hotel

DUBAI REAL ESTATE MARKET OVERVIEW

Q1 2015

REAL ESTATE SERVICES

2 3

CONTENTSSector Summary 4

Demand Drivers 6

Macro Trends 8

Residential Sector 10

Project Focus 18

Office Sector 20

Retail Sector 23

Hospitality Sector 25

Definitions & Methodology 27

Contact Information 28

Supply - Photo Gallery 29

Development Location Map 30

REPORT HIGHLIGHTS Residential

Property values decreased on average by 4% during Q1 2015, with Year-on-Year still showing an increase of 7%. Rental values grew on average by 1% across Dubai during Q1 2015 and 5% over the same period last year.

Q1 2015 saw 2,000 new apartments and villas being added to the market, taking the overall residential (villas and apartments) supply to 471,000. The residential market is currently inundated with new projects and off-plan projects are challenging the existing price bands while targeting the affordability sector.

Many developers are now guaranteeing returns of up to 10% on furnished properties to attract buyers and simultaneously offering attractive payment plans. We expect this trend to continue during 2015 and buyers will benefit from the continuation of various incentives on offer.

Office

The market is witnessing a steady supply of new stock coming on stream which is satisfying different levels of tenant enquiries, although demand is typically for offices ranging between 2,500 to 4,000 sq. ft. On the other hand demand for full floors is limited.

1.6 million sq. ft. of new office space entered the market during Q1 2015, taking the total supply to 85.3 million sq. ft. An additional 9 million sq. ft. of new office spaces is forecast to enter the market by the end of 2015 with the majority of this supply being delivered by a small number of developers / investors.

Capital values for office accommodation have remained broadly stable across most of the Emirate during Q1 2015, with the exception of Dubai Marina and Tecom C that have seen drops of 10% and 7% respectively quarter on quarter.

Retail Sector

Prime retail mall space continues to be in high demand which has seen strong rental growth of up to 10% during Q1 2015. Malls are a prime driver of tourist spending with mall managers focusing on enhancing overall customer experience leading to healthy tourist footfalls from GCC countries, China and India.

Continuing development of convenience, community and strip retail – using Jumeirah (Al Wasl and Jumeirah Beach Roads) as examples – is proving popular with Dubai’s resident population.

Hospitality Sector

Over 1,100 hotel rooms were added to the Dubai market during Q1 2015 with 70%+ being in the 5 star category. The increase in 5 star rooms and a drop in Russian tourists has contributed to a 9% decline in RevPar in comparison with the same period last year.

Investor interest for hotel acquisitions continues to be healthy with a focus on 3 and 4 star properties in good locations with experienced and reputable operators in place.

FOREWORD ADIB Real Estate Services comprises a comprehensive real estate banking and advisory platform providing the full range of professional services from a single provider. Our services include:-

�� Real estate financing�� Strategic development advisory�� Investment advisory�� Asset management�� Project management

�� Valuation�� Agency�� Market research�� Property management�� Facilities Management

MPM PROPERTIES FACTS AND FIGURES

TOTAL UAE STAFF PROPERTY MANAGEMENT STAFF ADVISORY STAFF

UNITS UNDER MANAGEMENT

LEASING & SALES STAFF LANDLORD CLIENTS

COMBINED MARKET VALUE OF PROPERTIES VALUED SINCE JANUARY 2012

MORTGAGE VALUATIONS SINCE JANUARY 2012

DEDICATED VALUATION PROFESSIONALS

OCCUPANCY RATE

LARGEST ABU DHABI MAINLAND PORTFOLIO

150+

7,600+

No.1

98.5%20+

28+

90bn

25+

23,500+

67+

1,700+

REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015

4

REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015

5

SECTOR SUMMARY - ABU DHABI & DUBAI COMPARISON

RETAIL

ABU DHABI

ABU DHABI DUBAI

HOSPITALITY

DUBAI

Q1 2015 New Supply(GLA)

2K Sq.m.(21K Sq.ft)

Supply Pipeline(Announced

Projects GLA)+1m Sq.m.

(10.7m Sq.ft.)


11k Sq.m.(118k Sq.ft)

Supply Pipeline(Announced

Projects GLA)1.3m Sq.m.

(13.9m Sq.ft.)

AveragePrime Mall Rents AED3,750psm

Prime RentalChange Q.o.Q

+1.5%

Prime RentsChange Y.o.Y

+8.5%

AveragePrime MallRents AED4,700psm Prime Rents

Q.o.Q Change+10.6%

Prime RentsY.o.Y Change

+17.8%

TOTAL SUPPLY (GLA) 1.33m Sq.m.(13.9m Sq.ft.)

TOTAL MALLSUPPLY (GLA)

3m Sq.m(32.2m Sq.ft)

Q1 2015 New RoomsAdded (H & HA)

0.3k

ARR (AED)497

YTD Occupancy80%

Total Guests(2015 YTD)

647K

RevPAR (AED)397

TOTAL ROOMS (HOTEL & HOTEL APARTMENTS)

21.9k

Q2-Q4 2015 FutureSupply (H & HA)

2.9k

Q1 2015 New RoomsAdded (H & HA)

0.6k

ARR (AED)1020

YTD Occupancy85%

Total Guests(2015 YTD)

1.8m

RevPAR (AED)867

TOTAL ROOMS (HOTEL & HOTEL APARTMENTS)

92k

Q2-Q4 2015 FutureSupply (H & HA)

4.4k

RESIDENTIAL

ABU DHABI DUBAI

OFFICE

TOTAL SUPPLY(GLA)

3.2m Sq.m.

Average Grade A Y.o.YRental Change

+10.4%

Average Grade A RentsAED 1,850psm

Q2-Q4 2015 Future Supply (GLA)327k Sq.m.


6.3k Sq.m.

Grade A Average ServiceCharge (per Sq.m)

172-325

Grade AAverage Gross Yield

8.5%

Overall Vacancy %17%

Average Grade AQ.o.Q

Rental Change+2%

TOTAL SUPPLY(GLA)

7.86m Sq.m.

Average Grade A Y.o.YRental Change

+15.5%

Average Grade A RentsAED 2,500psm

Q2-Q4 2015 Future Supply (GLA)834k Sq.m.


150k Sq.m.

