Ohan Balian 2016 Digesting Low Oil What’s Next for Abu Dhabi’s Real Estate Sector. Sectoral Report, Issue 02-26022016, March 2016

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Digesting Low Oil:What’s next for Abu Dhabi’s

Real Estate Sector

March 2016Issue 02-26022016


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Digesting Low Oil: What’s next for Abu Dhabi’s Real Estate Sector

Sectoral Report

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Dear reader Abu Dhabi’s real estate market was hit severely by theglobal nancial crisis in 2008/09, when property prices felloff a cliff and a decade-long boom came suddenly to anend. The boom-bust cycle was less extreme comparedwith neighboring Dubai, and the real estate sector soonembarked on a recovery, which ensured that real estatemorphed into a critical part of the private sector of AbuDhabi’s economy. Still, being part of that same, oil-

producing economy, the steep drop in the price of oilbetween mid-2014 and early 2016 could not be ignored.

This new issue from the sectoral report-series looksat the real estate sector and implications from the recentoil price decline. A slowdown in real estate demand andeventually in development of real estate projects wasanticipated for some time. Gradually, this deceleration iscurrently emerging, although a more radical break does notseem in the cards at this point. Bank lending to the sectorcontinues unabated, and foreign-investor con dence hasnot massively been shattered so far. The market overall hasremained remarkably resilient. However, there is hardly adoubt that real estate prices and rents will eventually adjust

to new global market conditions.

Contents A force for private sector growth 3

Recent market trends 3

Banks and real estate 4

Government plans for real estatedevelopment 6

Market outlook 7

March 20162

Cover credit: Philip Lange/Shutterstock


Sectoral Report


3/20© 2016 Abu Dhabi Chamber 3

A force for private sector growthConstruction and real estate to a greatdegree led the rapid development of theprivate sector in the United Arab Emirates(UAE) overall and in Abu Dhabi. With theexception of tourism perhaps, there is notanother sector with the same importance.Real estate accounted for more thanone- fth of total xed investment in 2014(including energy). Governing authoritieshave recognized the sector’s critical role asit was short-listed as one of ve supportingstrategic sectors within Abu Dhabi’s current

ve-year plan.The expectation of strong, sustained

economic growth in Abu Dhabi during

the next few years has obviously buoyedreal estate development in the emirateand stimulated investment into the sector.Property prices have quickly recoveredfrom the brief spell of weakness duringthe nancial crisis in 2008/09. Of ce rents(grade-A shell and core of ce space,according to real estate consultancy KnightFrank) have hardly changed since 2011/12and stabilized at around AED1,250 persquare meter.

Demographics, including the in ow ofexpatriate workers, have played a favorable

role, too. The resident population of the UAEgrew sharply between 2002 and 2010, atan average annual rate of 11.2%. Althoughaverage population growth during 2015–25is expected to slow to just 1.3% annually,according to the United Nations populationforecast, the still-rising number of residentsand the increased living standards and highincome levels signal robust demand forresidential property in general.

However, the decline in the price of oilhas kindled concerns that a new spell ofweakness is in the of ng, begging the

question to what extent the new globalreality of low oil prices has already impacted Abu Dhabi’s real estate sector.

Falling oil revenues are a concern,but other factors have led to increasedheadwinds for real estate in Abu Dhabi,too. As the dirham was forced to follow thepath of the appreciating US dollar sincelate 2014, real estate prices in Abu Dhabiincreased in terms of euro, rouble, andmany other currencies not pegged to the USdollar. Moreover, second- and third-roundeffects impacted developers as tourism from

such countries and related retail shoppinglost traction, reducing demand for retailspace in return.

The most recent spell of US dollarweakness may therefore be regarded evenas a hopeful sign for Abu Dhabi, as is the

recent stabilization of the price of oil, albeitat a low level. It might inject a critical doseof reassurance for Abu Dhabi and the widerregion.

