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.

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.

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.”

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.

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.

Wates Construction International has been awarded the AED150M contract, alongside its joint venture partner Al Fara’s General Contracting, to build a new 1500 place secondary school for Aldar Academies at Al Bateen in Abu Dhabi.

On completion in mid 2011, the new school will be managed and operated by Aldar Academies, respected as one of the leading education providers in Abu Dhabi. Aldar Academies currently operates three schools in the city – Al Yasmina School, Pearl Primary School and Al Muna Primary School.

It represents the second educational construction contract that award-winning Wates has won in Abu Dhabi during the past month. It was recently selected to develop a new extension and upgrade existing facilities at the British School Al Khubairat, Abu Dhabi.

Al Bateen Secondary School is set to become Aldar’s flagship school and one of the leading educational establishments in Abu Dhabi. Its design concept is based around a less hierarchal educational structure, allowing more student circulation and interaction between different year groups. Measuring 24,000 square metres, the new school will feature state of the art classrooms, a swimming pool, library and extensive outdoor sports facilities.

“We selected Wates and Al Fara’a due to Wates’ pedigree and proven record in the educational sector, combined with the local knowledge of Al Fara’a, said Sami Asad, Aldar COO.

“We welcome them on board as part of our team to help deliver a project which is expected to sustain the highest standards of secondary education in the UAE and contribute to furthering the reputation of Aldar Academies.”

Wates has a strong track record in delivering complex school and college educational facilities. It is one of the leading developers in the education sector in the UK and has built schools and colleges to accommodate 35,000 pupils, including Canterbury College and North Liverpool Academy. It is currently running the day-to-day operations of 26 UK schools.

“We focus on creating great learning environments and not on buildings.” comments Matthew Kennedy, Director of Wates Construction International. “We’re pleased to be working with a professional and highly respected client, who are also regarded as a leading educational provider in Abu Dhabi. “  
  
The Al Bateen project team includes:

Project Manager Aldar
Main contractor          Wates in joint venture with Al Fara’a
Architect  DEWAN, CPG Consultants PTE Ltd
Quantity Surveyor Currie & Brown
Structural Engineer PJSI Consultants
Services Engineer Ian Banham & Associates

July 05, 2010

The Ajman real estate market is ready to rebound, with the emergence of major developments signalling the recovery of the emirate’s property sector, says Sweet Homes Holdings (SHH), a leading UAE-based developer and real estate services provider and the company behind the AED 2.2 billion ‘Ajman Uptown’ community project. Underlining its optimism towards new prospects in the local industry for the upcoming year, the developer also expressed its high expectations in terms of convenience in obtaining mortgage financing, which will drive more people to move to the emirate.

Ajman’s growing strength in the real estate front is being fuelled by the availability of resources that can support various industries as well as residential communities. This includes access to energy at competitive rates and costs, with secured and guaranteed provision and supply on longer terms; raw materials for certain industries and the possibility for extraction of these materials; basic industries for provision of materials required by the finishing and intermediate processing industries; domestic capital and financing; and financial incentives and facilities for investments by many of the domestic and international banks. Furthermore, the emirate’s convenient location and the development of the infrastructural utilities such as the port, roads and transportation also make it an enviable location for community developments such as ‘Ajman Uptown’.

“Over the years, Ajman has witnessed major upgrades as far as infrastructure development is concerned, emerging not only as an attractive site for industrial and manufacturing activities but also as a thriving location for residential projects,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “Although the emirate, similar to other emirates in the UAE and cities across the region, had been subjected to the harsh realities of the global financial meltdown, it is steadily gaining back its momentum and is on its way to recovery. As the developer of one of the largest residential communities in Ajman, we are looking forward to leveraging the new opportunities as the real estate sector turns around and opens up new prospects for residential and commercial investors alike.”

With building works on ‘Ajman Uptown’ continuing on a 24/7 basis, the developer continues to report significant construction milestones, including the completion of all sub-structures for the 1,504 villas within the massive community development. Two subcontractors for the project were also recently named including Al Ibhar Electrical Contracting and Elegant Electromechanical Contracting, which will oversee the MEP, air conditioning and fire fighting aspects; and Liwa Building Contracting as the civil sub-contractor.  In addition, Sweet Homes General Contracting is also currently building an AED 149 million shopping mall within the project, which is scheduled to be completed by the end of 2012. At present, a total of 2,000 labourers are working on the site in different shifts to be able to meet the project’s scheduled delivery date.

“Construction works within ‘Ajman Uptown’ is proceeding according to our specified timeline, with our appointed subcontractors working continuously to ensure that all processes are completed according to the highest quality standards and in time to hit our delivery deadline. At present, we have completed the sub-structure of all villas, and are currently focusing on the on-going superstructure works for all the VIP villas within the community,” concluded Dero.

Collaboration, Management and Control Solutions (CMCS) has signed a Memorandum of Understanding (MoU) with buildingSMART ME (BSAME), the MENA Chapter of the globally recognized building and construction standards body buildingSMART International, to promote greater use of Building Information Modeling (BIM) solutions across the MENA region.

BIM refers to the process of generating and managing building data using virtual 3D digital models during the building lifecycle (i.e. during design, construction and operations) It typically uses 3D, real-time, dynamic building modeling software to enhance building design and construction and has emerged as a valuable project and construction management tool. A number of key developments in the Middle East such as Abu Dhabi’s Capital Gate, the world’s furthest leaning manmade tower, have been designed using BIM software. However, few developers in the region are well-versed or even familiar with the modeling technique.

