding design features such as car access on to the pontoons and high level security.             balance between supply and demand in the housing             year generating US$28 billion
        The design allows for 75 berths that will provide private yachts with facilities such as spacious   sector, then rents will begin to go down.                    of income. This figure is likely to
     pontoons that are wide enough to accommodate two cars side by side, as well as in-berth                   “We have conducted studies, which will be                 more than double by 2017.
     fuelling, dockside storage modules, shore-side crew facilities and full berthing utility provisions.   presented to the Abu Dhabi Executive Council
        The marina will have security checkpoints at the connection to the Palm Jumeirah trunk              that include several solutions to the problem, and
     and the exclusive T-head pier will provide customers with a secure and exclusive location to           I believe if all those projects are carried out, the
     homeport their vessels.                                                                                problem will be resolved.”
        The luxurious clubhouse located in the centre of the radiating berths will be a members- only          No details of the projects were given but according
     facility and will feature elevated rooftop dining with views looking back to Trump Tower, at the       to reliable sources, investments in the construction
     centrepoint of the Palm Jumeirah shoreline, as well as a sunset view towards the Jumeirah              and property sector will exceed US$190 billion in the
     skyline with the mega yachts in the foreground. Stand 3B10                                             emirate in the next five years.




16     Cityscape official show daily   Dubai 2008
                                                                                                                                                                            update NEWS




                                                                                                                                         Hydra Cubic One to
                                                                                                                                         launch at Cityscape
                                                                                                                                         Project founded on potential of real
                                                                                                                                         estate market in Abu Dhabi
                                                                                                                                         ABU DHABI – Hydra Cubic One, a joint venture from
                                                                                                                                         Hydra Properties and Cubic Real Estate, has been
                                                                                                                                         launched at Cityscape in Dubai.
                                                                                                                                            The project is founded on the potential of the real
                                                                                                                                         estate market in Abu Dhabi as the large amount of
                                                                                                                                         funds being invested in infrastructure in the emirate
                                                                                                                                         should ensure it becomes a popular investment
                                                                                                                                         destination for both business and tourism.
                                                                                                                                            Dr Suleiman Al Fahim, chief executive officer of
                                                                                                                                         Hydra Properties, stated: “We are very pleased to
                                                                                                                                         announce this new project with Cubic Real Estate.
                                                                                                                                         Both Hydra Properties and Cubic have established
                                                                                                                                         themselves as visionaries and leaders in their
                                                                                                                                         respective fields.”
                                                                                                                                            Mira Tascova, sales director of Cubic Real Estate,




                                                         WEATHERING
                                                                                                                                         added that the project should ensure the relationship
                                                                                                                                         between the two firms is taken to the next level.
                                                                                                                                            Further details surrounding the property are to be
                                                                                                                                         revealed at their stand during the show.
                                                                                                                                            Meanwhile, Hydra Properties attended the

Masdar invests
US$176 million in
European wind
turbine firm
                                                         THE STORM
                                                         Conference speakers offer
                                                                                                                                         Cityscape event in New York, unveiling its Al-Aqeeq
                                                                                                                                         Marina project in Khiran, Kuwait. Stand ZR40




Move signals entry into lucrative
                                                         delegates reassurance
new market                                               DUBAI – It doesn’t often rain in the UAE and it seems that the analogy
                                                         is also true in the current international market turmoil, according to
ABU DHABI – Masdar has announced that it has             conference speakers yesterday.
bought a US$176 million stake in WinWinD, a                 The UAE is “well placed to weather the storm”, which is raining down
Finnish wind turbine manufacturer.                       on the global real estate market, according to Ali Kolaghassi, vice chairman
   The move highlights the Abu Dhabi company’s           and CEO, Saraya Holdings.
commitment to being a key player in the wind                Kolaghassi started his speech by jokingly commenting that delegates
energy markets.                                          “should hold a minute’s silence for the markets”, but he was nevertheless
   “Wind plays a crucial part within renewable           buoyant about the UAE’s potential. “We are well placed to weather the
energy as it is commercially competitive today. It is    storm and will rebound faster than most other economies,” he said.
important for Masdar to be part of that growth,” said       “What’s important is that we educate buyers that the markets have
Dr Sultan Al Jaber, CEO of Masdar.                       changed – we won’t see the 40 to 50 percent investment returns of
   “WinWinD is at an interesting phase and is set to     previously, it will more likely be 7-10 percent. But I don’t see real estate
expand into a truly global wind company servicing        going down in value.”
several key markets like Scandinavia, USA, Europe,
the Middle East and Asia,” added Al Jaber.
                                                            Jonathan Garner, a Global Emerging Markets strategist for Morgan
                                                         Stanley in the UK, was also upbeat, particularly about the prospects of
                                                                                                                                         Luxury Living
   WinWinD is a manufacturer active in the design,       emerging markets – which will grow by 6.7% this year and account for up         in Fujairah
development and assembly of technologically              to 75 percent of global growth.
advanced one and three megawatt wind turbines.              He predicted the current slump was a cyclical downturn and market
                                                                                                                                         21 units remaining in
   Headquartered in Helsinki, Finland, WinWinD has       structures would emerge largely intact. “Emerging markets trade far more        Mina Al Fajer resort
corporate offices in Oulu, Finland and Chennai, India    with each other than in the past,” he said. “China funds its own growth,
and following this deal there are plans to expand        has been active with policies and isn’t reliant on foreign savings.”            FUJAIRAH – Progress is continuing at Mina Al Fajer
elements of the operation into Abu Dhabi.                   However, in the western world things aren’t as positive. Peter Barge,        Real Estate’s 72,000 square metre site at the foot of
   With a string of projects already under               CEO of Jones Lang LaSalle Asia, said second quarter insolvencies in             the Hajjar Mountains. The US$217 million Mina Al
development, buying into a turbine manufacturer          the UK were up 22 percent; UK property stocks have more than halved             Fajer Resort is set to become Fujairah’s first high-end
underpins Masdar’s strategy of investing in all          since the introduction of REITS; and London office prices were down 25          property development when it is finished in 2009.
aspects of the renewable energy value chain.             percent. “The timing couldn’t be worse with more than 160 floors coming            Once completed, Mina Al Fajer will feature a
   Masdar will work in partnership with the management   up in the next two years,” he said.                                             coastal community that will include a marina, 48
of WinWinD and its majority owner, Sterling Infotech        He said Dubai wasn’t immune either, describing the fact that CBD office      mountain villas, 13 solarium villas, and 80 marina
Group to accelerate WinWinD’s geographic expansion       rates have risen 70% and residential prices were up 40% as “unsustainable”.     apartments, in addition, a 200-room five-star hotel
in Europe, India and the Middle East.                       But he added that for all its challenges, the global financial crisis will   will be managed by Fairmont Hotels and Resorts.
   A large proportion of Masdar’s investment in          pass and what’s important is that “we are still around when it recovers”.          Hussein Fakih, CEO of Mina Al Fajer Real Estate,
WinWinD will go into expanding its Indian operations                                                                                     said: “The marina was finished earlier this year
giving the company a better global performance.                                                                                          and foundation works for blocks A,B,C and D are
   “For WinWinD, the investment is a testament to                                                                                        completely laid out. Retaining walls for the mountain
the high quality of Finnish wind energy know-how and                                                                                     villas are also in progress and construction of the
the increasing global demand for renewable energy,”
said Lassi Noponen, WinWinD’s executive chairman.
   He added: “The deal provides a solid basis for
                                                         DELEGATE POLL REACTIONS
                                                         What will be the value of cross border investment in 2009?
                                                                                                                                         buildings has commenced.”
                                                                                                                                            After the initial launch in May 2007 Mina Al Fajer
                                                                                                                                         reported that most units were swiftly sold, but the
developing our company further. This investment also     Answer: US$100-200 billion (34 percent)                                         developer is showcasing the remaining 21 units at
heralds the breakthrough of Winwind’s utility class      Which country will receive the most cross border real estate                    Cityscape – eight marina apartments, three solarium
technology and ensures that wind energy remains a        investment in 2009?                                                             villas and 12 mountain villas, which it asserts will
key part of the renewable energy solutions required to   Answer: China (39 percent), followed closely by US (38 percent)                 appeal to investors looking beyond Dubai and Abu
meet the ever increasing global demand for energy.”      Has your view of the downside Risk of Middle East real estate                   Dhabi. Stand RK01
Stand ZM40                                               investment relative to CEE/Asia changed?
                                                         Answer: Somewhat (44 percent)




                                                                                                                                                   Dubai 2008   Cityscape official show daily      19
NEWS update




                                                                                       RAFAEL VIÑOLY UNVEILS
                                                                                       RAFFLES CITY CONCEPT
                                                                                       Cityscape Architectural Award nomination for Bahrain’s
     Deyaar targets oil wealth                                                         waterfront project
     UAE developer to expand into ‘safe’ oil rich economies                            BAHRAIN – CapitaLand, the Singaporean developer of Raffles City Bahrain, today announced the public sale of the
                                                                                       43,000-square-metre waterfront development. At a private sales initiative in June, 101 out of 124 residential units in
     DUBAI – Markus Giebel, the newly appointed chief executive officer of             Tower 2 were booked, representing about 80 percent of the total available units. The average sale price has touched
     Deyaar, outlined a new direction for the company, at Cityscape Dubai, with        an unprecedented level for the Kingdom at US$4,500 per square metre.
     a move to developing iconic towers and community developments as well as             “While other parts of the West may currently be feeling the effects of the real estate market decline, the GCC real
     targeting international markets.                                                  estate market in general is healthy,” said Mr. Wong Heang Fine, CEO of CapitaLand GCC Holdings Pte Ltd.
        Giebel said that the company would at first target oil-rich countries,            New York-based architect Rafael Viñoly has released his concept for the design of Raffles City, which was
     because they were cushioned from the global credit crisis. He added that          nominated at this year’s Cityscape Architectural Awards. Inspired by the geometry of Bahrain Bay and the sea,
     the immediate targets would be Saudi Arabia, Tunisia and Turkey.                  the design curves in both section and plan, and creates a new, ‘three-dimensional urban typology’ in a single
        He stressed that it was their goal to have 50 percent of the company’s         architectural response to multiple, curved sites.
     built-up landbank in international markets by 2009. Currently, Deyaar has a          “Raffles City Bahrain is one of the six projects under the brand and every one of them is by a signature architect.
     landbank of 20 million square feet – predominantly in the UAE.                    We want to create a collection through Raffles City and make everyone an iconic design,” said Mr Wong Heang Fine.
        Yesterday, the Deyaar stand had a project under wraps for Abu                     “Our target is to build 10, so we have four more to go. And we are looking at sites around the world. To do a rare
     Dhabi, which Giebel said would be unveiled by Deyaar chairman Nasser              iconic property takes a lot of effort and it also depends on whether we can find the right location.
     Bin Hassan Al-Shaikh and seven-time F1 World Champion Michael                        “Raffles City needs a couple of things to work, one of course is that it must be on a prime piece of land and it must
     Schumacher today. Giebel added: “This will be our first iconic project.”          be in the heart of the commercial district. We need the right city and the right site,” he added.
        The company also revealed Enclave, its first mid-size community                   For the Bahrain project, three curving apartment towers, varying in height from 34 to 41 storeys, form the
     development at the up-and-coming International Media Production Zone              backdrop of the development, which rises above the 92,000- square-metre retail mall. A total of twelve two-storey
     (IMPZ). This project will comprise nine residential buildings and will be         penthouses and over 600 high-rise and terraced apartments combine with the 200-room five-star serviced residence
     the first mid-size community to be launched within the IMPZ.                      to make up the Manama development that is scheudled for completion in Q4 2010. Below these, sit 50 unique
        Going forward, Giebel said that acquisitions were also a target so long        terraced sky villa residences, each of which will include a private swimming pool.
     as Deyaar could buy a controlling stake. He said the company may also                “Rafael Viñoly was chosen for Raffles City Bahrain due to his acclaimed international projects such as the Tokyo
     look to buy long-term distressed assets in the US. “If it makes money for         International Forum and the Kimmel Center for the Performing Arts in the US; and with our development he has truly
     Deyaar, then it makes sense.”                                                     come up with an inspiring design for luxury living which is unique to the Gulf,” commented Mr. Wong Heang Fine.
        Giebel said that the company was still studying the potential takeover of         Bahrain was chosen as CapitaLand’s first Middle Eastern project due to its growing hospitality industry and its
     the Plantation Polo & Equestrian Resort project.                                  economic diversification, as he explained: “Fundamentally Bahrain is very strong. It is a financial hub, and will
        Deyaar has been in talks with Dubai Islamic Bank (DIB) to take over            continue to be so. It is also a playground for the eastern seaboard of Saudi and so again, that is very attractive for us.
     the US$680 million real estate project, since it was seized in an effort to          “We have long viewed Bahrain as a market with vast and untapped potential, but what this market has lacked,
     recover debt.                                                                     until recently, is the upscale mixed-use real estate developments that have become commonplace in the region.
        “If it is easiest for us to build and grow then we will do that, but we have      “We like to go to markets where we have good partners and we have a very strong partnership with Arcapita in
     nothing against acquiring companies. For us, the most important thing to          Bahrain. They were already involved in the Bahrain Bay project, and so it was a good venture.”
     consider in acquisitions is the landbank,” he added.                                                                               Investors in the project are predominantly from within the GCCm with a
        If the company can quickly identify acquisition targets it will move                                                         large proportion from Saudi Arabia but the company believes that once the
     along its growth path with pace, but this, says Giebel, will require a cash                                                     Qatar-Bahrain bridge is opened then this will further benefit development
     injection. If the targets take a little longer to identify, Deyaar can grow                                                     within the Kingdom.
     on the strength of its own capital. Giebel added that all future financing                                                         Outside of this region, CapitaLand is also looking at other emerging
     would be Islamic, in line with its recent US$1.36 billion sukuk.                                                                markets. “We are constantly on the lookout in Russia, which is a
        When asked about the global credit crisis, Giebel said that the balance                                                      very different market, and are looking principally at Moscow and St
     sheets of local developers were still very strong, but he did warn that nothing                                                 Petersburg,” said Mr Wong Heang Fine.
     can continue to grow forever – while adding that he did not anticipate any                                                         “I think the global situation is really an opportunity for us and we know
     major corrections in the domestic market.                                                                                       from our half year results that we have quite a lot of cash and we’re just
        Furthermore, Giebel said that after reporting a 56 percent rise in profits                                                   waiting for the right moment to see what we can pick up,” he added.
     for Q2 2008, over Q2 2007, the balance sheets remain strong and that Q4                                                            In terms of expanding its REIT base, CapitaLand is looking beyond the
     results “would break all records”.                                                                                              Far East markets. “We are quite keen on the Middle East but the dynamics
        Giebel welcomed the calls for transparency and corporate governance                                                          of the market are different and we have to see how we would fit it into the
     in real estate in the UAE, which led to the arrest and detention of his                                                         local market. I think it would depend on how we structured the REIT, if we
     predecessor, Zack Shahin, on alleged charges of a betrayal of trust and                                                         did it with very well-respected partners, then I think it would still do very
     financial irregularities. He added: “In every developing country there are                                                      well.” Stand 7A10
     always activities outside of what is wanted. We welcome the transparency
                                                                                                                    Rafael Viñoly
     as a sign that the market is maturing. Any market maturing must go
     through this.”
        Deyaar is currently undergoing an internal audit and corporate
     governance programme, and Giebel added: “I don’t believe there is room
     for repeats”. Stand 2C10




     CITYSCAPE SOUNDBITE...
     GABRIEL BEDOYA,
     President, Corcoran New York/Miami
           How important is it for you to be present at this and other Cityscape
           events? On a scale of one to 10, it is a 10. This, and other
           Cityscape events provide me with a great platform to meet a
           broad range of investors from the region. It has allowed me to
           better understand the global real estate needs of the delegates




20     Cityscape official show daily    Dubai 2008
                                                                                                                                                                                          financial FOCUS




WHAT WOULD GCC CURRENCY UNION IN 2010
MEAN FOR THE REAL ESTATE INDUSTRY?
Peter Cooper weighs the different scenarios and possible outcomes