Grade A AverageService Charge (per Sq.m)

161-215

Grade AAverage Gross Yield

6.7%

Overall Vacancy %+32%

Average Grade AQ.o.Q

Rental Change+2.8%

ABU DHABI DUBAI

TOTAL SUPPLY227k Units

Q1 2015 NewSupply Added

0.75k Units

Y.o.Y AverageSale Value Change

+6.1%

Q2-Q4 2015Future Supply

5.8k Units

Y.o.Y AverageRental Change

+7%

Q.o.Q Sale Value Change

-6%

Q.o.QRental Change

+4%

Prime AverageGross Yield

6%

Q1 2015 Off-Plan(Launched Projects)

126 Units(1 Project)

TOTAL SUPPLY471k Units

Q1 2015 NewSupply Added

2k Units

Y.o.Y AverageSale Value Change

+7%

Q2-Q4 2015Future Supply

19.4k Units

Y.o.Y AverageRental Change

+5%

Q.o.Q Sale Value Change

-4.1%

Q.o.QRental Change

+1%

Prime AverageGross Yield

5%

Q1 2015 Off-Plan(Launched Projects)

3207 units(8 Projects)


6


7

DEMAND DRIVERS

REAL ESTATE AND CONSTRUCTIONSTRONG INVESTOR INTEREST FOR LARGE AND SMALL ASSETS

�� Nakheel launched approximately 400,000 square feet of office and retail space (70 outlets) at Golden Mile

�� Cayan Group bought two plots (residential and hospitality) on Umm Suqeim Road in Dubai, in addition to a plot for an office building along King Fahed Road in Riyadh. The combined investment value was AED1.2 billion

�� Arabtec Holding won two contracts worth 375 million dirhams ($102 million) from developer Emaar Properties . Both contracts are for

construction of residential villas in Dubai to be delivered in 2016

�� Sobha LLC, is opening five overseas sales and marketing offices to attract wealthy investors’ to the Dubai real estate market. The new offices will be in London, Singapore, as well as in Kuwait City, Doha and Riyadh.

�� Dubai Parks & Resorts will be signing off on project contracts totalling AED7.5 billion this year, according to the CEO, Raeed Al Nuaimi

TOURISM INITIATIVES �� Emaar Properties and Meraas Holding signed a

new joint venture creating a mid-market hotel brand, Rove Hotels, with 10 locations to open across Dubai and the region by 2020

�� Yotel, known for its pocket-sized but luxurious rooms at airports, expects to open its first Middle East property in 2018 in Dubai’s Business Bay

TRANSPORTATION IMPROVING ACCESSIBILITY AND REACH TO DUBAI; CREATING JOBS

�� Passenger traffic at Dubai International airport reached 5,973,727 in February, up 5.3% compared to 5,675,246 recorded during the same month in 2014. Year to date passenger traffic rose 6.6% to 12,869,395 passengers, up from 12,075,952 during the first two months of 2014

�� Dubai airports revenue grew 11% during 2014 due to strong support and increase in revenue contribution from food & beverage and retail

�� Emirates Group will recruit 11,000 new staff by March 2016 as it adds 20 aircraft to its fleet and expands other operations. Nearly half will be recruits for Dubai-based cabin crew jobs while it will also fill positions in flight operations, engineering, airport services and corporate roles

Q1 2015 KEY EVENTS�� Dubai Shopping Festival, 1-31 January

�� Standard Chartered Dubai Marathon 2015, 23rd January

�� Omega Dubai Desert Classics 2015, 29th January to 1st February

�� Gulf Food 2015, 8-12 February

�� Emirates Airline Dubai Jazz Festival 2015, 25th to 27th February

�� Dubai International Boat Show, 3rd to 7th March

FREEZONES SIGNING UP NEW TENANTS; CREATING EMPLOYMENT OPPORTUNITIES

�� Dubai’s financial free zone has recorded 2014 as its best year since 2008. DIFC is home to 1,225 companies, 18% more than in 2013 and employs 17,860 people, 14% more than in 2013

�� SDV-UAE LLC has opened a new corporate and warehousing facility in Dubai Airport Free Zone on a 5,000 sq.m. plot

�� TVM Capital Healthcare Partners became the first company to register a private equity fund under the new Qualified Investors Fund (QIF) regime introduced by the Dubai International Financial Centre (DIFC)

GOVERNMENT INITIATIVESATTRACTING ENTREPRENEURS; IMPROVE EASE OF DOING BUSINESS

�� The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued Commercial Companies Law (Federal Law) No. 02 for the year 2015 containing 378 articles which will bring significant improvements to corporate governance, encourage financial markets and new IPO activity into the UAE. The new legislation also allows companies to float 30% equity vs. the previous requirement of 55%

�� The Dubai Government has proposed developing affordable housing for people earning between AED10,000 to AED25,000 per month

�� Core focus of Dubai’s 2020 strategy will be to attract families as tourists through projects in the pipeline focused towards theme parks, safaris and holiday homes


8


9

INVESTOR ANALYSISMACRO TRENDS

Real Estate & Construction

Transportation

Manufacturing

Financial Sector

Government Sector

Trade

Hotels & Restaurants

Other

UAE

Asia

GCC

Europe

Arab (non GCC)

DUBAI POPULATION (GROWTH & HOUSEHOLD SIZE)

Population Growth Rate

2008 2009 2010 2011 2012 2013 2015E2014E0

0.5

1

1.5

2

2.5

0

12345678

PO

PU

LA

TIO

N (

MIL

LIO

NS

)

GR

OW

TH

RA

TE

(%

)

AN

D H

OU

SE

HO

LD

SIZ

E

Household Size

Source: DED & Dubai Statistics

DUBAI CONSTRUCTIONACTIVITY %YOY

GDP Construction

%Y

oY

DUBAI CPI VS RENTALCONTRIBUTION TO CPI Q1 2015

CPI Housing CPI

Source: DED, Dubai Statistics, IMF & MPM Properties Research Source: Dubai Statistics

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14e

20

15e

98.0-20

-15

-10

-5

0

5

10

15

20

25

99

101

103

105

107

97

109

Jan

-12

Jan

-14

Jan

-15

Jan

-13

Sales Transactions

Tra

nsa

cti

on

s

Valu

e (

in M

illio

ns)

DUBAI LAND TRANSACTIONSVOLUME vs VALUE

DUBAI LAND TRANSACTIONSQoQ% CHANGE

Sales Value (BnAED)