Under the terms of the MoU, CMCS becomes a BSAME member and will assist the body in encouraging the use of BIM in its covered territories. BSAME will provide in-house BIM training to CMCS and its MENA and India clients through its BIM Support Bureau (BSB).

“BIM is a very powerful tool and yet it is not widely used in the region. Through our partnership with BSAME we have the opportunity to encourage the use of BIM and consequently raise the quality of MENA building and construction standards.  We also value BSAME’s role in setting global construction technology standards and hope that we can make significant contributions in this regard as a member,” said Bassam Samman, CEO and Founder, CMCS.

BIM simulates the actual parts and pieces used in building structures, as opposed to the traditional use of computer-aided drafting. It enables contractors and engineers to reduce costs and cut down the time needed to complete detailed design. BIM enhances quality by minimizing mistakes, improving build capabilities and decision making, and supporting compliance with sustainability requirements that are becoming stricter across the Middle East.

“We recognize the importance of selecting proven project management consultants and training institutions to spread awareness of the potential of BIM in construction , which is why we chose CMCS as our regional partner. Through CMCS’ extensive international presence we hope to enlighten more contractors, developers, engineers and architects on the increased design and construction efficiencies offered by BIMbased solutions,” added Mr. Tahir  Sharif President buildingSMART ME.

Collaboration, Management and Control Solutions provides Project Portfolio and Risk Management Information System solutions to help organizations ensure the success of their project delivery. The company uses state-of-the-art products from Oracle Primavera, Hard Dollar, Deltek, EcoSys, ADePT, eTimeMachine, and Synchro to build knowledge, transfer tools and techniques, and develop skills.

July 04, 2010

Schön Properties, a leading regional property developer, announced that it has awarded Crystal Lagoons Corporation, the world-renowned developer of unlimited sized lagoons, the contract to build the main water features within its ‘Dubai Lagoon’ project. The developer further announced that a pilot lagoon is expected to be completed in time for the scheduled handover of Zone 1 by the end of 2010, thereby affording new tenants of the 442 units within the first zone to be delivered excellent lagoon views from their apartments. According to company officials, the pilot lagoon will be spread over a land area spanning approximately 5,191 sq. m, and will require close to 3.5 million gallons (US gallons) of water.

The contract specifies that Crystal Lagoon will be responsible for the construction, maintenance and technical controls of all the lagoons, which will feature intense turquoise blue water that resembles tropical seas. The lagoon system will also boast of permanent remote operation and control to ensure optimum quality and crystalline water at any moment. Through the contractor’s revolutionary crystalline lagoon technology, the project’s focal element is ensured to be environmentally-friendly and easy to maintain. The water features for the master community project will be developed in sync with the different zones, with the entire lagoon set to occupy a land area of 21,255 sq. m. In total, over 14 million gallons (US gallons) of water would be required to fill the lagoon, which will have a maximum depth of 2.5 metres.

“As the central feature of the ‘Dubai Lagoon’ development, these lagoons represent the tranquil vibe that we seek to offer tenants, in addition to a sense of community and friendliness, which these majestic yet calming attractions can inspire among residents,” said Sonia H. Schön, Executive Director, Schön Properties. “In our focus to offer only the best to our customers, we are collaborating with Crystal Lagoons Corporation for the construction of this very important element of our project. In addition to their strong global repute, the company also enforces eco-friendly processes that complement our own environmental ideals.”

Crystal Lagoons Corporation is a Chilean company and the patent owner worldwide of crystalline lagoon technology, a breakthrough process that involves extraction of water from the ocean to create a pool of crystal clear water, which is re-circulated and replaced as per predefined parameters. The pioneering technology does not only promote an ecological balance among all living organisms, but also utilises a low energy filtration system and a pulse-based disinfection method, which requires up to 100 times less chemical products and consumes lower energy compared to conventional pool systems. Responsible for the biggest pool in the world located in the San Alfonso del Mar resort in Chile, the company has been a part of major real estate projects in Australia, Brazil, China, Spain, Egypt, Jordan, Morocco, Saudi Arabia, the UAE and Vietnam. The company is very strong in the Middle East and is currently eyeing future projects in Oman and Pakistan.

“We are very excited to be back in the UAE and work on this excellent project for the ‘Dubai Lagoon’ development. We will be extending all the benefits of our leading edge technology and intelligent planning to ensure that this project will be completed promptly and within a level of quality that exceeds all expectations,” concluded Eduardo Klein, Business Director at Crystal Lagoons Corporation.

Mr Jeevan J. D’Mello, Senior Director, Emaar Community Management, presented the highlights of the recent regulations outlined by the Dubai Real Estate Regulatory Agency (RERA) under Law No. 27 of 2007 concerning Jointly Owned Properties in the Emirate of Dubai.

A spokesperson of Hamptons International said: “The issuance of the law and recent regulations regarding Jointly Owned Properties is a landmark for the real estate sector in Dubai. It now brings to focus the role that owners play in managing the communities. Organizing a special session for British Business Group was part of our commitment to strengthen awareness of the Law and speed up the process of setting up owners associations in all jointly-owned communities within Dubai.”

In his presentation, Mr D’Mello, a qualified community management expert, explained the definition of the Law, its implications, the functions and powers of Owners Associations, the roles of the Association Manager and the Board of Owners and practical tips for management.

The event is first in a series of property educational initiatives led by Hamptons International and was attended by members of BBG, and non-members as well, representing various economic sectors.

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