Luxurious project located on top of Harissa Mountain in Lebanon to complement growing demand in country’s real estate market

August 31, 2010

Noor International Holding, a leading Lebanese real estate development company, has announced the launch of ‘Harissa Elite Residence’, the company’s latest real estate development project that seeks to combine state-of-the-art luxury urban living with natural beauty. The project, which is one of the many real estate projects recently launched by Noor International Holding, is part of a strategic plan to reach out to a wider Lebanese market and also complement the increasing property demand in Lebanon’s real estate sector.

The ‘Harissa Elite Residence’ is located in Harissa, Lebanon, which is famous for its sprawling mountainous landscapes and coastal shorelines. The project will be made up of five-storey residential buildings to be built according to modern world-class construction standards. Each unit will be furnished with upscale services and facilities offering high levels of security and comfort, such as advanced power generation and electrical services and a smart, environment-friendly water control and filtering system.

Dr. Mohammed Saleh, Chairman, Noor International Holding, said, “The Harissa Elite Residence is the latest addition to our current portfolio of world-class luxury development projects. The project aims to combine high-end urban living with nature’s beauty in the background. The Harissa Elite Residence will allow residents to enjoy spectacular mountain and beach views while staying in a unit that provides luxury living to the fullest.”

The launch of ‘Harissa Elite Residence’ will complement the host of landmark real estate projects that Noor International Holding is currently involved with in Lebanon and abroad. Among the key Lebanon-based projects of the group are ‘The Canadian Town’ in Aramoun, which consists of 22 buildings; ‘Sawfar Country Club,’ comprising 148 residential units; five projects in Dohat Al Hoss and four modern buildings in Khalde (Khalde Hills); Beyout Al Yasmin in Azza; La Rosa in Bekaa; and Al-Khaled project that holds two residential buildings located in Jiyeh Hills (Zarout). Aside from these current line of projects, Noor International Holding will soon be announcing new projects in Bsalim, Laqlouq and Koura; in addition to Noor Beirut project that comprises two residential 14-storey high rise towers located in Bshara Al Khoury at a close proximity from Beirut Central District.

Meanwhile, Noor International Holding is currently awaiting government approval for the development of a project called ‘Cedar Island’– an artificial Cedar tree-shaped island to be located along the Lebanese coast.

Danube Building Materials eyes growth amidst demand from USD 714.8 billion worth of existing local construction projects

August 31, 2010

Better market prospects will emerge as the UAE construction market poises for rebound, says Danube Building Materials, the leader in construction, building materials and shop fitting industries. With a recent report from the Dubai Chamber revealing that USD 714.8 billion worth of construction projects are either at design stage or already underway in the UAE, the company is seeking to leverage the anticipated growth in local demand. Following the opening of its 22nd global store in India in July this year, Danube also revealed expansion plans towards Qatar and other parts of Saudi Arabia and Oman, as well as in China.

The report further revealed that over the course of 2010, a large amount of construction and infrastructure projects are due to be awarded. Add to this the increasing activities of construction firms towards breaching new markets, focusing on the public instead of private sector, and forging new partnerships to increase competitiveness, the UAE is regaining its momentum as one of the world’s leading construction destinations. With a view to partake in the construction upturn, Danube plans to leverage its 9 existing retail facilities in the country, as well as its latest AED 50 million, 1.3 million square feet manufacturing facility in TechnoPark, which will be functional by early 2011.

“Our confidence in the UAE construction market has never wavered, as indicated by our continuous expansion activities across the country and our investments in growing the presence of ‘Danube BUILDMART’ in major shopping malls,” said Rizwan Sajan, Chairman, Danube Building Materials. “We are pleased that our strong belief in the potential of the UAE market will be rewarded by the positive developments and increasing prospects in the construction industry. Our strategic initiatives during the challenging period of recession have further strengthened our position to leverage the upcoming opportunities.”

Danube Building Materials started as a building materials supplier, but has since diversified into a one-stop shop concept called ‘Danube BUILDMART’ last year. Today, there are a total of 14 global Danube retail facilities - 9 in the UAE, two in Oman, one each in Bahrain, Saudi Arabia and India, in addition to procurement offices in China and Canada. The company has also recently launched an AED 15 million ‘Danube BUILDMART’ in Ibn Battuta Mall, Dubai, thereby marking its third retail branch to be based within a mall, which is a new concept pioneered by the company.

