Week 51 - Asteco Property Management · abu dhabi miral, warner bros to open hotel on yas island in 2021 abu dhabi unveils $2.1bn plan to beautify urban spaces abu dhabi property

Week 51 SUNDAY, 22 DECEMBER 2019

ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA

© Asteco Property Management | 2019 | asteco.com

34+ YEARS IN THE MIDDLE EAST

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ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

GCC SHOULD EMULATE DUBAI'S STRATEGY IN REALTY SECTOR

UAE LOGISTICS SET TO REAP DIVIDENDS OF NEW SILK ROAD

SHEIKH ZAYED HOUSING PROGRAMME EYES $6BN INVESTMENT BY 2025

KUWAIT'S LACK OF LAND FOR DEVELOPMENT MAKING PROJECTS 'UNFEASIBLE', SAYS

TAMDEEN GROUP CHAIRMAN

IMPACT OF INTEREST RATE CYCLE ON UAE PROPERTY MARKET

HILTON INKS DEAL TO RUN SAUDI HIGH SPEED RAILWAY HOTEL

DUBAI

DUBAI PROPERTY DEMAND-SUPPLY BALANCE SEEN IN 2022

ENBD REIT TO DELIST FROM NASDAQ DUBAI

UAE'S AZIZI UNVEILS 'GAME CHANGER' SKY VILLAS AT DUBAI PROJECTS

NAKHEEL OPENS 304-ROOM PREMIER INN AT DRAGON CITY

JA RESORTS & HOTELS TO OPEN NEW DUBAI HOTEL IN JANUARY

MAG MULLS IPO, INVESTS DH2B IN NEW PROJECT

UAE IN TOP THREE FOR TALL BUILDINGS COMPLETED IN 2019

EXPO HONOURS BEST IN CONSTRUCTION, SERVICES

LAND DEPARTMENT SET TO CLASSIFY VALUATORS

HOLIDAY HOMES BRACE FOR VERY BUSY SEASON IN UAE

UNION PROPERTIES APPOINTS NEW CHIEF EXECUTIVE AS IT LOOKS TO CUT LOSSES

DUBAI SET TO OPEN PHASE 6 OF $820M EXPO 2020 ROADS NETWORK

DUBAI DEVELOPER TARGETS UK INVESTORS AFTER JOHNSON ELECTION VICTORY

NAKHEEL APPOINTS NEW MD OF INFRASTRUCTURE PROJECT CONSTRUCTION

ZAHA HADID-DESIGNED ME DUBAI HOTEL TO OPEN IN FEBRUARY

DEYAAR TO LAUNCH 11 NEW BUILDINGS IN MIDTOWN

UAE'S AZIZI SAYS PALM JUMEIRAH RESIDENTIAL PROJECT SET FOR EARLY 2020




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REAL ESTATE NEWS COMPLETION

NEW DUBAI HOTEL TO BECOME WORLD'S TALLEST WHEN IT OPENS

DUBAI PROPERTY SUPPLY PEAKS, RENTALS CONTINUED TO SOFTEN

HYATT ANNOUNCES OPENING OF ANDAZ DUBAI THE PALM

REVEALED: THE MAIN PROBLEMS FACED BY TENANTS IN DUBAI

NAKHEEL EXPANDS HOSPITALITY PORTFOLIO WITH AVANI AL BATTUTA OPENING

DAMAC PROPERTIES CHIEF HUSSAIN SAJWANI SLAMS 'GREEDINESS' OF DEVELOPERS

DUBAI SECOND MOST-PROLIFIC CITY TO COMPLETE SKYSCRAPERS IN 2019

BAYUT LAUNCHES NEW LIVE PROPERTY SHOW

ABU DHABI

MIRAL, WARNER BROS TO OPEN HOTEL ON YAS ISLAND IN 2021

ABU DHABI UNVEILS $2.1BN PLAN TO BEAUTIFY URBAN SPACES

ABU DHABI PROPERTY MARKET SET TO BOTTOM OUT IN 'NEAR TO MID-TERM'

KHALIFA PORT IN DH4B EXPANSION; 2,800 JOBS TO BE CREATED

MUBADALA REAL ESTATE AGREES DEALS FOR SEVEN PLOTS ON AL MARYAH ISLAND

INFRASTRUCTURE WORKS START ON ABU DHABI'S $1.36BN JUBAIL ISLAND

ABU DHABI FUND APPROVES $15M LOAN FOR CAMEROON ROAD PROJECT

ETIHAD RAIL AWARDS $1.25BN DEAL FOR UAE'S NATIONAL RAILWAY

ICONIC ABU DHABI HOTEL TO UNDERGO REVAMP FOR 'ULTRA-LUXURY' STATUS

HOMEFRONT: 'WHERE ARE THE BEST FAMILY-FRIENDLY AREAS FOR A THREE-

BEDROOM HOME IN ABU DHABI?'

NORTHERN EMIRATES

SHARJAH RULER INAUGURATES $26M KHORFAKKAN BEACH TOURISM PROJECT

AJMAN OKAYS DH1.75B GOVERNMENT BUDGET FOR FISCAL 2020

UAE'S FIRST PROPERTY VALUE PROTECTION SCHEME LAUNCHED




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REAL ESTATE NEWS

INTERNATIONAL

IS IT TIME TO POUND ON THE UK REAL ESTATE MARKET?

SAUDI'S SIDRA INVESTS IN US INDUSTRIAL PROPERTIES IN $206M DEAL




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DEYAAR TO LAUNCH 11 NEW BUILDINGS IN

MIDTOWN Tuesday, Dec 10, 2019

Deyaar plans to expand its Midtown master development at Dubai Production City (IMPZ) after seeing good

demand for the first phase. “We are launching an extension of Midtown next month and it will be worth Dh800

million,” Saeed Mohammed Al Qatami, chief executive of Deyaar, told Property Weekly on Tuesday.

Construction work on the first 13 buildings has just been completed and handover is expected this month.

“We launched zones two and three and sold all 1,200 apartments, except for retail and a small building of 80

apartments — we kept them in our real estate portfolio,” said Al Qatami. “We are now opening zones four and

five, consisting of 11 building and 750 apartments. Zones one and six will be for future development.”

He added that zones two, three, four and five make up 92 per cent of the project.

The Midtown development, which the developer said caters to the affordable housing segment, consists of 25

buildings offering studio, one- and two-bedroom apartments. It features a 1km running track, tennis courts, a

basketball court, swimming pool and children’s play areas. The overall cost of the project is around Dh2.6 billion.

After Midtown, Deyaar also has a residential project in the pipeline, Bella Rose at Dubai Science Park in Al Barsha

South. Construction work on the 18-storey building has now reached the 10th floor, and handover is expected by

December next year.

“Bella Rose has reached 50 per cent completion, and we still have some units left there. The project offers the

potential to earn up to 13 per cent in return on equity,” noted Al Qatami. “Although there is an oversupply in the

market, there is still demand for residential properties. You have to launch the right product in the right location.”

According to Al Qatami the first phase of Midtown is being financed with a mix of debt and equity.

“The handover payments for the 13 buildings will be coming from December, so there will be enough equity from

the proceeds of this, and therefore, the debt ratio [for this project] will not be that high.”

Commenting on the UAE Central Bank’s proposed regulation that seeks to cap lending to real estate companies to

limit banks’ exposure to the sector, Al Qatami said it was a positive move, but that there should be a

differentiation between companies.

“Today there are real estate companies that have borrowings of more than Dh10 billion, and there are others that

have a few hundred million worth of exposure, so you cannot say all real estate companies have huge exposure,”

said Al Qatami. “At Deyaar, we have very low levels of debt, about Dh400 million, and that’s going to be paid by

the projects.”

Expanding into hospitality

With Expo 2020 fast approaching, Deyaar has expanded into the hospitality sector with three projects: Millennium

Atria Business Bay that opened early last year and offers serviced apartments; Millennium Al Barsha hotel, which

opened last week; and Mont Rose, a three-tower complex at Dubai Science Park offering a mix of residential and

serviced apartments since last year.




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In its first year of operation, Millennium Atria Business Bay has seen an average occupancy rate of 86 per cent, the

hotel’s manager, Ziad El Hawi, told Property Weekly, adding that most residents are businesspeople and families

from the GCC.

Altogether, Deyaar now has 952 keys in its hospitality portfolio and anticipates roughly Dh1 million in revenue

from each key, or a total of about Dh100 million in the first year.

“We’re expecting around Dh100 million in revenue from our hospitality business by 2020. We believe the market

will be in a much better situation next year [when] visitor numbers will increase. We’re looking to double the

number of keys by 2024-25, depending on the demand,” Al Qatami said.

In August, Deyaar reported a 27 per cent decline in its profits for the second quarter as operating costs jumped

and the company incurred provisions against claims.

Provisions totalling Dh661 million made in 2018 was one of the prime reasons behind the company’s accumulated

losses of Dh1.54 billion, the Dubai Financial Market-listed company said in October.

Deyaar has also extended its reach to facility management services, which could prove a key revenue generator

going forward given the rate of handovers.

Source: Gulf News

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LAND DEPARTMENT SET TO CLASSIFY

VALUATORS Tuesday, Dec 17, 2019

Dubai: Dubai Land Department has set December 31 as the deadline for local property valuation companies and

their valuators to update their credentials. All relevant documents will need to be submitted into the Trakheesi

system, based on which they will be classified.

The classification is based on the five-star system, and is based on four main criteria and nine sub-criteria. The

main criteria relate to the number of valuation transactions, their value and type, customer happiness and the

extent to which the real estate valuator adheres to the laws, experience of the valuator and social responsibility

initiatives and education.

Classification will be based on gold, silver, bronze and general categories.

There are currently 71 valuators working in 48 valuation companies registered to operate in Dubai. By signing up

for Trakheesi, customers will be “aware in advance of the classification of companies and the extent of their

compliance to the laws and professional ethics before they decide on employing any of them,” said Ali Abdulla Al

Ali, Director of the Real Estate Licensing Department.

The Land Department has been operating a licensing regime for brokers for quite some time now.

Source: Gulf News

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IMPACT OF INTEREST RATE CYCLE ON UAE

PROPERTY MARKET Tuesday, Dec 17, 2019

Borrowing money got cheaper this year as the UAE Central Bank followed the US Federal Reserve with three

interest rate reductions during the past year, totalling a cumulative .75 per cent reduction, with many forecasters

expecting more rate cuts to follow next year.

New borrowers, and those on existing variable rate packages, have seen mortgage interest rates fall with

resultant lower monthly repayments. Consequently, home ownership has got cheaper and/or borrowers can take

out larger funding at the same monthly cost. Mortgaged investors on adjustable loans have seen their outgoings

reduce, a welcome relief at a time of falling rental receipts for many property types across the emirates.

Rate cuts have happened at the same time as other new flexibilities in UAE mortgage rules. Home loans terms are

now technically permitted till age 70, borrowers can potentially stretch the length of their loan to help reduce

monthly repayments. Another modification this year was the capping of bank penalty fees for early mortgage

redemptions, making it cheaper for many homeowners to change lender and re-mortgage to a bank with a better

offer. A revision of loan-to-value (LTV) rules remains a broader conversation still being had. Some are of the

opinion that while the more restrictive ratios were right when they were introduced to a hot property market in

late 2013, times are now different and the high deposit rules act as a barrier to entry for many potential owner-

occupiers who would otherwise buy their own home and make a long term commitment. Conversely, many feel

that such prudent practices are good for limiting the real estate exposure of UAE banks and helping mitigate

against negative equity situations in a property downturn. Furthermore, hefty deposit requirements help focus a

buyer’s mind and avoid rash decisions by their having to make significant down payments out of their own

pockets.

As a valuation surveyor I would expect cheaper lending rates and more flexible mortgage rules to likely act as a

stimulus for the UAE property market. While most commentators do not predict real estate price rises here in the

short term, these stimuli will likely encourage buyer activity – as house-hunters see significantly cheaper sales

prices now complemented with lower monthly mortgage repayments. With the US Federal Reserve expected to

continue to be accommodative in 2020, with softer interest rates to encourage economic performance, and our

dirham being pegged to the US dollar, further rate cuts are predicted.

ValuStrat’s research department has reported increased transactional activity volumes in Dubai’s residential real

estate market in recent quarters – this is an interesting barometer and may be reflective of improved market

sentiment, as buyers see value to be had by way of much-reduced purchase prices and now lower monthly

mortgage repayments too. Barring a larger economic shock, we would expect this trend to continue.

Of course, interest rates will not stay so low forever, but “lower for longer” now appears to be the perceived

wisdom on borrowing costs. Nonetheless, both banks and borrowers should ensure that sensible stress testing is

done to be sure that borrowers can afford repayments when rates next start to rise.

As regards longer lending terms of 30 and 40 years, it is true that mortgagees benefit from reduced monthly

repayments when the term of their loan is pushed way out. However, it should be remembered that borrowers

pay much more in total interest payments over longer mortgage terms. Noting that a bank will take most of each

monthly repayment in the early years towards interest charges, with less being chipped away off the original

principal amount borrowed. In fact, those redeeming such a long-term mortgage in the earlier period may be




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surprised as to how little has actually been paid off the initial amount drawn down. However, the lower monthly

repayments that longer-term loans create can be a boon for younger families in trying to help reduce monthly

instalments so that other family expenses can be met. Medium term goal should be that higher monthly

payments are made in the future when incomes have risen and other family costs such as educational have

passed.

The UAE is still predominantly a cash-led property market. However, as the real estate sector matures and looks

towards medium-term recovery, and with more buyers now using bank funding, the current mortgage

environment may be helping as an incentive at just the right time.

Declan King is managing director and group head of real estate at ValuStrat. the views expressed here are his

own.

Source: Gulf News

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ENBD REIT TO DELIST FROM NASDAQ

DUBAI Sunday, Dec 08, 2019

ENBD Reit, the real estate investment trust run by Emirates NBD Asset Management, has revealed plans to

restructure its fund and to delist from the Nasdaq Dubai, where its shares trade.

