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Message f r om t he CEO

Eng. Marwan Bin Ghalita

OFFICIAL MAGAZINE OF REAL ESTATE REGULATORY AGENCY

RERA neither takes responsibility nor accredits any studies, research or statistics that are not issued by it.

Recently, I was talking to a group of investors, who complained to me about the lack of professionalism in the real estate market. These investors were not just talking about estate agents, they also mentioned valuers. They all agreed with the important steps RERA is taking to regulate and license the real estate agents, as well as the training and education RERA is introducing to raise the professional standards of service providers.

I shared with these investors the positive news that the RERA team has finished the regulations and registry of the property appraisals as well as the standards and qualifications required by any valuer to work in Dubai.

The forthcoming introduction of a UAE appraisal book will govern all valuation reports submitted to financial institutions or to investors and will guarantee services are carried out professionally.

We are positive that once we ensure only professionals are operating in this sector, our stakeholders will be satisfied and will be able to make better investment decisions.

Bringing in the professionals

MANAGING EDITOR K Raveendran ravi@sterlingp.ae

MANAGING DIRECTOR Sankaranarayanan sankar@sterlingp.ae

GENERAL MANAGER Radhika Natu radhika@sterlingp.ae

EDITOR Linda Benbow linda@sterlingp.ae

CONTRIBuTING EDITORS Ambily Vijaykumar ambily@sterlingp.aeVanit Sethi vanit@sterlingp.aeManju Ramanan manju@sterlingp.ae

CREATIVE DIRECTORHarikumar PB harikumarpb@gmail.com

Designerujwala Ranade ujjwalaranade@yahoo.com

SALES AND MARKETING

Product Manager Vijayan G vijay@sterlingp.ae

Account Manager Peter Macwan peter@sterlingp.ae

Accounts & Administration Biju Varghese biju@sterlingp.ae

Circulation Supervisors Ibrahim A. HameedSaleem K u

2

10 Interview Highs and lows of the real estate business

14 Market Trends and Analysis Renewed confidence House price index falls

Owner behaviour delaying the inevitable

Distressed properties, liquidity and honoured cheques

21 Event Cityscape 22 Comments Protecting the property purchaser

The days of the super entrepreneurs are not over

Balancing power between investor and developer

Challenging times

Liquidation and corporate strategic planning

Ten ways to combat bad web PR

30 Under Construction Fast progress

33 Handovers Homes with a view

Delivering promises

Victory Heights

36 Launches Top banks invest in Downtown Jebel Ali

37 Dubai Focus Helping companies through the downturn

Robotic valet parking 42 Infrastructure Briny sea

43 Environment Rallying against refuse

44 Community Lending a hand

46 Law and Regulations Questions and Answers

48 Profile Hospitality designs

CONTENTS3 Taqyeem Code of measurement 4 Leasing Rental evaluations 5 Personality Mohammed bin Hammad6 News Distinguished performance7 Techno Dubai Real Times is now online8 Statistics July figures

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TAQYEEM

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Code of Measurement Practice – UAE editionBy Mohamad Khodr Al-Dah

Have you ever read a print ad for a property for rent or sale and wondered what exactly the quoted

area includes? Can you compare an apartment quoted as 1,500 sqft by Estate Agent A with one, quoted, at 1,500 sqft by Estate Agent B? The most likely answer to this is “no”, since different parties measure area differently. For example, some peo-ple would add the balcony area to the internal area since it’s used exclu-sively by the tenant and costs money to build. However, others will argue against it because technically this is an external space.

Similarly, there are cases for and against adding the area of allocated parking spaces and even communal areas such as lift lobbies to the inter-nal area of a property. Understand-ably, this causes confusion in the market because areas are not easily comparable.

Fortunately, when you are renting an apartment you will most prob-ably decide on taking it after a visit, regardless of the area quoted. Simi-larly, when you buy a property, your bank will probably request a detailed survey of the property that would include dimensions of rooms. How-ever, with the imminent introduction of new legislation regarding proper-ty valuation, inconsistent methods of measuring areas will cause problems for a multitude of sectors in real es-tate including but not limited to de-velopers, banks, estate agents, and of

course the final tenants.At Taqyeem or the Real Estate Ap-

praisal Centre (part of the Land De-partment and RERA) we have studied various ways to solve this. Looking outside the UAE for what other coun-tries have done to address this we found that the UK’s Royal Institute of Chartered Surveyors (RICS) has provided its members with a specific and concise guidance note called the Code of Measuring Practice to help them measure areas in properties for various uses. In the spirit of contin-ued cooperation between Taqyeem and RICS we have been working with them to publish a similar document targeting the UAE market explaining the various ways to measure areas depending on use. This document will be based on the UK Code of Mea-suring Practice and edited to suit the UAE market.

For example, Gross External Area (GEA) is the area of a building mea-sured externally at each floor. GEA can be used for building cost estima-tion. On the other hand, Gross Inter-nal Area (GIA) is the area of a building measured to the internal face of the perimeter walls at each floor level. GIA can be used for the valuation of new homes or as a basis for service charge apportionments. There are various other definitions in the Code, such as Net Internal Area and spe-cific guidance on retail, residential, and leisure types of properties. The document includes diagrams to as-sist the user on how to measure (see

diagram).We are currently finalising the

wording of the document with RICS and are look forward to inviting vari-ous specialists in the UAE to com-

ment on the new Code before its publication. We hope intend to pro-vide Arabic and English versions of the Code to real estate professionals in the UAE.

SHED (Excluded #5)GROSS INTERNAL AREA

It’s an outdoors job mainly, with plenty of walking around check-ing on the renting of apart-ments, villas, offices, commercial

buildings, shops, warehouses and more. If it is rented out then Sa-lem knows about it. Salem Khalifa Saif bin Fetais is the Head of Sec-tion – Evaluation - in the Real Estate Relations department. This is the section that double checks what is available for rent in the market by conducting surveys, checking the phone numbers listed on advertis-ing boards posted on buildings, and asking questions about the actual prices that people pay to their land-lord or estate agent for their homes and offices.

He also has data on the many contracts registered at RERA and he goes out into the streets to talk to people, check papers, investigate newspaper advertisements, and much more, to ensure that correct data is put onto the RERA website, www.rpdubai.com - to help citi-zens do their ‘due diligence’ when

Rental valuations

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LEASING

By Linda Benbow

considering renting in Dubai. These facts also help landlords know how much they can, and can’t, charge for their real estate assets, as well as ex-plaining what the current law does and does not allow.

Collecting accurate data on a per-sonal subject such as money is not always easy, and sometimes involves a ‘mystery shopper’ or ‘plainclothes’ mode of investigation. At other times information can be gathered from an employee or relative.

“It can be difficult finding out ex-actly how much small shops in the older parts of the city pay their land-

lords,” explains Salem “but we have historical records which have been gathered for many years and, when some retailers show us their rental agreements, we can often work out what others in the area are, or should be, paying, and then we can go to them with figures for them to verifiy.”

“It is a little easier with outlets in shopping malls, although not all mall owners are as forthcoming as they should be,” he continued. “We are working with MECSC, the Middle East Council of Shopping Centres, private mall owners, festival and event organisers.”

“What should a person do if his landlord increases his rent by a large amount?” asks Salem. “He can go to the Rent Committee at Dubai Mu-nicipality, but first he should look into facts and figures to prepare his case. That is where the Rental In-crease Calculator on the RERA web-site is a useful tool to use.”

Salem explains how the Rental Increase Calculator works:

Log onto www.rpdubai.com and look on the ‘Welcome’ page for the Rental Increase Calculator.

Click on the words and a new page will open with boxes for you to fill in with the area of Dubai you are interested in, type of property, how many bedrooms and the price you are currently paying.

Click on the ‘Calculate rental in-crease’ bar and a comment in red will tell you what the average rent is for that particular area, and whether or not your rent can be increased by law.

“Some people print the page, show it to their landlord and use the information to re-negotiate their annual renewal of tenancy con-tract,” explained bin Fetais. “It is a good tool for both the owner and tenant.”

At the moment the calculator has three categories or properties: Residential, Commercial & Industrial, and Staff Accommodation.

“Soon we hope to add Commer-cial Villas to that list” smiled Salem.

Salem Khalifa Saif bin Fetais

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PERSONALITY

Mohammed bin Hammad is a man who identifies him-self by his achieve-

ments and nothing else. He finds within his work a joy that can’t be compared to any other, he is de-termined to participate in Dubai’s development by playing his part effectively at RERA.

Mohammed is one of RERA’s leaders who have been given the challenge of regulating one of the most active real estate sectors in the world.

He started his career in 2005 with Emaar as the Head of Real Estate Funding & Studies, where he managed it successfully until 2008. He then accepted a job of-fer at RERA which allows him to positively influence Dubai’s estate sector by leading the department of regulating real estate relation-ships by following best practices.

This department is respon-sible for regulating rental activi-ties, owners associations and the rental index in Dubai.

Mohammed believes that RERA’s importance doesn’t only come from it being the regula-tor of the most active sector in Dubai’s economy but also by the trust that RERA gives to investors and the reputation that RERA cre-ates for this sector on an interna-tional scale.

Mohammed is fascinated by HH Sheikh Mohammed bin Rashed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and his incredible

Enjoying his jobBy Amal Abdul Rahim Al Sahlawi

vision. He considers him as the ideal leader and learns a lot from him. He also believes that a lot of Dubai’s leaders learned from him by working side by side with him. He also believes that he would not be the same without learning from Sheikh Mohammed or his leadership students.

When I asked him about ob-stacles hampering his success he answers that people who want

to succeed will create their own atmosphere, and a leader should be always surrounded by produc-tive and positive people, after all these are the elements of a suc-cessful working team. He also be-lieves that ego and pride are the real obstacles facing leaders; and he mentioned that he had an old friend who always thought that he was above everyone at work and that made him refuse to take

advice from his team members. This person is in the same posi-tion that he has been in for a very long time and has lost a lot of good opportunities because of his behaviour. He added that this person created his own monster and nothing stood between him and success except his ego.

I asked him about his strengths and weaknesses which made him confess that his loyalty to his work made him forget his priorities out-side of work which affected his social life. His best quality, as one of his friends said, is his ability to share all decisions with his team and that definitely helped make his team one of the best in RERA.

Between work and a very busy social life he admitted that family is the point of living and his first motivation is to work hard and make them proud. He also gives the credit of his successful career to his parents who guided him through his early life which has made him the man he is now.

He also believes that his wife’s consideration for his work and many activities let him focus on his career and goals and that his children always can make him see the best in the future.

Despite all the many commit-ments that he has, he can always find the time to watch his favou-rite sports, like football or car rac-ing. Mohammed loves travelling and relaxing at his farm but, ulti-mately, his real joy is working for Dubai, his dream city, his sweet home.

Mohammed bin Hammad

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RERA NEWS

Distinguished performancesAs part of an initiative by Dubai Land Department, awards were presented recently to extra-ordinary departments carrying out their duties within the governance of excellence.

Dalati Hamdan bin Juma, Deputy Director General of the Land Department presented a prize to Sami Alsoiei, the winner of the month in August He further explained that the goals for the nominations was measured by several criteria ranging from the nomination by colleagues, the commitment towards career, a departments’ pride and commitment in achieving the objectives of its various sections. The awards encourage staff to strengthen and increase communication between departments and business development by focusing on the results of each job done.

The way that real estate auctions have been carried out by The Escrow Department of RERA has earned RERA an award for the past three months.

“Why do you keep it?” was the question being asked last month by ten government departments: Dubai Land Department, Department of Economic Development, Dubai Municipality, Department of Tourism and Commerce Marketing, Dubai Courts, Public Prosecutor’s Office, Dubai Police, Naturalization and Residency Department, Roads and Transport Authority plus Dubai Electricity and Water Authority. A meeting was held during August to discuss collection and distribution methods.

This referred to a charity campaign held in the lead up to Ramadan during which residents were asked to donate previously owned, good quality, personal clothing and household items for distribution to the needy. This traditional charitable deed has its roots in UAE society with its Islamic and ancient Arab customs. As well as goods, the government seeks to provide services such as educational, health, cultural, social, etc, to all levels of society, while individuals and institutions contribute whatever they can.

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TECHNO

Dubai Real Times e-magBy Ali Al Shamsi

The official RERA website:www.rpdubai.com, has introduced a new page on its site for eBooks such as

the monthly Dubai Real Times mag-azine (DRT), with both current and previous issues already uploaded and waiting to be read. So, if there

is a particular article or law that you want to read up about, there is no longer a need to borrow old copies from old friends – just log onto the RERA website and browse through back issues of the informative maga-zine.

These e-books are brought to the

web using eAwraq technology to al-low visitors to the site to read RERA selected literature, starting with Dubai Real Times magazine. Unlike using .pdf files, readers do not need to wait for the full file to download; neither will they need to install any third party software to read the e-

books. RERA plans to publish other lit-

erature that the real estate sector might be interested in, as and when it becomes available.

Now you can read DRT wherever, whenever and share it with whoever you like.

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STATISTICS

Land TransactionsTotal number of sales Transactions of the districts was 521 with a total value of transactions at AED 12,889 Million for 6,439 thousand Sq.ft. Jabal Ali had the highest No. of Sales Transactions, which was 167 sales. The highest value of sales was achieved by Jabal Ali dis-trict with 10,596 Million AED. The largest area size was in Jabal Ali district with 1,906 thousand Sq.ft.

Apartments TransactionsTotal Number of Sales Transactions of the districts was 1,171 with a total value of Transactions at AED 1,070 Million for 1,254 thousand Sq.ft. Warsan First had the highest No. of Sales, which was 305 Sale Transactions. The highest value of Sales was achieved by Dubai Ma-rina district with 286 Million AED. The largest area size was in Dubai Marina district with 308 thousand Sq.ft.

Transactions in August ’09Total Transactions, Value of Sales & Mortgages for the month of August, 2009 were worth AED 1,6161 Million

Villa TransactionsTotal Number of Mortgage Transactions of the districts was 74 with a total value of transactions at 119 Million AED for 217 thousand Sq.ft. Emirates Hill 3rd had the highest No. of Sales, which was 48 Sales Transactions. The highest value of Sales was achieved by Emirates Hill 3rd district with 66 Million AED. The largest area size was in Emir-ates Hill 3rd district with 142 thousand Sq.ft.

Land Transactions Summary:

Total No. Of Value Total Area Sales (M,AED) (Thousand, Sq.ft)

Sales 521 12,889 6,439

Mortgage 348 1,693 4,642

Flats Transactions Summary:

Total No. Of Value Total Area Sales (M,AED) (Thousand, Sq.ft)

Sales 1,171 1,070 1,254

Mortgage 342 331 283,740

Villa Transactions Summary:

Total No. Of Value Total Area Sales (M,AED) (Thousand, Sq.ft)

Sales 74 119 217

Mortgage 40 59 123

Total No. of Flat Sales Transactions

Total No. of Villa Sales Transactions

Total No. of Land Sales Transactions - Top 10

20533Rera315x230.indd 1 8/23/09 3:19:31 PM

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INTERVIEW

Education gets real

Ambily Vijaykumar

Dubai Real Estate Institute launches its Real Estate Master’s course offering one of its kind studies of the sector in the Middle East

With an aim to create a generation of real estate professionals in the market, the

Dubai Real Estate Institute, located at Dubai Healthcare City, recently launched its two year exhaustive Master’s course, called Real Estate Masters, a first of its kind course for the sector in the Middle East.

The course begins in January 2010 and has been launched in conjunction with Bond University, Australia that will be providing its expertise in the form of faculty who will be coming to Dubai to teach. Apart from the Australian faculty, professors from Dubai will be im-parting their expertise to students for whom the course has been cus-tomised to suit the local market.

The aim of the course is also to increase the understanding of the real estate sector among the lo-cal population of the UAE but, the course is open for all.

The Master’s degree offers twelve courses that cover diverse subjects like facility management, valuation, developmental econom-ics, management of construction projects, real estate investments etc. Installment facility, loan facility as well as corporate sponsorship of students will all be accepted by the institute for the course. There is also an early bird discount for those who enroll before October 20, 2009.