Sales Transactions

Q1-

20

12

Q1-

20

13

Q1-

20

14

Q1-

20

15

4,000

2,000

0

6,000

8,000

10,000

12,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Q1-

15

Q4

-14

Q3

-14

Q2-1

4

Q1-

14

Q4

-13

Q3

-13

Q2-1

3

Q1-

13

Q4

-12

Q3

-12

Q2-1

2

Q1-

12

-50

-30

-100

20

40

60

80

27%

18%

13%

11%

31%

25%

12%

11%10%

4%

28%

6%4%

TOP NATIONALITIES INVESTING IN DUBAI PROPERTY BY REGION 2015 Q1

Source: DLD

Source: Dubai Chamber of Commerce,

Dubai Statistics Center, and IMFSource: DLD, DED and MPM Properties Research Source: DLD, DED and MPM Properties Research

DUBAI GDP SHARE BREAKDOWN BY ECONOMIC SECTOR - AS AT Q1 2015

Q1 2014 Q1 2015

Source: DLD

AE

D B

illio

ns

TOP NATIONALITIES INVESTING IN DUBAI PROPERTY 2015 Q1

0

1

2

3

4

5

6

7

8

Om

an

i

Bah

rain

i

Iraq

i

Eg

yp

tian

Ku

wait

i

Leb

an

ese

Ru

ssia

Qata

ri

Iran

ian

Jo

rdan

ian

Pakis

tan

i

Sau

di

Bri

tish

Ind

ian

UA

E


10


11

RESIDENTIAL SECTOR

RESIDENTIAL SUPPLY �� Q1 2015 saw 2,000 new apartments and

villas being added to the market, taking the overall residential (villas and apartments) supply to 471,000. The delivery pipeline for Q2-Q4 is estimated to be 19,400 units handed over, which will put pressure on sales and rental prices

�� The residential market is currently inundated with new projects and off-plan projects are challenging the existing price bands while targeting the affordability sector. Town Square by Nashma, Akoya by Damac, fresh releases by GIGICO in Silicon Oasis are prime

examples, where residential apartments and townhouses have been introduced either at a low price point or payment plans extended to post completion

�� Going forward, a shift is expected towards affordable properties, particularly on plots in proximity to the expo 2020 site. Luxury properties therefore need to offer unique selling points to attract potential buyers: i.e. having superior finishes that exceed buyers expectations will be critical for high end projects to perform to the required levels

2014 Q1 2015 Q2-Q4 2015

2016

Source: MPM Properties Research

Supply Apartments

RESIDENTIAL SUPPLY BY UNITS 2013-2015

Existing Supply Villas +% YoY

1.9% 0.4% 3.3% 2.7% YoY

8.5

1.6 15.4

13

0.3

3.1%

14

3

4

2.5

0

2013400

500

443 452469 471

490

SAMPLE OF RESIDENTIAL UPCOMING PROJECTS

SAMPLE OF ANNOUNCED PROJECTS IN Q1 2015

LOCATION PROPERTY NAME

Arabian Ranches Arabian Ranches - Casa Villas

Culture Village D1 Tower

Downtown Dubai Burjside Terraces

Dubai International City Indigo Spectrum 2

Dubai Marina Dream Towers / KPM Tower / Marina Wharf Towers

Dubai Silicon Oasis Aswan Building / Binghatti Palace / La Vista 3

Dubai Sports CityChampions 1 Tower / Champions 2 Tower / Champions 3 Tower / Frankfurt Sports Tower 1Giovanni Boutique Suites / Kensington Royale

IMPZ Lakeside

Palm Jumeirah Palm Views

NAME OF PROJECT TYPE DEVELOPER LOCATION

Acacia at Park Heights Apartments Emaar Properties Dubai Hills Estate

Hyatt Townhouses Townhouses Nshama Town Square

Grand Horizon 1 Apartments Gulf General Investments (GGICO) Dubai Sports City

Reef Residence Apartments Reef Real Estate Jumeirah Village Circle

Downtown Views Apartments Emaar Properties Dubai Mall

Akoya Oxygen Villas Damac Properties Umm Suqeim

Monaco Island – Kleindienst Group World Islands

The Muraba, Palm Jumeirah


12


13

RESIDENTIAL SECTOR

APARTMENT AVERAGE SALES PRICES (Q1 2015)AND PERCENTAGE CHANGE

AE

D/s

q.ft.


-1.9% -2.0% -5.0% +4.5% -1.9% +3.3% -12.1% -2.0%-11.9% QoQ

YoY +4.3% +15.8% +1.0% +19.3% -1.1% +20.8% -9.4% +19.5%-7.5%

0

500

1,000

1,5002,000

2,500

Th

e G

reen

s

Ju

meir

ah

Beach

Resi

den

ce

Bu

sin

ess

Bay

Du

bai

Mari

na

Th

e V

iew

s

Palm

Ju

meir

ah

DIF

C

Old

To

wn

Do

wn

tow

nD

ub

ai

2,4

00

2,2

00

1,9

00

1,78

6

1,73

0

1,6

32

1,4

50

1,4

50

1,4

34

PROJECT STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOMOVERALL QoQ

CHANGEOVERALL YoY

CHANGE

Business Bay 65 85 125 155 3.4% 9.6%

DIFC 85 115 140 175 -0.2% 8.3%

Discovery Gardens 50 70 95 – 5.4% -0.5%

Downtown Dubai 75 90 140 200 2.6% 8.8%

Dubai Marina 65 80 110 160 0.5% 6.0%

Greens 70 85 125 160 0.0% 1.3%

International City 35 47 70 – -0.7% -1.6%

Jumeirah Beach Residence 85 90 120 155 -2.5% 6.5%

Jumeirah Lake Towers 60 75 100 150 0.3% 4.4%

Palm Jumeirah 90 100 150 175 -0.2% 9.7%

TECOM 70 80 110 160 0.0% 2.6%

(AED thousands per annum)


APARTMENT SALE PRICES �� The apartment sales market has seen supply

increase in Q1 with a number of new projects coming to the market

�� Interestingly most of the newly completed projects have challenged the existing price band while targeting the affordability sector. Town square by Nashma, Akoya by Damac and releases by GIGICO in Silicon Oasis are examples of residential apartments and townhouses that have been introduced to the market at either low price points or with attractive payment plans

�� Mortgage interest rates continue to be very attractive for buyers and projects offering finance upon completion are selling at a faster pace compared to projects that do not have a mortgage partnership in place. Some developers, without a mortgage partner in place, are offsetting this shortcoming by offering extended payment plans to attract buyers

