Message from the Director General

Fifty golden years

As a small seed produces a large tree so from small, humble
beginnings Dubai’s Land Department has grown into a large, modern,
technology-savvy corporation looking after the emirates’ real estate
market in all ways. For 50 years the Land Department has seen epoch-
making developments.

From a land sale transaction confirmed by a handshake in the sixties,

Dubai’s land and property regulations have come a long way. These
traditional methods have been replaced with contracts, paperwork
and modern legislation facilitating transactions between landowners
and buyers, and their heirs.

The story started on 24 January 1960 when His Highness Sheikh

Rashid bin Saeed Al Maktoum, the late Ruler of Dubai, signed a decree,
stating: “We have decided to establish a committee to oversee affairs
related to land and private properties in the emirate, in order to register
these lands and properties in a systematic and effective manner and to
safeguard the rights of our people.”

Since then, the committee, now called Land Department, has

kept pace with the great strides the country has made towards
modernisation.
DUBAI REAL TIMES

Today, we celebrate the journey so far, and look forward to the years
to come.

Sultan Butti Bin Mijrin

Director General, Land Department
1
 OFFICIAL MAGAZINE
OF REAL ESTATE REGULATORY AGENCY

Message from the CEO

MANAGING EDITOR
K Raveendran
MANAGING DIRECTOR
ravi@sterlingp.ae
50 years … and counting
Sankaranarayanan sankar@sterlingp.ae Dubai offers many examples of extraordinary achievements, and this year, on its 50th anniversary, few
would argue the Land Department does not deserve to be ranked among the most impressive. The
GENERAL MANAGER simple fact of the matter is that the Land Department is one of the oldest of Dubai’s formal government
Radhika Natu radhika@sterlingp.ae institutions.

The Department first saw the light of day 50 years ago, on January 24, 1960, courtesy of H.H. Sheikh
EDITOR
Rashid bin Saeed al Maktoum’s foresightedness. Even at that early stage, this visionary leader was able to
Linda Benbow linda@sterlingp.ae foresee the need to put in place an institution which would formalise land ownership and manage the
dual and parallel existence of government, non-government and private rights over real estate. He was
Contributing Editors sufficiently far-sighted to anticipate the need for some legal buttress for the system he regarded as so
Ambily Vijaykumar ambily@sterlingp.ae essential to the future of the emirate.
Vanit Sethi vanit@sterlingp.ae The result was a decree establishing a Land Committee to “oversee affairs related to land and private
Manju Ramanan manju@sterlingp.ae properties in the emirate, in order to register these lands and properties in a systematic and effective
manner and to safeguard the rights of our people.”
Designer
Fifty years later, now that we are properly able to put into perspective the significance of those first
Ujwala Ranade ujwala.art@gmail.com initial steps, we are able to genuinely appreciate their significance and contribution to present-day
Dubai. Effectively, they laid the groundwork for modern Dubai, for the unprecedented scale of private
Sales and Marketing and public real estate development which occurred in the following decades and, crucially, for today’s
Land Department as one of the most progressive and highly developed land registries and regulators
Account Manager
anywhere in the world.
Rashmi Pai rashmi@sterlingp.ae
So, if even from this contemporary perspective, those early steps must be considered sufficiently
impressive to be regarded as genuine achievements; what was to follow can only be described as
Accounts & Administration extraordinary.
Biju Varghese biju@sterlingp.ae
Because from those humble beginnings – the Sheikh’s vision, a single decree, a small office overlooking
the creek, 20 staff occasionally processing real estate transactions and issuing handwritten title deeds
Circulation Supervisor – emerged the modern-day Land Department. This institution is a leader and first-class government
institution with responsibility for a sector attracting many billions of dollars in local and international
Ibrahim A. Hameed investment. Equally, there is no doubt that it is genuinely an international class institution applying global
best practice across all its operations and activities and leading the way in innovation, standard setting
and professionalism. Truly, a remarkable achievement in its short span of history.

Printing
Asiatic Printing Press L.L.C., PB 3522,
Ajman, UAE. Tel. 06 743 4221,
www.asiaticpress.com,
email: asiatic@eim.ae
Distribution: Tawseel PB No 500666
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Distribution Est., Kuwait: The Kuwaiti
Group for Publishing & Distribution
Co.Bahrain: Al Hilal Corporation,
Qatar: Dar Al-Thaqafah, Saudi Arabia:
Saudi Distribution Company
And there is no question that the Department is a first-class institution fit to rank among the best in the
world. A series of top awards, state-of-art technologies, more than 170 services, and formal recognition
from global institutions such as the World Bank confirm the Land Department has become a fully mature
institution that ranks among the best of the best not only in its own field but among all government
entities.
The pioneer has undertaken a long, and at times, arduous journey along paths whose eventual
destination would not always have been clear. Fifty years later, it has arrived at a destination which
makes all that has gone before worthwhile. Nevertheless, the journey continues. We are at the end of
the beginning; and set fair to continue to lead the region, and protect the rights and interests of all our
stakeholders.
Eng. Marwan Bin Ghulaita

RERA neither takes Sterling Publications FZ LLC Loft Office 2, G 01, Dubai Media City
responsibility nor accredits any P.O. Box 500595, Dubai, UAE. Tel. +971 4 3678061 + 971 4 367 2245, Fax +971 4 367 8613
studies, research or statistics Website: www.sterlingp.ae Email: info@sterlingp.ae
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Kingdom of Bahrain. Tel: 00973 17276682
C
O 4 Cover Story
N Golden Jubilee

T 8 Bulletin Board
Professional status
E 9 Personality
Eye of the storm
N 10 Statistics
T Transactions in Dubai
12 Association
S Taqyeem and TEGoVA

14 MTA 34 Infrastructure 49 Facilities & Services

Greater Stability Building Dubai together Safeguarding freehold
Market equilibrium investments
Opportunity index 36 Focus
Alternative financing methods Green roofs 50 Community
Legislation to solve disputes Awards and charity work
19 Burj Al Khalifa Valuations
Owners Association Safety on site 51 Legally Speaking
Rentals Clause for concern
22 Comments Legislative Agenda for 2010
A new address 41 Launches Questions & Answers
Foreclosures Conference centre, factory Decree no. (56) of 2009
Opportunities for savvy and apartments
investors 56 Developers List
Mergers and acquisitions 44 Under Construction
Customer supremacy Ground breaking ceremonies 64 Appointments
Ban the spam Dubai Properties Group
46 Handover
29 Environment Ready and occupied
Green buildings
DUBAI REAL TIMES

32 Discussion
Knowledge transfer on
sustainability

3
4
DUBAI REAL TIMES

Golden jubilee
 COVER STORY

Golden jubilee
Land Department celebrated its 50th birthday last month, and it
put on an exhibition of 50 photos from days gone by in the atrium
at Dubai Mall as a present.
DUBAI REAL TIMES

5
 H
H Sheikh Mohammed
Bin Khalifah Al Maktoum,
President of the Land
Department, opened
‘50’ an exhibition of photographs
and historical documents scheduled
as one of the feature events of the
Department’s 50th anniversary
celebrations which began in January.
He was joined by Land Department
Director General Sultan Bin Butti Bin
Mejren, VIP guests, senior government
officials, real estate corporate
heads and the Department’s senior
management for the ceremony and
special viewing held at Dubai Mall
HH Sheikh Mohammed Bin
Khalifah Al Maktoum cut the ribbon
to formally open the exhibition
which ran until the end of January.
On display was a unique collection of
photographs capturing the defining
images of the five decades of the
Department’s history and which
has seen it transformed from a small
committee located in an office
overlooking the creek back in 1960 to
DUBAI REAL TIMES
6
Group photograph of the Land Department employees in the early sixties
the award-winning real estate registrar
and regulator it is today.
HE Sultan Bin Butti said: “This
occasion puts into perspective
the remarkable progress that has
been made in the past 50 years. Its
significance lies, of course, in the
fact that it reflects the changes
and developments in Dubai itself
in the past five decades and which
has seen a transformation of a city
unprecedented in modern times. This
exhibition is a marker of how much
has been achieved in a remarkably
condensed period of time.”
The photographs are of people,
buildings and a collection of antique
title deeds harking back to an age when
these documents were handwritten
and signed by the Director General
and real estate transactions were
sealed with a handshake.
He added: “The photographs track
some of the changes. To my eye the title
deeds are at least as interesting, and
demonstrate in the clearest possible
way how quickly and conclusively not
only ownership but the procedures
involved in establishing title have
changed in the past half century.”
The exhibition covers three distinct
eras:
The 20-year period from 1960
to the 1980’s covering the early
years of the Department’s existence
and the formative years of Dubai’s
development, the creation of the
Federation and closer ties between
the participating seven emirates.
The second part of the exhibition
is rooted in the 1990s when the
groundwork was laid for much of
the future escalating growth of the
emirate.
Part three covers the progression
of the Department and Dubai in the
recent era of transformation and
growth which saw Dubai become a
global city and the Land Department
one of the world’s leading registries
and real estate regulator.
The property story in Dubai started
from the day Dubai Land Department
was established on January 24, 1960
HH Sheikh Mohammed Bin Rashid Al Maktoum in a photograph alongside the
Land Department executives during the ceremony held to honor the winners of
Dubai Government Excellence awards in 2009
when His Highness Sheikh Rashid bin
Saeed Al Maktoum, the late Ruler of
Dubai, signed a decree, stating: “We
have decided to establish a committee
to oversee affairs related to land and
private properties in the emirate,
in order to register these lands and
properties in a systematic and effective
manner and to safeguard the rights of
our people.”
Since then, the Land Department
(LD) has kept pace with the great
strides the UAE has made towards
modernisation. In days bygone,
the sale of land was based on trust,
and sealed with a handshake. Now,
these traditional methods have been
replaced with contracts and paperwork.
All matters of legalisation of sale and
purchase of lands have been entrusted
to the LD. This has served to regulate
the registration process and protect
property from misappropriation. It has
also facilitated transactions between
landowners and buyers, and their heirs,
when applicable.
Throughout the decades, the LD
gained the trust of UAE nationals,
by offering sound advice and
distinguished services.
It has left the era of manual work
behind, keeping pace with advanced
technology, which allows it to provide
clients with quality and time-efficient
service. Several electronic systems
are in place such as the Land System,
the Land Information system(LIS),
the archiving system and the newly
launched pre-registration system.
Land Department has a business. As part of this vision,
comprehensive set of applications to
meet various business requirements
and processes. These include GIS
(Geographical Information System),
Registration systems for Agents
and developers, Parcel Locator,
e-Mortgage and website providing
basic information. Many of the
applications are home-grown and
provide rich business functionality.
Land department applications are
built around Microsoft and Oracle
technologies. Server infrastructure is
in-house deployed and managed.
The Government of Dubai
instituted new rules, regulations and
laws in the Emirate to regulate the
market, to protect the rights and
interests of consumers, and to ensure
Dubai property investors are assured
the highest possible service standards
from real estate agents, brokers and
property developers transacting
business in Dubai and maintain the
integrity of all the developments.
Real estate laws and regulations
are in place. The Land Department
launched a number of laws and
regulations that regulate the
property sector: starting with Law
No. 7 concerning land registration in
Dubai, Law No. 3 concerning areas
of properties that can be owned by
non-UAE nationals in Dubai, Law No. 8
concerning property trust account in
Dubai, Law No. 85 concerning real ease
agent regulation and the upcoming
strata law. A number of additional
laws are in the pipeline such as the
mortgage law and the time share
regulation.
The latest move of Dubai
government to regulate the market
is the establishment of Real Estate
Regulatory Agency (RERA), part of
the Dubai Land Department, which
is a nodal agency that formulates,
regulates, manages and licenses
various real estates related activities
in Dubai. RERA was established
in July 2007 by a decree of His
Highness Sheikh Mohammed Bin
Rashid Al Maktoum, Vice-President
and Prime Minister of the UAE, and
Ruler of Dubai.
RERA envisages a transparent and
effective regulatory environment
in which various entities pertaining
to real estate can conduct their
RERA would like to create an online
community and marketplace thus
enabling various categories of
stakeholders to interact and transact
with each other and with RERA
The new initiative by RERA A photograph of one of the oldest Land Department buildings
to launch one of its kind online,
virtual community for the sector is
one step in the ladder of the Land
Department vision. The real estate
community shall serve all real estate
stake holders. The online community
and marketplace shall have an
educational and training hub flavour
for disseminating the information
needed by the authorities as well
as developers and brokers alike. The
online community and marketplace
shall service all the real estate
practitioners,  including investors,
property developers, consumers of
Dubai property and all associated
with the peripheral supporting
industries such as banking, finance, Forms of old documents used for documentation of property transfer
insurance and legal professions.
The community will also allow
people associated with the real
estate industry to better serve their
industry, their clients and customers
and realize their objective.
Community members that
will regularly visit the portal and
marketplace, will gain a deeper
appreciation of the rules and
regulations, and will stay updated
on changes affecting real estate
business conducted in Dubai to stay
DUBAI REAL TIMES
ahead of the crowd and be prepared
for transacting a sale or purchase in
Dubai.
Keeping Dubai’s strategic
plan 2015 as its guide, the Land
Department is working to upgrade
all Dubai real estate services to be the
trusted, strongest, fastest and most
transparent real estate registration 7
system in the world.
A photograph of the Land Department older building during the early sixties
 BULLETIN BOARD
Brokers achieve professional status
following RERA initiative
T
he prospect of an ‘all professional’
property sector in Dubai moved
a step closer last month with the
Real Estate Regulatory Agency
(RERA) announcing an agreement with
the Ministry of Labour (MoL) to have real
estate brokers officially recognised as a
separate professional category. New
Labour Cards and Residence Visas issued
to real estate brokers will now include
their designation, replacing the previous
practice of categorising them all as sales
staff.
RERA is close to finalising a
comprehensive agreement with the
MoL which will see all the professions
it registers, such as valuers, consultants,
mortgage brokers, agents and surveyors,
formally recognised as separate job
categories by the ministry.
Marwan bin Ghulaita, Chief Executive
Officer of RERA, said, “This is the first step
towards a complete classification of the
Harmonisation of real estate professional practice draws closer
Agreement puts Dubai Property College
at centre of new cooperation initiative
Dubai Property College, which
saw some 5,000 students take its
courses last year and is the only
specialist real estate academy in the
Arab world, is set to act as a catalyst
for harmonisation of professional
standards and training across the
regional real estate sector, following
an agreement with an Arab League-
DUBAI REAL TIMES
backed organisation. The college, a
member of the International Union
for Property Education (IUPE), has
extended its scope of operation with
a formal tie-up with the Arab League-
sponsored Arab Administrative
Development Organisation (AADO).
Under the terms of the partnership,
8 the Dubai-based college which is
affiliated with the Land Department
Marwan bin Ghulaita
real estate professions in Dubai.”
Bin Ghulaita added, “The practical
objective is to make sure each real
estate professional’s designation
reflects what he does, so buyers and
sellers are clear that they are dealing
with properly qualified, competent,
licensed and registered professionals.
and its Real Estate Regulatory
Agency (RERA), will spearhead a new
initiative to spread real estate sector
professional education and training
throughout the region.
The agreement was formally
signed by Mahmoud El Burai, director
of the college, and Dr Rifhat Al Faoury,
the general manager of AADO. Mr
El Burai, who is also RERA director
for Real Estate Development, said:
“This agreement marks a pivotal
moment for region-wide cross
border cooperation on real estate
professional practice and training.
It puts in place the foundation,
not merely for harmonisation of
standards and practices, but also
for the creation of a real estate bloc
The overall effect will be to increase
transparency and professionalism
across the sector. This, in turn, will boost
confidence in property dealings and in
the networks of agents and third parties
investors depend on to execute their
transactions.”
“Previously, there were no officially
recognised categories for real estate
professionals and none was recognised
by the ministry. RERA, as the custodian
of these professional services, took the
initiative and approached the MoL. The
ministry has now approved the first
step of officially recognising ‘broker’ as
a professional category and this will be
included in all the related professional
and operations documents,” Bin
Ghulaita pointed out.
“So when firms come to renew their
registration and labour permits, these
will be issued with the new designation,”
he said.
Mahmoud El Burai
with huge appeal and, significantly,
credibility for investors from any
part of the world. The aim is to get
the professional practice right by
making sure the training is available
to a level which is aligned with best
international practice.”
The partnership is looking to a
RERA has, as part of its agreement
with the MoL, set up an electronic link
direct to the ministry which will allow
the exchange of information to speed
up processing of Labour Permits.
This RERA initiative effectively
establishes the basis for the professional
framework the agency’s CEO, in
particular, has recommended as the
most efficient regulatory mechanism
for Dubai’s real estate market. Mr. Bin
Ghulaita said: “A properly professional
sector is an investor’s best guarantee. If
the lawyers, valuers, brokers, consultants
are qualified and trained by professional
associations registered here, and who
regulate their members’ conduct, then
we have sound foundations on which to
build. RERA takes that process forward in
playing a key role in the legislative and
regulatory framework established by
the government, but our success must
depend on professional associations.”
future where the regional
real estate sector has a strong
professional and knowledge
base. Earlier initiatives, with
the Land Department at
their centre, have focused
on building regional and
international cooperation
across a number of real estate
specialist areas. In fact, the
organisation, in tandem with
RERA, was instrumental in
organising the recent Arab
Conference for Real Estate
Development and Construction held
in Dubai. That brought together
experts from around the world,
including leading institutions from
the US, Europe, UK and Singapore,
to participate in discussions aimed
at raising standards and building
cooperation across the region.

The eye of a storm
T
he ‘perfect storm’ which
has swept like a wind of
change through the Dubai
real estate sector and
turned the rental market on its head,
shows few signs of abating. Still, it is
reassuring to discover that amid the
turbulence the ‘eye of the storm’
offers an unexpected haven of calm.
How much this can be attributed
solely to the work of the Real Estate
Relationships Regulatory Department,
part of RERA is debateable. What is
not open to question is the value of
its contribution in bringing to the
marketplace order, fairness and a
cap on the excesses indulged in by
landlords.
If the Department remains one
of the less prominent players in
Dubai’s high profile real estate sector
nonetheless it continues to be key to
the much sought after stability which
is so essential to being able to plan
as the marketplace adapts to a new
economic reality. Its role as overseer of
the ground rules, laws and practices
which regulate the rental tier of the
sector, and broad responsibilities for
ensuring the equitable application
of the law as between landlord and
tenants, remain crucial. It also covers
the now firmly established rental
index and rent cap, registering leases,
and the activities of landowners and
owners associations. Effectively, this
is the part of RERA which acts as the
ombudsman for real estate rental in
Dubai.
The formal aspects of this
department, its roles, responsibilities,
and procedures are easy to pin down.
Less so are the spirit and motivation
which drive its activities and result
in customers leaving the office
reassured, more often than not their
problems solved, and almost without
exception grateful for the assistance
and care they receive.
“That is the best reward for what
we do,” says Maitha Al Mazroua, one
of the Department’s Senior Officers
Maitha Al Mazroua
and an ambassador for its best
qualities.
“Often, what they are really
looking for is someone to talk to, who
will listen to them and point them in
the right direction. I try to help in any
way I can,” she adds. “I like my job
and I like to help. No two days are the
same and that is part of the attraction
of what I do.”
First contact with the Department
is likely to be through either Maitha
or one of her colleagues. You are
guaranteed a sympathetic ear plus
knowledge, expertise and experience
of the practical application of the
rules and regulations.
Maitha spent 10 years with Dubai
Development Board before joining
RERA two years ago. “We are a very
small Department – with a core team
of me and my manager Mohammad
Bin Hamad - with a limited remit
to help tenants, landlords and
companies to solve their problems
where these involve real estate rental
law and practice such as the practical
application of the Rent Index to rent
increases, service charge levels, or
contract terms for a lease.
And which question is she most
often asked? “It is usually along
the lines of: I can’t open the rent
calculator on the RERA site could you
calculate the …? Whenever I have
checked the site subsequently there
has not been a problem. The reality
is that not every customer can use
the calculator, even though it is very
simple. My feeling is that they want to
discuss their problems with someone
and the Department offers them a
willing ear. In the main, the answer
will already exist, perhaps in the law,
and they just need it pointed out
to them. At other times, a different
approach is needed altogether and
we try to accommodate this.
What we have and are able to
offer is experience. No matter what
the difficulty is in all probability we
would have faced it at some time in
the past and know at first hand how
to deal with it. For our customers
the problem is new every time and
despite the experience we have in
the Department I can honestly say
that in trying to deal with them I learn
something new every day.
As well as tenants we deal with
owners of leased properties and
management companies who are
required to lodge details of their
operations and transactions in order
PERSONALITY
to renew their licenses. The Ijari system
for registering property management
companies will be ready in a matter of
weeks and the implications of having
it in place are immense as it will offer
the Department comprehensive
details of all rental transactions and
their terms. The system will allow
remote input but will of course restrict
access to the information.
At the moment our priority is
basic data input of details such as the
unit being offered, its area, price per
square foot and DEWA number. All
the vital information will be entered
in the system to enable better
regulation and monitoring taking us
a step closer to the cleaning up and
proper writing and registration of
contracts that we have been looking
for.”
Her 10 years with the Board,
which followed a Diploma course
in Business Administration taken at
Dubai Women’s College, gave her
a sound ground for the role she has
undertaken at RERA. Nevertheless,
there was some trepidation on her
part when she first agreed to move
over. She says: “I had spent 10 years
with the Board and was comfortable.
I knew the work and I knew everyone,
so it was quite an undertaking to
change it all and move to a new job
and new people. But I am happy
with the way it turned out. I liked this
department from the very first day. It
is like being part of a family.”
It has some unique characteristics
too she explains: “The people, the
place, the style of working, and the
access you have to all levels, even to
DUBAI REAL TIMES
the Director General. Some places
pay lip service to the idea of an ‘open
door’ policy. This is not true of the
Land Department.”
The calm at the centre of the
storm is rippling out and, increasingly,
offering a safe haven for the rental
community and price stability. Maitha
continues to be part of that calming 9
influence.
 STATISTICS

2009 Report of real estate

transactions
Total Transactions value of the year 2009 was Dh153 billion through sales, mortgages,
Ijarah, governor of the mortgage, deferred, Musataha and donations.
Land
Land Sales Transactions :
Total number of sales was 6,924 with a total value of Dh66,294
million for 114,875 thousand square feet.
Jebel Ali had the highest number of Sales with 2,242
transaction.
The highest value of sales was achieved by Jabal Ali district
with Dh24,234 million. Note: this table represents "Sales & Mortgages "Only
The largest area size was in Nad Al Shiba district with
33,356 thousands square feet

Total Number of Land Sales Transaction -Top 10 Total Value of Land Sales Transaction (Million, AED) - Top 10

Total Area of Sales Transaction (thousands Sq.ft) - Top 10

Land Mortgage Transactions :
Total number of land mortgage transactions was 3,983
DUBAI REAL TIMES

with atotal value of Dh 50,964 million for 229,267 thousand

square feet
Auood Al Meetina First Districts had the highest number
of mortgages with 612 transactions.
The highest value of mortgages was achieved by Jabal Ali
district with Dh9,780 million.
The largest area size was in Jabal Ali First district with 93,411
thousands square feet
10
Flat
Flat Sales Transactions:
Total Number of Sales Transactions was 22,715 with a total value of Dh20,455 Total No. of Flat Sales Transaction
million for 24,449 thousands square feet
Warsan First had the highest number of Sales with 7,720 transactions.
The highest value of Sales was achieved by Dubai Marina district with
Dh4,554 million.
The largest area size was in Dubai Marina district with 5,163 thousands
square feet
Flat Mortgage Transactions
Total number of mortgage transactions was 5089 with a total value of
Dh5,951 million for 1,793,801 thousands square feet
Dubai Marina had the highest number of mortgages, with 934 transactions.
The highest value of mortgages was achieved by Dubai Marina district with
Dh1,475 million.
The largest area size was in Motor City district with 1,245,671 thousands
square feet

Total Area Flat of Sales Transaction (thousand Sq.ft). Flat Total Area of Mortgages Transaction (Thousands Sq.ft)

Villa
Villa Sales Transactions
Total Number of sales transactions was 1322 with a total value of Dh3,790
million for 6,431 thousands square feet Total Number of villa sales Transactions
Emirates Hill 3rd had the highest number of Sales with 672 transactions.
The highest value of Sales was achieved by Sheikh.Zayed Road district with
Dh1,645 million.
The largest area size was in Emirates Hills Third district with 2,075 thousands
square feet
Villa Mortgage Transactions:
Total Number of villa Mortgage Transactions was 787 with a total value of
Dh1,381 million for 3,061 thousand square feet
Emirates Hill 3rd had the highest number of Mortgages with 391 transactions.
The highest value of Mortgage was achieved by Emirates Hill 3rd district with
Dh558 million.
The largest area size was in Emirates Hill 3rd district with 1,282,392 thousands
square feet

Total Value of villa Sales Transaction (Million, AED) Total Area of Villa Sales Transaction (Thousand Sq.ft)
DUBAI REAL TIMES