Elaborating on the advantage of doing the Master’s, Mahmoud Hesham Al Burai, Acting Managing Director, Dubai Real Estate Institute

(DREI), says, “You rarely find profes-sionals who have a degree in real estate. So the course is an opportu-nity to get a masters degree while working. The good thing also is that students will get to learn from real life examples that have been integrated into the study as well as to practice with leading real estate companies in Dubai. The course is also accredited by RICS (Royal Insti-tute of Chartered Surveyors in the UK).”

Mahmoud Al Burai is also Direc-tor of Real Estate Sector Develop-ment Department of RERA under which the DREI falls. The course is being designed to serve the pur-pose of providing practical training with regard to the changing real estate scenario in Dubai.

Hend Al Marri, Real Estate Profes-sional Development Officer at DREI says that with their experience at

having worked with RERA, they are better positioned to “identify the gaps in the market”. The Master’s course has been designed to help fill in the blanks.

Assisting DREI with its efforts is also the research wing of RERA that is stationed at the institute. “They aid us in designing the course with the help of real life examples as well as insight into laws and regulations. Even students can gain from their expertise once the course com-mences,” says Mahmoud Hesham Al Burai.

Though the total strength of students that DREI is targeting for its January course is 30, the institute is willing to accommodate up to 60 students if the demand is high.

Since RERA took over the man-agement of the Dubai Real Estate Institute (DREI) a few months back, it has been imparting short term

brokers’ training courses that are now compulsory for brokers want-ing to renew their license. So far over 500 participants, mostly bro-kers have taken advantage of the short term course that lasts two days.

“We have plans to spread out the short term course over four days in the future, for the advantage of our participants,” says Hend Al Marri .

This is phase one of the process that covers the legal environment, RERA regulations, procedures, code of ethics standard forms for brokers and owners associations among others. DREI also plans to launch phase two of the course by the end of the year covering five subjects including finance, marketing, and real estate fundamentals among others. Continuous education of brokers is the thrust.

The institute also organised courses targeting facility manag-ers as well as developers recently. There are also plans to launch a two week intensive facility man-agement course, once RERA gives directives making the course com-pulsory for owners associations.

DREI began a property develop-ment feasibility analysis course last month and they also plan to hold the course again this November. “By next year we will have the grad-uate diploma which is around two months long, as well as business analysis for broker offices. There are also plans for valuation courses that will be short certificate courses of-fered by Bond University,” Hend Al Marri explains.

Mahmoud Hesham Al Burai

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INTERVIEW

Highs and lows of the real estate tradeBy Linda Benbow

Elaine Jones, CEO of Asteco Property Management, has seen a lot of changes in her chosen career and

talks about her memories of the real estate industry during the past 29 years.

How long have you been in Dubai?29 years and always in property.

What was the property market like then?Very different; Arenco and the Rul-ers Office had the largest portfolios of property. Leasing and property management were the core busi-nesses.

Were you surprised when the change in freehold ownership was announced in Dubai? Yes, very surprised.

How did it affect Asteco initially?The company had been working on The Palm, Jumeirah for a number of years before it was brought to the market. We were instrumental in the sale of the first plots and greatly enjoyed the experience.

There have been many changes and new laws since then – what changes/laws would you like to see soon – and why?The Strata/Home Owners associa-tion law needs to be enacted as a high priority.

What was the idea behind forming Dubai Property Society (or Dubai Property Group, as it was first known)?Dubai Property Group (DPG) was initiated by Ahmed Matrooshi in the late 1980's with a view to bring-ing ethics and standards to the leasing and property management business. Arenco - Asteco - Better Homes - Cluttons and Union Proper-ties were invited by Ahmed, who at that time was the Director General of Dubai Development Board, to form the founding committee.

He started talking to a software company to set up a portal for the listing of all rental properties. He invited DPG to attend the presenta-tions from the IT company and the plan was that we were going to have a central portal where everyone was going to list their properties for rent, so that anybody who was interested in finding a property would go there

to search for one.This was the late 1990s and what

we have to appreciate from all of this is that Ahmad Matrooshi was very innovative because this was actually before its time. Had we, perhaps, understood it all better, we would all have embraced it and it could have been more successful than it was.

Ahmad used to get us together for meetings, but we always talked about things such as landlord and tenant law, standard lease agree-ments and morals. We found the meetings useful because it was a good opportunity to really talk about what was happening in the market and we were able to take get a good reading of it because, be-tween us, we probably had the lion’s share of the market, especially Aren-co and Union Properties. And Dubai Development Board too, of course, because that was the association where Nationals who didn’t have enough money to go forward with their projects would get assistance from the government in managing the construction and then rental of their property/ies. We used Al Tami-mi & Associates for legal matters, they were very helpful in writing our Code of Ethics and suchlike.

Then, when property was launched for sale, Dubai Property Group (which has since changed its name to Dubai Property Society (DPS)) became very, very impor-tant. And, now that RERA has been established, it will take over a lot of the aims which DPS originally had.

RERA, of course, has the support of everyone in the industry and, as it is part of the government, it has the power to enact laws and do a lot more things.

What happened when DPG was first set up, was it difficult to attract others to join?We had an immediate positive re-sponse from the major real estate companies in Dubai at that time. However, the membership really grew after freehold property was available for sale to non AGCC Na-tionals in 2002. Shortly after that Adel Lootah, who is an entrepre-neurial, networking type of person started organising network events, forums and focused on the mem-bership.

Originally, those of us who were on the initial board were interested in the nuts and bolts and legalities of the trade, but then the situation changed and there was a need to get things legalised, processes set down, matters discussed and formalise the industry. We now look to RERA to do these things. Marwan bin Ghalita, CEO, Real Estate Regulatory Agency, now has his ‘verticals’, his objectives, in place, i.e. valuation, sales broker-age, leasing, property management and strata title management. We are working with him, endeavouring to get everyone together to deal with these matters.

Buyers, especially international ones, seemed to like to discover that there is a property group in Dubai,

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Elaine Jones

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which is useful to them when check-ing on prospective sales. Now, of course, they can check with RERA, the official body where the trade has to register prior to carrying out its duties. RERA ensures the knowl-edge and competence of those that engage in the trade; we, real estate brokers, have to register our staff at the police station prior to obtaining a Brokers Card for each of them. We have to take an exam to make sure that we all know and understand Dubai’s real estate laws.

How has the market evolved and changed? What was lacking from most people who bought in the early days was ‘due diligence’. There was so much excitement that this never entered people’s minds because they just

wanted to secure a plot on The Palm (Jumeirah).

Before the Palm was launched, there were 99 year leases on offer to expatriates: six towers at Dubai Ma-rina and properties at Emirates Hills. What was really significant is that when plots for properties on The Palm were launched, it happened at the same time as the announcement that foreigners would be allowed to buy freehold. Simultaneously. The opportunity to own something on this iconic project – a huge man-made island in the shape of a palm tree – sent out signals to people who said to themselves “we want a bit of this” – especially as the initial prices were extremely sensible, following our extensive research. The concept of foreigners buying freehold on The Palm, made people re-look at

the 99 year leases for foreigners that were previously a real estate ‘first’ in Dubai. Suddenly there was a bigger market, for sales especially.

A team of eight of us from this company set up an office at The Palm to handle sales. This was in the days before Nakheel was set up. We sold all the plots we had to offer and, of all the cheques we collected, only one was returned and that was because the numbers and words did not match up. The concerned buyer returned to the office immediately to correct it, he didn’t want to lose the chance to own here.

One man came late and used threatening behaviour with a pa-per-knife as he said he “had to own something here”. I told him that if that was the way he behaved then he absolutely was not the kind of

person that we wanted living there!No due diligence (checking on

plans, property, etc prior to pur-chase) was done because of the ex-citement. Also, it wasn’t possible be-cause, in those days, who would you go to? The Palm, for example, is all reclaimed land, and it wasn’t actually all there when it was first put out for sale. So it certainly wasn’t registered as land plots.

For Emirates Hills, Emaar was cre-ated to be the master developer, but there was no mechanism to ring up the company and find out who owned a particular plot and whether he was the rightful owner who could onward sell it.

Now, with RERA’s pre-registration, you can go to them and say “I want to buy this property from this man, is he the rightful owner, is it free from commitment and is he entitled to sell it to me?” Also, with RERA’s reg-istration process, they can confirm that the owner has a No Objection Certicifate (NOC) which is only given after the owner paid all his monies due to the developer, etc.

In the mid 80’s there were hor-ror stories of a man who was rent-ing villas out to people, taking their money and giving them keys – the villas weren’t his to rent out in the first place!

At least now, you can go to a qual-ified broker, like Asteco, and can be

Dubai Marina

Early rendering of The Palm Jumeirah

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assured that the property has been through the system, is registered as a property available for rent, and does actually belong to the landlord stated on the form. Registration is done on the on-line Ijari system which RERA has on its website for professionals.

Ownership can be complicated. If, for example, someone has inher-ited the property from their father, under Sharia law it doesn’t necessar-ily mean that only one person has inherited. You, as the prospective renter, should know whether you are dealing with the right heir or not, otherwise there could be complica-tions later. By using the Ijari system, the plot number, utility numbers, etc verify who the owner(s) is. This system is linked up to other govern-ment data and can be seamlessly checked.

Even if a property has not been registered, you can still go to RERA and ask if they know anything about it, and the likelihood is that they will know something about the devel-oper or other useful information which they can tell you.

To me, the huge advantage for prospective clients, is the ability nowadays to do due diligence.

The registration of brokers is something that Dubai Property So-ciety wanted right from the start. RERA has enacted many of the ide-als and aims of the original DPS and I think that this is wonderful and all for the good of the industry. Not everything has been done yet, but

these things take time, and it is good to see that, behind the scenes, work is progressing on many good ideas. A lot has already been done in a short time.

RERA are dealing with their vari-ous ‘verticals’ by regulating training and providing qualifications to indi-viduals, and with the soon-to-be-announced strata title management. It means that you know the calibre of the person you are dealing with, plus the individual and the organisation are accountable, as RERA has the abil-ity to take both to task - and this will clean up the industry.

RERA holds many workshops; we send the valuations staff to the rele-vant ones, management department to the strata ones, and the leasing staff to the leasing ones, etc. I per-sonally attend some of these, just to see what is being taught and to up-date myself.

The IT department at RERA were very helpful when the company de-cided to make its computer system similar to the Ijari format so that infor-mation need only be typed in once.

We modified our system to be compatible with theirs – it took time, but is worth it.

How Asteco has grown and changed?Asteco will be 25 years old on 8th March 2010. We have enjoyed a steady growth and the business is doing well. Everything changed again late last year, with the global fi-nancial situation, and now everything

has gone back to what it was before. So, where management has always been our core business, anyway; with the changes in the market, which, actually, will now become a mature market; and whereas for a few years we enjoyed people coming in to buy properties off plan - in quantities – we will now revert back to, what in UK is called an estate agent.

There will still be project sales, slower than before but still there, for the next two years or so. Most de-velopers who are not constructing new projects are finishing what they have and are holding inventory. The volume of transactions that we saw in the past few years will not happen again. That is fine. Companies were lucky enough to make extra cash when the going was good but will now revert to the smaller, but suffi-cient, profits they made before. We have accepted that fact.

Now the concentration will be on property management, or strata management, together with home owners associations.

Asteco has other business plans which we will be launching next year.

Have any strange things happened to you in the past? Many years ago, during the early 1980s, we had a phone call from a tenant who complained about a very unpleasant smell. We called the po-lice to investigate and it turned out to be food rotting in a freezer after holi-daying tenants had turned off their

electricity. There was a dead body once, in

the bath in one of our vacant villas in Jumeirah. I had the keys to the villa, so I was the one who received a phone call from the police asking me to open up the doors.

In my early days here, I have col-lected clients from outside a super-market to take them to view proper-ties, only to discover that they were not the ones that I was supposed to show around.

I have heard some strange rea-sons from clients who are late pay-ing their rents. During the 1980s one man insisted that he couldn’t pay because of the hijack of a plane in Korea. I could never work out what he meant. That was his story and he was sticking to it.

What are your views on the city’s future?Dubai has seen many changes dur-ing the long period that I have lived here. It survived the Iran-Iraq war in 1981, which affected trading very badly – and Dubai is a trading city. If it can survive that, and the Iraq-Kuwait war, plus the far eastern problems, 9/11 and more, then it can survive a global financial crisis, surely. Dubai has an incredible resilience and an ability to find a new opportunity. Asteco now has offices throughout the emirates as well as in Jordan and Qatar, which gives us a chance to see how different markets in the region are faring. The UAE is not alone. It’s a good place to be.

Villas on one of the fronds of The Palm Jumeirah Villa at Emirates Hills

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MARKET TRENDS & ANALYSIS

The Dubai residential real es-tate market is showing signs of renewed confidence as transactional volumes re-

mained stable between Q1 2009 and Q2 2009 according to Jones Lang LaSalle MENA’s Q2 2009 Dubai Residential Market Snapshot.

While average prices have con-tinued to fall (by around 24 per cent in Q2), the rate of decline is now falling and there has been a conver-gence between asking and achieved prices. There has also a lower rate of rental decline than before, with the average rent for two bedroom apartments falling by 15 per cent in Q2, compared with a 22 per cent de-cline in Q1/2009.

New residential supply contin-ues, with 22,400 residential units ex-

Renewed confidenceDubai residential market showing signs of stabilisation, according to Jones Lang LaSalle MENA’s Q2 2009 Dubai Residential Market Snapshot

pected to be handed over in 2009, in spite of over $24 billion worth of residential projects being put on hold or cancelled.

On the demand front, transac-tional volume remained stable be-tween Q1 2009 and Q2 2009 in com-parison to the 58 per cent decrease between Q2 2008 and Q2 2009.

Craig Plumb, Head of Research at Jones Lang LaSalle MENA added: “The stabilisation of transactional volumes is an important indicator, which reflects improved confidence among investors. The narrowing gap between asking prices and achieved prices is a further indication that the market is beginning to stabilise,

“While there have been a large number of projects delayed or

cancelled, there remains a significant level of new supply, with

around 22,400 residential units expected to be completed across

Dubai in 2009”

albeit at significantly lower levels of pricing than those seen earlier in the year.”

“While there have been a large number of projects delayed or can-celled, there remains a significant lev-el of new supply, with around 22,400 residential units expected to be com-pleted across Dubai in 2009”.

$24 billion worth of residential projects • have either been cancelled or put on hold22,400 units expected to be handed over in 2009•

Transactional volume decreased by 58% between Q2 2008 and Q2 2009•Transactional volume remained stable between Q1 2009 and Q2 2009•

Asking prices have fallen 49% from peak in Q3 2008, with achieved prices down by 37%•Rate of decline has slowed in Q2/2009 reflecting signs of stabilisation•Since Q2 2008, achived prices have averaged 20% lower on average than asking prices, •but this gap has narrowed to 7% in Q2/2009

Rents declined by an average of 35% since Q4 2008•Rents declined by an average of 18% since Q1 2009•Rents have decreased more in villas than apartments •

Residential Supply

Key Takeaways

Transaction levels

Sales Performance

Rental Performance

Dubai office market regains competitive edge

$24 billion worth of residential projects • have either been cancelled or put on hold22,400 units expected to be handed over in 2009•

Transactional volume decreased by 58% between Q2 2008 and Q2 2009•Transactional volume remained stable between Q1 2009 and Q2 2009•

Asking prices have fallen 49% from peak in Q3 2008, with achieved prices down by 37%•Rate of decline has slowed in Q2/2009 reflecting signs of stabilisation•Since Q2 2008, achived prices have averaged 20% lower on average than asking prices, •but this gap has narrowed to 7% in Q2/2009

Rents declined by an average of 35% since Q4 2008•Rents declined by an average of 18% since Q1 2009•Rents have decreased more in villas than apartments •

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MARKET TRENDS & ANALYSIS

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Prime Office Rentals in Major Markets, Q2 2009

MEA Office Weather Map

The Dubai commercial prop-erty market is becoming more competitive on a global scale as falling rents

and increased vacancy make the city more attractive to potential tenants, according to Jones Lang LaSalle MENA’s Q2 2009 Dubai Office Market Snapshot.