�� The availability / launch of multiple off plan projects is directly impacting the transaction volume of finished properties. High quality apartments within prime locations are still in demand, with healthy interest being witnessed during Q1 2015 as asking prices have stabilized over the last half year and in some cases have declined slightly

�� Performance of older residential properties within freehold areas reflects how well, or otherwise these properties are managed and maintained. Projects within Dubai Marina master-plan are a prime example, where well maintained buildings are out performing the average or poorly maintained buildings

�� Many developers are now guaranteeing returns of up to 10% on furnished properties to attract buyers and simultaneously offering attractive payment plans. We expect this trend to continue during 2015 and buyers will benefit from the continuation of various incentives on offer

�� Muraba released Muraba Residence, a high end luxury project for sale on the Palm Jumeirah, offering only 50 units. We have witnessed strong demand for unique properties with low density and high quality from HNI buyers. The HNI buyers are looking for properties that are either ‘exclusive’ or provide good rental returns

�� Currently investors are seeking properties that offer a minimum gross yield of 7% to 7.5% per annum. Prospective buyers have a preference for vacant properties or properties that are leased at current prevailing market rents

APARTMENT RENTS Residential apartment rents have grown 1% quarter-on-quarter and 5% year-on-year on average across Dubai. In Q1 we have witnessed a stabilization of rents across the Emirate as tenants continue to consider new options as significant new supply enters the market.

Locations with the highest quarter-on-quarter rental increases include Discovery Gardens (5.4%), Business Bay (3.4%) and Downtown Dubai (2.6%), while Jumeirah Beach Residence witnessed a rental drop of -2.5%. Average rents, when compared to same period last year, have performed remarkably well, led by prime locations including Palm Jumeirah (up 9.7%), Business Bay (up 9.6%) and Downtown Dubai (up 8.8%).

Occupancy levels continue to be high for quality developments with the majority of Landlords retaining existing tenants. Even though rents are softening, MPM is witnessing strong demand for smaller apartments of 1 and 2 bedroom sizes.

Downtown Dubai, Sheikh Zayed Road and Dubai Marina continue to be the most popular residential locations, especially for tenants moving into the UAE for the first time.

APARTMENT AVERAGE ANNUAL RENT (Q1 2015)


14


15

RESIDENTIAL SECTOR

PROJECT 2 BEDROOM 3 BEDROOM 4 BEDROOM 5 BEDROOM AVERAGE QOQ YOY

Al Furjan – 160 185 225 190 -5% 1%

Arabian Ranches 150 175 270 320 229 0% 14%

Dubai Sports City – 190 250 285 242 -3% 6%

Jumeirah Park – 215 275 325 272 -5% 14%

Jumeirah Village 130 140 150 – 140 -2% 6%

Meadows – 230 245 260 245 0% 10%

Palm Jumeirah – 320 350 420 363 0% -8%

Springs 135 170 – – 153 0% 20%

The Lakes – 200 280 500 327 0% 15%

VILLA RENTS Average rents across the majority of villa developments stabilized in Q1 2015, with some developments, including Al Furjan and Jumeirah Park, witnessing a 5% drop in rents quarter on quarter.

Villas in the more established areas, including Jumeirah and Umm Sequim, have seen increased availability and rents have dropped in these areas by 2% during Q1 2015.

Year-on-year rental change has witnessed high double digit increases with the Springs and the Lakes increasing at 20% and 15% respectively. Jumeirah Park and Arabian Ranches both increased year on year by 14%.

As villa communities continue to establish themselves across Dubai the market is seeing a preference for secured, gated communities, which has led to an increase in vacancy levels within some older development.

VILLA SALE PRICES The villa market witnessed a reduction in sales values during Q1 2015 after steady gains achieved during 2014.

Whilst values have fallen quarter-on-quarter, they are still positive year-on-year with developments including The Lakes and Palm Jumeirah achieving year on year gains of 16% and 12% respectively.

Q1 2015 saw developers shift away from traditional high-end luxury villas to relatively smaller villas in order to target buyers with lower purchasing power. For example, Al Barari introduced smaller villas starting at AED7 million and Jumeirah golf estates introduced townhouses starting at AED3 million.

The lowering of entry prices for luxury villas is a response to a slowdown in the market in Q1 2015.

The Dubai residential market is also witnessing a disconnect between asking prices and realistic current values, with many villa owners not willing to sell below their quoted prices and buyers looking to benefit from the slowdown in the market. Positive infrastructure improvements are also aiding the disconnect as owners wait to see if improved connectivity provides value enhancements to their investments.

AVERAGE VILLA SALES PRICE AED/sq.ft. Q1 2015

AE

D/s

q.ft


-12.0%

-3.0%

0.0%

+5.0%

-5.0%

+2.0%

-3.0%

+5.0%

-4.0%

-7.0%

-1.0%

+12.0%

-3.0%

+2.0%

-2.0%

+16.0%

QoQ

YoY

0

500

1,000

1,500

2,000

2,500

3,000A

l F

urj

an

Ju

meir

ah

Vill

ag

e

Sp

rin

gs

&M

ead

ow

s

Ju

meir

ah

Park

Ara

bia

nR

an

ch

es

Du

bai

Sp

ort

s C

ity

Th

e L

akes

Palm

Ju

meir

ah

2,7

00

1,5

00

1,3

00

1,29

4

1,25

0

1,20

0

1,15

0

95

0 (AED thousands per annum)


AVERAGE VILLA ANNUAL RENT Q1 2015


16


17

4.0

10.08.0

5.7

9.07.0

12.0

25.0

15.0

9.012.0 10.5

NON-FREEHOLD VILLA VALUES Q1 2015

30.0

25.0

20.0

15.0

10.0

5.0

0

AE

D (

Mill

ion

)


Mirdif Al Jafliya Umm Suqeim Garhoud

HighLow Average

350

550500

350

560

450

625

950

750

500

700

600

NON-FREEHOLD LAND VALUES Q1 2015

1,000900800700600500400300200100

0

AE

D /

Sq

.ft.