“The role played by building materials suppliers in the UAE is pivotal in the level of quality, design and aesthetic standards of the iconic projects being built in the country. Herein lies our commitment to our customers – to provide them with the best building materials that will help them achieve their vision for their projects. We are also planning further expansion in the country, especially for our ‘Danube BUILDMART’ brand, which is steadily building up a reputed name among end-customers across the country,” concluded Sajan.

Phase 3 of Royal Breeze building and town house development now in final stages of construction work

August 30, 2010

Al Hamra Real Estate Dev. LLC has announced that Phase 3 of the Royal Breeze freehold residential development has entered the final stages of construction, as units will be delivered in phases to investors starting September 2010. Located within Al Hamra Village, the exclusive mixed-use community development project in Ras Al Khaimah, Phase 3 of the Royal Breeze development consists of 5 residential buildings, 170 Type A town houses and 136 Type C town houses.

Al Hamra Real Estate Dev. LLC revealed that the Type A town houses, which are now nearly ready for occupants, will be the first units to be delivered to investors starting next month, whereas, the Type C town houses, which have been fully constructed and are now undergoing finishing works, will be delivered by March 2011. The Royal Breeze buildings RB1, RB2 and RB3 are expected to be completed by the first quarter of 2011 and will start handover by April 2011.

Construction work on RB1 (G + 8 + 2 storey car park), RB2 (G + 14 + 2 storey car park) and RB3 (G + 14 + 2 storey car park) have already reached the top levels and finishing works are now in progress. For RB4 (G + 20 + 2 storey car park), construction work has already reached the 15th floor and is scheduled for delivery in March 2011. RB5 (G + 14 + 2 storey car park) is now on the 13th floor, putting it on track for its delivery date in June 2011.

“The Royal Breeze project has progressed right on schedule and a lot of investors and property owners are now eagerly awaiting the hand over of the properties that will start in September 2010. Al Hamra Real Estate Dev. LLC has likewise been gaining momentum with its marketing initiatives for this project with investor interest steadily growing as this groundbreaking project finally takes shape. Our commitment to adhere strictly to the construction schedule has certainly been greatly reassuring for the stakeholders of this project and has been a key factor in boosting investor interest, both in this development and in Ras Al Khaimah as a whole,” said, Ayoob Al Faraj, General Manager, Al Hamra Real Estate Dev. LLC.

Royal Breeze is a seaside and golf course freehold property development that offers excellent sea views/Golf & Lagoon views. Only 45 minutes from Dubai airport, this unique and exclusive getaway setting is nestled at the beach front lagoon of Al Hamra Village and is designed and built based on Mediterranean style theme combined with world-class interiors and top-of-the-line amenities.

The type A town houses of the Royal Breeze project, offering three bedrooms, are located directly on the golf course and is just a 3 minute walk from the beach and marina. The type C town houses, featuring two bedrooms, are located in Royal Breeze Villa zone.

Al Hamra Village consists of more than 1,000 villas, town houses and 2,000 apartments surrounding a 5-star hotel and the longest 18-hole, par-72 championship golf course on a sea site. It also features a 200-berth marina, Al Hamra Palace, which is only the third “7-star” hotel to be built in the UAE, and the sprawling Al Hamra Shopping Mall.

Al Hamra Real Estate Dev. LLC was established in 2003 with a mission to develop unique hotels, commercial & residential resorts in Ras Al Khaimah and the United Arab Emirates. It has today grown to become one of the leading hotel developers in the region.

Developers are focused on delivery and working hand-in-hand with contractors as local market starts to gain momentum

August 23, 2010

The UAE construction sector is witnessing a gradual turnaround, a fact that is evidenced by the steady improvement in the time taken by developers to settle outstanding contractor dues, according to a statement issued by Shaikhani Contracting, a part of the Shaikhani Group, a multibillion dollar international business conglomerate with interests in real estate development, trading, manufacturing and IT. The improving contractor-payment scenario is best reflected in Dubai where several major developers have started to pay contractors the amounts, which have been outstanding ever since the ramifications of the global economic downturn were felt in the UAE. Accordingly, Shaikhani Contracting has announced plans to roll out a strategic region-wide plan targeting growth and expansion across the UAE.