This report will review key projects, pricetrends, and other sectoral developments.The diagnosis is still fraught withuncertainties since hard data are oftenlacking, but it seems safe to conclude thatnew patterns are already emerging for realestate development in Abu Dhabi. It is not aradical break, but a more gradual shift.

Recent market trendsGiven the drop of the oil price, Abu Dhabi’sreal estate market has proven remarkablyresilient to date, although a certainslowdown is apparent. However, real estateprices have surely not fallen off a cliff similarto 2008/09, when the global nancial crisishit (and oil prices were even higher thanthey were at the beginning of 2016).

Hard data on real estate market trendsfor Abu Dhabi for the last several monthsare scarce. Anecdotal evidence fromreal estate companies’ reports, suchas Knight Frank or Jones Lang LasalleIncorporated, indicates that the commercialsegment has suffered softening interest

from international investors, but bothrent and property prices in the market forcommercial real estate have held broadlysteady until year-end 2015.

In fact, of ce rents had never reallybounced back strongly after the steepdecline during the nancial crisis. Therefore,exuberances in the price level, if existent,are much less serious than they were eightyears ago.

Rents for residential property bottomedout in 2012 and 2013, commencing a short-lived ascent, which eventually attened out

in 2015. Residential rents even backtrackedslightly on average, which was mostlybecause of apartments, while rents for morespacious villas even edged up slightly. Amove toward higher-quality property hasbeen apparent, which has been visiblein other market segments, too, includingcommercial real estate (see chart 1) .

Of ce supply, which approached 3.3million square meters in Abu Dhabi in2015, according to Jones Lang LasalleIncorporated, is expected to increase byanother 300,000 square meters in 2016,

even with weaker global conditions takeninto account. The vacancy rate, whichpeaked at nearly 35% in 2013 but hastrended lower since, was barely higher than25% in 2015.

Market segments for retail, residential,

1.3% Average population growth

rate in the UAE 2015-25


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March 20164

and hotel real estate display similar supplygrowth rates, with available space steadilyincreasing. In fact, while hotel real estateleaped by nearly one-third between 2012

and 2015, expansion rates for retail,residential, and of ce space have beensimilarly steady, albeit a little less high.

Although vacancies have alreadydecreased quite a bit in the last two years,steady growth of real estate supply restson the expectation of similar demandexpansion. The low oil price might not havea direct impact on Abu Dhabi’s real estate,mainly because the real estate sector hasdeveloped into a stronghold of the privatesector, but indirectly there are severaltransmission channels that will in uence

real estate demand in 2016 and beyond.Demand for real estate by sector mightprovide some indication of how strong

the link between oil prices and real estatein Abu Dhabi actually is. In the secondhalf of 2015, real estate demand camepredominantly from two sectors of the

economy: engineering and construction andgeneral trading. The government and the oiland gas industry—demand from which willbe most severely affected by low oil prices—accounted for only 6% and 8%, respectively,of real estate demand (see chart 2) .

This example signals a relatively weakdirect link, but ripple effects from the oiland gas sector and the government surelymatter for demand of the entire economy.Moreover, expectations from externalinvestors play a role, too. With a lag, thereal estate market might therefore soften,

although a sharp downturn like in 2008/09 isnot very likely at this point.

Banks and real estateBanks have played a key role for nancingreal estate in Abu Dhabi and the UAE ingeneral. The ratio of bank lending to GDPhas surged quickly during the recoveryfollowing the global nancial meltdown in2008/09. The respective ratio of bank loansfor construction and real estate rose evenfaster, although with an intermittent pattern(see chart 3) .