HighLow Average

250

475

350 350

600450

525

1,000

650

400

600500

NON-FREEHOLD VILLA RENTS Q1 2015

1,200

1,000

800

600

400

200

0

AE

D (

Th

ou

san

ds)



HighLow Average


19


18

PROJECT FOCUS THE MURABA, PALM JUMEIRAH

Ibrahim Al Ghurair launched Muraba in 2014, drawing on his experience to offer distinctive accommodation that reflects three key values:

No. of apartments 46 residences; 4 penthouses

No. of floors 10 + basement parking

No. of layout types 14 different types

Price Starting from US$1.3M

APARTMENT SIZES

2 bedroom 1,740.09 - 2,171.62 ft2

3 bedroom 2,386.69 - 2,387.12 ft2

4 bedroom (PH) 6,610.55 - 6,652.85 ft2

AMENITIES Swimming pool

Landscaped gardens

Secure parking

Spa & gym

The company’s current project, Muraba Residence, Palm Jumeirah, entails the development of 50 luxury apartments on one of the world’s most famous manmade locations – Palm Jumeirah.

MR. GHURAIR’S INSIGHT:

“UAE is the perfect destination and we’re lucky to be here because it’s the window to a wider region. Within a four-hour flight radius you can cover almost one-third of the world’s population, including different continents and cultures. It’s fascinating to be exposed to that number of people, cultures and backgrounds. Also, many people come here on visits, so being able to develop something here and take it to those clients is very interesting.

We started Muraba Residence, Palm Jumeirah project, scheduled for completion in April 2016, without any preconceptions or

visions of what we wanted to look at. The starting point was finding the right location and understanding what the market wanted. This was a collaboration between our team and the architects. The guiding principle was always ‘how do we create something that is an exceptional space and delivers an enjoyable experience?’ Wherever you are in Muraba Residence apartment, you feel you are in the sea. Whether you’re in the dining room or the kitchen, you always feel the sea present.

In respect of future plans, we are currently focused on realizing Muraba Residence, Palm Jumeirah. We will definitely be looking at more projects but we are very careful in terms of selection and location. The same principle drives what our next development will be and that will be to deliver an exceptional experience. Once we have identified the location. We will probably move on to the next one.”


�� Location�� Architecture �� Enjoyment


20


21

OFFICE SUMMARY �� The market is witnessing a steady supply of

new stock coming on stream which is satisfying different levels of tenant enquiries, although demand is typically for offices ranging between 2,500 to 4,000 sq. ft. On the other hand demand for full floors is limited

�� The office sector has witnessed a strong start to the year with a number of developments completing during Q1 2015 which have achieved pre-lets. This has not been witnessed since the 2008 crisis and has resulted in falling vacancy rates and stabilised sales and rental prices which in turn is benefitting investors and tenants alike, especially start-ups and SMEs

�� 2015 will witness various office developments in single ownership being handed over. This is in contrast to the last 4-5 years where the majority of new office developments delivered were sold on a strata basis and thus owned by multiple small investors, which in turn precluded large corporate tenants from leasing offices

�� Developments that are in close proximity to the metro, getting fit-out contribution from landlord, having a healthy car parking ratio, quality specifications, good lay-outs, access to F&B and restaurants are seeing high tenant demand which in turn will lead to high occupancies and growing rental rates during the course of 2015

�� Off-plan office projects being built by established developers are witnessing strong interest from investors and tenants, for whom trust in the quality and expected completion dates are key considerations

�� Established business hubs such as prime Sheikh Zayed Road (close to DIFC and Emirates Towers) benefit from high occupancy rates and therefore limited options for companies looking for office accommodation. Hence the new emerging commercial areas, such as Barsha and Tecom, are benefiting from this demand and Tenants willing to move into emerging locations are in a superior negotiating position than in the established areas

OFFICE SALES �� Capital values for office accommodation have

remained broadly stable across most of the Emirate during Q1 2015, with the exception of Dubai Marina and Tecom C that have seen drops of 10% and 7% respectively quarter on quarter

�� Tecom C has seen an upward yield shift as rental prices have remained stable against a drop in sales prices (service charges have reduced slightly). This has resulted in improving net yields and higher investor interest as compared to other mid-market areas

�� Downtown Dubai and DIFC continue to be the most expensive locations in Dubai with average sales rates of AED2,450 and AED2,100 per sq.ft. respectively. Sales prices have been broadly stable quarter-on-quarter in these two locations

�� Business Bay continues to be a popular location with its close proximity to DIFC and Downtown Dubai. Capital values in Business Bay are currently circa 55% lower than DIFC which is attracting interest from investors. Prices are expected to increase as the occupancy levels improve across office towers in Business Bay

OFFICE SECTOR

0

20

40

60

80

100

DUBAI OFFICE STOCK Q1 2015

Mill

ion

sq

.ft.

2008 2009 2010 2011 2012 2013 2014 2015Q1

2015Q2-Q4

2016

Stock Expected *More office projects with handover dates delayed


3.791.62.50.26

610

86

9485848181756959

5145

OFFICE AVERAGE SALE PRICES Q1 2015

AE

D /

sq

.ft.

0%

+11%

0%

+17%

-9%

+10%

0%

+35%

0%

+26%

-6.0%

+15%

QoQ

YoY

0

500

1,000

1,500

2,000

2,500

TECOM CJumeirahLake Towers

BusinessBay

DubaiMarina

DIFCDowntownDubai

2,4502,100

1,7251,350 1,260

1,015

OFFICE SUPPLY �� 1.6 million sq. ft. of new office space entered

the market during Q1 2015, taking the total supply to 85.3 million sq. ft.

�� An additional 9 million sq. ft. of new office space is forecast to enter the market by the end of 2015 with the majority of this supply being delivered by a small number of developers / investors

�� Dubai Design district saw 430,556 sq. ft. of office space being delivered during Q1 2015, creating a new office location hub to meet demand for mid-size as well as large office spaces

Sheikh Mohamed Bin Zayed Rd.



Al Khail Road

Al Khail Road

Um

m S

uqei

m R

oad

Sheikh Zayed Rd.

Sheikh Zayed Rd.

Sheikh Zayed Rd.

