Leading UAE property management company Asteco has teamed up with IP Global, a full-service international property investment firm, in order to offer its clients sound investment opportunities in overseas real estate markets.

“Property remains an asset class of choice for most investors. The focus on secure acquisitions in well regulated markets which are income generating and projected to see capital appreciation, remain a priority,” said Elaine Jones, CEO at Asteco.

IP Global’s unique selling proposition is that it takes an active participation in each venture that it brings to the market. Having a vested interest naturally strengthens investor confidence and provides property solutions that meet the requirements of their clients in the most transparent way.

“Considering the challenging global investment climate, we are witnessing an increased risk-averse attitude from our clients. IP Global’s proven track record researching, identifying, participating and securing solid property investments in mature markets with sustainable returns makes it an ideal partner,” added Jones.

Founded in Hong Kong in 2005, IP Global invests and manages properties in developed economies including the United States and United Kingdom, and in emerging and frontier markets such as Brazil, Malaysia and Vietnam. It currently has over 3,000 clients with average investment opportunities around $750,000.

“Asteco has a broad and well-established client base. This partnership provides an opportunity to access international markets, with solid market research, consultancy, mortgage brokerage, legal, as well as lettings and management if necessary. We can even help investors to develop exit strategies if they wish,” said Tim Murphy, CEO, IP Global.

To give potential investors a taste, IP Global’s property portfolio includes The Richmond, a 94-luxury apartment building in Kuala Lumpar, Malaysia, The Drapery, an art deco inspired building in Islington, London, and 77 Hudson, a luxury apartment building located just minutes from New York City’s Financial District.

Gulf Petrochem Group, has recently signed an investment agreement with the Government of Fujairah’s subsidiary Fujairah Petroleum Company (FPC). Under the agreement, FPC will buy a 12 per cent stake in Gulf Petrochem’s 412,000 cubic meter storage terminal project in Fujairah, which is due for completion in September 2012.

The agreement was signed by Dr. Salem Abdou Khalil, Technical Advisor, Government of Fujairah, on behalf of the Fujairah Petroleum Company, and Harshavardhan Sinha, Executive Director, Gulf Petrochem Group, on behalf of Gulf Petrochem, Fujairah.

Ashok Goel, Chairman, Gulf Petrochem Group, said, “Participation of Fujairah Petroleum Company in our project underlines the importance of the storage terminal business as a tool for socioeconomic progress in the emirate and across the region. Such strategic partnerships complement our aggressive growth plans, and help us create new economic possibilities for the communities we serve. This agreement reaffirms the commitment and trust various stakeholders have in this project.”

Headquartered in Hamriyah, Sharjah, Gulf Petrochem operates globally with offices in India, Singapore and Europe. The Group recently opened a new Dubai office in line with regional growth plans. The new Jumeirah Lake Towers address was opened to strategically position the group within the region’s business hub.

Gulf Petrochem Group is a leading player in oil space, specializing in Oil Trading & Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping & Logistics. It operates a 60,000 cubic meters facility in Hamriyah Free Zone, Sharjah capable of storing various grades of oils and owns three vessels with a combined capacity of 17,000 cubic meters to service bulk shipments.

Dubai, United Arab Emirates –:

Dubai Quality Group (DQG) signed a new investment partnership agreement with Etisalat Services Holding (ESH) that aims to activate positive and fruitful cooperation and investment, and the exchange of experiences and ideas between both parties. It is hoped that this will underline increasing successes, excellence and quality performance of both parties.

During the signing ceremony of the new agreement held at Etisalat Academy in Dubai, Mr. Saleh Janeeh, Chairman of DQG, bestowed a certificate of appreciation on Mr. Ali Al-Shared, CEO of ESH, who oversees the operations of eight business units that provide vital support services to the telecommunications sector in the UAE, the Middle East and North Africa, and other parts of the world. The ceremony was also attended by Mr. Ahmed Abdul Rahman, Vice President, Corporate Strategy & Support Services, ESH, Dr. Kamal Salih El-Tahir, Director, Quality Services, ESH, and other senior officials of Etisalat Services Holding.