The fund became only the second listed real estate investment trust in the UAE when it listed on the exchange in

2017, but the tough real estate market in Dubai, where its entire portfolio of assets is based, and a lack of liquidity

in its stock has meant its share price has regularly traded below the value of its net assets.

“With the share price representing a significant discount to [net asset value] and current market conditions

expected to prevail, we have undertaken a comprehensive review of strategic alternatives to maximise long-term

value for shareholders," Anthony Taylor, head of real estate for ENBD Reit, said in a statement. "This process has

led to the decision to proceed with a formal restructuring of the REIT, transitioning to a privately held investment

vehicle, subject to shareholders’ approval."

ENBD Reit's portfolio contains 11 main assets, which are a mix of commercial and residential units. These include

The Edge office building in Dubai Media City, the Souq Extra community retail mall and Binghatti Terraces

apartment complex at Dubai Silicon Oasis, the Uninest student property building at Dubai Academic City and

South View School in Dubailand.

Last month, the company said that its net asset value stood at $254m as of September 30, with the total value of

its portfolio at $435m, which was only marginally lower than the $437m it was valued at in June.

Yet despite measures taken to improve liquidity, including a cancellation of $84.5 million worth of shares last year

to create a "distributable reserve" that was used to embark on a seven month-long buyback programme, its share

price continued to trade at a hefty discount to the fund's value. The company said on November 27 that its NAV

per share at the end of September was $1.02, but its share price closed last Thursday at $0.50, a discount of more

than 50 per cent.

"We believe that the decision [to delist] is in the best interest of shareholders who stand to realise greater value

from holding equity in the REIT – valued according to NAV – on a fixed-term basis. To date, the portfolio has

shown considerable resilience to market conditions, so we think that as we come out of the current cycle there

will be value to be realised from our real estate holdings,” Mr Taylor said.

The company will put forward its proposals to restructure and delist the Reit to shareholders ahead of a

forthcoming extraordinary general meeting.

Source: The National

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MUBADALA REAL ESTATE AGREES DEALS

FOR SEVEN PLOTS ON AL MARYAH ISLAND Thursday, Dec 12, 2019

Mubadala Real Estate and Infrastructure reached agreements with developers to sell seven plots of land on Al

Maryah Island, according to a key executive.

The island's master developer has agreed terms on six residential and one school plot with a gross floor area of

150,000 square metres. This compares with just one 14,000 sq m plot sold last year and is indicative of the

momentum building in terms of the island's development, according to Mubadala Real Estate and Infrastructure's

executive director, Ali Al Muhairi.

"We actually had to refresh ... our pricing strategy. The days of 2007-08 and those ridiculous prices are not there

anymore. So we had to step back and we have to be realistic and say 'OK, this is what the price is in Abu Dhabi,

this is what the price is in Al Reem. We know that we are a premium to Al Reem but we may not be double [the

price]'," he told The National during an interview, although he did not reveal the amounts for which plots had

sold.

Mr Al Muhairi had earlier told journalists that progress was being made both in terms of lettings and

infrastructure. Occupancy at Abu Dhabi Global Market Square's four office towers now stand at 75 per cent, a

growth of 15 per cent year-on-year. More than 65 companies have moved to the financial free zone within the

past 18 months, he said, including Citibank, BNP Paribas, State Street and WeWork.

"Two years ago we only had two towers leased at 80 per cent. Now we are 75 [per cent] for all four," he said.

The island's Four Seasons Hotel, which has been open for three years, has an occupancy rate of 70 per cent and

the six-year old Rosewood hotel has an occupancy rate "in the mid-80s", the company said. The 251 branded

serviced residences operated between the two hotels have typically run at an occupancy rate of over 90 per cent.

"The rates we command for those are one of the highest in the city," said Mr Al Muhairi.

He also pointed to the recent opening of the extension of the Galleria mall, where 210,000 sq m was added to the

existing 30,000 sq m facility on September 4. Since then, some 4.7m people visited in September and October, he

added. Although the extension currently has an occupancy rate of just 60 per cent, he expects this to increase to

80 per cent by the end of next year.

Al Maryah Island is a 116 hectare island with an anticipated 3.52 million square metres available for development

over four phases. The first two phases under development comprise 6.74 hectares, with just over 2 million square

metres available for development. Of this, 933,351 square metres has been developed so far.

"We knew that people are willing to come … but they want to invest in a place that is ready to invest in," he said,

adding that in the past year connectivity between Al Maryah and Abu Dhabi islands has been improved with the

addition of new bridges.

"I look at 2019 and when I see a big jump in the uptake of office space, when I see a big jump in terms of plot

sales throughout the year and when I see high occupancy rates on residential, to me these are good indications

that the real estate market is in good shape, at least for the island itself. No developer will come and buy without

knowing they can actually sell it forward," he said.




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"People might say 'we don't see it today in the market' but usually any developer that buys a plot takes three

years for everything to be completed. Developers or investors see that the indications are positive and they see

that there is an upside coming down the road."


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UNION PROPERTIES APPOINTS NEW CHIEF

EXECUTIVE AS IT LOOKS TO CUT LOSSES Sunday, Dec 15, 2019

Union Properties, the master developer behind Dubai’s Motor City district, appointed Khalifa Al Hammadi as chief

executive as the company continues to restructure and manage its accumulated losses.

The developer has struggled to maintain growth in profitability in the wake of a softening real estate market in the

UAE.

In the second quarter of 2017, Union Properties posted its biggest quarterly loss of Dh2.3 billion after a Dh2.8bn

write-down of asset value by its management team.

The company has reported a loss for each of the three quarters this year and made senior management changes

to steer it through its restructure.

Last month, Union Properties reported its third quarter loss widened 32 per cent on the back of lower revenues

and a loss incurred on the value of financial assets it holds.

The quarterly net loss reached Dh81.5 million, deepening further from Dh61.8m reported at the end of the third

quarter of 2018. Revenue for this third quarter dropped 29 per cent year-on-year to Dh106.2m.

The company also declared a net loss on financial instruments held of Dh37.6m in the three months to the end of

September, compared to Dh7.5m during the same period last year. The company has accumulated losses on its

balance sheet of about Dh2.08bn, most of which relates to a 2017 write down of asset values.

The company is trying to address the accumulated losses by developing its land bank, creating assets with

recurring income and “aggressively following up on its outstanding receivables through legal process”, Union

Properties said.


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HOMEFRONT: 'WHERE ARE THE BEST

FAMILY-FRIENDLY AREAS FOR A THREE-

BEDROOM HOME IN ABU DHABI?' Wednesday, Dec 18, 2019

I'm relocating to Abu Dhabi from Belgium in January. I have a company housing allowance of Dh120,000 and need

to find accommodation for myself, my wife and my one-year-old daughter. Ideally I would like a three-bedroom

home in case the family expands any further. I would consider a villa or an apartment in the right area. What

family-friendly areas do you suggest? TD, Belgium

The residential rental market in Abu Dhabi has seen prices softening throughout 2019. This was mainly down to

the handing over of many completed units. The outlook going into 2020 may change as there is not a significant

amount of supply scheduled to be delivered which means there could be a better balance between supply and

demand that in turn will lead to a more stable market.

With reference to your request, I will highlight three family-friendly areas for villas and three areas for apartment

living.

Khalifa City is home to some of Abu Dhabi's best schools and nurseries. Victor Besa / The National

Khalifa City

This area is divided into two major districts: Khalifa City A and Shakhbout City (formerly Khalifa City B). The area

has spacious villas making it a popular choice for young couples and families with children. With its proximity to

some of the best schools and nurseries, parents need not worry about long commutes. Both these districts have

good local shops and supermarkets, as well as excellent facilities and amenities. In Shakhbout City there is a park,

which has a dedicated kid’s play area. Here three-bedroom villas start at a very reasonable rent ranging from

Dh95,000- 120,000.

Mohammed Bin Zayed (MBZ) City

The MBZ City area is among one of the newer family-friendly locations of Abu Dhabi, which feature appealing

villas that have some of the best facilities and amenities around. Here you will enjoy a calmer environment as it is

located more on the outskirts of the city. The properties for rent are one of the most affordable and start from

under Dh100,000 for three-bedroom villas going up to Dh115,000. Many of these are close to some great schools.

Al Mushrif

This location offers an ideal environment for raising children as it has many great schools and plenty of shopping

facilities within its environs. Al Mushrif is located in the city’s centre, but it also has a quiet residential feel to it

making it ideal for families. Nearby attractions include Mushrif Mall, Mushrif Palace and the Umm Al Emarat Park.

Rents start at Dh60,000 for a three-bedroom apartment up to Dh120,000 for a villa.

Al Khalidiya

Residents for apartment living in this area enjoy the fact that it has everything going for it in one location, with

properties closer to the corniche having amazing sea views. Parents will be spoilt for choice with the options for




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schools and nurseries. There are also various recreational activities that would appeal to families such as the

beach at Al Sahil and Al Khalidiya Park. Large three-bedroom apartments start from Dh60,000 but the properties

with sea views are renting from Dh120,000.

The Reem Island waterfront in Abu Dhabi. The capital is seeking to attract more tourists as part of an economic

diversification strategy. Victor Besa / The National

Al Reem

This beautiful waterfront development features clusters of high rise buildings with luxurious amenities and state-

of-the-art facilities making it one of the best places to live for families looking for a modern lifestyle. This location

has many good schools and nurseries for parents to choose from. Spacious three-bedroom apartments start

from approximately Dh85,000 going up to Dh120,000.

The Al Karamah area features a 14-hectare park. Photo: The National

Al Karamah

This central location is highly sought after for families as the apartments are close to numerous schools and

nurseries and Abu Dhabi's business hub. There is a wide range of retail shops, restaurants and supermarkets,

including Al Wahda Mall close by. Three-bedroom apartments can be found from Dh60,000 — Dh100,000.

Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for 35 years

in London and Dubai


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JA RESORTS & HOTELS TO OPEN NEW

DUBAI HOTEL IN JANUARY Wednesday, Dec 11, 2019

JA Resorts & Hotels is to open ‘The Manor by JA’ in Al Furjan, Dubai in early January 2020.

The new 247-key, four-star property on the Dubai to Abu Dhabi route will be focused on the corporate sector,

with its close proximity to the Expo 2020 site, Al Maktoum Airport and Dubai South.

Owner of the property, Dr Hanif Hassan Al Qassim, said: “JA Resorts & Hotels are the right fit to manage this

property. A homegrown brand with a 40-year heritage in the UAE, they have the proven management knowledge

and experience, particularly in Dubai South. I am excited to see this project come to fruition and work with the JA

team.”

Murad Ahmed, an Emirati national, has been named as the new general manager.

Food and beverage outlets are yet to be announced, but the management have indicated they will be geared

towards ‘popular and elevated convenience dining’.

The property also boasts a 180-square metre suite on the first floor, an equipped gym and a rooftop pool.

Earlier this year, JA Resorts & Hotels revealed plans to expand its portfolio of eight properties across the UAE and

Indian Ocean, with the addition of two luxury lodges in Africa and a new brand, ‘Big Bed by JA’ with up to 30

hotels planned for China.

Source: Arabian Business

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HOTEL GIANT UNVEILS PLAN FOR TWO

NEW OMAN PROPERTIES Wednesday, Dec 11, 2019

Wyndham Hotels & Resorts, the world’s largest hotel franchising company with over 9,200 hotels across more

than 80 countries, has announced plans to open two new hotels in Muscat, Oman.

Marking the introduction of the Wyndham Garden and Ramada Encore by Wyndham brands to Oman, the

openings will support the country’s ambitious Vision 2040 programme, which includes a focus on developing the

country’s mid-market hotel sector in a bid to welcome 11 million visitors by 2040.

The sultanate has seen an increase of more than 25 percent in inbound visitors in the first six months of 2019

alone.

Panos Loupasis, vice president development, Middle East, Eurasia & Africa, Wyndham Hotels & Resorts, said: “The

anticipated openings of these two new hotels in Muscat mark a significant milestone as we seek to expand our

presence in this important market.

"With their unrivalled locations in the heart of Muscat’s business and leisure district, these newest additions to the

Wyndham Garden and Ramada Encore by Wyndham family are the perfect properties to complement our

growing offering in the region.”

Set across eight floors and bringing 143 new rooms and suites to the city, Wyndham Garden Muscat Al Khuwair is

expected to open later this month.

Ramada Encore by Wyndham Muscat Al Ghubra is expected to open in March 2020 and will boast 163 rooms, a

rooftop pool with sundeck and a fully equipped fitness centre and spa.

Wyndham Hotels & Resorts’ openings in Oman are part of company’s wider growth plans for the Middle East and

Africa region, which include the addition of 23 new properties by 2023 and are focused on expanding the

economy and mid-scale offering across the region.


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SHARJAH RULER INAUGURATES $26M

KHORFAKKAN BEACH TOURISM PROJECT Monday, Dec 16, 2019

Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, has inaugurated the Khorfakkan Beach project, a

AED95 million ($25.8 million) tourist initiative in the eastern region of the emirate.

The project has been developed with the support of a host of government entities in Sharjah including Sharjah

Investment and Development Authority (Shurooq).

With the opening of the Khorfakkan Beach project, visitors can have direct access to a new beach experience

through the recently launched 89km Sharjah-Khorfakkan highway, which has cut down travelling time between

the two cities to 45 minutes.

Facilities include a water sports centre, central courtyard, a 350-car parking lot, six food trucks, four kiosks, 17 F&B

and shops along a 1km stretch on the south side of the Khorfakkan beach, a statement said.

The total area of facilities available for leasing is about 8,235 sq ft. Around 30–40 percent of the business leasing

spaces have been allocated to entrepreneurs and start-ups in the region, it added.

The development also boasts running and cycle tracks, multi-use sports courts, and a swimmers’ beach equipped

with a team of lifeguards, showers, bathrooms and changing rooms, and an amphitheatre overlooking the sea

which will host beachside events and activities.

