GCC Europe Expo aims to facilitate bilateral trade and investment, and to help forge potentially thousands of new commercial relationships between EU and GCC businesses. Whilst providing a showcase for goods and services from the GCC, Europe and the UK, the Expo will also deliver a wide range of back-to-back seminars to inform, educate and promote bilateral trade.
The Expo will include over 150 companies, a full two-day seminar programme, including cultural entertainment, and will feature specific European and GCC Country Regional Zones in the exhibition halls over both floors, accommodating thousands of visitors per-day!
This is the first major event of its kind since "The GCC and Britain" exhibition, also organised by the ABCC in 1994, which was attended by the then British Prime Minister, the Rt. Hon Margaret Thatcher.
Attending delegates at the GCC Europe Expo '08 will each have the exclusive opportunity to meet key industry representatives, all under one roof, over the course of the two days.
Also scheduled to take place on the evening of 12th November 2008 is a Gala Dinner which will be attended by dignitaries from the GCC, Europe and the UK.
GCC Europe Expo 2008
Kempinski Hotel Ajman
Kempinski Hotel Ajman features 182 elegant sea view rooms and offers a wide range of international fine dining restaurants, bars and cafes. The Laguna Beach Club comprises of a modern fitness gym with a health club and aerobic studio. A range of sports facilities such as bowling, water sports and diving is also available on site. The Laguna Spa and Softouch Ayurveda Spa offer unique pampering and holistic treatments.
The hotel also offers meeting space for 5 – 1,200 persons in board and meeting rooms or the grand ballroom with a permanent stage. Furthermore, culinary theme nights and barbeque at the beach, cocktail reception at the art gallery, Oriental dining in an Arabic fort and team building activities such as beach Olympic Games can be arranged. Frequent daily shuttle bus to Dubai and Sharjah.
Ajman Kempinski Hotel Rooms for the perfect relaxation
All rooms and suites in Kempinski Hotel are spacious and contemporary, offering comfort and relaxation as well as private outdoor areas.
Accommodation in Kempinski Hotel
* 16 Cabanas
* 60 Deluxe rooms
* 50 Executive Club rooms
* 44 Leisure Club rooms
* 5 Junior suites
* 3 Deluxe suites
* 3 Executive suites
* 1 Royal suite
Kempinski Hotel's Guest room features
* All rooms and suites in the main building enjoy a private balcony with sea view
* Cabanas are located around the pool and have a porch
* Centrally air-conditioned with individual temperature control
* In-room bar, high definition LCD screen, safe, hair dryer
* Laundry / dry-cleaning service
* Non-smoking rooms
* Room for physically challenged guests
* 24-hour room service
* Multi-lingual staff
* Internet available in all rooms
About Ajman Hotels
Ajman's E-office centre facility in Ajman's free zone is viewed as a great diversification in accommodating and attracting all types of businesses in Ajman.
Ajman's E-Office Centre acts as a springboard for emerging entrepreneurs and start up business entities as the investment to form a company is as low as Dhs.15,000. Ajman's E-Office Centre provides set up at a minimal cost and offers a cushion on the investments whereby they have more working capital to exploit the opportunities they wish to pursue and enjoy all free zone benefits concurrently.
Ajman E-Office Centre houses exclusive business desks with exceptional interiors & facilities that boast of meeting halls, board-rooms, high speed internet access and an exclusive restaurant. Commercial & Service licenses are issued to prospective investors.
Investors of the Ajman E-Office have a table space along with access to high speed internet access. To add on facilities like a conference room, meeting halls and an exclusive restaurant has also been provided.
Ajman Free Zone is one of the fastest growing free zones in the UAE and is growing rapidly. The E-Office Centre substantiates Ajman Free Zone's proactive ness towards providing facilities and to ensure businesses of all statures are given equal importance & opportunities which acts as a strong selling point and attracting inward investment into the UAE.
Ajman E - Office News from DubaiCityGuide
Ajman's tallest tower -Burj Manara Ajman is all set to go on sale as Al Barakah, announced the sale of Dhs4bn properties in Dubai and Ajman.
The Dubai based real estate developer is organising an exclusive pre-cityscape sales launch of its properties from 3rd to 5th October, 2008 at the Monarch Hotel, Dubai.
With over 2.5 million sqft of property on sale, buyers and investors can choose from a range of homes and office spaces. Located centrally in some of the most sought after real estate destinations in Dubai and Ajman, the properties will be sold at pre-launch prices.
The sale launch will also feature Al Barakah two other projects, the residential development Le Stelle in Dubailand and the residential cum commercial development, Al Tafany in the City of Arabia. The ultra-luxury projects with interiors designed by Modo Milano incorporate 'Smart Home Technology' with top-of-the-line lifestyle features like infinity pools, sky lounges etc. Burj Manara Ajman, the 90 storey tower in the Marmooka City, Ajman, is a part of the Dhs4.5bn mixed-use development, The Crest. Burj Manara Ajman will also feature serviced apartments in addition to its residential and commercial components.