Foreign investors have also acquired abig stake in Abu Dhabi’s real estate market.Real estate accounted for more than one-quarter of the entire stock of foreign directinvestment in Abu Dhabi in 2014. It wasthe single largest recipient sector of direct

Chart 1: Abu Dhabi residential property price index (January 2009=100)

Source: REIDIN © 2016 Abu Dhabi Chamber of Commerce & Industry

40

60

80

100

120

Apartment index number All residential index number Villa index number

2 0 1 0 M 9

2 0 1 0 M 1 1

2 0 1 1 M 1

2 0 1 1 M 3

2 0 1 1 M 5

2 0 1 1 M 7

2 0 1 1 M 9

2 0 1 1 M 1 1

2 0 1 2 M 1

2 0 1 2 M 3

2 0 1 2 M 5

2 0 1 2 M 7

2 0 1 2 M 9

2 0 1 2 M 1 1

2 0 1 3 M 1

2 0 1 3 M 3

2 0 1 3 M 5

2 0 1 3 M 7

2 0 1 3 M 9

2 0 1 3 M 1 1

2 0 1 4 M 1

2 0 1 4 M 3

2 0 1 4 M 5

2 0 1 4 M 7

2 0 1 4 M 9

2 0 1 4 M 1 1

2 0 1 5 M 1

2 0 1 5 M 3

2 0 1 5 M 5

2 0 1 5 M 7

2 0 1 5 M 9

2 0 1 5 M 1 1

AED1,250

Average of ce rent persquare meter in 2015

Abu Dhabi’s new real estate law

A new law regulating the real estate sector came intoeffect 1 January 2016. Following a long drafting andconsultation process, the set of rules establishesnew supervising authorities and clari es regulatingpowers and licensing. Key points of the new lawinclude:

The Abu Dhabi Department of Municipal Affairswill be in charge of overseeing the developmentof the real estate sector in Abu Dhabi; it will bethe main supervising and regulating authority Clarification of various business activities,

such as the role of the master developer,subdeveloper, brokers, appraisers, andsurveyors, and when and which kind of licenseis required for related activities All developers will have to enroll in the realestate development register

Establishment and clarification of rules forselling units off-plan Establishment of rules for creating owners’associations.Source: Knight Frank



investment in ows by far (see chart 4) .The exposure to the real estate marketand construction is obviously fanningrisks for the banking sector and foreigninvestors now that markets are adjusting tothe new era of low oil prices. The questionis when and how banks and investors willreact to changing circumstances and howexpectations are adjusted.

Unlike 2008, the banking sector’s stabilityis not at risk at the moment since overallcapital buffers are expected to remain well

above local regulatory requirements, withlarge banks likely to continue issuing longer-term subordinated debt and Islamic bondsthat qualify as Tier 1 capital to prepare forBasel III implementation and lock in still-low international borrowing rates. Lingeringrisks to sector stability are largely qualitativein nature, mainly the related-party lendingrisks and corporate governance concernsassociated with the government’s extensiveownership of local banks and majorindustrial conglomerates.

Chart 2: Real estate demand bysector, H2 2015

Source: Knight Frank © 2016 Abu Dhabi Chamber of Commerce & Industry

Government

Oil and gasEngineering & constructionFinancialProfessionalLeisure and hospitalityTechnologyReal estateGeneral tradingOther

A

B

C

D

E

G

H

I

J

K

6%

8%21%

4%14%12%

1%3%

20%11%

25%Share of real estate in

foreign direct investment

Chart 4: Total stock of foreign direct investment by economicactivity, 2014, million AED

Source: Statistics Center Abu Dhabi © 2016 Abu Dhabi Chamber of Commerce & Industry

Real estate

Manufacturing

Financial institutions and insurance

Electricity, gas, and water supply; waste management

Construction

Mining and quarrying

Other

0 5,000 10,000 15,000 20,000 25,000

Chart 3: Real estate lending to total lending for the UAE

Source: Central Bank of the United Arab Emirates © 2016 Abu Dhabi Chamber of Commerce & Industry

0%

5%

10%

15%

20%


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Most recent results from banks signalthat the market is already absorbingthe shock and adjusting to the newcircumstances, albeit gradually. The latestcredit sentiment survey from the CentralBank of the UAE revealed a softeningdemand for loans in general. Loan demandfor all sorts of residential housing loans,though, which had star ted to fall alreadyearlier in the year, sagged further in the

nal quarter of 2015. A modest reboundof overall credit demand is expected inthe rst quarter of 2016, but at the sametime, lending conditions are expected to betightened further (see chart 5) .