Mr. Janeeh said that the new agreement with Etisalat Services Holding is within the framework of encouraging the highest possible amount of interest, the transfer of more knowledge, experience and ideas, and the expansion of optimal and productive cooperation between the Dubai Quality Group and its member companies and investors.

He added: “We are delighted in DQG to work side-by-side with a company as large as ESH to provide more of the requirements in improving successful professional performance at the level of building professional working relationships that take into account the permanent and ongoing development of performance. Through the investment partnership with ESH, we look forward to further excellence and commitment in a brighter and more successful way at both the psychological and professional levels.”

Mr. Al-Shared said: “With over 1500 professional staff, the partnership with DQG will equip Etisalat Services Holding with advanced knowledge and professional services that support development of the competencies and learning of its staffers.” The partnership will also form an invaluable source for achieving the strategic initiatives of ESH for attaining the target of continuous improvement and business excellence in its operations, through the services of DQG in benchmarking activities, holding conferences and seminars, establishing knowledge platforms and networks and bringing out publications, in addition to involvement in its professional subgroups.

Al-Shared added: “ESH Business Excellence initiative is one of the strategies to set quality standards and ensure best practices in management systems, and its partnership with the DQG with the status of an Investor Partner, is a natural step that will align efforts with ambitions, resulting from the support provided by such a renownedinstitution.”

The partnership will also increase the scale and speed of innovation and creativity that ESH adopts for enhancing its services and products quality, and continually delights its customers, he concluded.

ESH is part of Etisalat Group, one of the largest Telecommunication Service Providers in the world and the leading operator in the UAE. It provides strategic direction and corporate support to eight independent business units that work in a wide spectrum of industries, providing state-of-the-art processes, technologies, products and services to the telecom sector as well as other industries, governmental and private, in the UAE, the Middle East and globally. The business units of ESH share Etisalat’s culture, built around customer satisfaction, and the pursuit of excellence.

Abu Dhabi: The UAE’s investment in the aviation sector is estimated at $136 billion, Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA), said here late on Monday evening.

“The UAE with its ideal location and profound aviation infrastructure has challenged the traditional travelling patterns in both Europe and the Far East by creating alternative global traffic hubs to the travelling public via airports like Abu Dhabi and Dubai.

“Our airlines today can connect any two points in the world with only one stop at their respective hubs,” Al Mansouri told delegates to the 44th Annual General Meeting of the Arab Air Carriers Organisation (AACO) in the capital in his opening address.

He said the dynamic and responsive business models developed by carriers in this region increasingly attract passengers traditionally flying with major world operators.

“But our secret remains with our strategic geographical position, and of course by investing in the right technology, employing the best mix of people from various cultures, and constantly refining the best products,” Al Mansouri added.

“We envisage enhanced Arab regional cooperation through initiatives such as the Damascus Convention, which allows carriers to operate free of traffic rights restrictions within the region,” said Al Mansouri.

Abdul Wahab Teffaha, Secretary-General of the AACO, said the Arab air transport market afford significant opportunities for growth.

“The young demographic structure and the ratio of passengers to population pave the way for development of a travel market which should reach 400 million passengers by the end of the decade from the 130 million passengers expected in 2011,” Teffaha said.

He said the Arab airlines pour significant investments into buying new aircraft.

Fleet expansion

“Hence the Arab fleet, which currently counts around 900 aircraft, is the most modern in the world with an average age of 7.3 years.

“This modern fleet greatly contributes to improving the environmental footprint of Arab airlines,” said Teffaha.

He said the AACO has been calling for establishment of an Arab European regulatory aviation framework parallel to the Euro-Mediterranean arrangement, in order to achieve a declaration of principles which will guide Arab countries and the European Union in developing their aviation relations.