Until very recently, nobody        single GCC currency valued         to fight inflation with higher     exactly how the GCC common           will need to be cleverly phased       and confidence in the future.
thought that the 2010 Gulf         against a basket of currencies.    interest rates then this has       currency will impact on local        so as not to suddenly deflate         It says that the Gulf States are
single currency plan stood         This will probably still mean      serious implications for local     capital markets, and the             booming local economies – and         serious about economic reform
much chance of success, with       that the US dollar will be         property markets. The negative     finest minds of economics            send the real estate industry         and prosperity and creating a
the divergent politics not to      dominant – given its role as       real interest rates of the         are going to be engaged              into a downward spiral, or be         modern financial infrastructure.
mention economics of the           the unit of account for oil        US dollar peg have been a          over the next 15 months in           overly attractive to foreign          This will not go unnoticed
region. But the combination        and gas revenues – but the         primary factor supporting the      deciding how to proceed, so          investors who would therefore         among global business and
of high inflation and dollar       currency basket will also          local real estate boom. Kick       any discussion of these issues       overvalue the currency.               finance, and it will tend to
devaluation over the past          include the Euro, and perhaps      that peg away and you could        is inevitably speculative.              Nevertheless, a well-              be a self-fulfilling prophesy
couple of years seems to have      even gold and silver. Mexico       collapse the market, or at least      However, if the US dollar         managed currency will hold            about the future attracting
galvanised the governments         is working on plans for a new      produce a sobering correction.     weakens suddenly and severely        its value as a new reserve            new business, finance and
and central banks into action,     currency that includes silver,        Revaluation is another          over the next 15 months –            currency of the world, and the        commerce to the region.
and suddenly a single currency     and the idea of a Gold Dinar       serious issue to consider. On      and the US$2 Euro has been           currency basket might just               It is for this reason
by the original deadline           for the GCC has been in            the one hand, the prospect of      suggested by more extreme            be a prelude to a free floating       that the real estate sector




                                                                      (
of 2010 looks very likely,         circulation for a long time.
at least in some form.                A report from the Dubai
    That is only 15 months         International Financial Centre
away, and a historic framework     economics department
                                                                          It is true that having the UAE currency, and other GCC currencies, pegged to
agreement for the currency         concluded last month that              the US dollar has been a source of stability in the past. But it no longer seems
was signed last month with         a new GCC currency will be             appropriate for the booming oil states of this region to follow the fiscal and
little controversy. The national
currencies of the GCC are going
                                   in great demand as a global
                                   reserve currency, given that it
                                                                          monetary policies of a failing US economy
to become a thing of the past,     will effectively be backed by
and a regional currency will       the hydrocarbon assets, oil and    revaluation – and there is an      commentators, and it does not        currency, effectively valued          should welcome and not
emerge to replace them, just as    gas revenues and sovereign         emerging consensus that a          look so unlikely today with the      against every other free moving       fear the introduction of a
the majority of European Union     wealth of the Gulf States. This    revaluation will accompany the     ongoing US financial crisis          currency in the world, and on         single currency, although its
countries chose to give up their   report concentrated mainly on      move to the single currency        – the new currency presents          a par with the dollar and euro.       introduction will present a
currencies and create the Euro.    the mechanisms that might          as a one-off action to shrug       a generational opportunity to        This would after all fit with the     change and challenge to the
    We do not yet know the         be used in the running of the      off the under-valued dollar        break with the US dollar.            population size and economic          macroeconomic framework
name of the new currency or        new Gulf Central Bank which        – means that owning hard              It is true that having the        importance of the region.             that has created the present
where the new GCC Central          are clearly important but not      assets in the UAE is a no-         UAE currency, and other GCC             There would also be the            real estate boom. But in the
Bank will be located, or how       the main interest for the public   lose bet to win an automatic       currencies, pegged to the US         opportunity for local and global      longer term economic reform
it will be operated and to         and business in the region.        bonus in dollar terms.             dollar has been a source of          financial institutions to develop     and greater financial maturity
what mandate. But there is            Attention is bound to focus        The downside is that after      stability in the past. But it no     a far more sophisticated and          in the region will ultimately
a sort of inevitability about      on two immediate issues: how       the revaluation is in place, and   longer seems appropriate for         diverse regional financial            underpin an even higher level
government affairs when a          much of a revaluation will         the currency basket floated,       the booming oil states of this       system around the new                 of demand for property, and
goal is decided and a strong       the new currency include (if       then there is no prospect of a     region to follow the fiscal and      currency. There would be far          that can only benefit the
consensus emerges.                 it actually does)? And how         repeat of this bonus. Therefore,   monetary policies of a failing       more demand for sukuks and            regional property industry.
    The sudden plunge in the       much will interest rates rise      those investors who positioned     US economy. This mismatch            equities issued in the new
US dollar’s fortunes over the      (or fall) as a consequence of      themselves to receive the          of interest rates alone is           currency, and these markets           Peter Cooper is the author
recent weeks and a reversal of     the introduction of the new        revaluation bonus might as         overheating local economies          would have greater depth              of ‘Opportunity Dubai’ to
what now looks to have been        currency and central bank?         well sell up and leave, and        while the falling dollar is          and liquidity. This would             be published in London by
a bear market rally over the       Real estate professionals’         this will depress the local        boosting imported inflation.         all have clear benefits for           Harriman House at the end
summer, just underlines the        ears will immediately tingle       real estate sector just at the        Now the Gulf States will have     economic growth and create            of this month, which includes
importance of establishing a       at the mention of interest         moment the market is digesting     to consider very carefully how       new demand for offices,               two chapters on the Dubai
more stable single currency.       rates and revaluation.             what a GCC central bank will       the mandate of the Gulf Central      apartments and villas.                real estate phenomenon
    The regional central banks        Obviously if a new GCC          mean for interest rates.           Bank is framed. If it is to target      In fact, a single currency is
are now working towards a          central bank has a mandate            But we cannot be sure           inflation then interest rate rises   a demonstration of political will




                                                                                                                                                                   Dubai 2008     Cityscape official show daily   23
CONFERENCE programme




THE LINE-UP:
CONFERENCE AND SUMMIT PROGRAMME
DAY 2: TUESDAY 7TH OCTOBER


     INTERNATIONAL REAL ESTATE
     INVESTMENT AND DEVELOPMENT
     CONFERENCE
                                                                       13:00   The Hot Debate                                            16.45   Lifting The Veil On Africa – The Enigmatic Jewel:
     PROPERTY TRENDS – STANDING OUT FROM THE                                   Chaired By Jonathan Dimbleby                                      Exploring The Developments And Investment
     CROWD OR SITTING ON THE FENCE?                                                                                                              Potential Of The Residential, Commercial,
     09:00 Registration And Coffee                                             Following The Investor Instincts – Institutional                  Industrial And Hospitality Sectors Over The Next 2
                                                                               Investors Allocation To Real Estate                               Years Across This Untapped Continent
     10:00   Chairman’s Opening Remarks: Kamel Lazaar,                         Moderator: Ian Ohan, Head of Investment                           Geoffrey Kruger Snr, Chairman, DTZ Leadenhall,
             Chairman, Swicorp Financial Advisory Services                     Transactions, Middle East & North Africa,                         South Africa
             SA, Switzerland                                                   Jones Lang LaSalle MENA, UAE                                                             V
                                                                                                                                                 David Baker, Director aluations, DTZ Leadenhall,
                                                                               Paul Devonshire, Managing Director, Pramerica                     South Africa
     10:10   International Keynote: Powerful Strategies                        Property Funds AG, Germany                                        Geoff Kruger Jnr, Director of African Operations,
             And Tactics For Mastering Every Deal – Trump                      Richard Draycott, Managing Director –                             DTZ Leadenhall, South Africa
             Style Negotiation                                                 Middle East, Goodman International Ltd, UAE
             George Ross, Executive Vice President and Senior                                                                            17:15   Latin America – The New Wave
             Counsel – Trump Organization, USA                         13:45   Networking Lunch                                                  Wencesla Bunge, Managing Director –
                                                                                                                                                 European-Latin American Head Real Estate Group,
     11:00   Value Creation In Middle East Real Estate Markets                                                                                   Credit Suisse, UK
             – Fuelling The Growth Engine                              STREAM A                                                                  Eduardo Machado, Managing Director, Carlyle
             Blair Hagkull, Managing Director, Jones Lang LaSalle      EMERGING MARKETS TAKE CENTRE STAGE – CHINA,                               Group, Brazil
             MENA, UAE                                                 INDIA, EASTERN EUROPE, AFRICA AND LATIN AMERICA
             Henry Azzam, CEO, Middle East and North Africa,           14:45 China – Far East, Far Out Or Far Fetched
             Deutsche Bank, UAE                                                Asia – Has Vietnam Arrived?                               STREAM B
             Kate Godfrey, Senior Consultant, Oxford Business                  Asian REITs – What’s Next In Store?                       TO MIX OR NOT TO MIX: HOT OFF THE PRESS REAL
             Group, UAE                                                        Nicholas Brooke, Chairman, Professional Property          ESTATE SECTOR DEVELOPMENTS AND ANALYSIS
                                                                               Services Group, Hong Kong                                 14.45 How Will Retail Real Estate Hold Its Own And
     COURTING DANGER – REAL ESTATE LEGISLATION                                 Sunil Gomes, Development Manager, Nakheel, UAE                   Continue To Create High Returns?
     12:00 Real Estate Legislation – Too Much Or Not Enough?                                                                                                               V
                                                                                                                                                Shahram Shamsaee, Senior ice President –
           Lisa Dale, Partner – Head of property Department, Al        15:30   Demystifying India – Is It Too Good To Be True?                  Shopping Malls, MAF Investments LLC, UAE
           Tamimi & Company, UAE                                               Shahzaad Dalal, Vice Chairman & Managing Director,               Graham Dreverman, Group Managing Director,
           Duane Keighran, Senior Associate, Freshfields                       IL&FS Investment Managers Limited, India                         Nakheel Retail, UAE
           Bruckhaus Deringe, UAE                                              Arun K Nanda, Vice Chairman and Executive
                                                                               Director, Mahindra & Mahindra, India                      15.15   Strengthening The Next Act For Commercial/Office
     12:15   The Impact of the Government Involvment in                        Lakshmi Narayanani, CEO, Real Estate Bank India, India            Property Development: What Does The Future Hold
             Enhancing Real Estate Investment                                  Sanjay Sachdeva, President – Corporate Strategy                   With Demand Reaching Its Peak Frontier?
             H. E. Eng. Imad N. Fakhoury, Chief Executive Officer,             & Business Development, Advance India Projects                    Robin Williamson, Managing Director – Middle East
             Aqaba Development Corporation (ADC), UAE                          Limited, India                                                    Operations, DTZ International, UAE

     12:30   Following Investor Instincts – Institutional Investors’   16.15   Eastern Europe – The Next Opportunity After               15.40   Industrial Real Estate: Is This Asset Class Coming
             Allocation To Real Estate                                         The BRIC Markets? Russia – A Review Of The                        Of Age In The Region With The Increase In Demand
             Ian Ohan, Head of Investment Transaction, Middle                  Opportunities For GCC Investors                                   For Logistic Hubs?
                  North Africa, Jones Lang LaSalle MENA, UAE
             East &                                                            Alwin M Tamacius, Chairman, Guardian                                                      V
                                                                                                                                                 Joseph Ghazal, Senior ice President, Regional
             Paul Devonshire, Managing Director, Pramerica                     Managers Ltd., UK                                                 Director GCC, ProLogis, UAE
             Property Funds AG, Germany                                        Jerry Oates, Managing Director, Knight Frank, Russia
             Richard Draycott, Chief Operating Officer, Goodman                Paul Green, Chief Financial Officer, Limitless LLC, UAE   16.00   Crystallizing the Opportunity in Residential Real
             Sorouh, UAE                                                                                                                         Estate: Strategies for Development Now, Next and
             Heather Mulahasani, Head of Real Estate, Goldman                                                                                    Beyond The Horizon?
             Sachs MENA                                                                                                                          Elaine Jones, CEO, Asteco, UAE
             Tim Rose, Senior Fund Manager, EIS
                                                                                                                                         16.25   Transcending The Paradigm Shift Of Mixed
                                                                                                                                                 Use Developments: Creating a New Regional
                                                                                                                                                 Economic Hub in South-East Asia – The Iskandar
                                                                                                                                                 Malaysia experience
                                                                                                                                                 Dato’ Ikmal Hijaz Hashim, CEO, Iskandar Regional
                                                                                                                                                 Authority (IRDA), Malaysia

                                                                                                                                         16:50   Scaling The Pyramid Of Luxury Real Estate:
                                                                                                                                                 Capitalising On The Increasing Plethora Of
                                                                                                                                                 Opportunities In Luxury Hotels And High-End
                                                                                                                                                 Branded Residences
                                                                                                                                                 Rohit Talwar, CEO, Fast Future, UK

                                                                                                                                         17:15   Sustainability In Focus – Hype Or Reality?
                                                                                                                                                 Evaluating New Risks And Opportunities Fuelled By
                                                                                                                                                 An Increasing Consumer And Market Demand For
                                                                                                                                                 Sustainable Real Estate
                                                                                                                                                                                     V
                                                                                                                                                 Stephen Oehme, Regional Director – alue
                                                                                                                                                 Management and Sustainability, Hyder Consulting
                                                                                                                                                 Middle East, UAE




24     Cityscape official show daily   Dubai 2008
                                                                                                                                                        programme CONFERENCE




STREAM C                                                      14TH MIDDLE EAST FACILITIES
INTERACTIVE ROUNDTABLES – ACTION                              AND ASSET MANAGEMENT
14:45 Round One                                               (FAAM) CONFERENCE
15:45   Round Two                                             08:30   Registration And Coffee
                            V
        Discussion 1: Joint entures In The Middle East –
        With Or Without Local Partners?                       09:00   Opening Remarks By The Chairman
        Discussion 2: Infrastructure: The Oil In The Engine           Iain A. Murray, Chairman, British Institute Of Facilities
        Or A Fly In The Ointment?                                     Management, UK
        Discussion 3: Asset Management – What Works,                  Chief Executive Officer, SMC Facilities Management, UK
        What Doesn’t?                                         09:10   Keynote Address: Reducing Whole Life Costs
        Discussion 4: The UK And Europe:                              Through Effective Facilities Management – A Global
        V          V
        aluable Or olatile?                                           Best Practice Guide
        Discussion 5: Investing In Distressed Markets –               Iain A. Murray, Chairman, British Institute Of Facilities
        Great Timing For US Investments?                              Management, UK
        Discussion 6: How, Where, When And Why?                       Chief Executive Officer, SMC Facilities Management, UK
        Developers’ Issues In The Middle East                 09:50   Comparing An In-House FM Solution Versus An
                                                                      Outsource Partnership
18:00   Close Of Day One                                              Mike Liddle, Board Member, Global Consultants               14:00   Case Study: Adopting Facilities Management
                                                                      Council, International Facilities Management                        Principles At The Early Stage Of Design
19:00   A Debut Performance –                                         Association IFMA, USA                                               And Development
        Cityscape Cultural Evening – Arabian Nights                                                                                       Mick Dalton, Senior Director Property Management,
                                                              10:30   Keynote Session – Outlining The Key Challenges                      Emaar Properties, UAE
                                                                      IIR Facilities Management Interactive Voting Session
                                                                      Using individual electronic voting pads, you can            15:15   Afternoon Networking Break
                                                                      take part in a live survey to capture the priorities and
                                                                      common challenges faced by the audience.                    15:20   Case Study: Investing Early In Facilities Management
                                                                                                                                          To Reduce Life-Cycle Costs In The Long-Term
                                                              11:00   Morning Networking Break                                            Mohamed Habbal, Senior Manager – Operability,
                                                                                                                                          Nakheel, UAE
                                                              11:30   Case Study: Outsourcing Facilities Management
                                                                      Through A Successful Selection Process                      15:40   Panel Session: Developing Innovative Ways To
                                                                      Ahmad Hussain, Acting Director, Facilities                          Reduce Electricity And Water Consumption
                                                                      Management Department, Engineer’s Office, UAE                       Elaine Kelly, Regional Facilities Manager, DLA Piper, UAE
                                                                                                                                          Jitin Kandy, Real Estate And Facilities Manager –
                                                              12:10   Assessing Building Performance –                                    Gulf, Microsoft, UAE
                                                                      An Integrated Approach                                              Sean Lockie, Director, Faithful+Gould, UAE
                                                                      Dr Danny Shiem Shin Then, Associate Professor,                      Mick Dalton, Senior Director Property Management,
                                                                      Hong Kong Polytechnic University, Hong Kong, China                  Emaar Properties, UAE

                                                              13:00   Networking Lunch For Delegates And Speakers                 16:00   Coaches To Cityscape Exhibition




   Dubai International Convention
   and Exhibition Centre Floor Plan




                                                                                                                                                   Dubai 2008    Cityscape official show daily        25
                                                                                                                                                                                      keynote SPEAKERS




