Category: News (Page 4 of 4)

01 February 2008

“Sixth Crossing”, the new bridge that Dubai plans to construct over the bay, is designed to become the longest arch-bridge ever built in the world. Over the stretch of asphalt, suspended 15 metres above water level, a gigantic arch – 667 metres long and 205 metres high – will rise becoming yet another distinctive feature of the city. The whole bridge, which will feature another arch of more modest dimensions, will be 1.6 kilometres long and 64 metres wide and will comprise 12 road traffic lanes as well as the green line of Dubais underground. The structure, which will cost some 552 million Euro, will connect the Al Jaddaf area and Business Bay, and it will provide access to Creek Island, where an opera building will be constructed. The construction works will start in March and will be completed within four years, Dubais Roads and Transport Authority announced.

25 January 2008

The Universe, a complex of artificial coral islands inspired by the solar system, is the latest architecture and engineering challenge destined to redesign the coastal profile of the Emirate. With islands resembling the sun, the moon and the planets, the universe will lie between Palm Jumeirah and Palm Deira, perfectly embracing the exclusive archipelago The World. The Universe too will be designed by real-estate development giant Nakheel. Luxurious residences, business centres as well as tourist and trade centres will be built on the 3,000ha of islands. Despite the announcement of the project, details are still shrouded in mystery: the amount of the investment was not disclosed, the construction deadlines are vague – ranging between 15 and 20 years – the regulation plan is yet to be defined as it depends on the various feasibility and environmental impact studies. Already criticised in the past for the strong impact that its projects could have on the coastal ecosystem of Dubai, Nakheel launched together with The Universe also the Blue Communities initiative for the study of sustainable coastal development with funding of 37.5 million Euro for the first three years.

“Blue Communities is an appeal for action,” Sultan Bin Sulayem said pointing out the “need of considerable investments in research, development and positive transformation of the coastal areas”. This commitment is aimed at various situations throughout the world, beyond the borders of the United Arab Emirates (UAE). The ambition to significantly increase the coastline of the emirate comes directly from Sheikh Mohammad bin Rashid al Maktum. When the engineers presented him with a project for the extension of the Dubai coastline with seven kilometres he asked “why not 70”. This challenge was the origin of the idea of a palm-shaped island, followed later by the other impressive projects in the waters of Dubai. A proliferation that does not seem associated to any concern of saturation. “The real estate market is led by the dynamism of the demand and the offer,” Sulayem said. “The Universe will be developed in separate stages which will evolve with the evolution of the future demand.” Amid business ambitions and environmental responsibilities, Nakheel has also announced that it will oversee the redevelopment of Port Rashid: ten years of work will transform the current structures in a residential community for at least 300,000 citizens.

24 January 2008

The half-billion-dollar residential complex, to be built by Escape Real Estate in Ajman, an emirate located north of Dubai which is adopting an aggressive policy of investments in construction, will be entirely dedicated to horse-riding. The project will be called Escape in honour of Escape Ibn Navarrone-D, the champion stallion owned by the sheikh of the emirate, and envisages the construction of 500 villas and 15 small luxurious hotels dedicated to the theme of riding. Each of the 150 rooms will be dedicated to a specific horse breed while the villas, inspired by the traditional Arab and Ottoman architecture will have an “open space” without walls or fences. The horses, inspiration of the entire project, will have on their disposal 200 stables and a post-trauma rehabilitation centre. Apart from race tracks, the village, which should be completed by March 2010, will offer spaces for other sports such as volleyball, basketball and squash.

24 January 2008

The Dubai Shopping Festival (DSF), the event that for a month will stake on the formula purchases-and-shows, starts today. The Festival has proved successful over the years both in terms of tourism and economy. With 40 trade centres and over 4,000 shops joining the initiative, indoor and outdoor shows and attractions, DSF launches a swirl of discounts, offers, promotions and lotteries, often million ones. Thus, Damac Properties seizes the opportunity of the DSF season to give to every client who buys an attic a Bentley Continental Flying Spur, or a BMW to those who purchase a one-room apartment, although the most impressive part remains its lottery: a private Caribbean island and a private jet as a prize. DSF, which is already nicknamed the ‘fifth season’, attracted in the 2006-2007 edition 3.5 million visitors who, besides the advantageous purchases, enjoyed shows, exhibitions, festivals of various kinds, and from whom the emirate of Dubai brought in some two billion Euro.