Real estate lending is apparently coolingoff in Abu Dhabi, as can be expected given

new global and regional circumstances. Asharp downturn, though, is not in the cardsfor the near term. This is plainly evident fromactual lending results for the nal quarter of2015. In fact, total credit to real estate andconstruction for the entire UAE increasedeven further, which in some way contradictsthe ndings from the central bank’s creditsurvey. Before long, though, actual lendingwill most likely slow as well (see chart 6) .

Banks in Abu Dhabi have alreadycommenced putting the brakes on realestate lending. In the case of First GulfBank and Abu Dhabi Commercial Bank, thetwo most important local banks, the ratio ofreal estate lending to total lending—whichpeaked in 2012 and 2013—has been ona downward slope for the last two yearswithout signs of bottoming out until the thirdquarter of 2015 (see chart 7) .

Government plans for real estatedevelopment

Given its overall role in the economy, thegovernment of Abu Dhabi is the most criticalplayer for the real estate sector, even thoughits actual share of real estate demand hasbeen comparably low. The government’sambitious development projects are pivotalnot only for Abu Dhabi’s economy as awhole, but also for the real estate sector.

The UAE is set to spend more thanUS90 billion on development projects andworks between 2013 and 2017. Railwaydevelopment plans account for nearly one-quarter of that, while the expansion of the

Abu Dhabi International Airpor t, which iscurrently under way, will cost an estimatedUSD6.8 billion. In late 2014, a USD32-billionexpansion of Dubai’s Al Maktoum wasannounced, increasing its capacity to morethan 120 million people.

Chart 5: Lending and loan demand Q4 2015/Q12016


Mining and quarrying

Manufacturing

Electricity, gas, and water

Construction

Property development

Retail and wholesale trade

Transport, storage, and communications

Financial institutions (excl. banks)

Others

-0.5

-3.6

-3.9

-6

-5.9

1.8

-4.1

-4.5

-4.2

-3.6

5

-2.7

5.4

-4.1

6.8

4.1

3.6

0.9

*Net balance of respondents

-6-5-4-3-2-1012345678

Change of loan demand in the UAEcompared with previous quarter*

Expected change of loan demand in theUAE for the next quarter*

25%Share of real estate in

foreign direct investment

Chart 6: Real estate lending (million AED)


0

50,000

100,000

150,000

200,000

250,000



Other construction projects underway in the UAE include city and islanddevelopments. Masdar City is a keydevelopment project city in Abu Dhabi,with a focus on renewable energy. Otherdevelopments such as Saadiyat Island(USD27 billion), which is expected to becompleted in 2020, include a number ofattractions, hotels, and residential units. Anoverview of key real estate development and

construction projects is available at the endof the report.The federal government and individual

emirates continue to invest heavily in thecountry’s infrastructure, with expenditure ofmore than USD300 billion expected between2014 and 2030. Population and economicgrowth are the major drivers of the buildingprogram that is seeing the upgrade andconstruction of new routes, especially in andaround Dubai and Abu Dhabi.

Market outlook

Unless the oil price bounces back vigorously,an unlikely prospect at this point, the

government of Abu Dhabi will be forcedto economize nancial resources further,curtailing spending. Part of that will affect theprojects listed above, but also importantly willbe to what extent the standard of living canbe maintained and increased further giventhe new circumstances.

The latest available data from Abu Dhabi’sreal estate market show that the market isheading more for a soft landing rather than a

harsh, sudden confrontation with new realities.Market players, such as banks and foreigninvestors, have already begun adjusting theirexpectations. Given the dynamism that isstill inherent in Abu Dhabi’s nonoil economy,momentum is still enough to ensure a moregradual decision to a sustained, albeit slowergrowth path for the sector.

Property prices and rents might eventuallyadjust as vacancies increase, but pricelevels and rents are not comparable withthe period leading up to the nancial crisisof 2008/09. Therefore, while there is some

room for adjustment, a dramatic change isnot in the of ng.