SPEAKERS ONE-ON-ONE
Mohammed Al-Tawash                                                                                                                             Richard Draycott
Vice chairman and president, RealCAPITA                                                                                                        General manager, Goodman Sorouh
INTERNATIONAL REAL ESTATE INVESTMENT AND DEVELOPMENT CONFERENCE                                                                                INTERNATIONAL REAL ESTATE INVESTMENT AND
Topic: The role of Sovereign Wealth Funds in regional and international real estate markets                                                    DEVELOPMENT CONFERENCE
Session timing: 2.45pm Today @ Sheikh Maktoum Hall                                                                                             Topic: Following the investor instincts – Institutional investors
                                                                                                                                               allocation to real estate
Mohammed Al-Tawash                 to me personally, and for the        US$7 trillion in international        offers sovereigns protection     Session timing: 11:45am Today @ Sheikh Maktoum Hall
has a wealth of real estate        company and the investors, to        reserves (including gold) and         against inflation as well a
experience, which began in         provide a positive experience.”      an additional US$2 to 3 trillion      diversification tool. Some       Richard Draycott worked in              Goodman develops which
his role as a Regional Manager        RealCAPITA is a real              in SWFs (see table below).            market observers argue that      banking and consulting roles            allow institutional investors
with FNC (Fujairah National        estate investment company               “SWF have made headlines           real estate gives sovereigns     in London and Hong Kong                 to access particular asset
Construction). In this role he     founded in April 2006, with          coming to the rescue of               access to so-called alpha        before moving into real estate          classes the world over. He
was responsible for setting up     a paid-up capital of US$54           investment banks damaged              generating assets without        five years ago. When Goodman            says: “It will be interesting
the entire investment package      million and an authorised            by bad real estate bets in the        entangling them in sensitive                                             to explore where the Middle
for the Al Moayyad Tower           capital of US$200 million.           subprime mortgage market.             national security issues.”                                               East market is now in terms
in Bahrain and Al Fujairah            RealCAPITA is based in            Now these same funds are                 Today, the biggest                                                    of accepting and embracing
Tower in Fujairah, which were      Bahrain and today has projects       targeting real estate directly.       concentration of SWFs by                                                 the importance of ‘investment
both among the tallest towers      that span the Middle East and           “Cash rich SWF have trillions      dollar volume is in the Middle                                           grade’ quality products, and
in the world at the time.          North Africa (MENA) region,          stashed away from surplus             East and East Asia, and their                                            also examining the criteria by
   He went on to hold several      Europe, and the Far East.            revenues generated in most            increasing direct investment                                             which institutional investors are
senior positions before               Al-Tawash explains: “Our          cases by oil sales. Even if only a    activity is causing concern                                              now examining opportunities in
becoming a founding partner        business’s success has been          small proportion of this wealth       in some recipient countries,                                             the real estate space.”
in Tameer, where his vision        propelled through developing         is directed to real estate it could   especially in the west.                                                     Draycott says that the
and leadership propelled           long term partnerships, thought      mean US$80 billion to US$120             Recent investments by         Sorouh decided to enter the             current trend in institutional
the company to become the          leadership, operational synergy,     billion annually,” says Al-Tawash.    Middle Eastern SWFs suggest      Middle East market in 2006,             investment has seen something
first publicly held real estate    and privileged transaction flows.”      Since the beginning of             that there is an appetite for    Draycott was asked to establish         of a rationalisation of managers.
company on the Bahrain Stock          Al-Tawash is an expert in         2000, countries, especially           alternative investments in the   the company’s presence in the           “It seems that institutions are
Exchange with a dual listing       Sovereign Wealth Funds (SWF)         in Asia and the Middle-East,          region. Carlyle Group, GLG       Middle East.                            pinning their colours to a limited
on the Kuwait Stock Exchange.      and he will be explaining to         have been transferring an             Partners and Och-Ziff Capital       Macquarie Goodman Industrial         number of masts i.e. those who
                                   delegates how the role of SWFs,      increasing part of growing            have sold stakes in their        Trust (now Goodman Industrial           can demonstrate track record
                                   in regional and international        foreign reserves to SWFs. In          management companies to          Trust) listed on the Australian         and capability.
                                   real estate markets has              the meantime, the demand              Middle Eastern investors, says   Stock Exchange in 1995.                    “In addition, more complex
                                   changed over the years.              of SWFs for risky assets has          Al-Tawash. He adds: “Dubai       Through a series of mergers and         procedures of asset allocation
                                      He explains: “The SWFs used       been going up as a result of a        for example, has launched        acquisitions, it soon became the        are becoming commonplace,
                                   to be big pension portfolios         management of foreign reserves        a new multi-billion pound        largest listed industrial property      and investment decisions are
                                   investing in government safe         apparently more prone to risk.        sovereign wealth fund Dubai      group in Australia.                     being expected to adhere to a
                                   haven securities. However,           Even long-established SWFs            International Capital (DIC),        In 2005, the group                   strategic overlay,” he adds.
                                   that role has now changed and        have announced that they              the new fund is backed           embarked on a series of                    The distribution of
                                   SWFs now trade using funds           would increase their exposure         by state money and not           acquisitions designed to                institutional investment
                                   earned from commodity export         to risky assets. It is unclear        just the personal wealth         increase its breadth and depth          geographically appears to be
                                   revenues, real estate and            if and how the ongoing credit         of the Maktoum family.”          and expand its operations               mixed, but generally there
                                   alternative assets markets.”         crisis will affect this trend.           Another fund by Dubai         into new markets. It acquired           is a positive outlook on Asia,
                                      Al-Tawash believes that there        He adds: “On a fundamental         “The Dubai World” is one         Arlington, Eurinpro, Akeler,            an opportunistic approach to
   After this success he went      will be considerable growth in       level SWF attraction to               of the biggest holding           Rosemound and J-REP.                    Europe, and an increasing
on to founder RealCAPITA,          SWF activity, reflecting high        real estate is also part of a         companies on earth. Dubai           The Goodman Group of                 level of interest in the Middle
which has also developed a         oil and non-oil commodity            wider trend among global              World controls well over         today was formed in 2007                East. However, this will vary
solid base for expansion.          prices and general reserve           investors towards considering         US$100 billion, employs over     following these acquisitions.           according to the point in the
   Throughout his career,          accumulation in other countries.     real estate as part of their          100,000 people and has a         It emerged from this period of          cycle of each jurisdiction and
Al-Tawash has demonstrated         Estimates of foreign assets held     overall asset allocation.             presence in 100 different        growth as one of the leading            geography, says Draycott.
strong leadership and              by sovereigns include about             “As an asset class, real estate    cities in 60 countries.          international players in                   He adds that a healthy
management skills in                                                                                                                           industrial property, business           percentage of this institutional
investment and real estate                                                                                                                     space and fund management.              investment is still going into
organisations, throughout all of     LARGEST SWFS                           US$BILLIONS UNDER COUNTRY                     INCEPTION               As general manager of                real estate, although fresh
the real estate market cycles.                                                  MANAGEMENT                                   YEAR              Goodman Sorouh, Draycott                allocations are probably down on
   Al-Tawash’s real estate           Abu Dhabi Investment Council                    875           UAE                       1976              is responsible for keeping              two years ago globally. In order
career spans 12 years,               Government Pension Fund of Norway               380         Norway                      1990              shareholders informed and               to encourage more investment
covering the GCC and                 Government of Singapore Investment Corp.        330       Singapore                     1981              ensuring that the business has          in real estate the industry must
global investment and real           Saudi Arabia - various holdings                 300      Saudi Arabia                    n/a              a sufficient deal pipeline.             increase transparency, enhance
estate markets – private as          Kuwait Investment Authority                     250         Kuwait                      1953                 He is also overseeing the            liquidity, and encouragement
well as public sectors.              China Investment Corporation                    200          China                      2007              commercial success of the               investment grade products, and
   Time and again Al-Tawash          Hong Kong Monetary Authority Invest. Portfolio 163           China                      1998              Business Park and Logistics             competent management.
was able to demonstrate his          Temasek Holdings                                159       Singapore                     1974              joint ventures, undertaken                 The level of investor
flexibility in responding to         Stabilisation Fund (and National Welfare Fund) 157          Russia                      2004              by Goodman in a joint                   confidence in real estate varies
changing market conditions           Australian Future Fund                           61        Australia                    2004              venture partnership.                    from place to place. Draycott
and his ability to “wear             Qatar Investment Authority                       50          Qatar                      2000                 Draycott finds working               says: “In the Middle East, there
many hats” in the effort to          Libyan Arab Foreign Investment Company           50          Libya                      1981              in the Middle East a                    is strong confidence in the
meet and exceed corporate            Revenue Regulation Fund                         43          Algeria                     2000              fascinating experience. He              sector. The UK and Asia view
goals and challenges.                Alaska Permanent Fund                            40           US                        1976              says: “Being involved in real           real estate as a staple, and are
   Today his role includes           National Pensions Reserve Fund                  31          Ireland                    2001               estate in the Middle East is            strong advocates of the long
deal origination, forging            Brunei Investment Agency                        30          Brunei                      1983              motivation in itself. We are            Term viability of the asset class.
strategic alliances, and setting     Korea Investment Corporation                     30      South Korea                    2005              offering something new and                 “The US has suffered, not
the company’s strategy.              Khazanah Nasional                                26        Malaysia                     1993              differentiated in one of the            least in light of the mortgage
   “I have always wanted to          Kazakhstan National Fund                        22       Kazakhstan                     2000              most dynamic and exciting               backed crisis. Most large
ensure that my company’s             Alberta’s Heritage Fund                          16        Canada                       1976              markets in the world.”                  investors will view the sector
investors get the best returns       Others                                           87                                                          Draycott’s speech at                 as cyclical, but there will
I can provide. I’ve always           Total                                          3,300                                                      Cityscape Dubai will focus              inevitably be moments of
felt that it’s important, both                                                                                                                 on the products that                    concern between the highs.”




                                                                                                                                                                    Dubai 2008      Cityscape official show daily    27
CONFERENCE programme




THE LINE-UP:
CONFERENCE AND SUMMIT PROGRAMME
DAY 2: TUESDAY 7TH OCTOBER



     HOTEL & TOURISM INVESTMENT
     & DEVELOPMENT CONFERENCE
     09:00   Registration And Coffee                                 12:00   Responsible Expansion: The Tourism Time Bomb             WORLD ARCHITECTURE CONGRESS
                                                                             Jan Laverty Jones, Former Mayor, Las Vegas
     09:30   Welcome                                                         James Simmonds, Project Manager, Mubadala, UAE           08:00   Registration And Coffee
                                                                             Rohit Talwar, CEO, Fast Future, UK
     09:35   Chairman’s Welcome                                                                                                       08:35   Opening Remarks From The Chairman
             David Foster, News Producer and Presenter,              13:00   Lunch For Delegates And Speakers                                 Ken Livingstone, Former Mayor of London, UK
             Al Jazeera International, Qatar
                                                                     14:00   Vacation Ownership: The Share Option With A              08:45   Special Opening Address:
     09:45   Global Overview: On The Up, On The Down And On                  Difference – Part 1                                              Rashad Mohammed Bukhash, Director of
             The Brink                                                       Adbul Wahab al Halabi, Chief Operating Officer,                  Architectural Heritage, Dubai Municipality, UAE
             Taleb Rifai, Deputy Secretary General, United Nations           Dubailand, UAE
             World Tourism Organization, Spain                               Piaras Moriarty, Executive VP, IFA Hotels and            09:00   Keynote Address: Strategies For New Urbanism
                                                                             Resorts, UAE                                                     Ken Livingstone, Former Mayor of London, UK
     10:30   The Champions And Challengers Of Middle                         Eric Gummers, Senior Partner, Howard Kennedy, UK
             East Tourism                                                    Nick Turner, Managing Director, RCI Middle East, UAE     09:50   Keynote: A Commentary On New Urbanism From
             Conrad Bigham, Director, Cushman & Wakefield                    Dave Evans, Executive Vice President, Group RCI, UK              Pritzker Prize Laureate
             Hospitality EMEA, UK                                                                                                             Thom Mayne, Principal, Morphosis, USA
             Philippe Baretaud, Development Director,                15:00   Networking And Refreshment Break
             Accor Middle East, UAE                                                                                                   10:50   Networking And Refreshment Break
             Alexandre Sogno, Managing Director Asset                15:30   Vacation Ownership: The Share Option With A
             Management, Global Asset Solution, Indonesia                    Difference – Part 2                                      11:15   Integrating Urbanity With Lifestyle
             and Singapore                                                   Geoff Richards, Executive Vice President, Wyndham                Marilyn Jordan Taylor, Partner in Charge of Urban
             Rohit Talwar, CEO, Fast Future, UK                              Vacation Ownership, USA                                          Design and Planning, Skidmore Owings & Merrill, USA
             Lee Tabler, CEO, Tourism Development and                        Dale P. Young, Vice President & General Manager –        12:00   Achieving Caring Cities By Design
             Investment Company, Abu Dhabi                                   Middle East, Marriott Vacation Club International, UAE           Donna Sultan, CEO, KEO Consultants, UAE
                                                                             Claude Attalla, Managing Director Northcourse
     11:10   Networking And Refreshment Break                                Advisory Services, UAE                                   12:45   Reflecting The New Hybrid Identity In Urban And
                                                                             Jose Ventura, Executive Director, Interval                       Architectural Design
     11:30   The Good, The Bad And The Ugly: Using Other                     International, UAE                                               Wael Al-Masri, Partner and Director of Urban Planning
             Markets As Models                                                                                                                and Architectural Design, Dar Al-Omran, Jordan
             Conrad Bigham, Director, Cushman & Wakefield            16:45   Chairman’s Summary Of Day One
             Hospitality EMEA, UK                                                                                                     13.30   Lunch For Delegates And Speakers
             Alexandre Sogno, Managing Director Asset                17:00   Close Of Conference Day One
             Management, Global Asset Solution, Indonesia                                                                             TALL BUILDINGS – LATEST SCHOOLS OF THOUGHT
             and Singapore                                                                                                            14:30 Iconic Towers – Getting The Right Balance
             Rohit Talwar, CEO, Fast Future, UK                                                                                              David Scott, Chairman, Council of Tall Buildings and
                                                                                                                                             Urban Habitat (CTBUH) and Principal, Arup, USA

                                                                                                                                      15:10   Keynote: Supertall, Super Sustainable
                                                                                                                                              Adrian Smith, Partner, Adrian Smith + Gordon Gill
                                                                                                                                              Architecture, USA

                                                                                                                                      16:00   Networking And Refreshment Break

                                                                                                                                      SUSTAINABILITY – THE REALITY
                                                                                                                                      16:30 High Performance Green Buildings – International
                                                                                                                                            Inspiration And Impact
                                                                                                                                            Mario Seneviratne, FI. Mech E.,P. Eng., Director,
                                                                                                                                            Green Technologies FZCO, Founder and Secretary
                                                                                                                                            to the Board, Emirates Green Building Council and
                                                                                                                                            Board Member and Chairman –Tools & Projects
                                                                                                                                            Committee, World Green Building Council, UAE

                                                                                                                                      17:10   Keynote: New Construction Technologies For
                                                                                                                                              Sustainability – The Rotating Towers
                                                                                                                                              David Fisher, Chairman, Dynamic Architecture, Italy

                                                                                                                                      17:45   Chairman’s Summary Of Day One

                                                                                                                                      17:50   Close Of Congress Day One




28    Cityscape official show daily    Dubai 2008
                                                                                                                                       programme CONFERENCE




WORKSHOP AND SEMINAR PROGRAMME
DAY 2: TUESDAY 7TH OCTOBER



 SEMINARS@CITYSCAPE DUBAI
 11:00 – 12:00                                           11:00 – 12:00                                             16:00 – 17:00
 REAL ESTATE THEME                                       HOTEL THEME                                               CONSTRUCTION THEME
 Investing In UAE Property Market – A Practical Guide    Service Quality In The Face Of Saturation                 Developing And Implementing Best Practice Health And
                                                                                                                   Safety On Construction Projects



 12:30 – 13:30
 REAL ESTATE THEME                                       12:30 – 13:30
 Investing In UAE Property Market – A Practical Guide    HOTEL THEME
                                                         Service Quality In The Face Of Saturation

 14:30 – 15:30
 SMART BUILDING THEME
 Value Engineering and Commissioning
                                                         14:30 – 15:30
                                                         CONSTRUCTION THEME
                                                         Recruiting For Construction Ventures And Improving
                                                         Retention Of Your Staff




  Leading the way in Real Estate for over               VISIT US AT        CITYSCAPE DUBAI
  20 years, Sherwoods Independent                                          Dubai International Exhibition Centre
  Property Consultants have one of the                                     October 6 - 9, 2008
  most extensive portfolios of quality                                     Stand 6E01
  investment properties throughout the
  world.