Office rents across Dubai contin-ue to decline but at a lower rate than before. Rental decline in Q2 2009 averaged 25 per cent compared to a 45 per cent decline in Q1 2009. Of-fice rents for Grade A space across Dubai (excluding the DIFC) now av-erage Dh225 per square feet annum. This is in line with those seen in mid 2007 and is similar to rental levels in other major commercial centres globally, making Dubai more com-petitive moving forward.

A further decline in average rents is likely, due to increasing levels of new supply. By the end of 2011, 25 million square feet of additional of-fice space is forecast to enter the market which will increase the va-cancy rate and place further down-ward pressure on average rentals. In Q2 2009, the vacancy rate has in-creased to around 25 per cent in the face of more than 2,000,000 square feet of additional space entering the market in a period of subdued leas-ing demand.

The global economic downturn has certainly been a major factor in reducing the level of demand as many tenants have either down-sized, delayed their expansion plans or wait to see where rents may set-tle.

Matthew Hammond, Head of Agency at Jones Lang LaSalle MENA added: “The market has swung in favour of tenants over the past six months and there are some very at-

tractive deals available in a range of newly completed buildings across Dubai. This has created a situation where tenants can take advantage of tomorrow’s prices today and ne-gotiate rents below current asking levels”.

The average prime office rentals in Dubai are now below those in the major international office centres of London, Paris, Hong Kong, Mumbai and Moscow.

Hammond further adds: “The market is currently characterised

by three owner groups: investors/developers, strata title owners and distressed tenants. We continue to see investors/developers keeping rents at a sustainable level to allow for development instead of chasing the market down. There are, howev-er, fewer tenants willing to commit at these rental levels.

Tenant sublet space was a new phenomenon to Dubai at the end of last year as additional expansion space fitted out by tenants was put onto the market. This group is keen

to cover costs and are not looking to achieve the best rents. As a result of this and because a fitout is generally already in place, this space has been the first to be let.

The difficult group to track are the strata owners, many of whom are distressed and do not want to hold office space for a long period of time. This group are cutting rents to try to under bid any competitors and it is predominantly this group that are driving rents down as they look for occupancy at any level”.

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MARKET TRENDS & ANALYSIS

Owner behaviour is prevent-ing the leasing market from reaching a price floor, but they are just delaying the in-

evitable, indicates Landmark Advisory’s Q309 Dubai and Abu Dhabi Real Estate Report. In an oversupplied market like Dubai, price floors are consumer driven.

Jesse Downs, Landmark Advisory’s Director of Research and Advisory Ser-vices, said “landlords are opting out of the market because of lower rents creat-ing a temporary respite in the price cor-rection process. This short-term decline in supply is a market distortion, which will end. Real prices will be determined by what Dubai residents are willing to pay.”

The Landmark Advisory report also investigates new macro-economic fac-tors affecting Dubai’s sales market. “With mortgage rates currently averaging 8.5 -9 per cent, and construction financing rates at 7-8 per cent, there is a system-atic imbalance. Residential demand is restricted by high borrowing costs and credit scarcity, while building is incen-tivized by lower capital costs on con-struction loans.” Ms. Downs went on to say that “disjointed lending practices can widen the supply-demand gap in Dubai.”

Owner behaviour delaying the inevitable

In terms of sale prices and rents, Dubai’s average sale prices for villas and apartments declined 24 per cent and 17 per cent respectively during the second quarter of 2009. Sales demand was stron-ger for villas, which accounted for 73 per cent of all residential sales.

During Q209, Dubai’s leasing market saw average villa rents fall 19 per cent to Dh220,350 while average apartment rents declined 23 per cent to Dh129,900. Despite falling rents, transaction volumes increased significantly for both villas and apartments, by 25 per cent and 20 per cent, respectively. Commenting on this, Ms. Downs said: “relocations from Abu Dhabi, Sharjah, and within Dubai are the primary factors driving leasing demand.”

Dubai apartment rental trends

showed a sig-nificant spike in demand for In-ternational City. During Q109, In-ternational City accounted for only 2 per cent of all apartment rentals, but in Q2, it registered as many leases as JLT, the second most popular area for apart-ment rentals after Dubai Marina. Ms. Downs explained that “increased demand was driven by exist-ing tenants within International City upgrading to larger units there.”

Turning to Abu Dhabi sales, average residential listing prices regained some stability in Q209. However, secondary market asked prices fell 11 per cent for apartments and 8 per cent for villas. Over the next quarter, sale prices will start sta-bilising and are not likely to suffer signifi-cant decline. “Furthermore, the delivery

of first phases will likely encourage some price recovery for those units as they transition from the off-plan market to end-users,” continued Ms. Downs.

The commercial property prices in both cities are struggling. Office space re-quirements for most companies already in the UAE are either static or shrinking. For further information follow Landmark on twitter @LandmarkDubai.

Jesse Downs

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MARKET TRENDS & ANALYSIS //FINANCIAL ROUNDUP

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A distressed property is de-fined as a property that is under a foreclosure order or is advertised for

sale by its mortgagee; and it usually fetches a price that is below its mar-ket value. Good news indeed for those who have the money to buy. But what about those who are still dreaming of entering the realms of ownership and haven’t enough cash to do so? Is it worth them hoping that a bank will lend money to them in the form of a mortgage? A recent survey holds out hope for candidates.

Mayfair Wealth Manage-ment (MWM), financial and invest-ment advisory services providers based in the Cayman Islands, has launched ‘Real Estate Musharakah Notes’ (REMNotes), a Shariah-com-pliant distressed property fund. Amidst the intensive reshaping of the property market in the face of the global financial crisis, REMNotes takes advantage of the correction in prices by al-lowing investors to participate in the acquisition of strategically sourced undervalued proper-ties in the UAE. The fund is expected to deliver an annual return of 12 to 15 per cent by way of steady leasing or rental income throughout the tenure of the notes, at their best prices. In addition, REMNotes mitigates the risk of property price move-ments by diversifying the prop-erties to be acquired in terms of the developers, the location of the project and type of units.

UAE banks are in a strong position to recommence lending to real estate investors according to Mr. Mohanad Al Wadiya, Managing Director of Harbor Real Estate

Distressed properties, liquidity and honoured cheques

Brokerage and Editor in Chief of the Harbor Report. According to the recent quarterly report the economic crisis has forced banks to shore up their capital to the extent that now, according to the UAE Central Bank, capital in UAE Banks in May topped Dh200 billion. The report also touches upon the reasons behind the drastic decrease in credit availability, signs that liquidity is starting to slowly flow into markets and the importance of the implementation of Credit Information Law.

Leading real estate firms Land-mark Properties and New Eng-land International Real Estate are integrating Emcredit’s cheque-reporting solution, emBounce, into their business processes further enhancing their risk management

practices. This announcement was made by Emcredit, the UAE’s first government-backed credit infor-mation services company. Under the terms of the agreements Em-

credits will provide in-depth in-sight into the cheque-honouring and payment habits of existing and potential tenants in the UAE.

Demand for property manage-ment professionals within the re-gional real estate sector to rise in 2009, according to Macdonald & Company, a recruitment con-sultancy focusing solely on the property industry. The company announced that it will be launch-ing the ‘Salary, Rewards and Attitudes Survey 2009’ for the Middle East real estate sector at the upcoming ‘Cityscape Dubai 2009’. Designed to give both employers and employees a transparent over-view of the current job market sce-nario, this year’s study will focus on the correction of salaries and pack-ages in the past 12 months, how

redundancies have affected pro-fessionals and the talent redistribu-tion witnessed across the region.

During the exhibition, consul-tants from Macdonald and Com-

pany will offer honest, professional career advice to job searchers. Clients looking to make appoint-ments can expect assistance with recruitment, salary benchmarking, organisational structure, job de-scriptions and anything relating to employment in the region.

Propertyfinder.ae, a UAE real-estate website, has announced that Chief Executive Michael Lahyani has acquired 51 per cent of the company which was for-merly owned by the REA Group of Australia (ASX: REA, realestat.com.au Ltd). The move means that the Dubai-based entrepreneur now wholly owns the leading property portal. Under the terms of the acquisition, propertyfinder.ae will retain its widely recognised brand and URL and continue to service

the region’s leading real estate de-velopers and brokers. According to Google Analytic, propertyfinder.ae currently receives 100,000 unique visitors to the site per month view-ing over one million property pag-es each month.

“The availability of accurate and timely information on customer’s credit patterns helps business make decisions accordingly,” said Zaid Kamhawi, Chief Business Officer, Emcredit

Michael Lahyani

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MARKET TRENDS & ANALYSIS

Colliers International, the global real estate consul-tancy, released its Dubai House Price Index for Q2

2009 recently, which indicates a nine per cent decline in the over-all value of residential properties between April and June 2009. The Index, compiled using mortgage transaction data from financial in-stitutions accounting for 60 per cent of the mortgage market in Dubai, also demonstrates a 48 per cent year-on-year decline between Q2 2008 and Q2 2009. At the end of Q2 2009 property prices in the Emirate had returned to approxi-mately the same level as those re-corded in Q2 2007, and were down 50 per cent from their peak in Q3 2008.

The volume of market trans-actions increased by 50 per cent during Q2 2009 over the previous quarter. The increase in transac-tions is attributed to the gradual expansion of finance options to purchasers during the period, mainly for completed properties, or properties very near comple-tion, and primarily among first tier developments or master plans.

The decline in the value of the Index is due to a number of inter-related factors. The availability of finance, expatriate job security concerns and transparency about delays and postponements have continued to hamper the market’s recovery. However, the rate of decline of residential capital asset values during Q2 2009 decelerated dramatically from 42 per cent in Q1 2009 to 9 per cent in Q2 2009.

House Price Index fallsRate of decline in residential prices decelerates

During Q1 2009 Colliers high-lighted the increased importance of the professional investor and the existence of the price/yield gap. This quarter’s House Price Index indicates that while this gap still exists, it has narrowed as prices move towards greater stabilisation. Professional investors were joined as purchasers in the market by a limited number of end users who were able to secure finance against high-end villas in prime locations in the emirate.

Ian Albert, Regional Director, Colliers International, said: “After a significant decline in the first three months of the year, the market wit-nessed a deceleration in the rate of decline in residential prices in the second quarter. Thankfully, the magnitude of the decline that oc-curred in Q1 2009 was not, and is now very unlikely to be repeated.”

Commenting on future expectations Albert added: “In the coming months the market will be searching for further evidence of market stabilisation as we draw near-er to the bottom of market prices. However, the results of the third quarter are tradition-ally distorted by the summer holidays and the holy month of Ramadan, and we would expect Q4 2009 to be a better indicator of future trends.”

The House Price Index analyses the trends for prices achieved for completed prop-erties and properties still un-

der construction. When the Burj Dubai development was included in the results, the Index indicates that completed properties fell 16 per cent and properties under con-struction fell 3 per cent. Excluding the Burj Dubai development, com-pleted properties fell 19 per cent and properties under construction declined one per cent. The lower rate of decline for properties under construction is attributable to the fact that bank finance for properties more than six months from comple-tion has largely been withdrawn, and therefore there is very little or no data against which to note the change in actual prices.

Key findings:Decline in the overall index of 9 per cent between Q1 2009 and Q2 •2009.Year-on-year decline of 48 per cent between Q2 2008 and Q2 2009.•Blended average rate for residential property in Q2 2009 down from •Dh1,037/ft² (Dh11,162/m2) in Q1 2009 to Dh949/ft² (Dh10,215/m2).Apartment prices decreased by 3 per cent in Q2 2009 compared to •Q1 2009.Villa prices decreased by 18 per cent in Q2 2009 compared to Q1 •2009.Townhouse prices declined by 11 per cent in Q2 2009 compared to •Q1 2009.Prices in Q2 2009 declined 50 per cent from the index peak •recorded in Q3 2008.The number of transactions increased 50 per cent in Q2 2009 •compared to Q1 2009.Apartments constituted 42 per cent of the total transactions, •declining from 55 per cent in Q1 2009.Villas constituted 41 per cent of the total transactions, increasing •from 39 per cent in Q1 2009.Townhouses constituted 17 per cent of the total transactions, •increasing 7 per cent from Q1 2009.

Ian Albert

deyaar rera.pdf 8/27/09 3:12:41 PM

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EVENT

Worldwide economic upheaval combined with a radical shake-up in the regional

investment landscape promise to make Cityscape Dubai 2009 (5-8 October) the most important real estate event in Dubai’s history, according to leading industry ex-perts.

“With tumultuous international circumstances having taken their toll on the Middle East’s most lib-eralised economy, now is the time to focus on reality and the oppor-tunities that still exist in this most dynamic of Gulf cities,” says scholar, investor and author Dr Christopher M. Davidson.

“There’s no escape from the fact that this year we will be meeting under very different circumstances,” added Davidson author of Dubai: The Vulnerability of Success, and a keynote speaker at the Cityscape Dubai conference. “We are living in a fast changing world, the very foundations of which have been rocked and will continue to be buf-feted by unprecedented economic turbulence.”

Times of volatility will eventually be over, Davidson believes. “The growth and vision that has accom-panied the rise of this astonishing city is nothing short of phenome-nal,” he said. “And that same energy

Cityscape paving the way for Dubai’s next chapterDubai’s reality check leads to more transparent business models and considered decisions as new real estate era beckons, says Cityscape Dubai organiser

will find a way forward, paving the way for Dubai’s next chapter.”

Cityscape Dubai 2009, now in its eighth year and part of the largest business-to-business real estate in-vestment and development brand in the world, encompasses a major exhibition and a series of confer-ences taking place at the Dubai In-ternational Exhibition and Conven-tion Centre.

Davidson will give a keynote ad-dress – 2010: Can Dubai weather the storm? – on the opening day of the main Cityscape Dubai confer-ence. The speaker line-up for the conference is unrivalled in the Mid-

dle East, bringing together some of the world’s most powerful inves-tors, developers and economists for five days of discussion on the global real estate market. Included among them is Donald Trump Jnr., Presi-dent of the Trump Organisation on Dubai: Why it is a long term invest-ment for us.

In 2008, Cityscape Dubai at-tracted 80,297 participants and 954 exhibitors. “Clearly, while it is still far too early to make accurate forecasts, we are not anticipating the same level of participation,” said Chris Speller, Cityscape Group Director. “Like the rest of the world,

the real estate investment business in Dubai and the region has had a reality check. We are now seeing the emergence of more measured, more transparent business models. While considered decisions may take away some of the market dy-namism, that is probably no bad thing at this present time.”

“With a return to real market values Cityscape Dubai will return to its roots free from amateur in-vestors and speculators. As such it will be truly business-to-business and the definitive platform with the greatest influence on the real estate industry,” he added.

Alongside the main event is the World Architectural Congress from 5 – 7 October at which some of the world’s most respected architects and visionaries will share their ex-periences and outlook on architec-ture in a global recession.

The Cityscape Dubai Facilities and Asset Management Confer-ence is on 4 – 8 October attract-ing delegates in the design, build and post-occupancy of buildings. There will also be a Cityscape Dubai ‘Green Day’ on 7 October which will include green communities, green construction methods, energy sav-ing issues, financing green build-ings, regulations, facilities manage-ment, whole life costs and new materials and products.

Donald Trump Junior is to deliver the keynote presentation at Cityscape Dubai 2009 addressing a wide range of real estate issues, including his forecast for recovery and existing market opportunities

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COMMENTS

I make no secret of my disap-pointment of the low level of representation that the estate agency market had in the UAE

in the past few years – whilst the re-cession is blamed for the departure of some 1,000 estate agents, the industry has returned to the nor-mal figures of participants of 300 estate agents, most probably the same people who were in business before the boom started in 2004. The time has come when we realise that we can no longer blame the economy.