Riyadh, November 2011: Against the backdrop of the Kingdom’s bright economic outlook and its implications for the growing Saudi real estate market, the Riyadh International Urban Development and Real Estate Investment Event - Cityscape Riyadh 2011 is expected to set a new benchmark among Riyadh’s real estate and business community, and offers investors a platform to seize new opportunities.

This year’s event is under the patronage of HRH Prince Mohammed Bin Salman Bin Abdulaziz, Special Advisor to the Emir of Riyadh and officially supported by Arriyadh Development Authority and Riyadh Municipality. Organized for the second year running by the National Exhibitions Company and IIR Middle East, Riyadh International Urban Development & Real Estate Investment Event – Cityscape Riyadh 2011 will be held at the Riyadh Exhibition Center on King Fahad Road (opposite to Saudi Arabian Airlines office) from 11-13 December in the Kingdom’s capital. 

The move to the Exhibition Center is essential due to increasing demand and a requirement from exhibitors for a bigger amount of space to showcase their projects and services. The event will offer the Saudi Arabian real estate investment and development community an unprecedented Business-to-Business platform to engage, network and identify business opportunities in the Middle East’s largest economy.

“Riyadh International Urban Development and Real Estate Investment Event - Cityscape Riyadh is happening at the right time and in the right place. With more than 10,000 expected visitors, Cityscape Riyadh attracts a steadily increasing number of real estate professionals, investors and companies,” said Deep Marwaha, Group Director of IIR Middle East. 

Commenting on the potential of Riyadh’s real estate market Mr. Yasser Abu Atiq, CEO of Dar Al Tamleek said: “Riyadh is one of the most favorable markets within the Kingdom for the real estate industry.  This is due to several factors but the most important is the land mass surrounding the city that is available for development projects. The expansion of both high-end and affordable housing projects are not bound by mountains, sea or other geographic factors that limit outright housing growth in other cities. Unlike the other major markets, Riyadh is also the center of government and therefore a world showcase for demonstrating Saudi progress in creating opportunities for its citizens and diversifying into non-oil sectors of economic growth.”

In March, the government ordered 500,000 housing units to be built within five years and set aside $66 billion for the project. Affordable housing is clearly on the government’s agenda and with the positive forecast for next year’s budget the real estate market is poised for further growth. With Saudi Arabia on course to earn nearly $300 billion in oil revenue this year, $50 billion more than planned, and $550 billion in foreign reserves, the Kingdom is expected to exceed the amount projected in the national budget for 2011, as former Saudi intelligence chief Prince Turki al-Faisal and Dr. Ibrahim Al-Assaf, Minister Finance of Saudi Arabia confirmed.

“This is good news for the Kingdom’s economy and will significantly benefit the real estate sector,” said Hussain Al Harthi, Managing Director, National Exhibition Company. “With the Kingdom set for further growth it comes as no surprise that the region’s fastest growing real estate event - Cityscape Riyadh - has moved to larger premises at the Riyadh Exhibition Center in order to accommodate the high demand for an internationally recognized platform for investment opportunities.”

Speaking as an exhibitor and sponsor, Dr. Bassam Boodai, CEO of Jenan Real Estate, said:  “Saudi Arabia’s real estate sector is more diversified. Many new players have entered the market as there are major projects in the residential and real estate development sector. In addition, there are vast opportunities in the tourism sector with the need for more hotels. The government’s expected regulations and the newly formed Ministry of Housing will motivate the market further. Cityscape is the leading real estate event and attracts all the key players in the real estate sector such as investors, developers and government officials. It helps companies like ours to expose ourselves to those entities. We will be present at Riyadh International Urban Development and Real Estate Investment Event - Cityscape Riyadh with four projects: Jenan Gardens-Khobar, Dana Bay, Jenan City and Al Nawras Village.”