Commenting on the sales Mr Imran Khan, CEO Al Barakah, said:
'Our recent residential and commercial launches within Dubai and Ajman have generated an overwhelming customer response, highlighting the demand for property within these emirates. The inventory to be launched offers customers another opportunity to be part of vibrant communities that offer easy access to the financial and business nerve-centres of Dubai and Ajman.'
'Additionally, the properties will be sold at prelaunch prices, giving the customer an added value for money. The customers will also benefit from the offer as it comes before the Cityscape. Since the last few years, property prices have witnessed appreciation in the post Cityscape period. It is a win-win situation for both the buyers and investors', added Mr Imran.
All Barakah projects are a combination of modern architecture, strategic locations, unique designs and highly functional floor plans.
The focus on creating sustainable developments ensures both high-return on investment and an assurance of quality life for the end-users. This proposition attracts both investors and end-users and contributes to the long-term financial viability of the Al Barakah project.
Latest Ajman News
Dubai's renowned property service provider, Sweet Homes will build a Dh 600 million Hotel and Serviced Apartments property within ‘Ajman Uptown', a Dh 3 billion real estate development currently under construction in Ajman. The real estate developer disclosed that it is currently negotiating with chief hotel operators for the management of the 5-star hotel and luxury residential property.
Fahad Sattar Dero, CEO, Sweet Homes Group: "We are proud to have brought the first freehold villa and residential community to Ajman, and now we have taken our commitment to the emirate's development to the next level through the launch of a world class hotel and serviced apartments complex. We are currently talking to several internationally reputed hotel operators who are very interested in the project and we will be announcing further details very soon."
The move follows closely on the footsteps of the recent unveiling of seven commercial and residential properties in the UAE emirate, wholly valued at Dh 1.3 billion, within the real estate development.
Ajman Property News, 28 September 2008
In spite of the recurrent global financial crises, the UAE is registering impressive growth in all spheres of developmental activity. Rapid urbanization and industrialization have triggered a population boom in the country that is expected to grow by 7% in 2009. According to a release by the UAE Ministry of Economy, the country's population, estimated at 4.48 million at the end of 2007 is projected to climb 6.12% to 5.06 million by 2009. In 2007 over 3.62 million expatriates were believed to be residing in the country as compared to 864,000 UAE nationals. Meanwhile, the per capita income of residents has more than doubled from AED 76,000 (US$ 20,000) in 2006 to AED 162,000 ($US 44,000) in 2007, indicating a steep rise in personal incomes despite inflation. Upon evaluating the current and future scenarios, our research team foresees a shortage in the mid-level housing sector that would ignite a scramble for affordable residential properties and amenities.
As property prices and rents soar in Dubai and neighboring Abu Dhabi, Ajman with its moderately-priced offerings is drawing considerable investor interest. In the wake of a growing dearth of affordable housing across the UAE, Ajman is emerging as a hot favorite among home buyers. Property prices in Ajman now average between AED 700 and 750 per square foot as compared to AED 2500 and 3000 per square foot in Dubai.
Key factors promoting investments in Ajman
Freehold status in Ajman Property:
The recently issued Realty Law legalizing freehold ownership in the emirate has heightened buyer confidence in the market. According to the new rules, non-GCC developers and investors can own freehold land and property in designated areas determined and approved by the Ruler of Ajman. The law has precipitated buying frenzy by foreign investors on both sides of the Emirates Road to develop master-planned projects.
The Department of Land and Property of the emirate will monitor the sector, survey areas, approve the land map and the fees for its services and register all properties. It is the sole body authorized to register property rights and long-term leasing contracts. Also, Ajman has introduced the bank guarantees similar to Escrow Accounts imposed by Dubai to safeguard investor interests. Bank guarantees must be deposited for those who wish to invest in Ajman and that money must be used only for the project itself.
An amount of 5 per cent of the project value will be frozen and will not be released until completion of construction of the project. The developers will be responsible for maintaining the project for 10 years following delivery.
Ajman's Proximity to Dubai
Moderate prices and the relatively short commuting time are encouraging families to shift base to Ajman. The six-lane Emirates Road linking Ajman to other emirates has alleviated traffic chaos, improving road safety standards. Also, Ajman is planning to improve its road network by allotting AED 3 billion over the next three years for the sector. Over 12 proposed road projects totaling AED 4.8 million are to be completed by 2011.
Ajman is:
2 km from Sharjah
12 km from Dubai
21 km from Umm Al Quwain
70 km from Ras Al Khaimah
120 km from Fujairah
180 km from Abu Dhabi
Healthy future gains via Ajman property
Unlike Dubai or Abu Dhabi, Ajman is home to a large number of residential developments targeting the middle-income segment. And, we expect the trend to continue as the disparity between demand for and supply of affordable housing grows wider elsewhere in the UAE. Consequently, the emirate is growing popular among non-GCC expatriates on the lookout for quality yet inexpensive accommodation. We expect a high demand in the immediate future for smaller properties like 1 and 2 bedroom apartments, as families shift base to Ajman from neighboring Dubai. This is expected to raise primary as well as secondary sales of properties. Once the road projects are complete by 2011, prices and rents will certainly head north as more families opt for Ajman instead of neighboring emirates.