A children's playing area has been built while new amenities have been added to the existing family beach park,

including eco-friendly picnic and barbecue areas.


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HYATT ANNOUNCES OPENING OF ANDAZ

DUBAI THE PALM Monday, Dec 16, 2019

Hyatt Hotels Corporation has announced the official opening of Andaz Dubai The Palm.

Joining Andaz hotels in top destinations around the world, such as Amsterdam, London, New York, Tokyo, Seoul

and Shanghai, the latest addition marks the first Andaz-branded hotel in Dubai and the second in the UAE after

the Andaz Capital Gate.

Andaz is Hyatt’s luxury lifestyle brand and Andaz Dubai The Palm gives guests access to a private beach.

“The bustling Palm Jumeirah island serves as the ideal location for guests to immerse themselves in the sights and

sounds of Dubai,” said Kifah Bin Hussein, general manager, Andaz Dubai The Palm. “The hotel is created for the

inquisitive traveller. Set in a vicinity known for luxury and exclusivity, Andaz Dubai The Palm reflects the city's

eclectic style, showcased through local artist exhibitions and unique culinary offerings."

Andaz Dubai The Palm is also home to local art, embellished on the walls of the hotel in pop-up style exhibitions.

The hotel encompasses 217 rooms, including 34 suites, and 116 residences.

The hotel features 31 Andaz Suites, one Terrace Suite, one Prince Suite and one Royal Suite, each fitted with

separate living and dining areas, a terrace, a rain shower and a deep soaking tub.

It is also home to five distinct dining venues including Knox, an underground speakeasy bar and La Coco, a

neighbourhood beach club and lounge set to open next year.

Nestled on the 14th floor is the hotel’s spa, Ora, the adults-only Cabana pool area and fitness centre while the

hotel also offers about 6,350 square feet of studio spaces for social and corporate events.


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Page 19



ICONIC ABU DHABI HOTEL TO UNDERGO

REVAMP FOR 'ULTRA-LUXURY' STATUS Monday, Dec 16, 2019

Emirates Palace Company (EPCO) on Monday announced that Mandarin Oriental Hotel Group will take over

management of the iconic Emirates Palace, Abu Dhabi, from January 1, 2020.

The award-winning property, which opened in 2005, is one of the world’s most luxurious hotels and features 302

rooms and 92 suites, with nine international restaurants.

Known for hosting high profile guests, heads of state, foreign dignitaries and celebrities, Emirates Palace will

undergo a phased renovation to upgrade its facilities to an ultra-luxury level, a statement said.

It added that during this period the hotel will remain open to welcome its guests.

Mohamed Al Junaibi, chairman of EPCO, said: “We are delighted to enter this fresh chapter with Mandarin

Oriental, whose operational expertise will further enhance the guest experience in line with our leadership’s

example to continue striving for excellence and extending world-class hospitality to anyone visiting or living in the

UAE."

“The partnership with Mandarin Oriental represents an important milestone and aims to propel the property’s

profile into a new era,” added Sultan Al Hemeiri, managing director of EPCO. “We look forward to a mutually

prosperous and fruitful relationship with Mandarin Oriental Hotel Group.”

“This is a unique opportunity to manage one of the most high-profile and iconic properties in the Middle East and

will be an excellent complement to our other hotels in our portfolio,” said James Riley, group chief executive of

Mandarin Oriental Hotel Group. “We look forward to bringing the Group’s exemplary service standards to Abu

Dhabi and to introducing the brand to a new audience.”

The decision to award the new management contract was based on a tender process, managed by third-party

firm JLL, global real estate and hospitality advisors.


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Page 20



ZAHA HADID-DESIGNED ME DUBAI HOTEL

TO OPEN IN FEBRUARY Tuesday, Dec 17, 2019

ME Dubai, one of the most anticipated hotels to launch in the UAE, is preparing to open its doors in February

2020.

ME Dubai is the first ME by Meliá hotel in the Middle East and is the only hotel in the world to be designed both

inside and out by the late Zaha Hadid.

Hadid's legacy lives on through a range of detail and bespoke furniture throughout the hotel which is located in

the Opus, a statement said.

Boasting 74 rooms and 19 suites including the Passion Suite, Personality Suite, the Vibe Room and the ultra-

luxurious ME Suite, the hotel also includes 96 serviced apartments across three floors.

In addition to three ME Dubai owned F&B outlets, The Opus will offer guests a choice of 15 restaurants, including

the first ROKA restaurant in the region, a Japanese robatayaki concept from London.

There is also a spacious pool and wet deck overlooking the Dubai skyline, as well as a 7,000 sq m gym, and spa.

Stefan Viard, general manager of ME Dubai, said: "ME Dubai brings a new dimension to Dubai that will delight

status seekers, culturalists and the creative elite across visitors and residents alike.

"The new property will act as a cultural epicentre for those looking for a personalised approach, unforgettable

experiences, unparalleled gastronomy and exceptional service.

"To be putting the final touches to our much anticipated offering and watching the mesmerising Zaha Hadid

vision come to life is exciting, and we looking forward to marking a new decade by welcoming guests to ME

Dubai."


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Page 21



NAKHEEL EXPANDS HOSPITALITY

PORTFOLIO WITH AVANI AL BATTUTA

OPENING Tuesday, Dec 17, 2019

Dubai-based master developer Nakheel has marked a key milestone in its hospitality business strategy, with the

opening of the Avani Ibn Battuta Dubai.

The hotel was inaugurated by Nakheel chairman Ali Rashid Lootah and William E Heinecke, founder, chairman

and group CEO of Thailand’s Minor International, owner and operator of the Avani brand.

The new-build, 18-storey Avani is the second Nakheel hotel at Ibn Battuta Mall and one of several in operation or

under construction in the developer’s hospitality project portfolio.

Avani Ibn Battuta Dubai has 360 guest rooms, including 15 suites, a pool deck with dining and recreational

facilities, an all-day dining restaurant, a coffee shop, gym, meeting facilities and parking for 128 vehicles.

Lootah said: “Nakheel continues to play a key role in enhancing Dubai’s hospitality offering in line with the

emirate’s economic and tourism goals, and we are proud to partner with Minor Hotels to bring the Avani brand to

Ibn Battuta Mall.

“With more than 21 million visitors a year, the mall is a world-leading destination where quality accommodation is

in demand, as is clear from the constantly-high occupancy rates of our first hotel here. The arrival of this new

hotel comes as Dubai’s busiest time of year gets into full swing, and we look forward to a successful winter season

– and beyond – at Avani Ibn Battuta.”

Heinecke added: “Minor Hotels is thrilled to officially inaugurate Avani Ibn Battuta Dubai, which represents both a

fantastic addition to the brand’s fast-growing portfolio and our first new-build Avani in the Middle East region. We

are confident the property will be very well received in the Dubai market and look forward to working with our

partners, Nakheel, to ensure Avani Ibn Battuta is a great success.”

Minor Hotels’ portfolio currently comprises almost 78,000 rooms across 536 hotels, resorts and serviced suites in

55 countries under the Anantara, Avani, Oaks, Tivoli, M Collection, NH Collection, NH, nhow, Elewana, Four

Seasons, Marriott, St Regis, Radisson Blu and Minor International brands.


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Page 22



HILTON INKS DEAL TO RUN SAUDI HIGH

SPEED RAILWAY HOTEL Thursday, Dec 19, 2019

Hotel giant Hilton has signed a management agreement with the Knowledge Economic City Company to operate

and manage the 300-room DoubleTree by Hilton Madina Gate, expected to open in 2022.

Located within the Madinah Gate Development and adjoining the Madinah Haramain Railway Station, the hotel

will feature 250 rooms, 50 serviced apartments, two restaurants, including a lobby cafe open to the adjoining train

station, meeting space, a fitness centre and gym.

The hotel will sit within the larger Knowledge Economic City (KEC) masterplan, a mixed-use urban centre

comprising commercial, residential, recreational, educational and community elements.

Occupying a 6.8sqkm land area, KEC occupies a key strategic location between the Prophet Mosque, Haramain

trian station and the Madinah International airport.

Hilton said the connection to the Haramain train station will provide a convenient accommocation option to those

using the new high speed rail network between Madinah, King Abdullah Economic City in Rabigh, Jeddah and

Makkah.

Sami Abdulaziz Al-Makhdhoub, CEO of the Knowledge Economic City Company, said: “I am pleased to conclude

this agreement with a well known internaional company like Hilton to provide technical, management and

operation for our premier hotel leveraging the success of City Gate project through providing the best services for

visitors, pilgrims and local community, in the area adjacent to the Haramain train station in Medina.”

Amir Lababedi, Hilton’s managing director for development Middle East and North Africa, added: “This latest

addition to our portoflio will see Hilton occupy prime accommodation sites at the Haramain train stations in both

Makkah and Madinah, providing Hilton guests with accommodation options at both of these connected national

transport centres.”

Hilton, which has operated hotels in the kingdom since 1995, currently has 14 open hotels across the country with

40 hotels in its development pipeline, and expects to quadruple in size in Saudi Arabia in the next five years or so.


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Page 23



DAMAC PROPERTIES CHIEF HUSSAIN

SAJWANI SLAMS 'GREEDINESS' OF

DEVELOPERS Thursday, Dec 12, 2019

Damac Properties founder and chairman Hussain Sajwani has branded developers greedy and reiterated his

belief that new construction should be stopped to address oversupply issues.

Sajwani caused a stir earlier this year when he suggested the real estate market was heading for “disaster” due to

the amount of units being built, suggesting a complete halt for two years would go a long way to resolving the

problem.

He told the Skybridge Alternatives (SALT) conference in Abu Dhabi this week: “If we stopped today, we are okay. I

think there is a demand for at least 15,000 to 25,000 units a year. But if we oversupply more than that there is a

problem. I think we have oversupply in ’19, so we need to slow down, and make it either zero or a very small

number.”

Sajwani also continued his call for government intervention to tackle “greediness” of some developers looking to

make a quick profit from the market.

He added: “You reach a time in the curve where you need to slow down. In the normal competitive markets like

the US, UK, or somewhere else, the demand/supply, and all the companies are private, it will balance each other.

"The UAE is a bit different because the majority of the development comes from large, government or public

companies, and that has to be monitored by the government more carefully I think."

Damac Properties reported an 88% slump in net profit for the first nine months of 2019, as sales and revenue

also fell amid the downturn in Dubai's real estate market.

Sajwani said the UAE's economy is in a strong position. “You’re talking here about one of the most stable and

strongest economies in the Middle East; on the global level we’re among the [top] 10-20 countries."


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https://www.arabianbusiness.com/property/431588-dubai-developer-calls-for-property-supply-freeze




Page 24



KUWAIT'S LACK OF LAND FOR

DEVELOPMENT MAKING PROJECTS

'UNFEASIBLE', SAYS TAMDEEN GROUP

CHAIRMAN Thursday, Dec 12, 2019

Mohammed Jassim Khalid Al-Marzouq, chairman of Tamdeen Group, has called for the method in which land is

allocated for development in Kuwait to be updated as the shortage of plots means space is limited, pushing prices

up and making some projects "unfeasible".

Tamdeen is behind huge projects in the state including 360 Mall; Al Kout, Kuwait’s largest waterfront, retail and

leisure destination; Al Khiran, the region’s first hybrid mall; and the three-tower residential complex Tamdeen

Square.

Al-Marzouq told Arabian Business that the urban developed area of Kuwait is limited to almost nine or 10 percent

of the total size of the country, with the rest taken up by the oil and military industries.

He said: “The biggest constraint is oil and military. The supply is limited because of this.

“For us, as developers, it limits the supply so the prices go up on what is available and projects become

unfeasible.”

The Kuwaiti Government, as part of its ‘Vision 2035: New Kuwait’ programme to reduce its reliance on oil, has

introduced many reforms in areas such as health, education, business environment and urbanisation.

However, it is felt that land reform is a fundamental aspect to achieve the country’s goal.

The government announced last October that it had allocated 700 more plots of land in two industrial zones in

Shadadiya and Salmi with the aim of creating 2,000 jobs and attracting $2.7 billion in investment.

Al-Marzouq said: “We have the masterplan of Kuwait that was done by the British 60 years ago. But it’s not

developed to cater for new industries.

“Shopping centres before were 2,000-3,000 square metres. Today if you don’t have a minimum of 50,000 square

metres GLA it is no longer a shopping centre.

“Different parts of land which could cater to different, big-scale industries, is a problem in Kuwait because of the

old masterplan that was not developed.”


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Page 25



NEW DUBAI HOTEL TO BECOME WORLD'S

TALLEST WHEN IT OPENS Friday, Dec 13, 2019

Ciel, The First Group’s project currently under development in Dubai Marina, will become the world's tallest hotel

when it opens by early 2023.

The 82-level Ciel in Dubai Marina, which will be four metres taller than the emirate's current title holder, the

Gevora on Sheikh Zayed Road, has outshone rivals to claim the top prize in three major categories at the

prestigious 2019 International Property Awards.

Designed by architectural firm, Norr, Ciel will reach a height of 360.4 metres and will house 1,209 luxury suites

and serviced residences upon completion, First Group said in a statement.

Featuring contemporary interiors and a glass observation deck providing 360-degree vistas across Dubai Marina,

The Palm Jumeirah and the Arabian Gulf, Ciel will be an exciting addition to Dubai's skyline, it added.

“We are extremely honoured to receive these prestigious awards for Ciel,” said Rob Burns, CEO of The First Group.

“Ciel is a remarkable project that will become a landmark in its own right, further enhancing Dubai’s reputation as

one of the world’s great cities and tourism destinations.

“The ambition and character evident in Ciel’s striking design reflects our unique approach to developing quality

hotels that strive to set a new benchmark for upper midscale accommodation.”

He added that Ciel’s design highlights include a rooftop leisure deck featuring a swimming pool, fitness centre and

steam rooms.