The new venue, the Riyadh Exhibition Center, provides an expansive 9,000 square meters of display space for exhibitors and sponsors such as Arriyadh Development Authority andRiyadh Municipality (Official Supporters), Ewaan Global Residential Company (Founding Sponsor), Affordable House Company (Principal Sponsor), Jenan Real Estate (Premier Sponsor), Dar Al Tamleek and Daem Real Estate (Silver Sponsors), as well as WorkingBuildings Companies (Conference Sustainability Sponsor).

Riyadh International Urban Development and Real Estate Investment Event - Cityscape Riyadh offers a unique event portfolio of exhibition, conferences workshops and investor round tables. For the first time Cityscape Riyadh will also host the World Architecture Congress in Saudi Arabia which is being supported by The Royal Institute of British Architects and AIA Middle East (AIA ME), a Chapter of the American Institute of Architects, the congress is an exclusive gathering for the entire architectural community in the Kingdom, providing an unsurpassed opportunity for industry leaders to meet and discuss the latest trend in architecture and learn about the latest government projects. Event details are available at www.cityscaperiyadh.com.

Emirates NBD, Dubai’s largest lender, has consolidated its investment banking and financial advisory businesses under its Emirates NBD Capital unit and appointed Mohammed Wajid Kamran as general manager of the arm, according to an internal bank memo.

Kamran was previously the bank’s general manager of institutional and international banking and debt capital markets, according to the memo issued on Thursday.

Kamran, who was instrumental in the bank’s debt restructuring negotiations with indebted conglomerate Dubai World, could not immediately be reached for comment.

The management reshuffle at Dubai’s top lender came just a few months after Sheikh Ahmed bin Saeed al-Maktoum, uncle of Dubai’s ruler and a key advisor, was named chairman of the bank, replacing Ahmed Humaid Al Tayer.

Emirates NBD, which is 55.64 percent owned by Investment Corporation of Dubai, is one of the major creditors to Dubai World, the state-linked conglomerate that completed a $25bn restructuring in 2010.

The bank is also involved in the restructuring of Dubai Holding, a conglomerate owned by the emirate’s ruler.

Emirates NBD posted a 59-percent slump in third-quarter net profit, widely missing analysts forecasts, after taking provisions against Dubai Holding.

The results did not reflect the impact of its full takeover of struggling lender Dubai Bank, which ENBD announced in October.

Dubai, United Arab Emirates;  Senior flydubai executives and members of the Russian Business Council in Dubai and Northern Emirates met today at the Dubai Chamber of Commerce and Industry to discuss the impact of increasing air links to emerging destinations in Russia on inter-country economic development.

Chaired by Ghaith Al Ghaith, CEO of flydubai and Dr. Igor Egorov, Chairman of the Russian Business Council, which operates under the auspices of Dubai Chamber, the meeting was attended by the media and Atiq Juma Nassib, Senior Director, Commercial Services Sector, Dubai Chamber. With the UAE increasingly being viewed as an ideal platform for Russian businesses to extend their reach to new markets, the roundtable was organised to examine the existing UAE/Russia trade and tourism relations and discuss ways in which to strengthen bilateral ties.

flydubai’s presence in Russia was highlighted as one of the foremost contributing factors to the growth of investment and economic development between the two nations. Dubai’s pioneering low cost airline recently doubled its network in Russia to four points with the addition of flights to Kazan and Ufa. The new routes along with existing destinations Yekaterinburg and Samara provide direct, affordable and convenient flights to the four cities that have had no or few direct air links previously.

Other noteworthy topics discussed were the UAE’s role as a platform for Russian businesses to extend their reach to new global markets; the key elements required to achieve successful market penetration in Russia; as well as the importance of increasing access to developing regions within the federation.

“Dubai offers Russian businesses an enormous opportunity to reach out to a global audience, given the city’s central location relative to emerging markets in Asia, Africa and Latin America. flydubai’s new and existing air links will play a critical role in not only expanding investment opportunities in both countries but in opening up fields for collaboration, including oil and gas; manufacturing; general trading; and media to name a few,” stated Dr. Egorov.