Ajman Infrastructure
Although Ajman's infrastructure cannot be compared with Dubai's, it is continually evolving. To woo investors, the emirate is investing heavily in the development of its infrastructure. Ajman has signed AED 7.34 billion deal with Malaysian Mining Corporation (MMC) which would bring Middle East's first coal-fired power plant to the emirate.
In addition, work to increase the federal power production is being undertaken with the major element slated to be located in Ajman, at the ‘Al Zora' power plant, which is expected to be completed by mid-2008.Founded in 1988, the Ajman Free Zone (AFZ) with its package of unbeatable advantages is widely recognized as an entrepreneurial hub. A multi-million dirham developmental plan on over a million square meter area is under progress at the Free Zone, which on completion will be able to accommodate 600 companies.
The emirate is all set to launch a low-cost taxi and bus transport system as part of its AED 1.5 million project that will service two fixed routes for a nominal fee. The project will be implemented in two phases. The first phase will see the operation of 6 taxis and 4 buses from Mushairif intersection to Lulu Hyper Market, through the City Centre, the University Roundabout, Al Gerf Industrial Area and the emirate's downtown.
The second phase will connect the Ajman town center near Al Kuwait Hospital to the Industrial area, passing the old Passport Building, Galfa and Al Humaidia bridges and the vegetable market. Extra vehicles will be launched during this phase, including more trips to Sharjah. Plans are also afoot to extend the service to Umm Al Quwain and Ras Al Khaimah.
The AED 12 billion Ajman International Airport slated to be operational by 2011, is expected to hike visitor traffic to the emirate.
Latest Ajman News, 29 September 2008
Ajman, UAE, 23rd September 2008: Aqaar Properties LLC, the real-estate and property development company based in Ajman, is revealing two projects at this year's Cityscape Dubai which will be held between 6-9 October at Dubai International Convention and Exhibition Centre (DICEC). The company will launch Phase 2 of its maiden project, AED2.7 billion 'Ajman One', the premier residential, commercial and hospitality complex and will also unveil Aqaar's inaugural luxury project, which will be the first waterfront development in Ajman. "With the launch of Phase 2 of 'Ajman One' and a new luxury development soon to be announced, the emirate of Ajman is entering a new era of exciting growth and progress. Ajman is transforming from a quiet emirate into a vibrant and progressive tourism and business destination," said His Highness Sheikh Rashid bin Humaid Al Nuaimi, Chairman, Municipality and Planning Department of Ajman. As the first commercial hub of its kind in Ajman, Ajman One - Phase 2 will attract ready investors and businesses as well as stimulating the local economy by generating jobs for the local workforce. Phase 2 is strategically located in the heart of Ajman's newest free zone - the Ajman One business district. It is also minutes away from Dubai International Airport, Sharjah International Airport and four world-class ports, enhancing Ajman's potential as a business and commercial destination, by providing convenient accessibility to regional and global markets. Ajman One's Phase 2, as an integrated commercial and hospitality complex, consists of three freehold office towers, a convention centre, and a four-star business hotel with serviced apartments. The three commercial towers, called Apex Business Towers, will house 640 offices, showcasing state-of-the art meeting rooms and facilities, cutting-edge equipment and Wi-Fi hotspots, which will enable professionals the flexibility they need to efficiently conduct business. With Towers One and Three reaching 27 levels and Tower Two with 26 floors, a variety of office sizes and floor plans are available. Office sizes vary, starting from 120m to 140m, with the largest space being 175m to 202m. There are six floors of undercover parking with over 1000 individual spaces. The Ajman One Convention Centre is the first of its kind in the emirate and will be a key venue for meetings and events. It provides a full range of meeting spaces, from small rooms to an auditorium, as well as foyer areas and additional spaces which can be adapted for use as an exhibition space or pre-dinner function venue. The centre will also offer a vast array of entertainment and cultural activities for the community. The Ajman One Hotel will set the benchmark for the hospitality industry in Ajman, offering highly personalised service. Both hotel rooms and serviced apartment options are available to guests. The hotel is designed in a fresh architectural style and offers unsurpassed views of the coastline, with beach access just a short walk away. Clients and business partners will be able to combine business with pleasure in a pristine, tranquil environment. "Under the visionary leadership of His Highness Sheikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, the emirate is now experiencing dynamic growth and Aqaar is at the forefront of Ajman's present transformation. The company knows it is the right time to set new directions in areas of outstanding investment potential and, despite much speculation, Aqaar's new waterfront development has been something of a closely guarded secret," said Mr. Rami Dabbas, CEO of Aqaar Properties LLC. The ultra-deluxe development is planned to cater to the high-end market. Fashioned in a style reminiscent of marina living, this new development will be the ultimate in 'get-away' luxury and will also boast seven high-rise towers, a luxury hotel, exclusive residences, a souk, a luxury health spa, a mix of lavish retail shops, al fresco dining with views of the beach and a range of adventure activities. Situated in an exclusive enclave at Ajman beach, it is sealed off from the ordinary world, offering an intimate, private and relaxing sanctuary to guests and residents. The new development will offer hospitality experiences for the most discerning travelers by delivering distinct experiences immersed in culture, heritage and natural beauty. "Aqaar will commence development of premium projects that cater to the high-end market, providing investments with high value returns. It will continue its focus on creating prestigious tourism initiatives for Ajman," he concluded. Further details of Aqaar's new luxury development and Phase 2 of 'Ajman One' will be revealed at the company stand (RB10) at Cityscape Dubai in DIEC- Sheikh Rashid Hall. About Aqaar: Aqaar, launched with an initial paid-up capital of AED 250 million (US $68.75 million), manages and creates property related investment opportunities and offers full support for both regional and international investors. Aqaar's long-term vision is to expand its influence outside its home emirate and beyond UAE shores. About Ajman: Ajman lies just 20 minutes drive north of Dubai International Airport, and has the fastest growing population of all the emirates. The government has taken many steps in recent years to implement a solid infrastructure, and has succeeded in developing certain sectors of its economy with a growing free zone industrial area and a strategically located port. With the launch of freehold developments in Ajman, the real-estate sector has experienced increased activity due to competitive pricing and its proximity to neighbouring emirates Sharjah and Dubai. The government's efforts in improving accessibility to the emirate will further fuel real-estate and tourism growth over the coming years.