Chart 7: Real estate credit to total credit in %

Source: First Gulf Bank, Abu Dhabi Commercial Bank © 2016 Abu Dhabi Chamber of Commerce & Industry

Abu Dhabi Commercial Bank First Gulf Bank

0

10

20

30

40

50

2 0 0 9

Q 4

2 0 1 0

Q 4

2 0 1 1

Q 4

2 0 1 2

Q 4

2 0 1 3

Q 4

2 0 1 4

Q 4

2 0 1 5

Q 3

2 0 0 9

Q 4

2 0 1 0

Q 4

2 0 1 1

Q 4

2 0 1 2

Q 4

2 0 1 3

Q 4

2 0 1 4

Q 4

2 0 1 5

Q 3

2013The year that the share of

real estate lending declined

Table 1: New Abu Dhabi projects to be awarded in 2016Project name City Industry Sector Subsector N.P.V Project status M.C.A M.C.CMusanada - roads, infrastructure,and public realm for sector W52 - 2 Abu Dhabi Transport Infrastructure

Road,interchange 25 Main contract bid 18/07/2016 12/12/2017

Musanada - K9 Security SearchBuilding in Al Hafar (P171-T/BPS/772/189/15)

Abu Dhabi Construction Public Governmentfacility 12 Main contract bid 26/04/2016 26/12/2017

Abu Dhabi business hub - Phase 3 :six warehouses and mosques Abu Dhabi Construction Commercia l Of ces 70 Main contract bid 21/03/2016 25/09/2018

Gasco- Habshan NGL recovery Abu Dhabi Gas Upstream Gas extraction 1,000 FEED 19/12/2016 15/09/2020 ADCO - BAB CDS : Installation ofnew ow suction tank (FST-805) Abu Dhabi Oil Storage Oil tank 27 Main contract bid 30/05/2016 19/11/2018

DM Healthcare - 150-bed medcarehospital (Maqta Bridge) Abu Dhabi Construction Healthcare Hospital, clinic 100 Design 10/10/2016 31/10/2018

*N.P.V = Net project value ($m) *M.C.A = Main contract award *M.C.C = Main contract completion Source: MEED © 2016 IHS


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March 20168

Date28/01/201611/01/2016 11/01/2016

13/12/2015

03/11/2015

09/08/201505/05/201523/04/2015

22/04/2015

22/04/2015

07/04/2015

23/03/201505/03/2015

10/02/2015

22/11/201429/10/2014

22/10/2014

15/09/2014

31/07/2014

04/06/201426/05/2014

06/05/2014

21/04/2014

21/04/2014

21/04/201419/11/2013

18/11/2013

26/07/2013

10/07/2013

26/02/2013

13/08/2012

22/05/2012

12/05/2011

12/04/2011

ProjectMeera ShamsWest Yas Villas

Park View

Noor Al Ahli Hospital

Horizon Towers

Marina BloomWarner Bros theme parkMamsha Al Saadiyat

Mayan

Al Falah community mall

Hydra Avenue

Al Merief Al Maryah Central retail complex

Jumeirah Saadiyat IslandResort

Four Seasons hotelTameer Towers

Al Reef Vil las

Reem Mall

Expansion of Ferrari World Abu Dhabi

Saadiyat Island Beach ResortFour-star hotel

Hilton Resort

Al Hadee l

Ansam deve lopment

Nareel IslandGate Towers

Al Ghayath i Housing

Al Maryah development

Al Saadiyat Villa

Mixed-use development

Fairmont Hotel

Mixed-use projects

Yas Mall

Al Bateen Park

City Abu Dhabi Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi Abu Dhabi Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi Abu Dhabi

Abu Dhabi

Abu Dhabi Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

LocationReem IslandWest Yas

Saadiyat Island

Al Ain

Reem Island

MarinaYas IslandSaadiyat Island

Yas Island

Al Falah

Reem Island

Khalifa City Al Maryah Island

Saadiyat Island

Al Maryah IslandReem Island

Al Reef

Reem Island

Yas Island

Saadiyat IslandSir Bani Yas Island

Saadiyat Island

Al Raha Beach

Yas Island

Al BateenReem Island

Al Ghayathi

Al Maryah Island

Saadiyat Island

Abu Dhabi Island

Saraya

Al Ain

Yas Island

Al Bateen

Remitter Aldar Propertie s Aldar Propertie s

Bloom Holding

N.A.