Arabian RanchesDubai

Land

DubaiLand

DubaiLand

DubaiLand

DubaiLand

Nad AlSheba 2

Nad Al Sheba

DubaiSilicon Oasis

InternationalCity

DragonMark

MushrifNational Park

Murdif

FestivalCity

TOSHARJAH

TOHATTA & OMAN

TOAL AIN

TOABU DHABI

TheLagoons

Business Bay Za’abeel

Garhoud

Al Qusais

Port Saeed

Rigga

Ras Al Khor

Al Marqadh

LegendsAl Barari

City of ArabiaGlobal Village

MotorCity

DubaiSport City

DubaiInvestment

Park 1

Jumeirah GolfEstates


IMPZ

DubaiInvestment

Park 2

JumeirahVillage

JumeirahVillage South

The Meadows

Emirates Hills

The Springs

TheGardens

Jebel Ali Village

Jebel Ali Port

Jebel Ali Freezone

Jebel AliIndustrial Area

Dubai World Central Airport

DiscoveryGardens

JumeirahPark

JumeirahIslands

TECOMThe

Lakes

TheGreens

Naif

Al Raffa

SatwaJumeirah

Al WaslAl Safa

Umm Suqeim

The PalmJumeirah

Al SufouhMedia / Internet

CityJumeirah Lake

Towers

Dubai Marina

Burj Al Arab

The World

The Palm Deira

Al QuozIndustrial Area

Al Barsha

Al Quoz

Emirates Towers

DIFCBurj Khalifa

Karama

OudMetha

Al Mamzar

Port Rashid

DubaiInternational

Airport

OFFICE RENTS �� Commercial leasing has maintained a

consistent performance during Q1 2015, unlike residential, which has witnessed price fluctuations in recent months

�� Dubai’s office market occupancy rates are improving as rent and sales prices remain stable in the short term

�� Stable rents and reducing vacancy levels are a positive sign for the office market, highlighting limited impact from lower oil prices

�� DIFC continues to achieve the highest rents in Dubai, closely followed by Downtown Dubai and Jumeirah Lake Towers

�� Secondary office locations, including Tecom C, continue to offer the lowest rents within newly built office developments

�� Average rents in Tecom C are currently between AED80 to AED120 per sq.ft. per annum. Rents at these levels are attracting SME’s to this location, complimented with cheap residential accommodation

�� Occupancy levels in Jumeirah Lakes Towers and Media City are consistently improving, signaling these two locations are becoming established commercial hubs in Dubai

OFFICE SECTOR

OFFICE RENTS AED/sq.ft. Q1 2015

AE

D/s

q.ft.

High Low

350

300

250

200

150

100

50

0


150 20

026

5

140

120 18

0

70

175

320

80 12

0

65

TE

CO

M C

120 17

5

DIC

& D

MC

SHEIKH ZAYED RD.RENT = AED 120 - AED 180 /sq.ft.AVG. SALE = AED 1,600 /sq.ft.

DIC & DMCRENT = AED 120 - AED 175 /sq.ft.AVG. SALE = AED 1,600 /sq.ft.

TECOM CRENT = AED 80 - AED 120 /sq.ft.AVG. SALE = AED 1,015 /sq.ft.

JUMEIRAH LAKE TOWERSRENT = AED 65 - AED 200 /sq.ft.AVG. SALE = AED 1,260 /sq.ft.

DOWNTOWN DUBAIRENT = AED 140 - AED 265 /sq.ft.AVG. SALE = AED 2,450 /sq.ft.

DIFCRENT = AED 175 - AED 320 /sq.ft.AVG. SALE = AED 2,100 /sq.ft.

BUSINESS BAYRENT = AED 70 - AED 150 /sq.ft.AVG. SALE = AED 1,350 /sq.ft.


22


23


24

RETAIL SECTOR

PRIME SHOPPING MALL AVERAGE RENTS - Q1 2015

An

ch

ors

Cin

em

a

Hyp

erm

ark

et

Min

i M

ajo

rs

Fla

gsh

ips

Rest

au

ran

ts

Fo

od

Co

urt

Lin

e S

ho

ps

1,2001,100

1,000900800700600500400300200100

0

AE

D/s

q.ft.


Deira - 25%

Mirdif - 16%

Business Bay - 16%

Bur Dubai - 14%

Barsha - 9%

Dubailand - 8%

Dubai Marina - 4%

Jebel Ali - 4%

Jumeirah - 3%

Jumeirah Park - 1%

Community - 11.3%

Neighborhood - 6.2%

Regional - 14.1%

Sub-Regional - 33.6%

Super Regional - 34.8%

Community - 3.34 million sq.ft.

Neighborhood - 1.8 million sq.ft.

Regional - 4.2 million sq.ft.

Sub-Regional - 9.9 million sq.ft.

Super Regional - 10.2 million sq.ft.

Super Regional - 0.59 million sq.ft.

Neighborhood - 2.1 million sq.ft.

DUBAI RETAIL MALLS GLA BY AREA Q1 2015 RETAIL SUPPLY PRE-2010

NEW SUPPLY DELIVERED 2010-2015DUBAI RETAIL MALLS CLASSIFICATION

Q1 2015


Prime retail mall space continues to be in high demand which has seen strong rental growth of up to 10% during Q1 2015. Malls are a prime driver of tourist spending with mall managers focusing on enhancing overall customer experience leading to healthy tourist footfalls from GCC countries, China and India.

The retail sector is benefiting from various Dubai Government initiatives aimed increasing tourist numbers and tourism anchors as Dubai becomes

a hub for leisure, variety in shopping and cultural experiences.

Continuing development of convenience, community and strip retail – using Jumeirah (Al Wasl and Jumeirah Beach Roads) as examples – is proving popular with Dubai’s resident population and we expect this segment of the market to remain a focus for developers as they seek to enhance the overall offering of their projects to drive demand and value.

NEW BRANDSIconic fashion labels, Nicole Fahri and Supertrash, may be considering securing footholds in the region, with reported talks in progress with some of Dubai’s largest retail owners and operators, to open regional flagship stores in Dubai. Nicole Fahri currently has dedicated stores in London and is also stocked in both Harvey Nichols and House

of Fraser. Supertrash has a current network of c.2,000 boutiques and 15 brand stores in locations around the globe, including London, Amsterdam and New York. Opening stores in Dubai will add to the strength of Dubai’s already significant retail offerings.

Community - 22% - 200 - 0.5 million sq.ft.

Neighborhood - 32% - 0 - 0.2 million sq.ft.

Regional - 11% - 1m - 2 million sq.ft. +

Sub-Regional - 21% - 500 - 1 million sq.ft.

Super Regional - 14% - 2 million sq.ft.

29.531.6 31.8 31.9 31.9 32.2 33.2 34.6 38.5

2.5

DUBAI RETAIL MALL STOCK Q1 2015

GL

A s

q.ft.