The truth is that the estate agents who remained have got more of the ingredients that you will find in the Super Entrepreneur. Their knowledge is gained through years of experience, making mis-takes and learning from it, but it is their drive that supports their cli-ents in depressed markets.

I know the market is challeng-ing and I know day-to-day survival matters, but day-to-day survival techniques and strategies can be strengthened by education and

The days of the super entrepreneurs are not overThe Real Estate Industry is full of Super Entrepreneurs, people who act despite their fear. This is a place where people can fall and bounce back, where not all ventures work and where every failed risk is a valuable lesson to add to the skills for the future. After all, great sales people are known for their resilience and persistence. Here Cecilia Reinaldo, Managing Director of Fine & Country Middle East, outlines simple rules about regaining professionalism in the industry and embracing the pride in the estate agency business

perspective. Nevertheless, the whole tenure of the market is more positively about maximising our opportunities; how we ought to build, train and educate our teams and work together to survive, and then to give responsibility and ownership so as to prosper and thrive - how we ought to focus and concentrate on the delivery of spe-cial service for our customers and

to look at the impression we are making on a global perspective.

No doubt everyone is entitled to their opinion and that it is equally as valid as your own. We should be delivering a message of empower-ment, of involvement, of responsi-bility, giving and sharing customer loyalty and radical marketing about our relationship with our customers and how we delight our custom-ers and then deliver sophisticated management tools to assist with the continuity of the ongoing long-term relations with our clients.

Many companies still deflect their impression they deliver as a brand, the importance of presen-tation, the professionalism of their dealings, the power of the network to positively enhance their business and the repute and standing of the whole industry.

What clients now need, are the Super Entrepreneurs: Estate Agents with a passion to make it happen, the ones that can present clients with facts and figures, perspective and analysis, historic and present trends

and insights to the whole global economy. Good estate agents are turning everything around to assist their clients to get the most value even under difficult circumstances and finally those clients are giving them the same respect they would give to any other professional in any other industry.

There is always the danger that over-regulation of this industry will scarify the existence of the Super Entrepreneur. However change is inevitable, and whilst the recent property boom encouraged agents to live ‘happily ever after’, it will only be the top 20 per cent who do not need the support of the ‘boom’; those that will keep on living the way they used to…unless they are just not a super entrepreneur at all. A true entrepreneur makes money over a long period of time – others will always want to make a quick buck, and within that process they are likely to learn the hard way – which many estate agents with the same mind set have already learned.

Cecilia Reinaldo

COMMENTS

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Since the economic down-turn, buyers of off-plan properties have been left in the dark regarding the

status of the development of their homes. Investors are uncertain about what their payment install-ments are being used for when there has been no progress in terms of construction. Anxiety is growing because they are not getting direct answers from developers, which is impairing buyers from the ability to make informed decisions - and dis-couraging new buyers from enter-ing Dubai’s real estate market.

Dubai’s Real Estate Regulatory Agency (RERA) is a useful resource for consumers and shareholders to have on their side during this cru-cial period. RERA has implemented new laws and reinforced olds ones in attempts to balance the power struggle between developers and investors.

RERA has recently regulated the prices of rent in residential units for 2009, i.e. by removing the rental cap concept and replacing it with the rental price index. Service charges will also remain fixed at the rates they were in 2008. Additionally, the emergence of new property legisla-tion places the onus on developers for any kind of structural damage to a property for up to a 10 year period upon completion of construction. Developers are now held respon-sible for any type of structural dam-age in buildings and common area maintenance; and they are also ac-countable for defective installations such as plumbing, mechanical and

Balancing power between investor and developerBy Rose Marie Kilzi

electrical problems for up to a year after completion.

To further employ fairness and transparency, a firm set of rules has been prescribed to ensure that development companies stop concealing imperative information from buyers. Developers will now be monitored, cancellation reports will be revealed, and construction status reports will be available to the media.

Monthly progress reports con-taining all approved and registered projects will be made readily avail-able, and the ability to file com-plaints with RERA if projects are not on track will be an option for all investors and buyers in serious attempts to deter any fraudulent

activities. Developers will be audited and

reprimanded should they continue to misuse money that should have been going into escrow accounts. According to RERA’s escrow ac-count law (also called the Trust Account law) the management of the amounts deposited into the ac-count shall only be used for the pur-poses of developing the said real estate project. The money cannot be used for creditors of the devel-oper or any other project that may be on the developer’s agenda. This law has been in place since 2007 and only now, with the dire circum-stances the economic recession has caused, it is being enforced more so than before.

While there have been numer-ous attempts by RERA to help pro-tect the investor, there is no doubt that further regulation of the de-veloper will also assist the develop-ment company itself. Recently, Law No (9) of 2009 amending certain provisions of Law No (13) of 2008 has been set to articulate that pay-ments made by investors go hand-in-hand with the progress of con-struction. While this law may help some investors, especially those who have made their due pay-ments without an immediate need to pay anything else upfront, the main entity that will benefit from this law is the developer because the amended law asks investors to make more payments now, i.e. before project completion, as op-posed to paying the remaining 50 per cent, for example, after project completion. This will surely keep the funding of development proj-ects moving forward.

Now that all initiatives are prop-erly implemented by RERA, and proper – yet fair – regulations are placed on both the investor and the developer, buyers will hope-fully regain control over the use of their money and instill confidence and enthusiasm back into the real estate market.

There is still a fair amount of uncertainty amongst investors and developers, but with RERA employ-ing these diligent steps to return consumer trust in the market, Dubai will steadily find its way back to be-ing one of the world’s hotspots for real estate investments.

Rose Marie Kilzi is the Leasing and Re-Sale Director at Great Properties

For more information dial +9714-2221112 Or mail us at info@rera.gov.ae

www.rpdubai.com

COMMENTS

Dear Sami,That’s it, the holiday season is over for another year and now we have to start planning for the unknown. How can I produce a budget for the months ahead when I really have no idea of how business is going to shape up?

All leaders face the same fundamental challenge today, to identify the new paradigm and succeed within its redefined boundaries. I fear too many are lost, unable to grasp the fact that managing by fear, setting unrealistic targets, cutting expenses indis-criminately and laying off talent is not going to pro-duce sustainability.

Fear dampens positive contribution, it produces resentment, distrust and that depresses productiv-ity – so why use it? Why not cut expenses selec-tively, focusing on those perks that really shouldn’t have been there in the first place. Drive suppliers to be realistic with their charges but don’t leave it to accountants to simply take the lowest offer, view suppliers as those that will help you to survive and prosper.

I’ve decided not to push the revenue issue, I re-ally don’t know where it will go. Our efforts are go-ing to be directed towards two things. First, we will focus on looking after our current client base rather than chasing new ones. In this way we hope to ce-ment relationships and show that we value the part-nerships that we have built. Second, we’re going to make sure that all of our product offerings are fresh, attractive, relevant and up to date. Of course we’re going to be careful with our expenditure but that doesn’t mean we’ll tie people’s hands and stifle their creativity and individuality.

2008 has shown us that the text books for con-ducting business need re-writing. Organisations that continue to offer the same old ideas and use approaches that are out of date will need to dramati-cally change and realign. We have two choices, either to keep our heads down and hope that we don’t get run over in the rush to bankruptcy or we keep our heads up and adapt quickly – I know which we prefer.Let me have your thoughts.Richard – September 2009

Dear Sami,I’m worried about the amount of denial in the business world today. The

world really has changed and the sooner every man-ager accepts this and gets on with moving forward the quicker we’ll get things under control again.

I can’t imagine a bank lasting long if it stops lend-ing, that is what its business is all about. Yet this is what we are seeing. It is time to shelve complex financial modelling schemes that are supposed to make money and revert to traditional and bor-ing banking that services the majority. Come on, banking community, open your eyes; make the first moves, the time for denial is over – it is the future that matters.

Businesses that are to flourish in this self inflicted downturn are already displaying three traits: realism, dynamism and flexibility. Their acceptance of real-ity will free them from the shackles of the past and allow them to look towards the future as a new op-portunity.

The present needs a dynamic approach. No time for blame and excuses; it’s done, move forward. It is time to focus on redefining business offerings. It is a time to do away with the bureaucracy that strangles dynamic business. Instead replace it with proper and meaningful checks and controls that are rigorously enforced.

Flexibility is the name of the way ahead. We need to be less dependent on our individual opinions and more receptive to the ideas and suggestions of oth-ers. Stay flexible, you don’t know everything.

A final thought; what is the most corrupted value we hear of these days? I say it’s the one about envi-ronmental and social responsibility. We’d better start living these responsibilities as real values rather than wearing them as a dishonest badge of corporate goodness. If we don’t, the environmental global cri-

sis will be far longer lasting and more damaging to more people than this year’s crisis. The trouble is we are creating these disasters by our own greed and inaction.Let me have your thoughts,Richard – August 2009

Challenging times are for challenging peopleOver the last few months Richard Jeffery has been writing a series of letters to an imaginary Dubai resident called Sami with his thoughts on leadership - some relate to current events, others reflect on leadership issues.

Richard Jeffery is the Managing Director of PeoplePlus, providing consultancy, workshops and coaching for leadership development at all stages of employment. Visit his blog www.samidubai.wordpress.comif you would like to respond to his views to Sami

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COMMENTS

Liquidation, or deregistra-tion, the arduous process by which a company is brought to an end, is not

a situation that any organisation wishes to find itself in. But prepar-ing for the worst-case scenario, especially in turbulent times like these, should be a critical part of a company’s strategic planning.

While liquidation might not have been a familiar term in the UAE just a few years ago, thanks to the sky-rocketing economy it is now an everyday phenomenon, ever since the global crisis hit home.

“Most companies are shocked and surprised by the lengthy pro-cedures involved in closing up a company in the UAE,” says Jitendra Gianchandani, Managing Partner of Jitendra Chartered Accountants and an expert in Business and Financial consultancy. “But all it takes is some advance planning about the liqui-dation process during the Business Plan stages itself, and most of the ordeal can be avoided” he added.

While the UAE’s business envi-ronment does encourage entrepre-neurship and is significantly devoid of red-tapism compared to other world business markets, there are certain aspects of the law and pro-cedure that business houses need to take note of at an early stage of their business plan. For example,

Liquidation and corporate strategic planning “In testing times like these, it pays to have a solid liquidation plan in hand,” says Jitendra Gianchandani, Managing Partner of Jitendra Chartered Accountants

even after announcing liquidation by placing a notice in the newspa-pers, the Directors need to have a clean chit from concerned govern-ment agencies like Labour, Immi-gration and the Municipality stating that they have no pending renew-als of licenses. Companies should also be aware of the fact that their licenses should be active while ap-plying for closure. Awareness of small but crucial aspects of the law such as these can save companies a lot of time, money and trouble dur-ing liquidation.

Citing another example, Mr. Gianchandani says that most flexi-desk companies are often surprised to find that the Directors need to be

physically present and submit their passports to close a company in the Ajman Free Zone. “The Ajman Free Zone requires investors to deposit their passport, or US$ 50,000, until a notice period of 15 days. In the case of an LLC, it takes two to three months, and the auditor’s liquida-tion reports need to be submitted. Besides a 60 days notice in news-papers, the board resolution has to be notarised in court, and there are also labour issues and visas to can-cel. So it is not a simple procedure and has to be planned in advance,” reiterates Mr. Gianchandani.

Numerous other matters have to be considered such as personal appearance of the shareholders,

No Objection Certificates from the concerned ministries, due clearanc-es and visa fees. These factors vary depending on whether the compa-nies are located in Free Zones or in the mainland, and between LLCs and Public companies.

“I have personally dealt with companies that have undergone liquidation, like Multiple Interface Systems Pool Consultants and Hung Hom Trading Company (LLC) for instance, who have reaped the benefits of having a solid business plan that take liquidation into con-sideration well in advance” adds Mr. Gianchandani.

Apart from liquidation, compa-nies in the UAE are also well advised

Jitendra Gianchandani

Jitendra Chartered Accountants is a progressive, medium sized accounts, auditing, bookkeeping outsourcing firm helping clients to accomplish their business and financial goals towards growth, efficiency and profitability

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Initiatives developed by the Organization for Economic Co-operation and Development (OECD) at the recent G20 sum-

mit, in co-operation with non-OECD countries, have put the UAE’s offshore centres in a strong posi-tion which is likely to see them at-tract more foreign investments, say experts. The internationally agreed tax standard requires exchange of information on request in all tax matters, and enforces domestic tax law without regard to a domestic tax interest requirement or bank secrecy for tax purposes.

“This is a very positive step to establishing legitimate practices on a global scale,” says Jitendra Gianchandani, Managing Partner of Jitendra Chartered Accountants. “The British Virgin Islands, and other

UAE offshore centres tempting foreign investors

to plan their expansion in advance, as it involves the same closure pro-cedures in many cases. “Opening a small Company in one Free Zone and then thinking of expanding operations by shifting from one Free Zone to other is not an easy task” says Mr Gianchandani. “The process needs to follow a lengthy procedure. Companies with expan-sion plans are free to open a sec-ond company in another free zone, provided they pre-register and pay the cost of closing the first com-pany. They also need to transfer or cancel their visas before closing the company in the first Free Zone,” he adds, indicating that those with an eye on expansion also need to be well aware of the liquidation rules, in case their plans involving closing down a smaller unit and opening up a bigger one.

No. PARTICULARS FREEZONES MAINLAND IN DUBAI AJMAN JAFZA LLC PROFESSIONAL LIQUIDATION/DE-REGISTRATION PROCEDURE 1 Advertisement in newspapers 15 Days 15 Days 60 Days 2 Shareholders resolution to wind up the company X X √ √ 3 Cancellation of MOA at Notary office (Dubai Court) X X X √ 4 Personal Appearance of all shareholders √ √ √ √ 5 Liquidation report from a Liquidator X √ √ x 6 Return Original Trade License, √ √ √ √ Chamber Certificates, Commercial Registration 7 Cancellation of Visa, Establishment Card √ √ √ √ 8 NOC issued by the Ministry of Labour & Social Affairs X X √ √ 9 Clearance from Etisalat, DEWA, FEWA Customs √ √ √ √ 10 Security Guarantee ( Owner original passport √ X X X or a cheque of Dh185,000 or $50,000) 11 Government Fees AED 2,000 AED 6,500 AED 7,110 AED 1,010

Comparison chart illustrating the liquidation and de-registration procedures in the UAE designed by Jitendra Gianchandani

offshore centres, are beginning to loose their image; many companies are using these offshore jurisdic-tions to avoid tax and hide money.”

In response to these practices, the OECD placed Costa Rica, Malay-sia and the Philippines on its black list of non-cooperative tax centres, after they failed to meet the new standards set out in the G20 sum-mit’s crack down on tax evasion. While that is true for some coun-tries, others, particularly the UAE, are set to benefit from the new standards.

“UAE offshore authorities have high standards of policies and procedures and are very selective in granting an offshore company license to investors,” says Gianchan-dani. “Indeed, investors into Dubai have high confidence levels as the

UAE is a well regarded country in the international market, on top of it being a tax free economy.”

Following the G20 summit, the OECD provided a detailed report on progress by offshore centres around the world towards implementation of its internationally agreed stan-dard on exchange of information for tax purposes. It drew up a list of 40 countries, with the UAE coming under its first heading: a ‘jurisdic-tion that has substantially imple-mented the internationally agreed tax standard’.

Gianchandani says the recent crackdown on tax heaven practices will free up otherwise frozen money which is being unutilised, to boost the Economy and solve the problem of the liquidity and cash flow, which has dried up since

October 2008.UAE offshore policies and pro-

cedures demand that along with the normal requirements of docu-menting residential proof and bank reference, the Jebel Ali Offshore Authorities also seek for a personal visit of the investor or, in the event of the inability of the investor to be physically present, the authorities are flexible enough to allow the submission of a legalized Power of Attorney from the investor, which should be duly attested by the UAE consulate from the investor’s coun-try.

The RAK Offshore authority comes one step ahead in cooper-ating with investors by suggesting the document to be notarized by any legal authority from anywhere in the world.