Tamouh Investments

Bloom HoldingLouis Berger TDIC

Aldar Propertie s

Aldar Propertie s

Aldar Propertie s

Aldar Propertie sGulf Related

TDIC

MubadalaTameer Holding

Manazel

Al Farwaniya Proper tyDevelopments

The local theme parks

TDICTDIC

Bin Otaiba Investment Group

Aldar Propertie s

Aldar Propertie s

Aldar Propertie s Aldar Propertie s

Musanada

Farglory

Saadiyat Development &Investment CompanySSPD

Aabar Propertie s

Sorouh Real Estate and Australia ’s Bovis Lendlease Aldar Propertie s

Aldar Propertie s

Contractor To be awardedDubai’s Arabtec Construction

Gulf Foundation

Commodore Contracting Company

N.A.

Al Shafa r General Contract ingSix ConstructLocal Nael & Harmal Hydroexport

N.A.

N.A.

N.A.

N.A.To be awarded

N.A.

Al Futtaim CarillionN.A.

N.A.

To be awarded

Six Construct

Ghantoot GroupN.A.

N.A.

Al Fara’s

N.A.

N.A. Arabian C onstruc tion Company,Orascom and Sendai EversendaiEngineering GroupN.A.

N.A.

Al Jaber

N.A.

N.A.

Bam

Six Construct

Seidco

Net project value (USD m)N.A.545

N.A.

40

163

133544136

N.A.

N.A.

N.A.

N.A.409

234

1981900

272

517

68

234N.A.

217

N.A.

N.A.

N.A.N.A.

394

1000

480

N.A.

N.A.

N.A.

544

N.A.

Table 2: Overview of major real estate projects in Abu Dhabi



Contract completionN.A.End-2017 April 2016

May 2017

March 2017

September 2016

N.A.September 2015

November 2015

2017

N.A.

N.A.2018

End-2017

Early 2017N.A.

N.A.

2018

End-2017

End-2017N.A.

2018

Early 2017

2017

Early 2017End-2013

End-2014

June 2017

2016

N.A.

N.A.

N.A.