11
 ASSOCIATION
Taqyeem and TEGoVA
A first step to convergence of Arab and European valuation practice
By Roger Messenger REV Chairman of TEGoVA, The European Group of Valuers’ Associations
I
am honoured by this
opportunity to address the
Dubai Government, real estate
and valuation professions
and inspired by the immense
opportunities opened up by
Taqyeem in TEGoVA, the first ever
membership in our organisation by
an Arab valuation body.
I am fully aware that Dubai and
DUBAI REAL TIMES
the United Arab Emirates are at the
fulcrum of many regions, Asia and
Africa just as much as Europe. That
is one of its commercial and cultural
strengths. Nonetheless, I do believe
that Europe and TEGoVA hold special
promise for Taqyeem and for Arab
valuers generally, and vice versa,
12 and I look forward to developing
that potential in the years to come.
Impact of E U on real
estate and valuation
What is special about European
valuation is the harmony that stems
from the political and economic
integration of the European Union.
This directly affects real estate
because the EU guarantees the
freedom to invest in property
anywhere in the Union without
obstacle, and that is no small
achievement. Current events show
that, in a world of sovereign states,
where treaties and ‘open markets’
are here today and gone tomorrow,
nothing is guaranteed, especially
concerning the right to buy land and
buildings. Witness, even before the
crisis, China’s crackdown on foreign
property investment, about which
nobody can do anything.
The only place cross-border
property investment is guaranteed
is the EU, because it is not a trading
bloc, it is a union of European citizens
founded on real political institutions
and a real court of Justice that
guarantees the right for everybody
to buy and sell property wherever
they want, without obstacle.
The very meaning of ‘freedom
to invest in property’ varies from
night to day depending on whether
you’re talking global or European.
Globally, it means, at best, in a given
country, that there’s no law formally
forbidding foreigners from buying
local real estate. Beyond that, there
can be any amount of controls, and
foreign investors are often a captive
market for all local real estate service
providers. In the EU, freedom to
invest means the whole package:
investors can buy wherever they
want, they can use their own estate
agents, valuers, architects and
contractors, from the investor’s
home country or from anywhere
else in the Union. And above all, the
EU means security: these freedoms
can never be repealed.
This was not done in a day. It
took more than 30 years just to
get free movement of capital,
the basic building block of cross-
border property investment, and
even today, 25 years after that was
achieved, much work is still under
way: property investors need to
be able to use their preferred
investment vehicles, such as real
estate investment trusts or open-
ended real estate funds across the
Union, without obstacle. Ordinary
people need to be able to buy a
secondary residence wherever they
want, using their home country
mortgage bank. EU legislation is
still needed for this and TEGoVA is
working on it with the European
Property Federation (owners and
investors) and the EU authorities.
The crisis in the financial markets
also requires common European
solutions, and not only is banking
supervision now going to be a largely
EU affair, so too, are real estate funds
and their managers who will now
be subjected to EU supervision and
control. TEGoVA is working on the
many valuation aspects of this with
the EU authorities.
But perhaps the most exciting
aspect of European valuation is
the extent to which the success of
cross-border property investment
depends, not just on EU law, but
on the rules and safeguards set and
policed by the valuation profession
itself. That is because common
European valuation practice is
truly market-led: in a cross-border
context, first-time investors on a
new and strange property market
need reliable local valuation more
than anybody else. They are more
dependent on valuation than they
would be in their home countries,
which is why they need the
assurance that their local valuer
works according to the same core
European valuation standards as in
the investor’s home country. Just as
important, the investor needs to be
sure that the local valuer is qualified
to a recognised high European
standard. That is why TEGoVA’s
European Valuation Standards and
its Recognised European Valuer
scheme have become central to
the whole European cross-border
property investment and valuation
process.
The second fundamental impact
of the EU on real estate is the fight
against climate warming. Buildings
are key – 40 per cent of European
CO2 emissions come from buildings
– and the EU, working with us, has
produced a raft of legislation that
could make European real estate the
world leader in carbon reduction
and in overall environmental
performance. Energy performance
renovation and certification
requirements for buildings are being
increased, including renewable
energy, and also extended to water
performance of the building and,
in response to a two-year effort by
TEGoVA, EPF and allies, there will be
harmonisation of the certification
categories of commercial buildings,
so that investors and developers
can market their environmentally
cutting-edge buildings globally
and valuers can start integrating
the EU energy grades into their
reports. The EU Ecolabel is being
extended to buildings, EU green
public procurement is prioritising
construction, and construction
products will have to be more
environmentally friendly to earn
the EU CE mark, facilitating cross-
border trade. EU flood management
rules are keeping property above
water and EU money is repairing the
damage already done, for instance
in my country, the UK.
It all means a change to planning,
construction and investment culture
for half a billion people, a massive
challenge and opportunity for
investors and valuers.
Opportunities for Taqyeem
and TEGoVA
I believe that the EU and its real estate
policies present an opportunity for
mutual benefit between Arab and
European investors and between
Taqyeem and TEGoVA.
A key aspect of the EU is that any
company, even non-European, that is
already operating in one EU member
state has automatic access to all the
rest of the Union. Thus, all the EU
treaty freedoms as they apply to real
estate – free circulation of capital and
freedom to provide services with
or without establishment in other
member states – apply to any UAE
property company investing in the
EU. As a result, the unification and
harmonisation of European property
investment rules and conditions is
potentially as advantageous for an
Arab investor as for a European. Arab
investors in Europe have the immense
advantage of being able to compare
their pan-European investments
according to harmonised criteria.
But investment flows both ways,
and Dubai remains one of the
most attractive long-term markets
for European investors. Taqyeem’s
membership of TEGoVA and of the
Recognised European Valuer scheme
makes Dubai, its government and
its valuers particularly appealing to
European investors operating in the
UAE.
There may also be lessons to be
learnt for UAE valuation authorities
from European experience. That
is because Europeans have had
so many more market busts and
hopefully each time they’ve pulled
out of one they have learned
some painful lesson. Also, TEGoVA
is an organisation involving 40
professional bodies from 25
countries. That makes for a lot
of synergy and hopefully some
collective wisdom emerging from
the confrontation and distillation
of so many different professional
experiences.
The most exciting aspect for
us about Taqyeem membership is
that its delegates are now going
to be an integral part of TEGoVA,
participating actively in the
production of valuation standards
and valuer recognition procedures
adapted to the challenges of
current times. We look forward to
a strong Taqyeem contribution at
all levels of TEGoVA standards and
recognition work. Indeed, we hope
that Taqyeem’s membership will
lead to wider Arab participation in
TEGoVA and that the Union for the
Mediterranean, which already has
interesting real estate financing
components, may turn out to be the
political underpinning for a Euro-
Arab cooperation and integration
that could over time produce the
largest and fastest growing real
estate investment and valuation
area in the world.
DUBAI REAL TIMES
13
 MARKET TRENDS & ANALYSIS
JLL forecasts greater stability
Rate of decline in residential rents and values has slowed, says Dubai Real Estate
Market Overview
T
he year 2010 would be
marked by increased
vacancies and a continued
decline in average prices
and rentals across the market, which
is expected to show comparatively
greater stability, according to Jones
La Salle’s latest Dubai overview.
This will be further helped by the
strength of ongoing demand, it
said.
Overall, all the segments of the
market - office, residential and retail
- are becoming more favourable
for tenants, the leading property
consultancy firm said.
In the residential market, average
prices and rentals in the Dubai are
expected to show more stability
in 2010 as the rate of decline has
slowed in the past few months,
the report said. While conditions
may stabilise in some locations and
sectors, the overall market is likely to
see a continued decline in average
prices and rentals in 2010. The
performance of different locations
will be more driven by local demand
and supply issues, it pointed out.
“Prices seem to have stabilised
over recent months, despite the
existing over-supply situation.
DUBAI REAL TIMES
14
Stabilisation of transactional
volumes is another positive indicator
of investor confidence, but the lack
of housing finance remains a major
challenge in Dubai. An improved
lending scenario is one of the key
factors for a sustainable recovery
as the value of mortgages as a
percentage of total sales value has
dropped significantly during 2009,”
said Blair Hagkull, Managing Director
of Jones Lang LaSalle MENA.
With an additional 24,000 units
expected to be completed in 2010
and 25,000 units in 2011, there may
be an emerging opportunity for
both investors and financers in
the Dubai residential market as it
has already seen a significant level
of pricing adjustment in 2009, he
pointed out.
The report pointed out that
the office market was becoming
increasingly favourable for tenants
as it witnessed a significant
demand-supply mismatch along
with falling rentals and increased
vacancies. While demand levels
are increasing, as both existing and
new tenants seek to consolidate
and take advantage of better quality
space becoming available on more
Current and Future Residential Supply
competitive terms, there is not likely less than 10 per cent, resulting in
to be enough demand to meet the selective shortages in meeting
high level of new supply entering certain tenant requirements.
the market in 2010. Vacancies in this sector are likely to
The report pointed out that remain limited and this is in many
Demand levels in the office segment are
increasing as both existing and new tenants
seek to consolidate and take advantage of
better quality space becoming available on
more competitive terms
average vacancies across the city ways a more telling statistic given
are therefore likely to increase from the polarisation of demand, it said.
their current level of around 33 per “The tenant is becoming the
cent during 2010; much of this space ultimate winner as the office market
is contained in strata titled buildings is going through a significant
in non-core locations. Many adjustment with more vacancies and
international and regional tenants cheaper rents on offer. This scenario
will not consider such space and is encouraging for businesses as it
an increasingly two-tier market is offers multiple options for expansion
therefore likely to emerge. Vacancies and relocation as Dubai becomes a
in single ownership buildings in the more competitive office location,
most sought after Central Business both locally and regionally,” Blair
District locations are currently said.
 According to him, attractive “Given the current oversupply occupiers are thinking strategically them back to 2002 levels.
deals can be found throughout the in many sectors, we will see a shift about what the new reality can “US still faces challenges.
city’s prime and peripheral areas as this year from asset creation to asset offer. Although sales activity bottomed
rental rates and capital values are management as the market moves “The old year passed with a few out in the second quarter of 2009,
hovering at pre-2007 levels. This into a period of more controlled pleasant surprises. Leasing activity in the recovery to date continues to
is an opportune time for tenants and regulated growth. We also Asia-Pacific continued to gather pace be very muted and uneven. Only in
as average annual Grade A rentals expect to see a greater emphasis on in the fourth quarter, and across the top-tier coastal cities do supply and
have fallen to around Dh220 per sq corporate governance and market region, yields in most office markets demand patterns seem to indicate a
ft, he pointed out. transparency,” the report said. started to compress as asset prices return to stability. In other US office
Referring to the retail market, Referring to the global real estate increased. Ample liquidity in the markets, vacancy will continue to rise
the report observes that rental market, the report states that the New market sparked more transactional and rents will fall throughout most
adjustments are comparatively Year has unfolded, for the most part, activity and led to the start of rising or all of 2010, as many corporations
less compared to the office or with a more orderly and thoughtful capital values”. accelerate their space rationalisation
residential sectors but the market is approach in the international real The report notes that in the and consolidation activities.
still moving in favour of tenants in estate markets, where caution is Europe, Middle East and Africa JLL feels that momentum may
2010. Average rentals have declined still the dominant sentiment. Debt (EMEA) markets, there was steady have arrived for the global real
by around 29 per cent from the markets are easing, distressed assets improvement in activity during the estate market at last, and any further
fourth quarter of 2008 to the fourth have not overwhelmed, and rents are year from the low point in quarter upside surprises will be welcome.
quarter of 2009 and by 13 per cent
from the third quarter of 2009 to
the fourth quarter of 2009 on the
Office Supply - Current and Future Stock
back of a 15-20 per cent decline in
retail sales in 2009.
Several planned projects have
experienced delays, which in turn
has affected the future supply
pipeline. This lower level of
future supply relative to planned
completions in the office and
residential sectors, is providing the
retail market with something of a
breathing space.
“This is an interesting time as
the dynamics of the Dubai retail
market continues to swing in favour
of tenants due to falling rents
and increased vacancies in some
centres. In spite of the cutback in
future supply levels, we expect to Asking Vs Acheived Prices
see an increase in shorter leases,
break clauses and rent-free periods
as we go through this tectonic shift
in the market. There will be more
and more incentives for tenants due
to the shift in power from landlords
to tenants”, Blair Hagkull pointed
out
He said JLL was also seeing
the emergence of a two-tier retail
market as occupancy rates in super
DUBAI REAL TIMES

regional and regional malls remain

above 90 per cent as opposed to
older shopping centres.
JLL said in its reference to Dubai
in the Global Market Perspective
Report that the opening of Burj
Khalifa, the tallest built structure bottoming out in most countries. one. Investment volumes edged Last year’s shadow may still cloud
in the world, marks the end of a “Now that the problems have close to 70 billion euros in 2009 and many markets, but its effect has,
transformational’ decade in Dubai largely been quantified, the search are expected to increase by nearly 20 so far, kept the recovery cool and 15
real estate. for solutions is on. For example, per cent this year, albeit only bringing orderly, it said.
 MARKET TRENDS & ANALYSIS

Property sector ends 2009 with

signs of market equilibrium
Investors should take a cautious stance, despite recovery expectations and rising risk
inclination

T
he UAE’s property sector
has been able to survive Dubai Advertised Price Survey
a very challenging year
which ended with the
debt problems of major developers
attracting an international
spotlight. Although positive
industry developments in the last
two months of 2009 and prospects
of some form of economic recovery
in 2010 point to a better year
ahead, the country’s real estate
stakeholders are advised to exercise
extra caution as they plan for the
next 12 months.
Dubai rentals stabilised in
November and December of 2009
at +2 and +1 per cent, respectively,
as the take-up ratio continued its
downslide. Since rentals excellently
reflect demand-supply dynamics,
the November rally following
nine successive months of decline
indicates that the market is reaching
equilibrium. Although available
for-sale stock slumped 71 per cent
year-on-year from 18,000 units

Reantals rise 2% in Nov 09 and 1% in Dec. 09 after nine months of successive declines
DUBAI REAL TIMES

16
in December 2008 to 5,000 units
in December 2009, transaction
volumes remained strong last year,
with average unit sales per month
at 1,821 as compared to 1,300 in
2008.
“The initial signs of rental
stabilisation in December were
very timely as they provided a
positive transition to 2010. These
are precursors to renewed interest
in the domestic property sector,
which we will most likely see
towards the second half of this year
as industry restructuring efforts
gain momentum. Although any
form of sector optimism is guarded
at best, there are investments such
as Emaar Properties which continue
to enjoy buy recommendations
from the securities community,”
says Majed Azzam, MENA Real
Estate Analyst, HC Securities and
Investment.
Mortgage values declined
to 21 per cent of transactions in
November 2009 after recovering by
32 per cent in September. Volumes
also slipped by 13 per cent during
the month from 25 per cent in
September. The normal industry
slowdown in Ramadan transactions
impacted October 2009 figures,
although liquidity improved in
December as mortgage values
climbed 26 per cent and volumes
rose 22 per cent. These can be
partially attributed to the market
optimism fueled by the $10 billion
debt assistance, provided by Abu
Dhabi to Dubai in December.
Moreover, a five per cent drop
was observed in Dubai agreed
prices in October and November
2009, attributed to mortgage
lending decline and property
offloads prior to final payments. The
last trend was especially prominent
in Downtown Burj Khalifa and Dubai
Marina. Nonetheless, a three per cent
month-on-month rise was posted
by the emirate in December.
Looking ahead
Although market trends point to
rent stability, incoming supply
might again put pressure on rentals
this year. Nevertheless, robust
economic growth and expectations
of the start of global economic
recovery are projected to drive
demand in the UAE in 2010. It is also
worth noting that the Abu Dhabi
property market outperformed that
of Dubai in 2009, despite around 90
per cent of its transactions being
off-plan. This reflects stronger
market fundamentals in Abu Dhabi,
given its high property shortage
and rental yields of as much as
14 per cent. As with Dubai, the
beginning of deliveries will put
short-term pressure on prices,
as buyers strategise to avoid the
final installment.
Looking forward, initial
signs of global recovery
and declining risk aversion
portend better property
performance this year, although
investors should constantly
monitor domestic demand as
restructuring continues. One of
the preferred plays as of January
2010 is Emaar, which enjoys
a ‘buy’ recommendation and
TP of Dh6.5 per share with a
potential upside of 65 per cent.
The developer has substantial
oversees exposure, has a solid
net debt-to-equity ratio, can
easily meet short-term financial
obligations, and manages
hospitality and retail portfolios
which link to the tourism sector.
However, Emaar faces several
challenges which other players
would do well to take note of,
such as potential oversupply,
the possibility of currency
revaluation, a regulatory
environment where minority
interests can be overlooked, and
the operational strain caused by
large-scale and geographically
dispersed developments.
“It will be interesting to see
how the Dubai and Abu Dhabi
markets play off of each other
in 2010, and how recovery and
an improving risk appetite could
lead to a rally from the cyclical
sectors. For the moment, we
can say that the property
industry’s restructuring efforts
DUBAI REAL TIMES
are paying off and that there is
a big possibility that real estate
will either sustain or overtake its
2009 performance. But again,
we strongly advise investors to
be highly cautious and closely
monitor regional and global
economic developments as well
as local market movements,” 17
concludes Azzam.
 MARKET TRENDS & ANALYSIS
Real estate global opportunity index
demonstrates ME growth in ranking
Rankings on the world stage
By Olivier Laroche, Senior Manager of A.T. Kearney Middle East
T
he Real Estate Global
Opportunity Index is
designed to help property
developers decide where
to expand outside of familiar
markets. Focused on emerging
markets, the index weighs real
estate development potential, based
on construction spending and
growth, risk avoidance as well as a
combination of a country’s risk and
the ease of doing business there.
When A.T. Kearney issued its
last Real Estate Global Opportunity
Index in 2008, the real estate crisis
was in its early stages. Since then,
prices have plummeted worldwide,
creating a downward spiral that
has devastated economies. In the
Middle East, promising projects have
been cancelled or downscaled, and
developers are coping with previously
unseen financial difficulties. Today,
however, the market is gearing up
for a comeback.
The countries of the Middle East
and North Africa (MENA) continue to
improve in the index, even as they
are hit by the economic crisis. Saudi
Arabia moves from 6th to 4th place
overall, the United Arab Emirates
jumps significantly, from 31st to 18th,
and Egypt goes from 39th to 22nd.
Since the beginning of the
economic crisis, more than a year ago,
most real estate markets—emerging
DUBAI REAL TIMES
and mature—have seen plummeting
prices, as much as 40 to 50 per cent
in some Middle East countries.
According to a report by Real Capital
Analytics, volume on global real
estate transactions plunged 67 per
cent year-over-year in the second
quarter of 2009. Recently, conditions
18 in most emerging markets seem to
be improving, thanks to government
developers with some cash, the first increasingly consider diversification
step at this point is to reconsider towards asset management
whether to invest in geographic activities to attract additional
expansion or the transition towards capital through funds and REITs,
a business of specialisation with the and towards best practices in
opportunity to improve operational property management. For
excellence and develop ancillary developers who want to emerge
revenue opportunities through asset stronger from the current crisis,
management. it is key to take these strategic
Apart from looking to decisions early on in order to
geographically expand to markets maximise revenue, increase
where there is currently undersupply, profitability and take advantage of
developers in emerging markets may current attractive asset prices.
stimulus, infrastructure The 2010 A.T. Kearney Real estate Opportunity Index
investment and a
resumption of lending.
For the markets of
the Gulf Cooperation
Council (GCC), and
specifically the UAE,
which had great price
declines in 2008-2009,
the Asian recovery
following its 1997 crisis
offers reason for hope.
Low real estate prices
could put the UAE back
on track for attracting
foreign investors, who
are already interested
in the region for its
other advantages. Gulf
oil reserves, amounting
to more than $5 trillion,
give the area ample
financial strength, and
the region’s lifestyle,
particularly in the
UAE, is attractive to
foreign companies. As
development projects
are temporarily or
permanently halted,
the oversupply will
begin to diminish. For
 BURJ KHALIFA

Building vibrant vertical communities

By Jeevan J D’Mello GDArch, AIIA, CMCA

T
he launch of the Burj
Khalifa on January 4, 2010
was a proud day not only
for those like me who are
closely associated with the tower
but for every resident in Dubai.
Despite all the predictions of gloom
and doom of the foreign media
due to recent events in the region,
Dubai once again showed the world
that its architecture and community
development initiatives are second
to none.
This is not only the tallest tower in
the world, it will also be home to over
1,000 families and 100 offices living
in vertical communities perched on
top of each other in an iconic edifice
that also contains the first Armani
Hotel in the world. The multiple,
mixed-use Owners Associations that
will be established will make them
the highest democratically managed
communities in the world.
All these Owners Associations will
be established in compliance with
Law 27 of 2007 concerning Jointly-
Owned property in Dubai. According
to the law a jointly-owned property
is defined as ‘the whole or part of a
building divided into Units intended
for separate ownership, where part
of such building or land has been,
designated as Common Areas’.
These jointly-owned properties will
form Owners Association where
every owner will be a member of
the Association represented by an
critical to implement proper
management strategies
in line with international
best practices but also in
compliance with local laws
and regulations.
When the team studied
the tower to put forth a
strategy on how best to
manage the tower, several
models were debated each
with its own pros and cons.
The overriding thought was
to provide some degree
of independence to each
function of the tower, while
ensuring that the various
functions worked towards
the ultimate well-being of
the tower as a brand.   resources to the well
While most people will
always see this as one iconic
tower, it is in fact several towers on
top of each other. The strategy finally
proposed was that each of these
‘towers’ is defined as a building
component and as such be subject
to volumetric subdivisions of, The
Armani Hotel, Armani Residences,
Corporate Suites, Residences, Office
Annex and Burj Khalifa LLC among
others.
Each component will have a
specific use and function, while the
last one is a mixture of several uses
including the communication spire
and several bits and pieces that
will remain in the ownership of Burj
their own affairs,
while they will elect
representatives to
sit on a top-level
management body
called the ‘Building
Management Group’.
The democratic
nature of the
community means
that every individual
owner in an Owners
Association has
the opportunity to
become involved
and participate in
the on-going affairs
of the community,
contribute ideas and
being of the tower
as a whole.  As such,
After receiving the relevant approvals volunteers or elected owners, who
from RERA, the Owners Associations assume positions of responsibility as
will formally be established when officers and directors of the various
the owners of the various jointly- Owners Associations, will be the key
owned property components obtain to its success or the catalyst for its
their Title Deed from the Dubai Land failure. 
Department. We’re confident that with the
The relationship between the involvement of owners in the
components, including their rights matters of the tower, Burj Khalifa will
and responsibilities will be governed be a vibrant vertical community of
by a contractual document called a involved and informed owners with
‘Building Management Statement’ lofty ambitions.
which will be registered at the Jeevan J D’Mello GDArch,
Dubai Land Department. This form AIIA. CMCA® is a Senior Director
of building management will ensure with Emaar Properties and is a
transparency of operations both certified manager of community
DUBAI REAL TIMES