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perience bad web PR:

Be prepared with a response – Think of all the possible questions you may get asked by the media or any other parties, and put together a response to each question. Also prepare five or six key messages/points you would want to make in any future interview or conversa-tion related to the concerned ‘bad’ news. Being armed with these ref-erence points, you will be prepared and more confident to handle any questions that come your way - by sticking to the agreed and thought through messaging - which ulti-mately gets the facts and positive points across. The key here is to stay calm and to the point. Your custom-ers, employees, shareholders and media all appreciate objective facts and statements.

Engage with the media - If you re-ceive calls from the media while you are putting the facts together, there is no harm in taking the names and phone numbers of those reporters and ask them what their deadline is. Assure the reporter that you will return his or her call before their deadline with the necessary re-sponses and facts.

Stand strong and own up to mis-takes made – If an honest mistake was made, then there is no harm in admitting this. Share the facts and emphasise what measures you are taking to remedy this and avoid similar mistakes from recurring in the future.

Start the good PR machine – Start compiling and uploading positive

content about the company on the company website; send to news-wires and the media. In time the positive news will make the ‘bad news’ cloud slowly fade away.

Proactively answer questions about the company, its future plans, business objectives and performance. All parties that are linked to the company in one form or the other, including customers, partners, investors, shareholders, employees, will need reassurances and clarity with timely and relevant information and facts.

Listen to what is being said care-fully – Always ask the media or the people who are posing ques-tions what their complaint or issue is, listen carefully and understand where they are coming from. Basi-cally make sure you get all the facts, take notes, and then revert with a calm, short and thought-through response. People generally don’t like being told that they are wrong or how to go about their jobs bet-ter; rather they warm up to those who listen to them carefully and give them their time.

Have a crisis plan in place – This is often overlooked and visited too late in the day. Companies generally need to have a crisis plan in place, this way they will not get caught off guard. A crisis plan sets the guide-lines for effective management of any scenario that may need a call to action at short notice – it will cover various scenarios, action points, key messages, company spokespeople and important reference informa-tion. In times, like this it would be highly recommended for the com-pany concerned to hire a profes-sional PR Agency for guidance and support during such times.

Monitor the web – Effectively monitor the web, newswires, blogs, personal opinions posted on vari-ous forums. You need to keep your finger on the pulse for any mali-cious or negative rumours that may be circulating and nip them in the bud before they build momentum.

Use the web to your advantage – Start a forum for people to discuss and enquire about any news/action related to the company. Blogs can also work for you…use the various online tools to your advantage and leverage your PR machine to do what it knows best, spread ‘good’ news about the company based on facts. Be proactive in a planned way.

Use your website – Use your own company website to post your side of the story, with facts. Follow this with positive news, which are circu-lated with press release newswires. In doing so, you will gradually knock the bad news off the front pages.

Sawsan Ghanem is Managing Director of Active Public Relations

As more and more people instinctively go to the web to research and find out about anything and

everything, from reading about an item they want to buy, a property they want to invest in, or a com-pany they plan to partner with, the easiest and most immediate tool for us to get an insight into virtually anything is only a few clicks away. Access to the web has never been easier and will get more so with on-going technology advances - this is great on many fronts but there are two sides to the coin! News and in-formation, good or bad, speculative or factual is there for all to see, read and analyse.

People will log on to your web-site, and/or surf on different search engines – these can range from established newswires, or other news sources, to blogs, personal user comments on retail sites – to try and get an in-depth insight into what they are looking for. This leads to one sure eventuality: if there is a question mark or some form of negative news or content, people will find out. It’s a fact that negative news spreads fast, often faster than positive news.

In our experience over the years, we have come across many an occa-sion where we’ve had to advise and consult with a number of compa-nies on how best to handle a leak or negative news that is in the public domain. The worst path to follow is to bury your head in the sand and expect ‘the news’ to simply disap-pear.

So here are some tips for you to note in the future, should you ex-

COMMENTS

Ten ways to combat bad web PRBy Sawsan Ghanem

STOP WONDERING, START KNOWING

UNDER CONSTRUCTION

The summer months have been a hotbed of steady activity in the construc-tion trade with ongoing

projects steadily moving forward to completion stage. Looking forward to the new year of business events, returning expats and incoming tourists, many buildings are being readied for handover to the paying customer.

Dubai World Trade Centre (DWTC), venue operator and events organiser, has announced that its new, state-of-the-art extension has entered the final phases of completion and is on track to open on schedule. His Highness Sheikh Hamdan bin Rashid Al Maktoum, Chairman of the Dubai World Trade Centre had earlier announced that the extended facilities, to be named ‘Sheikh Saeed Halls’, would be complete by the end of the year. With construction firmly on the fast

Fast progresstrack, the new space will be open and available for hosting events for the upcoming exhibition season.

Upon completion, the new world class Sheikh Saeed Halls will consist of four inter-connected halls including one multi-purpose hall – ‘The Trade Centre Arena’. The Arena, has 14 metre high ceilings and over 9,000 square metres of covered exhibition space; plus the capacity to hold concerts for over 10,000 guests in an air conditioned, all-weather environment. With space for up to 34 regulation size tennis courts, the Arena will be able to host a variety of events including weddings, concerts, entertainment events and official sporting and athletic events

Design on the project began on February 23, 2009 lead by de-sign agency Dar Al-Handasah, a renowned pioneering force in the planning, design and development

of projects in the Middle East, Africa and Asia. Khansaheb Civil Engineer-ing LLC, leading UAE contractor and provider of high quality services in construction, joinery, interiors and building services, commenced con-struction work on March 23 and the first erection of structural steel was put in place on May 12. By the end of July, a total of 4,000 tonnes of steel was erected, averaging 61 tonnes per day. In addition, approximately five and a half kilometres of service trenches have been installed below the flooring to allow for easy access to essential water, electricity, data and communications facilities.

Adjacent to the extension will be the new Trade Centre Plaza, host-ing a mix of cafes and leisure din-ing restaurants along with dynamic state-of-the-art digital media to provide additional entertainment. Stretching from Exhibition Gate to the drop-off area and roundabout

fronting the Ibis Hotel, and steps from the soon-to-open ‘Dubai World Trade Centre’ metro station, business and leisure travellers will have easy access to the DICEC and the new Sheikh Saeed Halls.

Cayan Investment and Development has announced that its Silverene Towers development at Dubai Marina has made phenomenal progress in construction. Silverene’s Tower A will have 35 floors while Tower B will have 26 floors – comprising studios, one, two and three bedroom apartments, duplexes and penthouses. To date, Tower A has reached level 15 and Tower B has reached level 14. The concrete columns on both towers have reached level 16th floor.

Arabtec Construction LLC is the main contractor for the project whilst Robert Mathew Johnson Marshall (RMJM) are the designers

Construction work on DWTC’s new Sheikh Saeed Halls on fast track Tower A has reached level 15 and Tower B has reached level 14 at Silverene Towers

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The Manhattan

and creators. They were also the creators of architectural master-pieces such as Emirates Towers on Sheikh Zayed Road.

Nearly 2000 Arabtec employees are currently working on the site, a 100 per cent increase in workforce since March 2009. As a result, typi-cal floor construction has been fast-tracked, and is expected to go up by one floor every seven days and the concrete core wall is going up one floor every four days.

Mr Ahmad Al Hatti, Chairman of Cayan, said, “Silverene Towers is one of Cayan Investment’s iconic projects in Dubai Marina – offer-ing a luxury lifestyle that takes full advantage of the 10,000 square metres site. We have achieved phe-nomenal progress of construction on the project, which reinforces our impressive track record on delivery. The company has already carved a niche with its timely hand over of La Residencia Del Mar, Dorrabay, Cayan Business Centre and The Jewels projects as also significant progress on Infinity Tower project in Dubai Marina.”

He added: “We have awarded all the major contracts for accomplish-ing the project on schedule and we aim to finish the construction

and handing over by the set dead-line. We have planned well ahead of time so that we can deliver the quality our customers have come to expect.”

Once complete, each of Tower A and B will be linked by a four storey podium with two floors of exclusive hand-picked retail outlets, and a spacious sun deck with swimming pool for residents and feature its own fully equipped gymnasium.

Al Fara’a Properties has affirmed the steady construction progress on its projects despite the present market slump. Amidst the on-going handover process of its ‘Le Grand Chateau’ project, the developer also announced that it is on track to hit its delivery targets for ‘The Manhattan’ and ‘Mulberry Mansions’, which are both scheduled for the last quarter of next year. The announcement underlines the developer’s commitment to deliver its projects according to the stipulated schedule, and to safeguard the interest of its clients and investors. Further, the Al Fara’a Group has also recently launched its facilities management division, which is aimed at ensuring longevity of investment through optimisation of the maintenance pool fund and

sustainability of the investments’ value by leveraging the Group’s expertise.

Commenting on the progress, Natasha Gangaramani, Director of Al Fara’a Properties said, “Con-struction on ‘The Manhattan’ is on schedule, with the ground floor slab already constructed in its en-tirety, including the ramps leading to the three basements.”

Inspired by the urban residences of 1930’s New York, ‘The Manhattan’ will offer 355 units, which comprise a selection of studio, one-, two-, and three-bedroom apartments. Marking the leading developer’s third project within Jumeirah Vil-lage, ‘Mulberry Mansions’ will com-prise of exclusive, Victorian-styled townhouses with four bedrooms, a private two-car garage, a terrace, a balcony, maid’s room with separate access, and a small private garden. In addition, residents of both devel-opments are also set to enjoy the benefits of living in close proxim-ity to top-notch medical facilities, educational institutions, shopping malls and movie theatres, beaches and parks.

“With the completion of the initial groundworks, we are now focusing on the superstructures

of ‘The Manhattan’ and ‘Mulberry Mansions’. Specifically, we are po-sitioning the steel reinforced bars for the vertical elements in order to secure the first floor. To ensure that we achieve the high standards and value proposition for our client, we will not only utilise extensive tendering and value engineering capabilities offered in the market, but we will continue to access the broad-base of expertise throughout the Al Fara’a Construction, Property and Industrial Group. We are confi-dent that we can deliver these proj-ects by the end of 2010,“ concluded John Baarens, General Manager, Al Fara’a General Contracting, the ap-pointed contractor for the Jumeirah Village-based projects.

Schön Properties, developers of the Dh3 billion Dubai Lagoon Project, have commenced construction within the final part of their 5.7 million square foot development. The entire large-scale community of Dubai Lagoon being under construction marks major progress for the project.

The developer had recently ap-pointed two independent contrac-tors for the project to ensure ac-celerated completion and delivery of the project. Bin Sabt Building Contracting Company and Belhasa Contracting and Engineering Com-pany (BHECC), were named as the two preferred contractors for the project, and are currently engaged in the construction of the 3,786 units and associated facilities within the project.

Bin Sabt Building Contracting Company is constructing the fi-nal phase which comprises of 392 residential units, 98 Serviced Apart-ments and 37 Retail units, and will cover 494,727 square feet of con-structed area upon completion.

Bin Sabt Building Contracting Company has appointed Solanki Construction Corporation LLC as their sub contractor, for enabling works on the final portion of the de-velopment. Work has commenced and is due to complete in the final quarter of 2009. This time will be simultaneously utilised for the sub-mission of plans and obtaining per-mits from the relevant authorities for the main contract works. In line

with this schedule, the raft founda-tion works are presently on track to commence in October.

BHECC and Bin Sabt, are pro-gressing ahead of schedule in all other parts of the development and the project foresees the delivery of 442 units by the end of 2009. Till date Dubai Lagoon has employed a total of 2 million man-hours and

its first eight building structures have been completed up to the 7thfloor. To ensure accelerated development, the project is be-ing constructed with the help of 1000+ onsite workers every day.

“We are thoroughly delighted with the commencement of en-abling works in the final phase of the project and the fact that all

3,688 units in Dubai Lagoon are now under construc-tion,” said Khizer H. Schön, Executive Director of Schön Properties. “Our forward planning and management has enabled us to adhere to our com-mitments even during these times of uncertainty. And even though we have had our share of unforeseen hur-dles, we are sure this occasion will

reinstate the confidence of our cus-tomers,” he added.

Panel number 24348, the last piece of glass cladding that will complete the exterior of Emaar Properties’ Burj Dubai, the world’s tallest building, is now ready and awaiting installation.

Arabian Aluminium Company - a member of Al Ghurair Construction Industries LLC, started work on the exterior cladding of Burj Dubai in

The last cladding panel of Burj Dubai is now ready for installation

Aerial photo of Jumeirah Lake Towers taken in August 2009 showing completed and on-going construction

April 2007 and is now entering the final phase with the manufacture of the six-metre long last panel for the tower. The panel will be transported to the Burj Dubai work site for installation in the coming weeks.

The main materials used in the cladding are reflective glazing, aluminium mullions and textured steel spandrels with vertical stain-less steel tubular fins. The cladding accentuates Burj Dubai’s height while lending it a shimmering slenderness. Panels of more than 18 different strength specifications and over 200 sizes are being used for Burj Dubai, all of them double-glazed and factory-sealed.

This is the first time that Arabian Aluminium Company has worked on a project of this scale and took great care to ensure that each man-ufactured panel that left their fac-tory met the highest standards and strictest specifications.

Currently standing at over 800 metres and scheduled to open this year, Burj Dubai is at the cen-tre of the 500-acre Downtown Burj Dubai project.

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HANDOVERS

Emaar has commenced hand over of Burj Views, a three-tower residen-tial complex, with several

apartments opening to prime views of Burj Dubai, the world’s tallest building, and The Dubai Fountain, the world’s tallest performing foun-tain. The homes are located along the outer edge of Downtown Burj Dubai, described as the ‘most pres-tigious square kilometre on earth.’

Burj Views feature studios, one- and two-bedroom apartments and duplexes. The hand over is sched-uled in two phases starting with residential units in the three towers followed by units located on the podium level. These homes offer residents a quality lifestyle being in close proximity to The Dubai Mall, the world’s largest shopping and entertainment destination, several world-class hotels and the Emaar Boulevard.

Mr Ahmed Al Matrooshi, Manag-ing Director – UAE, Emaar Proper-ties, said: “The hand-over further establishes Downtown Burj Dubai as one of the most sought-after lifestyle destinations in the city. Burj Views further adds to the residen-tial components in the community, already abuzz with life and which has all modern amenities in close proximity.”

Centrally located near The Old Town the complex features health and fitness facilities, swimming pools, indoor basketball court, squash courts, children’s play area, private gardens and leisure avenues. Spacious courtyards feature gym-nasiums with high ceilings while rooftop amenities include lounges, games areas and multipurpose rooms. A highlight is a dedicated retail space that spreads over 1,800 square metre, adding to the conve-nience of residents and visitors.

Potential customers can benefit from the Standard Chartered mort-gage offering Dh150,000 to Dh10 million on Burj Views homes. Up to

Homes with a view

75 per cent of the property value will be provided for a tenure of 3 to 25 years. Call 800-EMAAR (36227) or log on to www.emaar.com for more details.

A stellar attraction at Down-town Burj Dubai is The Dubai Fountain, a water music spectacle that shoots water jets as high as 500 feet. The Emaar Boulevard is another preferred leisure destina-tion that has hosted crowd-puller events such as the Burj Dubai Clas-sic Car Show.

Commercially yours at The Citadel Fulfilling its commitment to hand over seven projects in 2009, Deyaar Develop-ment PJSC, a regional real estate com-pany dedicated to innovation, customer care and long-term sustainable growth, in August commenced handing over all units at The Citadel, its premium 41-sto-rey commercial tower located in the Business Bay master development.

The Citadel comprises 565,000 square feet of office space, including

406 state-of-the-art, contemporary com-mercial units, and 29,000 square feet of retail. This is one of the first projects to be delivered in the Business Bay master development.

