Author: houseman (Page 2 of 5)

11 July 2008

The world’s biggest shopping mall will open in Dubai next month amid predictions that it will create new investment in the high growth retail sector.

Dubai Mall expects to attract 30 million shoppers in its first year. With its 1,200 retail units, two anchor department stores and over 120 food and beverage outlets, even more visitors are likely to be attracted by access to the Burj Dubai observatory tower.

It is a classic example of a prime location being good for business according to Jim Badour, CEO Emaar Malls Group. “Dubai Mall will complement the city’s tourism growth initiatives and create a new investment destination in the high-growth retail sector, in addition to opening up new job opportunities,” he said.

Prestigious Galleries Lafayette, France’s leading lifestyle retailer, is the first department store to anchor the mall. This is the first time the retailer has opened a shop outside the European Union. The Fashion Avenue section of the mall, which is dedicated to haute couture, will carry over 70 signature stores highlighting the latest trends in global fashion.

Amongst the leading names that have confirmed opening at Fashion Avenue are Versace, Burberry, Roberto Cavalli, Hugo Boss, Loewe, Galliano, Hermes, Givenchy, Cerruti, Missoni, Tom Ford, Escada, Ermenegildo Zegna and Badgley Mischka.

The Dubai Mall will also feature the Gold Souk, the largest of its kind in the world, which will showcase a collection of over 220 of the region’s gold and jewellery retailers.

With an adjoining 5 star hotel, the opening is also expected to bring added value to those who have invested in the 450 serviced apartments.

It is also a sign, according to Badour, that there is going to be no let up in the massive growth of the retail, real estate and construction sectors. ‘These have managed to defy current global trends. The Dubai Strategic Plan, which projects economic growth at an average 11% annually through 2015, alongside the growth in tourism, will be the drivers,’ he added.

And as he sees more malls being developed to meet the growth in the Middle East retail industry, which is projected to be worth $500bn by 2010, Badour places Dubai at the front of this growth.

08 July 2008

Tourism officials in Abu Dhabi have outlined their plans to attract more Australian holidaymakers to the region.

The Abu Dhabi Tourism Authority (ADTA) has just opened an office in Sydney as part of its strategy to open up the market to people in Australia.

Mubarak Al Muhairi, director general of ADTA, said this has come about as a result of growing air traffic between the two locations.

As a result, the organisation is keen to tap into this market further and encourage even more Australians to visit Abu Dhabi.

Mr Al Muhairi commented: “Abu Dhabi is very much a new proposition for Australia travellers but one which has much to entice those noted for their love of nature, adventure and the great outdoors.”

The move could potentially stimulate further economic growth in the region, which in turn could enhance the appeal of property for sale in Abu Dhabi to foreign investors.

According to Peter Young of Sandcastles-Property.com, Abu Dhabi is currently its fastest-growing region for property investment in the United Arab Emirates.

07 July 2008

Dubai is likely to remain a popular holiday destination over the next few years, despite various economic problems across the world.

This is the conclusion of Deloitte, which has estimated that the number of foreign nationals visiting the Middle East could go up by as much as ten per cent this year.

Indeed, visitor numbers in the region in 2007 were 13 per cent up on those recorded 12 months earlier, reports AMEInfo.

Dubai was flagged up as one major hotspot of activity – a development which is resulting in continued investment in the tourism industry.

For example, more than £2 billion is being spent on expanding Dubai International Airport, as it hopes to increase the capacity to 60 million by 2010.

The emirate is also set to be serviced by what will be the world’s largest airport.

This comes after Dubai Tourism and Commerce Marketing revealed that about seven million people booked temporary lodgings in the region last year.

03 July 2008

A developer which sells property for sale in Dubai is predicting further increases in house prices over the next few years.

According to MAG Group Property Development, values across the emirate have risen at an unprecedented rate in recent times, reports Homes Overseas.