elected Board of Directors.
While in a regular residential
or commercial tower, formation
of Owners Associations is not
too difficult a task, the mixed-use
nature of Burj Khalifa poses several
challenges. The different uses
namely, residential, commercial,
hospitality, tourism and retail
aspects of the project made it
Khalifa LLC. The various components
of the tower whether jointly-owned
or privately owned will have their
schemes registered with RERA.  The
registration will involve the
submission of volumetric and strata
plans along with various governing
documents such as Jointly-Owned
Property Declarations, Association
Constitutions, Community Rules etc.
in terms of cost and service levels.
Emaar Community Management
will be the first community and
association manager for the tower,
while the Burj Khalifa Operations
Team will manage the various
facilities and services.
With the formation of Owners
Associations, each component will
have a say in the management of
associations. He was the first
professional in the region to receive
this prestigious certification from the
US-based Community Association
Institute. Jeevan currently manages
over 32,000 residential units across
four of Dubai’s master communities
and has been noted as a pioneer in
the field of community management 19
in Dubai.
 FINANCIAL ROUNDUP
Alternative financing methods for regional
infrastructure
Arab economies ready themselves to build for the future, but conventional funding is still
limited as a result of the global financial crisis
T
op-level delegates
representing major
economies from across the
region gathered at Dubai
International Financial Centre (DIFC)
recently to discuss and identify
the best possible means to access
channels of funding for the on-
going and proposed infrastructure
development projects in the region.
Dr. Nasser Al Saidi, Chief
Economist at the DIFC Authority,
Dr. Nasser Al Saidi
pointed out that the regional
economies - and particularly the
Gulf countries - are relatively young
and unhampered by historic and
obsolete technologies that some of
the more mature economies face.
DUBAI REAL TIMES
This allows GCC countries to leap
ahead and adopt the most modern
technologies, without going
through intermediate phases
“Infrastructure investment has
been a major driver of economic
growth in the Gulf region over the
past six years. Despite the global
20 financial crisis, there continues to
be enormous demand for new
infrastructure across the GCC
countries, driven by population
growth, economic development and
diversification imperatives, as well as
the overall aim of being counted
among the most advanced nations.
Indeed counter-cyclical fiscal policy
has focused on maintaining or even
increasing government expenditure
on public works and infrastructure,”
said Dr Al Saidi.
“Effective financial solutions, the
availability of long-term finance and
continuous and timely funding are
critical to the smooth implementation
of new infrastructure projects,” he
pointed out.
Some of the alternative means of
funding identified by the workshop
included Project Financing, Public-
Private Partnerships (PPP), Build-
Operate-Transfer (BOT) models,
Capital market based financing,
Housing Finance as well as raising
Public Debt and recourse to Islamic
instruments such as Sukuk (Islamic
bonds).
Frank Beckers, Managing
Director and Head of Project &
Capital Advisory at Deutsche Bank
Frank Beckers
commented “Given the challenging
amounts of financing to be raised
for infrastructure developments,
we will have to explore all available
liquidity pools. This will likely
require a more diversified approach
towards funding sources compared
to the bank loan focused approach
we have seen so far. However,
the strategic nature of most
infrastructure developments in
the GCC, evidenced also by strong
government support, will continue
to support those efforts.”
Adil Marghub Manager,
Infrastructure Cluster at the
Adil Marghub
International Finance Corporation
(IFC) added “Beginning in the
fall of 2008, the tightening of
global credit conditions adversely
affected global infrastructure
finance. Lending from commercial
sources declined substantially,
while state-owned and
multilateral and bilateral (IFIs)
have emerged as growing players
in funding infrastructure finance.
The MENA region has been one of
the more active regions globally
in infrastructure projects, and the
underlying fundamentals for an
increasing role for the private sector
in infrastructure remain strong.”
Guide on sukuk issue
from DIFC
Prepared by Clifford Chance,
Amanie Consulting, the DFSA
and the DIFC Authority, the guide
provides a summary of sukuk
structures and information on
issuing sukuk in DIFC
The Dubai International Financial
Centre Authority has
released the DIFC Sukuk
Guide – a comprehensive
introduction to various sukuk
structures, as well as legal
and regulatory information
on issuing sukuk from the
DIFC and listing sukuk on
Nasdaq Dubai.
The guide reflects the
leading role that DIFC plays
in global Islamic finance. Not
only is it home to the largest
exchange for sukuk by listed
value, worth more than
$16 billion, it provides an
operating, listing and incorporating
environment that is world class,
and ideally suited to structured
Islamic, and non-Islamic, products.
It provides detailed descriptions
of more than 10 sukuk structures,
information on the history and
current status of sukuk globally, an
overview regarding the issuing and
listing of sukuk in or from DIFC, and
regulatory licensing in the district.
Some features of DIFC’s
supportive infrastructure include the
ability to establish special purpose
companies (SPCs) in the district,
enabling market participants to act
as both the issuer and trustee in
sukuk transactions within DIFC.
Dh4.393 billion budget
for Dubai Municipality Tamweel reduces
Eng. Hussain Nasser Lootah, Director
base rate
General of Dubai Municipality
revealed that the Municipality has
approved Dh4.393 billion budget
for the current year. “As per the
Hussain Lootah
approved financial studies on the
various services provided by Dubai
Municipality, the civic body’s income
is expected to reach Dh4.865 billion
this year, that means a surplus of up
to Dh472 million,” he said.
Lootah said that Dh2.5 billion has
been allocated for the completion of
construction projects this year, which
reiterates the Dubai Government’s
support for the completion of
infrastructure projects that propel
the economy of the emirate.
He added that Dubai Municipality
is pursuing strict fiscal policies in
its work, especially through the
rationalisation of expenditures,
which contribute to the general
budget support to the Government
of Dubai.
On the other hand, Lootah
said Dubai Municipality last year
completed the initial stages of a
group of large projects such as
Wastewater Treatment Plant in
Jebel Ali, Sheikh Hamdan bin Rashid
Al Maktoum Awards Complex, Al
Warsan Nursery project and the
basic infrastructure for the Olympic
Swimming Pool project and a
number of construction projects for
public parks. He noted that the total
cost of these projects has amounted
to approximately Dh5 billion.
Tamweel PJSC recently announced a
reduction in its Base Rate by 50 basis
points to 7.9 per cent for all flexible
rate products effective March 1,
Varun Sood
2010.
“This reduction is in line with our
constant endeavour to maintain
profit rates at a reasonable level. We
have decided to review our Base Rate
and reduce it by 50 Basis Points to
7.9 per cent as per our pricing terms
Victory Heights Villas
for flexible rate products effective To date, over 770 villas have been
March 1st, 2010. All our customers sold in the 961-unit development,
who have opted for flexible rate which is on track to handover 50
finance will benefit from a profit rate per cent of completed properties to
reduction,” said Varun Sood, CEO - home-owners in early 2010, despite
Tamweel Home Finance Division. the economic slowdown of 2009.
“People can buy a brand new villa
Buyers find villas in in Victory Heights at a significantly
better price than they would for
Victory Heights offer an older, similar home in one of
the more established residential
excellent value communities in Dubai,” confirmed
Lindsey Russell, Managing Director
Residents enjoy active lifestyle of real estate firm Gulf Platinum
and green spaces at Dubai Sports Properties. “These villas offer
City location excellent value for money at a time
Buying a brand when people are looking for good
new luxury quality homes at discounted rates.
villa in Victory The potential to get a great bargain
Heights, which here has led to an increase in interest
is located within from buyers, and as a result, we are
the world’s first predicting that prices could move
sporting city, higher within the coming months.”
offers excellent
value for money
compared with Tamweel PJSC
homes situated
in similar Dubai recently announced
residential
a reduction in its
communities,
it has been Base Rate by 50
revealed. On an
average, a villa basis points to
in the golfing
community that surrounds the
7.9 per cent for
award-winning The Els Club 18- all flexible rate
hole golf course in Dubai Sports
City costs Dh1,100 per square foot, products effective
which is around Dh200 cheaper per
square foot than other similar villa 01 March, 2010
developments in the emirate.
DUBAI REAL TIMES
21
 COMMENTS

A new address
A watch for a clock, a folding dining table, a bunker bed and cartons for book shelves, I was
waiting to move into the next best house. Finally, the genie of huddled spaces was going to be
released. Or so, I thought…
By Manju Ramanan

“N
ow that the
property prices are
down, lets go house
hunting,” said the
husband, and I sprung to my feet,
nearly knocking down the dainty
watch (also our home’s clock,
thanks to small spaces) from the
parapet to the bowl of dal sitting
on the (foldable)dining table. Used
to a space of my own, even if it
meant a small writing table where
I could doodle at leisure or scribble
endlessly into my ‘ideas book’ (now
sadly transformed into a banter of
colourful graffiti, courtesy my
boisterous six-year-old!) Dubai,
like a reality check, brought me
to the world of actual living
DUBAI REAL TIMES
the loo) to a rosy world of books,
music, space for friends and endless
conversations over ‘flavoured tea’.
Finally, the genie of huddled spaces
was going to be released! Or so, I
thought.
The next hour saw me grabbing
my perplexed son’s sketch pen (they
are usually thinner than markers!)
and poring over the newspapers
marking the best deals. This was one
opportunity I wasn’t going to let go.
“Let’s try this area,” I said to my
husband excitedly, who, by then, was
immersed in some ‘very important
work’ he had brought home that
weekend.
“Too far away from his school,”
he murmured.
“This one,” I pointed.
“Doesn’t have good access
roads! Has too many empty
neighbourhood homes.”
“C’mon, we can do better than
that!”
“No, not at all”
“So, will it be the Burj Khalifa this
time,” I fumed?
Another staccato excuse was
coming my way - then he realised I
was serious.
“Well, dear, there are lot of homes
around, and we’ll surely find one that
is a little bigger than this one,” he
said in his sweetest tone (reserved
for times like these).
“And we are going to find it this
weekend,” I said, startling my son
from his mirror-talk time. The time is
extremely precious to him because
his tiny legs don’t allow him to look at
himself in the washroom mirror and

space and the associated quell

in sanity.
Assuming here that a new
house meant more space, off
went my train of thoughts
that was carrying my existing
luggage out of where I lived (in
a one-bedroom apartment with
22 walls so thin that I could even
hear which neighbour flushed
the house doesn’t have space for a
full length one. So, when it is dusk,
the glass door of the balcony reflects
light and acts like a full-length mirror
where he gets to watch himself and
his antics.
So, off we went the next
afternoon, to look at a lovely building
nearby whose roof had wind towers.
The reception had an open-to-sky
feel about it and it looked like a well
maintained hotel apartment.
“Only families sir. Bachelors not
allowed,” said the Malayali watchman
who handed over the keys to two
apartments – one with a balcony,
the other with an open kitchen.
The place was exquisite, the
whitewash was perfect (soon this
will be filled with cycle tyre marks
and some finger prints, I sighed)
musing about the place that was
soon to be my new address.
“One extra room makes such a
lot of difference,” I said to myself as
I glided from one room to another,
mentally rearranging the furniture
and ‘things I would buy’. “See, it has
two balconies in the bedroom. This
is where I’ll sit and read, the other
will be for our weekend tea sessions,”
I said.
We went back to the reception,
took down the agent’s number, who
asked us to come the following day.
The rest of the day saw me mentally
rearrange the furniture of the new
home and a lot of talking-to- myself
times, inviting curious glances from
my mother.
“We will discard this giant sofa
and get a nice couch instead. Let us
buy a lamp and create a corner for
reading,” I started off.
For once, I saw my husband
partake in my fancy. “The rent is
good too. It is the same
that we are paying now,
and there is one room
more,” he said. And
we were sure, that the
building with the wind
towers would be our
new address.
It was 12 o, clock
sharp when we reached
the building’s reception
and saw a lady in a
bright green dress
with two children walk
past us. You guessed it
right! The
watchman
smiled when
he told us she had
taken the flat already
and was moving in the
next day.
“Why didn’t you get up early,”
I told my husband. “If you did, we
could be the ones walking past her
and I even have a green dress.”
“There are other flats too madam,”
cut in the watchman. “But none of
them have balconies. The ones with
the balconies go first,” he said as we
quietly walked away.
The next weekend saw us drive
to another part of town to look at
another set of houses.
We saw one with strange sized
rooms. “This is a hexagon,” said my
son, who has just graduated from
squares, ovals and circles. Some
others seemed to ‘cut corners’
adding a row of half tiles to a room,
changing its shape drastically. “Why
can’t some people have ordinary
rectangle and square shaped rooms,”
said the husband as we walked out,
his exasperation hidden in his soft
tone.
And then, we saw a beautiful
apartment
that seemed
to be almost
made for us.
Almost, did
I say? You had to manoeuvre the So, that was it. We stayed on!
access roads that was actually a The bunk bed is useful. Its upper
kilometre of dirt track. But when you storey becomes my reading room
got in to the cluster of houses there, when I want some privacy to read till
you would be transformed into a late. And we now have a new clothes
beautiful world. The glitch - the roads rack that doesn’t sprawl over the
leading to the exit too were yet to be whole balcony, so there is place to
built and street lights were yet to be sit as well. The open kitchen doesn’t
prominent. “Not for us,” we decided alienate me from my family when I
sadly. am cooking and my son stands on
Our future new home was the sofa choosing his ingredients,
evading us. when he’s bored of playing. Also
A phone call changed all our plans. guests coming home are forced to
Our current landlord had decided to help you out because they actually
decrease the rent see you slogging in the kitchen!
and the number Yes, we can tell which neighbour
of instalment on the upper floor has used the flush
cheques if we because the walls are thin. Or who
decided to stay is cooking what dish, and where.
DUBAI REAL TIMES
on. “My husband But we are alert when the babies
looked at me and next door cry, or smile when people
I could tell from walking past the door hum a popular
his eyes that he’d Hindi film song. Or when the lady at
prefer we stay right the far end arrives home with her
there. stilletoes clicking along the corridor.
“Convince him There is an atmosphere to
to go a few notches huddled living. The familiar sights,
down and we’ll sounds and flavours smell like home. 23
stay here,” I said. So, home it must be!
 COMMENTS

Foreclosures – a sign of the times

By Chris Commett, Chief Executive Officer, John Charcol ME

T
he recent an-
nouncement by
Barclays that they
have obtained the
first foreclosure judgement
from the Lands Depart-
ment has stimulated much
debate on the impact that
this development will have
on the Dubai property mar-
ket and the confidence of
owners, potential buyers
and lenders.
Some have predicted a
flood of foreclosures lead-
ing to the dumping of dis-
tressed property, resulting
in a further decline in the
values. Others predict that
the banks will now be more
willing to lend as they can
see a clear way to recover
the value of their security in
the event of default.
I believe that this event
signals another step along
the Dubai property market’s
path to maturity. It has taken some
time to come about, but it demon-
strates that RERA has established
the mechanism required by the
Mortgage Law of 2007 to handle
DUBAI REAL TIMES
them to give the borrower time
to bring payments up to date,
and banks will exhaust all other
solutions rather than risking a
loss when the property is auc-
Barclays win foreclosure order
Barclays, Britain's second largest bank, won the first
foreclosure orders in Dubai, clearing the way for lend-
ers holding Dubai home loans to take action when
borrowers don’t pay, reported newswire Bloomberg
on January 11. Both lenders and developers in the UAE
have tried to stem rising defaults through out-of-court
settlements with distressed customers after falling
prices left buyers with mortgages worth more than
their properties.
Islamic lender Tamweel has several of its own fore-
closure claims pending and estimates about three per
cent of its mortgages are in default.
The Barclays and Tamweel cases show that a 2008
mortgage law - setting out rules for default, foreclosure
and repossession - is working. The law requires lenders
to give homeowners a 30-day notice of their intent to
pursue a foreclosure. Courts then review the case and
can issue a debt judgment that turns the property over
to Dubai’s Land Department for auction. The process
may take two to four months.
tioning off foreclosed properties. the property or to reduce the
Previous attempts to establish price and increase their loss.
property auctions in Dubai have It is inevitable that foreclo-
failed, largely due to the mismatch sures will become a feature of the
between the expectations of sell- next couple of years, as they have

mortgages that are in default, and
over time, will allow the lenders
to resolve those cases where they
have no choice but to rely on their
security as the borrower has either
absconded or simply cannot afford
his mortgage repayments.
I do not think this will give banks
24 carte blanche to foreclose at the
first sign of trouble. The law requires
tioned off. They know that in the
current market, they are unlikely
to recover the full loan amount,
so they will use foreclosure as a
last resort. At least now though,
they can see a route to resolve
hardcore cases.
The next challenge for RERA
and for the lenders is to estab-
lish a workable means for auc-
ers and potential buyers. Realistic
reserve prices will need to be set
to protect the interests of both the
lenders and the borrowers, but
most potential buyers will be look-
ing for fire sale bargains at crazy
prices. If this happens, the prop-
erties will remain unsold, and the
banks will be left with the difficult
decision of whether to hold on to
done in more mature western
markets, and this is not in itself
a bad thing. It reflects a market
that has grown too fast, fuelled
by speculation and relatively
easy lending criteria, but without
a means to realise their security,
banks will avoid mortgage lend-
ing, and future recovery and
growth will not happen.

I
n the aftermath of the global
economic crisis it is important
for companies, particularly the
region’s real estate companies,
to reassess their focus and objec-
tives in order to ensure future
growth and prosperity.
So says Raza Jafar, Managing
Director of ENSHAA PSC, a devel-
opment and investment company
with interests in the Middle East,
North Africa, Asia and Australia.
Jafar’s comments are in line with
the findings of the Organisation
for Economic Co-operation and
Development (OECD) and the
World Bank, recently published in
the book Innovation and growth:
Chasing a moving frontier, that in-
novation in all areas is critical for
the long-term economic growth
of both developed countries and
emerging economies, even more
so in the aftermath of the financial
and economic crisis.
Speaking of the particular chal-
lenges facing the region’s real es-
tate firms and the way forward,
Jafar says, “The global financial
crisis and subsequent economic
downturn have ushered in a new
era for the regional – and global
– property market. Whereas a few
years ago, everyone was racing to
develop and build as much as they
could as fast as they could, this is
no longer a viable strategy, and
companies are being forced to re-
evaluate their objectives and strat-
egies, and to focus on producing
a smaller number of high quality
projects. There has been a com-
Opportunities for
savvy investors
plete paradigm shift in the regional
property market, and as the focus
of the developers is changing, so
the focus of investors also needs to
change. Now is the perfect time for
the savvy investor, whether individ-
ual or corporate, to take advantage
of the investment opportunities
that will follow in the wake of com-
panies’ reassessing their long-term
plans.”
“There is definitely a change in
mindset taking place, and what
both companies and investors need
to be focusing on now is consolida-
tion of projects and resources, and
quality over quantity. Even without
the global crisis, the region’s real
estate boom was never going to
last indefinitely and this is why it is
important to have long-term strat-
egies in place and be prepared for
whatever changes the future might
COMMENTS
Raza Jafar: “Real estate
firms must consolidate and
focus on quality rather than
quantity”
bring. If sufficient thought goes of speculators in the regional mar-
into strategic planning, then even ket. The decline in the number of
when something as unexpected as speculators leaves the way open
the global financial crisis occurs, it for serious investors to maximise
becomes a matter of adjusting the on the opportunities presented
plan – whether in terms of time- by the rapidly changing market,”
lines, projects or objectives – to he adds.
reflect the challenges faced, rather “In the long run, this focus on
than having to create an entirely the consolidation of projects and
new plan from scratch when crisis resources, and on quality rather
hits,” Jafar continues. than quantity, is a good thing for
“In light of this, I believe that the market, and the end result will
we can expect to see a number of be a stronger, more mature re-
DUBAI REAL TIMES
investment opportunities become gional property market that is bet-
available in the course of 2010, ter able to withstand challenges
partly as a result of companies and in all areas. The challenge now is
investors looking to divest them- to come up with the best ways to
selves of projects or resources that weather the aftermath of the crisis,
no longer fit with their revised although we are seeing signs that
strategies, and also partly due to the worst may perhaps already be
the significant impact the chal- past, and to build in the future to
lenges arising from the crisis is encourage continued growth and 25
likely to have had on the number prosperity.”
 COMMENTS
Translating mergers and acquisitions into success stories
By Bassam Samman
C
urrent economic
conditions are difficult.
Financial institutions
are less willing to fund
businesses, cash flow constraints
are pushing many to limit spending
and, sometimes, default on due
payments, plus business owners
as well as customers are worried
that the worst is yet to come. It is
precisely this environment, running
from the period of 1992 to 1996,
which has helped in creating the
best opportunity for companies to
achieve significant growth through
mergers and acquisitions.
Nowadays, the media in the
Middle East is reporting about
many financial transactions among
real estate developers, banks and
other institutions merging in an
effort to form larger companies
and conglomerates. A recent
Mergermarket data report shows
that merger and acquisition (M&A)
deals in the Middle East for the first
three quarters of 2009 have reached
$15.66 billion (Dh57.5 billion), a
number that is just a few figures shy
from the $15.8 billion worth of such
deals posted for the whole of 2008.
An example of this is the recently
completed merger between Dubai
Properties, Tatweer and Sama
Dubai; and the merging of other
developers show a beginning trend
of more to come.
Companies go for M&As on the
premise that the joint company will
be able to generate more value
DUBAI REAL TIMES
than being separate individual
firms. Some of the potential benefits
include achieving economies of
scale, combining complementary
resources, garnering tax advantages
when applicable and eliminating
inefficiencies. Other reasons for
considering growth through
26 acquisitions include obtaining
proprietary rights to products or
services, increasing market power
by purchasing competitors, shoring
up weaknesses in key business
areas, penetrating new geographic
regions and providing managers
with new opportunities for career
growth and advancement.
The telecommunications, media
and technology (TMT) sector
has been identified as the most
preferred segment for M&A activity
in the region. The Mergermarket
report reveals that the TMT sector
accounts for three quarters (75.6
per cent) of deals by value and
more than a fifth (21.8 per cent) by
volume over the last nine months.
M&As are usually viewed with
a high-risk-of-failure factor due
to many reasons. According to a
recent Weekly Corporate Growth
Report, 70 per cent of today’s
mergers have failed in achieving
anticipated values. These failures
could be attributed to a number of
reasons like improper preparation;
failure to have a clear exchange of
communications; vague strategic
objectives on why the deal was
done; the inefficient execution
of the merger; and the failure to
manage human and organisational
integration.
Financial losses that could result
from a failed merger and acquisition
could be massive. For an acquirer
expecting to reap $500 million in
yearly cost savings, a one-month
delay reduces the net present
value of the deal by more than $150
million (assuming a 10 per cent
cost of capital), or approximately
$3.5 million per day. In addition
to the financial losses resulting
from delayed completions and
improper M&As, indirect financial
repercussions such as postponed
business strategy implementation,
diminished employee morale and
workforce or customer defections
are also likely to happen.
To avoid such losses, project
management appears as a viable
solution in ensuring the smooth
integration between two merging
companies. Project management
defines the processes required to
map the M&A project life cycle into
a Work Breakdown Structure (WBS),
which further enables the M&A
Integration Project Team (M&AIPT)
to identify the complete project
scope, group those into work
packages and assign accountable
parties for these work packages. The
WBS allows the creation of detailed
work plans by identifying activities,
milestones, durations, resources
required and the sequence for
executing the activities. The cost
of the different resources needed
to execute the project and other
expenses are then loaded onto
these activities to establish the
budget and expenditure plan. This
will give the team the advantage
of identifying what steps to take to
ensure that project deliverables are
correct and complete from the first
time.
One of the key duties of the
project management team is to
define the project communication
plan and ensure that the reporting
requirements of all stakeholders
are properly understood and
incorporated into the plan.
Stakeholders in an M&A project are
usually composed of executives,
functional managers, regulatory
bodies, business partners and
others.
Risks assessment and
management is a key element
of an M&A project plan. Much of
the content is mainly based on
assumptions and only time can help
in correcting these assumptions.
Experience and knowledge do
make a difference; nevertheless, no
one can eliminate the uncertainties
associated with the project plan.
By developing a detailed project
plan and committing to provide
the needed resources and funds
to execute it, the merger and
acquisition will have a better chance
in being successfully delivered. The
plan identifies the thousands of
decisions and actions that need to
be taken. The overseeing project
team will be tasked to prepare
appropriate documentation to
close out integration projects and
facilitate effective hand-offs upon
the project’s completion.
With the arrival of 2010, analysts
predict that emerging economies
will be witnessing more M&A
activity, mainly due to the increased
potential of higher return on
investments as compared to their
counterparts in more established
markets. The expected increase will
see firms from emerging markets
investing in other emerging
markets, adding more vigor to the
region’s Merger and Acquisition
segment.
Bassam Samman is the CEO
and Founder of Collaboration,
Management and Control
Solutions (CMCS)