17 January 2008

Emirates Airlines is stepping up its services to Europe by increasing flights to Nice and connecting the French city non-stop to the airlines international hub in Dubai. The current three flights a week from Nice, each with a stopover in Rome, will change to five weekly non-stop services from December 1. Emirates will then become the only airline offering such regular connecting flights linking southern France with the Middle East, Asia and the Far East. The flights will be operated by an Airbus A330-200 aircraft. The new services will coincide with the airlines 15th anniversary of flights between Nice and Dubai.

31 December 2007

The real estate sector in the United Arab Emirates is set to attract over SAR 30 billion (USD 8 billion) in Saudi investments in 2007 as the growth in interest by the global community in the local real estate industry continues to soar. The key factor driving this growth has been the emergence of significant government legislation aimed at protecting investors, which is steadily being refined to benefit more buyers.

In line with the increased Saudi investment into the country, SNASCO, a leading property developer in the region, and one of the first to recognize the potential in the UAE, has announced its participation as a platinum sponsor at the International Property Show 2008, the biggest transactional property exhibition in the region, being held in February at the Dubai International Exhibition Centre (DIEC). During the exhibition’s three-day run, SNASCO will showcase some of its latest development projects, including the AED 2 billion (USD 545 million) Sharjah Investment Centre (SIC), the first mixed-use industrial development in Sharjah, which occupies a 32 million square foot plot along the Emirates Road and is strategically located in close proximity to the Sharjah International Airport and the Hamriyah Port. With 90% of phase one already sold out, SIC offers investors a combination of industrial, commercial and residential communities, incorporating hotel facilities, leisure services, a commercial centre, and a state-of-the-art Investment Centre.

07 December 2007

Emirates Business 24/7, touted as the Middle East’s first English language daily dedicated to business and economic news, hits newsstands on December 9. The new daily, launched by publishing giant Arab Media Group, will focus on business-related local, regional and international news, with a focus on sectors and industries such as oil and gas, banking and finance, real estate, technology, telecommunications and travel and tourism, reports Arab News.

“The current economic boom in the region, especially in the UAE, has resulted in an exponential increase in readers’ interest about latest business developments. Moreover, decision-makers and opinion-makers today are looking for a source of in-depth analysis, thought-provoking editorials and objective information across all sectors,” said AMG chief executive Abdullatif Al-Sayegh. “The growth of Dubai into one of the leading global financial centres calls for its clear manifestation in the media world,” he added. The Dubai-based publication’s editor in chief is Riyad Miqdady, a journalist with over 21 years of experience.

30 November 2007

The United Arab Emirates’ central bank has announced that local banks are allowed to accept deposits in euro, Gulf News reported, adding that the decision represents the first step towards a more efficient monetary policy. So far, the UAE allowed deposits only in the national currency, dirham, or in U.S. dollars. Despite the fact that the dirham is firmly bound to the dollar, the continuous decrease of the U.S. currency against the euro and the rising inflation, whose annual rate is about to reach 10%, has forced the UAE political and economic world to open the market to other foreign currencies as well.

28 November 2007

Resident and visitors to Dubai will be able to take air taxis soon to beat the regular traffic jams. A private franchise company Cars Taxi will introduce about 10 helicopters to be used as taxis for passengers in Dubai. “We are finalising the plan to introduce helicopter taxi service in the UAE by 2009 and anyone who can afford it will be able to use it,” Abdullah Sultan Al Sabbagh, General Manager of Cars Taxi told the Gulf News. He said that they were negotiating with some European companies to bring helicopters on lease to operate as taxis.

“This is an answer to demands for fast travel in the fast developing cities like Dubai,” he said. The service, he added, would cater to the needs of businessmen and top executives who do not want to waste time in traffic jams. He said the company was initially aiming to bring five to 10 helicopters but the numbers would be increased following the demand. “We will not only operate within Dubai but would also serve passengers all over the country,” he said.

20 November 2007

Luxury airline Silverjet has begun offering daily flights from the UK to Dubai.

The new service has been described as a landmark for aviation in the United Arab Emirates, as it is the first time a premium carrier has departed from Dubai Airport’s Executive Terminal.

Commenting on the new service, Katherine Gershon of Silverjet said: “The long-awaited London launch has officially arrived and Dubai couldn’t be more excited.”

She added that transport links to Dubai had reached a “whole new level”, as passengers would be able to enjoy a variety of personalised and luxurious services.

Although the new service is being targeted towards a niche market, it still represents a further improvement to the accessibility of the region.

According to the Dubai Property Exhibition, the city attracted more than 250,000 new residents, making it the fastest growing conurbation in the world.