November 2014

2013

Source:2- Meera Shams Reem Island1-West Yas Villas3- Park View

4 - Noor Al Ahli Hospital

6- Horizon Towers

7- Marina Bloom

8- Warner Bros theme park9- Mamsha Al Saadiyat

10 - Mayan

20- Al Falah community mall

21- Hydra Avenue

22- Al Merief5- Al Maryah C entral retail

11- Jumeirah Saadiyat IslandResort

24- Four Seasons hotel12- Tameer Towers

25- Al Reef Villas

13- Reem Mall

15- Expansion of Ferrari World Abu Dhabi

26- Saadiyat Island Beach Resort16- Four-star hotel

23- Hilton Resort

17- Al Hadeel

18- Ansam development

19- Nareel Island27- Gate Towers

32- Al Ghayathi Housing

34- Al Maryah development

31- Al Saadiyat Villa

33- Mixed-use development

30- Fairmont Hotel

29- Mixed-use projects

14- Yas Mall

28- Al Bateen Park

Note:The project involves the construction of two midrise residential towers that are about 25 stories tall. Each tower will have 204 apartments. Arabtec Construc tion wil l build 1,017 villas at t he West Yas residen tial development.The residential building will include a total of 234 residential units ranging from studios to two-bedroom apartments, while the 188-keyhotel apartment building will feature studios and one- and two -bedroom apartments.The project, Noor Al Ahli Hospital, has an 18-month delivery time and when nished will have a built-up area of 33,000 square meters.The contractor is already at the mobilization stage.Horizon Towers are part of Tamouh’s 144-acre mixed-use City of Lights development, which will consist of 60 residential and commercialtowers. It also has Paragon Bay Mall on Reem Island under construction, with more than 24,000 square meters of retail space.The development includes a ve-star hotel, 57 apartments, and waterfront retail areas. Al Shafar began initial construction work in April2014. The project is expected to be completed by the third quarter of 2016.The project involves building indoor and outdoor areas for 19 themed rides. The indoor rides will be housed in a large steel-frame structure.The Mamsha Al Saadiyat, a residential project that is part of the Saadiyat Island master plan, consists of ve clusters and will feature ninelow-rise buildings, including apartments and townhouses.The project is a waterfront development that offers studios, one-, two -, three-, and four-bedroom apartments, and beachfront villas. The

rst launch sales of the Mayan residences were on 15 November 2015. Aldar Propertie s is set to build the new 31,00 0-square-meter community ma ll in the Al Falah community close to Abu Dhabi’s Internationa l Airpor t that has ju st been approved by the Urban Planning Council.Hydra Avenue will consist of six towers in two main clusters with 2,292 apartments and 39 townhouses. They will feature swimming pools,gyms, saunas, a track and eld, boardwalk, supermarket, dining outlets, and other shops. The rst phrase of three towers was completedin 8 April 2015.The developer said that it had sold all 281 of the plots, which are only eligible to be sold to emirates in one week via off-market sales.The project involves building a 170,000-square-meter retail center and two towers. The rst tower will be a residential tower with servicedapartments. The second will be a hotel with 200–330 rooms. When complete, the mall will be one of the biggest in the UAE and thelargest in central Abu Dhabi.Dubai’s Jumeirah Group has signed an agreement with Sheikh Surour bin Mohammed al-Nahyan, who owns Sheikh Suroor ProjectsDepartment, to operate a luxury resort in Abu Dhabi called Jumeirah Saadiyat Island Resort. The resort will comprise 294 guest roomsincluding spa suites, presidential suites, and private high-end villas. It will also include three restaurants, shops, and beach and pool areas.With 190 rooms and 125 apartments, the Abu Dhabi Four Seasons will be the Canadian company’s second property in the UAE.The overall project was originally designed with six towers between the sea and the c entral park area of the Shams Abu Dhabidevelopment on Reem Island. The main buildings are a 74- oor, 300-meter-high of ce tower in the commercial area, a 21- oor hotel andapartment tower, two 50- oor residential towers, and two 3 0- oor residential towers. The total built-up area is 915,000 square meters.The project contains 860 detached villas of two and three bedrooms with large gardens and is located at what is considered the

pioneering future pivot of real estate developments.The project involves the construction and completion of a large-scale regional retail mall located in the Najmat district of Reem Island. Themall will have three retail levels with 400 retail units. It will also have 6,250 car parking spaces. Once completed, the mall will have550,000 square meters of built-up area with 190,0 00 square meters of gross lettable area.The expansion plans involve building seven new rides that will increase the capacity of the park by 40%, together with new entertainmentareas and expanded retail and food and beverage areas. The rides will be supplied and installed by specialist contractors. One of the newrecord-breaking roller coasters, Flying Aces, is set to be unveiled on 24 February 2016. The theme park aims to complete the wh oleexpansion by the end of 2017.The resort complex will have a low-rise 295-room hotel and 11 luxury villas, along with meeting rooms and a spa.The contract entails building a three-to-four-star hotel on a 110,000-square-meter beachfront plot under a 30-year land lease. Theminimum acceptable bid for leasing the land will be AED1 million (USD272,000) a year.The company is developing the 366-room property spread over 91,000 square meters owned by Bin Otaiba Investment Group, with anestimated cost of AED800 million.Hadeel will occupy a site next to Aldar’s existing Al Bandar project. It is a 57,000-square-meter building on a 10,000-square-meter plotthat will have 233 apartments and eight townhouses.The project is currently the only residential development on Yas Island that is available for sale to expatriates. The development features four Andalusian-style apa rtment buildings comprising 50 0 apartments overlooking the Yas Links golf course and the Yas Island waterfront.The development, Nareel Island, consists of two islands, each comprising 143 waterfront villa plots for UAE nationals to build bespoke homes.The project includes the world’s highest penthouse bridge structure, bringing the building to a total height of 245 meters. The bridge contains21 penthouses, all of which comprise at least 4,000 square feet, with most containing their own private swimming pools and gardens.