Aqaar - which translates from Arabic as 'Property' - was formed in 2006 as a private company in association with Ajman Development and Investment Authority (AIDA). Aqaar will spearhead the expansion of Ajman into a successful tourism and business hub. The organisation will develop a number of projects to support AIDA's mission of economic diversification.
Ajman lies on the northern shores of the Arabian Gulf and forms one of the seven emirates that make up the United Arab Emirates. The emirate covers an area of 259 square kilometres comprising 16 kilometres of coastline and three distinct geographical regions in terms of topographical features which are Ajman City, the Masfout region and the Manama region.
South India’s leading jewellery chain, Malabar Gold, will open its second retail showroom in the Middle East on September 25 at Manama Shopping Centre in Ajman. Malabar Gold, which has 20 branches across south India, opened its first retail showroom in the Middle East in June 2008 in Sharjah. The group is planning to open up more retail showrooms at all GCC countries soon. Showrooms at Bur Dubai and Al Ain are planned to open in October 2008. The group’s expansion plans in India include opening of new showrooms in Erode and Sulthan Batheri in October. The showroom at Ajman will have a collection of diverse designs in gold, diamond and platinum from Italy, Singapore, Kolkota, Mumbai, Jaipur and Karnataka.
Ajman Marina, one of the largest integrated mega ajman real estate projects in the region, has signed A Dh150 million strategic agreement appointing China Harbour Engineering to develop the project's infrastructure. Abdullah Al Majed, Board Member, Ajman Marina and Head of the Project's Executive Committee, and Li Guo Wei, GM, China Harbour Engineering, signed the agreement. Al Majed said, "The appointment of China Harbour Engineering to develop vital civil engineering and infrastructure works for the Ajman Marina represents a major step forward for the development. We are delighted to have China Harbour Engineering working with us on this prestigious development, and we are confident that their excellent track record and their industry standing and expertise will be invaluable at this vitally important phase of the project." Ajman Marina has also awarded Dh9 million consulting contract to Mouchel to act as the managing consultant. It will supervise and manage the 390,000 cubic meters of digging and piling works and the 557,000 cubic meters of filling works for the Marina's quay. Once completed, the quay wall will extend over approximately 1,700 m. The works on this real estate project will start in the third quarter of 2008 and will complete in next 18 months. Ajman marina News
Inspectors discovered that the Carrefour hypermarket in Ajman inflated prices of some foods during Ramadan, in violation of an agreement with the Government.
Dr Hashim al Nuaimi, the director of the department of consumer protection at the Ministry of Economy, said the store was found to have increased prices of several basic foods, including chicken, during the holy month.
“We have signed a memorandum of understanding with Carrefour, and its top managers signed it to maintain a set price; we’re surprised to see these violations,” he said.
Dr Nuaimi warned Carrefour to immediately restore the prices that it had agreed to, or the Government would take action. He did not specify what steps the ministry might take to punish the store.
The inspection was part of a wider initiative to stop stores from artificially inflating prices during Ramadan. The inspectors have also visited the emirate’s fruit and vegetable markets, Lulu Centre, and other major outlets.
Dr Hashim said the fruit and vegetable markets had notably made good progress in adhering to government-set prices. Most of their products now had price tags, he noted. Sheikh Sultan al Nuaimi, the director of the Ministry of Economy office in Ajman, added that his office was following consumer prices in the emirate on a daily basis.