The rooftop area will also house two of Ciel’s four world-class dining facilities.

The First Group has a pipeline of seven properties under development in some of Dubai’s most popular districts,

including Business Bay, Dubai Marina and Jumeirah Village.


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Page 26



INFRASTRUCTURE WORKS START ON ABU

DHABI'S $1.36BN JUBAIL ISLAND Saturday, Dec 14, 2019

Jubail Island Investment Company (JIIC) has awarded an AED80 million infrastructure works contract for Jubail

Island to Gulf Contractors Company (GCC).

Works on the 18-month first infrastructure package have commenced on two of the six villages that are part of

the AED5 billion ($1.36 billion) project – Marfaa Al Jubail and Souk Al Jubail.

With overall infrastructure works on Jubail Island amounting to about AED600 million, JIIC said that to date a total

of AED120 million in infrastructure contracts have been approved.

The GCC contract scope comprises the construction of a 3km public loop road circling around Souk Al Jubail to

provide road connectivity and access to the neighbouring villages, and the construction of 5km of internal roads

in Marfaa Al Jubail.

Works also cover utility infrastructure development, including electricity, water, sewage, irrigation, telecom and

gas networks, as well as street lighting.

Jubail Island, which is located between Yas Island and Saadiyat Island, spans 400 hectares and will feature six

investment zone villages – Marafaa Al Jubail, Nad Al Dhabi, Seef Al Jubail, Ain Al Maha, Souk Al Jubail and Bed’a Al

Jubail.

Jubail Island will offer plots ranging from 1,500 to 5,000 sq m as well as villas ranging in size from 300 to 1,200 sq

m.

Once completed, Jubail Island will be home to between 5,000 and 6,000 residents.

Mounir Haidar, managing director of JIIC, said: “Following the completion of the enabling works, we are delighted

to confirm the start of phase one of infrastructure works on Jubail Island, demonstrating our commitment to on-

time delivery of plots as early as Q3 2021.”

He added: "Jubail Island is well on track to emerge as the most desirable community in Abu Dhabi and will present

an attractive investment opportunity for those with a keen eye for a quality portfolio. Upon completion, the 400-

hectare island will offer a unique natural setting in an unusually low-density community, surrounded by a wildlife

conservation area.”


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Page 27



UAE IN TOP THREE FOR TALL BUILDINGS

COMPLETED IN 2019 Sunday, Dec 15, 2019

The United Arab Emirates is the third most prolific country when it comes to the completion of tall buildings in

2019.

According to the annual report from the Council on Tall Buildings and Urban Habitat (CTBUH), 126 buildings of

200 metres’ height or greater were completed across the world this year – including 26 ‘supertall’ buildings

measuring at least 300m high.

The UAE boasted nine completions, down from 10 in 2018, while the Middle East recorded 11 completions, which

was also down, from 13 last year.

China took top spot, with 57 completions, followed by the United States, with 14.

Two buildings from the Middle East made the list of the top 20 completions this year: The Address Residence –

Fountain Views III in Dubai was ranked 15th at 332m, and Noora Tower in Dubai was ranked 20th at 307m.

The total number of supertall buildings worldwide currently stands at 170 - in 2013, there were 76 buildings 300m

or higher worldwide; while in 2000, there were only 26.

The 530m Tianjin CTF Finance Centre in Tianjin, China was the tallest building completed in 2019.

The report revealed that, in 2020, the King Abdullah Financial District in Riyadh, Saudi Arabia, is expected to

substantially complete, which could release up to five 200m-plus buildings - of which two are supertalls - into the

statistics.


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Page 28



ABU DHABI UNVEILS $2.1BN PLAN TO

BEAUTIFY URBAN SPACES Wednesday, Dec 18, 2019

The Department of Municipalities and Transport (DMT) has launched the AED8 billion ($2.18 billion) For Abu Dhabi

initiative, which aims to enhance urban spaces and nature sites in the city.

The new initiative is a part of DMT's contribution to the Abu Dhabi Government Accelerator Programme, Ghadan

21, where it is investing in the community to create a welcoming atmosphere for residents and visitors.

For Abu Dhabi will see an investment of AED8 billion across the three main regions of Abu Dhabi, Al Ain and Al

Dhafra, to implement 300 enhancements that range from small-level interventions to the regeneration of large-

scale public spaces.

Works under For Abu Dhabi will follow three themes - For Exploring, For Interacting, and For Relaxing, state news

agency WAM reported on Wednesday.

Some of the enhancements in Abu Dhabi include city-wide public art projects, street regenerations, four signature

parks, regeneration of 16 community parks, waterfront activation, unlocking existing natural sites and the

completion of a city-wide cycle network.

Falah Al Ahbabi, chairman of DMT, said: "We are excited to showcase the first phase of the initiative... DMT has

awarded consultancy services to local and international designers for the regeneration of Sheikh Rashid Bin

Saeed Street and Hamdan Street, and 20 parks to name a few of the projects that are progressing. In addition,

DMT is in the process of procuring construction works due to start in the second quarter of 2020."

He added: "For Abu Dhabi will focus on enhancing the vibrancy of the City of Abu Dhabi through the addition of

creative, colourful artworks, activating existing and new public spaces and providing a network for active

recreation. Community members can experience and enjoy a variety of developments starting from the first

quarter of 2020 when some of the smaller enhancements will be completed."

In the next phases of the initiative, Al Ain and the Al Dhafra regions can expect to see a number of community-

focused enhancements including investment in Madinat Zayed, Mirfa, Al Sila and Delma.


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Page 29



ETIHAD RAIL AWARDS $1.25BN DEAL FOR

UAE'S NATIONAL RAILWAY Wednesday, Dec 18, 2019

The board of Etihad Rail has approved a AED4.6 billion ($1.25 billion) tender for the civil works and construction of

Package D of stage two of the UAE’s national railway, which will stretch over 145km.

Stage D will connect key ports in Fujairah and Khorfakkan to manufacturing, production and population centres at

the Dubai border with Sharjah, enabling transportation of up to 2 million containers per year, and promoting

international trade, according to a tweet by Abu Dhabi Government Media Office.

The contract has been awarded to a joint venture of China Railway Construction Corporation (CRCC) and National

Projects and Construction (NPC).

Etihad Rail chairman Sheikh Theyab bin Mohamed said: “The awarding of this contract is a highly significant

achievement as Etihad Rail follows its path to progressing one of the most important and economically strategic

projects in the UAE.

"While expanding a vital sector that constitutes the lifeline of our national economy, we continue to provide a

safe, modern, and sustainable national railway network that meets the aspirations and expectations of our nation

and its leaders, supporting the UAE’s position as a major link in the regional and global supply chain, and as a key

player in the logistics system.”

The latest contract comes a few months after Etihad Rail awarded the contracts for civil and track works of

Packages B and C for stage two of the UAE network to China Railway Construction Corporation (CRCC) and

Ghantoot Transport & General Contracting Company.

Package B runs for 216km and Package C for 94km and link Khalifa Port, Khalifa Industrial City (Kizad), and Jebel

Ali Port along a distance of 310km.

Etihad Rail had previously awarded Package A to a consortium of the China State Construction Engineering

Corporation and South Korea’s SK Engineering and Construction.

Stage one of the network has been completed and is now fully operational having been delivered on schedule

and within budget. The route spans 264km, transporting sulfur from sources at Shah and Habshan to the export

point at Ruwais.

The rail network is a combination of freight and passenger lines which extends around 1,200km and has nearly 40

railway facilities - logistics sites for freight, passenger stations, stabling and maintenance depots.

On completion in 2024, the network will link Saudi Arabia to the UAE and Oman.


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Page 30



ABU DHABI FUND APPROVES $15M LOAN

FOR CAMEROON ROAD PROJECT Saturday, Dec 21, 2019

The Abu Dhabi Fund for Development (ADFD) on Saturday announced the approval of a concessionary loan worth

AED55 million ($15 million) for a road project in Cameroon.

The fund said that the 204km the Olama-Kribi road will link the capital Yaoundé to Kribi, one of the largest

seaports in the country.

ADFD said the project aims to enhance the country's transportation sector and "will go a long way in stimulating

Cameroon’s economy, facilitating trade exchange, as well as easing the movement of people, vehicles, and

goods".

Mohammed Saif Al Suwaidi, ADFD director-general, and Iya Tidjani, ambassador of the Cameroon to Saudi Arabia,

signed the loan agreement in Abu Dhabi, reported state news agency WAM.

Al Suwaidi said: "ADFD is proud to work as a strategic partner with the governments of beneficiary countries to

help achieve their development objectives with a focus on financing projects that improve infrastructure and

drive sustainable economic growth.

"The fund believes that the development of the transportation sector increases nationwide and cross-country

trade," he added.

ADFD has funded development projects in 95 countries, including 40 African nations, to the tune of AED92 billion

through concessionary loans, government grants, and investments.

The fund’s total expenditure in Africa amounts to an estimated AED23 billion.


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Page 31



DUBAI SET TO OPEN PHASE 6 OF $820M

EXPO 2020 ROADS NETWORK Saturday, Dec 21, 2019

Dubai’s transport authority will on Sunday open phase 6 of the roads network leading to the Expo 2020 site.

The Roads and Transport Authority (RTA) said the project has been undertaken in response to the directives of

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to

support the hosting of Expo 2020 in Dubai.

The aim of the overall project, costing AED3 billion ($820 million), is to ensure smooth traffic flow for Expo visitors,

and serve future projects in the area, a statement said.

Mattar Al Tayer, director-general and chairman of the RTA, described the project as one of the biggest road

projects currently undertaken.

He said the sixth phase of the project includes the construction of a bridge extending 1.4km and roads stretching

about 8km. The number of lanes of Expo Road have been increased from four to six lanes in each direction over a

3km section, while a 5km stretch of Emirates Road has also been upgraded.

"The project wil ease the traffic movement from Expo Road northwards to the Dubai-bound Emirates Road, and

from Expo Road southwards to the Abu Dhabi-bound Emirates Road,” added Al Tayer.

He said the road capacity will increase from 10,000 to 23,700 vehicles per hour, improving the traffic flow to the

Expo 2020 site, Dubai South and Al Maktoum International Airport.

In August, the RTA opened phases 3 and 4 of roads leading to the Expo site while work continues on phases 1, 2

and 5.


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Page 32



UAE'S AZIZI SAYS PALM JUMEIRAH

RESIDENTIAL PROJECT SET FOR EARLY 2020

COMPLETION Sunday, Dec 08, 2019

Azizi Developments has announced that construction of Mina, its luxury residential development on Palm

Jumeirah, will be completed by February 2020 at the latest.

The developer said 85 percent of Mina, a 178-unit development, is now completed.

Blockwork is now 99 percent complete, internal plastering is at 98 percent, mechanical, electrical and plumbing

(MEP) is over 91 percent, and heating, ventilation and air conditioning has passed the 77 percent mark, it said in a

statement.

Final works on the façade, tiling, elevator installation, swimming pools, and overall finishes are also progressing

swiftly, it added.

The project comprises 120 one-bedroom apartments, 54 two-bedroom residences and four penthouses spread

across a total gross floor area of over 22,991 square metres.

Mohammed Ragheb, executive director – Engineering Division at Azizi Developments, said: “The rapid pace of

construction at Mina is remarkable, with it having been at just 60 percent in July."

Mina also offers private beach access, two swimming pools, a gym and a health club. Over 69 percent of its total

area is allocated for gardens, a children’s play area, a jogging track, and green outdoor spaces.


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Page 33



REVEALED: THE MAIN PROBLEMS FACED BY

TENANTS IN DUBAI Wednesday, Dec 11, 2019

Tenants in Dubai are calling for an overhaul to the current rental experience, citing being restricted to fewer

cheque payments, coordinating timings with agents and inaccurate listings as some of their main grievances.

According to a YouGov survey commissioned by the team behind Cafu, the region’s first on-demand fuel delivery

service, Dubai residents point to a fragmented and inconsistent rental experience blighted by a number of

problems.

When asked about main barriers to finding a home in addition to other distress points, renters cite:

* Two thirds (66 percent) said the property did not match their expectations

* 45 percent said the surrounding area was not up to par

* 30 percent faced difficulties coordinating timings with their agent

* A quarter (25 percent) struggled to communicate with their agent

* 45 percent have been restricted to making fewer cheque payments

Overall, almost a third (32 percent) find the current rental process stressful.

According to the survey, tenants are calling for change to improve the way in which they find and live in their

homes.

With many residents familiar with multiple payment options in their home countries, being limited to cheques is

viewed as a burden,

* 45 percent of respondents would prefer the ability to pay in more instalments

* Over a third (34 percent) would either pay or consider paying 5% on top of their annual rent to be able to make

12 payments

* 30 percent demand more payment options such as direct debit, credit card.

Furthermore, over a third (39 percent) ask for more transparent price negotiations, while a similar amount (38

percent) say they would like to limit the involvement of the agent. A fifth (21 percent) also call for an improvement

in the quality and accuracy of photos in listings.

While many sectors including telecoms, financial services and transportation have been quick to embrace

technology, real estate has lagged, the survey added.

* 91 percent still pay their rents via cheque or cash

* 67 percent of respondents take between 1-2 days to schedule a viewing,

* 28 percent take between 2-5 days to negotiate their rent, with close to one fifth 18 percent saying it takes over a

week

Rashid Al Ghurair, founder and CEO of Cafu, said “Dubai’s renters have suffered for far too long, with the lack of

price transparency, the financial burden of one or two cheques and mismatches between pictures and the




Page 34



property advertised. Renters are crying out for change. It’s about time that a regional player came along and

disrupted the market, and we fully intend to do so.”

According to Mr Al Ghurair, there is an opportunity for technology to help overcome the challenges highlighted by

renters and has recently announced his intention to develop an app-based solution that addresses tenant

frustrations.