Recent market projections show that 26,650 apartments and villas will be handed over in Dubai this year as the region enters a recovery phase. This is a major positive development given that the Gulf’s construction industry had significantly contracted sharply during 2009, with some USD 500 billion worth of projects being cancelled or shelved following the real estate slump that started in 2008. Dubai was the hardest-hit market and many large construction companies in the emirate had to let go a substantial percentage of their staff. However, officials from Shaikhani Contracting point out though that with the start of the new decade things are certainly looking up for the construction sector and opportunities for contractors still exist. The company attributes the strong support offered by the Dubai Government as the main reason for the steady resurgence of the sector.

“This welcome development regarding the faster interval of payment for dues owed to contractors bodes well for our plans to grow our operations in the UAE, and we are very excited to witness the resumption of construction activities and become one of the most active contractors working on projects across the country,” said Rizwan Shaikhani, Managing Director, Shaikhani Contracting. “We consider discerning clients who capitalize on their investments irrespective of the current market conditions as our primary target market, and our strategy to connect with them is to ensure that the services we offer are up to par with their stringent standards.”

Underlining its confidence in the rising consumer confidence within the construction industry, the contractor announced earlier this year its aims to secure domestic contracts worth AED 60 million this year, the first two of which included contracts to undertake the construction of private villas in the Al Khawaneej area in Dubai, UAE. Identifying the excellent opportunities in the region, particularly in Abu Dhabi and Dubai in the UAE and in Qatar, Kuwait and Saudi Arabia, Shaikhani Contracting is currently planning to hire more engineers, technical and non-technical staff, with a view to offer regional customers a broader portfolio of high quality services.

“Amidst the turbulent transition from unrealistic market prices to healthier, more realistic levels, we have succeeded in weathering the challenges and remain steadfast in our commitment to our customers. We are positive that this year will mark a significant milestone for our operations,” concluded Shaikhani.

Company to provide value added services for London-based clients and broaden the Group’s network for developing contracting activities in Europe

August 04, 2010

Fahad Sattar Dero

Sweet Homes Group (SHG), the UAE-based total solutions provider fully-committed to deliver results to its growing portfolio of regional and global clients, has announced its expansion into the United Kingdom via the launch of its new sister concern – ‘Sweet Homes Builders & Contractors, Ltd. UK’. Leveraging the Group’s extensive expertise in general engineering and contracting, general trading and real estate brokerage, leasing and marketing, selling and managing prestigious properties in the UAE, the new company provides London-based clients a range of value added services, and strengthens the umbrella organisation’s network for developing contracting activities as it ventures further into the European market.

The major objectives of the company include conceiving new developments in Europe where in building plans are approved & can be constructed and also the damaged or auctioned or re-possessed below the market as investing on properties purchasing & renovating for resale or on rent basis. Adopting the Group’s philosophies of professionalism and efficiency, ‘Sweet Homes Builders & Contractors, Ltd. UK’ uses highly innovative technologies and employs an experienced group of professionals to ensure that all services being offered surpass every expectation of its customers.

“Following the success we have seen in our operations in Dubai and in Ajman, where we have successfully achieved milestone targets in property sales, new property launches, green technology adoption, adherence to legal and safety measures, and offering of attractive schemes with other incentives and benefits, we have made a decision to foray into Europe with the establishment of our newest subsidiary company,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “Our goal is to reach and offer clients, investors and end-users based in the United Kingdom & Europe all our vital services, which will be carried out based on the standard of excellence we followed and continue to follow for all our projects, and using the latest technological advancements to ensure efficiency.”