Mohammed Nimer, chief executive of the organisation, described the growth as “frenetic”, adding that it has easily outpaced the rest of the Arabian Gulf states combined.

However, he believes the boom could peak in two year’s time before shifting to a more sustainable rate of growth.

Mr Nimer commented: “The value of the market will fall back to 2007 levels of around $1 billion as more units are delivered.

“That will hopefully subdue rising market prices.”

According to Colliers International, the emirate has seen property values go up by 78 per cent in the last 12 months.

15 June 2008

Yachting and marina facilities are set to boost Abu Dhabi’s global marketing platform and attract even more visitors and investors, it is claimed.

The inaugural Abu Dhabi Yacht Show in March 2009 and the construction of various waterside developments that include marinas will put it firmly on the yachting and cruising map, according to the tourism authority.

“Abu Dhabi has a strong maritime heritage and unrivalled opportunities for marine leisure with over 200 islands off its mainland shores,” said Mubarak Al Muhairi, Director General of the Abu Dhabi Tourism Authority.

“We aim to develop and promote our coastal attractions. Our cultural and geographic strengths are now being enhanced by an increasing number of world-class marinas being planned by developers throughout the Emirate. This is the right initiative and the right time and will help position Abu Dhabi as an international yachting destination,” he added.

He predicted that holiday home owners will benefit as demand for rental accommodation will go up.

“The Abu Dhabi Yacht Show will attract super yachts to the region,” said Andy Treadwell, Joint Managing Director of Informa Yacht Group which is organising the event.

Marine leisure is the latest in a string of world-class sporting initiatives in Abu Dhabi. It is already heavily involved in the World Rally Championship with its BP-Ford Team and plans to stage a Formula One Race in 2009. There is also the annual Red Bull Air Race, the Abu Dhabi Adventure Challenge endurance race and its recent successful bid to host the 2009/2010 FIFA Club World Cup.

According to Peter Young of Sandcastles-Property.com, Abu Dhabi is currently its fastest-growing region for property investment in the United Arab Emirates.

10 June 2008

At least nine months more than expected will be needed to be able to admire the world’s tallest skyscraper, Burj Dubai, which already stands out in the heart of the Business Bay. Meanwhile, Emaar, the United Arab Emirates construction giant involved in the building of the skyscraper, announced the construction of a spectacular fountain, among the largest in the world, which will present rhythmic water plays in the lake in front of the imposing building. The opening of the building initially scheduled for December will be postponed to September 2009 “because quality is more important that the date”, Emaar’s chairman Mohammad Ali Alabbar said.

The delay is mainly due to the revision and the change of several architecture elements for obtaining better functionality of the spaces inside the building and to fortuitous circumstances such as the 18 days of suspension of the works last month due to the strong winds or the two-week strike of the workers last year. The completion of Dubai Mall, the world’s largest trade centre linked to Burj, was also delayed because the number of parking spots was increased from 2,000 to 5,000. The mall will be opened together with Burj Dubai. The construction of a 275-metres-long fountain along the lake in front of the skyscraper, whose definitive height still remains top secret, was announced. The water sprays will be shot to heights of over 150 metres – equivalent to that of a 50-storey building – while the water drops will rise to heights of up to three kilometres. The great “water wonder”, which is still unnamed, will cost 140 million euro and will “dance” to Arab, Indian and Western music themes.

05 June 2008

Overseas property investors could collect strong returns in Dubai, an expert has advised.

According to Ahmed Jamal of Emerging Markets Property Advisors, the emirate is one of the best investment markets in the world. This was said to be because it has a very strong rental market, which means investors can enjoy high occupancy rates and healthy rental yields.

Mr Jamal added that many other popular property hotspots have been negatively affected by the credit crunch. However, he stated that the problems in the worldwide economy have not extended as far as Dubai.

“People are talking about a global property crisis but the terminology is incorrect,” he commented.

“There is a crisis in the US and parts of Europe but other places are doing well.”