Author: houseman (Page 2 of 5)

Dubai will keep attracting visitors

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.

Value of property for sale in Dubai set to keep rising

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.

Yachting facilities boost Abu Dhabi’s marine credentials

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, Abu Dhabi is currently its fastest-growing region for property investment in the United Arab Emirates.

Construction tender for Palm Island’s Trump Tower awarded

13 June 2008

The joint venture between Al Habtoor and Murray & Roberts has successfully secured the prestigious tender for the construction of the iconic Trump Tower on the renowned Palm Island. This significant achievement comes following a competitive bidding process initiated by Nakheel, a leading real estate developer in Dubai and a cornerstone entity owned by the government of Dubai. The contract for this monumental project is valued at a substantial USD 789 million.

Trump Tower is poised to be a towering symbol of luxury and sophistication, standing impressively at a height of 270 meters. The development is set to be a multifaceted structure, seamlessly integrating various elements to cater to the diverse needs of residents and visitors alike. The tower is designed to house a deluxe hotel boasting 378 rooms, providing an unparalleled hospitality experience. Additionally, it will feature 385 meticulously crafted apartments, offering residents a lifestyle of opulence and comfort.

In addition to the residential and hospitality components, Trump Tower will incorporate modern office spaces and upscale retail outlets. This strategic blend of functionalities reflects a holistic approach to urban living, making it a dynamic and self-contained destination within the vibrant landscape of Palm Island.

The awarding of this contract underscores the confidence placed in the Al Habtoor-Murray & Roberts joint venture, renowned for its expertise and commitment to delivering projects of exceptional quality. As construction commences, Trump Tower is destined to become a landmark that adds to the architectural splendor of Dubai, setting new standards in luxury living and commercial spaces.

Abu Dhabi to build first free zone near airport

11 June 2008

Abu Dhabi Airports Company is embarking on a groundbreaking venture with the development of the first free zone near the international airport, spanning an expansive area of 4 million square meters. The strategic initiative is a pivotal component of the comprehensive development plan for the capital’s airport, with an overall investment of USD 6.8 billion. This visionary project is poised to transform the landscape, reinforcing the airport’s status as a major global aviation hub.

The first stage of this ambitious venture is scheduled for completion by 2010, marking a significant milestone in the evolution of Abu Dhabi’s aviation infrastructure. Once fully realized, the development plan is anticipated to elevate the airport’s capacity to accommodate an impressive 50 million passengers annually, further solidifying its position as a key player in the global aviation network.

The establishment of the free zone signifies a commitment to fostering economic growth, innovation, and international trade within the region. It is poised to attract a diverse range of businesses, offering them a strategic location within proximity to the airport and access to state-of-the-art facilities. As a catalyst for economic development, this project aligns seamlessly with Abu Dhabi’s vision for a dynamic and forward-looking future.

Abu Dhabi Airports Company remains dedicated to shaping the aviation landscape, driving economic prosperity, and enhancing connectivity. The first free zone near the international airport stands as a testament to the emirate’s commitment to excellence, innovation, and sustainable growth on a global scale.

Dubai government to build 100 trade centres

10 June 2008

Nakheel, a prominent company under the direct control of the Dubai government, is set to embark on an ambitious venture that encompasses the construction of a hundred trade centers over the next two decades. This visionary initiative reflects the emirate’s commitment to sustained economic growth, diversification, and the creation of dynamic commercial hubs.

Among the notable projects on Nakheel’s ambitious agenda are two Palm Malls, strategically positioned on Palm Jumeirah and Palm Deira. These developments are poised to enhance the vibrant and luxurious atmosphere of these iconic palm-shaped islands, providing residents and visitors with world-class retail and leisure experiences.

Furthermore, Nakheel aims to amplify the allure of the Ibn Battuta Mall through a comprehensive enlargement project, elevating it to new heights as a premier shopping destination. The Great Mall Dubai, located in International City, is another key undertaking that is anticipated to contribute significantly to the retail landscape, offering a diverse range of products and services.

Adding to the thematic diversity, Nakheel is also set to introduce India Mart, a specialized trade center. This project follows the successful model set by Dragon Mart, demonstrating the company’s commitment to creating dedicated commercial spaces tailored to specific market segments.

As Nakheel continues to shape Dubai’s urban landscape, these trade centers are not merely structures; they are dynamic spaces that encapsulate the spirit of innovation, economic vibrancy, and cultural diversity. Through strategic development, Nakheel is reinforcing Dubai’s reputation as a global business and retail destination, where commerce and culture converge in harmony.

Burj Dubai opening delayed until September next year

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.

Dubai unaffected by credit crunch

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.”

Dubai attracts top-end holidaymakers

21 May 2008

Dubai has gained a reputation as a luxury holiday destination, a travel industry expert has stated.

Frances Tuke from the Association of British Travel Agents (ABTA) said the region is a “four or five star” location which appeals to affluent visitors. This, she said, has led to tourism generating considerable sums of money for the Dubai economy, which are being pumped into the sector to improve it further.

Ms Tuke believes its emergence as a leading holiday destination has had a profound impact on Dubai and its economic performance in recent years.

She commented: “Dubai, quite a while ago, was really just a desert state; [now] it’s one of the fastest growing cities in the world.”

According to official government figures, Dubai attracted more than six million holidaymakers in 2007. Tourism was said to account for about 18 per cent of its gross domestic product during this period.

Dubai tourist trade set to grow

15 May 2008

The overall number of people travelling to Dubai is set to go up this year, experts have predicted.

A report by Globalysis revealed that visitor numbers in 2008 are likely to be eight per cent up on those recorded 12 months earlier. The organisation said this would be due to a number of factors, including improvements to the accessibility of Dubai from overseas and successful marketing initiatives.

Furthermore, it stated that its “high-quality tourism offerings” are becoming increasingly attractive to “globally-minded” holidaymakers.

Commenting on the findings, Jason Pereira of Globalysis observed: “The performance of Dubai’s travel and leisure sector in 2008 has been favourable and the outlook moving forward remains bright.”

Meanwhile, Dubai Tourism and Commerce Marketing has revealed about seven million people booked accommodation in the region during 2007. The organisation has predicted that in two years time, this number could possibly increase to ten million.

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