Headquartered in Dubai, UAE, Sweet Homes Group is comprised of seven companies – Sweet Homes Holding, Sweet Homes General Trading, Sweet Homes General Contracting, Sweet Homes Real Estate, Sweet Homes Media Communications and ASD Engineering Consultants, and now ‘Sweet Homes Builders & Contractors, Ltd. UK’. Since its establishment in 2010, the Group has expanded its operations significantly across the UAE by building projects that answer to the diversified real estate requirements and architectural taste of regional clients. Till date, the Sweet Homes Group has been involved in the construction of high profile projects in the UAE, including ‘Al Nuaimiya Towers’, ‘Al Khor Towers’ and ‘Falcon Residential & Office Towers’ in Ajman; the England cluster in International City in Dubai; and ‘The Corniche Tower’, the ‘Rainbow Towers’, and the landmark ‘Ajman Uptown’ community development in Emirates Road.

Realty Capital to start testing and commissioning of i-Rise office tower in mid-September 2010

July 27, 2010

iRise - Main Works

Realty Capital Middle East FZ LLC has announced that testing and commissioning of its centrepiece i-Rise Office Tower in September 2010, keeping the landmark development on course for its November 29, 2010 completion date.

i-Rise, a 36 storey office tower, is being developed by Realty Capital in Dubai’s TECOM Site-C,  and offers corporate and executive offices in a total built-up-area of more than 1.9 million square feet. Realty Capital further revealed that civil works were completed on July 25, 2010, while connections for various services (DEWA, EMPOWER, etc.) have also been concluded. All DEWA equipments have likewise been delivered to the site.

Work on the external façade will be completed by the first week of September as the disassembly of tower cranes will start by end of August. Internal finishing works, on the other hand, will be done before November 29.

Marwan Mansour, CEO, Realty Capital, said: “As we put into place the final pieces of this landmark development, there has been a growing excitement among investors and property owners who are all eager to move in and take advantage of the world-class amenities and leverage the prestigious reputation of i-Rise as a premier business address. It has been a gratifying and an inspiring experience to work on this iconic project, and we are sure that our investors and tenants will appreciate our efforts to maintain the highest levels of quality in every aspect from start to finish.”

i-Rise has been developed to be a popular Dubai landmark because of its unique curvilinear design. The office tower will feature a specially treated podium façade; modern executive and corporate offices; 19 high-speed elevators, dining establishments; commercial space; a fitness centre; and a multi-storey car park with 2,300 parking bays.

New office to house group’s real estate, development, sales, contracting and project management subsidiaries

July 27, 2010

Shaikhani Group, a multibillion dollar international business conglomerate with interests in real estate development, trading, manufacturing and IT, has announced a move to shift to its new headquarters in the Business Avenue Building (Offices No. M01, M02, & M03) in Dubai. The move will centralise the operations of the Group’s subsidiary companies in the property industry, which include its real estate development, sales, contracting and project management arms, in line with its plans to offer value-added services to its investors, customers and partners. This is expected to facilitate more consolidated processes and streamlined operations, since many of its real estate projects involve collaborations amongst the Shaikhani Group’s various subsidiaries.

In the recent months, Shaikhani Group has announced significant developments on the construction of ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III), two of its themed residential projects located in ‘Dubai Sports City’, with plans to name contractors to undertake finishing and facilities management very soon. Furthermore, Memon Investments, the developer of the AED 339 million ‘Frankfurt Sports Tower’ has also reported continuous progress towards construction of the project’s substructure. Amidst the fast-paced construction within its flagship projects, the shift to the new office will help in fostering the clients’ confidence in the Group as a credible and accessible source of updates on their on-going projects, which include various developments in Dubai with a total value of AED 1.34 billion.

“Moving to our new headquarters will enable us to better our services to our customers and investors and also reiterates our commitment to pursuing growth and our established passion for providing the best property solutions through a highly holistic approach,” said Abu Baker Shaikhani, Chairman, Shaikhani Group. “Despite the challenges of the crisis, we remain successful in retaining our present client base, and our continuous effort to further enhance our offerings is our way of reciprocating the trust they have reposed on us. With the approaching completion of three of our flagship projects, we are confident that our industry expertise and the strategic steps we are taking will further fuel us into a fast-paced growth.”