Al Ghurair added: “We are developing a tech solution that is built on tenant-centric values to empower residents

at every stage of the rental journey and help landlords find and retain the right tenants quicker. We are incredibly

excited about this and strongly believe it will revolutionise Dubai’s rental market.”


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Page 35



SAUDI'S SIDRA INVESTS IN US INDUSTRIAL

PROPERTIES IN $206M DEAL Thursday, Dec 12, 2019

Sidra Capital, a Saudi-based Shari’ah-compliant asset manager, has completed its second US industrial real estate

acquisition with a deal worth $206 million.

The portfolio is comprised of 30 fully occupied single tenant net leased assets spread across 15 key states, the

company said.

It added that the portfolio benefits from a roster of strong mid-market and large companies which have occupied

their respective assets for an average of 27 years.

With a weighted average unexpired lease in excess of 13 years, the portfolio is expected to deliver strong and

stable cash yield for the investment hold period, Sidra said.

The purchase of this portfolio follows the aggregation of a portfolio of six US student accommodation assets and

the acquisition of a site occupied by Sainsburys in the United Kingdom earlier in the year.

These acquisitions have increased Sidra Capital’s total assets under management to $2 billion, of which over $800

million is in the United States.

Hani Baothman, vice chairman of Sidra Capital, said: “The outlook for the US industrial real estate market is

extremely positive with expectations of being one of the most profitable markets in the country, amid low vacancy

rates of under five percent.

"With the continued integration of logistics and retail, low interest rates, growing demand and evolving trend of

manufacturing on-shoring, the US industrial real estate sector will remain resilient and offer opportunities for

growth and re-leveraging and enhancing of industrial assets’ value.”


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Page 36



SHEIKH ZAYED HOUSING PROGRAMME

EYES $6BN INVESTMENT BY 2025 Saturday, Dec 14, 2019

Sheikh Zayed Housing Programme, which seeks to meet the residential needs of Emirati citizens, aims to invest

over AED22 billion ($6 billion) over the next five years.

The number of homes expected to be delivered by 2025 is 17,873 costing AED17.32 billion, along with 5,134

houses in residential neighbourhoods already under construction.

The cost of the programme’s future projects is expected to total AED22.32 billion over the next five years,

according to Dr Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and chairman

of the Sheikh Zayed Housing Programme.

In comments published by state news agency WAM, he revealed that the programme has issued over 67,000

housing aid decisions around the country costing AED17.5 billion since its inception in 1999, which include loans

and grants to build new houses and maintain existing houses.

He said that the value of housing support decisions made this year until October amounted to AED2.8 billion.

He added that in 2019 nearly 14,000 residential units in four housing neighbourhoods have started and are

expected to be delivered in 2020 and 2021, adding that the programme aims to construct another 13,200 housing

units in 2020.

The programme aims to meet sustainability standards related to residential neighbourhoods, through reducing

water consumption by 40 percent and electricity consumption by 20 percent.

Founded by Sheikh Zayed bin Sultan Al Nahyan, the late founding father, Sheikh Zayed Housing Programme aims

to meet the current and future residential needs of Emirati citizens.


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UAE'S FIRST PROPERTY VALUE PROTECTION

SCHEME LAUNCHED Saturday, Dec 14, 2019

Sharjah Holding, a partnership between Majid Al Futtaim Properties and Sharjah Asset Management, has

launched the UAE’s first value protection programme.

Available for a limited time, the programme guarantees that investments are protected against any future

changes in price, enabling home-owners of all nationalities to invest with confidence in Al Zahia, its flagship

project in Sharjah.

The programme is available for homes in the neighbourhoods of Al Lilac, Al Yasmeen and Uptown Al Zahia, which

has a direct connection to City Centre Al Zahia, set to open in 2020.

It will be available until December 31, the company said in a statement.

Shadi Al Azzeh, Al Zahia project head at Majid Al Futtaim Properties, said: “We are constantly striving to meet our

customers’ needs, and we understand that buying a home is a significant decision. With our Value Protection

Programme, buyers have the assurance that they are receiving the best value when they invest in Sharjah’s

premier lifestyle destination.”

Upon completion in 2023, Al Zahia will be home to more than 12,000 residents in villas, townhouses and

apartments with leisure facilities and prime retail offerings.

A pedestrian bridge in the community will provide a direct connection to the AED2.6 billion City Centre Al Zahia – a

super-regional mall set to open in 2020.

Waleed Al Sayegh, chairman of Sharjah Holding, said: “An investment in Al Zahia is an investment in a prosperous

future and the growth of the UAE’s fastest growing economy. The high demand for the emirate’s advanced

infrastructure, legislation, economic stability and geographic location was reflected in real estate transactions

valued at more than AED18.9 billion from January to October.”

Recently, Al Zahia launched Orchid, a neighbourhood featuring a limited number of exclusive residential plots for

bespoke signature homes and Sharjah’s largest private park.


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Page 38



ABU DHABI PROPERTY MARKET SET TO

BOTTOM OUT IN 'NEAR TO MID-TERM' Friday, Dec 13, 2019

The rate of Abu Dhabi property price and rental declines is slowing but a recovery has yet to be seen, according to

Core’s latest market report.

The real estate consultancy said Abu Dhabi is reaching a pricing floor where developers and landlords, particularly

those who are leveraged, may not have room to drop prices any further.

It said the UAE capital's market is likely to bottom out "in the near to mid-term".

The report added that secondary sales prices continued to weaken across most apartment and villa communities,

at a rate of 8 percent on average across the city over the past 12 months.

Prices in communities such as Al Raha Beach, Yas and Saadiyat Island saw relative resilience with lower levels of

declines.

"We continue to see a flight to quality and affordability from both end-users and investors,” said Prathyusha

Gurrapu, head of Research and Advisory at Core.

“With limited future supply, downward pressure on existing inventory is easing. Flight to quality continues to be

seen across asset classes and the market is more elastic with a wider product range now catering to varied

preferences and entry points – making Abu Dhabi increasingly attractive for end-users,” he added.

Prominent completions over 2019 include Parkside Residence in Reem Island, Park View, Al Noon Saadiyat and

Soho Square in Saadiyat Island and part of West Yas Villas bringing nearly 3,000 units to market.

Potentially, an additional 1,000 units are scheduled to be handed over by end of 2019, with a further 5,000 units

to be delivered next year.

"Over 2018 and 2019, the market gradually responded to relatively stable oil prices while developers also aligned

with market demand and managed supply inventories accordingly, keeping realisation rates at around 50

percent. We expect this trend to continue over the near-term,” the report noted.

Andrew Ausama, head of Abu Dhabi at Core, said: “As most residential sales activity is concentrated in the off-plan

segment, we predict new releases to continue witnessing a steady uptake on the back of attractive entry points

and payment terms while secondary market stock is expected to remain challenged by newly delivered and off-

plan stock - albeit keeping sales prices under pressure.

“Most downsizing activity across the private and public sectors has sustained over the last year. The resulting

stability in housing allowances is helping the pace of rental drops to slow down. Unlike historical trends, villa

districts displayed resilience compared to the last few years performance while apartments have witnessed the

same level of drops as that of 2018,” he added.


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DUBAI DEVELOPER TARGETS UK INVESTORS

AFTER JOHNSON ELECTION VICTORY Wednesday, Dec 18, 2019

UAE-based upscale property developer Seven Tides has announced plans to launch a week-long incentive for its

development of hotel and residential apartments on the Palm Jumeirah - Seven Palm.

Valid between December 23-31, the decision to launch a new payment plan was taken after Sterling jumped in

value against the US dollar, in the wake of the recent UK general election result, which saw Boris Johnson lead the

Conservative Party to victory, ending uncertainty over Brexit.

“Our properties are very popular with British investors, however due to uncertainty about Brexit and the slide in

the value of sterling, many would-be buyers have been reluctant to commit," said Abdulla bin Sulayem, CEO,

Seven Tides.

“However, the pound he pound has now risen by 9 percent against the US dollar since August, which will make

property priced in dirhams more affordable."

He said in effect UK investors wanting to buy a one-bedroom hotel apartment during the promotion period will

now save over AED170,000 had they bought on August 11, when sterling was trading at 4.4 dirhams, compared to

4.8 today.

The new payment plan applies to both hotel and residential apartments in Seven Palm and investors will be able

to reserve an apartment with a 5 percent deposit and 6 percent Sales Purchasing Agreement (SPA), then two

instalments over 120 days, and then smaller 5 percent instalments spread over seven months totalling 30 percent

of the total purchase price, with another 20 percent upon handover and the 50 percent balance within 12 months

after handover.

“The major difference between the payment plans is the 50 percent balance that can be paid in instalments, post-

handover, giving investors an opportunity to offset a part of the purchase price during the first year of occupancy

through a guaranteed return or market-driven rental income,” said bin Sulayem.

The Seven Palm consists of two developments, The Seven Palm Hotel Apartments and the Seven Palm

Residences. The apartments are located in two 14-storey towers, joined at the top by a stunning infinity pool and

located next to DUKES The Palm, A Royal Hideaway Hotel.

The Seven Palm Hotel Apartments come with a developer-backed 10 percent guaranteed ROI over five years. The

apartments now start from less than AED856,000 for studios, while one-bedroom hotel apartments start from

about AED1,637,000.

Meanwhile, residential apartments in the development start from AED650,000 for studios, one-bedroom

apartments start from AED1.2 million, two-bedroom apartments start from AED1.75 million and three-bedroom

apartments start from AED3.88 million.

Construction work on the project – which is Seven Tides’ third on Palm Jumeirah - started in September 2018, with

completion due during Q4 2020.


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Page 40



UAE'S AZIZI UNVEILS 'GAME CHANGER' SKY

VILLAS AT DUBAI PROJECTS Thursday, Dec 19, 2019

UAE-based Azizi Developments has launched new sky villas across its residential projects in Al Furjan in Dubai,

describing them as a "true game changer".

The two-storey penthouses are being added to the Samia, Farishta, Shaista and Plaza developments in Al Furjan,

the company said in a statement.

Samia, Farishta and Shaista each have eight sky villas with varying sizes of up to 303.6 sq m while Plaza comprises

16 units with sizes of up to 271.6 sq m, the developer said.

Azizi said the "lavishly sized" sky villas, prices for which start at AED1.7 million, comprise balconies, swimming

pools, kids’ pools and gyms plus saunas, steam rooms and other recreational facilities.

The developer said they have been created with young professionals and families in mind.

Farhad Azizi, CEO of Azizi Developments, said: “Our sky villas represent elegance at its finest. They are a true

game-changer in urban development – they are some of the only two-storey penthouses in this remarkably

sought-after area of Dubai.

"Location, connectivity, and luxury all remain key factors in the home purchase decision-making process. We are

absolutely delighted to add these exceptional properties to our portfolio as a reflection of the city’s popularity as a

metropolitan hub and gateway to the world.”

Azizi currently has 54 ongoing projects that are to be delivered between 2019 and 2023, and an additional 130

projects in planning, worth several billion dollars, that are projected to be delivered between 2023 and 2025.


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Page 41



UAE LOGISTICS SET TO REAP DIVIDENDS OF

NEW SILK ROAD Saturday, Dec 14, 2019

The UAE's logistics industry is gearing up to take advantage of China's Belt and Road initiative (BRI), under which

projects worth $1.1 trillion are at various stages of development in more than 132 countries around the world.

The major initiative, which was launched in 2013 to develop a modern-day version of the land-based Silk Road

Economic Belt and the Maritime Silk Road of the 21st Century, will promote the UAE as an international trading

hub, as well as a crucial destination linking Asia, Africa and Europe through its state-of-the-art infrastructure for

air, shipping and road facilities.

Experts said the BRI initiative will benefit the UAE economy, trade in general and logistics and transport sectors in

particular. Referring to the Federal Competitiveness and Statistics Authority's recent report, they said the logistics

sector's gross output amounted to Dh219 billion last year and the sector's contribution to the UAE's gross

domestic product is projected to increase to 8 per cent by 2021.

With over 20 per cent of Arab-China trade and more than 25 per cent Chinese exports to Arab countries already

been passing through the UAE, the emirate is positioned itself to take centrestage of the BRI initiative because of

its strategic location, excellent infrastructure and stable economic policies.

The UAE and China have already announced many initiatives due to which the emirate will consolidate its position

as a key transit point for Chinese exports to African and European countries. One such example is setting up a

Traders Market in Jebel Ali Free Zone that will create the first smart free zone market place in the Middle East for

the retail and wholesale industries and aims to serve the wider region with a population base of over two billion.

DP World and China Commodity City (CCC) Group Company will develop this $150 million Traders Market project

by 2021. Zhao Wenge, group chairman of CCC Group, said the Middle East and Africa region is critical for the BRI

and his group is ready to serve this high-growth market through the Traders Market.

"We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with

China," he said.

Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said this deal highlighted DP World's ability to

attract trade through its best-in-class infrastructure and emphasising Dubai's position as the regions premier

trading hub.

"This investment showcases our trade-enabling strategy as we look to catalyse trade and the movement of goods

through removing inefficiencies and lowering supply chain costs," he said.

In addition to this, a 2.1 million sqft e-Commerce City is also under construction in Dubai that will cost Dh3.2

billion and ultimately promote trading and logistics in the country.

Major beneficiary

Experts said the UAE will emerge as a strong trading hub in Silk Road Economic Belt and the logistics industry will

be its major beneficiary.

Referring to a recent report of the Dubai Chamber of Commerce and Industry, they said the UAE's air freight

market will expand by a compound annual growth rate of 4.8 per cent over the 2017-21 period while container




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port traffic in the UAE is expected to rise from 22.4 million twenty-foot equivalent units (TEU) in 2017 to 28.4 TEU

by 2021.

Shailesh Dash, chairman of Gulf Pinnacle Logistics, said the BRI is an ambitious plan proposed by China aiming to

strengthen trade, infrastructure and investment between China and 65 countries who, according to World Bank

2018 estimates, contribute 30 per cent of the world's GDP, 62 per cent of the world's population and 75 per cent

of known energy reserves.