  Your Partners in Property
  Whether you are looking to invest, sell,
  lease, buy a new home or rent
  commercial & residential property, you
  can be assured that our friendly team of                            Some see it as a competition...
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     Property Portfolio Management
                                                                  www.sherwoodsproperty.com




                                                                                                                                   Dubai 2008   Cityscape official show daily   29
SPEAKERS keynote




SPEAKERS ONE-ON-ONE
Lakshmi Narayanan                                                                                             Jeffrey Willis
CEO, Real Estate Bank India                                                                                   Associate Director, Arup
INTERNATIONAL REAL ESTATE INVESTMENT AND DEVELOPMENT CONFERENCE                                               WORLD ARCHITECTURE CONGRESS
Topic: Demystifying India – Is It Too Good To Be True?                                                        High Performance Green Buildings – International Inspiration And Impact
Session timing: 3.15pm Today @ Sheikh Maktoum Hall                                                            Session timing: 4.30pm Today @ Sheikh Maktoum Hall

As president and CEO of               professional intermediary which     in concluding that India            A mechanical engineer with         associate member of the                  materials. Secondly, LEED
Real Estate Bank India                could facilitate real estate        is unique in itself and no          nearly 40 years experience         World Green Building Council             is an international badge of
(REBI), Lakshmi Narayanan             transactions,” adds Narayanan.      parallels can be drawn. This is     in the construction industry,      Tools & Projects Committee.              sustainable achievement, which
is responsible for the strategic         This idea was developed into     the greatest mystery of India.”     Willis comments: “I have              Arup was founded in London            will command better sales/
direction of the company.             a strong and robust business            Narayanan says there            been working for Arup for 30       in 1946 and over the years               rental prices. Thirdly, there
He says: “Being a young               model with the help of partners     is no “one country-one              years, across our offices in       it has grown to encompass                is the satisfaction of knowing
company, I have managed the           like KPMG and TCS. Together,        market” rule, and that India        Europe, the Middle East and        10,000 staff in 37 countries,            that something is being
operations for the past two           they built the strong operational   has multiple Indias within          the Far East. I am currently       with skills across a very                done to help in the attempt
years, slowly taking a step           frameworks and technology           herself, which makes it all         based in Dubai on my third         wide range of disciplines.               to slow global warming.
back, by putting in an efficient      backbone of REBI, which will        the more difficult to decipher      posting to the Middle East,           In a presentation to                     Willis believes that the
senior management team.               facilitate its development.         tastes and preferences. All         having previously been in          Cityscape Dubai delegates,               cost implication of adhering
   “I can now focus on                Today, the company is looking       the common demographic              Qatar in the early 80s and         Willis will talk about the               to LEED depends upon the
creating the right ecosystem          to expand its network into          indicators used across the          Abu Dhabi in the early 90s.        need to focus on the local               level of certification, the
for REBI to thrive, by being          seven other countries.              world, do not work here. The           “As a sustainability leader     environment in design, to go             expectations of the developer
the spokesperson for the                 In his Cityscape Dubai           wealthy of Punjab will behave       for Arup in the Gulf, I have       beyond LEED and to no longer             and the approach to the design
company and representing it           speech Narayanan will be giving     completely differently from         a long-standing interest in        design buildings in isolation            process. He says: “If the
at various forums, creating           the audience a sneak peek           the wealthy of Delhi, and           sustainable design for buildings   from their urban context.                design approach is correct,
alliances and networks with           into the key Indian markets         they will be different from         and urban developments.               Willis says: “LEED                    there is little additional cost
champions of industry.”               and how they are driving the        the wealthy of Mumbai.              And, as a founding member of       was devised to move the                  to achieve gold. In energy, for
   Prior to REBI, Narayanan was       growth story that is India.             Narayanan argues that           the Emirates Green Building        industry forward in terms of             example, the existing Dubai
involved in the marketing and            Narayanan believes that          India is not for weak-hearted,      Council, and coordinator of the    sustainability. Its targets were         Municipality regulations will




                                                                                                              (
manufacturing of food products,       India is a land of paradoxes.       short-term investors, but it        Technical & Awards Committee,      aimed at improving, without              take you very close to the
and has worked in Asia, the           He says: “You will find bullock     is a much touted destination
Middle East and Africa.               carts driving people around         of the future, and companies
   He adds: “Though there has         as their operators talk over        looking at time windows              While The industry can actually design beyond the
been no ‘design’ in my plans to
arrive at wherever I am today,
                                      mobile phones. The rate of
                                      adoption of some of the new
                                                                          of a decade or more are
                                                                          sure to find their time and
                                                                                                               LEED targets – the challenge is to do so in a way that is
I have discovered the path            technologies is leaving market      investments worthwhile.              acceptable to all players in the industry
that I will take into the future      observers breathless. But there         Indian real estate requires a
with REBI and its growing and         seems to be no predictability       strong single window regulator
evolving business model.”             in the way in which the             to guide the industry and set                                          setting targets so high that             performance level required to
   Real Estate Bank India was         Indian consumer behaves.            performance benchmarks.                                                the industry would not be                become gold certified, and the
set up to explore opportunities          “The Indian consumer’s           Laws relating to real estate                                           interested to take them on.              current Dubai World regulatory
in the ‘title insurance’ business     value-consciousness is now          need to be consolidated and                                            The industry can actually                authority EHS (Environment,
in India. “While researching          legendary and it is not easy to     made more user-friendly,                                               design beyond the LEED targets           Health and Safety) regulations
the market, we realised that          ‘market’ the market. In fact        he says. “Transparency is                                              – the challenge is to do so in           will get you very close to
there was a tremendous                marketers around the world are      the key watch word and                                                 a way that is acceptable to all          silver certification.”
opportunity to create a               now more or less unanimous          real estate in India can do                                            players in the industry.”                    However, if the developer
                                                                          with oodles of that. Though                                               He believes that the                  is focused on minimal
                                                                          apparently real estate has                                             readiness of developers to pay           expenditure and maximum
                                                                          been granted industry status,                                          for LEED certification varies,           return, this is likely to be
                                                                          the financing side of it still                                         depending upon their interest            perceived as a greater
                                                                          needs to reform and be                                                 in the occupancy stage, what             additional cost, he adds.
                                                                          treated at par with other           I am responsible for liaison       image they wish to promote                   According to Willis the UAE
                                                                          industries,” adds Narayanan.        with the US Green Building         and their conviction that a              is moving very fast in terms
                                                                              The Indian economy is           Council for the localisation of    LEED badge will dictate better           of green building and LEED
                                                                          growing at seven to eight           LEED, (Leadership in Energy        revenues. However, the level             accreditation. In terms of
                                                                          percent per annum and real          and Environmental Design) and      of acceptance is growing.                enforcement and promotion he
                                                                          estate is barely keeping pace       the production of the EGBC            For Willis the motivation to          believes that the authorities
                                                                          with demand. There may              Green Building Guidelines.”        excel on LEED is threefold.              are becoming more and more
                                                                          be talk of a slowdown, but             Willis is also currently a      Firstly, there is the long-              active within the UAE. He
                                                                          given the growth trajectory         member of the advisory group       term improvement in the                  adds: “More education is
                                                                          of compounded growth of             for the Sustainable Design         building’s performance against           required, but the fact that
                                                                          25 percent per annum for            of the Built Environment           a background of inevitable               it is becoming enshrined in
                                                                          the past few years, even            programme at the British           increases in the cost of                 new and changing regulations
                                                                          a slowdown leads to a               University in Dubai and an         energy and replacement                   will force that forward.”
                                                                          growth of five percent.
                                                                              The Credit Rating
                                                                          Information Services of                                                 Kirsch Center

                                                                          India (CRISIL) estimate
                                                                          that the real estate stock
                                                                          in India will reach US$1.4
                                                                          trillion by 2010, growing
                                                                                                                                                                    Golden Gate                        Oquirrh Park
                                                                          from the current figure




(
                                                                          of US$950 billion.                                                Punahou Case




     While researching the market, we realised that there
     was a tremendous opportunity to create a professional
     intermediary which could facilitate real estate transactions                                              Treasure Island                                               Caltrans District




32    Cityscape official show daily    Dubai 2008
NEWS update




                                                                                                                                                    Salwan announces
                                                                                                                                                    new JBR project
                                                                                                                                                    Hotel apartments boast stunning views
                                                                                                                                                    DUBAI – Salwan, an offshoot of the Dubai Properties
                                                                                                                                                    Group, has launched a new development at the
                                                                                                                                                    Jumeirah Beach Residence (JBR).
                                                                                                                                                       According to the firm, Salwan Hotel Apartments
                                                                                                                                                    features 204 rooms of various sizes and is fully
                                                                                                                                                     u
                                                                                                                                                    eqipped with nearby amenities and panoramic
                                                                                                                                                    views of the bay.
     Mada’in Properties to                                                                                                                             Saeed Bushalat, chief executive officer of Salwan,

     showcase multi-billion                                                                                                                         said the development has been launched to meet the
                                                                                                                                                    demand for premium property in Dubai.
     dollar projects                                                                                                                                   W
                                                                                                                                                       “
                                                                                                                                                       e believe the excellent world-class amenities
                                                                                                                                                    and the choice location will make Salwan Hotel
     Bay Terrace will be company’s                                                                                                                  Apartments a distinct choice for travellers and
                                                                                                                                                                       he
                                                                                                                                                    resident visitors,” stated.
     third development                                                                                                                                 Other services offered by the subsidiary include the
                                                                                                                                                    sale and lease of properties, management of Mazad




                                                                THEWAVE,MUSCAT,
     DUBAI – Mada’in Properties will offer an exclusive                                                                                             Auction House, property advisory services and strata
     preview of prime properties strategically located in                                                                                           and property management.
     three key districts in Dubai during its participation in                                                                                          Salwan earlier announced the appointment of
     Cityscape Dubai this week.                                                                                                                     RSA Insurance as providers of cover for customers
        The Bay Terrace in the Business Bay area, The                                                                                               purchasing property in the JBR.
     Rubix in Dubai orld Central and the H Tower
                       W
     in Meydan City will anchor Mada’in Properties’
     presentation.
        Bay Terrace is poised to be the third project to        PIONEERS                                                                               Its parent group Dubai Properties is finalising
                                                                                                                                                    insurance packages for homeowners at its Executive
                                                                                                                                                    Towers development in Business Bay. Stand CE10




                                                                SUSTAINABLE
     be launched by Mada’in Properties after the Marina
     Arcade and The Domain.
        “
        Amid the ongoing real estate rush that is
     sweeping across the UAE market, Mada’in Properties
     has remained committed to its strategy of developing




                                                                DEVELOPMENT
                            u
     truly distinct and uniqe properties that offer
     maximum investment value to investors and deliver
     optimum lifestyle benefits to end-users,”  said Abdul
     Aziz Al Awar, CEO of Mada’in Properties.
        Located on a prime area measuring 3,130 sqare u




                                                                IN OMAN
     metres and with a total built-up area of 15,650
      u
     sqare metres, Bay Terrace offers a range of one, two
     and three-bedroom apartments along with duplex-
     type accommodations and penthouses. Amenities
     include separate fitness centres for men and women,
     a roof garden, indoor and outdoor swimming pools,
     and ample parking spaces.
                                                                Developers of US$2.5 billion project
        The Rubix project is a residential development          place emphasis on eco-friendly
     consisting of three buildings and a uniqe common
     Grand Plaza at the ground floor. ith a total built-up
                                        W
                                              u
                                                                building practices                                                                  Environmental study
     area of 34,374 sqare metres, the project will have
                        u                                                                                                                           exceeds government
     studio, one and two-bedroom apartments along with
     similar facilities to Bay Terrace.
                                                                                                                       W
                                                                OMAN – The developers of the US$2.5 billion ave project in Muscat are
                                                                to implement sustainable development practices. The project, the first              requirements
        Offering a total built-up area of 42,000 sqare
                                                   u            100 percent freehold development in Oman, is a joint venture between
     metres, the H Tower is a mixed-use development             W
                                                                aterfront Investments, representing the Government of Oman, the
                                                                                                                                                    EMP plan is 200 percent more in-depth
     comprising a 10-storey office tower and a 23-storey        National Investment Funds Company, which represents Omani Pension
                          u
     residential tower eqipped with one, two and three-         Funds, and the UAE-based Majid Al Futtaim Group.                                                                   has
                                                                                                                                                    BAHRAIN – Diyar al Muharraq commissioned
     bedroom apartments, duplexes and penthouses plus                   W
                                                                   The ave is a mixed-use community development, spread along six                   international environmental experts to carry out an
           u
     the reqisite number of facilities. Stand ZD20              kilometres of beachfront, and the developer places a significant amount of          environmental impact assessment (EIA) and marine
                                                                emphasis on eco-friendly initiatives as part of its design and development,         studies on a scale unprecedented in Bahrain on its
                                                                including energy efficient construction modules, best practice principles in            u
                                                                                                                                                    uniqe master planned city.
                                                                creating green spaces and adopting sustainable water recycling techniqes.     u        The end result will be a comprehensive and far-
                                                                   “
                                                                   All the initiatives which we have undertaken are not mandatory for               reaching environmental management plan (EMP).
     CITYSCAPE SOUNDBITE...                                     the construction but we have considered that ‘going green’ is an intrinsic             The developer has dedicated over US$8 million

     MEHDI AMJAD,                                                            W
                                                                part of The ave, Muscat being recognised as socially responsible
                                                                sustainable developers. e are looking to apply for LEED accreditation
                                                                                           W
                                                                                                                                                    to the programme, which exceeds Bahrain’s
                                                                                                                                                                      u
                                                                                                                                                    governmental reqirements by more than 200 percent.

     President and CEO,                                         where appropriate. This recognition is especially important to us when
                                                                one considers that a prime motivator for developers to create a certified           “
                                                                                                                                                                                               ,
                                                                                                                                                       Aaref Hejres, CEO of Diyar Al Muharraqsaid:
                                                                                                                                                    Preserving the environment is at the heart of

     Omniyat Properties
           How important is it for you to be present at
                                                                sustainable building is to differentiate their project from the competition,”
                                                                said Nick Smith, CEO.
                                                                   The exterior wall of the units in the development have cavity insulation
                                                                                                                                                    everything that Diyar al Muharraq  stands for. As CEO,
                                                                                                                                                    I challenge everything that we do, to make sure it’s of
                                                                                                                                                                                              u
                                                                                                                                                    the highest standard, and this applies eqally to our
           this and other Cityscape events? Cityscape           with low E glazing, this reduces heat loss from within the building as well         environmental management plan.”
           exhibitions are the most suitable platform for       as reducing the amount of solar heat absorbed.                                         Diyar is working with the UNEP (United Nations
           any real estate company to enhance                      Green spaces have also been created throughout the project that are planned      Environment Programme) to actively explore a two-year
           its network and client portfolio by                  to create habitats for local bird life and will be irrigated using recycled water   initiative, designed to improve regional EIA practices.
     showcasing the latest developments and                            u
                                                                techniqes, while an artificial reef is being created on the sea bed.                                     ’s
                                                                                                                                                       Diyar Al Muharraq programme meets the orld  W
     meeting potential clients and partners.                       The developers are also sourcing the bulk of building materials, cement          Bank guidelines for environmental commitment,
                                                                             u
                                                                and rock reqirements from within 45 kilometres of the construction site             with one to two percent of the total budget dedicated
                                                                reducing the construction carbon footprint. The development will also run           across a range of environmental initiatives, from EIA,
                                                                a centralised cooling plant to provide air-conditioning to each apartment           monitoring, compensation, habitat enhancement and
                                                                block rather than separate refrigerant units for each unit.                         other measures. Stand 6920
                                                                   A total of 850 units have sold so far and 120 villas and townhouses will
                                                                be delivered by the end 2008.