Earlier this year, the Shaikhani Group unveiled a massive rebranding initiative, which was followed by the launch of Shaikhani Developments and Shaikhani Building Contracting. Working together with aims of commencing construction works on several new projects during the second half of 2010, both the real estate and contracting subsidiaries seek to leverage the recent consolidation of offices and resources to achieve their target of securing domestic contracts worth AED 60 million this year.

“The steps we have taken so far – starting from our rebranding, to the unveiling of our new development and contracting subsidiaries and to the move to our new offices – are all part of a plan we have outlined that will make this year a turning point for the Shaikhani Group’s operations. In addition, we remain committed towards delivering excellent post-sales services to our customers, which will continue to be a priority for us for future projects too,” concluded Shaikhani.

• Half-year 2010 revenue increases 59 per cent to AED 5.538 billion (US$ 1.508 billion)
• Second-quarter net operating profit is AED 896 million (US$ 244 million) and revenue is AED 2,652 million (US$ 722 million)
• Highlight of the quarter is opening of Armani Hotel Dubai, setting new standards in global hospitality

Burj Khalifa by Emaar Properties

Dubai, UAE; July 22, 2010: Marking significant gains in the company’s comparative financial performance over year 2009, Emaar Properties PJSC recorded half-year 2010 net operating profits of AED 1,656 million (US$ 451 million).

This corresponds to a 122 per cent growth over the half-year 2009 results, underscoring the effectiveness of Emaar’s strategy to focus on its core competency of value creation by building premium real estate master-developments in key geographic markets.

The revenue for the first six months of the year was AED 5.538 billion (US$ 1.508 billion), recording a growth of 59 per cent over half-year 2009 revenue of AED 3.481 billion (US$ 948 million).

Net operating profit for the second quarter ended  30 June, 2010 was AED 896 million (US$ 244 million), 18 per cent higher than the first-quarter 2010 net operating profit of AED 760 million (US$ 207 million). The net profit subsequent to considering the non business charges for the quarter is AED 802 million (US$ 218 million), a 6 per cent increase over the first quarter of the year.

Revenue for the second quarter recorded a growth of 37 per cent over second quarter 2009 revenue of AED 1.940 billion (US$ 528 million).

The highlight of second quarter 2010 was the opening of the world’s first Armani Hotel in Burj Khalifa, the world’s tallest building. In addition, the handover of units in Burj Khalifa started during the quarter with approximately 24 per cent handed over until June end.

In the process of implementing the strategy of concentrating on its core business, Emaar transferred the Hamptons International business in the UK, Europe and Asia to Countrywide at a consideration, which was similar to the purchase value of the business (in Sterling terms) it acquired in 2006. In addition, the Hamptons agency’s business in Middle East and North Africa was retained by Emaar to support its key geographic markets. The company also decided to transfer the management of Emaar Education’s schools in the UAE to Innoventures Educational Investments, a Dubai based premium education provider.

Mr Mohamed Alabbar, Chairman, Emaar Properties, said: “Over the past months, Emaar has undertaken a series of strategic initiatives to focus on value creation for our stakeholders. Our emphasis now is on strengthening our core competency of developing premium real estate projects, and building on our assets in promising emerging markets. This concerted approach has resulted in further strengthening our financial fundamentals, despite the challenges of the global financial climate.”

Mr Alabbar said that Emaar’s revenue model has effectively diversified with an increasing share from the rental & hospitality operations over the past year, a trend reflected in the half-year 2010 results.

“This is in line with our growth strategy, outlined in 2007, to further expand our revenue streams through strategic investments in key international markets as well as new business streams including shopping malls & retail and hospitality,” he explained.

Out of the 2009 full year’s revenue of AED 8.413 billion (US$2.290 billion), 25.8 per cent were from leasing and hospitality operations, and 8 per cent from international operations, compared to 90 per cent of the revenue coming only from Dubai property development in 2008.

Emaar has handed over homes in its master-planned communities in Turkey and Pakistan, and the company is currently on schedule with the completion and hand-over of landmark projects in India, Saudi Arabia, Jordan, Egypt and Syria over next 12 months. These markets are expected to contribute further to the revenue stream of the company.

