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$+%$,"$''- t h e m a g a z i n e Real estate in emerging markets March 2008 TERMINALINCLINE DELAYEDDELIVERY
Foreword editor’snote Frontierland Someone recently asked me what it was like reporting on frontier markets from a real estate development perspective. The immediate response that sprang t
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Contents march 2008 march 2008$ Cityscape $
Middle East update UDCcompletesQatar’sfirst fully Sharia compliant real estate fund Islamic funding makes real estate debut in Qatar Qatar – United Development Company (UDC) has completed the
JebelAliPorttoraise capacityfive-foldby2030 Multi billion dollar expansion will see second terminal open in Q3 DUBAI – As the US$1.5 billion phase two expansion of Jebel Ali harbour – Container Term
Middle East update Qatar:Openingup propertyownership Cityscape Market Intelligence Service (CMIS) looks at the liquidity and legal positioning of this prosperous Gulf state The Gu
Real estate developers selling off-plan: Guarantee Accounts Qatar could consider introducing legislation to protect purchasers buying off-plan – essentially a consumer protection law. Such a law woul
Middle East update Work begins on Nakheel’s Al Burj Dubai announces the next world’s tallest building Dubai – Nakheel has announced a plan to build another monumental tower in Dubai that is du
DWTCawardsUS$354.2 millionconstructionproject toSamsung-Baytur South Korean and Turkish joint venture to build exhibition complex Dubai – The Dubai World Trade Centre (DWTC) has awarded a developme
Middle East update KuwaitdetailsUS$77billion‘CityofSilk’ Major new city planned to mimic historical trade route Kuwait City - Kuwait plans to build a major new city, inspir
Tamweel gets Egyptian mortgage finance license Real estate financier looks to tap population of 80 million Egypt - Tamweel has received a mortgage f
Middle East update DAMAC Properties brings green luxury development to Abu Dhabi Developer juggles 80 construction projects DubAi - DAMAC Properties portfolio now tallies 80 projects under deve
Theworld’sfirstzero-emissioncity breaksground Abu Dhabi green city project will add two percent to annual GDP Abu DhAbi - The UAE capital has broken ground on its US$22 bi
Middle East update Nakheel completes one quarter of Waterfront earth works Reclaimed land would fill three football stadiums every month Dubai - Nakheel has completed approximately 30 percent
US$163.4millionluxury hotelandresidential complexforRAK Emirate targets its share of UAE tourism with luxury resort Dubai – AAKAR Developers, a leading Canadian real estate and property developer, i
Middle East focus Terminal incline No aviation market globally is growing faster than the Middle East with scheduled airlines flying high, private jet travel booming, and project after project sta
DubaiInternationalAirport,Terminal3 march 2008$ Cityscape $23
Middle East focus ( inaregionwheretheword‘hub’isall tooeasilyvoiced,DubaiWorldCentral looksliketherealdeal DubaiWorldCentral,AviationC
Alongside these major investments, money is also pouring into regional airports, former military airports and other under-performing facilities as part of the ‘PlaneStation’ project involving 11
Middle East insight Delayeddelivery: causeandeffectfor theregion JohnLancaster The fluid nature of project delivery dates is a sensitive topic for developers, contractors, and purchasers. Claire
The increasing number of individual developers is also relevant, according to Al Rahma. “Many of them are new in this market and they don't have the experience. Plus they are not familiar with th
Middle East insight ) I don’t think you’ll get many people to admit that delays are becoming the norm, but it is definitely the case, and there is an expectation
AliAlRahma But will it edge out the smaller less established developers? Al Rahma comments, “The smaller developers will remain there, but they will reorganise themselves before they enter the
Middle East focus IntegratIngabuDhabI As the UAE capital’s ambitious development plan takes physical shape, Claire Malcolm talks to ALDAR about a holistic approach to community planning Marina,YasI
AlGurmResort CentralMarket ( AlGurmResort It is a very h
Middle East focus AlRahaBeach ( AlJimiMall RonaldBarrott Nothing should stand still in development and our role is to look forward, to see what
REWARDING EXCELLENCE IN REAL ESTATE DEVELOPMENT AND INVESTM IN THE MIDDLE EAST & NORTH AFRICA R Entries will be accepted for projects in the region namely, Algeria, Armenia, Bahrain, Egypt, Iran, I
Investor profile Goingglobal Co-founder and chairperson of Kuwait’s Global Investment House, Maha Al-Ghunaim is a rising star in the regional and international finance arena. Cityscape finds out m
Real estate development In 2007, Global launched a Real Estate Ijarah Fund taking advantage of the Middle East and North Africa (MENA) real estate secto
Investor profile sauDi GrowTh 2007 was also the year in which Global became licensed to operate in Saudi Arabia, marking a leap in the company’s expansions strategy across regional markets.