Ajman News, 17 September 2008
Ajman Property prices have risen by an average of three to five per cent every month for the past two years. Are you looking to raise your property prices? Mortgages are not yet available in Ajman. Do developers such as you budget a certain amount in respect of financing your buyers? How does an extended payment plan work out for you in terms of cash flow and other factors? What is hot in Ajman from a property perspective? Why is the secondary market not yet picking up in Ajman? The absorption at the moment - is it investor interest or end-user interest? What is the total value of Chapal's developments and what are your key projects in the UAE? What are the current land prices in your master development projects? What new projects are you planning? Infrastructure and power supply problems are not new in Ajman, How are you dealing with them? Do all designs in Ajman have to go through a pre-approval process? Is that mandatory? About Ajman Property from Zawya
Ajman-based Developer Chapal was selling at an average price of Dh300 per square foot in the emirate in February 2007. Currently its average selling prices are in the region of Dh625 to Dh650 per sq ft.
"By December, we will have revised our prices to between Dh700 and Dh750 per sq ft," Director Khurram Wahid told Emirates Business.
He said the return on investment for a developer in Ajman is averaging 25 per cent per year. "For a new developer to enter the realty scene in Ajman today he has to ensure he has sufficient capital in hand. The market is maturing and the Ajman Government is coming up with a set of regulations. A new developer has to be financially strong and understand the business," he said.
We have seen a number of small-time developers who could not succeed in Dubai moving to Ajman. Are you worried you will be associated with them, considering you are one of the larger developers in Ajman?
It is a concern for us. One of the main issues that affects us is that developers in Ajman are selling at very low margins. We are waiting for more regulations to come out similar to those in Dubai, then we will see more stability in the Ajman property market.
Definitely, we cannot stick to a certain selling price. Realistically property prices in Ajman should not be less than Dh700 to Dh750 per sq ft. But small developers are eroding the market and under-selling at Dh400 per sq ft. We have to keep this in mind and as a result are selling at around Dh625 to Dh650 per sq ft. After Ramadan, we will look at our prices, we will bring them up to an average of Dh700 to Dh750 in three months' time.
We don't offer that service as yet. The way we make it comfortable to buy is by having a liberal payment plan but at the same time one that will not upset our cash flow. Generally, our payment plans are spread across a little over three years. This is the timeframe in which we expect construction to be completed. According to the progress of the building we also offer extended payment plans which run for up to six years. A buyer should have paid up to 50 per cent of the property value by possession time and the rest should be paid within a further two years.
The way we handle our cash-flow projections is we phase our sales schedules and attach a premium on subsequent sales programmes. On an average, we are seeing an appreciation of property prices in Ajman of around three to five per cent every month. When we launched our projects in February 2007 our average property selling price was in the region of Dh300 per sq ft. It is now Dh625 to Dh650 per sq ft.
Studios are currently the hottest and the fastest-moving properties in Ajman. The return-on-investment for a buyer of studios in Ajman is currently around 50 to 60 per cent per annum. The demand for studios and one-beds is high from end-users as there is a dearth of accommodation of these sizes for small families who are not able to keep pace with escalating rents. Also from an investment perspective there is a low value of investment on these properties.
One of the reasons is the fact that there are still a number of projects being announced in Ajman with very good payment plans and prices. Property prices are still not peaking so a buyer is constantly looking for a new product in the market at a competitive price. Once property prices in Ajman reach a certain level people will look for lucrative buys in the resale market. The property market is still in its primary stages in Ajman. Affordability is another factor. Ajman has generally seen end-users who would rather put a lower down payment in a new buy than a higher down payment in the resale market. We also anticipate that when infrastructure is built and people can see more towers ready for handover Ajman's secondary market will surge.
The buyer interest is coming from the end-user. Prices are attractive to investors who find Dubai expensive.
We currently have Dh20 billion worth of projects across the UAE. We started our first project in Ajman in February 2007. Since then we have announced two master development projects in Ajman, the Emirates Lakes Towers, a 2.5 million sq ft development comprising 51 towers and Chapal Flora Residences, a four million sq ft development with 1,762 villas. We also have residential twin towers in Dubai Sports City and a mixed-use tower in Jumeirah Village South.
As a master developer, what special agreements do you sign with a sub-developer?
We sign a sales purchase agreement (SPA) and an affection plan issued by the Ajman Land Department. The SPA contains the handover date - we have a penalty clause for delayed handover. It is a two-way contract and has to be beneficial to both parties. The affection plan details project plans and build times. There are penalty clauses with respect to changing master plans. With a buyer/end-user, we also sign SPAs that detail delivery times and the specifications of the tower and villas we are building.
The land deal on the Emirates Lake Towers was Dh900 million with the government of Ajman. We started selling the land in February 2008 at an average of Dh50 to Dh60 per sq ft and after seven months the land value is averaging Dh110 per sq ft - up 40 per cent.
We currently have our hands full. We would like to first develop what we have announced and get that on track. Regarding what is to come, it all depends on demand and how the market goes.
That has been quite the talk of the town. We are still in the planning and design stages for most of our projects. We are definitely considering the power situation in Ajman. The government is also doing its bit and has contracted various companies to attend to these issues
It is mandatory to have designs approved by the government prior to developers announcing their project. Developers can start building a project only when they get the building permit.
Khurram Wahid, Director Chapal
Wahid has an MBA from the Greenwich University in Karachi, Pakistan. He also has a bachelor's degree in commerce from the Commercial College in Karachi, Pakistan.