Customer supremacy defining
property evolution
M
iddle Eastern realtors
are abuzz about the
‘New Reality’ that in-
dustry faces in 2010
and beyond. Last year was a sort
of experimental stage where prop-
erty players explored what could
and could not work in a recession-
afflicted world. While results varied,
the consensus was that the custom-
er will reign supreme in the next
12 months as the property sector
slowly undergoes market correc-
tion.
This year is critical, as it will see
industry competing more fiercely
to gain a better share of the markets
as the world moves towards recov-
ery. There have been many lessons
learned by governments, industries
and individuals which will lead to
more directed economic and com-
mercial activities. In the UAE, one
of the region’s more vibrant realty
markets, tenants are already show-
ing increased movement due to
the wider choices of properties and
packages available. This carries the
momentum of the past few months
of 2009 which saw sales and market
changes occurring every month,
in stark contrast to the slow-paced
movements of 2008.
“The era of easy sales and un-
limited demand is behind us now.
Property buyers and lessees have
become extra-cautious and look
for transparency and top value in
potential transactions. We are wit-
nessing a rapid shift from a seller to
a buyer market, which means that
industry has to quickly adjust and
innovate or otherwise collapse. It
is important to note that prior to
the global crisis, many property
purchasers complained of unsatis-
Laura Martorano
factory service levels. This is simply
unacceptable these days; profes-
sionalism and customer service will
dictate a realty player’s ability to
survive and thrive amidst such chal-
lenging business conditions,” said
Laura Martorano, CEO and Founder,
Leo Sterling.
An industry survey reveals that
61 per cent of consumers who pur-
chased property in Dubai over the
past two years had issues with the
level of service provided by real
estate professionals. They referred
to knowledge, consultative ability
and empathy in particular as areas
of serious concern. Given that the
emirate is expected to experience
significant real estate oversupply
in the next two years, it would not
only be wise, but extremely essen-
tial that brokers, lessors and devel-
opers give prime consideration to
the sensitivities, needs and opinions
of their customers. This reality ap-
plies to the region’s entire property
industry, which needs
to step up its customer
service skills in keeping
with rapidly evolving
markets.
What, then, should
realty professionals be
doing? The first thing
to do is improve the way
they present or market
their products. During
the boom days, it was
okay to pitch property
even if it was not in top
condition. Other factors
such as location and rec-
ognition could see sales
through. Nowadays, it
is important to polish
the whole package as
a client can easily step out of the
door and look for numerous other
options. The initial presentation in
particular makes a big impact on
a potential deal. The next goal is
to gain a better understanding of
clients through multiple resources,
from the internet and reference
sheets to word-of-mouth and in-
dustry reports. This provides a
clearer picture of what exactly the
customer needs, how they should
be approached, and how commit-
ted they are to transacting.
One consequence of the down-
turn is that clients have become
more knowledgeable on real es-
tate laws and procedures, so prac-
titioners should also study legal
frameworks governing their field
more closely to keep up with their
customers. Moreover, property pro-
fessionals should support the cre-
ation of laws that better protect the
consumer. There are numerous na-
tional and regional industry gather-
COMMENTS
ings such as Cityscape which pro-
vide excellent forums for discussing
policies and regulations affecting
the business.
It would also be helpful to gain
expertise in specific transactions by
property type or method of sale.
Aside from establishing solid cred-
ibility, this enhances the ability of
the practitioner to properly match
clients and products.
Transparency has become one
of the key attributes that pull in
potential buyers, and yet many in
industry still do not put too much
emphasis on it. As an example,
many project developers do not
provide even estimates of service
charges per square foot prior to
completion, which makes it difficult
for investors to calculate probable
yields. The subprime mortgage
crash has already eroded a lot of
confidence and trust in industry on
a global scale, so not being upfront
in deals just magnifies the aversion
to real estate investments.
Australian entrepreneur John Il-
han once said, that “This may seem
simple, but you need to give cus-
tomers what they want, not what
you think they want. And, if you
do this, people will keep coming
back.”
As the true impact of the reces-
sion on the real estate markets con-
DUBAI REAL TIMES
tinues to unravel in 2010, brokers,
sellers, developers and consultants
- all need to realise that many of the
things they presumed they knew
about their clients are either un-
true or have changed. They need
to adopt new attitudes towards the
business, prioritise quality and value
for money, and accept that the con- 27
sumer is now the king of industry.
 COMMENTS
Ban the spam
By Aditya A Awtani, Fine and Country, UAE
I
n the new millennium, more and
more companies are investing in
information technology. Firms
are incorporating both software
and systems which allows them to
monitor cash flow, inventory, client
databases and a host of other key
data. Within the region, the top es-
tate agencies have even developed
state-of-the art systems to capture
potential client’s imagination. How-
ever, how are we to ensure that the
fast-pace of technology does not af-
fect our client relations, and, more
important, privacy?
Last week, a friend of mine,
Ahmed, an executive for a top-
automotive marquee in the region,
was grumbling about the amount of
spam mails he gets on a regular ba-
sis. He carried on saying that 90 per
cent of the spam he gets is from my
peer group - real estate agencies, and
non-registered independent agents.
For the record, Ahmed owns one
property in Dubai, located within
the Lakes community. He has been
residing in his property for over two
years, and has absolutely no inten-
tion of selling his house. He shared
with me some of the spam mail.
“300-bed labour camp for sale in
DIP. Best offer in market.” ,”Studio in
International City. Cheapest offer in
town”, “Wanted urgently warehouse
DUBAI REAL TIMES
in Al Quoz. Client ready to close im-
mediately.” Of course I could go on
and on with the above list. However,
to reiterate, none of the mails were
of any interest to him.
Another case pertained to
spam, which one of my sales col-
leagues had to undergo: She was
28 working with a potential client for al-
most two months, and was about
to secure the transaction when the
prospect informed her that she is
no longer comfortable in paying
this price, as she received a (spam)
mail for a similar unit being offered
at a lower price. She stated that she
would not mind waiting longer for
the price of this particular unit to be
lowered! The same afternoon, the
prospect forwarded our office that
mail with that particular lower of-
fer. Naturally, we tried to investigate
further, and attempted to establish
contact with the ‘listing agent’. Not
surprisingly, the sender was one of
the thousands of freelancers that
continue to hurt the marketplace, us-
ing a hotmail ID. When asked about
the property, the reply we get: “That
has been sold, but I have another......
” We lost out on a deal courtesy of a
phantom listing!
Cold-calling online is called spam!
In several mature markets, spam-
mers get their accounts cancelled
by ISPs every day.
Even RERA has
recognised the
need of further
regulation on this
marketing practice
and constantly ad-
vises clients not to
fall prey to ‘spam’
mails
Credible busi-
nesses simply do
not email potential
contacts or cus-
tomers they do not
know about their
commercial enter-
prise, services or
products without
permission first.
The mindset of the spammer
follows the belief that the more
people they add to their spam list,
the higher the chances of scoring a
transaction, whether a seller or buy-
er. However, excessive unsolicited
commercial emails (UCE) can often
work against the sender. Especially
those agents that continue to use
web-based email ID’s, leave the per-
ception that they are most likely in-
dependent and quite possibly non-
RERA approved.
Common courtesies go a long
way when trying to foster relation-
ships of any kind, and this rule applies
online as well. If the recipient did not
specifically ask you for the particular
information, or has suggested in any
way that they are interested in your
product or services, then that person
should not be on your company’s
mailing list.
Those genuine offices and agents
out there, which are RERA approved,
face the brunt of loss of potential
business.
To assume that people ‘need’ the
information you want to provide
as though they have been given
a choice, they don’t know better,
and you need to send it anyway, is
perceived as condescending. These
actions can produce dramatic reac-
tions from those tired of being sent
information and attachments they
didn’t request and wouldn’t request
if given the opportunity. Instead, in
order to gain commercially online,
the brokerage firm should have
a great looking website that gets
found when looked for. That is just
one of many ways to generate leads
online. Emailing strangers is not one
of them!
Instead of spamming and wast-
ing one’s resources, time and cred-
ibility, which can be compared to
winking in the dark, we should en-
courage our associates to invest any
spare time in visiting their respective
communities and marketing them-
selves. After all, one needs to sell
themselves first and foremost.
I am not suggesting that the reg-
ular frequency newsletter to all your
clients, or to your genuine database
is a bad idea. Far from it. However, it
is those agents out there that con-
tinue to use their web-based ID’s
and bombard inboxes with their
UCE that are tarnishing the image
of the otherwise hard-working, real
estate professional. When was the
last time we had a lawyer or a doc-
tor send out spam email, informing
the tens of thousands out there of
their services?! We, as players in the
real estate market need to recognise
ourselves as professionals, and value
our time, and the time of others.

Green buildings can boost real
estate sector
Reducing energy, utility consumption
and associated costs
By Linda Benbow
J
ohnson Controls (NYSE:JCI),
the global leader in energy
and operational efficiency for
buildings, states that the UAE
real estate industry can transform
itself by adopting energy efficient
green building principles to deal
with the current market conditions.
The company’s flagship Metasys
building management system that
embodies its core competencies and
high standards of technical innova-
tion can provide customers in the
UAE and across the region with a set
of comprehensive tools to improve
building efficiency, maximise cost
savings, and reduce greenhouse gas
emissions.
According to a report published
by the US Green Buildings Coun-
cil, a green building on an average
saves 70 per cent electricity, 50 to
60 per cent of water and 36 per cent
of energy in the US as compared to
standard buildings. With the recent
economic downturn, building own-
ENVIRONMENT
ers are more interested in
making their facilities more
energy efficient to save
money and decrease oper-
ating costs.
“We can help businesses
reduce energy and utility
consumption and the asso-
ciated costs between 15 per
cent and 50 per cent. With
the help of Johnson Con-
trols technology - develop-
ers and other organisations
in the UAE, Saudi Arabia, Qa-
tar and the GCC in general,
can get a clear and accurate
DUBAI REAL TIMES
picture of their facilities that
are running over or under
budget, whether it is for a
new or an existing build-
ing. End users can identify
energy intensive applica-
tions and the amounts be-
ing spent on repairs and
maintenance building by 29
building on a real time ba-
 sis. They can also see where they
have opportunities to reduce costs
and be more profitable,” said Iain A.
Campbell, Vice President & General
Manager, Global Energy & WorkPlace
Solutions, Johnson Controls Inc.
“The company was established
over 100 years ago, in 1885. Its found-
er developed a temperature regula-
tor for buildings – i.e. a thermostat
and set up a company to market the
product. This is a key component in
making buildings more energy effi-
cient by making sure that buildings
are cool – not overcool nor over hot
(in some climates). Saves on heating
bills,” he explained. “Today, we see
significant opportunities for energy
efficiencies in buildings, both new
and established, in this region.”
“Although concerns are some-
times voiced about the initial cost of
green projects, the financial benefits
are remarkable in the long run. We’ve
learnt the best practices for develop-
ing and managing green projects.
We are sharing these lessons with our
partners and our customers globally,
helping them benefit from the expe-
rience that we have gathered over
years, added Campbell.
Founded in 1885, Johnson Con-
trols is ranked 58th on the Fortune
500 list. The company has grown
exponentially, achieving over $38
billion revenue in 2008. It has over
140,000 employees serving custom-
ers in over 170 countries. It is a tech-
nology-based company with a very
strong balance sheet, which helps to
drive innovation – innovative tech-
nologies - for its customers.
“The integration of the building
systems and the information tech-
nology infrastructure into one intel-
ligent network is an important part
of our strategy for sustainability,” said
DUBAI REAL TIMES
Magdy Mekky, Vice President and
Managing Director, Middle East, for
Johnson Controls. “Johnson Controls
has addressed most challenges of
real-world integration and enterprise
connectivity, allowing building own-
ers and managers to control cost and
energy consumption. Thus, from a
30 green building and energy manage-
ment perspective, Johnson Controls
technology enables a more efficient
real estate portfolio management
with the benefits of optimum cost
savings, process improvements, and
improved occupant comfort. Also,
in most countries, there are financial
incentives to retrofitting or building
using ‘green’ principles that business
owners should take advantage of. Or
soon, legislation will force the issue.”
“Under our performance contract
with the Empire State Building in US,
we are delivering cutting edge tech-
nologies including Metasys building
management system with Sustain-
ability Manager, which will provide
tenants with an online dashboard to
help them track and manage their
energy usage; high efficiency York
Chillers, variable frequency drive air
handling equipment, radiator insula-
tion upgrade and an extensive onsite
window refurbishment. The energy
conservation solutions offered by
Johnson Controls pay back for them-
selves in the short-to-medium term.
In the case of the Empire State Build-
ing, with an initial estimated project
cost of $20 million, the building will
save over $4.4 million per year in
energy costs alone. Greenhouse gas
emissions will be reduced by more
than 105,000 metric tonnes over the
next 15 years.” said Clay Nesler, Vice-
President, Global Energy and Sustain-
ability Johnson Controls, Inc.
“As you strive to operate a more
sustainable enterprise, timely ac-
cess to data from multiple sites and
sources is critical. At both the enter-
prise and facility level, you’re dealing
with volatile energy rates, increasing
labour costs, maintenance problems
and complex compliance issues. On
top of that, global enterprises are
tasked with tracking and reducing
greenhouse gas emissions. We can
help businesses in the GCC reduce
their global warming footprint,” add-
ed Clay.
Johnson Controls also offers a
complete line of integrated control-
lers and equipment for lighting, fire
and life safety, physical security, and
heating, ventilation and high effi-
ciency York air conditioning (HVAC)
equipment. A unified approach to
encompass HVAC, lighting and ac-
cess controllers enables facilities to
integrate and easily adapt to ever
changing operational scenarios, as
well as add third party vendor sys-
tems.
Johnson Controls
Iain Campbell explained the com-
pany’s views on various topics.
Sustainability –reducing the
carbon footprint for both our cli-
ents and our company. In 2002, we
made a commitment to reduce our
carbon footprint by 30 per cent by
2012. We actually reduced it by 36
per cent by the time we got to 2008.
So we have set another 30 per cent
goal for the next ten years. We will
be sharing with others many of the
things that we did to achieve those
results.
Sustainability – our commit-
ment to communities. We have a
‘blue sky’ programme where we en-
courage, by corporate funding, our
employees to get involved with local
activities to support local communi-
ties. That is a very active programme.
Helping schools, clean-up initiative,
etc.
We are a $38 billion corporation
with three main activities of automo-
tives, power solutions (Lithium bat-
teries for hybrid vehicles and plug-in
electric ones) and building efficiency.
According to studies, the best way
to deal with climate change (green-
house abatement) is by conserving
energy consumption in buildings
and then in transportation.
Research into technologies (prod-
ucts, control systems, equipment for
new buildings/retro fitting) and the
business of service and maintenance
ensures that once constructed, a
building operates efficiently.
JC manages over 20 billion square
feet of commercial, industrial and in-
stitutional buildings with its systems.
“We understand buildings through
their many stages of construction,
design, operational and lifecycle. We
know what makes them efficient.”
“Spending an extra dollar in the
planning stage gives back at least
$18 in its lifecycle,” he adds.
Clay Nesler explained: “We are dif-
ferent to other companies in that we
actively get involved in the design
stage of a building, we help with the
build and retrofit activity they un-
dertake, we directly execute those
projects in relation to our technol-
ogy systems installed, we maintain
them over time, and, because we do
all that, we put our balance sheet be-
hind it and guarantee the work.”
A good example of this is the Em-
pire State Building, USA, constructed
in 1931. Years later, the owner of the
building decided to renovate and
upgrade the space to be able to get
higher quality tenants in the building.
They had already secured funding to
do that, and in line with the Cleaner
Climate project, they came to us and
asked how they could do this – may-
be by using some of the money they
had put aside for re-furbishment?
This was a three year payback and
we managed a $4.4million annual
saving. We did this by taking an inte-
grated approach by taking the right
steps in the right order to achieve
these kind of results. It’s not about
just putting in a new system.
The owners goals were:
• to prove that energy effi-
cientcy retrofits were in fact
cost-effective
• we can make good decisions
financially that are also good
for the planet
• to create a model that oth-
ers could follow. JC agreed
to share their knowledge on
methodology, analysis, etc.
The company spent a lot of time
considering what could be done and
came up with 60 potential improve-
ments – from putting wind turbines
on the roof, to putting green roofs on
some of the landings, photovoltaic
panels embedded in the windows.
Everything from commonplace to
sharp-edge technology. We whit-
tled that down to eight choices that
would give the most energy savings
as well as investment returns for the
client. And, we guaranteed that sav-
ing over a 15-year period.
One of the more interesting jobs
in this project is that we are going to
be re-manufacturing the windows –
all 6,500 of them– by using and im-
proving the ones that are currently
there instead of dumping them in a
landfill and making new ones. Every
night, 50 windows will come down,
The two existing glass panes will
be taken out and a new film placed
between them to allow visabil-
ity through into the offices, but will
block energy from coming through.
The gap will be filled with an inert gas
and those windows will be put back
again the following night when the
next fifty are taken down to be re-
manufactured in the same manner.
It will take about a year to complete
the job. This job will reduce the cool-
ing needed within the building by 33
per cent. Because of this, we do not
have to add to the chiller facility. We
are also putting in more efficient air
handling units, and digital controls
and it will be the world’s largest wire-
less control system.
As this is a building of historic
value, we had certain rules that we
had to follow. An interesting story
concerning the red windows is that
when the building was originally
built in 1931, the windows were de-
livered with a red primer on them
– ready for painting with a top coat
of some other colour. But, this hap-
pened at the height of America’s
Depression and there wasn’t enough
money to paint them. So when the
windows were replaced in the 1950s,
the Historic Landmark Commission
in New York would not let them
change the colour of the windows as
they had become an integral part of
the landscape. So they had to find a
paint that matched the colour of the
original primer from 1931. Building
codes and historic companies have
to be kept in mind when renovating
old buildings.
The newest thing is a Tenant
Management Energy system. Every
floor within the building will be sub-
metered and some tenants will have
their own energy meter with the
results seen on their own website
every 15 minutes. This will enable
choices to be made such as turn off
lights, put computers on stand-by,
etc. It will also let you compare en-
ergy usuage with others in the build-
ing. We think that will create a little
competition amongst companies to
be the one who uses the least en-
ergy.
Magdy Mekky expanded on some
new ideas relevant to this part of the
world by stating that smart grid and
smart buildings is a big topic of the
future.
“A smart grid is an upgrade of the
electrical distribution system allow-
ing it to accomodate more renew-
able intermittent sources of energy.
The sun shines, it doesn’t shine; the
wind blows, it doesn’t blow. The grid
has to be smarter to be able to ac-
commodate more variable sources
of energy. It is a bit like meshing
the internet with the electrical grid
so that the providers of utilities can
send information to buildings and
the buildings can send information
back. Through this, buildings will be
able to use less electricity and the
system will be more efficient. We be-
lieve there won’t be a smart grid until
there are smart buildings attached to
it.”
JC is the number one manage-
ment company in the world for its
Operations & Maintenance work.
Commenting on the local mar-
ket, Iain Campbell said: “We have
seen lots of clients questioning the
DUBAI REAL TIMES
service providers they are forced to
accept – many want to change, do
their own research and change the
O&M company.”
The company currently services
over 300 commercial buildings un-
der various maintenance contracts
with Nakheel, Emaar, banks in Shar-
jah, Emicool and the largest plant 31
room in the world at Dubai Airport.
 DISCUSSION

Call for greater knowledge transfer

on sustainability
Architects urged to effectively tackle techno-economic challenges to sustainability

S
ustainability cannot be gen-
eralised, but should inte-
grate histories, geographies
and traditions, including
Hotel in Dubai, under the patronage work together to develop a sustain- and confidence. The first edition of
of His Highness Sheikh Mohammed able architecture with an impact both The Dubai Forum, held in collabora-
bin Rashid Al Maktoum, Vice-Presi- within and beyond the building skin. tion with the Cooper Union for the
dent and Prime Minister of the UAE For architects to remain relevant in Advancement of Science and Art,

Panel discussions at The Dubai Forum focused on:

architecture and sustainable communities;
architecture and natural forces, media perspectives;
architecture and rapid urbanisation;
and architecture and cultural sustainability

Elizabeth O’Donell Mona Al Marri

contemporary building aspects, and and Ruler of Dubai. this endeavour, they must be willing coincided with the opening of the
Dubai is a perfect example for these His Highness Sheikh Maktoum bin to develop and critique their work in world’s tallest tower in Dubai, and
trends that professionals need to em- Mohammed bin Rashid Al Maktoum, a context that is not only physical but has proved to be an extraordinary
DUBAI REAL TIMES

ulate and share at all practical levels,
according to Elizabeth O’Donell, As-
sociate Dean, Irwin S. Chanin School
of Architecture, The Cooper Union
for the Advancement of Science and
Art, USA.
O’Donell’s remarks came during
her address at The Dubai Forum on
32 ‘Architecture for Sustainable Societ-
ies’, held on January 5 at The Address
Deputy Ruler of Dubai, attended
the premier platform organised by
Brand Dubai to foster discussions on
sustainable development.
O’Donnell said: “This forum was
convened as an opportunity for dia-
logue among professionals and edu-
cators concerned with the built en-
vironment to discuss contemporary
challenges and assess how we might
economic, climatic, social and cultur-
al as well. In this way, architecture can
establish relationships, activate and
engage civic space and support hu-
man activities that foster, protect and
encourage a sustainable future.”
Mona Al Marri, Chief Executive Of-
ficer of Brand Dubai, said: “Burj Khali-
fa has sent a clear message about the
country’s positive energy, optimism
podium for information exchange.
“The panelists and teams deserve
to be commended for making this
forum an effective knowledge shar-
ing platform that we believe will
continue to contribute to sustainable
development around the region.”
Panel discussions at the forum
focused on architecture and sustain-
able communities; architecture and
natural forces; media perspectives; sustainability means social sustain- containing the proceedings of the Dubai Forum were: Dr. Sabah Al
architecture and rapid urbanisation; ability, political sustainability, and Forum’s different sessions in 2010 Rayes, PACE Founder-Managing
and architecture and cultural sustain- sustainability of a community, and a would also be made available every Partner (Kuwait), Lanny J. Davis, At-
ability. Among the topics that the city is a reflection of a society’s past, year to serve as a reference guide. torney, McDermott, Will & Emery,
panels dealt with are: Architecture mistakes it has made, the novel ideas Among the participants at The Washington, DC, and Former White
and sustainable commu- House Counsel
nities; citizenship and (United States), Ko-
migration; technology helika Kohli, Chief
and innovation; current Executive, K2INDIA
research areas; engineer- (India), Dr. Tayeb
ing and natural forces in A. Kamali, Vice-
the context of climate Chancellor, Higher
change; energy deple- Colleges of Tech-
tion and population nology (UAE), Dr.
explosion; architecture Nadim Karam, Ar-
and rapid urbanisation; chitect / Principal,
growth of architecture HAPSITUS (Leba-
as art and engineering non), George J. Ef-
in the Middle East; and stathiou, Managing
cultural identity and Partner, Skidmore
architectural develop- Owings and Mer-
ment in poor societies. rill, and Lead Archi-
Leading media rep- tect for Burj Dubai
resentatives from the Dr. Tayeb A. Kamali Dr. Nadim Karam (United States), and
region and elsewhere Eng. Rashad Mo-
discussed issues such as hammed Bukhash,
social responsibility and Director of Ar-
the impact of the media chitectural Heri-
on contemporary archi- tage Department
tectural orientations. Dubai.
Speaking on ‘Archi- Other key partic-
tecture and Natural Forc- ipants include: Dr.
es’, Dr. Vandana Sehgal, George Campbell
Architect and Professor Jr., President, The
of Uttar Pradesh Techni- Cooper Union for
cal University, India, said: the Advancement
“Building the Burj Khalifa of Science and Art,
tower has been a long New York (United
and momentous jour- States); Diana
ney from what I gather. Hamade Al Ghurair,
Sustainability is personal Farooq Sobhan Architectural Ex-
to everyone, every re- pert (UAE); Salameh
gion, and every context. Abdul-Hadi, Media Expert (Jordan);
We should however, not Sadruddin Hashwani, Chairman, The
be concerned about the Dr. George Campbell Jr Hashoo Group (Pakistan); Farooq
extent of accomplishment alone, but it currently nurtures, and its aspira- Dr. Michael Sorkin Sobhan, Presi-
the economic stability of a building tions for the future. dent, Bangla-
as well, based on what the country’s He added: “Dubai is unique be- desh Enterprise
leaders propagate.” cause it has sprung to life in the Institute and
Panelists discussing the role of shortest span of time. Most cities Former President
media and its perspectives in cre- evolve over centuries or decades; but of G-77 (Bangla-
ating architectural and sustainable the emirate has successfully achieved desh); and Dr.
societies in the region felt the pro- this in less than a generation.” Michael Sorkin,
DUBAI REAL TIMES