With its new routes to Ufa and Kazan, flydubai links Dubai to two of Russia’s most buoyant economic regions. The Dubai Chamber welcomed the expansion of the network as an important step in advancing bilateral ties between the UAE and Russia.

“Dubai’s high connectivity with the rest of the world is one of its advantages and a reason why the city attracts significant foreign investment. flydubai has played a major role in increasing Dubai’s status as an international business hub through its rapid network expansion to key emerging markets and we congratulate them on their achievements. And flydubai’s new routes to Ufa and Kazan will help provide even more opportunity to attract Russian investment and new business in Dubai,” said Mr. Nassib from the Dubai Chamber.

“Russia is ranked Dubai’s 38th top trading partner, with non-oil trade in 2010 worth AED 4.2 billion. Dubai offers Russian businesses a fertile environment for investments and partnerships and at present, there are 412 Russian partnership and ownership companies among Dubai Chamber’s membership – a figure we would like to see increase. The recently established Russian Business Council is doing an excellent job in representing the interests of the Russian business community in Dubai and helping Dubai Chamber create stronger business relationships between our two countries,” Mr. Nassib said.

As a UAE-based company that has established operations in Russia, flydubai CEO Ghaith Al Ghaith also outlined the intricacies of setting up business and discussed the demand generators for the routes. “Russia is a very important market for us, both in terms of business and tourist travel. With Dubai being home to more than 18,000 Russian expats there is a growing need for quality, low cost, direct flights to these destinations. Russia is a growing economy, having grown by four per cent in 2010 and a further 3.8 per cent in the first five months of 2011. Previous air links to Russia have been seasonal and centred on established economic centres but by providing regular and reliable flights to emerging destinations we are expanding scope for growth in business and tourism.” stated Ghaith Al Ghaith, CEO of flydubai.

Figures released this week by Dubai International Airport also credits flydubai for a 33.9% growth in Russian passengers to Dubai from January – September 2011 compared to the same period last year.

“Before flydubai launched in Samara in October 2010, the route was only being served during the winter period. Since our twice weekly flights began, the route has seen a 627% increase in overall traffic while the other carrier has seen a 79% growth (year to date 2011 v 2010). Similarly, a year on from flydubai’s launch of services to Yekaterinburg, passenger numbers on the route have grown by 175% and 6% for the other carrier (year to date 2011 v 2010). Our Russian flights are popular because we offer all travellers, whether flying to the UAE for business, leisure or to visit friends and family, a greater number of reliable, affordable and convenient travel options,” added Ghaith Al Ghaith.

The Parthenon Group to present extensive regional education report exclusively at Building Future Education MENA 2011

Abu Dhabi, UAE; 17 October 2011 - The value of investment opportunities available in the private K-12 education sector in the GCC could potentially reach US$ 3.5 billion in 2012, according to an exclusive study done by The Parthenon Group, the leading strategic advisor to the global education industry. 

Meanwhile, the potential for investments in the higher education segment in 2012 is estimated to be worth US$ 1.2 billion. This and other results will be presented by The Parthenon Group at the Building Future Education (BFE) MENA exhibition and conference in partnership with Abu Dhabi Education Council (ADEC) to be held at the Abu Dhabi National Exhibition Centre on 25-26 October 2011.

Entitled ‘GCC Insight Report: Investment Opportunities in K-12 and Higher Education in the United Arab Emirates and Kingdom of Saudi Arabia’; the report is based on an  in-depth  survey of over 1,100 schools and universities. The report will arm potential investors with a data driven insight into the investment potential in the education sector, with a particular focus on the United Arab Emirates and Saudi Arabia.

Speakers from The Parthenon Group will share their findings during the seminar session dubbed Funding the Future, Private Investment and Philanthropy which will give delegates an insight into the potential growth opportunities of both the K-12 and Higher Education segments in the region. It will be followed by a panel discussion with leading education figures and authorities from around the world.