Three years ago, at the age of 29, Wahid took on the responsibility for the family-owned development business Chapal in Ajman. The intention was to build one tower but now, three years down the line, it has Dh20bn worth of projects under way in the UAE including two master developments in Ajman and two tower developments in Dubai.
Sherwoods to showcase premium Dubai, Abu Dhabi and Ajman properties at Cityscape USA 2008
Labels: Ajman-PropertyEvent hosts over 5,000 global industry players including investors looking to diversify their portfolios into high potential Middle East markets Sherwoods Independent Property Consultants has announced today (September 09, 2008) that it will showcase a selection of premium projects to potential clients in the US real estate market when Sherwoods participates in the Cityscape USA 2008 exhibition being held at the Javits Centre in New York from September 10 to 11, 2008. The exhibition is part of Sherwoods' growth and expansion strategy into high-potential real estate markets, and provides an excellent opportunity for Sherwoods to gain optimum international exposure particularly in the US market. Sherwoods' key projects that will be showcased during the event are the Ocean Pearl and Marina Rise in Abu Dhabi's Al Reem Island; the Royal Bay in Dubai Waterfront, the SIT Tower in Dubai Silicon Oasis, the Berlin City Centre in Dubai and The Crest in Marmooka City, Ajman. Over 5,000 international investors, developers, governmental and development authorities, leading architects, designers, consultants and senior professionals in the real estate industry are expected to congregate at Cityscape USA. "We are pleased to be part of Cityscape USA, which will bring together senior real estate professionals from the US and from several emerging real estate markets around the world. This event provides a suitable platform to showcase Sherwoods' world-class portfolio, which we believe will be warmly received during the exhibition. We also seek to reinforce our network of partnerships by establishing new joint ventures and to generate unparalleled business opportunities," said Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants. Sherwoods enters the US market at a most opportune time as US investors are currently looking for investment opportunities elsewhere as a result of the current subprime mortgage crisis in the US. Cityscape USA 2008 will serve as the perfect vehicle for Sherwoods to gain exposure in the US for its wide array of premium property developments as the event has been designed to showcase opportunities in high-growth real estate markets all over the world, including the Middle East. Ocean Pearl is located in the heart of Al Reem Island's emblematic City of Lights, a community set amidst a verdant, waterfront oasis. Marina Rise, another project on the island, is a prestigious luxury development with a very relaxing environment boarded by exclusive residences and state-of-the-art office towers. The Crest is strategically located in Marmooka City, which is destined to be Ajman's Business Bay. Considered the most iconic project in Ajman, The Crest, which is a combination of residential and commercial towers, will be distinguished by the emirate's tallest skyscraper, the Al Manara. The Berlin City Centre has been designed by one of Germany's most successful architects and features a prime location facing the lake. The project's investors include elite global personalities such as retired F1 champion Michael Schumacher, his manager and several German soccer coaches. The Royal Bay is equipped with the latest smart home technology and complies with the latest green building specifications. The residential and commercial towers development offers panoramic lifts, 24-hour service and security and a whole range of value-added packages. The S.I.T. Tower is Dubai's newest high-technology commercial complex, which offers a combination of excellent business location, world-class amenities and fantastic payment schemes. Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the region's fastest growing real estate companies. Sherwoods has expanded to seven branch offices all over the UAE and regional offices in the UK, Doha, Bahrain, France, Moscow and soon in other key locations around the world. The company offers a diverse range of services, including search and acquisition of properties, offshore company information, selling of properties, mortgage services, valuation and appraisal, legal and tax services, and lettings and management. Cityscape USA leverages the unprecedented success of the brand's flagship event, Cityscape Dubai, the world's biggest business-to-business real estate event with over 51,000 participants from 138 countries. The Cityscape portfolio also includes Cityscape China in Shanghai, Cityscape India in Mumbai, Cityscape Asia in Singapore, Cityscape Latin America in Sao Paolo and Cityscape Abu Dhabi.
Baseline real estate prices in Ajman should now realistically be around Dh700 a square foot to Dh750 a square foot onwards, according to Gowealthy.com, the region's property portal website and property brokerage firm. How effective will the recent steps taken by Dubai's government-owned developers be to curb speculation in the market? What is the current mix of investors and end-users in Dubai's realty market? We have heard about Dubai's property market being in the early phase of maturing. Could you elaborate on the signs of a mature market? Ajman property news, 3 september 2008, Business 24/7
The company's Chief Executive Peter Penhall said in Ajman, smaller developers are underselling their properties at lower prices.
Penhall added that Dubai's realty continues to spell varied opportunities for buyers, and investors will be key to spurring the momentum of its realty market.
"Investors are an absolute requirement for any market and every market has to have an element of speculation. It is only a matter of managing such elements in a realty market which is what Dubai's government is considering," said Penhall, in an interview with Emirates Business.
You have opened one of the biggest brokerage offices that Ajman has seen so far. You obviously have a lot of faith in the Ajman market. How is it looking at the moment?
Ajman has lagged behind some of the other emirates principally because of the lack of infrastructure in the short-term. But the government is doing its bit and has budgeted Dh400 billion towards infrastructural costs. It has also allotted Dh3bn for roads and highways in the emirate.