cess of social change on sustainabil- The event hosted over 40 speak- D is t in g u ish e d
ity though slow at present, needs to ers, panelists, and more than 400 del- Professor of Ar-
take its natural course. The experts egates from 15 countries. chitecture and
agreed that media can assist by Ms. Al Marri said the proceedings the Director of
highlighting the latest technologies of the seminar and the ideas and rec- the Graduate Ur-
available, associated costs, and how ommendations that emerge from it ban Design Pro-
things that are evolving now are set would be widely distributed for the gramme at the
to make life better. benefit of researchers, policy-makers, City College of
Hendrik Hertzberg, Senior Edi- educators and the general public. New York (United 33
tor, The New Yorker, said: “Cultural She added that an annual booklet States).
 INFRASTRUCTURE
Together we build the future of Dubai
RTA braces for sustained partnership with private sector
R
oad and Transport Author-
ity (RTA) has a slogan which
seems to fit quite a number
of companies in the emirate
at the moment. “Together we build
the future of Dubai” is the slogan
they adopted a while ago, and now
they are following through with its
sentiments by teaming up with com-
panies in the private sector.
During the annual RTA ‘Vendors
Open House’, Abdullah Al Madani,
CEO of RTA Corporate Technical Sup-
port Services Sector, stated that RTA
was keen on supporting the existing
partnership with the private sec-
tor and stressing the importance of
maintaining and sustaining this part-
nership, considering the fundamen-
tal role of the private sector in push-
ing ahead with the development in
the emirate of Dubai.
A week later, HE Mattar Al Tayer,
Chairman of the Board and Execu-
tive Director of Roads & Transport
Authority (RTA), received in his office
HE Guy Warrington, Consul-General
- the British Embassy in Dubai, in a
visit that comes in the context of RTA
objectives to build on the ongoing
cooperative relations with relevant
bodies at local, regional and interna-
tional levels.
The meeting explored means of
boosting cooperation and exchang-
ing expertise between the RTA and
its counterpart British companies en-
DUBAI REAL TIMES
34
gaged in rail, roads and transporta-
tion industries, and the parties also
reviewed the forthcoming road &
infrastructure projects in Dubai.
Prior to this, HE Mattar Al Tayer
had revealed that the aggregate
approved budget for RTA expenses
in 2010 is Dh10.741 billion, of which
HE Mattar Al Tayer receiving the Consul of the British Embassy in Dubai
Dh2.835 billion is Operational Bud-
get, and Dh7.906 billion is Capital &
Project Budget.
He confirmed that the Govern-
ment of Dubai is proceeding with its
ongoing drive to upgrade its infra-
structure, including roads and trans-
portation projects, out of a solid be-
lief that investment in infrastructure
is the core driver of any cosmopoli-
tan city.
“In 2010, RTA will complete the
construction of the undergoing proj-
ects and engage in a host of other
fresh ones as well. Among the key
projects underway is the completion
of Dubai Metro Project, the first stage
of which was opened in September
2009 with 11 stations which are now
operational - the remaining stations
will be gradually opened shortly.
Work is progressing on schedule on
the construction of the Metro Green
Line as well, and will continue in the
Al Safouh Tram project, comprising
two phases extending 14 kilometres
along Al Safouh Road,” he added.
“Among the key road projects ear-
marked for completion or construc-
tion during this year is Sheikh Zayed
Road’s Parallel Roads Project; which
is one of the mega projects under-
taken by the RTA, extending 108 ki-
lometres starting from Sheikh Rashid
Road in the North and stretching
southward up to the outskirts of Abu
Dhabi emirate. The project compris-
es flyovers and grade interchanges at
junctions with crossing
roads in a total length
of 42 kilometres,” noted
Al Tayer.
He further elabo-
rated: “RTA will also
complete Al Khail Road
Improvement Project;
which is one of the
key projects; serving
as an extension of the
Business Bay Crossing
through which RTA is
intending to develop
road corridors support-
ing to Sheikh Zayed
Road and Emirates
Road; which are cur-
rently handling huge traffic volumes.
RTA will also undertake several other
miscellaneous road widening and
improvement projects and internal
road projects to serve the residential
districts of the emirate”.
As regards public transport, he
said RTA would continue upgrading
mass transportation infrastructure. In
particular, he said: “Bus depots at Al
Awir, Al Khawaneej, Jebel Ali and Al
Rawiyyah will be completed. We will
also complete the Bus Tracking Sys-
tem project; which aims at providing
ultra-modern top quality services in
public transport services in the emir-
ate. It provides instant tracking of
public buses 24 hours a day, provid-
ing communication and links with
them, ensuring their timely arrival at
destinations. The system facilitates
bus management through a Central
Eng. Muammar Khaled Al Katheeri and Mohamed Al Bahri
Control Unit; where attending staff
can make any modifications to en-
sure the timely deployment of buses
on their routes. RTA will also proceed
with upgrading of marine transport
modes, including water taxi, ferry
and stations,” said Al Tayer in a con-
cluding remark.
Dubai Silicon Oasis, the region’s
premier integrated innovations hub
for high-tech industries, has signed
a strategic memorandum of under-
standing (MoU) with Dubai Industrial
Academy (DIA) and Zoning Authority
Development Control (ZA) under the
Dubai Technology and Media Free
Zone Authority to implement a Site
Safety Passport (SSP) programme.
The signing ceremony was attended
by Eng. Muammar Khaled Al Katheeri,
Chief Officer – Engineering Manage-
ment at Dubai Silicon Oasis Authori-
ty, Rashed Al Ansari, Vice-President of
Dubai Industrial City, and Mohamed
Al Bahri, Director – Zoning Authority
Development Centre.
By the agreement, DIA, a division
of Dubai Industrial City, will offer a
range of bespoke programmes and
fixed-accredited training sessions to
DSO that can be shared with other
organisations. The SSP programme
will also be tailored to suit employ-
ees at various tiers within these or-
ganisations.
Commenting on this MoU, Al
Katheeri said: “Employees’ and
workers’ safety are the cornerstone
of construction activities at Dubai
Silicon Oasis; which derives from our
commitment to implement interna-
tionally recognised safety standards
across all DSO projects. So far, we
have managed to reduce the num-
ber of incidents and injuries caused
at construction sites by following
these standards and making safety
a priority. Dubai Industrial Academy
has a successful track record in train-
ing and educating employees of
various ranks on the need to comply
with industry guidelines. We hope
more organisations and client groups
will become part of this initiative and
set higher standards.”
Rashed Al Ansari, Vice-President
of Dubai Industrial City, said: “Educa-
tion and awareness about general
guidelines remain the foundations
of a knowledge economy and the
building blocks for better practices in
specialised fields. Our commitment
on the industrial sector is substanti-
ated by offering specialised training
for specialised professionals.”
The Site Safety Passport addition-
ally allows workers to operate inter-
changeably at the Zoning Authority
and Dubai Silicon Oasis.
The first academy of its kind in
the UAE, DIA was set up in partner-
ship with the UK-based Technical
Training Group (TTG), which is rec-
ognised as a ‘Centre of Vocational
Excellence’ by the UK Government.
The academy aims to offer over 250
courses in Quality, Health, Safety
and the Environment (QHSE), Me-
chanical Engineering, Electrical and
Power Engineering, Instrumentation
and Process Control, Chemical Pro-
cess and Laboratory Operations, Oil
and Gas, Construction, Logistics and
Transport, as well as Technical and
Supervisory Development.
Emirates Central Cooling Cor-
poration (Empower) is to expand its
district cooling infrastructure to meet
rising demand in Dubai. The an-
nouncement comes at a time when
total square footage
committed to district
cooling provided by
the company reached
40 million square feet
covering 80 buildings
in 2009. The plans
included bidding for
more projects which
are keen to gain from
the benefits delivered
by district cooling
and its environment-
friendly features.
Demand for dis-
trict cooling has been
increasing rapidly in
the last decade. In the
UAE, it was firstly used in the 1970s
at the Dubai International Airport. It
started being adopted commercially
in 1998 with the real estate boom
in the country. The adoption rate in
this technology has remarkably in-
creased in the past five years, espe-
cially among large-scale projects.
Ahmad bin Shafar, CEO of Em-
power, said: “We succeeded in build-
ing world-class district cooling infra-
structure that is considered an ideal
economic and environmental solu-
tion for residential and commercial
units, offices and hotels. In Dubai,
residential units are becoming in-
creasingly aware of the importance
of using district cooling system as
an alternative to conventional AC
systems, leading to energy
saving and environment con-
servation, as well as lower
operations and maintenance
costs. This is in sharp contrast
to lower awareness of its im-
portance in other parts of the
Middle East.”
The operational savings
percentage in a residential
unit compared with conven-
tional AC technologies ranges
between 40 and 45 per cent.
Empower was created to
provide energy-efficient dis-
trict cooling services to large-scale
real estate developments. The com-
pany unveiled plans to diversify into
other energy efficiency and conser-
vation services.
Bin Shafar added, “DCS achieves
economies of scale by using cen-
tralised plants instead of individual
cooling units in each building. The
centralised system results in less
capital and operating costs, thus re-
ducing air-conditioning set-up and
energy costs per building.”
Empower provides district cool-
ing service to a wide array of proj-
ects in Dubai, including Dubai In-
ternational Financial Centre, Dubai
Healthcare City, Jumeirah Beach
Residence, Culture City, Business Bay
and City Of Arabia.
Emirates Gas, a subsidiary of
Emirates National Oil Company
(ENOC), has introduced an environ-
mentally friendly and cost-effective
solution to metal cutting by offer-
ing Cutting Edge Gas, ideal for metal
working applications. Traditionally,
metal cutting has been done using
acetylene, which is more expensive.
Cutting Edge Gas, which is used for
cutting, heating, brazing and goug-
ing applications, is about 30 per cent
cheaper, lasts longer, reduces han-
dling costs and is environmentally-
friendly and safer than acetylene.
Cutting Edge Gas was showcased
recently at SteelFab 2010 which of-
fers a wide range of machinery and
equipment in metal working, metal
manufacturing and steel fabrication
to specialised segments in the in-
dustry. At the event, Emirates Gas re-
ceived positive response from trad-
ers and customers. This product is
the company’s first venture into the
fabrication industry, and has been
well received by the trade.
DUBAI REAL TIMES
35
 FOCUS

Green roofs
D
ubai Municipality (DM)
has launched a public
awareness campaign
called Green Roofs, in
cooperation with Al Yousuf Horti-
culture and Landscaping, BMC Gulf
Trading, and Renewed Solutions,
companies which specialise in agri-
culture technology and landscaping.
They will provide information in vital
locations such as shopping malls,
markets, neighbourhoods: Dubai
Festival Centre, Mall of the Emirates
and the Al Arabi Mall, Al Mizhar and
its branches, Al Warqa, Umm Suqeim,
Nad Al Hamar, Al Rigga, Al Sufouh
and Mirdiff.
Farhan Hassan Al Marzouqi
Farhan Al Marzouqi, Head of Cor- ture in the region, and this is one of
porate Marketing and Exhibitions the environment-friendly solutions
Section in the Corporate Marketing taken up by DM as it reduces tem-
and Relations Department of Dubai perature and purifies air from other
Municipality, said that models will be pollutants. It also cools and purifies
distributed for display to clarify the the air producing oxygen, regulat-
engineering idea of green roofs in a ing humidity and absorbing dust.
much simpler way so that everyone Also, green roofs reduce energy
could understand it easily. consumption. Buildings with green
The Green Roofs project aims at roofs require less cooling in the sum-
transforming the roofs of all buildings mer than buildings with conven-
and houses in Dubai into cultivated tional roofs. It is one of the meaning-
areas by using water generated from ful methods of thermal insulation
air conditioners to irrigate plants. It which, if used widely, will contribute
will be implemented gradually as in addressing the phenomenon of
the massive growth of urbanisation accumulation of gases in the built
in Dubai is leading to rising tempera- environment, also known as the
The application of green
roofs is optional for
residential villas, but for
investment buildings, it was
decided that the proposal be
submitted by the consultant
and the owner and
discussed with specialists
in the municipality during
the implementation phase of
buildings
impact of urban heat island, where
the temperature is around three to
five degrees celsius higher than the
suburbs due to the absorption of the
heat by buildings and streets and the
inability of the city to get rid of this
heat during the night period, which
leads to accumulation of gases. It is
also worth mentioning that a green
roof will isolate external sounds.
The application of green roofs is
optional for residential villas, but for
investment buildings, it was decided
that the proposal be submitted by
the consultant and the owner and
discussed with specialists in the mu-
nicipality during the implementation
phase of buildings, so as to prevent
any delay in treatment due to the
application of the system. If they are
satisfied with the system, it will be
implemented before the issuance
of the accomplishment certificate or
the implementation suspended for
another time.
Preparation of a manual on green
roofs has been completed, which
includes construction and environ-
mental standards that must be met
during the application, in addition
to the conditions, incentives, and
the licensing mechanism. It also in-
cludes a list of the types of plants
suitable for cultivation on the surface
and soils that are suitable and their
technical specifications. The manual
also explains the needs of different
plants for irrigation so that plants
that require minimal maintenance
are chosen.

UAE’s largest pre-insulated pipe manufacturing facility

DUBAI REAL TIMES

Signifies UAE’s drive towards diversification of economy

Dubai Judicial Institute (DJI), a lead-
ing centre of law studies and judicial
training in Dubai, recently hosted a
seminar on ‘The role of legislation in
solving legal disputes related to real
estate and property transactions in
36 Dubai.’ The event was attended by
representatives from the Dubai Public
Prosecution, Dubai Property Court,
Dubai Labour Court, Dubai Courts,
Dubai Real Estate Regulatory Agency,
Ajman Real Estate Regulatory Agency,
Abu Dhabi Islamic Bank, and law firms
in Dubai. The seminar forms part of
DJI’s efforts to foster cooperation
with government organisations and
provide all available tools and meth-
ods to resolve property transaction
disputes in the emirate.
Emad El Din Farouq, Senior Legal
Advisor at Dubai Land Department,
discussed the important role of leg-
islation in promoting stability within
Dubai’s real estate market. Mohamed
Massaad Al Sharif from the Property
Court at Dubai Court, on the other
hand, explained the ‘Property Legisla-
tion System in Dubai.’ He spoke about
the three major areas of the system,
namely, the legislative development
for the committee on rental and prop-
erty disputes; the property legislative
system; and its implementation.
Counsel Bakri Abdullah Hasan,
Advisor - Technical Office of the
Dubai Public Prosecutor, delivered an
overview of the Special Judicial Com-
mittee to settle disputes between
landlords and tenants, during which
he addressed four major areas: the
formation of the committee and the
outlining of its functions; prohibitions
and restrictions on criminal proceed-
ings and the committee’s authorities;
its judicial decisions; and the obsta-
cles it faces.
Dr. Jamal Hussein Al-Sumaiti,
Director-General of Dubai Judicial
Institute, said: “The financial crisis has
impacted various legal areas, includ-
ing disputes and problems related
to property transactions. Legislation
in general, and property laws in par-
ticular, around the world, including
the UAE, have shown vulnerabilities
in solving challenges stemming from
current economic conditions. This
seminar represents our support for
the plans and strategies of the Dubai
Government and the Federal Gov-
ernment, focused on addressing im-
balances and avoiding gaps in their
respective legislations, in line with
latest developments at the local, re-
gional and international levels.”
“As part of its aim of overcoming
the repercussions of the crisis and
continuing the growth witnessed by
the UAE real estate market over the
past three years, the Dubai Govern-
ment issued decree No. 56 for the
year 2009, which provides for the
formation of judicial committees that
will settle disputes over bounced
cheques in the real estate sector,” he
added.
“Property disputes fall within the
jurisdiction of the courts, but given
the importance of the real estate
sector and the necessity of resolving
such disputes, the Dubai Govern-
ment has suggested resolving some
property and rental disputes through
special committees. In this regard,
we believe that seminars, workshops
and related events will be an effective
means for promoting the legal and
judicial culture within society, fam-
ily, property sector and other vital
areas. Such initiatives are in line with
the emirate’s vision of creating an in-
tegrated society and achieving com-
prehensive development in the long
run,” concluded Al-Sumaiti.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai,
visiting Dubai Healthcare City (DHCC) stand on the opening day of Arab Health 2010. He is accompanied by Dr. Ayesha
Abdullah, Senior Vice-President, DHCC, a member of TECOM Investments, and Dr. Muhadditha Al Hashimi, Acting CEO of
Tatweer
DHCC and DuBiotech share stand
Dubai Healthcare City (DHCC), the
world’s first integrated healthcare free
zone, and Dubai Biotechnology and
Research Park (DuBiotech), the major
life sciences hub in the Middle East,
highlighted new opportunities and
showcased recent developments at
Arab Health 2010.
Launched in 2005, the Dubai Bio-
technology and Research Park, pur-
sues a mission to create the biggest
life sciences cluster in the Middle East.
DuBiotech’s latest milestone includes
the completion of the state-of-the-
Valuations department set up
Landmark Properties has announced
the launch of their new department,
Landmark Valuations, which services
corporate and private clients to give an
accurate picture of the value of their
holdings. Saeed Hashmi has been ap-
pointed as Head of Valuations; a profes-
sional with considerable experience in
the property sector having worked for
both client-side and consultancy com-
panies. He has a BSc Honours in Estate
Management and is a Member of the
Royal Institution of Chartered Surveyors.
“In this rapidly changing property
market in the UAE, our clients need
to know the true value of their asset,
whether it’s for corporate or personal ac-
count records,” explained Hashmi.
art four-storey Nucleotide Laboratory medical licensing exams and Primary
Complex. Comprising 256,000 square Source Verification, a system to verify
feet of leasable area, the ultra-modern the credentials, experience and qualifi-
Nucleotide Lab Complex is designed cations of healthcare professionals.
to house biotech, life sciences and Dr. Ayesha Abdullah, Senior Vice-
pharmaceutical activities ranging from President of Dubai Healthcare City,
research and development to diagnos- said: “Since its inception, DHCC has
tic, analytical and equipment training grown into a city of over 90 outpatient
activities. centres and diagnostic laboratories,
As a leader in providing the high- two hospitals and over 100 commer-
est quality healthcare which prioritises cial and retail services. We have the
patient needs, Dubai Healthcare City highest standards in healthcare and
launched a suite of new consultancy have received wide, international rec-
services including health informatics, ognition for these standards.”
“With the launch of the this de-
partment, we are the only company
in the region to have four licences,
which includes: Property Manage-
ment, Advisory, Valuations, and a
RERA certification to conduct sales
and brokerage.”
Landmark’s RICS-certified valu-
DUBAI REAL TIMES
ers use information compiled by the
company’s analysts to provide unbi-
Saeed Hashmi
ased, reliable valuation consulting for
all property types, including residential, corporate strategy; and receiverships.
commercial, industrial, leisure and land. Hashmi added: “Our corporate clients
The team can carry out valuations for a have been keeping us busy as they close
number of reasons including bank loans; their books for the 2009 fiscal year and we
balance sheets and company accounts; have been valuing both single properties
inheritance; purchases; stock market flo- and entire portfolios for them as they seek 37
tation; investment portfolio valuations; certified valuations of their assets.”
 Safety first at Downtown Jebel Ali
Two million man hours, zero incidents at mixed-use project
Infrastructure teams at Limitless’
Downtown Jebel Ali project are
leading the way in building site
safety, notching up over two million
man hours, equivalent to 700 days,
without a single lost time incident.
Work at the 200-hectare site began
in January 2008, and involved the
construction of over 100 kilome-
tres– almost the distance between
Dubai and Abu Dhabi – of deep
services infrastructure, with up to
Talks with companies to expand their presence
Dr. Zarouni urges Intel to play a more active role in attracting technology companies
Dubai Silicon Oasis (DSO), the region’s
premier integrated innovations hub
for high-technology industries, has
announced that a high-level official
delegation held discussions with
a number of US-based technol-
ogy and IT companies seeking to
set up presence in the Middle East.
The companies represented diverse
technology segments including
consumer internet, digital media,
enterprise software, IT infrastructure,
and circuit design.
The delegation was in the US as
Memon Group unveils new brand identity
Memon Group of Companies, a
multi-billion dollar international busi-
ness conglomerate with interests
in real estate development, trading,
manufacturing and IT, has unveiled
its new brand identity - ‘Shaikhani
Group’. Chairman Abu Baker Shai-
khani has revealed that the move is in
line with the group’s new strategy for
growth in the region. The rebrand-
ing is also part of the group’s efforts
DUBAI REAL TIMES
to build a closer association with its
founding family - the Shaikhani’s,
which the company believes will fur-
ther strengthen its brand identity. He
further revealed that the group aims
to achieve a 10 to 15 per cent growth
in 2010 and further expand its project
portfolio.
38 All existing business under the
group’s former identity, which in-
800 construction workers on site at
a time.
Strict safety procedures here in-
clude extensive training and work-
force awareness programmes, with
incentive schemes encouraging
workers to acknowledge and report
potential problems as they arise.
Salah Ameen, Deputy Executive
Director for Limitless in the Middle
East, said: “Efficient safety opera-
tions not only reduce the risk of per-
part of DSO’s participation in the 10th
Annual Intel Capital CEO Summit.
Dr. Zarouni said: “The Intel Capital
CEO Summit was a great platform for
industry leaders to exchange ideas
and network with the key decision-
makers. Our sponsorship of the
event demonstrates our commit-
ment to establishing a strong pres-
ence internationally and promoting
DSO’s offering to a diverse customer
base. The event allowed us to meet
and explore different ways to attract
technology companies to operate
Abu Baker Shaikhani
cludes Memon Investments, Memon
Real Estate Brokers Dubai, Rubber
World Industries LLC, Gulf-O-Flex Trad-
ing LLC, Memon Developers UK Lim-
ited, and Memon Real Estate Pakistan,
are also slated to operate under the
Shaikhani Group banner. The group is
further planning to diversify into the
hospitality, medical, retail and educa-
sonal injury, but also keep project
timelines on track, saving time and
money during construction. Our in-
frastructure teams work with heavy
plant machinery and x-ray equip-
ment, in very confined spaces – all
while competing with the heat and
humidity of the desert. This ‘two
million milestone’ is a remarkable
achievement, considering the high-
risk nature of the work, and the num-
ber of people involved.”
at DSO while channelling research
and development to the technol-
ogy park. The summit also explored
investment opportunities in these
start-ups and ways to collaborate
with different companies.”
A wholly-owned entity of the
Government of Dubai, DSO oper-
ates as a free zone technology park
for semi-conductors, micro-elec-
tronics and other electronics-based
companies looking to set up their
regional headquarters and R&D di-
visions in Dubai. Dr. Mohammed Al Zarouni
tion sectors in the near future. Prior to the unveiling of the new
“We are pleased to announce our brand identity, the Memon Group has
new corporate name - ‘Shaikhani delivered over 30,000 units across the
Group’, which represents our evolv- globe, and maintained relevant pres-
ing strategy to further leverage the ence in 90 countries. Its property de-
property, construction, manufactur- velopment arm - Memon Investments
ing and trading sectors in the re- has a UAE portfolio comprising presti-
gion as it undergoes an exemplary gious projects, including ‘Champions
recovery phase,” said Abu Baker Towers I, II, III, and IV’ and ‘Frankfurt
Shaikhani. “We needed to develop Sports Tower I’ in Dubai Sports City;
a brand identity that has a universal ‘Gardenia I & II’ in Jumeirah Village, and
appeal and is in line with the per- ‘Cambridge Business Centre’ in Dubai
sonality and interests of our group, Silicon Oasis, all of which embody
to maximise our legacy spanning the developer’s trademark top-notch
over three decades. The challenge quality and uniqueness. The group
in the current economic climate is also has extensive expertise in the real
to ensure that the message regard- estate market, and a strong reputation
ing the development cuts through for its unwavering support for various
to customers, partners, investors and causes such as poverty alleviation,
end-users, and generates significant environmental conservation and aca-
interests among them”. demic development.
Inflation and CPI and Inflation Rate (2008-2009)

consumer
price index
Dubai Statistics Centre
has published its
latest official statistical
reports entitled
‘Inflation and Consumer
Price Index –Emirate of
Dubai 2009’
The general increase in prices
(Consumer Price Index) mea-
sures economic inflation and is a
direct measurement of purchas-
ing power of money in various fi-
nancial operations which include
goods and services. Inflation is
usually calculated monthly and
compared with the previous pe-
riod. It depends on a base year
where weights of goods and
services are calculated accord-
ing to families’ expenditure on
these goods and services. 2007
is chosen as a base year by using
family expenditures and income
survey results. Based on this,
goods and services have been
divided into 12 main expendi- CPI for Housing, Water, Electricity, Gas and other Fuels group (2008-2009)
ture groups, according to the
Classification of Individual Con-
sumption According to Purpose
(COICOP).
The Inflation rate of 2009 Housing, Water, Electricity,
is 4.06 per cent compared to Gas, and other Fuels group
2008. The education group ob- inflation rate amounted to
tained the highest inflation rate 2.41 per cent. The highest
at 18.60 per cent, followed by inflation rate amounted
Clothing and Footwear group to 6.84 per cent for Liquid
by 9.86 per cent, Restaurants Fuel group, 2.80 per cent
and Hotels group by 7.36 per for Rent group and 2.18
cent, Alcoholic Beverages and per cent for Solid Fuels .
Tobacco group by 5.61 per cent,
Health group by 5.31 per cent,
Transport group by 4.36 per
DUBAI REAL TIMES

cent, Miscellaneous Goods and

Services group by 3.69 per cent,
Furnishings, Household Equip-
ment and Routine Household
Maintenance group by 3.33 per
cent, Recreations and Culture
by 2.55 per cent, Food and Non-
Alcoholic Beverages group by
2.42 per cent, Housing, Water, 39
Electricity, Gas, and other Fuels
group by 2.41 per cent.
 CPI and Inflation Rate for Furnishings, Household Equipment and Routine Household Maintenance group (2008-2009)

Furnishings, Household
Equipment and Rou-
tine Household Mainte-
nance group inflation rate
reached 3.33 per cent, due
to increase in Household
Textiles by 25.62 per cent,
Glassware, Tableware and
Household Utensils by
16.74 per cent, and 14.75
per cent for Major House-
hold Appliances whether
electric or not.

CPI and Inflation Rate for Education group (2008-2009)

DUBAI REAL TIMES

Education inflation rate

has increased by 18.60 per
cent, due to tuition fees.