Karan Khemka, Partner and Head of the Emerging Markets Practice, The Parthenon Group says: “Although the macro environment may suggest strong investment potential for education in the region as a whole, investors should choose their markets carefully; as the different education sectors have different drivers. We identified several segments of the market that see exponential growth, while other segments might already run at full capacity. There is a clear trend towards private education and a preference for international & mixed curriculum schools because students choose education in English at both secondary and tertiary levels. For example, the private higher education segment in Saudi Arabia — albeit still small in size — is growing at an annual rate above 35% compared to the public sector which is growing at only 10%. This shows that students and their families increasingly choose the private sector where a larger proportion of teaching is done in English.”

Another senior representative from Parthenon, Robert Lytle, Partner, Head of the Education Centre of Excellence, will lead a panel that addresses the impact of the national policy framework, and discusses the role of public-private partnerships and private equity funds in the investment landscape. Rob Lytle: “Parthenon is privileged to have an advisory role with many public and private sector clients throughout the region.  Our work with organizations such as the Abu Dhabi Education Council and the largest school operator in Saudi Arabia, only serves to enhance our commitment to helping address the challenges facing the education market in the GCC region today and tomorrow.”

Andrew Pert, Regional Director of UBM Middle East, organisers of the event, praised The Parthenon Group for its extensive research on investment opportunities in the education sector and its contribution as Knowledge Partners of BFE MENA 2011.  “The knowledge and insights that can be gleaned from the study will help various stakeholders, from investors to government authorities, to take advantage of the opportunities to invest and help spur growth of the region’s education sector.”

Limited copies of The Parthenon Group research paper will be available at Building Future Education MENA throughout the event as well as at the presentation on day two (10.40AM), Investment Opportunities in K-12 and Higher Education by Karan Khemka, Partner and Head of the Emerging Markets Education Practice, Asia, The Parthenon Group.

The main conference will bring together those at the forefront of education from ministries, institutions, operators, architects and investors. The conference features in-depth panel discussions, based around specific research studies from BFE MENA’s Knowledge Partners Booz & Company, Parthenon and RAND Corporation, assessing the education market in the GCC and areas of potential investment. 

The conference will also cover key topics such as world-class facilities and learning environments, curriculum and school improvement, quality assurance, special education needs and sustainable education facilities.

Visitors can register now free at www.buildingfutureeducationmena.com.  Building Future Education MENA will also have strong representation from the MENA region’s education ministries and councils including United Arab Emirates, Saudi Arabia, Egypt, Bahrain, Qatar, Oman, Kuwait, Jordon and Lebanon.

John Mathews

DUBAI, Sept. 28, 2011 – The current European sovereign debt crisis, and its expected impacts on European banks, gives new impetus to aircraft investment opportunities for Middle East investors, Boeing told the region’s bankers and financers here Tuesday.

Speaking at the aircraft maker’s annual financiers and investors conference for the Middle East, Africa and South Asia region, executives from Boeing Capital Corporation, the manufacturer’s product financing arm, outlined the investment potential resulting from what is expected to be a longer-term challenge for European banking institutions.

Europe’s banks have been a significant source of global aircraft financing for more than a decade.

“Middle East economies are generating significant account surpluses, which eventually will translate into the need for diversified investment portfolios. As many Middle East investors have already recognized, aircraft offer a very stable, long-term and predictable investment profile, presenting generous profit opportunities for investors willing to take advantage of them ,” said host and Boeing Capital executive John Matthews, the unit’s managing director for the region.

Boeing said to this point, Middle East banks and lessors have financed primarily air carriers based in the region.  However, the company includes the region, with its substantial wealth, as a key emerging source of aircraft financing among global investors.