Stock Expected - *Includes all retail malls with a GLA greater than 25,000 sq.ft.


2010 2011 2012 2013 2014 2015 Q1 2015 Q2-Q4 2016 2017

0

10

20

30

40

50

1.12.1 0.1 0.1 0.03 0.32.3

3.9


25


26

HOTEL SECTOR

DUBAI HOTELS PERFORMANCE - 2014 & YTD 2015

ADR RevPAR


Occupancy

40%

0%

60%

100%

0

200

400

600

800

1,000

1,200

Marc

h

Feb

Jan

-15

Dec

No

v

Oct

Sep

t

Au

g

Ju

ly

Ju

ne

May

Ap

ril

Marc

h

Feb

Jan

-14

AE

D

Occu

pan

cy

HOTEL SUMMARY FOCUS ON ISLAMIC AND FILM TOURISM TO HELP GROW TOURIST NUMBERS OVER THE SHORT TO MEDIUM TERM

�� Over 1,100 hotel rooms were added to the Dubai market during Q1 2015 with 70%+ being in the 5 star category. The increase in 5 star rooms and a drop in Russian tourists has contributed to a 9% decline in RevPar in comparison with the same period last year

�� Hotel apartments continue to perform well, assisted by longer term stays (4-7 days), which has helped in maintaining high occupancy and stable RevPar during Q1 2015. Adagio is the latest hotel apartment establishment to enter the market during Q1 2015 with 198 keys

�� The Dubai Government is maintaining its support of the tourism sector with the focus now being on expanding into new segments including Islamic and film tourism. These strategic initiatives will assist in growing

tourist numbers and support the increasing hotel room supply

�� Chinese tourists are the fastest growing nationality in Dubai and are expected to become a significant proportion of total guest arrivals over the next 4-5 years. Some hotels are already recruiting more mandarin speaking staff to cater for this growing segment of the market

�� Investor interest for hotel acquisitions continues to be healthy with a focus on 3 and 4 star properties in good locations with experienced and reputable operators in place. The majority of properties available for sale however are those that have a local operator which has impacted the potential to increase ADR’s

HOTEL NAME LOCATION STAR DATE NUMBER OF KEYS

Hyatt Regency Dubai Creek Heights

Bur Dubai 5 Star Q1 2015 464

Pullman Dubai Jumeirah Lakes Towers

Jumeirah Lakes Towers 5 Star Q1 2015 354

Lapaz Hotel Old Dubai 1 Star Q1 2015 31

Manhattan Hotel Bur Dubai 1 Star Q1 2015 66

Adagio Premium Dubai Al Barsha

Al Barsha Hotel Apartment Q1 2015 198

HOTEL NAME LOCATION STAR DATE NUMBER OF KEYS

Emirates Hotel Deira 1 Star Q2 2015 43

Taj Dubai Burj Khalifa 5 Star Q2 2015 296

InterContinental Dubai Marina

Marina 5 Star Q2 2015 328

Palazzo Versace Dubai Culture Village 5 Star Q2 2015204 rooms +

169 residences

St. Regis Dubai Sheikh Zayed Road 5 Star Q4 2015 233

Milestone Hotel Apartment

Bur Dubai 3 Star Q2 2015 56

HOTELS - NEW SUPPLY Q1

SAMPLE OF UPCOMING SUPPLY

DUBAI HOTEL ROOMS SUPPLY (2012 - 2016)

No

. o

f R

oo

ms

('0

00

s)

Existing Supply New Supply


1 3 81.1

4.4

20162015 Q2-Q42015 Q12012 2013 2014 Q1-Q3

0

20

40

60

80

100

79 80 8391 92.1

96

18


27


28

DEFINITIONS & METHODOLOGY

RESEARCH STUDY AREA

The geographic extent of the study area covers the key districts in Dubai.

RESIDENTIAL

New residential developments are classified as delivered and thus entered into the new supply category when they are made available for occupation. This is verified via a combination of site inspections and discussion with the developer and hence our supply numbers do take into consideration the phased release of large projects.

Rental and sales trend analysis is based on transactional data derived from the MPM Properties Agency team and data sourced from developers and owners.

OFFICES

New office developments are classified as delivered and thus entered into the new supply category when they are available for tenant fit-outs.

Given the general lack of transparency in the local market rents quoted are headline rents, thus exclude any rent free period of other financial

incentives that may have been negotiated between the parties. The rents quoted are also exclusive of service charges.

RETAIL

New retail developments are classified as delivered and thus entered into the new supply category when the first units are open and trading.

Our classification of malls is based on our own assessment having regard to size and the catchment area which the mall typically penetrates.

HOSPITALITY

New hotels are classified as delivered and thus entered into the new supply category when they are opened and trading. All trading performance data is provided by DTCM.

FUTURE SUPPLY PROJECTIONS

Our future supply projections across all sectors are based on a combination of regular site inspections and discussions with developers.

BESPOKE CLIENT RESEARCH ADDING VALUE TO YOUR PROPERTY INTERESTSThe ADIB Real Estate Services team covers all sectors of the real estate market. We provide bespoke market research to our valued clients to meet their specific requirements.

We provide reports, information and presentations derived from primary market data that directly assist our clients to save or make money from real estate and shape strategies to enhance value.

DISCLAIMER:

The information contained in this report has been obtained from and is based upon sources that MPM Properties believes to be reliable, however, no warranty or representation, expressed or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. MPM Properties will not be held responsible for any third-party contributions. All opinions and estimates included in this report constitute MPM Properties, as of the date of this report and are subject

to change without notice. Figures contained in this report are derived from a basket of locations highlighted in this report and therefore represent a snapshot of the Dubai market. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts, by their very nature, involve risk and uncertainty because they relate to future events and circumstances which are beyond MPM Properties’ control. For a full in-depth study of the market, please contact MPM Properties team.