34     Cityscape official show daily    Dubai 2008
NEWS update




                                                              CITYSCAPE SOUNDBITE...                                                        Regional real estate
                                                              ABID JUNAID                                                                   sector bucking
                                                              Executive Director, ETA Star
                                                                    hat are you hoping to achieve at Cityscape Dubai?
                                                                    W
                                                                                                                                            international trends
                                                                    Being one of the leading developers in the region, Cityscape            Conferences at the world’s largest
                                                                    Dubai provides us with a great opportunity to showcase our              B2B real estate investment and
                                                                    strength and vision. Our objective here is to communicate
                                                              our achievements and latest offerings with our customers, potential
                                                                                                                                            development event focus on regional
                                                              buyers, investors, stakeholders and financial organisations                   boom despite global downturn
                                                                                                                                            DUBAI – The western downturn in the global property
     Phase Two for                                                                                                                          market contrasted with the Middle East, where the

     Ajman One                                                                                                                              real estate market continues to power ahead, comes
                                                                                                                                            under detailed examination as part of this week’s
                                                                                                                                            Cityscape Dubai conference programme.
     Aqaar launches second phase of                                                                                                            A series of important conferences is scheduled,
     US$750 million complex                                                                                                                 at which the industry’s leading experts will focus on
                                                                                                                                            world and regional developments.
     AJMAN – On the northern peninsula of the Arabian                                                                                          Y
                                                                                                                                               “
                                                                                                                                               ou only have to look out of any window to see
     Gulf, the emirate of Ajman is enjoying a resurgence                                                                                    the astronomical property growth that is transforming
     in economic growth and popularity with investors                                                                                       cityscapes,”  said Shabnam Rawal, group director of
     and end-users alike. Its growing free zone industrial                                                                                  Cityscape Conferences.
     area and its proximity to both Dubai and Sharjah                                                                                          W
                                                                                                                                               “
                                                                                                                                               hile much of the west appears to be heading
     has enhanced Ajman’s potential as a business and                                                                                       for a slump, the property business in the Arabian
     commercial destination, by providing convenient                                                                                        Gulf, along with China and India, continues to grow.
     accessibility to regional and global markets.                                                                                          This is just one of the many intriguing areas that will
         a
        Aqar Properties, the real-estate and property                                                                                       be covered in the widest range of conferences yet at
     development company based in Ajman, has                                                                                                             she
                                                                                                                                            Cityscape,” added.
     revealed two projects that it hopes will contribute                                                                                       The week’s events include the Real Estate
     to Ajman’s progression. It will launch Phase 2 of its                                                                                  Leadership Strategy Summit, bringing together the
     maiden project, US$750 million Ajman One, the                                                                                          shrewdest real estate investors from around the world
     residential, commercial and hospitality complex,                                                                                       to address the trends, strategies and opportunities
     that encompasses three freehold office towers called                                                                                   in the global market place. The International Real
     Apex Business Towers, that will house 640 offices;a                                                                                    Estate Investment and Development Conference –        the
     convention centre, and a four-star business hotel with                                                                                 main event in the conference schedule - features
     serviced apartments.                                                                                                                   world-class speakers for three days of analysis of the
         a
        Aqar will also unveil its inaugural luxury project,                                                                                 macro-economics of real estate development and
     which will be the first waterfront development in                                                                                      financing options;as well real estate marketing and
     Ajman. The planned development includes seven                                                                                          branding in the region.




                                                              AL-SHOALA AND
     high-rise towers, a luxury hotel, residences, a souk,                                                                                           W
                                                                                                                                               The orld Architecture Congress also runs parallel
     spa, retail outlets and restaurants.                                                                                                                                                    “
                                                                                                                                            with the week’s activities, as Rawal elaborates: Designed
        His Highness Sheikh Rashid bin Humaid Al                                                                                            for architecture and urban planning professionals
     Nuaimi, Chairman, Municipality and Planning                                                                                            it provides a regionally incomparable opportunity




                                                              EMAAR SIGN
     Department of Ajman commented: ith the“
                                           W                                                                                                to learn about the latest architectural concepts,
     launch of Phase 2 of Ajman One and a new luxury                                                                                        sustainability innovations and design solutions.”
     development soon to be announced, the emirate of                                                                                          “
                                                                                                                                               Chaired this year by former Mayor of London,
     Ajman is entering a new era of exciting growth and                                                                                     Ken Livingstone, the programme provides a high-
                                               q
     progress. Ajman is transforming from a uiet emirate                                                                                    level analysis of the challenges faced in architectural




                                                              US$7.2 BILLION
     into a vibrant and progressive tourism and business                                                                                    projects internationally, with a special focus on
     destination.” Stand RB10                                                                                                               initiatives in the Middle East.”
                                                                                                                                               In addition, the week sees a no-holds barred
                                                                                                                                            conference on the hotel and tourism industry in the
                                                                                                                                            Middle East at a crucial time for the region’s booming




                                                              JOINT VENTURE
                                                                                                                                                                 “
                                                                                                                                            hospitality sector. The second Cityscape Dubai Hotel
     CITYSCAPE SOUNDBITE...                                                                                                                 and Tourism Investment and Development Conference

     MOHAMMED AL SAQQAF                                                                                                                     will host key speakers such as Jan Laverty Jones,
                                                                                                                                                         V
                                                                                                                                            former Las egas Mayor, and look behind the facts,

     CEO and Vice Chairman,                                   Rawabi Rumah mixed-use project to cover
                                                                                                                                            the figures and the finances of the industry to discover
                                                                                                                                            the underlying trends,”  said Rawal.

     ALARGAN International Real                               31 million square metres
                                                                                                                                               This year, for the first time, the Middle East
                                                                                                                                            Facilities and Asset Management Conference

     Estate Company
            hat are you hoping to achieve at
            W
                                                                                His
                                                              SAUDI ARABIA – Royal Highness Prince Meshal Bin AbdulAziz Al
                                                              Saud, chairman of Saudi Arabia’s Bayah Council, and owner of Al-Shoala
                                                                                                                                            comes under the Cityscape umbrella and will take
                                                                                                                                            place at the Crowne Plaza Hotel opposite the Dubai
                                                                                                                                            International Exhibition Centre.
            Cityscape Dubai? Cityscape is an appropriate      Group of Establishment, has announced a US$7.2 billion joint venture             W
                                                                                                                                               “
                                                                                                                                               ith so many uncertainties in the world combined
            platform to showcase our latest developments                                                               u
                                                              project with Emaar Properties to develop a 31 million sqare metre master      with a region that appears to be bucking the
            and it also gives us an opportunity to stress     planned community, Rawabi Rumah, located near Riyadh.                         international trends, there is considerable excitement
     ALARGAN’s commitment to energy –       efficient green      Emaar will share its core competencies in integrated mega-project          throughout the industry and all its sectors about this
     buildings. ALARGAN is the first company in Kuwait        development by creating a vibrant community featuring luxury homes            year’s Cityscape ”  concluded Rawal. Stand CB35
     and the first real estate developer in the Middle East   and commercial space, retail outlets, healthcare centres, educational
     – to become a member of the United States Green          institutions and community centres. One of the highlights of Rawabi Rumah
     Building Council. In addition, Cityscape also            is a proposed date palm park and green belt that will sprawl over 1.6
     gives us an excellent chance to network with                       u
                                                              million sqare metres – more than the size of Hyde Park.
     potential institutional investors and high-profile                                                   “
                                                                 His Royal Highness Prince Meshal said: Rawabi Rumah will be a path-
     industry professionals                                   breaking project for Saudi Arabia and reflects the vision of The Custodian
                                                                                   u
                                                              of the Two Holy Mosqes King Abdullah bin AbdulAziz Al Saud to further
                                                              strengthen the economy and enhance the welfare of the people. Rawabi
                                                              Rumah will create over 25,000 direct jobs across various economic sectors.”
                                                                             “
                                                                 He added: Emaar is already an active partner in the growth of Saudi
                                                              Arabia, and through the partnership we are leveraging on the company’s
                                                              capabilities to create world-class master-planned communities. Rawabi
                                                              Rumah will be a trend-setting development and a new lifestyle destination
                                                              for the Saudi people.” Stand 7E10




36     Cityscape official show daily   Dubai 2008
                                                                                                                                                                                    update NEWS




                                                                                                                                                                                             Awali City, Ajman



Italian job for select
residential project
Ferragamo in interior design
agreement for Pentominium
                                                            MIXED-USE
DUBAI –  Italian luxury fashion house, Salvatore
Ferragamo Italia, will design some of the exclusive
penthouses in Dubai’s Pentominium building
following a landmark agreement with Trident
                                                            MEGA PROJECTS
                                                            HERE TO STAY
International Holdings.
   The deal is the first venture into the high-end luxury
residential segment for Salvatore Ferragamo Italia.
   The Pentominium will be the tallest residential
building in the world and is scheduled for completion
in 2012. It is 500 metres high and the 120-storey
tower offers the ultimate in exclusive services to its
                                                            Modern lifestyles demand large, mixed-
120 penthouse owners.                                       use developments says real estate boss
   Michele Norsa, CEO of Salvatore Ferragamo,
said: This is an important achievement in the
      “                                                              An
                                                            AJMAN – Awali Real Estate Investments official has claimed that mixed-
brand extension that lays the basis for further             use ‘mega developments’ are likely to be the future standard for real estate
opportunities.”                                             development in the region.
   azir Daredia, CEO of Trident International
   W                                                           Mohammed Hussein Abdullah Al Nemer chief marketing officer of Awali
Holdings, added: e are very pleased that Salvatore
                    W
                    “                                       Real Estate Investments believes that the growing economy in the UAE,
Ferragamo will make its debut in the top-end luxury         particularly in Ajman, attracts larger numbers of new residents each year,
properties through the Pentominium project.”                creating a knock-on effect in the real estate sector.
   The official launch of the development will take                                                           q
                                                               The result is an increasing demand for high uality residential and
place today with a spectacular fashion show and             commercial projects which prompts the need for convenience, luxury,
charity event. Stand 3E20                                   exclusivity and integrated community services.
                                                                               “
                                                               Al Nemer said: The growing trend towards larger, more comprehensive
                                                            developments is a logical progression from the traditional, smaller projects
                                                            which have generally been single-faceted.                                            He added that mega-sized, mixed-use developments
                                                               “
                                                               The mega projects we see being erected today are of a far more diverse                                             u
                                                                                                                                              not only cater to the essential reqirements for modern
                                                            nature, with a tendency to include a great deal more than simply residential or   living, but also play a vital role in the sustained
                                                            office space.                                                                     development of the region’s economy, as the sheer
                                                               “
                                                               Instead, the inclusion of a variety of services and facilities in a single                                 u
                                                                                                                                              volume of development reqired is not only indicative of
                                                            development provides a secure and convenient environment in which people          the vastness of the market, but also a major contributor
                                                            are able to time-manage their lives, work and play.”                              to its growth in terms of job creation.




                                                                                                                                                            Dubai 2008   Cityscape official show daily      37
NEWS update




 Wasim Saifi                                                  Kingdom Tower, Riyadh


                                                                                                                                              Qatari Diar forms
                                                                                                                                              independent developer
                                                                                                                                              of Lusail
                                                                                                                                              New company for development,
                                                                                                                                              construction and ongoing operations
                                                                                                                                                          Q
                                                                                                                                              QATAR – atari Diar is to form a new company to
                                                                                                                                              work on the development, construction and ongoing
                                                                                                                                              operations on its Lusail project.
                                                                                                                                                                                              Q
                                                                                                                                                 The firm will be managed separately from atari
                                                                                                                                              Diar, with Mohammed Bin Ali Al Hedfa appointed as
                                                                                                                                              the chief executive officer.
                                                                                                                                                 He will report to chief executive officer of the
                                                                                                                                              Q
                                                                                                                                              atari firm, Ghanim bin Saad al-Saad, who said:
                                                                                                                                              “                                               Q
                                                                                                                                              Due to the incredible international growth of atari
                                                                                                                                              Diar, the board of directors has decided that to
                                                                                                                                              facilitate the ongoing success of Lusail, a new separate
     Tamweel to provide                                                                                                                       company is formed.
                                                                                                                                                 “
                                                                                                                                                 Its sole purpose will be to focus on Lusail.”Al
     financing for Corporate                                                                                                                  Hedfa stated that the creation of the new firm will

     Tower investors                                                                                                                                   Q
                                                                                                                                              ensure atari Diar’s relationship with its customers
                                                                                                                                              is personalised.
                                                                                                                                                 The new development will cover 35 sqareu
     UAE lender partners with Sheffield Real                                                                                                  kilometres and contain sufficient residential and
     Estate to offer businesses finance                                                                                                       commercial facilities to cater for an estimated
                                                                                                                                              200,000 people.
     DUBAI –  Tamweel, the largest provider of real estate                                                                                                                          Q
                                                                                                                                                 Meanwhile, Steel Guru reported atari Diar had
     finance in the UAE, has announced that it will offer                                                                                     signed a deal with a German engineering firm to
     commercial finance to businesses interested in                                                                                           provide a national rail link between Bahrain and Doha.
     buying office space in the Corporate Tower under                                                                                         Stand ZE10
     development by Sheffield Real Estate, a subsidiary of




                                                              DUBAI GROUP
     Sheffield Investments Limited.
                                                     u
        Corporate Tower will total nearly 100,000 sqare
     metres of commercial space spread over 44-storeys
     and a 13-storey extension of office units, in the
     mixed-use free zone development of Jumeirah Lake
                                                                                                                                              Omani real estate
                                                                                                                                              market continues
                                                              STEPS UP FOR
     Towers in Dubai.
        asim Saifi, group chief executive officer,
        W
     Tamweel, said: Tamweel is pleased to partner with
                      “                                                                                                                       rapid growth
     Sheffield Real Estate and offer exclusive finance to
     end-users of Corporate Tower. Tamweel will offer
                                                                                                                                              US$20 billion forecast for 2010


                                                              SAUDI ARABIA
     tailor-made solutions to suit the needs of the project
                         u
     and the specific reqirements of investors and                                                                                            OMAN –  The Omani real estate market is expected
     business entities.”                                                                                                                      to continue its rapid growth well into the future, with
        Abuali Mallik Shroff, chairman, Sheffield                                                                                             analysts predicting that the value of demand will top
                                 “
     Investments Limited, said: Corporate Tower was                                                                                           US$20 billion by 2010.
     launched to cater to the growing demand for office
     space in Dubai. e are confident that Corporate
                       W
                                                              Financial services arm of Dubai Holding                                            Market studies have also revealed that total
                                                                                                                                              investments into the real estate sector in Oman
     Tower will prove to be an attractive investment          is founding member of Mazaya Saudi                                              reached US$4 billion in 2007, up from US$0.75
     opportunity for both end users and investors alike.                                                                                      million in 2005.
     Tamweel has a solid track record of providing            DUBAI – Dubai Group, the leading diversified financial services company            Oman’s residential property sector captured
     innovative financing solutions through their diverse     of Dubai Holding, has become a founding shareholder in Mazaya Saudi             the biggest share despite the recent increase in
     product portfolio and unmatched service, and we          for Commercial Investment Co. (Mazaya Saudi) after subscribing to a 20          real estate prices, thereby further underlining
     look forward to working with them in offering the best   percent stake.                                                                  the competitiveness of Omani-based projects
     financing options for our customers.”                       The transaction was completed through its subsidiary Dubai Capital           across the GCC.
        Sheffield Real Estate’s other developments include    Group, which has invested approximately US$135 million in the Saudi                The growth of investment into commercial
     Marina 101, Marina Suites, Diamond Mall, Supreme                        u
                                                              company’s eqity.                                                                activities including the manufacturing and tourism
     Residency, Universal Apartments and the Classic             As a founding shareholder, Dubai Capital Group will play an important        sectors is also expected to drive the demand for
     Apartments projects.                                     role in the development of the company and will be represented on its           real estate this year.
        To date, Tamweel has provided over US$3.7 billion     board of directors.                                                                W
                                                                                                                                                 ith residential properties emerging as the highest
     in financing for UAE projects. Stand 6B30                                                                              “
                                                                 Soud Ba’alawy, executive chairman, Dubai Group, said: As the leading         income-yielding investments within the Sultanate,
                                                              diversified financial services company of Dubai Holding, Dubai Group                             a
                                                                                                                                              Dubai-based Eqrat.com, a total solutions provider
                                                              attaches paramount importance to diversifying, not only geographically, but     to the real estate sector, is gearing up to launch the
                                                              also into multiple and profitable business sectors.                                                Q      a
                                                                                                                                              first phase of ‘Al aser’ – US$168 million themed
                                                                 “
                                                                 This transaction is in line with our long-term strategic plans as we         residential community project.
     CITYSCAPE SOUNDBITE...                                   believe Mazaya Saudi is ideally positioned to become a leader in the               The luxury villas project will offer 180 three- and

     SIPKE FAENSTRA                                                                                W
                                                              booming Saudi real estate sector. e are also pleased to have forged an
                                                              association with Al Mazaya Holding, one of the most dynamic and visionary
                                                                                                                                              four-bedroom villas with an average built-up area of
                                                                                                                                                     u
                                                                                                                                              278 sqare metres, in addition to a service block that

     Chief Commercial Officer,                                institutions in the GCC’s real estate landscape.”
                                                                 Mustafa Farid Geninah, CEO of Dubai Capital Group, added: This    “
                                                                                                                                              will offer 90 furnished apartments.
                                                                                                                                                 The scheme is being developed by Arabian Gulf

     La Perla International Living
           W
           hat are you hoping to achieve at Cityscape
                                                              transaction demonstrates our confidence in the Saudi real estate sector
                                                              where, it is estimated, that the long term demand for housing units is 1.3
                                                              million units up until 2015.
                                                                                                                                              Gate Investment (AGGI), a leading developer of high
                                                                                                                                              profile and specially designed projects.
                                                                                                                                                 The company’s stronger presence in the market is
           Dubai? Introducing our global real                    “
                                                                 Further market statistics indicate that only 45 percent of Saudi             expected to further boost its Oman-based business
                                       u
           estate portfolio and our uniqe lifestyle           families own houses, which means that in the long run there are real            operations, which has been launched as part of its
           concept, and at the same time increasing           growth opportunities in this important sector.                                  regional expansion strategy.
           La Perla’s brand awareness in the UAE                 “
                                                                 This investment will also contribute to strengthening our regional private       W
                                                                                                                                                  “
                                                                                                                                                  e are expecting further growth in the Oman real
                                                               u
                                                              eqity portfolio, which has achieved superior returns in sectors such as         estate market and our growing activities within this
                                                              fertilizer production, cement, glass, aviation and real estate development.”    potential-laden destination is a testament to our strong
                                                                        u
                                                                 Headqartered in Riyadh, Mazaya Saudi will invest in attractive               interest in increasing our presence and strengthen our
                                                              opportunities in the Kingdom’s real estate sector, targeting the middle and     hold on the real estate services sector in the Sultanate,”
                                                              high end market in the residential, commercial and office segments.                                                  a
                                                                                                                                              said Ali Hussein Al Rahma, CEO, Eqrat.com.