In addition, the mobile nature of aircraft assets makes them ideally suited for Islamic financing with its fundamental criterion that such investments be asset- based.  “Recently we’ve seen significant interest in developing products in order to finance aircraft using Shariah-compliant capital markets investments and we see this trend continuing. With increased demand for affordable alternatives for aircraft financing, we anticipate that these developments will likely accelerate over the next few years,” said Matthews.

More than 80 senior executives from the region’s financial sector were on hand for what was the company’s seventh annual conference focused on commercial aircraft industry developments and related financing market conditions.

In reporting on the region’s air travel market health, the Boeing executives said the Middle East continues to show very strong growth, with the region’s international carriers growing during 2010 at a rate of nearly 18 percent, more than double the world average.

“The region’s airlines have demonstrated great competitive skill.  They are very well managed and are growing successfully, so we are confident they will continue to prosper and attract financing for their deliveries,” said BCC executive Kostya Zolotusky, who presented on current market conditions and emerging industry trends.

Supporting the company’s message on the attractiveness of aircraft as investments, Boeing said world airlines overall are in their best financial conditions in many years despite continued global economic challenges and, for some Middle East countries, civil unrest.  “Their balance sheets are the healthiest they have been in history. Airlines around the world have been aggressively deleveraging and holding a lot of cash. It should make them less volatile businesses that are able to weather any storms or unexpected shocks better than they have historically” Zolotusky said.

Boeing’s latest long-term market outlook released in June projected a U.S. $4 trillion market for new aircraft over the next 20 years, with a significant increase in aircraft demand over that time.  Of those, the Middle East is expected to require 2,520 aircraft, worth about U.S. $450 billion.

Foreign investments grow 48.7% in total deal value year-on-year

Mr. Mohammed Asaria

Dubai - 22nd May, 2011: The ‘Investment in Iraq’ Summit recently concluded in Dubai and organized by Range Hospitality highlighted that Iraq has some of the most favorable foreign investment laws in the Middle East, making Iraq one of its most lucrative markets. The summit witnessed keen participation from over 100 decision makers, entrepreneurs and investors representing diverse business backgrounds. 

Key speakers at the event included Ibrahim Al Baghdadi, elected Chairman of the Iraqi National Businessmen Council and Board Member of the National Investment Council of Iraq; Mohammed Al Assam, Chairman and Managing Director, Dewan Architects and Engineers; Mohammed Asaria, Vice Chairman, Range Hospitality; Kyle Stelma, Managing Director, Emerging Markets, Dunia Frontier Consultants; Khaled Saqqaf, Head of Jordan and Iraq offices, Al Tamimi & Company and William Wakeham, Founder and principle shareholder in AAIB Insurance Brokers.

Elaborating on the potential of the region, Kyle Stelma said: “In 2010, foreign firms and investors reported US$ 42.668 billion in investments, service contracts and other commercial activities across Iraq — an estimated 48.7 percent increase in total deal value over the previous year (2009). More than 33 percent of total investment and foreign commercial is attributed to the real estate sector.”

Range Hospitality provided a project update on the Al Rawdatain Residences by Shaza. Mohammed Asaria, Vice Chairman of Range Hospitality, remarked: “Construction has commenced at the site in Karbala. We are on schedule to handover the project in 2013. Currently, we have signed firm contracts for over 60 percent of our inventory to a diverse mix of buyers. Furthermore, our construction cost is fully funded and we have passed this benefit to our buyers by offering them an attractive payment plan. Investors can now pay 10 percent upon reservation, 10 percent on ground breaking, 10 percent on completion of foundation and the balance upon handover.”

Moreover Mr. Asaria added, the unique fractional ownership proposition Mulkiya Intifa’a offers full security and flexibility to investors in the project.  

The summit held at DIFC Dubai brought together leading multinational companies operating in Iraq on one platform. Munaf Ali, Chief Executive Officer of Range Hospitality opened the seminar by providing an insight to religious hospitality and the investment dynamics in Iraq.