A collaborative team providing our integrated services

PAUL MAISFIELD BSC (HONS) MRICS CEO T: +971 (0)2 610 0545 M: +971 (0)50 660 9437 [email protected]

YOUSEF AL ZAROONI Regional Head – Al Ain T: +971 (0)3 708 8636 M: +971 (0)50 600 1002 [email protected]

ABDULLAH SAID AL KUWEITI Business Development Director T: +971 (0)2 610 1554 M: +971 (0)50 623 5854 [email protected]

KHALED AL SOLH BSC MRICS Head of Valuation – Abu Dhabi T: +971 (0)2 610 0085 M: +971 (0)50 722 9718 [email protected]

MOHAMED AL ZOUBI Head of Development Advisory BSc Civil Engineering T: +971 (0)2 610 0564 M: +971 (0)50 310 3570 [email protected]

SAMUEL MORRIS BSC (HONS) FRICSHead of Valuation & Acting Regional Head - Dubai T: +971 (0)4 371 9466 M: +971 (0)50 107 1704 [email protected]

WAHIDA KARAMA Head of Property Operations T: +971 (02) 610 0435 M: +971 (0)50 765 7679 [email protected]

KHALED CHAHAL Head of Agency – Abu Dhabi T: +971 (0)2 412 8402 M: +971 (0)50 110 2929 [email protected]

FRANK O’DWYER MBA (Hons); BEng.Director of Property Management T: +971 (0)2 610 0402 M: +971 (0)50 812 1070 [email protected]

JUBRAN AL HASHMI Head of Property Services T: +971 (0)2 610 0232 M: +971 (0)50 122 0041 [email protected]

VINEET KUMAR Head of Agency – Dubai T: +971 (0)4 371 9462 M: +971 (0)50 651 6491 [email protected]

ABDELAZIZ AMAROUAYACHE Regional Head – Northern Emirates T: 971 (0)6 597 2514 M: +971 (0)50 656 2486 [email protected]

VAIBHAV SHARMA MCOM; MDBA Head of Strategic Advisory and Research T: +971 (0)2 412 8914 M: +971 (0)50 660 9295 [email protected]

NEW SUPPLY – Q1 2015 SAMPLE OF UPCOMING PROJECTS ffvvc

ffvvc

RESIDENTIAL RESIDENTIAL

OFFICE

RETAIL

HOTEL

HOTEL

3 JVC NAKHEEL VILLAS

3 BAY GATE

1

5

4

8

3

7

2

6

2 DREAM TOWER

2 PRIME BUSINESS CENTER - ARJAAN

5 LAKESIDE- IMPZ 6 LINCOLN PARK - DAMAC 7 FUTURE TOWER 8 THE VOGUE

OFFICE

5 OPUS

1 BURJUMAN EXTENSION

6 LILIAN TOWER

2 FESTIVAL CITY

7 ONYX

3 MALL OF THE EMIRATES EXPANSION

8 THE EXCHANGE

4 CITY WALK (PHASE 2 & PHASE 3)

SUPPLY - PHOTO GALLERY

1

1

4

4

CENTRAL PARK - DIFC

DESIGN DISTRICT

RABIA TOWER MAJAN

REGAL TOWER

HYATT REGENCY

VICEROY

ADAGIO HOTEL

HILTON GARDEN INN

MANHATTAN HOTEL

W HOTEL

PULLMANN

ONE AT PALM JUMEIRAH


29

Residential

Offices

Retail

Hotels

Residential

Offices

Retail

Hotels

Q2 2014 NEW SUPPLY UNDER CONSTRUCTION




Al Khail Road

Al Khail Road

Um

m S

uqei

m R

oad

Sheikh Zayed Rd.

Sheikh Zayed Rd.

Sheikh Zayed Rd.

Arabian RanchesDubai

Land

DubaiLand

DubaiLand

DubaiLand

DubaiLand

Nad AlSheba 2

Nad Al Sheba

DubaiSilicon Oasis

InternationalCity

DragonMark

MushrifNational Park

Murdif

FestivalCity

TOSHARJAH

TOHATTA & OMAN

TOAL AIN

TOABU DHABI

TheLagoons

Business Bay Za’abeel

Garhoud

Al Qusais

Port Saeed

Rigga

Ras Al Khor

Al Marqadh

LegendsAl Barari

City of ArabiaGlobal Village

MotorCity

DubaiSport City

DubaiInvestment

Park 1



IMPZ

DubaiInvestment

Park 2

JumeirahVillage

JumeirahVillage South

The Meadows

Emirates Hills

The Springs

TheGardens

Jebel Ali Village

Jebel Ali Port

Jebel Ali Freezone

Jebel AliIndustrial Area

Dubai World Central Airport

DiscoveryGardens

JumeirahPark

JumeirahIslands

TECOMThe

Lakes

TheGreens

Naif

Al Raffa

SatwaJumeirah

Al WaslAl Safa

Umm Suqeim

The PalmJumeirah

Al SufouhMedia / Internet

CityJumeirah Lake

Towers

Dubai Marina

Burj Al Arab

The World

The Palm Deira

Al QuozIndustrial Area

Al Barsha

Al Quoz

Emirates Towers

DIFCBurj Khalifa

Karama

OudMetha

Al Mamzar

Port Rashid

DubaiInternational

Airport

5

6

8

58

7

7

6

5

1

3

4

2

1

4

3

2

1

4

3

2

1

4

1

3

7

6

15

2

3

8

Residential

Offices

Retail

Hotels

Q1 2015 NEW SUPPLY

Residential

Offices

Retail

Hotels

UNDER CONSTRUCTION

Q1 2015 REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW

DUBAI OFFICE CONTACT DETAILS Office 004 - Level 100 Arenco Tower, Dubai Internet City Dubai

Tel. +971 (0)4 371 9462 Email. [email protected] www.mpmproperties.ae

PAUL MAISFIELD BSC (HONS) MRICS CEO T: +971 (0)2 610 0545 M: +971 (0)50 660 9437 [email protected]

VAIBHAV SHARMA MCOM; MDBA Head of Strategic Advisory and Research T: +971 (0)2 412 8914 M: +971 (0)50 660 9295 [email protected]

SAMUEL MORRIS BSC (HONS) FRICSHead of Commercial Valuation & Acting Regional Head - Dubai T: +971 (0)4 371 9466 M: +971 (0)50 107 1704 [email protected]

VINEET KUMAR Head of Agency – Dubai T: +971 (0)4 371 9462 M: +971 (0)50 651 6491 [email protected]

WAHIDA KARAMA Head of Property Operations T: +971 (02) 610 0435 M: +971 (0)50 765 7679 [email protected]

FRANK O’DWYER MBA (Hons); BEng.Director of Property Management T: +971 (0)2 610 0402 M: +971 (0)50 812 1070 [email protected]

Documents

hotel