"Even though the proposed economic corridors in the BRI do not formally include the GCC, the UAE is set to

benefit directly and indirectly from such an ambitious initiative," he said.

Firstly, he said the China along with the UAE and other Arab countries have founded the Asian Infrastructure

Investment Bank, which allows the UAE to invest in international infrastructure and logistics opportunities,

diversify its economy and benefit from high-growth markets.

"Logistics giants headquartered in the UAE such as DP world will also expand their infrastructure and handling

capacity across Europe, China, Africa, and Southeast Asia in anticipation of increased and faster trade due to

reduced distances and enhanced agreements between the newly-linked countries," he said.

"The shipping distance between UAE ports and China is expected to be reduced from 15,000km to 2,500km due

to the Gwadar Route," Dash said.

Secondly, as the BRI develops, the UAE in general and Jebel Ali Port in specific will gain further prominence as an

international trade hub for several countries serving as a connecting centre between Asia, Europe and Africa.

"Cities along the way of the BRI corridors are set to flourish due to increased trade, investment and job creation."

Thirdly, he said UAE logistics companies are likely to adopt Chinese technologies including driverless and

autonomous vehicles.

Finally, he said the UAE in general and the logistics industry in specific are set to benefit from Chinese investment

inflows and financing of BRI projects. "China's state-owned banks recently established offices in the UAE and will

be instrumental in pumping liquidity into the infrastructure market," he said.

According to a recent report from the Emerging Markets Forum, China has committed or dispersed around $600

billion in loans since 2013 under the initiative, compared to $490 billion by the group of multilateral development

banks comprising the World Bank, the Asian Development Bank, the African Development Bank, and the Inter-

American Development Bank.

China's main international funding agencies such as Export-Import Bank of China and China Development Bank

are funding $334 billion of infrastructure projects globally that are currently in different stages of developments,

according to researchers. Of the total, projects with a combined total of $249 billion are in execution.

UAE a crucial connector between Asia, Africa and Europe

Dash said the UAE is strategically and best-positioned among all of its Arab World counterparts to be the crucial

connector between Asia, Africa and Europe.

"We remain very optimistic about the UAE logistics industry and the opportunities arising in that space. Local

logistics players should enhance their skills and upgrad their capacities to handle growing volumes in the near

future," he said.

Dash said the development of the infrastructure will intensify competition among courier and last-mile delivery

companies. Shorter travel distances will raise the client's expectation to receive shipments faster than ever before

putting significant delivery pressure on the delivery industry.




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"Delivery companies will have to be faster, more efficient and fulfill shipment requests within the same-day or

within few hours just to stay competitive. Large last-mile delivery companies are likely to invest in new

warehouses and facilities adjacent to the newly-paved 'belts' to strategically position their delivery capabilities," he

said.

Shipping companies confident of brighter outlook

Rodney Vegas, chief executive of Abdul Mushen Shipping and So-Safe Logistics, said the development of the BRI

will provide a win-win situation for international trade, bilateral cooperation and the global economy.

"Almost all countries, whether directly or indirectly involved in the ambitious plan are likely to benefit due to

enhanced infrastructure, reduced bottlenecks and lower transportation costs," he said.

He said the shipping companies and logistics providers are upgrading their existing capacities amid expectations

of high volumes of business in coming years.

"This initiative will help us be ahead of the curve and get ready for more business opportunities," he said, adding

that the industry is confident of brighter outlook.

Courier companies need to be fast, more efficient

Najeeb Kabeer, managing director of Century Express, said the development of the Silk Road will serve as a

secular trend which will significantly enhance the customer's product delivery time but is likely to put severe

pressure on delivery companies.

"Last-mile delivery companies will surely benefit from the development of the new Silk Road in the form of

shorter travel distance, increased shipment activity and enhanced infrastructure. However, the ultimate

beneficiary is the end-consumer as he/she will benefit in the form of enhanced delivery experience, shorter wait-

time and lower delivery prices," he said.

He said companies that are relatively small and slower in adapting to the pace of a fast-moving environment will

lose market share to more established players.

Source: Khaleej Times

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Page 44



KHALIFA PORT IN DH4B EXPANSION; 2,800

JOBS TO BE CREATED Wednesday, Dec 11, 2019

Abu Dhabi Ports announced Dh4 billion worth of expansion projects at its flagship Khalifa Port, which will boost

handling capacity.

The two new projects will create more than 2,800 direct and indirect jobs and contribute more than Dh3.2 billion

to Abu Dhabi's gross domestic product by 2025, top officials said during a Press conference held at Khalifa Port,

which is marking its seventh anniversary today.

There will be investment worth Dh2.2 billion in the development of South Quay and Khalifa Port Logistics and

Dh1.6 billion expansion at Abu Dhabi Terminals. The money will be self-funded and financed by local banks.

Mohamed Eidha Tannaf Al Menhali, acting director of Khalifa Port, noted that the expansions provides

competitive advantage for Khalifa Port and Kizad. South Quay will handle general cargo, ro-ro and bulk usage;

Phase 1 will be completed by fourth the quarter of 2020, while Phase 2 and Khalifa Port Logistics by the first

quarter of 2021.

"We are business enablers. There is strong demand from the markets both locally and globally. With this

expansion, we are creating more jobs and bringing more FDIs. All of this is aligned with Abu Dhabi Government's

2030 Vision," he said.

Al Menhali said that the US-China trade war will not have any impact operations at Khalifa Port. "We have

witnessed growth from 2012 until now. This has not impacted Khalifa Port. If there are challenges, we try and

convert them into opportunities."

Jakob Larsen, chief commercial officer of Abu Dhabi Terminals, said the expansions at the terminals will effectively

double the handling capacity.

"Annually our handling capacity is 2.5 million twenty-foot equivalent units [TEU]. We will grow our capacity to five

million TEU by the end of 2020, which is happening through an investment of Dh1.6 billion that already been put

in place." he said.

Naser Al Busaeedi, deputy CEO of CSP Abu Dhabi Terminal, announced the launch of full operations at CSP Abu

Dhabi Terminal (Cosco).

"This is a major milestone. Cosco continues to view Abu Dhabi as a logistics and trade hub of strategic global

importance. It is going to be a link between the West and the East, and important hub for the region. In future, we

look to expand the terminal. It will add capacity of one million TEU," Al Busaeedi added.

The officials said that with partners Abu Dhabi Terminals, Cosco Shipping Ports, Mediterranean Shipping

Company and Autoterminal Barcelona, Khalifa Port is among the fastest-growing ports. Khalifa Port will also be a

major contributor to the connectivity of China's Belt and Road initiative.

After the expansion projects, the overall capacity will rise from five million TEU to 7.5 million TEU. The overall

capacity is expected to hit 9 million TEU over next five years.


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Page 45



EXPO HONOURS BEST IN CONSTRUCTION,

SERVICES Friday, Dec 13, 2019

The cream of the construction and service provider industry convened in Dubai at the 2019 Better Together

Awards to celebrate Expo 2020 Dubai's continuing commitment to looking after the health, safety and welfare of

the thousands of people working across the Expo 2020 site.

The event recognised the successes of individuals and organisations involved in the delivery of Expo 2020 in

achieving an exemplary health and safety performance, providing the workforce with good standards of

accommodation and ensuring world-class employment practices.

The awards ceremony was attended by more than 300 people, including Reem bint Ebrahim Al Hashimy, UAE

Minister of State for International Cooperation and Director-General of the Expo 2020 Dubai Bureau, and

members of the Expo 2020 Dubai Sub-Committee on Worker Welfare.

Dr Rob Cooling, vice-president for health, safety, quality and environment at Expo 2020 Dubai, said: "Expo 2020 is

committed to the highest possible standards of health, safety and worker welfare of the thousands of people who

are helping to prepare our site to host the world's greatest show next year. These awards are an opportunity to

recognise those companies and individuals going above and beyond to support us in this."

Emma Seymour, vice-president for worker welfare at Expo 2020 Dubai, added: "Our health, safety and worker

welfare strategy, which we call 'Better Together', is underpinned by the core values of care, respect and pride, and

aims to influence the wider operations of contractors and service providers to advance health and safety and

worker welfare standards throughout the industry for years to come. It's a partnership between everyone

involved in delivering this incredible event, and it's great to be able to celebrate some of the many achievements

made over the last year, as we reach the completion of heavy construction across the site."

More than 160 million work hours have been completed to date on the Expo 2020 site. There are currently 34,000

workers on site.

The winners were:

Health and Safety Initiative of the Year: Al Naboodah - Zero Strike 360

Quality Initiative of the Year: Parsons - Promoting a Quality Culture

Environment Initiative of the Year: ALEC - Energy Saving

Worker Welfare Initiative of the Year: EFS Facilities Management - The Centurion Club

Worker of the Year: Ayan Ahammed (Cleveland Bridge)

Supervisor of the Year: Harpreet Krishnan (Arabtec)

Activity Briefing of the Year: Antony Joseph (Cleveland Bridge)

Worker Welfare Impact of the Year: Manzoorudeen KK

PMC Excellence Award of the Year: Andrew Seymour

Expo Excellence Award of the Year: Maha Al Gargawi

Project Manager of the Year: Mike Whittingham (Cleveland Bridge)




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Subcontractor of the Year: Transgulf

Service Provider of the Year: Enova

Consultant of the Year: Robert Bird Group

Contractor of the Year: Al Shafar General Contracting

Better Together Award of the Year: Laing O'Rourke


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Page 47



NAKHEEL APPOINTS NEW MD OF

INFRASTRUCTURE PROJECT

CONSTRUCTION Sunday, Dec 15, 2019

Nakheel has appointed Shatha Saif Al Suwaidi as its new managing director of Infrastructure Project Construction.

Al Suwaidi is leading the delivery of all infrastructure work at Nakheel's master communities across Dubai, which

currently span 15,000 hectares and provide homes for 300,000 people.

With a bachelor's degree in Civil Engineering from the University of Sharjah and a master's degree in Urban

Planning from the American University of Sharjah, she started her career at the Directorate of Public Works in

Sharjah before joining Nakheel in 2007. Since then, she has successfully completed infrastructure projects

covering roads, bridges, power substations and utilities at Palm Jumeirah, Deira Islands, International City and

Jumeirah Village.

Al Suwaidi's current focus is the delivery of key projects at Deira Islands, including the main access bridge, as well

as the access bridge to Al Khail Avenue mall at Jumeirah Village Triangle and other projects at Al Furjan, Warsan

Village, Palm Jumeirah, International City and Madinat Al Arab. Nakheel is committed to the development of

young, talented UAE nationals into senior positions within the organisation, and employs a growing team of

Emirati men and women who continue to prove their ability to deliver.


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Page 48



NAKHEEL OPENS 304-ROOM PREMIER INN

AT DRAGON CITY Tuesday, Dec 17, 2019

Nakheel has announced the opening of its second hotel at Dragon City - a 304-room Premier Inn, which is located

a few minutes away from Dragon Mart and its 5,000 shops, restaurants and attractions.

The property was officially opened by Ali Rashid Lootah, chairman of Nakheel, and Alison Brittain, chief executive

officer of Whitbread, the UK's largest hospitality company and owner of the Premier Inn brand. The eight-storey

hotel features a 320-seater restaurant, a Costa Coffee shop, a fully-equipped gym, and meeting facilities. It is the

fourth Nakheel hotel to be delivered, following the inauguration of a second hotel at Ibn Battuta Mall. Premier Inn

also operates Nakheel's first hotel at Ibn Battuta, opened in 2016.

Premier Inn Dragon City is part of Nakheel's long-term vision for the mixed-use community, currently best-known

for the Dragon Mart retail and trading hub, where a new shopping complex and 900-space multi-storey car park

opened last month. Dragon City's first hotel, a 251-room ibis Styles, opened in 2016, and its first residential

component - a twin-tower apartment complex with 1,142 units - is under construction.

"Today marks another milestone for Nakheel, Dragon City and Dubai as we deliver the fourth hotel in our

hospitality project portfolio, and the second at this globally-renowned destination. We are delighted to build on

the success of our first hotel here, and to further cement our partnership with Whitbread by adding another

Premier Inn to our collection of hospitality developments. We are confident that this new hotel will be a big hit

with Dragon City's 40 million annual visitors, who come from the UAE, GCC and beyond to shop and trade at this

world-famous destination," said Ali Rashid Lootah.

"Having been part of the UAE hospitality landscape for more than a decade, it's a true testament to the quality of

Premier Inn that we are able to open our eighth hotel in the region. Our hotel at Dragon City marks the second in

our strategic partnership with Nakheel, following the successful launch of Premier Inn Ibn Battuta Mall in 2016,"

added Alison Brittain.

Nakheel's hospitality portfolio features a diverse range of accommodation, including iconic, luxury projects on

Palm Jumeirah, all-inclusive beach resorts at Deira Islands and mid-range hotels attached to the developer's major

shopping malls.


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Page 49



BAYUT LAUNCHES NEW LIVE PROPERTY

SHOW Wednesday, Dec 18, 2019

In a move to raise awareness and educate the public on the UAE real estate sector, online property website Bayut

has launched a unique property show called 'Bayut Real Estate Bytes', featuring content-rich sessions with leading

industry experts.

The sessions are moderated by Dr Mahmoud El Burai, VP at International Real Estate Federation. The show is

aired as a live episode every month on Bayut's social media channels, and features a number of visionary leaders,

decision-makers, experts and government officials, discussing the developments in the region's real estate and

infrastructure sectors with Dr Mahmoud El Burai. Prior to each live episode, Bayut releases a short teaser video

with Dr El Burai explaining the topic of discussion, inviting viewers to send in their questions through Bayut's

social media and via email. These questions are then analysed and answered during the live panel discussions

moderated by Dr El Burai, so users can gain a better understanding of specific queries and concerns.