40

H
RH the Crown Prince of
Denmark, Frederik and
HH Sheikh Mansoor bin
Mohammed bin Rashid
Al Maktoum inaugurated Empow-
er-Logstor Insulated Pipes Systems
(ELIPS), UAE’s largest pre-insulated
pipe manufacturing facility, in Jebel
Ali. The move signifies UAE’s drive
towards diversification of economy
in order to sustain growth.
ELIPS is a joint venture between
Emirates Central Cooling Systems
Corporation (Empower) and Log-
stor, the world’s largest manufac-
turer of pre-insulated pipes. The
$25 million facility will cater to the
requirements of District Cooling
Services plus the Oil and Gas indus-
World class conference centre at JLT
Almas Conference Centre to be managed by Atlantis, The Palm
Dubai Multi Commodities Centre
(DMCC) has officially opened Al-
mas Conference Centre, a state-
of-the-art facility in the Jumeirah
Lakes Towers (JLT) community. The
conference centre is located on the
ground level of the flagship, 65-sto-
reyed Almas Tower in the heart of
JLT free zone master developed
by DMCC. It houses the region’s
first Diamond Exchange, the most
sought-after address for the gem
trade.
The Almas Conference Centre
is custom-designed to host corpo-
rate conferences, conventions and
tries across the Middle East.
Speaking at the launch, Ahmad
bin Shafar, CEO of Empower (51 per
cent partner), said: “This factory rep-
resents Dubai’s success in bringing
fresh investments into the emir-
ate. Further, it demonstrates Dubai
companies’ progressive outlook,
reflected in investing in new ven-
tures, expanding existing facilities
to provide full integrated solutions
and producing raw material inter-
nally instead of importing it.”
The factory will ensure high
quality of insulation and casing
of pipes. It will also ensure price
control by improving supply chain
and eliminating artificial price fluc-
tuations created by various players
UAE’s largest
pre-insulated pipe
manufacturing facility
Signifies UAE’s drive towards
diversification of economy
due to the demand-supply gap. It
will benefit from its location in Jebel
Ali Industrial area, which will provide
easy access to both Dubai and Abu
Dhabi markets.
Depending on dimensions and
output from 100 to 300 pipe joints
a day, the factory will offer job op-
portunities for a wide range of com-
petences, from operators to highly
skilled engineers within sale, engi-
neering and production technolo-
gies.
The factory is using spray tech-
nology for manufacturing large di-
ameter pre-insulated pipes which
will ensure high quality products
and also result in savings in raw
material costs as compared to tra-
LAUNCHES
ditional injection technology. This
technology also enables a foray into
the oil and gas industry which is not
possible with traditional injections.
Currently, only one out of five exist-
ing pre-insulated pipe manufactur-
ers are using spray technology.
Preben Tolstrup, CEO of LOG-
STOR, which owns 49 per cent stake
in ELIPS, said: “We have more than
50 years of experience and 10 fac-
tories worldwide, serving custom-
ers in more than 50 countries. With
the prime purpose of supplying top
quality district cooling pipe systems
to the entire region, the world’s
most advanced technology intro-
duced at this new plant will set the
standards for many years ahead.”
DUBAI REAL TIMES
41
 exhibitions, with a touch of class
that comes with all facilities in JLT.
It is equipped with a spacious pre-
event area for networking, bulk stor-
age areas, office space, a full-fledged
kitchen and catering facility, as well
Hotel condominium ownership
IFA Hotels & Resorts (IFA HR) has
launched its second hotel condo-
minium ownership product in the
Middle East. Situated within the five-
star Fairmont Palm Jumeirah hotel
in Dubai, the new offering is of par-
ticular interest to investors wishing to
diversify their property portfolio with
a unique real estate option that com-
bines both the business of guaran-
DUBAI REAL TIMES
teed rental returns and strong capital
growth potential with the pleasure of
a hassle-free vacation property.
The concept allows initial inves-
tors to buy a fully furnished, five-star
branded hotel room, within a rental
pool system that guarantees annual
returns of 10 per cent per year for the
42 first five years, underwritten by IFA
Hotels & Resorts during the hotel’s
as the most sophisticated audio-
video systems.
DMCC has partnered with hospi-
tality specialists Atlantis, The Palm to
manage the facility and deliver end-
to-end corporate event marketing
stabilisation phase, and a guaranteed
buy-back premium of 10 per cent af-
ter five years from the hotel’s open-
ing. Owners also enjoy access to the
accommodation and exceptional
amenities managed by Fairmont Ho-
tels & Resorts for a total of up to 30
days each year.
Werner Burger, President & COO
of IFA HR, stated: “Worldwide, hotel
condominiums are one of the fast-
est growing sectors of the real estate
industry. As the first company to
introduce the concept of hotel con-
dominium ownership to the Middle
East, we have seen its appeal con-
tinue to grow, particularly in markets
like Dubai where hotel occupancy is
still one of the highest in the world.”
In uncertain times, investors can
and logistical solutions for the 800
square metre location which has a
capacity to host 500 delegates at a
time.
Ahmed bin Sulayem, Executive
Chairman of DMCC, said: “A unique
also rely on the added security of in-
vesting in a Dubai-based hotel prod-
uct. A study published by STR Global
in June 2009 showed Dubai contin-
ues to lead global hotel occupancy
rates, outperforming Paris, New York,
Singapore and Tokyo, among oth-
ers. Within Dubai, beach hotels and
resorts continue to earn higher rev-
enue per available room compared
to similar hotels in the city.
Piaras Moriarty, VP Client Man-
agement, IFA HR comments: “With
banks’ deposit rates at historical
lows, the purchase of a hotel condo-
minium property is an attractive al-
ternative for those wishing to diver-
sify and improve the return of their
investment portfolios.”
Leading luxury hotel operator,
global event facility deserves to be
managed by a unique hospitality
brand. That is why we chose Atlantis,
The Palm as our partner to ensure
world-class services are delivered at
every event.”
Fairmont Hotels & Resorts, will be re-
sponsible for the day-to-day admin-
istration, marketing, servicing and
maintenance of the hotel.
The Fairmont Palm Jumeirah is sit-
uated on the western portion of the
trunk of Palm Jumeirah island and has
reached the top level of construction.
The five-star beach hotel will host 381
fully furnished rooms and suites with
spacious balconies overlooking ele-
gantly landscaped gardens, pools, the
Arabian Gulf and the Dubai Marina. It
will also include extensive conference
facilities, a selection of food and bev-
erage outlets, a well-equipped gym,
a Willow Stream Spa and outdoor
leisure amenities, including a private
beach and pool complex, sports club
and kids club.
Development plans on The World islands
Construction to commence on Germany in Q1 2010
Kleindienst Group (KG) is one of the
first developers to announce con-
struction plans on The World islands
project in Dubai this year. The real es-
tate company has launched its Heart
of Europe development - a six-island,
12-site luxury holiday destination,
which begins construction on the is-
land of Germany in the first quarter of
2010.
The first phase comprises 20 villas,
designed by leading Spanish architec-
tural practice A-cero, and is reserved
exclusively for private holiday homes.
The plots, inclusive of sea frontage,
range from 6,000 to 40,000 square
feet on which investors select their
pre-designed shell and core scheme
for a 3, 4 or 5-bedroom villa. Inte-
rior fit-outs are then customised to
individual tastes with investors able to
choose from a wide range of finishing
options. Land prices range from Dh1.8
to Dh12 million.
The villas are primarily targeted
towards end-user holiday home in-
vestors, a market which the company
sees as a key driver of tourism and real
estate growth in Dubai over the short
to medium term.
While property prices in the emir-
ate fell up to 50 per cent in some in-
stances during the year, KG remains
confident in the investment potential
of The World, given it is one of the
Last phase of Shorooq Mirdif development
Spacious and affordable apartments on offer at family-oriented community
Dubai Properties Group (DPG)
has launched the last phase of its
Shorooq community in Mirdif offer-
ing 1,428 residential units compris-
ing studios, one and two bedroom
apartments. DPG’s announcement
follows the successful leasing of
the first two phases. The family-
focused development is one of the
most sought after neighbourhoods
in Dubai, offering annual leases for
as low as Dh49,000 for a studio,
Dh65,000 for a one-bedroom and
Dh79,000 for a two-bedroom apart-
ment. Additional discounts are also
offered for a limited time for early
only sites dedicated entirely to holiday
home ownership.
“We have interests in industrial,
commercial, hospitality and residen-
tial real estate, but The World is where
we now see the strongest market po-
tential,” explains Chief Executive Josef
Kleindienst. “Tourist arrivals to Dubai
have increased, despite the economic
slowdown in 2009, and worldwide, the
market for property ownership abroad
has shown resilience, particularly for
luxury holiday home destinations.”
Kleindienst says Dubai presents
many advantages over its rival Miami
as a luxury winter sun destination for
European holiday home investors. “It
is a safe and sophisticated city which
is half the travel time so visitors avoid Austria, Switzerland, Netherlands, St aces as well as a diverse range of retail,
jet lag. They can also enjoy tax-free Petersburg and Sweden, on which will entertainment and F&B outlets.
income generation from holiday leas- be another six European destinations – Kleindienst Group has partnered
ing,” he added. Belgium, Geneva, Luxembourg, Monte with some of Europe’s foremost archi-
According to analyst reports, Carlo, Poland and Sochi. The first-class tects and technology providers, includ-
60,000 Germans alone will purchase holiday destination is a celebration of ing the esteemed Fraunhofer Institute,
new vacation homes around the world the continent’s artistic and cultural to give The Heart of Europe its signa-
in 2010. treasures with each country captur- ture style of sleek and modern design
“We anticipate The Heart of Europe ing a different facet of Europe’s unique infused with characteristics of the host
will attract interest from both offshore character – music in Holland, innova- countries.
Europeans and residents of Dubai. In- tion in Germany, style in Austria, won- The development is also a beacon
vestor enquiry levels are looking posi- der in Russia, tranquillity in Sweden, of sustainability and innovative design,
tive – we have already sold three villas and romance in Switzerland. with green features that distinguish
ahead of our official launch to market,” When complete, The Heart of Eu- it as one of the worlds most environ-
said Kleindienst. rope will be home to 75 private holiday mentally and forward-looking destina-
The entire Heart of Europe project homes, six apartment buildings, six ho- tions, such as zero-energy villas and a
is spread over the islands of Germany, tels, six lighthouses and six floating pal- climate-controlled boulevard.
booking.
The final phase of the com-
munity will feature 42 apartment
buildings that provide a variety of
unit designs and layouts. This is a
unique alternative to high-rise liv-
DUBAI REAL TIMES
ing, offering families a secure, high-
end lifestyle away from the din and
bustle of the city. It is located adja-
cent to the Rashidiya Metro station.
In keeping with DPG’s mission to
create communities with unparal-
leled amenities, Shorooq Mirdif of-
fers inimitable convenience and a
comfortable lifestyle at competitive 43
rates and flexible payment plans.
 UNDER CONSTRUCTION

Ground breaking ceremonies

The past few months have not only seen construction at various sites going ahead, but have
also seen a number of new projects breaking ground

T
wo contractors have been and moving forward,
appointed by Almasah particularly during these
International Real Estate challenging times, when
to complete works on many companies are
three of its projects. Al Shafaar civil retracting. Our facility
engineering has been assigned as will be a multi-storeyed
the main contractor for two projects: unit with warehouse,
Judi Palace and Jouri 5, both located factory, showroom and
in Jumeirah Village. Al Reem Dubai offices, all operating as
Contracting has been appointed the central hub.”
to begin main construction work Fattahi added: “Dubai
on Chess Tower located in Dubai Airport Terminal 3,
Sports City. Sorbonne University,
Almasah Chairman, Dr. Abou Hamdan e-University,
Taleb Talebi, says that appointing Drydocks World are
these two proven contractors few of the successful
Judi Palace
ensures Almasah’s will to meet its business stories of 2009
obligations towards its clients and 11 on a 245,000 that have benefitted
have these projects completed square feet facility at from the expertise of
within the scheduled time-frame. Dubai Industrial City, BAFCO in the field of
Mobilisation works on Judi which is expected to corporate workplace
Palace started on November 1 dramatically improve furnishing and interior
2009, and will be delivered in 17 production output design.”
months. The development will have from 50,000 furniture BAFCO aims to
a built-up area of 201,00 square feet, units to 150,000 units achieve the LEED
comprising 145 units over four floors annually. The company, (Leadership in Energy
split between two buildings. a Dubai-based central and Environmental
Work on Jouri 5 began on trading hub for office Design) certification
December 15 2009 and will take furniture since 1991, for its new facility.
20 months to deliver. It will have a will benefit from LEED was developed
built up area of 775,000 square feet, the new centralised by US Green Building
comprising 511 units spread over 16 headquarters and Council as a rating
Jouri 5
floors. manufacturing facility, system to set a standard
Al Reem Dubai Contracting, with lead times for for environmentally
which already has a contract with clients expected to sustainable construction.
Almasah for the construction drop to under two It encourages projects
of Sahara Living Villas in Dubai weeks from the to source their project
Industrial City, began works on previous two months. requirements in a
DUBAI REAL TIMES

Chess Tower on November 5 2009. Khosrow Fattahi, manufacturing facility

Chess Tower will have a built-up area BAFCO’s Managing within 800 km of the
of 296,000 square feet, comprising Director, said: “This building site to reduce
252 units and will be delivered in 18 connection of our carbon emissions
months. disparate operations associated with
Al Masah presently has a total of is of paramount transportation and
19 projects under construction with importance to our storage.
a total value of Dh3.7 billion. continued success Dubai Properties
44 UAE-based office furniture giant and we are excited Group (DPG) has
BAFCO broke ground on January to be expanding announced that the
Interior furniture outfitting by BAFCO

Remraan
prestigious 23.5-million square
feet Remraan development has
registered another significant
milestone with 25 buildings reaching
full height as construction rapidly
progresses on the five, six and seven-
floor residences. More than 3,000
workers are on site daily with over
50 cranes operating throughout
the development, as 46 per cent
of the superstructure is nearing
completion ahead of schedule.
In addition, infrastructure work
continues across the development’s
low-rise residential units.
With more than 85 per cent
of excavation and 50 per cent of
foundations completed at the
site, work has commenced on the
construction of roads to service
the community that will feature
upscale studio, one, two and three-
bedroom apartments. Contractors
have commenced interior fit-outs
including walls, floor tiles and
fixtures. External primer paint is
progressing with work continuing on
balconies and decorative surfaces.
Shaikh Holdings has made
substantial construction progress on
its award-winning golf development
- Sanctuary Falls. The developer
has achieved significant milestones
over the past 18 months, and has
been working diligently to build
the 99-villa community and deliver
on its commitment to its residents.
Overlooking the ‘Earth’ course at
Sanctuary Falls
The Imperial Residence construction progress
Jumeirah Golf Estates, Sanctuary
Falls provided a dramatic backdrop
for the Dubai World Championship
held in November 2009.
Imran Shaikh, CEO of Shaikh
Holdings said: “All eyes were on
Jumeirah Golf Estates during this
time and the momentous event
created tremendous international
awareness for the master community
and golf in the UAE.”
With the villas now at various
stages of construction, from main
concrete works to internal finishing,
the unique streetscape of Sanctuary
Falls has started to take shape.
The current on-site construction
workforce stands at 2,000. The
first show villa was completed and
unveiled following the Dubai World
Championship, while the remaining
villas are on schedule for completion
early this year.
“We believe that despite the
volatility in home prices over the last
year, the market going forward will
gravitate towards quality real estate,
creating strong demand and value
for developments such as Sanctuary
Falls,” Shaikh continued.
Shaikh Holdings is a family
enterprise with a Middle East
entrepreneurial heritage dating back
to Bahrain since 1913. The company
currently holds a significant
portfolio of residential, commercial
and hospitality real estate, and has
been a leading institutional investor
in the Dubai real estate market since
2002. The company’s primary Dubai
investments have been in premier
developments such as Jumeirah Golf
Estates, Palm Islands, Emirates Hills,
Business Bay, and Dubai Waterfront.
Tameer Holding Investment
LLC has announced the scheduled
progress of The Imperial Residence
which features two 28-storey towers
including a 4-storey podium in
Dubai’s Jumeirah Village South.
Once completed, the building will
house 510 apartments offering
a wide choice of sophisticated,
contemporary and spacious studios
as well as 1, 2 and 3-bedroom
apartments including two and three
bedroom duplexes. Residents will
have access to a range of facilities
and amenities, including recreation
areas, swimming pools, two
gymnasiums with sauna and jacuzzi,
children’s play area, 24-hour security
and undercover parking. It will also
offer residents the convenience of
a variety of retail outlets located on
the ground floor in addition to an
elegantly-landscaped outdoor area.
Federico Tauber, President,
Tameer Holding Investment LLC said,
“It gives us pleasure to announce that
the work in progress at The Imperial
Residence is moving forward as
scheduled. Construction activities
are advancing on both towers
where floor slabs have been cast
up to level 22. Podium works, block
work and internal
activities are
also progressing
simultaneously
on the lower
floors. The four
tower cranes and
400 workers have
been working
multiple shifts and
have achieved
remarkable
progress in order
to meet the project
deadline.”
Regional real
estate company, Tameer, reports
steady progress on the construction
of its 31-storey Silver Tower, with the
completion of the building’s top floor
and roof. The progress marks the
completion of the structure works
and achievement of the scheduled
December 2009 milestone. At a
height of 148 metres, this business
tower, with its silver aluminum
facade and sleek glass architecture,
will comprise 260 offices of varying
sizes.
In addition to offering premium
office space, Silver Tower will also be
home to a fully-equipped health club,
748 private parking spaces, retail and
commercial outlets, a cafeteria and
more, spread across a total area of
around 700,000 square feet.
According to company officials,
construction on the building is
progressing according to schedule,
with completion of the project on
track for a 2010 delivery.
Silver Tower progress photo taken on
December 9, 2009, showing the prog-
ress of the superstructure up to the roof
level and four side elevations
DUBAI REAL TIMES
45
 HANDOVERS

Ready and occupied

Completion of residences and offices has seen a profusion of keys changing hands

M
ore than 50 per cent
of apartments owned
by Dubai Properties
Group (DPG) at its
innovative new community Al
Khail Gate have been leased to
both corporate and residential
customers looking for affordable
mid-range housing requirements
Al Khail Gate
in Dubai. With reasonable prices
and a prime location on Al Khail
road, the Dh3 billion development
is proving popular with customers
throughout the UAE, as demand is
high to lease spacious apartments
that offer good value for money.
The gated community is designed
to accommodate both singles and
families across the seven million
square foot development.
With leasing prices starting
as low as Dh33,000 per year, the
DUBAI REAL TIMES
DPG is planning to build a
dedicated gym, a swimming pool,
kids play areas, sports facilities
including multipurpose courts for
basketball, volleyball and tennis, in
addition to a cricket ground, and
retail shops to further enrich the
experience and better service the
community.
Star Giga Establishment
Limited has started the delivery of
GoldCrest Executive, built in the
Goldcrest Executive
heart of Jumeirah Lakes Towers.
The 39-storey tower is a premier
freehold office and residential
development, consisting of deluxe
office space and lavishly furnished
residences.
The commercial section of the
project spans over the first 19 floors.
The first floor houses a Business
Centre and several meeting rooms
equipped with the latest office
infrastructure to provide seamless
support. From the second floor
onwards is the ultra modern open
office equipped with world-class
communication infrastructure. The
furnished apartments that consist of
spacious and sophisticated studios
and one-bedroom apartments are
from the 21st floor to the 38th.
The building offers all the
amenities for modern-day living,
including separate gymnasiums for
men and women and swimming
pools. On the ground level is a
shopping boulevard, planned for a
variety of retail outlets, coffee shops
and a food court. Separating the
office and furnished apartments,
the 20th floor has been build to
Liberty House
house restaurants that oversee
the Jumeirah Lake and the Palm
Islands Jumeirah. The 39th floor is
equipped with facilities such as a
rooftop open swimming pool; a
sprawling health club with an ultra-
modern gym; sauna; steam and
jacuzzi. Also available is a spacious
multi-purpose games section with
a billiards table, table tennis, and
a party room that overlooks the
Jumeirah Lake Towers.
Liberty House, the 42-storey
tower consisting of high-end
offices and luxury residences in
the Dubai International Financial
Centre (DIFC) district, was officially
opened by Abdulla Mohammed
Al Awar, CEO, DIFC Authority, in
January. The building has been
developed by ETA Star who had
started handing over the property
to its owners in June 2009. It offers
a full range of freehold commercial
and residential accommodation.
Fully furnished apartments include
studios, one-bedroom, two-
bedroom, one-bedroom duplex
and two-bedroom duplex. It also
has high quality, freehold office

Community offers a wide range of

apartments and leasing options.
Ideal for residents currently making
the long commute from other
emirates, the apartments at Al
Khail Gate range from 420 square
feet studios, 690 square feet one-
bedroom, 966 square feet two-
46 bedroom and 1,150 square feet
three-bedroom units.

Dubai International Cricket Stadium
space ranging from 900 square feet
to 24,000 square feet, a club house,
plus retail and dining options for its
residents.
All the residences are fitted with
high quality furniture imported
from Italy and Belgium. The studio
furnishings include king-size beds
with an Italian leather feel and a
love-seat sofa made of Grande
Ville textured fabric. One and two-
bedroom apartments have added
fittings which include two-seater
sofas with cushions and a bar-table.
The leather, black oak furnishings
and frosted glass look gives these
apartments a contemporary yet
sophisticated look and represents a
lifestyle that is chic and refined.
The building consists of 10
floors of offices above which are
20 floors of luxurious residential
accommodation, apart from six
levels of car parking. The majority
of the office space is located around
a central atrium space providing
a bright and lively atmosphere.
The apartments are designed
with modern living in mind, with
balconies and terraces providing an
extra level of sophistication while
accentuating the architectural
design of the building. Also in
the complex is a state-of-the-art
gymnasium, swimming pool, a
restaurant and an art café.
Construction work is now
complete on the latest striking
addition to Dubai, featuring an
archway larger than the Arc de
Triomphe in Paris. The arch at the
Ibn Battuta Gate development is
the entrance to a combination of
modern offices, luxury residential
apartments for lease and a five-star
hotel. Tenants are already in place
and operating from the 11-storey,
400,000 square feet office complex
at Ibn Battuta Gate, which aims to
attract businesses with commercial
interests in both Dubai and Abu
Dhabi. Due to its single ownership
structure, the offices hold
particular appeal to institutions and
companies that require multiple
units or several floors in a building
with the potential for future
expansion.
Complementing the office
complex, is basement parking for
over 350 cars as well as a multi-storey,
robotic car park capable of handling
765 vehicles - the first of its kind in
the Middle East - which has already
begun operations. In addition,
work is nearing completion on the
166 luxury residential apartments
which are expected to be released
for long-term rental this month.
Brett Whalley, Head of
Commercial Leasing at Asteco,
which is managing the flagship
Motor City
mixed-use development, said:
“Now that the scaffolding has been
removed and the preparations
for the handover are in their final
stages, the complex is attracting
considerable interest from
entrepreneurs, both established
and new, to Dubai.”
The 396-room hotel was handed
over to owner Seven Tides at the
end of January for the final fitting
out with an anticipated opening by
the Swiss hotel group Moevenpick
Hotels & Resorts in May 2010.
The Ibn Battuta complex is within
400 metres of a metro station due to
open sometime this year, providing
direct access to the Jebel Ali Free
Zone as well as Dubai.
Dubailand marked the progress
of a significant number of projects
in 2009 and is poised to achieve
new milestones for the coming year.
Conceptualised as a tourism driver
for the country, the site is home to
various projects being developed
by renowned international and
local investors. Key 2009 highlights
included a strategic agreement
with Royal Caribbean International,
Dubai Sports City’s opening of the
renowned Butch Harmon School
of Golf at The Els Club, and the
opening of the 25,000-seat Dubai
International Cricket Stadium.
The year also witnessed
a number of handovers of
residential, retail and commercial
units including MotorCity, Al
Barari’s exclusive villas, and Dubai
Properties Group’s Leyan and The
Villa communities. In addition,
Global Village commenced its 14th
successful season, while Dubai
Lifestyle City began construction
of the luxurious J.W. Marriott Hotel.
Since June 2009, Dubai Sports
City has handed over more than
320 villas in its golf-residential
community of Victory Heights to
home owners.
At the much-anticipated
MotorCity, which provides racing
action, over 1,300 residential, retail
and commercial units were handed
over during the year. The state-of-
the-art mixed use development
features exceptional entertainment,
dining, leisure, retail, residential
and commercial options, while
the Dubai Autodrome with its FIA-
sanctioned 5.39 kilometre circuit
caters to motorsports and racing
enthusiasts.
Dubai Properties Group unveiled
an impressive portfolio of ready-
to-lease villas and apartments at
the Mediterranean-themed Leyan
Community. It also commenced
handover of The Villa project – a
DUBAI REAL TIMES
47

