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UAE Developers Get Back into Sales Mode

Middle East : 14 September

Source: Gulf News 2013.

Dubai: With the demand-supply gap deemed manageable, UAE developers are firming up their plans to keep the property pipeline in constant motion over the mid-term.

Sheffield Holdings plans to release units at its Dh1.2 billion mixed-use Marina 101 high-rise in Dubai Marina at Cityscape next month. (A hotel operator has been named for the hospitality component, which makes up 35 per cent of the overall.)

“Clearly it will be a case of trying to encash on the market sentiments which are uniformly favourable at this moment,” said Abu Ali Malek Shroff, CEO at the developer. “There are units which we have not sold at the project and some of the existing owners might try to take advantage of the premiums available. It is a case of both developers and investors trying to make full use of the circumstances.”

According to him, the downturn of 2009 cannot all be coloured in black where local real estate is concerned. Marina 101 was one among the many projects announced during the peak years between 2005 to 2008, But unlike many, this one did then go on past the finish line.

“For the developer with projects on the ground there were savings to be made during the recession by renegotiating contractual terms with contractors and suppliers,” said Shroff. “These saving helped mitigate some of the cost overruns brought on by project delays.”

Going forward, expect specialist funds to get active in the marketplace if the upward trajectory is maintained and yields are conducive. This will be the cue for real estate investment trusts to step forward.

“Reits have gained momentum since the crash; there was only 1 GCC Reit in operation and now we have at least three that I can think of,” said Robin Teh of Chesterton International. “Reits give common folks a chance to invest in and own buildings and is a good way to increase market transparency and competition.

“The market I believe can now take Reits especially if there is a specific law that is passed to regulate this.”

14 September

Dubai Average Property Price is World’s Highest

Source: Gulf News 2013
Dubai: Dubai’s property market recorded the largest year-on-year average price increase in the second quarter, according to London-based property broker Knight Frank.
Knight Frank’s Global House Price Index stated the average property price in Dubai surged 21.7 per cent between second quarter 2012 and second quarter 2012.
Helen Tatham, Director of Residential at Knight [...]

06 September

Economic Growth and Business Activity Up in Saudi and Qatar Reaches New Heights for Asset Wealth

Saudi Annual Growth and Non-Oil Expansion Rises in Second Quarter
Annual economic growth in Saudi Arabia reached 2.7 percent in Q2, a marked improvement from weak performance recorded in the last six months. Non-oil expansion remained strong and the oil sector’s decline slower, according to recent government data.
Saudi remains the leading oil exporter in the world [...]

06 September

Booming Saudi Retail Market Fuels Alhokair Expansion Drive

Source: Reuters
* Plans 250 new stores in 2013 financial year, 170 in Saudi
* CIS countries a particular focus
* Saudi consumer sector booming on higher incomes
* Egyptian placed on hold
KHOBAR, Saudi Arabia, Sept 4 (Reuters) – Saudi Arabian retailer Fawaz Abdulaziz Alhokair plans to open nearly 250 stores at home and abroad this financial year, a [...]

06 September

UAE Ranks Higher Than Other Countries Bidding for Expo 2020

Source: Gulf News 2013
Dubai: The UAE ranks highest on the World Economic Forum’s (WEF) Global Competitiveness Index (GCI) out of the countries with cities bidding for the World Expo 2020.
Released on Tuesday, The Global Competitiveness Report is an annual release assessing the competitiveness landscape of 148 economies.
According to the 2013-2014 report, the UAE ranked 19th [...]

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