15 - 17 April 2008 Suntec, Singapore International Convention & Exhibition Centre The International Property Investment And Development Event Cityscape Asia Conference Ch
Middle East insight Expatsurged tobuyintoSaudiArabian mixedcommunityplan The Kingdom of Saudi Arabia is going through a real estate revolution as changes
( Thereinvestmentofexpatsispositive,butwhatismost importantisthattheyfeelpartofsociety,byowning theirownhomes,andsocontributemoretothegreater goodofsociety
Middle East insight Financing a real estate revolution Dr. Shwaish bin Saud Al-Dhuwaihi Al-Mitairi was appointed Governor of the General Commission for H
13 - 15 May 2008, Abu Dhabi National Exhibition Centre The International Property Investment & Development Event 30,000 sqm Exhibition 25,000 Participants 30
India update Indian business districts can expect growth in 2008 Asset management firm points to further increases in Indian market MUMBAI – India’s Central Business Districts (CBDs) can expect
Slum clearance proves big business Redevelopment plans open up valuable inner city land parcels MUMBAI – Real estate companies specialising in urban redevelopment and slum clearance programmes are c
India insight PPPstheway forwardforIndia’s infrastructurewoes Sujit Kanoria, MD of India’s Shristi Corp talks to Claire Malcolm about the chicken and egg dilemma blurring the country’s developmen
“A very important amendment is the government issue that urban local bodies and municipalities play an important role in the planning and development of urban India. And re- investments are hopi
India insight Kanoria is realistic about the fact that infrastructure and real estate development will move forward hand in hand, as he explains, “Now with models like the highway projec
Cityscape exhibitionnews Singapore welcomes back international developers Booming Asia expected to lure investors to Cityscape Asia In 2007, the inaugural Cit
China update Xinyuan signs with CCB Developer inks strategic co-operation agreement with China bank ZHENGZHOU – Xinyuan Real Estate Co. has signed a number of strategic partnerships with China
Taiwantoease Taipei101 investmentrules Cabinet orders further study into administrative procedures TAIPEI – Taiwan’s Executive Cabinet has ordered a study into easing the rules gover
China insight China’sgreatwalaround foreigninvestment China has revised its rules governing foreign investment in the People’s Republic, and questions have been raised as to whether the regulatio
HIGHLIGHTS OF THE 2007 CATALOGUE In the notice on the release of the catalogue, NDRC and MOFCOM list five major policy objectives for the catalogue: 1. To encourage foreign investment while improving
Asia update regional expansion for Allstones Group identifies key markets of Malaysia, Thailand, Singapore and Vietnam for investment MALAYSIA – Allstones Group has revealed plans to expand its
IDR attracts US$6.8 billion investment Special economic corridor proves a hit with foreign direct investment MALAYSIA – The Iskandar Development Region (IDR), located in Southern Johor, is on track
Asia focus ITspacegrowThTops 30percenTInasIa As technology hubs look eastwards, IT parks and hi-tech development clusters are springing up across Asia, from India to Vietnam. Reena Mittal takes a
AscendasVietnam V-2,AscendasprojectinHyderabad ( Major cities such as Mumbai, Bangalore, and Chennai have been witnessing the speedy expansion of commercial space, a
Asia focus Housing Development and Infrastructure (HDIL), Kerala, has planned to invest US$1 billion, to develop HDIL Cybercity at Kalamaserry in Kochi. The project is expected to creat
These developments are spurring huge growth in Malaysia’s IT park space. Already, this initiative has attracted over 900 multinationals to set up shop in the country’s Cybercities. And continued
Middle East greenpages Areyourgreen intitiativessustainable? Developers and consultants came together at last month’s ULI sustainability conference, in an attempt to thrash out a greener and c
TourismDevelopment&Investment Company(TDIC)headquarters Urban Land Institute • The ULI was established in 1936, and it now has more than 38,000 members representing all aspects of land use a
Middle East greenpages SheikhZayedRoad beautificationproject,Dubai Richard Rosan’s prognosis for the UAE’s sustainable future was brut
He was referring to The Palm Deira project, being developed in conjunction with Nakheel. This project will be built around an advanced transit system, which will conserve energy and preserve air
Middle East greenpages Buildingfor theslipstream Keen yachtsman Shaun Killa, design director and head of architecture for Atkins in the Middle East, used his love of all things nautical to ha
Windy city During Killa’s first couple of site visits he soon realised that Bahrain could provide the ideal location for a wind turbine project. “Because I am a keen sailor, I noticed how windy i
Middle East greenpages ( “I knew the building’s sail-like shape would be ideal for wind power, but was surprised by the better than expected performance revealed by the wind tunnel tests. The
Zmags improved online publishingCityscape - March 2008
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