The Villa
tranquil Spanish style residential
retreat inspired by outdoor living
featuring four, five and six-bedroom
terraced villas.
Two out of the seven villages
that make up the Victory Heights
development in Dubai Sports City
have seen 100 per cent completion
– showing that real estate projects
in Dubai are moving ahead, despite
last year’s economic downturn.
A total of 305 villas have been
completed in the two villages of
‘Estella’ and ‘Carmen’, which
account for the majority of the
Victory villas
DUBAI REAL TIMES
48
350 villas already handed over to
residents in the 961-unit Victory
Heights development, a joint
venture between Dubai Sports
City and Bahrain-based Arcapita.
When the centre is finished early in
2010, there are plans to host regular
events for all residents, such as BBQs
and family fun days.
Global Village, a cultural,
entertainment and shopping venue,
commenced a 98-day season from
22 November 2009, featuring a
scheduled bouquet of attractions
with more than 4,000 cultural
shows and performances. Inspired
by the four elements of nature – air,
water, fire, and earth, the shows will
run until 27 February, 2010.
Al Barari , an exotic garden,
boasting spacious villas, vibrant
culture and tranquil retreats inspired
by the desert oasis and wilderness,
has also started the handover of its
exclusive villas.
Dubai Lifestyle City, a City are gearing up to receive
comprehensive Tuscan-themed
lifestyle project conceptualised
and executed by ETA Star Group
announced the completion
of infrastructure work at the
development in early 2009
and held a ground breaking
ceremony to mark the beginning
of the construction work of the
luxurious J.W. Marriott Hotel. The
construction work on the villas
in Dubai Lifestyle City is currently
making steady progress.
The popular Dubai Outlet Mall
here, the only ‘outlet’ concept mall
in the Middle East dedicated to
being a true value retail destination,
launched two customer service
innovations in a UAE mall - the first
‘Taxi Lounge’ and the first ‘Father
and Baby’ room.
The strategic agreement with
Royal Caribbean International,
the world’s largest cruise line,
provided a substantial boost to the
cruise industry in the region. Royal
Caribbean is offering pre- and post-
tour packages with shore excursions
to Dubailand in order to help
guests get the most out of Dubai.
With the advent of Royal Caribbean
International’s Brilliance of the Seas
into the UAE waters this year from
18 January to April, attractions such
as Dubai Autodrome in MotorCity,
Dubai Outlet Mall in Outlet City, The
Global Village, and Dubai Sports
several hundred cruise tourists this
year, in addition to the over eight
million visits already recorded at
this popular destination.
 FACILITIES & MANAGEMENT

Safeguarding freehold investments

UAE’s property owners to benefit through property management offerings

G
iven the range of quality,
finish and price currently
seen in the UAE’s freehold
market, Landmark
Properties has developed both
property management and facilities
management solutions in an attempt
to safeguard the investment of
freehold buyers. Both end-users and
investors can benefit from greater
peace of mind, thanks to Landmark
Property Management (LPM) as it
continues to pioneer new methods,
ensuring that landlords and property
owners capitalise from tangible cost
savings while maintaining the value
of their property.
“A robust property management
strategy is key for both overseas
and UAE-based property owners
as we deliver a range of cost-saving
options, from identifying snags in
new properties being handed over,
to managing the rental relations
with tenants on their behalf,”
explained Donna Newman, Head of
Property Management, Landmark
Properties. “The potential cost-
savings for proprietors using these
property management services
and homeowners using the facility
management services, far outweigh
the service repair costs, in addition to
minimising potential future problems
that can occur in a freehold property.”
The cost of LP’s property
management solutions begins at five
per cent of a property’s rental value,
with the minimum set at Dh3,000.
bigger problem which would mean bespoke Facilities Management (FM)
that I would have to personally pay to package to take pro-active measures
get it fixed.” the client continued. to ensure they do not experience
The LPM team also acts as a liaison problems with their property. The
between tenants and landlords by tailored packages offer a range
handling matters including tenant of services, including a 24-hour
viewings, tenant management, helpdesk, service and maintenance
tenancy renewal management, of air conditioning units and electrical
property inspections and utilities fittings, plumbing units, and the deep
connections. The provision of these cleaning of properties.
services means that proprietors “From the moment they purchase
simply receive rent cheques directly the FM package, property owners
from LPM while knowing that their will know that their property is being
property is maintained in good order managed by experts and is being
and that the asset will appreciate. checked regularly for problems
Donna Newman
Homeowners living in their own that the unskilled eye may not see,”
units can also benefit by purchasing a explained Newman.
showers or shower heads snapping
off are on average Dh400-600 per visit
by plumbers to rectify. Looking at just Sales and leasing report
two snags, this is already a sizeable Landmark Advisory’s latest Sales and Leasing guide for the Dubai market
cost without taking into consideration can be used as a reference tool for those looking to rent or buy property
anything else that may happen in the UAE. Research reveals an increase in activity, targeting more mid-
throughout the year.” range quality and locations over the last three months of 2009. The
A client of LPM who has just ‘flight to quality’ trend, witnessed in Dubai, continues to be driven by
relocated from overseas, recently had value-conscious middle-income end-users and families focused on
her three bedroom flat snagged by value and size. However, for both villas and apartments, LA has noticed
the company before moving in, she that sale prices dip around the time of handover. This is usually due
said: “Considering that I purchased to owners grappling with their final payment obligations, while also
a flat in a prestigious area of Dubai, I readjusting unrealistic price expectations.
thought the quality of the unit would Leasing rates have largely stabilised with apartment rents in some
at least reflect the high price I paid for areas increasing in response to steady demand. For instance, the areas
it and did not expect the snag list to buoyed by Abu Dhabi demand, such as good quality units in JLT, have
be as extensive as it was.” seen lower-limit rents grow by nine per cent.
“Following a full inspection of The flight to quality trend continues across Dubai, with lower-limit
my property, LPM reported over 150 rents for high-end units in Downtown Burj Dubai increasing 13 per cent.
snags and advised me on the priority However, lower quality units have failed to show similar rent growth,
issues which required addressing while some areas continue to decline such as the Country Cluster units
immediately in order that I wouldn’t within International City, where rents fell 12 per cent.
DUBAI REAL TIMES

“A landlord requiring management
for his property will find that the
preventative costs of our packages
may be minor to the actual cost
of potential problems there,”
said Newman. “For instance, the
rectification of ceiling defects would
cost approximately Dh2,000 for
owners to fix. Common bathroom
snags, including leaking toilets and
face potential problems later on. I’m
relieved that they have discovered
these problems at this early stage and
are now helping me take the necessary
measures to rectify these issues
directly with the developer as I would
rather be aware of any problems and
deal with them now. Otherwise there
is the risk that in the future something
I initially overlooked could turn into a
Apartment sale trends are similar to leasing trends with sale prices
for Palm Jumeirah apartments climbing seven per cent, while more
average quality developments, such as International City, declining by
10 per cent.
LP has seen that while sale prices for 1-, 2-, and 3-bedroom apartments
in some areas are increasing, the studio prices are falling largely due to
supply imbalances and waning demand.
Villa rents have largely stabilised with strong demand boosting rent
levels in key areas, like Jumeirah and Emirates Living. 49
 COMMUNITY

Al Fara’a Chairman receives Padma Shri Award Relocation of

Leading businessman brings spotlight onto the UAE with second wildlife
globally prestigious achievement in one year Dubai Industrial City officially
participated in the ‘Clean Up the

D
r. J.R. Gangaramani,
President and Executive
Chairman of the Al Fara’a
Integrated Construction
Group, is one of the recipients of
the prestigious Padma Shri Award,
according to an announcement
from the President of India’s office.
The accolade is in recognition of the
Chairman’s business achievements
and his significant contributions to
the growth of the India-UAE relations,
wherein the value of non-oil bilateral
trade has nearly doubled in the last two
years from $29 billion to $ 44.5 billion in
2009. Dr. J.R. Gangaramani is the fifth
UAE resident to achieve this award,
which follows the ‘Pravasi Bharatiya
Samman Award’ that was awarded to
him in January 2009 in recognition of
his success across various fields and
reserved for notable persons of Indian
origin outside of India.
Dr. J.R. Gangaramani
“I would like to express my
deepest thanks to the Government
of India for the Pravasi Bharatiya
Samman and now Padma Shri Award,
which inspired me even further in
my endeavours. My commitment to
enriching the lives of people goes
beyond the business of constructing
skyscrapers, as it focuses more on
the development of individuals and
communities for a more lasting sense
of security and prosperity. This award
only adds fuel to my burning resolve
to make a striking impact on the lives
of my employees, their families and
the entire Indian community in the
UAE,” stated Gangaramani.
Since its establishment in 1980,
Al Fara’a Construction Company has
become one of the important drivers
of the booming relations between
the two countries, having been
responsible for erecting a number
of high profile projects across the
UAE. Nearly thirty years on, the Al
Fara’a Integrated Construction Group
has culminated in a multi-faceted
conglomerate of 10 construction
related companies that collectively
employ 18,000 people across various
industries.
UAE’ campaign, during which 65.5
tonnes of rubbish was collected,
following last year’s participation
when staff members took part in a
beach clean-up drive, as well as the
relocation of wildlife from the in-
dustrial location. In 2008, DIC suc-
cessfully ensured the secure trans-
fer of more than 900 endangered
wildlife species including gazelles,
cape hares, and various types of
reptiles such as Arabian toad, lep-
tien's dhab, Arabian sand gecko,
sand lizards, as well as grey moni-
tors from the 560 million square
feet project site to Al Marmoom
Conservation Reserve, a dedicated
Dubai Government wildlife re-
serve. The operation was carried
out within 24 hours of capturing
the wildlife species, in strict com-
pliance with the codes of global
wildlife relocation guidelines.

Painting the walls of Al Noor Training Centre Xplore UAE raises donations for Rashid
Manufacturer designs and paints new facility to provide a safe
environment Paediatric Centre
Jotun has underlined its support for the Al Noor Training Centre for Children In keeping with its
with Special Needs, with its initiative to design and paint the walls of the commitment to give
Centre’s primary multi-function room. In order to provide a colourful and back to the commu-
safe environment for children with special needs, the paint manufacturer nity, Enoc Lubricants,
specially designed the ‘frescoe fiesta’ using its expert interior design team a subsidiary of Emir-
and also made a cash donation to its arts and crafts programme to help the ates National Oil Com-
Centre in developing the students’ creative talents. pany (Enoc), teamed
Jotun has provided its premium quality paint brand ‘Lady Essentials’ to up with the Arabian
the Centre due to its children-friendly features, easy to clean, neutral scent Automobiles Co., the
and lasting colour. This unique interior decorative paint brand is a result of flagship company of
extensive research and development, and has been specially formulated to AW Rostamani Group
address customers’ aesthetic and safety requirements. and exclusive distrib-
DUBAI REAL TIMES

utor of Nissan, Infiniti

and Renault in UAE, to
organise the second
edition of ‘Xplore UAE’
off-road driving event.
With participation of more than 500 4x4 owners, all proceeds collected
from the event were donated to the Rashid Paediatric Centre, a humanitar-
ian organisation which provides quality education and therapy services to
50 children with special needs. The two companies raised Dh85,000 in dona-
tions, and a cheque was given to Rashid Paediatric Centre.

Clause for concern
By Andrew Yule, Carol Gougoulas and Arsalan Shaikh
D
ubai’s real estate sector
has been through
difficult times since
late summer 2008 and
through 2009. However, since the
turn of the new year, increasing
numbers of analysts are hopeful of
change for 2010, commenting on
various signs of stability and recovery
that are sprouting into view.
The marketplace has been
thoroughly altered by the economic
conditions and the general
preference of investors has swung
from units in projects that existed
only on paper towards units in
projects that are complete or visibly
under construction. Additionally,
investors are finding they have
greater strength in comparison with
pre-credit crunch times.
The increased confidence
of investors is perhaps most
keenly evident in relation to
the composition of the sale and
purchase agreement (the “SPA”) for
off-plan properties, the document
that governs the purchase by an
investor of a unit from a developer.
Whereas previously developers
would not contemplate revisions
to the SPA, now investors are
increasingly finding that there
is flexibility, and consequently
,developers showing the greatest
flexibility are often the developers
attracting the most business.
The purchase price will be at the
front of the investor’s thoughts, and,
in line with RERA recommended
policy, the investor should check
whether the payment schedule in
the SPA is linked with construction
milestones.
Two real estate laws of particular
importance in relation to the SPA
are Law No. 13 of 2008 and Law No.
9 of 2009. These laws govern the
developer’s right to terminate an SPA
for an off-plan unit in the event that
the investor falls into default, setting
out (i) a termination procedure to
be followed and (ii) the monies that
may be retained by the developer in
the event of termination.
Law No. 9 explains that the greater
the completion of the project, the
more monies that the developer
may retain. Law No. 9 expressly
states that it applies to SPAs signed
before 30 April 2009. To avoid any
question of Law No. 9’s application
to SPAs signed on or after 30 April
2009, investors will often request an
express statement in the SPA to this
effect.
Law No. 13 of 2008 provides that if
the as-built area of the investor’s unit
exceeds the area mentioned in the
SPA, the developer is not permitted
to increase the price, whereas if the
as-built area of the unit is less than
the area mentioned in the SPA,
the purchase must be decreased
accordingly (except where the
difference is “minimal”). The investor
will often look to ensure there is no
contradictory wording in the SPA.
In the fallout from the credit
crunch, investors are increasingly
aware that many projects experience
difficulties leading to delays and
seek comfort that the SPA is not
a commitment to purchase a unit
with no foreseeable construction
completion date. To provide that
comfort, the SPA will often contain
(i) reference to an “anticipated” date
of completion, with the developer
retaining some freedom to push the
date backwards if events beyond
the developer’s control do delay
construction and (ii) reference to
a date beyond which, if the unit is
LEGALLY SPEAKING
not complete, the investor has the
option of terminating the SPA and
having monies returned to him.
Of course, not all investors are
buying direct from developers,
many investors are instead seeking
out lucrative deals on the secondary
market. In that event, where an
investor buys from a seller, the
sale and purchase agreement
between them is often called a
memorandum of understanding
(“MoU”).
There are no definitive rules as
to whether the investor or the seller
should prepare the MOU, indeed it
will often be provided by the broker
or agent involved in the deal. Both
the investor and the seller should
carefully review the MOU and
obtain independent legal advice
before signing.
At an early stage, the investor
will want evidence that the seller is
indeed the owner of the unit and
is entitled to sell. When the seller
originally purchased the unit, he
may have done so with the help of
a mortgage. The investor, therefore,
must be careful to ensure the
mortgage is discharged before the
purchase price is paid.
The investor will want to
register his purchase at the Land
Department, either in the Interim
Real Estate Register (if the unit is
incomplete) or in the Real Estate
Register (if the unit is complete).
Depending on the nature of the
deal and the bargaining power of
the parties, the payment of the
purchase price may be linked to or
conditional on the completion of
registration.
To permit registration, though,
the investor will need to exhibit a
No Objection Certificate (“NOC”)
from the developer. The developer
is likely to require all service charges
to be fully paid up to date before the
NOC is granted. The investor should
take care to ensure there are clear
provisions in the MoU as to who will
obtain the NOC and at whose cost.
Similarly, a registration fee is payable
at the Land Department for the
registration process and the MoU
should apportion this between the
seller and investor.
Often the deal will involve the
payment of a deposit by the investor
on signing of the MoU. The parties
should review the MoU wording,
explaining who will hold the deposit
and in which circumstances the
deposit must be released and to
whom. If the parties wish greater
comfort, they could look to have the
third party holding the deposit also
signing the MOU.
Even with his increased strength,
the SPA and the MoU can be a
potential minefield for the unwary
investor. Each document should
be thoroughly inspected before
being signed and all parties should
seek appropriate independent legal
advice in order to be fully informed
of the obligations into which they
are entering.
The above information is not legal
advice and is neither intended to create
nor creates a lawyer-client relationship.
Neither the writers nor Afridi & Angell
DUBAI REAL TIMES
are responsible for anyone relying
on the above information. You are
recommended to take independent
legal advice.
Andrew Yule (ayule@afridi-
angell.com), Carol Gougoulas
(cgougoulas@afridi-angell.com)
and Arsalan Shaikh (ashaikh@
afridi-angell.com) are Associates 51
at the law firm of Afridi & Angell.
 LEGALLY SPEAKING

The Dubai Land Department & RERA:

Legislative Agenda for 2010
An interview with Emad Eldin Farouq

Emad Eldin Farouq, Senior Legal Advisor at the Dubai Land Department, is centrally involved
in the process of identifying and facilitating the introduction of new legislation necessary to
create a comprehensive system of property laws and regulations in the emirate of Dubai.
Emad recently met Lisa Dale, Partner & Head of Property at Al Tamimi & Company, to
discuss what new property laws and regulations we can expect during 2010. Based on that
discussion, the following is a summary of the main issues that are likely to be the focus of
attention at the Dubai Land Department and RERA during the year ahead.

T
he benefits of having
freehold title rather than
granted title include the
ability to mortgage the
property to raise capital and to sell
the property in the open market.
Further protection for
purchasers of off-plan
property
The purpose of many of the property
laws and regulations passed in
Dubai in recent years has been to
introduce purchaser protection
and to bring a fair balance to the
developer-purchaser relationship.
Examples of such laws include:
DUBAI REAL TIMES
property.
Law No (13) of 2008
regulating the Interim
Real Estate Register in the
Emirate of Dubai (the so-
called “Pre-Registration
Law”), which established
the Interim Real Estate
Register at the Dubai
Land Department,
thereby affording
contractual protection
for purchasers.
Law No (9) of 2009
amending some provisions
of Law No (13) of 2008,
which established
a statutory formula
Department has sought
to achieve a fair balance
between the developer and
purchaser.
A new law is now
under consideration for
enactment in 2010 which,
if passed, will bring a
range of further protection
for purchasers who buy
property off-plan from
developers. Such law is
envisaged, for example,
to deal with the following
issues:
Refund or replacement
property, in the event of
a material defect in the

Law No (8) of 2007 concerning based on construction property purchased

Guarantee Accounts of Real Estate
Developments in Dubai (the so-called
“Escrow Law”), which established
the requirement for all developers
to register themselves and their
projects with RERA, and to set up an
escrow account to ensure that off-
52 plan purchasers’ monies are utilised
towards the development of the
progress for assessing
the compensation that
a developer could claim
against a purchaser
who has failed to make
purchase price payments
pursuant to his contract.
By sponsoring such
laws, the Dubai Land
Financial penalties for
late delivery of a property
by a developer
Grounds upon which
a purchaser may demand
cancellation of the contract,
for example the refusal
of the developer to link
purchase price payments
to construction milestones, or if the
developer makes material changes
to the specifications of the property
Establishing additional
conditions to be fulfilled by a
developer before RERA will provide
approval for off-plan sales to
commence, for example the need
for the developer to own title to the
land and to have taken possession
of it, to have registered all units in
the Interim Real Estate Register and
to have either completed 20% of
the project or deposited 25% of the
project cost in the escrow account.
Regulation of Real Estate
Valuers and Real Estate
Conveyancers
Since the establishment of RERA
in 2007, progress has been made
to bring about regulation of the
various professions connected
with the real estate sector. Such
regulation has introduced a
regime of registration, minimum
qualification requirements, training
and professional conduct rules. So
far, both developers and real estate
brokers have been brought under
such regulatory regime.
In 2010, it is envisaged that
regulations will be passed to
regulate two further professions,
namely real estate valuers and real
estate conveyancers. The latter is
particularly noteworthy: under the
current licensing regime in Dubai,
the activity of ‘conveyancer’ or
‘settlement agent’ does not exist.
Lawyers have, to a limited extent,
been involved with assisting parties
in a real estate transaction. However,
it is real estate brokers who have
tended to assume this role, often
reluctantly, simply to fill the vacuum
and to facilitate the transaction
through to completion. Thus RERA,
In circumstances where real estate
brokers receive and handle monies
on behalf of parties in a sale or
leasing transaction, there is currently
no regulation to ensure that such
monies are protected for the benefit
of the parties. By-Law No (85) of
2006 regarding the Regulation of Real
Estate Brokers’ Register in the Emirate
of Dubai requires a broker to be the
guardian of such monies, “to keep
or to deliver to one of the parties”.
However, the applicable ‘trust rules’
referred to in that by-law do not yet
exist. Thus, brokers will often hold a
transaction party’s money in a bank
account opened in the broker’s
own name. Even in the case of an
honest broker, the risk exists that
third party funds held in a broker’s
bank account will become available
to the broker’s creditors, for example
pursuant to the enforcement of a
monetary court judgment made
against the broker or in the case of
his insolvency.
To afford protection to a party
who has lodged transaction monies
with a broker, a new law is expected
to be passed during 2010 that
will require a broker to utilise the
services of a licensed escrow agent
to hold the monies in escrow at the
direction of the parties.
Strata Law Implementing
Regulations
Law No (27) of 2007 on Ownership of
Jointly Owned Properties in the Emirate
of Dubai (the so-called “Strata Law”)
came into force on 1st April 2008.
We can expect the Dubai Land
Department to shortly issue the
General Regulation, Jointly Owned
Property Declaration Regulation
and Survey Regulation, most likely
in the form of guidelines. We await
further news on the standard form
the establishment and management
of collective investment schemes
analogous to the typical property
fund and trust structures that exist in
other jurisdictions. Such an initiative
would potentially provide a boost
to the Dubai real estate market by
generating an increased level of
collective investment activity.
Reflections on 2009
It is apparent from the above that
the Dubai Land Department and
RERA remain focused on achieving
a comprehensive well-regulated,
safe and fair environment for the
real estate sector in Dubai. The
new initiatives outlined above, to
the extent that they are introduced
during 2010, are consistent with this
objective. On a more general level,
Emad expressed the importance
of learning from the challenges
that the worldwide financial crisis
presented to Dubai’s real estate
market during 2009: “There are
About Emad Eldin Farouq
Emad graduated with an LLB degree with distinction from the
lessons to be learned from the crisis
and we are emerging with a new
legal regime. Loopholes in laws are
being dealt with, and things will
become more organised in 2010. We
have a good training programme in
place this year through the Dubai
Real Estate Institute, for our own
staff and outside practitioners.
Additional resources will be brought
to fully implement the new laws and
systems. We will seek to fully enforce
regulations against developers,
brokers and any others found to be
in violation”. To illustrate this final
point, Emad makes reference to the
Dubai Executive Council’s Resolution No
(25) of 2009, timeously issued on 31st
December 2009, which sets out the
fines applicable to developers, brokers
and others who contravene Dubai’s
property laws and regulations.
We shall look forward with interest
to the new initiatives from the Dubai
Land Department and RERA during
2010.
DUBAI REAL TIMES

in conjunction with the Department
of Economic Development, will seek
to introduce a new licence category
to enable ‘conveyancers’ to obtain a
business licence and operate under
the new regulatory regime to be
introduced through regulation.
Real Estate Brokers Trust
Account Law
of Owners Association Constitution
and other forms and directions.
Establishment of real
estate portfolios
A draft law is under consideration
which, if passed, will introduce
for the first time in Dubai a legally
recognised, regulated structure for
University Fez, Morocco in 1986. After spending 15 years with
the UAE Federal Chamber of Commerce and Industry between
1988–2003, Emad joined the Dubai Land Department as Senior
Legal Advisor. During his six-year tenure with the Dubai Land
Department, Emad has played a significant role in the drafting and
introduction of the several property laws and regulations that we
have seen implemented during this time. In December 2008, Emad
was awarded “Best Government In-House Counsel” by the Dubai
Corporate Counsel Group. 53
 LEGALLY SPEAKING
Q&A
Your questions answered by Helen Tapadar Hangari, Senior Legal Consultant at
DLA Piper
I am a developer and have heard that the law on dishonouring
cheques has changed. What does this mean for my business
where we are holding numerous post-dated cheques from
purchasers?
A decree has been issued in Dubai which sets up a special
committee to settle disputes arising from dishonoured cheques.
This prevents the matter immediately being referred to the police
and criminal proceedings commencing. Instead the committee
will look at the circumstances and can either cancel the bounced
cheque if a developer was not entitled to cash it, order the purchaser
to issue a new cheque with a later date if this is appropriate in the
circumstances, or refer the matter to the courts if the developer
was indeed entitled to cash it. Therefore, as long as a developer is
acting correctly and justly in cashing a cheque, there is no cause
for concern.
DUBAI REAL TIMES
I am a developer of a completed tower and am continuing
to provide maintenance services to the development. I have
heard that some of my occupiers are not happy with the
services and are planning to challenge the service fees this
year. Can they do so without the Strata Law implementing
regulations being in force?
RERA are listening to complaints from residents regarding service
54 fees, and therefore, a developer should not take advantage of the
Strata Law implementing regulations having not been issued yet.
I am a developer and have almost completed my apartment
tower. However, we have been affected by defaulting
purchasers and I am concerned that we have not registered
our off-plan sales on the interim register. Can this be used
against us by defaulting purchasers?
In a number of cases during 2009, purchasers wishing to get their
money back from a developer who had not yet completed their
development did raise the argument that the pre-registration of
their contract had not been done within the time limit imposed
by law. This is a valid argument, and therefore, you have left
yourself exposed by not complying with the law.
I am thinking about entering into a lease, but am worried
that the agent will not show me proof of the landlord’s
ownership. Am I right to ask for this?
Absolutely. Any person attempting to grant a lease should be
happy to show you proof of their ownership of the relevant
premises and it is essential that a tenant is certain that the landlord
is entitled to grant the lease. There have been many reported
cases where agents took rents from tenants who thought they
had legitimately entered into leases, only to discover that the true
landlord knew nothing of the lease and therefore removed the
tenants from the premises. The only way to avoid this is to see
the landlord’s title certificate from the Land Department before
entering into the lease.