Since its launch, the show has already addressed important reforms in the UAE property market, including the

new joint property ownership laws, mortgage and investment advice and other trending topics. The interactive

nature of the show has been welcomed by the audience who frequently engage with guests on the live episodes

with questions and concerns.

Some of the guests featured so far include Mohanad Al Wadiya, the CEO of Harbour Real Estate; Craig Plumb,

head of Research at JLL; Shahram Safai, partner and head of Real Estate at Afridi & Angell; and Andrew Love, head

of Investment and Commercial Agency at Cavendish Maxwell.

"There are plenty of interesting opportunities in the UAE today, whether you are an investor, homeowner or

tenant. It's important in such circumstances to incorporate a knowledgeable approach to decision making and

make the right choices," said Haider Ali Khan, CEO of Bayut. "By analysing the insights provided on Bayut Real

Estate Bytes, users will be better positioned to have their reservations or concerns addressed by respected

experts in the field, and capitalise on the recent reforms and initiatives launched by the government. We are

thankful to Mahmoud for partnering with us to further educate the market through such community-focused

initiatives."

Echoing the thought, Dr El Burai also commented on the initiative, and said: "The concept of Bayut Real Estate

Real Bytes came after the wonderful response and success of the Bayut Big Broker Event (B3DXB) earlier this year.

In the course of the discussions for the event where I was a speaker, we noticed that there is a need to provide a

sustainable platform for all stakeholders within the real estate sector. Hence, we decided to collaborate on a live

show that allows all the involved parties including tenants, investors and buyers to raise questions and discuss

their opinions about the dynamics of this sector while getting actionable advice from experts in the industry.

Since the launch of the program, we have covered a wide range of topics that pertain to the different interests

within the sector including the various options in terms of investments, real estate financing and real estate

management in addition to discussing laws and developments."


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Page 50



AJMAN OKAYS DH1.75B GOVERNMENT

BUDGET FOR FISCAL 2020 Saturday, Dec 21, 2019

His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, has

issued Emiri Decree No.10 of 2019, passing the Ajman government's general budget for the fiscal year 2020.

The value of the budget, without a deficit, totals Dh1.752 billion.

According to Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Ajman Executive

Council, the emirate's general budget seeks to ensure a decent quality of life for citizens and residents alike, via

the launch of value-added projects and services in line with Ajman Vision 2021.

He explained that 2020 prioritises development areas, with the infrastructure and economic affairs sectors

receiving 29 per cent of the total budget to improve the business environment within the emirate.

Social development initiatives were allocated 18 per cent of the budget, while 15 per cent was allocated for

general public order and safety affairs, the Crown Prince added.

About 9 per cent of the budget was allocated to environment and sustainability initiatives, while 3 per cent was

allocated to recreational and sports sectors development. The remaining 26 per cent will be attributed to public

services within the emirate.

Ajman 2021 focuses on building a happy society that will contribute to building a green economy backed by a

distinguished government in harmony with UAE Vision 2021, the National Agenda and Spirit of the Union.


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Page 51



DUBAI PROPERTY DEMAND-SUPPLY

BALANCE SEEN IN 2022 Monday, Dec 09, 2019

Demand for Dubai's property remains pretty strong despite oversupply and demand-supply balance is likely to be

achieved by 2022, say senior industry officials.

Stressing that oversupply is a concern, they, however, rule out slump in demand as approximately up to 30,000

units are said to be sold out in Dubai in 2019 alone. They believe that oversupply will continue beyond 2020,

hence, curbs on supply over the next 12-18 months - not beyond that - will help bring balance on demand-supply

front.

"There will be no significant upside after Expo 2020 as property sector might just sustain itself over the next

couple of years because supply will continue coming in beyond 2020. Projects that are being built right now will

be handed over in 2021 and 2022," says Dounia Fadi, chief operating officer of Berkshire Hathaway HomeServices

Gulf Properties.

"So, until the gap between supply and demand comes closer, that is where prices will see recovery. Until then,

they will remain under pressure till that time. I believe, supply-demand will balance in 2022," she said.

Hussain Sajwani, chairman and CEO of Damac Properties, sees no slump in demand but showed concern about

oversupply.

Property prices have slid by around 25 per cent in Dubai since mid-2014, the peak from its recovery from the 2009

debt crisis. A Reuters poll has predicted that average property prices would decline 10 per cent in 2019 and five

per cent in 2020.

"I don't think there is a slump in demand because around 25,000 to 30,000 units to be sold in 2019. There is a

demand and it will continue. The challenge we are facing is oversupply. If we control supply, prices will go back

very quickly. We need to curb supply for 12-18 months - not more than that. The supply is not huge, but in the age

of efficiency of information, price gets adjusted up or down very fast," Sajwani said during a panel discussion

hosted at the launch of The Report: Dubai 2020 by Oxford Business Group.

Property Finder Group recently revealed that residential sales transactions grew 33.46 per cent year-on-year

during June to August 2019 period as Dubai recorded 8,833 deals compared to 6,618 in corresponding period last

year. Similarly, home sales in Dubai also hit four-year peak in terms of value as deals worth Dh14.94 billion

recorded in 2019 summer season compared to Dh12.58 billion in the same period last year, reflecting an increase

of 14.94 per cent.

Global real estate consultancy JLL has estimated that the average level of residential completions in Dubai in the

last three years was around 20,000 units per annum, while as many as 60,000 units are scheduled for completion

in 2019 alone.

Measures have been taken at the emirate and the federal level to support the local real estate market. Dubai has

established a high-level committee to bring balance in supply-demand while the Central Bank of the UAE is in

discussion with local lenders to allow flexible cap on real estate financing.

Craig Plumb, head of Research for Mena at JLL, believes that restrictions in future supply are an essential part of

creating a more balanced market.




Page 52



He said weakness in underlying employment growth lies at the heart of the subdued demand for real estate and

measures to create more secure and well-paid jobs would, therefore, provide the single biggest boost to real

estate demand.

"A range of measures have been announced that will boost demand for residential property in the medium-

term... What is now required is a relaxation of the rules relating to these regulations (eg: lower levels of

investment required), so that these relaxations apply to a larger number of potential investors. Further

improvements in the regulation, governance and transparency of the real estate market would also assist in

stimulating additional demand," Plumb said.

Firas Al Msaddi, CEO, Fam Properties, suggested that balance in demand and supply can be brought in by

implementing control land release, boosting international demand and diversifying project types when it comes

to purpose and permissions.


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Page 53



IS IT TIME TO POUND ON THE UK REAL

ESTATE MARKET? Friday, Dec 13, 2019

Business investment into the United Kingdom is expected to accelerate following the thumping victory of

Conservatives, with the pound expected to test new highs.

In particular, Prime Minister Boris Johnson's victory in the elections is likely to cause Gulf investors in UK property

to ramp up purchases.

Kyra Motley, partner at Boodle Hatfield, says that the period of extremely low London luxury property prices for

buyers in US dollars may begin to end as certainty over the UK's exit from the European Union is finally reached.

The UK is now expected to leave the EU on January 31.




Page 54



Since the 2016 Brexit referendum and the country's Brexit-driven economic slowdown have kept purchase prices

on central London luxury properties more affordable for Gulf buyers. Sterling is now likely to gradually recover

against the dollar, pushing up prices for non-UK buyers.

"For those considering a London luxury property purchase, time is now of the essence. Prices are unlikely to stay

so low for a long period, and Gulf buyers will want to get deals completed as soon as possible," Motley said.

"The last three years have been a great time to buy in London for Gulf investors, but that window of opportunity

may start to close," she added. "Finally getting certainty on Brexit could see the pound recover, and Middle

Eastern buyers lose some of the foreign exchange discount they have enjoyed since 2016."

The Conservatives' victory would cause billions of pent-up business investment to be unleashed in the UK - but

there are many serious challenges ahead.

"The pound has enjoyed its biggest surge in a decade on the hopes that a solid Conservative majority can finally

end the Brexit deadlock," Nigel Green, CEO and founder of deVere Group, said.

"Many traders were caught off-guard by the size of the majority and this may push the pound even higher than

previous predictions. We could see bullish traders now take it to $1.38 or maybe even as high as $1.40."

Sterling was well-supported on Friday after rising overnight to above $1.35 as investors rushed to unwind bets on

a weaker pound after the resounding election victory.

The pound was last trading up 1.1 per cent at $1.3324, giving up some of the gains it made overnight when it

surged to a 19-month high of $1.3516. Against the euro, the pound was up 1.3 per cent at 83.43 pence, having

skyrocketed to a 3-1/2-year high of 82.78 pence.

The currency had jumped more than 2.5 per cent after exit polls pointing to the scale of the Conservatives' win

were published, its biggest one-day gain in nearly three years. This was a remarkable jump for a currency that has

become extremely volatile since Britain voted to leave the EU in a referendum in 2016.

Against the UAE dirham, the pound was at 4.90 on Friday evening, up 1.2 per cent from Thursday's close of 4.85.

The benchmark FTSE 100 rallied 1.9 per cent, while in Paris the CAC 40 rose 1.2 per cent. Germany's DAX

advanced 1.2 per cent as well.

US shares looked set for gains, with the future contracts for the S&P 500 and the Dow Jones Industrial Average

both up 0.4 per cent.

Earlier in Asia, Japan's Nikkei 225 index jumped 2.6 per cent and Hong Kong's Hang Seng surged 2.6 per cent. The

Shanghai Composite index advanced 1.8 per cent and South Korea's Kospi climbed 1.5 per cent. Australia's S&P

ASX 200 picked up 0.5 per cent, while the Sensex in India added 1 per cent.

Oil rose on Friday to its highest in nearly three months as investors cheered progress in resolving the US-China

trade dispute and a decisive general election result in Britain.

Brent crude, the global benchmark, was up $1.03, or 1.6 per cent, to $65.23 a barrel at 1514GMT, while US West

Texas Intermediate was up 81¢, or 1.4 per cent, to $59.99.

Vasileios Gkionakis, global head of forex strategy at Lombard Odier, said he had now sold sterling after increasing

his holding in the currency when it was languishing at $1.26. "We just took profit here," he said. "From a risk-

reward perspective it makes sense to take profit."

But Gkionakis, like Green, believes sterling could rise to $1.40 as there was a chance Johnson could now seek to

extend the post-Brexit transition period beyond December 2020 in order to complete negotiations on a future

trade deal with the EU. During the election campaign, the prime minister had pledged not to do this.




Page 55



Moreover, with a strong majority in parliament, "Johnson will not rely on Eurosceptics to hold him hostage,"

Gkionakis said.

Analysts from HSBC expect sterling to rise to $1.45 and to 76 pence against the euro by the end of next year, now

that the "politically-driven undervaluation" has been removed. It had previously forecast targets of $1.37 and 80

pence. HSBC said that sterling will again be driven by economic data after years of being politically-driven.

British government bond yields climbed briefly to their highest since early June on Friday before easing back.

"With more political certainty due to the large majority, the UK economy is also likely to receive an election

bounce," Green said.

"Billions of pounds in business investment that has been on the sidelines due to the parliamentary paralysis is

now ready to be unleashed. This will give a much-needed boost the slowing British economy."

"However, there's still a long way to go. Johnson's self-imposed end of December 2020 deadline is a mammoth

challenge, and a no-deal Brexit is still possible on January 1 2021... Johnson's monumental task to deliver Brexit

with a deal and the Scotland issue will continue to fuel uncertainty in 2020," he added.


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Page 56



MIRAL, WARNER BROS TO OPEN HOTEL ON

YAS ISLAND IN 2021 Monday, Dec 09, 2019

Miral and Warner Bros have announced that the world's first Warner Bros branded hotel - The WB Abu Dhabi - is

currently in development on Yas Island in Abu Dhabi.

Set to open in 2021, construction of the $112 million hotel is well underway and is now 40 per cent complete. The

WB Abu Dhabi will be located adjacent to the award-winning Warner Bros World Abu Dhabi theme park and is set

to be a major addition to Yas Island's immersive hospitality and leisure attractions. The hotel will introduce a new

international benchmark for hospitality experiences, offering Warner Bros fans the unique opportunity of staying

at a WB themed hotel while visiting the island's other entertainment and leisure attractions.

The WB Abu Dhabi will feature more than 250 rooms over eight levels, with modern décor that celebrates Warner

Bros' extensive film and television library. The property's contemporary design will also include signature WB

restaurants, a premier spa and fitness club, and a shaded rooftop pool where guests can take in Yas Island's

distinctive skyline.

Mohamed Khalifa Al Mubarak, chairman of Miral, said: "We are excited to announce the development of the

world's first Warner Bros themed hotel, here on Yas Island. This is yet another step in our journey to position Yas

Island as one of the top global destinations for entertainment, leisure and business. Our partnership with Warner

Bros is a unique collaboration that adds another dimension to the outstanding immersive experiences available

on Yas Island."

Pam Lifford, president of Warner Bros Global Brands and Experiences, said: "Following the successful debut of

Warner Bros World Abu Dhabi, we are thrilled to expand our presence in the region with the studio's first-ever

branded hotel. This new venture will pay tribute to Warner Bros.' legacy of rich entertainment, offering fans a

unique way to experience their favorite brands and characters."

The hotel will provide families with a range of leisure amenities, including a child-friendly pool as well as indoor

and outdoor Kid's Club options. While appealing to families, the hotel will also incorporate all the facilities that a

broad spectrum of business and leisure guests could need, including a large ballroom, a range of high quality and

adaptable meeting rooms, and a fully equipped fitness center and beauty parlor.


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Page 57



DUBAI SECOND MOST-PROLIFIC CITY TO

COMPLETE SKYSCRAPERS IN 2019 Saturday, Dec 14, 2019

Dubai became the second most-prolific city in the world to have completed skyscrapers in 2019, according to the

Council on Tall Buildings and Urban Habitat's (CTBUH) latest data.

The emirate saw the completion of nine buildings with a height of 200 metres or more. The Chinese city of

Shenzhen topped again with 15 completions while New York City was ranked third, followed by Chongqing, Kuala

Lumpur, Mumbai, Bangkok, Busan and Nanjing.