38     Cityscape official show daily   Dubai 2008
                                                                                                                                                                                     DAY 1 REVIEW




  JADE FUOCOGrenada
  Laluna Estate,
                                                                                      Asif Khan UAE
                                                                                      Annur Capital,
                                                                                                                          Amanda Richter
                                                                                                                          Marbella Property
                                                                                                                                                                          Louis DionneCanada
                                                                                                                                                                          Noor Architects,
       I am here representing an estate in the Caribbean and flew in from                   It’s only the first day but   Investments, Spain                                   Friends told me to go and
       Grenada for the show. I am looking for an investor to buy the site,                  so far it has been very             I’ve been coming to                            see the show, so I came.
       which would be ideal for a resort development. So far I’ve had many                  good. I am looking to buy           Cityscape Dubai since                          It will be interesting to see
    u
  enqiries. Throughout the real estate industry people know about Dubai.              something and have already                2004. This time I am here                 how it goes over the next few
  But for Cityscape you can’t imagine it until you actually see it. This                       q
                                                                                      visited uite a few developers       on a fact-finding mission and to                days and, more importantly,
  exceeds all expectations and is like nothing I’ve ever experienced before.          with a view to investing. There     analyse market trends. So                       how the market pans out in the
                                                                                      are many interesting                far, the show seems much                        future with all that has
                                                                                      developments being                  bigger than previous years.                     been happening in the US
                                                                                      showcased here.                                                                     market in the last week.




                                                                                      Tony Colborne UK
                                                                                      Par Louvre Systems,
                                                                                                                          Christopher                                     Alaa Hatachet
                                                                                                                                                                          Jameel Square,
                                                                                            It’s large!e are looking
                                                                                                       W
                                                                                            to move our business to
                                                                                                                          Pothan,
                                                                                                                          Palatial Properties, UAE
                                                                                                                                                                          Saudi Arabia
                                                                                                                                                                                This is a huge show!I flew
                                                                                            Dubai and I am here to get         My first impressions are                         in from Jeddah for the event
                                                                                      an insight into what is going on.        that some of the stands                          and have plenty of meetings
                                                                                      I have colleagues already based                               W
                                                                                                                               are very impressive. e are                 arranged for the week. Everyone
                                                                                      here and they recommended I         considering moving out here to                  is talking about real estate
                                                                                      visit the show. This is my first    work in real estate and I want                  development so I am here to see
                                                                                      Cityscape, and I will do            to learn more about the                         what is new in the region.
                                                                                      both the Dubai and Abu              market. The development                         This year’s show seems
                                                                                      Dhabi shows next year.              seems to be ongoing.                            much bigger than last year.




          Clarke
  Layla UAE
  Asteco,
                                             George Moore
                                             Entech Creative
                                                                                      Bhavesh Rachch
                                                                                      Impact Realty, UAE
                                                                                                                          Guy Geier
                                                                                                                          FXFowle, US
                                                                                                                                                                          MichaelFM, UK
                                                                                                                                                                          Interserve
                                                                                                                                                                                     Owen
       This is my first time to              Industries, US                                As developers and real              As an exhibitor we are here                     I am here researching the
       Cityscape Dubai. I went to                  The show is very impressive.            estate agents, we have seen         to network and generally                        facilities management (FM)
       the Abu Dhabi show earlier                  I have flown in from the US             a good number of people             market the firm. The show                       market and have flown in
  this year and that prompted me                   and have never seen a show         coming to the show and are          seems just as busy as                           from the UK for this show. eW
                 W
  to come here. e are promoting              like this. It is really positive. I’ve   expecting to do some good           last year and, if anything,                     are looking at entering the
  our property developments and              had some good meetings and I             business. The extra day is a        seems to be picking up.                         market and are here to see
  are confident of a                         have certainly got a feel for            big benefit to us.                                                                  whether this is feasible.
                     W
  successful week. e will                    how confident developers
  definitely be back next year.              are in the region.




TALK OF THE SHOW
Cityscape Dubai gets off to a great start as both exhibitors and visitors
enthuse about the bigger, better and one-day longer exhibition


                                                                                                                                                             Dubai 2008    Cityscape official show daily       39
NEWS update




                                                                                                                                                   Dubai Holding takes
                                                                                                                                                   stake in Acacia
                                                                                                                                                   US$76.9 million acquisition made
                                                                                                                                                   through Dubai Ventures Group
                                                                                                                                                   DUBAI – The Dubai Group, a subsidiary of Dubai
                                                                                                                                                                    u
                                                                                                                                                   Holding, has acqired a controlling stake in the
                                                                                                                                                   Bahrain-based real estate firm Acacia.
                                                                                                                                                                                     u
                                                                                                                                                      According to the firm, the acqisition was made
                                                                                                                                                                       V
                                                                                                                                                   through the Dubai entures Group at a cost of
                                                                                                                                                   US$76.9 million.
                                                                                                                                                      It means it is now the largest shareholder
                                                                                                                                                   in the company with four representatives on its
                                                                                                                                                   board of directors.
                                                                                                                                                      The investment is expected to provide the Dubai
                                                                                                                                                   Group with access to a new network of business
     Powering the new                                                                                                                              partners across developed markets and a new range
                                                                                                                                                   of financial products.
     pyramids                                                                                                                                         Abdulhakeem Kamkar, chief executive officer
                                                                                                                                                             V                     “
                                                                                                                                                   of Dubai entures Group, said: This is a strategic
     Timelinks to unveil city of the future                                                                                                                                V
                                                                                                                                                   investment for Dubai entures Group as we seek to
     at Cityscape                                                                                                                                  expand our real estate portfolio across the Middle
                                                                                                                                                   East and North Africa region, as well as other
     DUBAI – Timelinks, a pioneering environmental                                                                                                 emerging markets.”
     design company, unveiled a sustainable city of the                                                                                               He added that the company is looking forward
     future at Cityscape Dubai.                                                                                                                    to working with Acacia to add greater value to its
        The city –           Z                 is
                  called the iggurat project – designed                                                                                            investments and generate increasing returns.
     in the shape of a futuristic pyramid which, according to                                                                                                                       u
                                                                                                                                                      Meanwhile, Dubai Group acqired a 26 percent




                                                                  AQUITAINIA TO
     Timelinks, could support an entire community of up to                                                                                         stake in a retail mall in Delhi via a joint venture with
     one million people by harnessing the power of nature.                                                                                         the Anant Raj Group.
        Ridas Matonis, managing director of Timelinks,
            Z
            “
     said: iggurat communities can be almost totally
     self-sufficient energy-wise. Apart from using steam




                                                                  BE LAUNCHED
     power in the building we will also employ wind turbine                                                                                                                                   Marzooq Al Rashdan

     technology to harness natural energy resources.”
        But it is not just about reducing the carbon footprint.
                u
     The 2.3-sqare-kilometre pyramid has many other
                W
                “
     benefits. hole cities can be accommodated in




                                                                  ON THE WORLD
     complexes which take up less than 10 percent of the
     original land surface. Public and private landscaping
     will be used for leisure pursuits or irrigated as
     agricultural land.”
                           “
        Matonis added: If these projects were realised
     today, the world would see communities that are
     sustainable, environmentally friendly and in tune with
                                                                  Development to sit on fusion-border
     their natural surroundings.”                                 between France and Spain
                                                 q
        The concept will also mean a better uality of life
     for its inhabitants. Transport throughout the complex        UK – Select Property, a UK-based developer, is to work with Dubai’s Select
     would be connected by an integrated 360-degree                                     u                                    W
                                                                  Group to build the Aqitainia luxury development in The orld project.             Three major launches
     network so cars would be redundant. Biometrics would
     provide security with facial recognition technology.
                                                                     The development is situated on the fusion-border between France and
                                                                  Spain, two of the 300 islands which make up the real estate initiative.          for Abyaar
        Timelinks has already patented the design and                According to the firms, the joint venture is a combination of Mediterranean
     incorporated technology into the project, and has            elegance with contemporary designs and modern style and will feature in 800
                                                                                                                                                   Arts precinct and towers for
     applied to the European Union for a grant for                                                     u
                                                                  units covering more than 92,903 sqare metres.                                    Dubai developer
     technical projects.                                             Included in the development will be a mixture of one and two bedroom
        A number of eminent professors from Europe will           suites, three bedroom penthouses as well as a number of villas and               DUBAI – Founded in 2005, Abyaar Real Estate
     be on hand to explain the technicalities of how the          penthouse apartments. The villas will have rooftop plunge pools with views       Development is a joint venture between Kuwait’s
     Z
     iggurat project works and how these communities              across the Indian Ocean.                                                         Aayan Leasing and Investment Company and Al
     can be integrated in master projects. Stand MH40                               u
                                                                     Properties on Aqitainia are to adopt the names of some of the more            Rashdan Group. Three new Dubai developments will
                                                                  popular resorts in France and Spain to reflect the names of the islands          be showcased during Cityscape –     two new towers
                                                                  they are located on.                                                             and an innovative arts precinct project. The
                                                                     Barcelona, Marbella and Madrid are to be used for Spain while Cannes,         properties will include Abyaar’s signature entrances,
                                                                  Monaco and St Tropez will represent France said the developers.                  double-volume ceilings and contemporary inside and
                                                                                                                                                   outdoor social spaces.
                                                                                                                                                              Al
                                                                                                                                                      Marzooq Rashdan, vice chairman and managing
                                                                                                                                                                                      “
                                                                                                                                                   director of Abyaar, commented: Our aim is to
                                                                                                                                                   continually outdo customer satisfaction, and offer design
                                                                  CITYSCAPE SOUNDBITE...                                                                q
                                                                                                                                                   and uality-conscious buyers property which surpasses

                                                                  PATRICK GALLAGHER                                                                their expectations in terms of luxury and excellence.
                                                                                                                                                   Cityscape Dubai is one of the foremost property

                                                                  Patrick Gallagher Decoratives and Design
                                                                        W
                                                                        hat do you think will be this year’s hot topics?
                                                                                                                                                   exhibitions in the world and therefore an ideal venue to
                                                                                                                                                   showcase and further emphasise our commitment to
                                                                                                                                                   luxury, passion and precision.” Stand 1D20
                                                                        “
                                                                        Cost effective approaches to environmental sustainability;
                                                                        cultural identity in Middle Eastern architecture and the
                                                                        impact of global economic decline on the Middle East.”




40     Cityscape official show daily     Dubai 2008
                                                                                                 update NEWS




                                                                                                              Masdar CIty




DUBAI SPORTS
CITY OFF-PLAN
LAUNCH
The final residential Arabian-themed
building in Sports City released today
DUBAI – The fifth and final residential building in Dubai Sports
                          W
City’s Canal Residence est is released for sale today. Following
                                                        V
the success of the Mediterranean, Classic European, enetian, and
Andalusian-inspired buildings, the Arabian-themed residence is the
last in the series in the Downtown District of Sports City.
   The development will offer studio, one-bedroom, two-bedroom,
three-bedroom, terrace apartments, duplexes and penthouses.
            Z                                         W
                                                      “
Khalid Al arooni, president, Dubai Sports City said: ith Dubai
Sports City’s stadia infrastructure growing at a rapid pace, and the
inauguration of the Els Club earlier this year, the demand for real
estate in this area has increased.”
   Dubai Sports City incorporates international schools, medical
facilities, emergency services, parks, playgrounds, hotels, Next
Generation Clubs, internationally-renowned sports academies
(including the Manchester United Soccer School);and access to
state-of-the-art stadia, in addition to Arena Mall, the city’s largest
retail destination,
 “
 Significant research and investment has been deployed to ensure a
balance that enhances the lifestyle of Dubai Sports City’s residents,”
        Z
added arooni. Stand 7G20




                                                                         Dubai 2008   Cityscape official show daily    41
                                                                                                                                                                                 industry report FOCUS




                                  REAL ESTATE ACTIVITY REPORT
                                                                         AUGUST 2008: OMAN
GENERAL PRICE INDEX IN OMAN – TRENDS                                 TRENDS AND MOVEMENTS IN RESIDENTIAL LAND PRICES                                   u
                                                                                                                                                 The sqare metres transacted reached 268,000, marking a new
AND MOVEMENT                                                         The price of deals concluded in August went up by 2.4 percent                         u
                                                                                                                                              level. And liqidity was affected by the rise in volumes and a slight
Omani real estate activity saw the best stability indices as         with a cumulative increase of 12.1 percent since April, which            drop in average prices;therefore, it went up by 29.2 percent, at a
regards the level of drop in deal volume and average price trends    indicated a gradual rise in prices revealing a ‘natural activity’ in                                             u
                                                                                                                                              total value of US$151 million. More liqidity is expected to enter
in the Gulf region, during the month of August. The prices of        deals without speculation or unrealistic hikes in average prices.        the sector which promises lucrative opportunities unavailable in
concluded deals continued to rise at varying percentages while       This indicates that activity in the sector will continue during the      most of the region’s markets.
the volumes declined by less than the rates seen elsewhere                                                            u
                                                                     coming period, depending on the prevailing sqare-metre-price of
in the region.                                                       US$203, which remains the lowest in the Gulf.                            TRENDS AND MOVEMENTS IN RESIDENTIAL
   The commercial land sector saw a tangible hike assuming 30.8         The volumes of deals dropped by 11.1 percent, bringing                APARTMENTS AND VILLA PRICES
                                                           u
percent of total activity and continuing to attract more liqidity                 u
                                                                     transacted sqare metres to 1.3 million. The deals reflected an           The index for deals concluded on residential apartments and
due to the rapid growth it currently enjoys as evidenced through     improvement in the number and the areas transacted, compared             villas has continued to rise gradually since April, increasing by
increasing demand for components of all sectors.                     to July. The sector still accounts for the largest share of the deals,   3.1 percent at a cumulative rate increase of 20 percent. This
   The Omani real estate sector is expected to receive more local                                                              u
                                                                     representing 81 percent this month. However, the liqidity invested       indicates that the sector has maintained demand levels, which
               u
and foreign liqidity, capitalising on the low prices and good        dropped by nine percent as a result of the drop in the volume of         are considered to be the highest in the Omani real estate sector
number of projects in the pipeline;dependent on the fact that the    deals and the rise in average prices.                                    due to lack of supply.
real estate sector remains attractive and provides development                               u
                                                                        Total value of the liqidity circulated amounted to US$265                                 u
                                                                                                                                                 The price per sqare metre reached US$1,660, US$52 more
                                    u
and growth opportunities which reqire some time to complete,         million, indicating that the residential land sector still has good                                Y
                                                                                                                                              than the previous price. et, increases are in the air depending
compared to development progress seen in other countries.            investment opportunities for investors whether in the short, medium      on the drop of prices in general, and increasing local and regional
Naturally, the flow of capital to countries with good investment     or long-term.                                                            demand for villas at all levels and locations, with expectations of
opportunities and high profits reduces investment risk.                                                                                       sharper demand in the years to come as real estate development
   The volumes of concluded deals fell by 10.7 percent, bringing     TRENDS AND MOVEMENT OF COMMERCIAL                                        companies look towards the sector.
transacted sqare metres to 1.6 million, still revolving around the
             u                                                       AND INVESTMENT LAND PRICES                                                        u
                                                                                                                                                 The sqare metres transacted during August amounted to 36,500
levels seen during May and indicating the continuity of activity     Noticeable activity was seen in the index for the commercial and         at a total value of US$62.3 million. The period ahead is expected to
despite the fall.                                                    investment land sector, but was reflected in the form of a slight                                                                 u
                                                                                                                                              see more activity in terms of the level of volumes and liqidity values.
   Liqidity circulation was affected by the number and volume of
     u                                                               drop in the price of deals by 1.2 percent, at a cumulative rate
deals as well as the 1.5 percent drop in average prices;declining                                                               u
                                                                     increase of 2.7 percent since April, where the price per sqare           Data provided by Mazaya Real Estate Index
overall by 23.1 percent which eqaled US$478 million, in which
                                  u                                  metre amounted to US$946. In the land classified as both
the commercial land sector accounted for 31.6 percent and the        commercial and residential, prices reached US$429 per sqare  u
housing land sector 55 percent.                                      metre, a figure seen as high compared to 2006. Prices on the
                                                                     whole gradually climbed from deal to deal and month to month.
                                                                        The volumes of deals went up by 30.8 percent, with cumulative
                                  OMAN PRICE INDEX MOVEMENT
 4500                                                                rate increases hitting 217 percent since April, which indicates that
                                                                     the commercial and investment land sector assumes the largest
 4400                                                                share of activity in the Sultanate and reflects more activity on the
                                                                     commercial level in general.
 4300