The 181-villa development was handed over to concerned authorities in March 2014. Phase II of the project, a further 605 villas, were tobe delivered by the end of 2014.Three of the towers will contain 435 new apartments, while the fourth will have 180 hotel rooms. There w ill also be 42,000 square metersof of ces and serviced apartments.The luxury villa complex on Saadiyat Island will stretch along almost 7 kilometers of waterfront. Al Jaber Building, a subsidiary of the AbuDhabi-based Al Jaber Group, will build 462 villas on an area of about 1.5 million square meters.The project involves building a 25-story residential tower and a 22-level serviced apartment building with a total built-up area of about123,000 square meters.Known as the Fairmont Hotel and Serviced Apartments, the scheme involves building a 39-story tower that includes 563 guest rooms, 144serviced apartment units, 105 other apartments, 13 food and beverage outlets, a ballroom and conference rooms, a swimming pool, andsports facilities. There will be underground and ground-level parking for 1,300 vehicles. The total built-up area of the project will be160,000 square meters.

The project features a 25,000-seat football stadium, a sports center, a hotel, a commercial center, and residential buildings in Al Ain.

The project involved the construction of the Yas mall, northeast and northwest decked car parks, infrastructure, and associated roads.The project also involved hard and soft landscaping works. The grand opening of the mall was on 19 November 2014.The new residential community comprises 272 two-to-four-bedroom apartments as well as 75 villas and 12 three-bedroom penthouseapartments, which were delivered to families in February 2013.

Source: MEED © 2016 IHS


10/20

About IHS: www.ihs.comIHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today’s business landscape.Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independentanalysis and exible delivery methods of IHS to make high-impact decisions and develop strategies with speed and con dence.IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005.

Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, pro table growth and employs approximately9,000 people in 31 countries around the world.

ContactsIHS Global GmbH,Bleichstrasse 1, 60313 Frankfurt, Germany

Ralf Wiegert Director Consulting – IHS Economics & Country [email protected]+49 (0)69 20973 320 +49 (0)151 42628 143

Matthias HerlesDirector Consulting – IHS Economics & Country [email protected]+49 (0)69 20973 218+49 (0)174 1946560

Abu Dhabi Chamber of Commerce & Industry,P.O. Box 662, Abu Dhabi, U.A.E.

Ohan S Balian, Ph.D.Chief Economist – Abu Dhabi Chamber of Commerce &[email protected]+971 2 617 7470

www.ihs.com : س س ن ؤ ة ذ ب

م. و م ا ر ل ا ل ا ة ا ر ؤ ت ا ت ا ا ى و ؤ ر ا ت و و ر ا ة و د ا ك: IHS) ؤ ر ر و ر و (و IHS ر ا ؤ ل ا ل ا ء ا و ا ر ت ا ل و ى ا و م ا ل ا و و 165 د ن ر ت أ و ا ر و ت ا ؤ د ات ر ى ا د ت إ أ 1959 و م ذ ي ر ل ا ت ا ن ؤ IHS ر ر أ ذ ُ . ا ر و ت ا ا ر و ا ة و ر ؤ ت ا ا ر ا ر ذ ا IHS

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م. ل ا و و 31 د


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Address: Main Building of Abu Dhabi Chamber, Corniche Road, P.O.Box: 662Phone: 00971-2-6214000, Email: [email protected]


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Documents

Ohan Balian 2016 Digesting Low Oil What’s Next for Abu Dhabi’s Real Estate Sector. Sectoral Report, Issue 02-26022016, March 2016