Decree no. (56) of 2009
Forming an ad hoc judicial
committee to settle checks of
real estate transactions
We, Mohammed bin Rashid Al Maktoum, Ruler
of Dubai;
Having perused Law No. (3) of 1992 Forming Dubai Courts, as
amended;
Law No. (1) of 1994 Concerning Courts’ Charges, as amended;
Law No. (7) of 2006 Concerning Real Estate Registration in the
Emirate of Dubai;
Law No. (8) of 2007 Concerning Guarantee Accounts of Real
Estate Developments in the Emirate of Dubai;
Law No. (13) of 2008 Organising the Interim Real Estate
Registration in the Emirate of Dubai, as amended;
Have decreed as follows
Article (1)
Pursuant to this Decree, an ad hoc judicial committee shall be
formed and named the ‘Committee to Settle Checks of Real
Estate Transactions’ as follows:
a judge of court of Dubai Appeal Court (Chairman)
a judge of the court of Dubai First Instance Court (Member)
a representative of Land Department (Member)
hereinafter referred to as ‘The Committee’.
Article (2)
A non-judge member of the Committee shall, before assuming
office, take oath before the Director of H.H. the Ruler’s Court as
follows:
“I swear by the Almighty Allah to rule fairly, respect the Laws
and perform my duty with honesty.”
Article (3)
The Committee shall solely settle complaints of returned
checks issued by the purchaser to the real estate developer
or checks issued by beneficiaries and tenants of long-term
properties whose rights are governed by the aforementioned
Law No. (7) of 2006.
Article (4)
In order to settle check complaints referred thereto, the
Committee may:
cancel a bounced check issued for the real estate developer in
LEGALLY SPEAKING
case the developer proves ineligible to the sum of check.
order the check issuer to issue a new check instead of the
check subject of complaint payable at the date set by the
Committee.
refer bounced check to the competent judicial body to take
legal actions against check issuer in case the real estate
developer is eligible for the sum of check.
seek the help of any experts or competent officials in the real
estate sector, as it may deem fit.
Article (5)
Judicial control bodies, including police stations, shall refer
all complaints of checks stipulated under this Decree to the
Committee.
The public prosecution and courts may not investigate into
bounced checks under this Decree or resolve any dispute in
connection therewith before the same are referred to and
considered by the Committee. They shall also suspend the
consideration of any complaint or penal claim related to such
checks and refer the same to the Committee for consideration
pursuant to this Decree.
Article (6)
The rulings of the Committee shall be final and cannot be
challenged, and shall be enforced through the enforcement
department of Dubai Courts.
Article (7)
Pursuant to this Decree, the Committee shall exercise its
powers by virtue of:
laws applicable in the Emirate of Dubai.
Islamic Sharia principles.
customs and practices, unless they infringe the law, public
order or public ethics.
normal equity principles and rules of justice and equality.
Article (8)
This Decree shall go into effect from its issue date and shall be
published in the Official Gazette.
(Signed)
DUBAI REAL TIMES
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
This Decree has been issued in Dubai;
1 November 2009 A.D.
13 Dhu Al-Qadah 1430 A.H.
55
 LIST OF DEVELOPERS

ID  DEVELOPER NAME    812 Al Tafany Properties Limited

220 A S A Developers Ltd 290 Al Tamimi Investments Limited

594 A.C.Holdings Limited 799 Al Zahra Properties

395 A.S.A Developers Limited 479 Alduaa Residence Limited

514 Aa Global Limited 3 Alfajer Properties L L C

16 Aaa Auctions Organizing & Management 78 Alfaraa Properties

49 Aakar Developers Ltd 304 Alfattan Properties (L.L.C)

255 Ab Properties Limited 463 Alghanem Real Estate Llc

568 Abdulrazzq Ali Almadani 79 Almadar Investment (L.L.C)

646 Abdulsalam Mohd Alrafi Real Estate Development Group (L.L.C) 817 Almasah Middle East Investment Limited

670 Abwab Real Estate Limited Co Llc 411 Alosaimi Real Estate Investments Co L.L.C

46 Abyaar Real Estate Development 299 Alshafar Development (L.L.C)

414 Acw Holding Ltd 602 Alsondos Real Estate

720 Adel Mohammad Saleh Ali Naqi Al Zarooni 86 Altajir Real Estate L.L.C

679 Ag - Optimo Limited 31 Alternative Capital Invest (Gmbh)

506 Ahmad Abdulla Ahmad & Ayesha Ahmad Abdulla & 448 Amesco Tower Jlt
Amir Badkoubeh & Armin Niasar
468 Anil Adinath Bastawade
268 Ahmed Abdul Rahim Alattar Properties
221 Anis Holdings Limited
428 Al Dar Real Estate
183 Anis Property Investments Ltd
328 Al Duaa Holdings Fzc
132 Antonia Resources Ltd
199 Al Jawi Investment L.L.C
309 Arabia Group Development Limited
4 Al Manal Development Fzco
310 Arabia Group Investment Limited
137 Al Masarat Real Estate Development (Llc)
378 Arabian Investments Limited

784 Al Mazaya Holding Company 239 Aristocrat Star Investment L.L.C

DUBAI REAL TIMES

289 Al Murjan Real Estate ( Fzc ) 525 Arra Limted

18 Al Rashid Investments 279 Aryene Plus Property Developers Limited

14 Al Sayyah & Sons Investments(L.L.C) 532 Aryene Property Developers Limited

194 Al Shafar General Contracting Co Llc 597 Ashai Tower Jvs Limited

56 418 Al Shamsi Group (Llc) 36 Aswan Developers Inc

23 Aswan Investments Limited 323 Brookes Corporation

830 Aurora Limited 828 Bucephalus Holding Limited

392 Avanti Holding Limited 449 Bukhatir Properties International Llc

131 Avetona Global Ltd 357 Burj Alalam Holdings Limited

595 Avon Developers&investments Limited 263 Burj Aldua’a Limited

317 Axon Development (Fzc) 258 Bux Holdings Limited

235 Azizi Investments (L.L.C) 401 Byblos Real Estate Broker

391 B & M Fzco 731 C7d1 Limited

786 Baiti Properties Development Llc 77 California Spanish Villas Limited

380 Balqis Residence Fzc 298 Capital Trust Gulf Limited

308 Bando Engineering & Construction Co Ltd 40 Cayan Real Estate Investment & Development (L.L.C)

281 Bangash Builders &developers Limited 130 Cenita Global Ltd

584 Bangash Developments Limited 337 Chapal World Llc

793 Bangash Investments Limited 816 Chess Tower Limited

472 Baraq Holdings Limited 723 City-d Investments Limited

647 Bassam Said Freiha 842 Cl International Development Limited

141 Bavaria Gulf Sandoval Ltd 358 Cliff Dwellings Enterprises Ltd

148 Bay Central Developments Limited 431 Comfort Homes Ltd

360 Bay View Investments Limited 312 Condor Properties Limited

134 Beliza Resources Limited 794 Cornica Tradings Assets Limited

838 Bella Vida Limited 356 Credo Investments Fze

413 Beney Investments Limited 801 Credo Investments Fze

884 Binary Development Limited 123 Crown Holding Limited

829 Blue Sky And Nawaab Holdings Limited 211 Crown One Holding Ltd
DUBAI REAL TIMES

277 Boission Limited 733 Crown Three Holding Ltd

374 Bonyan Emirates Properties 821 Crown Two Holding Limited

257 Bonyan International Investment Group (Holding) (L.L.C) 588 D10 Awf Investment Limited

795 Bosphorus Investments Limited 192 Damac Development L L C

296 Brighton Holdings Limited 260 Damac Properties Co.(L L C) 57

 42 Dana Property Development (L.L.C) 200 Dubai Sports City ( L.L.C )

844 Dar Corporation Limited 856 Dubai Technology And Media Free Zone Authority

624 Das Real Estate 101 Dubai Water Front (L.L.C)

179 Define Properties L Lc-fzc 834 Dubai World Trade Center (L.L.C)

805 Define Properties Plot 8 Limited 307 Dujon Properties Ltd

318 Desert Dream Investments & Development Properties Llc 486 Dunes Group Developments Limited

313 Desert Home Fzco 340 Dunes Property Investments Ltd

15 Deyaar Development Pjsc 417 Dunes Village Real Estate

158 Dheeraj & East Coast (L.L.C) 742 Durar Al Emarat Properties Llc

6 Diamond Developers Co.Limited 288 Earth Developers (L.L.C)

60 Diamond Arch Limited 719 Edmonton Admire Properties Limited

695 Diamond Properties Limited 540 Elan Investment Limited

864 District Investment & Development (L.L.C) 555 Emaar Properties Pjsc

741 Dja414 Investment Limited 232 Emirates National Investment Co Llc

671 Dmcc Business Park Dmcc 398 Emirates Sunland D1 Limited

874 Dream Estate Limited 399 Emirates Sunland Pv Dubai Limited

45 Dsec Corporation Fzc 688 Erc Property Developers Limited

153 Dubai Multi Commodities Center 860 Es Investments Limited

98 Dubai Golf City (L.L.C) 231 Esca Properties Llc

73 Dubai Guernsey Property Investment Limited 650 Escan Real Estate Pjs

851 Dubai Holding 218 Essa Bin Nasser Bin Abdullatif Al Serkal

862 Dubai Industrial City 26 Eta Star Property Developers (L.L.C)

867 Dubai Investment Park Llc 662 Ever Green Signature Investment Limited

278 Dubai Investment Real Estate 76 Ever Shine Investments Limited

854 Dubai Land ( L.L.C ) 250 Fabson Import Export Limited

DUBAI REAL TIMES

35 Dubai Life Style City L.L.C 314 Fakhruddin Properties Limited

858 Dubai Maritime City 7 Falcon City Of Wonders (L.L.C)

850 Dubai Properties ( L.L.C ) 48 First Homes Ltd O.F

160 Dubai Property Ring Ltd 541 Flamingo Investments Limited

58 344 Dubai Silicon Oasis Authority 95 Fortisplus Holdings Limited

406 Fortune Avenue Investment Limited 305 Gulf Shores Inc

407 Fortune Bay Investment Holdings Limited 498 Gulf Technical Construction Co (L.L.C)

466 Fortune Dxb Ltd 82 Gulf Towers Investment Llc

556 Fortune Homes Investment Limited 324 Halcon Real Estates Development (L.L.C)

405 Fortune Serene Limited 809 Hampstead & Mayfair Development Limited

499 G&g Partners Limited 394 Hamza Namera International Fzc

574 German Holding Group( L.L.C) 768 Heman R.E.D. & General Trading Limited

577 Gholamreza Abadi & Shahrokh Nariman & yadollah Nariman 53 Her Limited
& behnam Keivan
17 High Rise Properties(L.L.C)
146 Global Group Holdings Limited
58 Hircon International (L.L.C)
190 Global Group International Limited
386 Hma Exec Limited
510 Global King Technologies Ltd
243 Horizon Infrastructure F Z C
151 Global Procurment Fzc
343 Hydra Properties (L.L.C)
523 Global Realty Partners Fzc
703 I.R.Investments Holding Company Limited
253 Gold Vision Development Ltd
552 Ihab Sayed Mohamed Elwishy
248 Golden Beach Properties Limited
372 Ilyas & Mustafa Galadari For Investment &
841 Golden Land Development & Investment Limited Development Management (L.L.C)

270 Gpd Investments L.L.C 865 Indigo Valley Inc Limited

276 Gpd Investments Spv Eight Limited 815 Infinity Emirates Investments Llc

273 Gpd Investments Spv Four Limited 609 Innovvarc Holding (L.L.C)

271 Gpd Investments Spv One Limited 520 Integral Properties Development

275 Gpd Investments Spv Six Limited 475 International Merchant House Real Estate Development (L.L.C)

272 Gpd Investments Spv Three Limited 471 International Merchnant House Llc

806 Grace Property Developer Limited 306 Investments House Co.(L.L.C)

24 Green Desert Ventures Limited 825 Ishraqah For Development Limited

284 Green Emirates Properties- Co.Psc 470 Jab Developments Inc

DUBAI REAL TIMES

51 Grm Limited 511 Jab Mosaistone Developments Inc

623 Grun Developers Limited 10 Jad23 Investment Limited

285 Gulf General Investments Co. (P.S.C) 9 Jad24 Investment Limited

135 Gulf Investments (Fzc) 11 Jad25 Investment Limited

59
755 Gulf Line International Ltd 496 Jamal Mohammed Alhassan & Bachar Bakri Almradi
 440 Jasmine Garden Limited 282 Mandate International Limited

234 Jersey Properties 164 Manhattan Real Estate Holdings F.Z.C

108 Jumeirah Golf Estates (L.L.C) 67 March Properties Investment Ltd

381 Jupiter Estates Limited 542 Marina Arcade Real Estate Llc

5 K M Properties (L.L.C) 352 Marina Breeze Limited

12 Kaizen One Investment Limited (Offshore) 750 Marina Crown Real Estate (L.L.C)

831 Kd Paca 59 Limited 351 Marina Exclusive Limited

722 Kensington Global Investments Inc 329 Marina Star Limited

242 Khalifa Majid Alabbar 25 Matex Estate Ltd

32 Khuyool Investment L.L.C 420 Memon Developments (Fzc)

663 Kleindienst Properties 760 Memon Property Ventures (Fzc)

500 La Ploma Limited 765 Mena Capital Investment Llc

245 Laguna Tower Residence Fze 353 Mera Home Ltd

181 Limitless ( L L C ) 236 Merwess Abdulaziz

71 Links Properties Investment Limited 80 Meydan Group (L.L.C)

489 Liquid Assets Limited 129 Mirjana Resources Ltd

303 Lokhandwala Builders International Ltd 286 Mismak Properties Co (L.L.C)

37 Lootah Real Estate Development Est 41 Mizin (L.L.C)

876 Lootah Real Estate Investment 447 Mohammad Aqil Ali & Ahmad Ali Alzarooni

429 Lux Real Estate 379 Mohd. Hussain & Bros

743 Luxor Investment Limited 458 Mohd. Hussain & Bros

796 Lyra International Limited 519 Mre Global Investment Group Fzc

660 M E Development Llc 52 Mrg Ltd

38 Madain Properties Co. (Mada’in) (P.J.S.C) 402 Msaab Mohammed Alzwaid & Hamad Ali Aldubikhi
& Saleh Ibrahim Alqasir
280 Madison Holding Fzco
DUBAI REAL TIMES

240 Muhammad Nabeel Joz

21 Mag Group Fze
100 Nakheel Co.( L.L.C )
548 Mahdi Amrollahi (Partner) Antar Marzooq (Owner)
861 Nauman Abid Properties Limited
732 Maison Limited
59 Ncc Urban Infrastructure
44 Makaseb Properties
60 857 Neel Devcons Limited
513 Mammut Group Fzco
840 Neel Properties Limited 787 Plus Properties Llc

319 Neo Solutions Limited 453 Pnd Investments Ltd

226 Neptune Properties Investment Ltd 149 Point Development Ltd

355 New World Investments Limited 84 Posh Holdings Limited

882 Noorzak Investments Limited 761 Premier Group (Fzc)

128 Oakgrove Global Ltd 504 Premier Group Properties Inc

311 Oasis Group Ventures Ltd 835 Premiers Property Developers Limited

824 Oasis Jv Limited 124 Prescott Enterprises Ltd

388 Olive Ponit Limited 203 Prescott Holdings Limited

393 Omniyat Properties Development Corporation 125 Prescott Investments Ltd

885 Omniyat Properties Nine Limited 437 Profile Residence Limited

883 Omniyat Properties Six Limited 575 Profile Zero Five Five Limited

886 Omniyat Properties Ten Limited 561 Pyamod Developments Fze

888 Omniyat Properties Twelve Limited 403 Pyamod Homes Consultancy Llc

689 Optimo Arabia Limited 408 Pyamod International (Fze)

709 Opulence Holdings Limited 322 Qureshi Faisal Abdul Aziz

724 Orbit Holdings Ltd 383 R.K.M Real Estate (Llc)

567 Paradise Limited 524 Raam Limited

367 Paramount Real Estate Llc 173 Ramada Real Estate L.L.C

369 Parshwa Holdings Limited 90 Ramadan Mousa Mishmish

562 Paxion International Fze 422 Rams Properties Investments O.F

219 Pearl Dubai Fz- L L C 66 Rani International Development (L.L.C)

209 Pearl Properties 450 Rashed Darwish Alketbi

727 Petrochem Realty Fze 371 Realty Capital Middle East Fz-llc

797 Petrokaz Limited 19 Reef Real Estate Investment Co (L.Lc)

DUBAI REAL TIMES

863 Phoenix Holdings (L.L.C) 515 Reliance Estate Developmant

376 Planetex Holdings Co. Limited 8 Remah Holding Limited (Offshore)

91 Plus Internatinal Two Limited 359 Rescom Holdings Limited

92 Plus International One Limlted 56 Rgm Limited

61
813 Plus International Three Limited 362 Riviera Holdings Limited
 54 Rmg Limited 384 Schon Investments Limited

606 Roland Developments Fzc 452 Seasif Group Fzco

444 Romeo & Juliet Tower Limited 50 Seasons Development Limited

163 Romil Investments Ltd 493 Seastar Properties Limted

126 Rose Homes Investment L L C 810 Sebco Limited

789 Royal Holdings Limited 534 Segrex Limited

85 Rufi Century Tower Ltd 361 Seracom Holding Limited

68 Rufi Down Town Res Ltd 596 Sevanam Holdings Limited

161 Rufi Gardens Ltd 222 Seven Tides Ltd

162 Rufi Golf Greens Ltd 237 Shaikh Holdings Limited

878 Rufi Grand Apartments Limited 538 Shanti Builders & Developers Limited

775 Rufi Heaven Limited 820 Sharm Investment Co. Limited

798 Rufi Luxury Heights Limited 171 Sheffield Real Estate Llc

336 Rufi Park View Limited 39 Sheth Estate (International) Limited

890 Rufi Prime View Limited 642 Sidra Holding Limited

533 Rufi Rose Gardens Limited 65 Sidra Ltd

433 Rufi Royal Crest Ltd 74 Sienna Lakes Ltd

335 Rufi Twin Towers Limited 373 Silver Star Tower Limited

295 Rufi Water Front Residency Limited 64 Sirius Realty Limited

70 S.P. International 1 Limited 716 Sit Tower Fzco

811 S.P. Oasis Limited 547 Sky Courts Llc

445 Sahara Livings Limited 22 Sky Estate Limited

855 Sama Dubai 30 Smart Home Properties

891 Sama Emirates Estate Development (L.L.C) 491 Smart Investment Limited

495 Sameer Mahmoud Al Ali 819 Sobha International Limited

DUBAI REAL TIMES

184 Sanali Holding Fze 87 Sobha Investments Limited

554 Sarhank Kader Developers Limited 283 Sobha Properties Limited

13 Sariin S.R.O 89 Sobha Ventures Limited

204 Satnam Singh 215 Sokook Investment Group

62 636 Sayed Amjad Husain 244 Souq Residences Fzco

800 Spain Select Limited 581 Tiger Properties

622 Stallion Developments Ltd 424 Tima Holdings Ltd

697 Star Developers Limited 527 Time Properties

159 Star Surveying & Evaluating Services 147 Torch Select Ltd

791 Sternon Developers Limited 266 Town Center Management Limited

869 Strata Fze 292 Trend Capital Gmbh & Co. Dubai Sport City Kg

193 Sum Sum Developers (Fzc) 96 Trident International Holdings Fzco

368 Sun Valley Holdings Limited 165 Trinity Developers

62 Sungwon F.Z.E 205 Triplanet International Limited

614 Sunland Nur (Joc) Limited 207 Triveni Builders & Promoters Ltd

836 Sunland Waterfront (Bvi) Limited 560 Uae Waterfront Group Limited

28 Sunny Beach Properties Ltd O.F 508 Uk-cig Developments (Jvs) Limited

214 Swiss Tower L L C 501 Umesh Kumar Vinodrai Chug

188 Syann Palm Ltd 27 Union Properties

186 Syann Park 1 Limited 301 Universal Developers (Fzc)

238 Syndicate Developer Limited 127 V Resorts Ltd Fouad Barbar(Owner) / Bsa(Developer)

637 Syndicate Sealine Limited 474 Vascon Trading Ltd

29 T F G Real Estate Broker 465 Venus Properties Investment Ltd

170 Taisir Limited 261 Victory Heights Golf Residential And Development Company (Llc)

756 Takmeel Investment Limited 259 Vision Avenue Homes (Fzc)

99 Tameer Holding Investment (L.L.C) 710 Vokhid Kakharov

287 Tanmiyat Real Estate Development 823 Volcano Investment Properties Limited

490 Taskeen Properties (Khaled Heikal& Hesham Heikal 808 West Avenue Limited
& Suaad Mohammed & Ahmad Mohd)
852 Tatweer 69 Westar Properties Ltd

868 The Lagoons ( Llc) 254 Wind One Inc Limited

DUBAI REAL TIMES

55 The Onyx For Development Limited 892 Wind Two Inc Limited

553 The Palm Hotel And Resort Fzc 773 York Shire Corporation Limited

246 The Palm Vacation Club Fze 507 Yra Enterprises Limited

457 The Pavillion Holding Limite 814 Zenith Real Estate Development Llc

120 The World (L.L.C) 228 Zero Five Zero Limited 63

 APPOINTMENTS

New leadership team

Khalid Al Malik David Anderson Amjid Javaid Sheikh Fareda Abdullah Jayne O’Brien

Arif Mubarak Dominic Pilkington Mohammed Al Habbai Billy Daly Saeed Bushalat

D
ubai Properties Group
(DPG) has unveiled a
new corporate strategy
outlining the direction,
and focus that positions the company
to enter its next phase of growth with
a sharply defined strategic plan.
DPG develops and manages
properties, communities and
destinations. Through its
subsidiaries Salwan and Dubai Assets
Management it also provides related
end-to-end solutions for a variety
of services including sales, leasing,
facilities management and security.
Khalid Al Malik, Group CEO of
DPG, announced the Group’s new
leadership team, including heads of
both corporate functions and the
group’s business units, which will
DUBAI REAL TIMES
Anderson has been appointed as
the Group’s Chief Financial Officer,
while Amjid Javaid Sheikh takes on
the role of Senior Manager, heading
Compliance and Risk Management.
Fareda Abdullah has been named
Chief Operating Officer and Jayne
O’Brien has been appointed Chief
Marketing Officer. Arif Mubarak
will assume the role of Chief Real
Estate Officer and Dominic Pilkington
has been appointed the Executive
Director of Legal.
“I am confident our team of
dedicated professionals will together
lead this company through to its
next phase of growth. The calibre
and experience of our new corporate
team will play a critical role in our
journey to becoming a world-class
of experienced professionals. The new
leadership collectively has a wealth of
knowledge in international markets
with multi-national companies.
David Anderson, previously at
Tatweer, has specialised in revitalising
audit teams and establishing a
comprehensive, risk-based approach
to finance with companies including
Unilever, Cadbury Schweppes and
Colt Telecom.
Before assuming her role of Chief
Marketing Officer at Tatweer, Jayne
O’Brien spent 18 years at British
Airways in a number of high profile
marketing roles, including General
Manager, Global Brand and Marketing.
O’Brien spearheaded projects related to
marketing communications, consumer
media, internal communications,
new position with roles at Galadari
& Associates and Freehills, one of
Australia’s largest law firms. Arif
Mubarak, formerly Vice-President at
Bawadi, led the launch of the Hong
Kong office of the Dubai Development
and Investment authority; and Amjid
Javid has over a decade of experience
in the UK real estate and education
sector with companies including
Links Accounting Services and Simply
Property Services.
The team also consists of a wide
range of experience in local and
regional markets. Fareda Abdullah
is a skilled HR and operations
professional having worked for Arab
Bank and United Arab Emirates
University. Mohammed Al Habbai,
who previously held the position of

oversee essential corporate functions
and manage the company’s
augmented portfolio of business
entities.
Al Malik outlined DPG’s new
mission and goals, at a ‘Town Hall
Briefing’ attended by employees and
held at the Jumeirah Beach Hotel’s
64 conference centre.
Al Malik confirmed that David
organisation”, Al Malik said.
Mohammed Al Habbai has been
appointed Chief Executive Officer
of Dubailand. Billy Daly remains the
Chief Executive Officer of Dubai Asset
Management, while Saeed Bushalat
continues as the Chief Executive
Officer of Salwan LLC, DPG’s property
management service company.
DPG has assembled a global team
brand and product management, and
loyalty programmes.
Billy Daly has developed well-
honed industry skills garnered from
his previous experience in investment
banking and with real estate
developers Stiell Corporation.
Dominic Pilkington brings
18 years of industry experience in
property and construction to his
Senior Vice President of Dubailand,
is a veteran of the travel and tourism
industry with 14 years at Emirates
Airlines, responsible for the growth of
regional and international markets; and
Saeed Bushalat has vast experience
in real estate, including leadership
positions at Dubai Municipality, Tecom
Zoning Authority and Idama Property
Services.
For more information dial +9714-2221112 Or mail us at info@rera.gov.ae

www.rpdubai.com