 4200


 4100


 4000


 3900


 3800


 3700

          April 08    May 08     June 08     July 08   August 08




                                                                                                                                                                    Dubai 2008   Cityscape official show daily     43
                                                                                                                                                                             cityscape intelligence FOCUS




TRACKING SENTIMENT
Ian Ohan, head of investment transactions,
Jones Lang LaSalle, MENA, discusses the new
Investor Sentiment Survey and the economic
and real estate outlook for the Middle East
with Cityscape Intelligence




WHAT IS THE INVESTOR SENTIMENT SURVEY?                  TO WHAT EXTENT DO YOU THINK MIDDLE                       small amount relative to what you are seeing in       invigorated by the leadership in terms of the 2030
The survey pooled the views of over 2,000               EAST ECONOMIES ARE INSULATED FROM                        the rest of the world. Part of it also has to do      plan that has been put in place. Abu Dhabi has
members of the regional real estate industry            RECENT GLOBAL EVENTS?                                    with the fact that the international Commercial       the ability to learn from what has happened in
including investors, developers, sovereign wealth       Increasingly, the Middle East is going to be             Mortgage Backed Securities (CMBS) market is           Dubai and do things differently. But Dubai did
funds and high net worth investors and is the first     seen and will play a more and more important                   q
                                                                                                                 a bit uiet these days, so the ability of banks        what it had to do because they were the pioneers.
of its kind to be conducted in the region. It was       role, going forward, in the global economy. The          to take mortgages and package them up on a            They targeted their own path and Abu Dhabi will
undertaken in the aftermath of the collapse of          Middle East is affected, as are most regions, by                                              u
                                                                                                                 securitisation basis, and free up liqidity, has       do the same with that knowledge in mind. The
Lehman Brothers, and is thus the most up-to-date        the recent events of the economic downturn.              been curtailed, because international markets are     economic power of Abu Dhabi going forward is not
and relevant source on investor sentiment in the        W
                                                        e look at what has happened in some of the               not there for that at the moment.                     something that should be ignored in the market,
MENA region.                                            markets around the world, some of them have had                                                                and one of the findings of our survey was that
   e focused on two main areas. The first looked
   W                                                    very dramatic impact, whereas the Middle East            WILL THE TIGHTENING OF LIQUIDITY HAVE                 the economic outlook for Abu Dhabi is probably
at global outlook and what investor sentiments          has experienced a much milder impact. It will            AN IMPACT ON LARGER PROJECTS?                         among the strongest in the region.
are towards the international real estate markets.      certainly have an influence in terms of the way we       For the larger projects, there is still financing
e examined several different areas within that,
W                                                       do business here.                                        available. The big projects will happen, but they     WHAT IS THE ATTITUDE OF INVESTORS TO
and the results were uite interesting. The other
                       q                                   The important thing is that investors are going       may start in phases or in a more measured way,        SUSTAINABILITY IN THE REGION?
area we probed very deeply was what investors’          to be more selective here, as most investors are         which again is a positive sign for the economy in     The government of Abu Dhabi has taken the lead
real estate performance expectations are for            internationally. There are still certain interests       terms of bringing product on an as-needed basis.      on this with the Masdar development, which will
the region. The specific areas that we looked at                                                        u
                                                        within the region and there is still a lot of liqidity   The economic fundamentals of the market are           likely set international benchmarks with respect
were what their views are on future operating           so, going forward, there will be a greater focus         still very strong and we shouldn’t forget that.       to environmental sustainability. Associated
performance across geographies within the MENA          on value, resulting in a return to real estate                                                                 with the Masdar development will be a series
region. e looked at their short-term investment
         W                                              fundamentals. That is key to the market and, in          TO WHAT EXTENT DO YOU THINK ECONOMIC                  of standards that will be adopted to provide
intentions, meaning are they buyers, builders or        our view, is very encouraging.                           INFLATION AND THE INFLATION OF                        accreditation. It is starting in Abu Dhabi and is
sellers in terms of real estate investment?And             Internationally, it is extremely difficult to find    CONSTRUCTION COSTS ARE A PROBLEM?                     likely to be rolled out across the UAE, so there is
what their expectations are with respect to yields      financing today, and in the region financing is          Inflation of construction costs is a big factor       a whole sustainability agenda here and Abu Dhabi
with income-producing properties, by asset class.       certainly tightening. This is a good thing in the        here and has contributed to rising prices of real     has a bit of an advantage, simply because they
This is very interesting information in a market        long-term, but in the short term it will create          estate products. I do think we are reaching a         are starting with that in mind.
that does not have strong benchmarks for value          some difficulties. Having said that, you can still       point where it is becoming a significant issue,           In Dubai, if you talk to developers it is also
and pricing.                                            finance projects here in the Middle East, which          and will be one of the factors that will reduce the   very much on their agendas. It is particularly
   e also looked at the key influencers of
   W                                                    makes it very attractive for international investors,    realisation of supply in the short-term. Again, I     important with respect to international corporate
investor decision-making, the impact of the             in particular, who still have some eqity and
                                                                                              u                  see the reduction of supply, or a more measured       occupiers who now have it within their charters
global credit crunch, and the perception of that        capital to deploy and may not be able to do so in        approach to supply, as a very positive feature of     to only occupy environmentally-sustainable
within the Middle East. e also probed some
                          W                             their own markets.                                       the economy in the Middle East going forward.         buildings. So there is an impact on value, and
issues such as environmental sustainability,                                                                                                                           as soon as there is an impact on value then it is
the importance of sustainability and how that           MIDDLE EAST COUNTRIES HAVE HUGE                          DO YOU THINK A CORRECTION IN THE DUBAI                                                   W
                                                                                                                                                                       something investors respond to. e were actually
influences investment decisions. Some of the            OIL REVENUES SO WHY HAS LIQUIDITY                        MARKET IS IMMINENT?                                   surprised at the early number of respondents who
key findings focus around the theme of maturing         TIGHTENED?                                               The market has matured and the steps taken            said that it does have an impact on their idea of
regional markets, the change from strongly              There are a number of reasons why and many               by the government are, by design, creating            value and sustainable capital values. In terms
              led
development– markets maturing into capital                                    W
                                                        of those predate the all Street meltdown, but            a more measured approach to the real estate           of overall sustainability, the government has
market activities, and confirming our belief that       were obviously exacerbated by that. A lot of cash                                               Y
                                                                                                                 sector and controlling the economy. ou can            put measures in place from an overall economic
regional transaction activity will likely continue to   was drawn into the banking system in the UAE             see this with the enhanced regulatory                 standpoint and the fundamentals are extremely
increase within 2009-10 for completed assets,           from speculators looking to take advantage of the        environment and the government focus on               strong. If anything, the Middle East is very well-
as we move away from more development-led               potential revaluation of the local currency. A lot       transparency. There is a lot of legislation coming    positioned to take advantage of weakness in other
transactions to more income-producing assets and        of people were buying dirhams on the premise             into play to protect investors and consumers.         parts of the world to create a much more diverse
more fundamentals.                                      that the Gulf would revalue its currency against         Certainly some of the consolidation that is about     and stable economy. There are the sovereign
   W
   e are also seeing that the Middle East is            the US dollar peg. As people were speculating            to happen now, and in the future, will protect        wealth funds, and with their investment, it
continuing to be viewed as a source of economic         on that, a lot of deposits came into the banking         the integrity of the fundamentals of the economy.     will create a much more diversified economic
strength, not just within the region but on a                     W
                                                        system. hen it became apparent that the                  W
                                                                                                                 e are heading towards a more mature state,            base going forward.
global basis. The focus of the integration of           revaluation was less likely, this reduced overall        but implied with that is more moderate and                The Middle East has always had a prolific
the Middle Eastern economies into the global            deposit levels. The banking system here has been         controlled growth, and this is a welcome sign         number of international investors but I think now
economy means there is also the sense that              largely self-funded in the past, simply because of       for the industry.                                     it is a different game. The scale of the foreign
the global economy is having an impact and is                             u
                                                        the amount of liqidity they have from operations.                                          W
                                                                                                                    Abu Dhabi is on its own path. e have               investment that is taking place is indicative of the
pushing and accelerating maturity as we become          The government has announced a US$15 billion             to appreciate that Abu Dhabi represents the           region’s role in the next few years in the global
truly global players.                                          u
                                                        bank liqidity programme but this is a very               vast majority of economics of the UAE and is          economy and this could be very significant.




                                                                                                                                                                          Dubai 2008   Cityscape official show daily    45
OVERVIEW saudi arabia




MARKET OVERVIEW: SAUDI ARABIA                                                                                                                                                         King Abdullah Economic City

Saudi Arabia is the largest            projects and it has recently
economy in the Middle East             been reported this is set to
and the world’s largest exporter       increase to US$400 billion.
of crude oil. As prices of             According to GIH, under the
crude have increased, Saudi            ‘10x10 Strategy’, the authorities
Arabia has amassed huge                are looking to attract US$300
current account surpluses              billion of investments in
and, like many countries in            energy-intensive industries
the region, the government             over the next 13 years. A
has opted to utilise the oil           further US$100 billion of
windfall to implement a                investments is also being
programme of diversification           sought for knowledge-based
away from the oil sector.              industries and a similar amount
   The new 2000 Foreign                for transportation ventures.
Investment Law provided the               Despite the strength of the
legal structure necessary to attract   Saudi economy, the Kingdom
additional foreign investment          has not been immune to events
and the corporate tax on foreign-      occurring globally. Rising
owned firms has been reduced           food and housing costs sent
from 45 percent to 20 percent.         Saudi Arabia’s inflation rate
According to Kuwait-based Global       to a 30-year high in July. The
Investment House (GIH), this           annual inflation rate surged to
has encouraged foreign direct          11.1 percent in the Kingdom
investment inflows to increase         compared to 10.6 percent in
from US$183 million in 2000 to         June, 10.4 percent in May and
US$18,293 million in 2006.             10.5 percent in April.
   In April 2000, the Saudi               Despite rising inflation and
Arabian General Investment             a global economic downturn,
Authority (SAGIA) was                  according to a bulletin by Saudi-
established in order to promote        based Jadwa Investments,
inward investments. In a 2006          over the next few years, the        2010, overall new real estate
report, SAGIA indicated it had         Saudi economy has sufficient        construction activity will reach        INDUSTRY ANALYSIS: No. of Projects by Sector
licensed more than 4,500               internal momentum to perform        US$130 billion in value. It
new projects worth more than           strongly despite the weak global    said that the majority of the           per annum on average
US$100 billion since its               outlook. An investment boom         activity would be generated
inception, and that foreign            financed by high oil revenues       by the housing segment,                 Sector                          2003   2004   2005   2006   2007    2008     Total   Average Annual Growth
capital accounted for 46 percent       earned in recent years, and         followed by commercial office           Financial Services               3      2      6      9      8        7      35            51.4%
of those licensed investments.         supported by ongoing economic       space units and retail.
   In order to foster                  liberalisation set to underpin         The housing sector in the
competitiveness in all regions         strong growth in the non-           Kingdom of Saudi Arabia is              Real Estate                      2             4      8      4        6      24              n/a
of the Kingdom, SAGIA has              oil private sector. In short,       expected to grow at an annual
launched four Economic Cities          ‘global economic conditions         rate of 6.3 percent throughout
in Rabigh (King Abdullah               will affect the pace of this        the Eighth Development Plan
Economic City), Hail (Prince           growth, but will not derail it.’    covering 2005-2009. Due to the
AbdulAziz bin Mousaed                     In addition to economic          rapid growth rate of new families       INDUSTRY ANALYSIS: No. of Projects by Activity
Economic City), Madinah                growth and the government’s         (population growth is forecast at       Among the top business activities Retail recorded the highest growth at 64 percent per annum
(Knowledge Economic City) and          drive for investment and            2.5 percent), the plan expects          on average
Jazan (Jazan Economic City).           development, Saudi Arabia’s         demand for housing to increase
Under the Foreign Investment           real estate sector continues to     by an additional one million            Business Activities             2003   2004   2005   2006   2007    2008     Total   Average Annual Growth
Act, 100 percent ownership is          grow from increasing demand         units. This represents an annual        Retail                           5      6     25     22      7        4      69            64.1%
granted to foreign investors at its    from an extremely young             average increase of 200,000             Manufacturing                    4      7     9      15     10       14      59            34.2%
Economic Cities.                       population looking to become        units and implies that the              Business Services                5      3     7       8     11        9      43            36.3%
   Saudi Arabia currently has          future homeowners. The Saudi        cumulative number of housing            Construction                     5            5      10     6        10      36             n/a
an estimated US$250 billion            Arabia Investment Fund (SAIF)       units in the Kingdom will reach         Logistics, Distribution
of investment in construction          estimates that through to           almost five million by 2009.
                                                                              GIH points out that Saudi            Customer Contact Centre                        1             1                2              n/a
                                                                           Arabia is witnessing an                 Recycling                                                    1                1              n/a
                                                                           escalating demand from young

     FDI
     Source: fDi Intelligence from the Financial Times
                                                                           middle income nationals.
                                                                           Therefore, if it is to meet such
                                                                           demand, 1.5 million new homes        per year through 2010.             start anywhere from US$21,300             especially for Class A
     Figures from January 2003 to August 2008                              will need to be built by 2015           According to Oxford Business    and reach up to US$27,000,                offices, is increasing as the
                                                                           and it will be up to the financial   Group (OBG), residential yields    whereas owning one would be               number of newly established
     REPORT HIGHLIGHTS                                                     institutions (both governmental      in Saudi Arabia are amongst        no less than US$213,000.                  companies increases, and
                                                                           and private sector) to provide       the highest in the region,         Rental and ownership prices in            existing companies expand.
       recorded a total of 322 investment projects from 228                the finance that makes this huge     reaching 9.5 percent in parts      Jeddah are approximately 80               This commercial growth is
       companies                                                           expansion possible.                  of Riyadh. Residential units       percent of prices in Riyadh.              expected to continue as the
                                                                              In view of the high demand        account for close to 90 percent       Prices are expected to                 Saudi economy opens up and
       accounted for 11 percent of projects                                for housing, the number of           of permits issued over the past    climb further when the                    investment laws encourage
                                                                           developments in the pipeline         seven years, with Riyadh alone     mortgage law is released. The             more foreign investments.
       Support, which accounted for 22 percent of projects                 is increasing. Over the past         accounting for 35 percent of       law, which is expected to be                 The lack of office space
                                                                           three years, the Saudi Arabian       the total, and Riyadh, Makkah      passed this year, will establish          in prime locations, such as
       all investment projects with Carrefour (France), TPG                General Investment Authority         and the Eastern Region, which      a housing finance market                  Riyadh and Jeddah, has caused
       (Netherlands) and Hewlett-Packard (HP) (USA) among the              (SAGIA) has said it has granted      contains Jeddah, for 60 percent.   which at present is virtually             sharp upward movements in
       top 10                                                              licences to 50 new real estate          In Riyadh, to rent a one-       non-existent. Once mortgage               rent prices. According to data
                                                                           developers. SAIF estimates           bedroom apartment would likely     finance is in place, demand               from OBG, the cost of office
       Riyadh, Jeddah and Al-Khobar, providing 25 percent, 14              that the number of building          to be in the range of US$3,000     is expected to increase due to            space prices in prime locations
       percent and six percent of investment projects respectively         permits, which it cites as a         to US$3,500 annually, and          the young population wishing              such as King Fahd Road, the
                                                                           measure of real estate activity,     US$35,000 to US$43,000 for         to become home owners.                    main artery in Riyadh, have
                                                                           will continue to exceed 37,000       ownership. Renting a villa would      Demand for office space,               increased from about US$180