“With the handover of The Citadel, Deyaar will have successfully fulfilled its handover commitments for 2009,” said Markus Giebel, Chief Executive of Deyaar. “We have consistently set high benchmarks of quality and value in our projects, and The Citadel is no differ-ent. We are confident that the design and quality will prove to be extremely beneficial to all businesses and com-mercial establishments operating from the tower.”

Deyaar hosted an orientation pro-gramme for all customers in July ahead of the final delivery. The orientation pro-gramme was used to update customers with the final documentation procedure for their respective units to discuss the building operating budget and facili-ties management contract. Additionally, an explanation of the building systems, amenities and personnel was also pro-vided.

The Citadel is the latest in the line of high-quality projects completed and delivered by Deyaar in the past few years. Facilities at the project include 24-hour security and ample parking space, among others.

Deyaar Development PJSC currently manages over 16,000 commercial and residential properties. Its operations are divided across four key business units, vis-à-vis, property development, lease management, asset management and fund management divisions. The company complies with the Escrow legislation and all relevant property laws in the UAE. Deyaar is registered with the Real Estate Regulatory Authority under reference number 15/07

Burj Views The Citadel

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HANDOVERS

With a target of hand-ing over its third project, One Business Bay, within this year,

Omniyat Properties is confident that it will be delivering the remainder of its nine projects on time to custom-ers who have invested with them. The property developer is at the mo-ment involved in the completion of projects worth about Dh8 billion.

The handover for the first phase of The Square located at Mamzar in Dubai, worth about Dh350 million, began in August. This Dh800 mil-lion project is offered for on a 35 year leasehold basis. “Obviously people in these markets are mainly focused on leasing spaces and the property cycle itself is not more than 35 years, so you don’t have buildings that last beyond that period,” says Mehdi Amjad, CEO and President of Omni-yat Properties.

When the project was launched three years ago, the sales figures hov-ered in the range of Dh600 to Dh650 per square foot at a time when the average rates were not less than Dh1300-Dh1500 per square foot.

“Even though we saw the prop-erty rates in 2008 doubling as com-pared to 2007, this year, we have seen them returning to 2007 standards. So our investors have only gained from the low investment they made

Delivering promisesOmniyat Properties says its focus is now on completing and delivering projects in hand

By Ambily Vijaykumar

back in 2006. The property market in the region has seen a correction in the range of 20-25 per cent which is healthy,” says Mehdi Amjad.

The sales and leasing office that is

open at the property offers services including leasing, resale on behalf of owners, fit out for offices, property management and furniture pack-ages. The G + 5 residential develop-ments in the first phase have 544 apartments. A second phase consist-ing of 126 office spaces is scheduled for handover by the end of the year. A first for this devel-o p m e n t is Möven-pick Hotels

& Resorts first serviced apartments consisting of 180 rooms that are scheduled for handover by March 2010. The project has been realised in collaboration with Al Shabab Club who are the master owners of the land and who would get it back once the 35 year lease period is over.

Resale and leasing enquiries have poured in during the first few weeks, Omniyat claims. In the first phase, about 100 are for resale and 200 for leasing. Though the rental range has not been finalised so far, the devel-oper expects to keep it according to prevailing market standards.

“A studio is likely to be in the range of Dh40,000 to Dh50,000 a year, one bedroom would be be-tween Dh60,000 to Dh70,000, two bedrooms between Dh80,000 to Dh90,000 and three bedrooms be-tween Dh110,000 to Dh120,000 a year,” elaborates Richard Lambert, Sales and Leasing Manager, Omniyat Properties.

A teething trouble for tenants, especially in Dubai, has been the number of cheques that landlords al-low for the yearly rent. When asked about how many would Omniyat ac-

cept for The Square, Richard Lam-bert did not give a final number, but said it could be “one, two or four.”

Other amenities within the de-velopment include 36 retail stores with food and beverage outlets, a supermarket - negotiations for which are in the final stages, two gyms, sauna and steam rooms, a 32 metre swimming pool, children’s pool, play area, barbeque area and also 1,100 underground parking spaces ensuring each resident of one parking bay.

With the current global econom-ic climate not abating, the developer has had to restrict at least two of its projects to the concept and design stage though they were launched at Cityscape last year.

When quizzed about strata law compliance for its project Mehdi Amjad replied, “We obviously com-ply with the strata law. We have a strata department that ensures that our developments are run in com-pliance with it. We also work very closely with the Dubai Land Depart-ment and RERA in terms of struc-turing our strata associations, or owners associations, across all our buildings and we have a specialist team from Australia that works in-house with us in that field.” Australia was the first country to introduce the strata law back in 1961.

Mehdi Amjad

Open plan lounge and dining room

A swimming pool to share

A kitchen fitted with today’s appliances

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35

Victory Heights (VH) has come a long way since the concept was finalised as part of the broader

Dubai Sports City (DSC) develop-ment. What was once arid desert has been turned into an oasis of se-renity among the highly impressive structures and stadiums being es-tablished in DSC. The first residen-tial golf estate in the UAE, Victory Heights is a joint venture between Bahrain based investment bank, Arcapita and Dubai Sports City, the world’s first purpose-built sport city which will incorporate state-of-the-art sporting venues and academies alongside luxury residences. This is an exclusive golf residential com-munity providing villas in a choice of authentic architectural styles of Spanish Andalusian, classical Euro-pean or Mediterranean.

Much progress has been made in recent times with a number of the phases of the development launch-ing as well as the sales offices and show villas. A handover process began in the Estella and Carmen villages, and has been carried out in a carefully controlled fashion to ensure that the new residents are able to enjoy a high quality experi-ence as they move into their new homes. Following closely behind the first 100, Victory Heights has

A Victory for Heights

also issued handover letters for an additional 150 homeowners who are expected to move in within the next few weeks. Villas in the Novel-lia, Esmeralda, and Oliva villages are next in line for handover.

“We are right on track in terms of delivery and ensuring the best quality; and our targets have been ac-curate enough for our residents to be highly satisfied. Homeowners have already started to move in and the devel-opment is really taking shape,” said Yasser Al Raee, General Manager, Victory Heights.

Meanwhile, the landscape of the com-munity is taking shape. With the Els Golf Course progressing well, hom-eowners already have immaculate fairways and greenery that make homes here quite unique among the hus-tle and bustle of Dubai life. Ernie Els, the well known professional golfer, is the designer of the 18-hole champion-ship golf course. This is his first golf course

design in the Middle East, and it combines a links style course with traditional parkland design.

Education is another priority and with the establishment of Bradenton Preparatory School children here will have knowledge and comfort in

one place. Equally important is the health of the entire community and with direct access to the walkways, golf course and numerous sports world-class fitness establishments VH will personify the ethos of Dubai Sports City.

Meanwhile, Dubai Sports City is now essen-tially in operation and is all the more attractive to prospective home-buyers and current homeowners. The recent cricket series at DSC’s Dubai International Cricket Stadium helped profile the city to a global audience.

“Our aim is to provide an exclusive residential setting which offers homeowners the perfect balance be-tween luxurious living and an active lifestyle,” added Al Raee.

Covering some 25 mil-lion square feet, Victory Heights is an exclusive villa community offering 963 beautifully designed villas and town homes set in and around The Els Golf Course. The golf facility is also home to the Butch Harmon School of Golf, managed by Troon Golf.

(from left to right) Mr. Arun Khehar, Victory Heights’ one hundredth client receives the keys to his property from Yasser Al Raee

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LAUNCHES

Standard Chartered Bank, Cit-ibank and Blom Bank France are the latest international businesses to set up opera-

tions at Downtown Jebel Ali, global master developer Limitless has stat-ed. The banks join household names such as Ericsson, Kraft Foods and L’Oreal on a growing list of local and international companies who have moved to A-grade offices or taken retail space in Downtown Jebel Ali’s first four commercial towers, which are part of an eight-building mixed-use complex called The Galleries.

The offices offer high-quality, tai-lor-made accommodation with on-site property and facilities manage-ment services. Businesses can lease from 1,000 to 15,000 square feet per floor, and can take multiple floors if required.

The Galleries, to be served by the Dubai Metro, will also soon of-fer around 300 apartments for lease, providing quality accommodation a stone’s throw from the office towers and within easy reach of other parts of Dubai and Abu Dhabi. Retail out-lets at the complex are also taking shape.

Vishal Tikku, a Managing Director at Kraft Foods Middle East and Africa, said: “Kraft moved to The Galleries six months ago, and Limitless has worked closely with us to ensure that we settled in quickly and overcame any challenges associated with a ma-jor office move. And, with our office being barely 100 metres from the Metro station, we are eagerly await-ing the opening of the Dubai Metro, when we will see a major change in the way many of our employees commute to work.”

Top banks invest in Downtown Jebel Ali

Progress at Dubai Sports Complex

Eng. Mohammed Abdul Kareem Julfar, Assistant Director General for Corporate Support Services in Dubai Municipality (DM), confirmed the Municipality’s keenness in providing high quality services and facilities, and the development of sports and youth movement in Dubai.

The implementation of the Dubai Sports Complex project is based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to the importance of completing sporting infrastructure in general; and espe-cially for the establishment of world swimming facilities for the 2010 championships which will be held in Dubai; the first time it will be hosted in an arab country.

The inspection visit by Eng. Julfar and Mr. Abdul Qadir Al Jasmi, Head of Legal Affairs Department, Eng. Mo-hammed Noor Al Mashroom, Head of General Projects Department, Eng.

Dawood Al Hajri, Head of Planning D e p a r t -ment and a number of municipal of-ficials and e n g i n e e r s to the Dubai Sports Com-plex project in Dubailand, was to review construction progress.

The complex will consist of a fully air conditioned building which will conform with the requirements of the International Federation of Swim-ming to permit the establishment of

world swimming and diving champi-onships. It will have a major Olympic size swimming pool and Olympic div-ing pool, Olympic warming and train-ing pool. The pool will be equipped with a mobile ground to control the depth of the water for schools and club training and the establishment of local and regional competitions.

In addition, the mobile cover for the Olympic swimming pool and diving pool allows another nine non-water sports to be held, like basket-ball and volleyball. The Olympic pool area has a capacity of 15,000-seats, and there are 700 mobile seats in the training and local competitions part, in addition to the other facilities built with all necessary equipment to serve the requirements of the public, ath-letes and VIPs.

Eng. Mohammed Abdul Kareem Julfar and colleagues review work progress on Dubai Sports Complex project

Limitless CEO Saeed Ahmed Saeed (right) joins Salah Ameen, Project Director, Downtown Jebel Ali, in planting a tree at The Galleries. This frangipani, one of 200 trees being planted, will grow up to eight metres tall. It joins six other varieties that will line The Galleries’ central plaza, cementing the company’s commitment to green, shaded communal areas in its developments

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FOCUS

Investment in health, safety and welfare, and raising awareness of potential risks can save lives and have a positive impact on

a construction company’s bottom line, says Dubai-based not-for-prof-it organisation, Build Safe UAE. Elias McGrath, Group Administrator of Build Safe UAE, said contractors

Helping companies through the downturn

and property developers who de-vote time and money in the area of health, safety and welfare, and share knowledge and best practice with others can greatly benefit in the long-term.

“Mindsets are changing and or-ganisations are realising the true value of investing in health and

safety, as a way of improving the bottom line. The benefits include completing projects on time, build-ing a good reputation, ensuring quality of build and boosting the morale of workers,” said McGrath.

While construction activity in the region may have slowed, con-tractors now have a chance to re-

fine processes and become more cost-effective. “Downturns give or-ganisations an opportunity to cor-rect old, ineffective or non-produc-tive business practices, and look for ways to be in a stronger position for the next upturn,” McGrath said.

Construction safety will be highlighted at the Big 5 PMV, the

IPAF will be highlighting safe and effective ways to work at height, at the Big 5 PMV, from 23-26 November 2009

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region’s premier plant, machinery and vehicles exhibition from 23-26 November 2009 at the Dubai Inter-national Convention and Exhibition Centre (DICEC). For the second year, Build Safe UAE is partnering with the event to communicate to inter-national contractors, suppliers and manufacturers, that the region takes health and safety issues seriously.

“The topic is making its way to the top of corporate agendas. I’ve noticed a clear improvement in re-cent years, but more needs to be done,” said McGrath. “We want to get senior managers to start doing business the smart way, and ethi-cally the right way. Construction stakeholders in this industry will be taking an expressive interest in plant, machinery and vehicles that incorporate measures which reduce or eliminate risk of accident, injury or harm to a person.”

The event has gained the atten-tion of large global organisations, committed to reducing the inci-dence of construction related inju-ries and fatalities. The International Powered Access Federation (IPAF) has announced their full support and participation in the Big 5 PMV.

Tim Whiteman, Managing Direc-tor of IPAF, a not-for-profit organi-sation that promotes the safe and effective use of powered access worldwide, said: “There is plenty of scope to improve safety standards in this region and we’re seeing a clear desire from major contractors to raise these standards. Industry events such as the Big 5 PMV are very important to showcase pow-ered access as a safe and effective way to work at height.”

Madania Real Estate has made its first auction property sale fol-lowing its second public auction event held on the 22nd July 2009. Raymond Kuceli, the auctioneer and CEO of Madania Real Estate, put eight properties under the hammer at the Al Murooj Rotana Hotel in-cluding two residential properties in the Meadows and Jumeirah Beach Residences, one apartment in Inter-national City and three commercial office spaces in Jumeirah Lake Tow-ers.

While the lots failed to meet their reserve prices on the night, post

event negotiations delivered the first sale during the third phase of the auction process. The Meadows villa with landscaped garden sold for above Dh4.2 million.

Although bidding levels at the auction event were still below sell-ers’ expectations, the gap between buyer and seller price positions has narrowed. In the instance of the successful sale, parity was achieved. Madania remains confident of building on the success of the first sale at its next auction, planned for October.

Commenting on the auction property sale, Raymond Kuceli, CEO of Madania Real Estate said: “This sale is a real milestone for us. My team has worked hard to achieve our first auction property sale and I’m delighted for them and, of course, our client. It reconfirms our belief that the auction method of sale will work in Dubai. In the months to come we will continue to pioneer this method, and edu-cate sellers and buyers about the advantages of buying and selling property at auction.”

Kuceli added that the increased bidding activity at the auction, and the doubling of properties auctioned - up from four in May to eight in July – were both posi-tive signs and indicators that buy-ers and sellers are becoming more comfortable with the process.

“The biggest myth we’re trying to dispel among bidders at the mo-ment is the belief that they will get rock bottom prices simply because it’s an auction. The auction method

of sale is really about getting the fairest mar-ket value for any given property on the day,” he said.

During the recent auction event held, all five registered bidders en-tered into the action, focusing on three of the eight lots up for auction. Eight bids were made

on the second lot of the evening, an apartment in Jumeirah Beach Resi-dences, starting at Dh2 million and increasing by Dh100,000 increments until it was passed in at Dh2.65 mil-lion. The sixth lot to be auctioned, a villa in The Meadows, started at a bid of Dh1.5 million and was passed in at Dh3.3 million after 10 competitive bids. It subsequently sold during post event negotiations. The final property up for auction, also a villa in The Meadows, was passed in at Dh3.35 million after six bids were made from the floor.

The auction itself is phase two of Madania Real Estate’s 60-day, three phase auction process. Phase one begins with a vendor signing up exclu-sively with the company and the onset of an ag-gressive four-week mini-mum marketing cam-paign. If the property does not sell at phase two – the auction event – the third phase uses all the informa-tion gathered during the first and second phase to generate a buyer.

The auctioneering method of sale is unique in that it facilitates sales between a buyer and seller in the most transparent manner and puts the property before the price. The prices agreed during the regular auction events will help the company provide accurate data on true market value for assorted types of properties.

Dubai Holding (DH)is realign-ing its organisational structure to streamline its operations and ensure the continued delivery of world-class projects and future growth of the organisation.

Building on its strengths and core competencies in four major operational specialisations, DH is reorganising its businesses into Property, Business Parks, Hospital-ity and Investments verticals. The realignment will deliver significant efficiencies as the group prepares for the economic upturn.