Overall, 126 buildings of at least 200 metres in height were completed worldwide in 2019, compared to 146 in

2018, a 13.7 per cent decline.The 77-floor Address Residence - Fountain Views III was the tallest building to be

completed in Dubai this year, boasting a height of 332 metres.

The other buildings completed in 2019 were the 75-floor Noora Tower with a 307-metre height, the 60-storey Five

Jumeirah Village (277m), the 60-storey The Address Residence Sky View Tower 1 (261m), the 64-storey Marina

Gate II (258m), the 61-storey Visa Residence Downtown Dubai (238m), the 55-storey The Address Residence Sky

View Tower 2 (237m), the 53-storey 1/JBR (220m) and the 48-storey Al Batha Tower (210m).

Tariq Qureishy, founder and CEO of MAD Group, said tall buildings are seen as monuments, helping the city in

boosting tourism and improving its overall profile.

"All monuments are big attractions points from tourism perspective - whether it is the Empire State Building, Eiffel

Tower or Petronas Towers, they're the ones which are most-recognised iconic structures of a country".

Qureishy noted that these skyscrapers may not be making money, but the clusters around them benefits the

developers.

"For example, the Burj Khalifa's core is the cluster around it; the Burj may not be making the money, but

developers make money from its cluster because the Burj view becomes one the most vital sellable points," he

said, adding that "Dubai is a city of courage."

He said areas around the Expo 2020 site will also have mega-tall structures that will further improve the city's

profile and the area itself. Currently, Dubai is second with 89 skyscrappers with a height of 200 metres of more

after the 92 towers in Shenzhen.

At the country level, according to CTBUH data, China completed 57 of these buildings, representing 45 per cent of

the total. The United States was again the second-most prolific country, with 14 completions, 11 per cent of 2019's

total.

It was followed by the UAE, with nine completions, down from 10 in 2018. The Middle East overall recorded 11

completions, down from 13 in 2018.

Malaysia and India were tied with seven completions, while the Philippines had five. In 2018, Malaysia also

recorded seven completions, India had zero and the Philippines had one completion.


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Page 58



DUBAI PROPERTY SUPPLY PEAKS, RENTALS

CONTINUED TO SOFTEN Tuesday, Dec 17, 2019

Dubai's residential property supply is set to peak this year and will slow down in the coming years, as oversupply

is forcing developers to hold back new launches and deliveries from next year.

As a result of growing supply, property prices slid even below 2014 and reached, on average, a 7-year low of

Dh895 per square foot.

Real estate data provider, Property Finder, showed that the emirate's property market will surpass last year's

supply in 2019 both in freehold and non-freehold communities, as 5,000 more units will be delivered in 2019 as

compared to 2018. It forecasted that around 39,000 residential units to be delivered this year as against 33,881

units completed across the emirate in 2018.

As a result of oversupply, developers are slowing down as only 68 projects were launched in the first nine months

of 2019, the report said. While Dubai Land Department data had showed that the number of new launches were

84 in 2018 and completed projects totalled 62 last year.

"Going into next year, we will start to see a shift from developers. I believe less new projects will get launched as

developers will concentrate on completing their current projects and selling their large inventory of

ready/completed units," says Lynnette Abad, director of data and research, Property Finder.

She also expects more creative payment schemes from developers who have large, ready inventory as well as

rent-to-own schemes in efforts to move their stock.

Oversupply in the market has been consistently putting pressure on prices and rentals since 2014.

Property Monitor, in its latest report, said that prices in Dubai fell to Dh895 per sqft on average in November.

Property values are now at their lowest point in seven years, with these levels last seen in December 2012. Whilst

prices are down 27.5 per cent from the September 2014 peak, they remain above the previous market low of April

2009.

It predicted that most of the upcoming supply is concentrated in a few communities - Jumeirah Village Circle, Al

Furjan, Dubailand and Al Barsha. Apartments make up 70 per cent of new supply in fourth quarter of 2019.

Harbor Real Estate said on Monday that prices and rentals continued to soften in third-quarter and supply

remains the primary driver for the price declines and developers continue to offer attractive payment options

with the aim of turning tenants into owner-occupiers.

Whilst property prices have declined the volume of sales transactions has risen, with November 2019 marking

one of the strongest months for sales in the past decade. A total of 5,025 transactions were recorded with off-plan

registrations representing 60.8 per cent, Property Monitor said.

Zhann Jochinke, chief operating officer at Property Monitor, said the inverse relationship between property values

and the volume of transactions is a natural economic occurrence, partly driven by increased real estate supply.

"Whilst property values might be at multi-year lows, the higher transactions reflect buyers' long-term confidence

in the Dubai property sector. The increased availability of affordable properties for a larger segment of the




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audience is certainly a positive, but developers must readjust earlier expectations of potential returns," Jochinke

said.


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Page 60



HOLIDAY HOMES BRACE FOR VERY BUSY

SEASON IN UAE Friday, Dec 20, 2019

With the holiday season and Christmas celebrations combined with preparations for Expo 2020 Dubai in full

swing, the hospitality sector is bracing itself for a surge in the number of visitors, travellers and tourists.

As the winter season gets cozy and the holidays set in, residents get busy planning out a vacation or a staycation.

Holiday homes, which are very popular, are having a hectic time with bookings with a surge in demand.

Firas Al Msaddi, CEO of Fam Properties and Fam Living, said: "With more than 10,000 holiday homes registered in

Department of Tourism and Commerce Marketing books, the holiday homes sector trended on high demand in

December, thanks to an eventful calendar organised by officials and developers. We noticed this month a high

influx into Dubai, coming from other emirates as well as countries around the world to share the festive

celebrations of the city."

Today, more than 60 per cent of travellers look for value experience during their travels. Developers' major

projects - such as Meraas' City Walk and Bluewaters Island and Emaar's Downtown Dubai - organised multiple

events across the city, attracting travellers from everywhere, successfully making their landmarks a destination

for visitors, which added value to holiday homes in those areas and placing them in very high demand.

"A report indicates that more than $220 billion was spent in 2019 on business travelling when 51 per cent of those

travellers ended up extending their business trips to mix with leisure, and this trend will continue growing in 2020

enlarging Dubai's market share as a business hub to travel," added Al Msaddi.

In Dubai, the best-performing areas for holiday homes are Downtown, City Walk and Dubai Marina. Most recently,

demand is also setting in for the newly-opened development at Bluewaters island.

Dr Mandar Vaidya, chief executive officer of OYO Hotels and Homes Southeast Asia and Middle East, said: "The

winter season is a great time to visit the UAE. Apart from the pleasant weather, the nation has lots to offer in

terms of shopping festivals, Christmas and new year festivities and concerts, among numerous other

experiences."

The upcoming Expo 2020 Dubai will definitely witness a rise in tourists coming to the emirate. While the show is

still 11 months away, a few early adopters have already booked accommodations for October-December 2020.

"We have seen a spike in bookings especially for our Dubai and Ras Al Khaimah properties. In Dubai, the favoured

areas include Dubai Marina [including JBR and JLT], Bur Dubai, Downtown and Barsha," said Dr Vaidya.

Khurram Shroff, chairman of IBC Group, said: "We have been receiving enquiries from a number of travellers,

companies and national delegations planning to come to Dubai for Expo 2020 for some time already. Such

requests are now beginning to increase in number as the event draws nearer and discerning visitors seek out

curated experiences."

Many of the locations in Dubai that are known for iconic landmarks, leisure activities, promenades, retail outlets,

cafes and restaurants tend to attract the greatest number of visitors, as well as being preferred for renting

holiday homes.

"We are observing extraordinary demand in the Dubai Marina, Business Bay, Jumeirah Lake Towers and

Downtown areas. It's not uncommon for apartments in these premier areas to attract quotes of around $1,500




Page 61



per night, over the christmas and new year's eve period. With many of the greatest attractions in Dubai and some

of the finest leisure and shopping experiences in the world close at hand, holiday homes in these locations tend

to be highly sought-after," added Shroff.


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Page 62



MAG MULLS IPO, INVESTS DH2B IN NEW

PROJECT Friday, Dec 20, 2019

MAG Development, a subsidiary of MAG Group Holding, plans to go public and list on the Dubai bourse as it

invests Dh2 billion in the upcoming MAG City project, its chief executive said.

"We are in the motion of IPO readiness and we will announce it soon. Since it is in a preparation phase, I cannot

commit to the date. It is going to take a bit more than a year and the listing will be on the Dubai bourse," said Sar

Haffar, CEO of MAG Group Holding.

He said the company has not appointed any advisor and is working on the preparation in-house.

Haffar was speaking on the sidelines of the launch of the Dh2 billion MAG City project, which is located in Meydan

District. It will be completed in five phases in four to five years and will have 5,100 villas and apartments. Replying

to a query about the launch despite an oversupply in the market, he said the company will adjust phases

according to demand.

"We started with phases one and two because we have a commitment to the buyers. We have already sold units

in those phases so we are proceeding with the construction. We are also proceeding with the entire infrastructure

of the project," Haffar said, adding that it is an entirely self-financed project and the handover is a maximum of

five years.

MAG City is spread over 48,000 sqm with about 8,000 sqm for retail spaces. The company offers zero down

payment and plans spread over 10 to 20 years.

China National Chemical Engineering Group has been appointed for the construction of the project.

Dai Heijen, chairman of China National Chemical Engineering Group, said the total value of the contracts currently

executed for the group in the UAE, Saudi Arabia, Oman, Iraq and other countries is about $3.2 billion.

These contracts include projects for the housing, infrastructure, petrochemicals and chemical industries. "We are

currently working on 329 projects under construction, with a total value of $50 billion," he added.


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Page 63



GCC SHOULD EMULATE DUBAI'S STRATEGY

IN REALTY SECTOR Saturday, Dec 21, 2019

Initiatives taken by Dubai to curb real estate oversupply risks and for monitoring private sector building activity

should be applied across the GCC real estate markets to sustain the current growth momentum, property

analysts say.

The GCC residential real estate market, which recorded a rebound in the first nine months of 2019, will require a

combination of lower upcoming supply and lower prices for transactions to sustain the growth rates into the

medium term, say analysts at Kamco Research.

"Government initiatives like the formation of the Higher Real Estate Planning Committee from the Dubai

Government should aid in reducing oversupply risks and monitoring private sector real developer activity in our

view. Tighter supply would also be needed to eventually restrict tenant migration and a resultant drop in rentals,"

they observed.

In the first nine months, real estate sale transactions in the GCC excluding Bahrain rebounded, as total value

transacted improved by 15 per cent to $68.8 billion, as compared to $59.7 billion in the same 2018 period,

according to Kamco Research.

The number of transactions also gained 25 per cent over the same period to reach 429,410 transactions in the

first three quarters.

The improvement in the region's transactions was mainly driven by Saudi Arabia and Kuwait, as transacted value

in Saudi Arabia gained by 36 per cent year on year, while transacted value in Kuwait moved up by 9.4 per cent as

compared to the same nine-month period in 2018.

"Nevertheless, our estimates suggest that the higher transactions came at the cost of lower achieved prices, as

the average value per transaction in the GCC declined by 8 per cent to around $160,200 in the first nine months

from around $174,000 per transaction in the same 2018 period," it said.

On the lending side, aggregate credit to the real estate sector disbursed by GCC banks at the end of the third

quarter was down marginally by 0.7 per cent quarter-on-quarter to reach $204.1, said the report.

Real estate equities in Abu Dhabi and Kuwait continued to remain the best performers year-to-date. The

outperformance of ADX listed real estate equities was mainly ascribed to Aldar's outperformance (plus-46 per

cent), from the announced freehold law, and the government projects bagged by the company.

Saudi Arabia remains the largest contributor to real estate transactions in the GCC, contributing over 51 per cent

of the value transacted and 54 per cent of the region's number of transactions in the nine-month period.


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Page 64



With over 30 years of Middle East experience, Asteco’s

Valuation & Advisory Services Team brings together a

group of the Gulf’s leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai,

Northern Emirates, Qatar, and the Kingdom of Saudi

Arabia not only provides a deep understanding of the local

markets but also enables us to undertake large

instructions where we can quickly apply resources to meet

clients requirements.

Our breadth of experience across all the main property

sectors is underpinned by our sales, leasing and

investment teams transacting in the market and a wealth

of research that supports our decision-making.

John Allen BSc MRICS

Executive Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Jenny Weidling BA (Hons)

Manager, Research & Advisory

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted by

suitably qualified personnel all of whom have had

extensive real estate experience within the Middle

East and internationally.

Our valuations are carried out in accordance with the

Royal Institution of Chartered Surveyors (RICS) and

International Valuation Standards (IVS) and are

undertaken by appropriately qualified valuers with

extensive local experience.

The Professional Services Asteco conducts throughout

the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property sales

division with representatives based in UAE, Saudi

Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

LEASING

Asteco has been instrumental in the leasing of many

high-profile developments across the GCC.

ASSET MANAGEMENT

Asteco provides comprehensive asset management

services to all property owners, whether a single unit

(IPM) or a regional mixed use portfolio. Our focus is

on maximising value for our Clients.

OWNER ASSOCIATION

Asteco has the experience, systems, procedures and

manuals in place to provide streamlined

comprehensive Association Management and

Consultancy Services to residential, commercial and

mixed use communities throughout the GCC Region.

BUILDING CONSULTANCY

The Building Consultancy Team at Asteco have a

wealth of experience supporting their Clients

throughout all stages of the built asset lifecycle. Each

of the team’s highly trained Surveyors have an in-

depth knowledge of construction technology, building

pathology and effective project management methods

which enable us to provide our Clients with a

Comprehensive Building Consultancy Service.

Documents

Week 51 - Asteco Property Management · abu dhabi miral, warner bros to open hotel on yas island in 2021 abu dhabi unveils $2.1bn plan to beautify urban spaces abu dhabi property