A coal power plant worth Dh7.5bn is to be installed in Ajman. The emirate's airport is underway with a budget of Dh1.5bn. The current problems of electricity and power will, hopefully, be addressed soon.
The government has also set the ball rolling for a regulatory process in the real estate market.
Smaller developers dominated Ajman in the past because the cost of entry was much lower.
We have committed to a fairly large office that will have over 40 sales and administrative staff of 17 nationalities.
Some developers have been selling at Dh550 a square foot in Ajman, is that sustainable?
The baseline competitive price in Ajman now should be Dh700 to Dh750 a square foot. Some developers were selling at Dh250 and Dh400 a square foot. To us those are not realistic prices and Ajman is going to bear the consequences of that in the short-term. Steps are being taken by the government to ensure that any commitment to any development is of substance and will allow overall development to take place.
I think the recent steps will have the effect of lowering some of the speculative activity in the market. It's a feature that was necessary. The market in some ways was overheated. What Dubai realty is looking for is investors who can underpin the market in the medium- to longer- term, not necessarily those that want to come in without a considerable financial backing.
Regulations in a market generally put a damper on smaller developers who might be looking for quick sales. But they will be soon forgotten and replaced with more long-term investors.
I don't think you can determine any given mix. Every project is different and promoted differently. The buyer profile depends on the project and the life cycle of the master-development. If the master-development is relatively new then they will rely more heavily on the interim-owners from an investment point of view. Those will then sell out more to end-users down the line. It boils down to where every project is placed within a master-development.
How will the recent bribery cases among top executives of Dubai-based real estate companies affect the buyer sentiment in the market ?
In the short-term, pessimism born out of that will have a marginal negative affect. But we also believe, globally, realty markets tend to have a short-term memory and I'm sure you will see in a couple of weeks we will be re-bounding, especially with Cityscape just around the corner. That will actually bring a very positive attitude into the market.
Compulsory off-plan registrations, will that help contain speculators in the market?
In any business, if you entertain a sub-system that is not regulated, there will always be an element that will look to take advantage of it. The mandatory off-plan registration system is a rollout of regulations from Rera and further strengthens its position as the regulatory authority.
Emaar has always had a policy that 30 per cent of a property's value needs to be have been paid up before a buyer can re-sell it.
The typical signs of a mature market is when the prices get static and the government has all the regulations in place. Mature markets also tend to attract major institutional real estate funds. In Dubai, we are now seeing regulations coming into the fray. When they do, we will see levelling of prices and then there will be more institutional funds entering the market as well. In that sense, we still have time to mature.
Does Dubai hold a large capacity for realty growth? Are we going to see a certain levelling off in the near term?
I personally think the realty market in Dubai has a huge capacity, with massive growth already in progression. The recent Morgan Stanley report was ludicrous. According to our findings, the market has grown by 50 per cent in the last six months. Dubai realty prices will definitely level off since no realty sector can sustain such growth. The demand curve will continue to be there but its growth will flatten over time.
Would you tell people to buy now in Dubai?
With Rera's tightening up of the regulations in Dubai, you will see some of the properties being traded lower than the market rate in order to allow speculators to exit the market without too much damage. In that sense it is still a buyer's market, with an opportunity for buyers to look for varied options.
PETER PENHALL, CEO, GOWEALTHY.COM
Designed by Fakhruddin Real Estate, Fakhruddin Mall has recently opened in Ajman with an investment value of Dhs100m.
The Fakhruddin Mall is one of the largest in the emirate and boasts a huge market complex, a variety of different galleries housing every conceivable type of shop, cafe and a wide range of restaurants and eateries to cater for every taste and budget.
New figures reveal that the GCCregion boasts the world's fastest-growing commercial real estate market with an increase of 565% measured since 2000 and it is predicted that large-scale developments, such as the newly-opened Fakhruddin Mall, will form a significant percentage of this market, which is expected to increase to seven times its size in the decade leading up to 2010.
The retail sector alone is estimated to be worth $100bn and is second only to the oil industry in terms of its importance as a driving force behind the GCC's booming economy. These figures, combined with an estimated retail spend in Dubai's shopping malls that will exceed $7.5bn in 2009, make it the ideal time for investors and developers to bring new mall developments online.
Commenting on the figures, Fakhruddin's CEO, Mr. Yusuf Fakhruddin, said: 'The GCC region's commercial real estate market has been going from strength to strength for some time now and developers are riding this wave of success by initiating many new developments. It is good news for everyone in the region, from consumers who will shop at the new malls, to international brands who want to set up premises in the region and investors, who will achieve excellent returns due to the buoyant market.
'As an established company in the commercial real estate sector, we are pleased that our long-term strategy of opening large malls, such as our brand-new Ajman-based development, which covers 135 thousand square feet, looks certain to benefit the region and everyone involved in the project. We have several similar projects in the pipeline so that we can continue to capitalise on this market trend.'