Mr Alabbar said: “Our growth outlook is guided by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, who underscored the need for companies to evolve strategies that meet the realities of the new world. We will remain committed to building new revenue resources and realizing the full value of our assets by embracing change and tapping growth opportunities.”

• Al Bedaya Programme opens doors to three career options – trainees, part-time and full-time
• Opportunities for fresh graduates and university students to work in a multicultural organisation

Hamptons International launches vocational training programme for UAE nationals

Dubai, UAE; July 14, 2010: Hamptons International, a premier property services company with a strong geographic presence in the Middle East and North Africa region, has launched Al Bedaya, a vocational training programme for UAE national graduates and university students.

The programme offers three career options for fresh graduates and university students. They can choose internship, part-time or full-time employment opportunities with Hamptons International as part of the company’s commitment to support the country’s Emiratization initiatives.

A spokesperson of Hamptons International said: “According to recent reports, Emiratis make up only 4 per cent of the private sector workforce while they form 52 per cent of the public sector. Al Bedaya has been specially launched to enhance awareness among UAE nationals on the opportunities offered by the private sector, and provide them hands-on knowledge and experience of working in a leading private sector organisation.”

Al Bedaya features a customised approach called ‘Hamptons – Passport to Emiratization’ to monitor the progress of each participant. “This will give clear insight into the learning gained by the participant, their aspirations and the progress they achieve through the hands-on job training. The programme will thus equip participants to undertake challenging job responsibilities that match their skill-sets,” the spokesperson added.

Through the Al Bedaya programme, Hamptons International seeks to instill in the UAE national participants the values of accountability and experience-based learning, supported by structured checklists. The training aims at driving the personal growth of the participants and providing them insights into the diversity of job opportunities available in the private sector.

Hamptons International is a leading property services company, and offers the full spectrum of property services including residential property sales, residential and commercial leasing and property management, international property sales, valuations, research and feasibility studies, and independent mortgage consultancy.

The Al Bedaya programme, open for both university students and fresh graduates, will provide the participants an unprecedented opportunity to be part of a multicultural organisation that has extensive experience in the property sector. For more details, please call: 800 Hamptons (800 4267 8667) or email: emiratization@hamptonsuae.com.

• Al Bedaya Programme opens doors to three career options – trainees, part-time and full-time
• Opportunities for fresh graduates and university students to work in a multicultural organisation

Hamptons International launches vocational training programme for UAE nationals

Dubai, UAE; July 14, 2010: Hamptons International, a premier property services company with a strong geographic presence in the Middle East and North Africa region, has launched Al Bedaya, a vocational training programme for UAE national graduates and university students.

The programme offers three career options for fresh graduates and university students. They can choose internship, part-time or full-time employment opportunities with Hamptons International as part of the company’s commitment to support the country’s Emiratization initiatives.

A spokesperson of Hamptons International said: “According to recent reports, Emiratis make up only 4 per cent of the private sector workforce while they form 52 per cent of the public sector. Al Bedaya has been specially launched to enhance awareness among UAE nationals on the opportunities offered by the private sector, and provide them hands-on knowledge and experience of working in a leading private sector organisation.”

Al Bedaya features a customised approach called ‘Hamptons – Passport to Emiratization’ to monitor the progress of each participant. “This will give clear insight into the learning gained by the participant, their aspirations and the progress they achieve through the hands-on job training. The programme will thus equip participants to undertake challenging job responsibilities that match their skill-sets,” the spokesperson added.

Through the Al Bedaya programme, Hamptons International seeks to instill in the UAE national participants the values of accountability and experience-based learning, supported by structured checklists. The training aims at driving the personal growth of the participants and providing them insights into the diversity of job opportunities available in the private sector.

Hamptons International is a leading property services company, and offers the full spectrum of property services including residential property sales, residential and commercial leasing and property management, international property sales, valuations, research and feasibility studies, and independent mortgage consultancy.

The Al Bedaya programme, open for both university students and fresh graduates, will provide the participants an unprecedented opportunity to be part of a multicultural organisation that has extensive experience in the property sector. For more details, please call: 800 Hamptons (800 4267 8667) or email: emiratization@hamptonsuae.com.