48     Cityscape official show daily    Dubai 2008
                                                                                                                                                                      saudi arabia OVERVIEW




to US215 per square metre to         The planned economic             quality hotels achieved an
US$350 in just over one year.
Sales costs for prime office
space are from US$4,500
                                  cities will see major retail
                                  investments. The conglomerate
                                  and food manufacturer Savola
                                                                      average occupancy rate of 71
                                                                      percent by the end of 2007,
                                                                      up from 62 percent in 2005.
                                                                                                        Market data
                                                                                                        YIELDS BY ASSET CLASS
to US$5,500. However the          Group, which administers            Occupancy rates in Jeddah
standard of most stock is below   14 Saudi shopping malls,            increased by three percent to     %                                         2005                2006                    2007
international expectations and    has signed a memorandum             reach 64 percent during the       Office                                    9.5                      8                  N/A
Grade A space is rarely offered   of understanding for the first      same period. Similar growth       Residential                               9.5                      8                   8
for sale. Commercial yields       phase of retail development         rates in occupancy were           Retail                                     8                       7                  N/A
in the capital are now around     at Medina’s Knowledge               recorded in both Makkah and       Hospitality                               11                      8.5                 N/A
seven percent; this is however    Economic City, covering more        Madinah with further increases
a decline from the 10 percent     than 100,000 square metres          in occupancy seen across the
yields achieved in 2000.          in a deal worth US$133              market in Q1 and Q2 2008.
   Jeddah is also experiencing    million. The group plans to         Average room rates have also      SUPPLY
increasing levels of              build a hypermarket and             climbed, reaching US$140 in
development; Saudi Arabia’s       more than 300 stores. There         Riyadh and US$137 in Jeddah       Sector                 2004      2005        2006     2007         2008e     2009e      2010e
Prince Khalid bin Al Waleed       are also plans for a second         respectively, suggesting RevPar   Residential
bin Talal Al Saud and the UAE-    phase to expand the city’s          of US$100 and US$87.              (No. of Units)       4,390,000 4,520,295 4,654,458 4,792,602 4,934,846 5,081,313 5,232,126
based real estate developer       retail space by an additional          According to the               Office
KM Properties have formed a       300,000 square metres.              Proleads database, 17 new         (GLA m2)             829,284    870,748    914,286   960,000 1,008,000 1,058,400 1,111,320
joint venture, KMPK Properties,      International tourism arrivals   hotel projects are under          Retail
with the aim of creating around   in Saudi Arabia increased           development in Saudi Arabia,      (GLA m2)             2,033,407 3,396,641 4,507,313 5,479,670 6,064,360 6,164,360 6,224,360
16,000 units within the next      by around 150 percent over          including the 10,000-room         Hospitality
five years.                       the past ten years, to reach        Jabal al-Kaaba complex in         (4&5 Star Rooms)      45,074    47,135      49,492   55,431        59,865    62,858    64,116
   Saudi is the largest retail    an estimated 10 million in          Makkah and 1,900 additional
market in the Middle East.        2007. Most visitors to Saudi        rooms in Riyadh. Weighted         Supply figures are total of Saudi Arabia
As population size and            Arabia are from other Muslim        against the consistent growth     Office Supply - Grade A, Retail Supply - Shopping Malls
disposable income increase,       countries and religious tourism     in occupancy rates, this          e = expected, f = forecast
the Kingdom is likely to          accounts for around 65              could potentially result in a
become one of the fastest         percent of all international        marginal short term decline
growing markets for consumer      tourism into the country.           in occupancy before the
products in the Middle East.         According to OBG Riyadh’s        market again stabilises.




                                                                                                                                                             Dubai 2008     Cityscape official show daily   49
                                                                                                                                                            architectural awards REVIEW




                                                                                                                                                              Putrajaya Waterfront, winner, Residential Future




     DESIGNS ON A NEW FUTURE
      Cityscape rewards emerging market leaders in architecture




The real estate industry turned out in full force for the Cityscape         Douglas Steidl, International Relations Fellow and past president, AIA
Architectural Awards last night.                                            George Katodrytis, aaUAE board of directors and associate
   Over the last few years this Cityscape event has developed               professor, American University of Sharjah
into the world’s premier Architectural Awards ceremony for the                 In addition to the tremendous support provided by our
emerging markets.                                                           international judging panel, the awards were honoured to have
   The awards recognise excellence in architecture and design,              the full support of the Royal Institute of British Architects (RIBA),
from the emerging regions of the Gulf States, the Middle East, Asia,        the American Institute of Architects (AIA) and the Architectural
Africa, South America, South and East Asia and Latin America.               Association of the UAE (aaUAE).
   They also seek to reward real estate industry professionals, projects,      This support provides further recognition that the Cityscape
developments and architects that have shown outstanding designs,            Architectural Awards plays a critical and prominent role in
performance, vision and achievement in key emerging markets and             promoting, developing and recognising industry innovators and
project areas.                                                              achievers from the emerging markets.
   A special feature of this year’s Cityscape Architectural Awards             The awards and the seals of distinction were presented at an
was the introduction of a Young Architect Awards.                           elaborate and lavish gala dinner, held at the Grand Hyatt Dubai.
   This award category was initiated by Meraas Development, the                Over 800 industry professionals from the emerging markets
exclusive associate sponsor, to promote the development of young            attended to celebrate and acknowledge industry figureheads who
talent in the architecture and design fields in the Emirates.               have surpassed the already high standards of the industry.
   The judges for the Young Architect Award had a difficult
time in deciding a winner. Eventually, after considerable debate
and discussion May Barber, a recent Bachelor of Science in
architecture from the American University of Sharjah emerged as
the worthy winner.
   Within the main award categories, over 350 different entries were
received, from a wide range of emerging market countries.
   To decide which projects were worthy of winning the awards
and seals of distinction, a judging panel, consisting of high profile
international judges, spent a whole-day viewing, deliberating and
discussing each and every entry.
   The international judging panel consisted of:
Dr. Fatih Rifki, Dean of the School of Architecture and Design,
American University of Sharjah, UAE
Dr. Suha Ozkan, Chairman, World Architecture
Community, Switzerland
John Assael, Vice-president, RIBA Professional Services
                                                                                                                 Labour Housing, winner, Young Architect                 Murat and Melkan Gursel Tabanlioglu




                                                                                                                                                           Dubai 2008     Cityscape official show daily          53
                                                                                                                                                            architectural awards REVIEW




                                                                   Signature Tower, winner, Commercial Future                                                       Xanadu Island Resort, winner, Leisure Future




                                                                                                                                                                                                            May Barber


WINNERS OF THE COVETED AWARDS AND SEALS OF
DISTINCTION WERE:

Commercial / Mixed-Use Category – Built
Dogan Media Center, Ankara, Turkey
Murat and Melkan Gursel Tabanlioglu

Commercial / Mixed-Use Category – Future
Signature Towers, Dubai, UAE
Zaha Hadid Architects

Community Category – Built
Inkwenkwezi Secondary School, Cape Town, South Africa
Sonja Spamer Architects

Community Category – Future
National Kaohsiung Performance Arts Center, Kaohsiung,
Taiwan Mecanoo Architecten

Leisure Category – Built
City Art Square, Shatin, Hong Kong, China
Barrie Ho Architecture Interiors and Sun Hung Kai
Architects and Engineers

Leisure Category – Future
Xanadu Island Resort, Bodrum, Turkey
DSA Architects International                                          The Toy Museum, winner, Tourism Travel & Transport Built


Residential Category – Built
Levent Loft, Istanbul, Turkey
Murat and Melkan Gursel Tabanlioglu

Residential Category – Future
Putrajaya Waterfront, Kuala Lumpur, Malaysia
Manfred Nicoletti

Tourism, Travel & Transport Category – Built
The Toy Museum, Singapore
Chan Soo Khian
                                                                                                                                                            National Kaohsiung Performance Arts Centre,
Tourism, Travel & Transport Category – Future                                                                                                                                winner, Community Future
Bab’ Bhar Resort, Fujairah, UAE                                                                                                  Dubai Municipality
Draw Link Group                                          Rohan Marwaha, managing director of Cityscape,
                                                         commented: “Once again we have had a tremendous
Young Architect Award                                    response to the awards and received an impressive
May Barber, American University of Sharjah,              array of nominations from all emerging regions.
School of Architecture & Design                             “Cityscape is proud to be organising and hosting
                                                         such a valuable vehicle to recognise and reward
Special Award – Environmental Award                      industry achievers from the emerging markets. These
Masdar Headquarters, Abu Dhabi, UAE                      awards would not be possible without the significant
Adrian Smith and Gordon Gill Architecture                support and encouragement of the award’s sponsors,
                                                         many of which are returning year after year.”
Special Award – Islamic Architecture Award                  On behalf of Cityscape, Marwaha thanked the
Renovation of Shindagha’s historic mosques               key sponsors. American Breeze, Etisalat, Bose,
Dubai Municipality                                       Smart Box, LAB 23, Gaggenau, RAK Ceramics,
Revitalisation of Dubai Old Souq                         and MAF Dalkia.
Dubai Municipality                                          He added: “We would also like to say a big thank
Revitalisation of historic Bastakia,                     you to Meraas Development, our exclusive associate
Dubai Municipality                                       sponsor, for introducing the Young Architect Award,
                                                         an excellent initiative which will go a long way in
Special Award – Master Planning Award                    ensuring that young and aspiring UAE architects
Zorlu Center, Istanbul, Turkey                           play a leading role within the developing UAE real
Tabanlioglu Architects Co. and Emre Arolat Architects    estate industry.”
                                                                                                                                                      Bab’ Bhar Resort, winner, Tourism Travel & Transport Future




                                                                                                                                                          Dubai 2008       Cityscape official show daily            55
                                                                                                                                         day one REVIEW




                                                                 RAZA SIDDIQUI
                                                                 Executive Director,
                                                                 Dubai Lifestyle City
                                                                      What do you think will be
                                                                      the hot topics at this year’s
                                                                      event? The future of real
                                                                 estate in the Gulf region and the
                                                                 ripple effect being felt in the
                                                                 real estate industry, as a result
                                                                 of the international
                                                                 financial crisis and falling
                                                                 commodity prices




                                                                                                      MIMIT BHUTA
                                                                                                      Director, Ajit Bhuta and Associates
                                                                                                        How important is it for you to be present at this
                                                                                                        and other Cityscape events? ABA has grown into an
                                                                                                        international architecture firm because of Cityscape
                                                                                                        so all the events are important to us, and we plan to
                                                                                                        participate in other Cityscape events in 2009




 MEHDI AMJAD
 President and CEO, Omniyat Properties
      What do you think will be this year’s hot topics? Risk
      assessment and the management of real estate investment
      portfolios and green communities, as well as real estate
 investing, sustainable developments and the challenges and
 opportunities in the global real estate investment market




FROM THE SHOW FLOOR
The Cityscape show daily took to the halls to get feedback from exhibitors and visitors
on the first day of the exhibition. All agreed the event had surpassed all expectations,
with exhibitors looking forward to a week full of great business opportunities.


                                                                                                                     Dubai 2008   Cityscape official show daily   57
FOCUS oxford business group




                                                                                                                                                                                               Ummayad Mosque, Damascus




PLANNING FOR SUCCESS
In a bid to open its borders to foreign investment, Syria has developed a five-year
business plan, which will target construction and real estate as two essential
areas that are ripe for development, reports the Oxford Business Group

Economic growth in Syria has         country’s construction sector.       economy limits private sector         and Turkey, despite the
been consistent for the past five    While it still holds the lion’s      participation, with a resulting       current economic downturn in
years at an average rate of five     share of development, it has         lack of supply across the             Lebanon following continuous
percent per year. Nominal GDP        decreased its control in the         country. For this reason, many        political tension in Beirut.
grew by 18 percent in 2005 to        past few years and has worked        companies in Syria choose                There are no internationally-
reach US$28 million, which           to encourage the development         to rent residential space             operated retail centres in Syria
was the highest growth rate          of private sector investment.        and use it as an office.              but the pipeline indicates
recorded by the country over the     In 2005, the total amount               In Aleppo there is currently       a number of Gulf and Arab
past few years, according to the     of construction area in Syria        zero availability of Grade A office   joint ventures with Syrian
Oxford Business Group (OBG)          stood at 16.4 million square         space, although Grade B and C         government bodies. Many of
report published in The Market       metres, which represented a          stock is available in Jameliah        these investment projects are
report for the Middle East.          compound annual growth rate          and Aziziah, both for rental and      incorporating a retail component.
   The IMF also predicts a           (CAGR) of 55 percent since
real GDP growth rate of 4.6          2002. Contractors regard 2006
percent for 2008, below the          and 2007 as the beginning
government’s own projections of      of a phase of real growth.
more than five percent. Syria is        Construction and real estate
not a major oil producer in the      have been targeted as two
region or on the world stage, but    essential areas that are ripe for
the sector remains crucial to the    development. Most such activity
economy, contributing 50 to 60       has so far been concentrated
percent of total export earnings     in Damascus, with increasing
and up to 25 percent of GDP.         activity being seen in Aleppo
   The country faces a number        and other secondary cities.
of fiscal challenges, in addition       Planning has also taken a step
to the problem of declining oil      forward, with regional authorities
revenues. A number of economic       working on the planning
reforms have been introduced         documentation and strategy
to counter these challenges.         that are needed as development
   The recently approved             activity across the country.
five-year plan has reinforced           Residential prices in the
reform, stressing the                prime suburbs of Damascus,
importance of further trade          such as Malki, Mezzeh and
liberalisation, engagement with      Kaffersusse, are between
the outside world, the freer         US$3,000 and US$4,000 per
flow of goods and the need to        square metre, while prices in
attract foreign investment.          low to middle-income areas
   Many reforms are aimed            tend to cost US$1,000 per
at improving financial               square metre and up. Rents per
intermediation, enhancing the        square metre begin at US$100
business environment in the          per square metre per year and
non-oil sector, unifying the         climb to close to US$400 per
exchange rate, and strengthening     square metre in Abu Roumani,
the monetary policy framework        according to the OBG report.
as a means to reinforce market          Housing prices in the capital,
mechanisms in the pricing of         Damascus, rival those in
financial assets and to ensure       European capitals, while Aleppo,
                                                                                 Citadel, Aleppo
the most efficient allocation of
private sector savings.
   Through these reforms, the
government aims to accelerate
growth to an annual rate of
seven percent by 2010. These
                                     Hamdanieh and Shahba have
                                     been witnessing a construction
                                     surge with luxury villas and
                                     apartments in high demand.
                                        Residential prices in
                                     secondary cities are reported to
                                                                                     The recently approved five-year plan has reinforced reform, stressing the
                                                                                 importance of further trade liberalisation, engagement with the outside world,
                                                                                            the freer flow of goods and the need to attract foreign investment
                                                                                                                                                                                                                          (
goals are also encouraging more      have risen by over 20 percent in
international companies to           the last two years, while rentals
establish a presence in Syria.       have increased by 40 percent.
   The government has                   In the office space sector,       purchase. As estimated by OBG,           In Damascus, between               currently under development          foreign brands operate in the
traditionally dominated the          the structure of the Syrian          the current vacancy rates in          400,000 and 440,000 square            in the city and if all these         country at present – Sheraton,
                                                                          existing building in both Aziziah     metres of leasable area will          projects are completed, supply       Le Méridien, Four Seasons,
                                                                          and Jameliah is 10 percent.           be delivered to the market by         of retail space will witness a       Rotana and Sofitel. In addition,
                                                                             Retail in both Aleppo and          2012, adding to the 41,500            tenfold increase to 200,000          there is the local Cham Palace
                                                                          Damascus was, and often still is,     square metres that currently          square metres by 2012. Per           chain of five-star hotels,
                                                                          centred on its historical souks,      exists and contributing to an         capita space in Aleppo is            which includes two hotels
                                                                          street trading and local markets.     increase in the city’s space per      expected to rise from 0.005          in Damascus, and a smaller
                                                                          Both cities do have a few             capita from 0.0009 square             square metres to 0.033 square        Semiramis chain of four- and
                                                                          boutiques, fashion outlets and        metres to 0.09 square metres.         metres in 2010 and 0.039             five-star properties. More
                                                                          higher-class retail in high-end          Shopping City and Aziziyah         square metres in 2012.               than half of Syria’s hospitality
                                                                          residential areas like Mogambo        Centre are the primary shopping          With less than 40,000 beds        supply is located in Damascus.
                                                                          in Aleppo and Malki in                centres in Aleppo, while New          nationwide, many of poor                In view of further growth,
                                                                          Damascus, but these are more          Town and Safeway are its first        quality, the hotel sector is         investments in hotels are
                                                                          the exception than the rule.          hypermarkets. Apart from these,       significantly underdeveloped         flourishing with over four
                                                                             Syria is still quite               the city lacks formal retail space,   in Syria, according to OBG.          new high-end hotels that will
                                                                          undeveloped in Western retail         with OBG estimating supply               Currently the country has 17      be integrated into mixed-
                                                                          terms when compared with its          to be less than 20,000 square         five-star hotels, 37 four-star and   use developments being
                                                                          neighbours in Jordan, Lebanon         metres. A number of malls are         54 three-star hotels. Only a few     planned in Damascus.
                                                   Damascus Bazaar




58   Cityscape official show daily    Dubai 2008

				
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