Throughout the past decade Dubai has surpassed all of the other emirates. Its lucrative investment market has caught the eye of millions globally and continues to be one of the most marketable locations in the world; this is by no means a surprise to anyone. With all this in mind, it is important not to lose site of developing markets within the U.A.E. It is often quite simple to overlook the remaining six emirates which make up the U.A.E. One of the many forgotten emirates which has recently acquired visibility is Ajman. The key success to the development of Ajman Property recently and in the upcoming years has been Ajman's location. Ajman holds a population of only 235,000. Ajman, the smallest emirate of the six is able to provide its residents the best of both worlds, the exciting busy life of Dubai (approx. 15 miles away) and the relaxing, calm beaches and hotel resorts located on the coast of the Arabian Gulf. New development projects have taken off in the small emirate for a number of reasons. Tourists enjoy the destination which offers the opportunity to escape the bustling city experience while providing the vacation comfort some require. In regards to real estate, spacious and luxurious apartments are available to the foreign market for a very appealing price. Currently the residential and commercial center in Ajman is growing at a very rapid rate. As Ajman continues to offer luxurious and freehold properties, it will continue to support the commercialization which Dubai has taken on in the past decade. The smallest emirate merely is able to support various lifestyles which "the big city" cannot offer while maintaining a commuters dream to Dubai and its amenities. Ajman Property News, 2 September 2008
Construction on Al Ameera Village, a Dh1.1bn (US $300mn) mixed-use project launched in Ajman has been suspended while its masterdeveloper, Tameer Holding, works out a deal with the Ajman Government, which will now take on a significant part of the project.
Tameer is believed to have had difficulties securing adequate supplies of water and power, which led it to cancel a Dh522 million construction contract awarded to Sharjah-based Al Rajhi Projects in December last year. Al Rajhi was to construct 41 residential buildings.
A source at Tameer, who asked not to be named, said that this part of the project would now be developed by the Government, while the remaining land at the 500,000 square metre site would continue to be developed by private sub-developers.
“The plots on which we were supposed to construct have been sold to the government of Ajman,” said the source. “The reason is the issue with water and electricity — which is affecting the whole of Ajman right now.”
Ajman University forms alliance with Microsoft Gulf for ICT education initiatives
Labels: Ajman EducationUAE. Furthering its commitment to transform the UAE into a knowledge based society, Microsoft Gulf today signed a memorandum of understanding (MoU) with Ajman University of Science and Technology (AUST). As part of the agreement, the students and teachers of the university will receive training on Microsoft’s latest software and technologies. The collaboration aims to enhance the use of ICT based education in the local market and equip students with IT skills.
The agreement was signed by Dr Ahmed Dabbagh, Academic e-Services Director, Ajman University of Science and Technology (AUST) and Khalid Lootah, Public Sector Director, Microsoft Gulf at the campus.
In addition, Microsoft will work with AUST to integrate the technologies into the curriculum and provide guidance and support to draft a national strategy on the role of ICT in education. AUST students will also be eligible to participate in the Microsoft Imagine Cup. Furthermore, the agreement offers AUST participation in the Microsoft IT Academy program that allows academic institutions to conduct certified training courses on Microsoft technologies. Microsoft will also play a crucial role in finding the right jobs for students who are certified.
Khalid Lootah, Public Sector Director, Microsoft Gulf said: “The agreement reflects Microsoft’s long-term commitment to collaborating with academic institutions to contribute to socio-economic development and accelerate the evolution of a knowledge-based society. For technology to become an effective tool for learning, it must first be an effective tool for teaching. An important part of our work at Microsoft is providing teachers with the skills training and curriculum they need to make technology an integral part of classroom instruction. We welcome the opportunity to work with Ajman University that is using IT to empower both teachers and students thereby enabling them to compete in today’s global economy.”
Commenting on the agreement, Dr Ahmed Dabbagh, Academic e-Services Director, Ajman University of Science and Technology (AUST) said: “Our aim is to provide students with the highest levels of technical and professional training programmes to give them the best opportunities once they graduate. An important part of that vision is adding more advanced e-solutions to our methods of teaching as we have already started e-learning and creating a cyber and virtual environment across our campuses.
"By integrating the power of technology with our curriculum, we are preparing our students for the future. We have a strong relationship with Microsoft and we look forward to our long-term association with them to help us realise the vision of HE the President Dr Saeed Salman in providing high-quality education and making the 'Futuristic University' a reality."
One overseas property expert has tipped the United Arab Emirate of Ajman as a good place for investors to consider.
Nicholas Marr, chief executive of Homesgofast.com, explained that the state's proximity to Dubai meant that it was likely to see price rises in the near future.
He acknowledged that Ajman did not currently possess the infrastructure of some other Middle Eastern states, but added that this was sure to improve in the coming years.
In fact, Mr Marr went so far as to state that Ajman was his "tip for the top" when it came to international investment opportunities.
"I see this part of UAE as Dubai a few years ago and property prices are low; starting from about £28,000," he explained.
"Dubai prices are being put up each year, not by demand but by the developers, meaning many workers will be priced out of the region. The lack of infrastructure at this time in Ajman and its desire for foreign investment makes this ideal for speculators."