Ahmad Bin Byat, CEO, Dubai Holding said: “The realities of the global economic climate have made it necessary for us to look at our portfolio in a different way. In order to remain competitive in the marketplace, and be sure that we are poised for success once the markets open up, we’ve undertaken a number of changes that will rein-force and strengthen our business.”

“By building on the synergies within our portfolio our businesses are able to take advantage of the diverse expertise within the com-pany like never before. We have a strong and diversified asset base that includes our employees, our projects and our international part-ners. In this changing environment we have adapted and therefore our portfolio stands strong and is ready to take advantage of new opportu-nities,” Bin Byat added.

The Ilyas and Mustafa Galadari Group, owners of City of Arabia,

Raymond Kuceli, the auctioneer and CEO of Madania Real Es-tate, put eight properties under the hammer at the Al Murooj Rotana Hotel including two residential properties in the Meadows and Jumeirah Beach Residences, one apartment in International City and three commercial office spaces in Jumeirah Lake Towers

Ahmad Bin Byat

the spectacular retail, residential, commercial and entertainment destination in Dubailand, has ap-pointed Dhabi Contracting as the main contractor for Wadi Walk. The company won the contract to build the city’s Mediterranean style low-rise apartments and waterfront community, over four other compa-nies, for their competitive bid. With soil testing, excavation and shor-ing works already complete, Dhabi Contracting is now mobilising on site, and is commencing foundation works for Wadi Walk.

Sami Edwards, Managing Di-rector of Dhabi Contracting, said, “With around 1,000 workers and 40 engineers on site for Mall of Ara-bia, we have now introduced ap-proximately 500 more to build Wadi Walk. This contract agreement is a continuation of our relationship with the Ilyas and Mustafa Galadari Group, and we are all excited to see Wadi Walk come to life.”

Wadi Walk, a vibrant waterfront community set along a meander-ing eight-kilometre canal, will pro-vide residents and visitors with a huge range of retail outlets, cafes and restaurants, and ample space to stroll and relax. Acting as the fo-cal point of the development, the canal will be kept to a deep blue colour and will maintain pristine quality by 11 water filtration plants

sunk within the basement. Visitors will be able to cruise the waterway aboard fleets of water taxis, which are electronically powered to elimi-nate noise and pollution, and can travel the canal from Wadi Walk to Mall of Arabia.

The development is also de-signed to restrict traffic flow, with cars and other vehicles diverted to the rear of the apartment build-ings where there will be ample car parking for residents, shoppers and diners.

Visitors arriving via the Dubai Metro can transfer quickly to City of Arabia’s own monorail system, for a short onward journey to other

destinations within City of Arabia.International Air Charter (IAC),

one of the world’s largest indepen-dent private jet charter brokers, has revealed an increasing number of bookings for short regional flights within the Middle East or around Europe, prompting IAC to boost its locally-based fleet and expand its regional presence. IAC noted that numerous European travel-lers coming to the UAE, particularly those who have bought properties or invested in elite developments, prefer jet services as being more convenient, time-efficient and cost-effective means to reach multiple business and leisure destinations in

the Middle East.Elie Abdo, Managing Partner –

Middle East, International Air Charter, said, “While commercial airlines are still convenient for long-haul flights, a growing number of elite clients are now looking for charter jet solutions for shorter local and regional flights within the Middle East or around Europe. Chartered jets give our elite business clients greater flexibility in terms of departure time and passen-ger capacity, while allowing them to avail of a wide range of business or even customised leisure services and facilities throughout the trip, which are otherwise unavailable in commercial flights.”

The Ilyas and Mustafa Galadari Group has appointed Dhabi Contracting to build Wadi Walk, the vibrant waterfront community characterised by low-rise Mediterranean style apartments in City of Arabia.

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Al Barza Ramadan tent at JBR

Dubai Properties Group (DPG), a member of Dubai Holding, is

marking the Holy Month of Rama-dan with an authentic 300-seat tent hosting daily Iftar and Sohour at The Walk in Jumeirah Beach Residence (JBR). Samsung, the global leader in consumer electronics and advanced technology solutions, are on board as platinum sponsors, and Arabian Radio Network (ARN), subsidiary of the Arab Media Group (AMG), are the media partners for the month-long event.

For first time visitors to The Walk, Al Barza is an ideal place to experi-ence the traditions of Ramadan with a spectrum of traditional activities, including a live oud musical player.

Saeed Bushalat of Dubai Property Group said: “For this second annual

event, we are seeing our residents and visitors gathering at the tent for Iftar and Sohour. This initiative is part of our ongoing efforts to bring the community together in a spirit of brotherhood. It is a great place for families, groups of friends and busi-ness colleagues to come together and savour the traditional aspects of local hospitality.”

Evocative of the region’s heritage and serving a wide assortment of Arabic and North African cuisine, the tent welcomes visitors from 7.00pm to 2.00am on weekdays and 7.00pm to 3.00am during the weekends. In keeping with the tradition of giving, Dubai Properties Group and Sam-sung will raise funds for select chari-ties throughout the Holy Month of Ramadan at the tent.

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FOCUS

Nowadays automa-tion seems to cover almost every aspect of our life and Dubai

seems to be leading the way in adopting hi–tech alternatives to many of the manual tasks we do, making life a lot easier, as well as solving the problems that the city and its people face using cutting -edge and inventive methods.

A multi-storey, robotic car park, one of the largest in the world, opened on 12th August 2009 at the new Ibn Battuta Gate mixed-use office complex, owned by Seven Tides. Located next to Ibn Bat-tuta Mall, the Gate office complex has 40,000 square metres of office space and residential apartments managed by Asteco Property Man-agement and a five-star hotel and spa to be managed by Mövenpick Hotels & Resorts.

Cars are parked for you using computerised trolleys and eleva-tors and retrieved in a similar fash-ion. This innovative technology of-fers car-users a quicker, easier and safer system of car parking, with minimum risk to the cars and an economical use of space.

“In a world of increasing ur-banisation and traffic congestion, the future is robotic parking”, said Sami K. Issa, General Manager of Robotic Systems, the technology licensor. “As, more and more vehi-cles in the UAE and the Middle East share a limited volume of available space, the need for a solution has become acute. In our view, it is not simply more space but more intel-ligent use of space which will solve

Robotic Valet ParkingBy Abhishek Chandra

the parking problems of today and tomorrow. With this technology, you don’t need to drive through the garage to find a parking space. Instead you simply drive your car to an entry station and leave your car to be picked up by the com-puterised lifts that will safely place it inside the building on a shelving system. When you leave, you return to a central point and your car is swiftly returned to you”

The car park, whose technology was designed by US-based Robotic Parking, is able to hold up to 765 ve-hicles and can carry more than 250 parking transactions per hour, with 32 cars in motion simultaneously. Car retrieval can take between two and a half to three minutes, depending on the amount of cars being parked at once.

Andrew Chambers, Managing Director of Asteco commented,“This robotic car park will be especially convenient for the office tenants, parking or retrieval can be com-pleted in less than 160 seconds. It is safe and secure and obviously doesn’t expose expensive paint work to the abrasive elements dur-ing lengthy office hours.”

High-end car users would cer-tainly be attracted with a secure storage for their cars, away from the inevitable scratches and dents that occur often in parking lots, particu-larly with Dubai being a hub for ex-pensive vehicles.

Compared with the regular base-ment parking for 350 cars also at-tached to the Gate Office complex, the robotic car park can hold twice the amount of vehicles in the same

amount of space. This is achieved by eliminating overhead space, as well as walkways, both of which are essential in regular parking, but not in the automated version.

In terms of charges, tenants and members of the Gate Office com-plex receive complementary use of

the robotic parking service, visitors however may be required to pay a fee, although no initial charges have been set, so visitors can have a free sample of the innovative tech-nology.

Any safety issues that may arise are also seen to, as once the vehicle

Andrew Chambers, Ahmet Oktay Cini and Sami K. Issa

Ahmet Oktay Cini, CEO of Asteco

Development Management, also representing

Seven Tides, describes the system as “a

premium valet parking using state of the art

technology”

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is driven to the drop off booth and the passenger has exited, a digital questionnaire must be answered regarding the situation of the ve-hicle and the contents placed in-side to ensure that no passengers or pets are still inside and that the engine is switched off.

At first, there might be some ap-prehension in placing your vehicle in the hands of a computerised sys-tem, but rest assured that tests have been done to ensure that your ve-hicle is safely stored and retrieved quickly with no problems whatso-ever and any concern you feel at first is cancelled out by the sense of awe created by the swiftness of the system.

More and more cars are on the roads now in Dubai, correlated with the rise in the population due to more expatriates entering the country. This would result in larger parking lots to be built in order to cope with the increase in vehicles driven. This in addition to the im-measurable amount of develop-ment going on in Dubai, there hasn’t been much emphasis on the conservation of resources, and one of the most sought after resource in the future is going to be space. Ventures like the Robotic Car Park will provide an important aspect of space saving measures to come. “Tenants and

members of

the Gate Office

complex receive

complimentary

use of the robotic

parking service,”

states Andrew

Chambers,

Managing Director

of leasing agent

Asteco

This scheme will effectively inspire the construction of more multi-storey car parks, robotic and regu-lar all over the city, especially with

the completion of the Dubai Metro, providing commuters all over Dubai with easy access and space efficient parking adjacent to the stations.

Human eyes keep a watch on the robot parking

Robot Parking

Clients can watch their car being retrieved and brought to them mechanically

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INFRASTRUCTURE

TechnoPark the science and technology facilitator of Economic Zones World has signed a land lease agree-

ment with First Sea Mining Factory LLC. The mining factory uses cutting-edge technology from I.E.S. Germany and will implement advanced one-of-its kind Seawater Brines recycling technology that will completely elim-inate harmful pollution caused by brine discharges from seawater de-salination plants. The establishment of the new company is a landmark step towards ecological preservation of UAE’s marine seawater resources and its fishing industry.

Ibrahim Mohamed Al Janahi, Chief Commercial Officer of Economic Zones World – UAE Region said: “Building up the country’s desalina-tion capabilities and water conser-vation efforts is a huge priority for TechnoPark.”

First Sea Mining Factory will col-laborate with TechnoPark, the Minis-try of Environment and Water, Gov-ernment decision makers and the water authorities concerned for the recycling of industrial waste brine which is a by-product of the desalina-tion process. Another advantage of this unique recycling technology is the potential to develop other indus-tries due to minerals and salt received from the recycling process, such as gypsum, table salt, potassium-mag-nesium fertilizer, magnesium and other valuable minerals.

TechnoPark is focused on Re-search, Development and Studies in the field of the country’s core eco-nomic sectors viz. Energy, Desalina-tion & Water Resource Management,

Briny sea

Environmental Resource Manage-ment and technology driven knowl-edge based industrial development.

From 7 to 12 November, it will host the IDA World Congress on Desalina-tion and Water Reuse 2009 at the Atlantis Resort - The Palm. Themed ‘Desalination for a Better World’, the conference is expected to gather over 1,800 industry professionals and lead-ers from the global desalination and water reuse industry. The event will include technical programmes, an ex-hibition and discussions on the most advanced desalination and water conservation technologies available in the world. The Congress, which has grown exponentially year on year, involves the world’s most prominent industry players, including end-users (utilities), manufacturers and suppli-

ers, government officials, researchers, financiers and members of academia from over 80 countries.

Patricia Burke, Secretary General of the International Desalination As-sociation, said: “Water sustainability is a global issue, and can only be ad-dressed through exchange of infor-mation on an international level. We look forward to the exchange of ideas and collaboration on critical issues. The industry is constantly evolving and innovating, and our mission is to ensure that desalination is imple-mented in the most responsible way, from the perspective of cost, energy and environmental considerations.”

“Among the most anticipated events during congress week are the tours of desalination plants in the re-gion. This year, we have expanded the

tour programme to run throughout the congress week, affording del-egates exclusive behind-the-scenes access to some of the most advanced desalination facilities in the world. Palm Utilities, ADWEA and DEWA have already confirmed their partici-pation,” she added.

“ Water is the lifeblood of our plan-et.” Explained Ms. Burke. “Without access to clean water, people cannot enjoy healthy, productive lives. Com-munities cannot thrive, and business cannot grow. Globally, we are chal-lenged by many factors that stress ex-isting water supplies. Today, desalina-tion is being recognised throughout the world as a vital aspect of helping the world’s population meet its grow-ing thirst for fresh water. Of course, here in the Middle East, desalination has long played a critical role in pro-viding water to the region’s burgeon-ing population. In fact, the UAE is the second largest producer of desali-nated water in the world, producing more than 8.4 million cubic metres per day, or over 13 per cent of the to-tal global capacity.”

Ibrahim Mohamed Al Janahi

The International Desalination Association is a non-profit organisation comprising over 2,000 members from 60 countries, including scientists, end-users, engineers, consultants and researchers from governments, corporations and academia. IDA is associated with the United Nations as part of a growing international network of non-governmental organizations (NGOs)

While this is the first time that this World Congress will take place in Dubai, IDA has enjoyed a long history with the United Arab Emirates and other countries in the Middle East. For example, IDA has hosted two water forums in Sharjah and Dubai, and its 1995 World Congress took place in Abu Dhabi. Plus some of the desalination industry’s leading suppliers, including Metito and Future Pipe, have their roots in Dubai

ENVIRONMENT

In the beginning of the 20th cen-tury, then US President Theodore Roosevelt commented that “The conservation of natural resources

is the fundamental problem. Unless we solve that problem, it will avail us little to solve all others.” Despite this strong statement, however, global environmental activism only began to gain momentum in the 1960s. To this day, there is still much debate on the extent of humanity’s ecological impact and the best methods and levels of environmental protection.

While the UAE is one of the most progressive nations in the Arab re-gion, it is also one of the most hard-pressed to enhance its conservation status. The Emirates’ high per-capita ecological footprint is caused by a combination of factors such as vast oil reserves, unique geography, nu-merous infrastructural developments and a multicultural population. No less that H.H. Sheikh Zayed Bin Sultan Al Nahyan, the founding father and late President of the UAE, recognised early on the importance of maintain-ing a balance between growth and sustainability.

“H.H. Sheikh Zayed often called for greater awareness on how we affect our surroundings, not just as a corpo-ration or government organisation, but more importantly as an individu-al. That is why our Group advocates environmental custodianship at the grassroots level. Simple acts such as proper recycling and use of biode-gradable products add up to consid-erable reductions in our ecological footprint,” said Habiba Al Marashi, Chairperson, Emirates Environmental

Rallying against the refuse: People are the key to UAE’s conservation agendaEEG offers solid recycling and waste management platform

Group.The Emirates Environmental Group

(EEG) is a professional body which promotes environmental protection through awareness and action pro-grammes plus community involve-ment. It is the first environmental NGO in the world to be ISO 14001 certified and the only eco-oriented organisation in the UAE with accred-ited status to the UN Convention to Combat Desertification (UNCCD) and the United Nations Environment Pro-gramme (UNEP). EEG is fully support-ed by concerned local and federal government agencies and welcomes men and women of all nationalities.

EEG has been campaigning for the integration of proper waste man-agement and recycling into the daily operations of all sectors of the Emir-ates and the lifestyles of the country’s citizens. Through high-profile events

and publications, the Group emphasises the need to re-duce the amount of waste generated by the coun-try, which accounts for one of the highest in the region.

The organisation’s ef-forts are starting to bear fruit, as reflected by its latest waste collection data. EEG reports that paper collection as of June 2009 amounted to 689 tons, a 50 per cent increase from the total 2008 collection. The big-gest breakthrough, however, has been in plastic collection. Through greater support from individuals and companies, 60 tons of plastic have been re-

moved from the UAE’s surroundings in the first half of 2009, representing an impressive 82 per cent jump from the 2008 figure. This complements the government’s recent announce-ment that it will be phasing out con-ventional plastic bags by 2012.

Even EEG’s glass collection has picked up, surpassing 90 tons and overtaking last year’s collection by 70 per cent. A total of 3,992 pieces of empty printer ink car-tridges and toners have been gathered so far, compared to the total 2008 yield of 5,653 pieces. Major c o m p a n i e s such as Sanyo and Nokia have taken notice of

and publications, the Group emphasises the need to re-duce the amount of waste

forts are starting to bear fruit,

Habiba Al Marashi

EEG’s success-ful programmes and

have joined forces to tackle the issue of used batteries and mobile phone collection initiatives.

“The future of our environment does not rest in the hands of the government only but rather in the support and cooperation of each and every member of society. While we of-fer a solid platform for conservation, our efforts are only as effective as the public’s participation,” concluded Al Marashi.

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COMMUNITY

People are the reason for real estate projects. When the developers and con-tractors have done their

construction jobs it is the people who live and work in their buildings that matter. A community of folks who go about the daily routine of living their lives. Sometimes com-panies lend a helping hand in the comfort and happiness sector call-ing it Corporate Social Responsibil-ity (CSR) or Mubadra.

Imdaad, an integrated facili-ties management company in the UAE, has announced its support to Dubai Autism Centre (DAC) and is planning to provide free main-tenance services at all its facilities. A Memorandum of Understanding (MoU) was signed between Imdaad and DAC, according to which the company will provide consultation on various aspects of facilities man-agement, energy saving practices, recycling and environment-friendly operations to be carried out at the Centre.

Mohammed Al Emadi, Director General, Dubai Autism Centre, said: “We thank Imdaad for their continu-ous support and believe their ges-ture will inspire more companies in the UAE to come forward to help us in our cause. The children here are in need of constant care and at-tention that can only be delivered through community initiatives.”

Set up in November 2001, the Dubai Autism Centre is a non-profit organisation providing various ser-vices to children with autism, which is a most common condition in a set of developmental disorders known as the Autism Spectrum Disorders (ASDs). The Centre also works to-wards alleviating the suffering of

Lending a handautistic children and their families through educational and therapy programmes as well as awareness projects

Imdaad provides first-rate fi-

nancial management services and solutions to worldwide clients such as Nakheel, Jafza, DP World – UAE Region, Dubai Customs, Limitless, Tamweel and Wasl-DREC. Some of the key projects it has undertaken include Palm Jumeirah, The Gar-dens, Atlantis, International City, Jebel Ali Port, Jebel Ali Free Zone, Ibn Batuta Mall, Dragon Mart and Dubai Maritime City.

Currently on a development drive after achieving groundbreak-ing progress in 2008 through new partnerships and projects, Imdaad has taken up the Green approach in its 2009 strategy with the launch of several projects such as “Beati,” the grand environment protection pro-gramme targeting school children and university students.

Dubai Properties Group (DPG)

celebrated Hag Al Leilah with its employees and their families by distributing traditional presents, as well as sharing the history and the rich culture of the festival. DPG

made a hands-on approach in cel-ebrating the event and encouraged all of its employees to participate in the spirit of the season as part of its corporate responsibility (CR) programme ‘Mubadra’. Children dressed in Emirati flag colours were warmly greeted by DPG’s top CEOs as they visited every department in the organisation.

Established in 2007, Mubadra, the CR arm of DPG, aims to contribute to the overall benefit of society by participating in community related activities. Through Mubadra, DPG looks to invest in its employees, the environment, community and the stakeholders.

Hag Al Leilah is one of the most widely held traditions in the Gulf. It annually falls on the 15th day of the Islamic month Shaaban, and serves

as a reminder of the approaching Holy Month of Ramadan. During Hag Al Leilah, children visit houses in their neighbourhood and receive sweets and nuts, as a symbol of gratitude for the blessings the com-munity has received.

Fareda Abdullah, Executive Di-rector of Human Capital of Dubai Properties Group, said: “Tradition-ally during Hag El Leilah, gifts in the form of sweets are handed out to children and the needy. We are de-lighted to have celebrated this cul-tural heritage with our employees and their families.”

The ‘Earth’ golf course, inspired by the great parkland courses of Eu-rope and North America, is one of Greg Norman’s two eco-signature courses at Jumeirah Golf Estates; Fire being the other. Earth is set to hold the Dubai World Champion-ships this November.

Jamal Abdullah Lootah, CEO, Imdaad and Mohammed Al Emadi, Director General, Dubai Autism Centre

DPG celebrated Hag Al Leilah with both staff and their families

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Renowned players, Sergio Garcia, Robert Karlsson, Justin Rose, Dar-ren Clarke and Martin Kaymer were joined by Khalid Yousuf, three-time UAE champion and one of the Emir-ate’s most promising young golfers, for a sneak preview of the course, which is set to provide the supreme test for the top 60 players in The Race to Dubai who will be contend-ing for a $10 million prize fund.

Norman commented, “The last four holes fall just short of a mile and I fully expect this to be one of the most challenging and exciting miles in golf. There is great reward, but there is also great risk.”

The Dubai World Championship is picking up a huge following with 35,000 fans from all parts of the globe already registered for tickets for the grand finale of The Race to Dubai. You can register for free tick-ets at www.dubaiworldchampion-ship.com

The Race to Dubai started in November 2008 at the HSBC Cham-pions in Shanghai and continued with the Dubai Desert Classic at-tracting a stellar field for its 20th anniversary celebrations. From as far afield as Brazil, Barbados, New Zealand and Finland, fans will be at the Jumeirah Golf Estates from November 19-22 to observe the exhilarating climax to the season-long competition which features 49

golf tournaments in 26 destinations around the world.

Sergio Garcia, current World Number 2 and co-designer of Wind, the fourth course at Jumeirah Golf Estates, said: “The buzz surround-ing The Race to Dubai has made this season one of the most excit-ing in living memory and the grand finale at the Dubai World Champi-onship, where so much is at stake, deserves a golf course that will test the very best in the world. This is an incredibly impressive golf course and worthy of such an important tournament. Earth could easily be played competitively now and I’m amazed at how much it has progressed. I’m look-ing forward to coming back in November to play for real!”

Emaar Healthcare Group of Emaar Proper-ties PJSC, is establishing in Dubai, with facilities to open in Downtown Burj Dubai, Arabian Ranches and The Meadows. Using its partnership with Meth-odist International an-nounced last year, these facilities will provide the highest international stan-dards in healthcare de-livery. Emaar’s expansion into healthcare highlights

the lifestyle developer’s aspirations to create integrated communities with services that enhance the quality of life of the residents.

Mr Omar Al Shunnar, CEO of Emaar Healthcare Group, said, “Emaar Healthcare Group is dedi-cated to providing excellent medi-cal facilities, manned by highly-skilled healthcare professionals and equipped with the latest technolo-gies. With a clear commitment to deliver world class healthcare to the communities we serve, we will pro-vide the utmost care and attention to our patients ensuring a caring

and secure medical environment with a strong focus on customer service.”

He added: “The partnership with Methodist International underscores our commitment to develop world-class facilities of the highest stan-dards for patients. This is one of the world’s leading names in healthcare delivery and its reputation and expe-rience complements our objectives. Through our linkage with Method-ist, we will leverage their expertise in providing value added services including the ability to source sec-ond opinions from the US.”

Greg Norman, Golf Professional and Designer of the ‘ Earth’ course

Artist impression of Emaar Healthcare Group centres

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Q & AYour questions answered by Jacqueline Latham, DLA Piper Middle East LLP

LAWS & REGULATIONS//UPDATES

Q I work for a developer of a project that is now 60 per cent complete. However, several purchasers have defaulted on the payment plan and we now want to cancel the sale and

purchase contracts we entered into with them. What is the pro-cess?

AUnder Law No. 13 of 2008 regulating the interim real estate register in Dubai and its amending Law No 9 of 2009, your company must notify the Land Department of the purchasers’

breaches and then the Land Department will serve the purchasers with 30 days’ notice to remedy their respective defaults. If these breaches of contract are not remedied within this timeframe, then your company may cancel the contracts.

In terms of the actual procedure, your company will need to submit ap-plications for the cancellation of the contracts to the Land Department and the applications must be in Arabic and be signed by an authorised signatory: the status of the authorised signatory must be proved by providing a copy of his/her ID and a copy of your company’s incor-poration document that names the authorised signatory and reflects his/her competency to settle disputes before any Government author-ity. In addition, your company will be required to submit the follow-ing documents with the cancellation applications: a copy of the sale and purchase contracts (a copy of the reservation form should suffice where a sale and purchase contract has not been signed), a copy of all the notices that your company has served on the purchasers; proof of the properties’ registrations on the interim real estate register; a copy of the percentage of the project’s completion from your company’s proj-ect consultant; a copy of the percentage of payments and milestones from RERA; a copy of your company’s and the project’s registrations at RERA; and a copy of your company’s trade licence. In respect of the project milestones achieved to date, on the basis that

you have stated that your company’s project is 60 per cent complete, you should note that though your company may revoke the contracts if the purchasers fail to fulfil their contractual obligations within the Land Department issued notice period, your company may only retain 40 per cent of the purchase price as per the individual contracts.

Q My tenancy contract is due to expire in three weeks. I have fully complied with the terms of the contract and provided my landlord with the required 90 days notice of my wish to

renew the contract however, my landlord has been stalling on the grounds that he wants more rent money. Surely there is a minimum period in which my landlord must provide me with notice that my tenancy is not to be renewed?

ALaw No. 33 of 2008, which deals with landlord and tenant issues, provides that the rent can be increased or decreased where a tenancy contract is being renewed however, in the event that

the parties cannot reach agreement with respect to the amount, then the Rent Committee will apply a similar rent in consideration of several factors including RERA’s rent increase percentage standards, market rent for the area and the general economic situation in Dubai. Though the Law does set out the grounds for when a landlord can evict a ten-ant either prior to, or on expiry of, the term of the tenancy contract, failure to agree a rental amount on renewal of a tenancy contract is not a ground. So long as you have fulfilled your obligations under the ten-ancy contract, if you cannot resolve the rental issue among yourselves, then the recourse available to you is to submit your dispute to the Rent Committee.

Q I work for a developer and we are currently in settlement ne-gotiations with defaulting purchasers under sale and pur-chase agreements concerning off-plan units. I expect that

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Q & Athe contracts will be cancelled shortly and want to know how we can remove the purchasers’ details from the interim register so that I can re-market the units?

AOnce your negotiations to cancel the sale and purchase agree-ments are finalised by you and the respective purchaser, you should submit the following documents to the Land Depart-

ment in order to remove the purchaser’s details from the interim real estate register:

an application in Arabic that is signed by your company’s autho-•rised signatory (with proof of the status of the authorised signatory as above);

two copies of the cancellation agreement entered into by your •company and the purchaser (one for the account trustee and one for the escrow department);

a copy of your company’s trade licence and a copy of your com-•pany’s registration with RERA;

a copy of the relevant sale and purchase agreement or if this is not •possible, the reservation form;

a copy of all the invoices and receipts that have been amassed in •relation to the property in question as per the terms of the sale and purchase agreement;

a copy of the receipt of the Oqood registration of the unit in the •name of the purchaser; and an undertaking from both parties basically confirming that you accept the terms of the cancella-tion agreement, that all obligations under the sale and purchase

agreement have been fulfilled and if they have not been, then the parties accept liability for their actions in this regard and the un-dertaking should categorically clear the Land Department of any responsibility in the event of misrepresentation.

If you are legally represented, which I imagine you are given the stage that you are at with the purchasers, then your legal consultant should be present in person at the Land Department during this process.

QI have been provided with a standard sale and purchase agreement from the developer of a Dubai-based unit that I am interested in buying. I note that there is no arbitration

clause in the document and as a foreign investor, I would prefer to avoid the courtroom in the event of a dispute. Is it possible to amend the contract?

AIt is possible for you to try and negotiate the terms of the draft sale and purchase agreement with the developer, however, you should be aware that the developer may refuse to amend the

agreement if it is in its standard form and, as such, any dispute would fall under the remit of the Dubai courts. In order to be able to submit a dispute to arbitration, it is essential that this dispute resolution route is mutually agreed by yourself and the developer and that both of you have such agreement in writing, be this a clause in the sale and pur-chase agreement or a separate arbitration agreement. You should en-sure that this has been dealt with before you enter into any agreement with the developer - even a reservation slip, since it may prove difficult and unnecessarily costly and time-consuming to amend an executed agreement further down the line.

Jacqueline Latham is a Legal Consultant (England and Wales qualified), Real Estate at DLA Piper Middle East LLP, Dubai, www.dlapiper.com

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PROFILE

Hospitality designsI

f you ask Trisha Wilson, Founder and CEO of Wilson Associates (www.wilsonassoc.com), con-sistently ranked as one of the

world’s top hospitality design firms, the key to her company’s success, she will tell you that international expansion has been an important factor. Headquartered in Dallas since its founding in 1971, the firm has offices worldwide to better serve clients around the globe. In fact, today, more than 90 per cent of Wilson Associates’ work is inter-national. With offices and clients in almost every time zone, they are able to provide clients with round-the-clock service - literally!

Dubai has been the site of some of the most exciting recent projects undertaken by Wilson and her team and the rich, cultural heritage of the Middle East has helped shape the work. “We are seeing quality, elegance and luxury brought to a new level in Dubai and elsewhere in the region,” said Trisha Wilson. “Our designs build on the traditions of the past with a contemporary re-finement.”

Capturing the spirit of the place is Wilson’s core design philosophy. “We don’t have one look; we design for the client and for the market, in-corporating the culture, traditions and topography of the project’s location,” continued Wilson.

At the recently opened Atlantis, The Palm on the banks of Dubai’s first man-made island, The Palm Jumeirah, the myth of Atlantis pro-vides a central theme for Wilson’s design. However, Moorish arch-ways, shimmering fabrics, gold and silver tones, precious stone ac-cents and crystal fixtures, as well as the breathtaking vistas and azure waters of the Arabian Gulf, make it distinctly Arabian. The design of the Park Hyatt Dubai, completed by Wilson Associates in late 2005,

also capitalises on its setting over-looking Dubai Creek by revealing a nautical influence. The colour pal-ette is inspired by the surrounding landscape and architectural details are highlighted through shadow and texture, creating a calm, urban oasis.

The design of The Palace - The Old Town in the centre of Dubai was completed by Wilson Associ-ates in January 2008. There, it was fundamental that the firm work within the scheme of the Old Town development surrounding the ho-tel, which includes the Souk Al Ba-har, a modern-day souk. This souk showcases traditional Arabic items like carpets, perfume and jewellery but with the luxury of air condition-ing and other amenities. Likewise, the Palace reflects Arabic design but with a contemporary elegance. Specific inspiration was taken from Morocco, particularly the vibrant, multicultural city of Tangier. One-of-a-kind furniture, some crafted by local artisans, along with antiques and rich colours, regional textures and shapes, work together to cre-ate a family-style city resort with an atmosphere that is comfortable and residential yet in keeping with its 5-star Sofitel rating.

Other work completed by Wil-son includes the One & Only Royal Mirage, on one kilometre of private

coastline on Jumeirah Beach, which appears as a fortress rising from the desert sands amidst the seclusion of palm trees that encircle it. Wilson’s design brief was to utilise architec-tural history to design a hotel that would appear to have been built at the beginning of the 20th century. The firm worked very closely with the architects to ensure the interior spaces and building structure ap-peared as one seamless element. They succeeded. From its low-rise sandy walls and battlements to its serene inner courtyards and foun-tains, Dubai’s 5-star Royal Mirage Resort embodies an eclectic mix of historic architecture and design typical of the United Arab Emir-ates.

Additional Wilson projects cur-rently underway throughout the region include The Ritz-Carlton, Riyadh, Saudi Arabia; The St. Re-gis Doha, Qatar; The Sofitel Dubai, UAE and Park Hyatt Saadayat, Abu Dhabi, UAE.

“One of the most important in-sights I have gained through my many years in the business is to maintain an ‘attitude of gratitude,’” concluded Wilson. “I am grateful for the tremendous projects our clients entrust with us - projects that take us to all corners of the world designing places of incred-ible beauty and luxury.”

Atlantis, The Palm

The Palace - The Old Town

Park Hyatt Dubai

One & Only Royal Mirage

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